Jon Stewart explains Goldman Sachs bonuses

With the help of some cute graphics, Jon Stewart explains how it is that Goldman Sachs can pay its average employee a $700,000 bonus during the American economic collapse.

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Continue ReadingJon Stewart explains Goldman Sachs bonuses

Modern credit card agreements: 29 pages of “tricks and traps”

Elizabeth Warren, the TARP Oversight Chair was on the Rachel Maddow's show discussing the aggressive anti-consumer practices of credit card companies, and warning that the credit card industry is about to try to kill federal efforts to regulate the industry. She reminds us that in 1980 a credit card agreement was only about a page long. Now credit card agreements are 30 pages long, full of "tricks and traps."

MADDOW: Are you worried that the [credit card] industry's going to be about to kill [credit card reform legislation] in the crib? Reporting is that it's their top priority to get rid of it. WARREN: My gosh! I have to tell you, it's like they're stampeding in the halls already in Washington. the Gucci loafers. These guys have built up a huge war chest, they've been interviewing public relations firms to see who can come up with the next Harry And Louise ad to explain to the American people why they're better off with credit cards that nobody can read, hundreds of pages of mortgage documents that nobody can read...the idea is you're better off with how things are...forget all that stuff the happened over the last few years. And we promise to keep things up just like we did before. I just can't believe they're trying to sell that to the American people.
You can read much more on this topic at Jason Linkins' post at Huffpo's new Lobby Blog.

Continue ReadingModern credit card agreements: 29 pages of “tricks and traps”

Credit where credit is due

I've criticized President Obama for not keeping his campaign pledges to end the faith-based initiative and restore transparency to government, but when he does something right, I'll give him credit where credit is due. So, it's good to see him taking this unapologetically progressive stance on an issue where some reason is badly needed - the precautionary use of antibiotics in animals raised on factory farms:

The Obama administration announced Monday that it would seek to ban many routine uses of antibiotics in farm animals in hopes of reducing the spread of dangerous bacteria in humans. ...In written testimony to the House Rules Committee, Dr. Joshua Sharfstein, principal deputy commissioner of food and drugs, said feeding antibiotics to healthy chickens, pigs and cattle — done to encourage rapid growth — should cease. And Dr. Sharfstein said farmers should no longer be able to use antibiotics in animals without the supervision of a veterinarian.
Feeding massive doses of antibiotics to farm animals enables them to live in crowded, unsanitary and often inhumane conditions. It also encourages the evolution of antibiotic resistance to the dangerous bacteria that inevitably live inside them, and when those bacteria spread through the food chain to humans, the result is outbreaks of virulent, drug-resistant diseases. Having recently seen the movie Food, Inc., it's easy for me to appreciate how serious a threat this is. Antibiotic use, like fossil fuels, have promoted a dangerously unsustainable way of life in our culture. This first attempt may or may not make it past the powerful corporate food lobby - but kudos to the Obama administration for bringing it into the national consciousness in a bold way.

Continue ReadingCredit where credit is due

President Obama to review job performance of each American

Onion Network News is reporting that President Barack Obama is already in the process of sitting down with each and every American worker to review his or her job performance. Not that there aren't some glitches in the process. Here's the Onion's report:
Obama To Hold Job Performance Review With Every American Worker

Continue ReadingPresident Obama to review job performance of each American

Health-less

The boogeyman of Socialized Medicine is being dragged onto the field of rhetorical combat to block the move toward anything smacking of Single Payer Health Care in the United States. The argument is old and hoary by now, that adopting a system like that available in Canada or the United Kingdom would lead to a collapse of American health care. Somehow the fact that expenses might be shared and disbursed through the government will render the world’s best health care system somehow crippled inside a generation is not seriously questioned by most people. Because most people don’t know. You can find case after case of anecdotal evidence to support the notion that British health care is worse than ours. Someone knows someone who, as the argument goes. And there is something to that. The waiting periods alone, the pigeonholing of treatment—horror stories abound which we glimpsed here when HMOs were instituted and accountants seemed to be in charge of medicine. There is, in fact, too much information for the average American to digest much less make sense of. Technologically, the United States has an extraordinary medical system. Unmatched in the world, despite some annoyingly negative statistics. That we achieve what we do in a country peopled by citizens who do the least for their own health than in any other country comparably empowered is amazing. Americans eat too much. Medicine can only do so much against a rising tide of obesity related illnesses. The tradition of the doctor giving you a physical and then telling you to eat right and get some exiercise is not a quaint leftover from an age that didn’t know as much as we do—that is sound advice and more than half the battle in maintaining good health. The explosion of Type 2 diabetes in children has been alarming, and this can be tied directly to diet and exercise. We also work longer hours under higher stress than almost anywhere else in the developed world. The need for vacations and long weekends is acute. This may sound sarcastic, but the link between stress and several major illnesses is no joke. We are also a violent society. If one looks at emergency room statistics, it becomes quickly clear that we are a people who like to beat, stab, and shoot each other at higher levels than almost anywhere else. What makes all these factors so overwhelming is that we have the means to do all this. Because a certain percentage, a significant percentage, of the population can afford to go to the doctor and have the consequences of all these lifestyle disasters “taken care of.” I put all this out front because the one factor that is muted in the national debate over the rising cost of healthcare is the fact that we are, collectively, idiots. We do not do, statistically, the simplest things to avert the need for medical intervention. The last detail in this litany has nothing to do with idiocy but with sentiment and perspective. It has been said for decades and it is true—80% of individual health expense in this country is spent in the last two years of life. We are, as a people, loathe to die and we will direct our health services to do absolutely everything to give us another day. In Europe, such people are told to go home and die. That sounds cold, I know, and I’m sure there are people in France and Germany and Italy with the resources to reject this advice. But the nations as a whole are not expected to pay for it. Here we are. Through health insurance.

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