Judges: No problem taking valuable gifts from litigants

Why should members of Congress get to receive lots of tainted largess, whereas judges are left behind? At least three federal judges don't see a problem with judges accepting expensive services from an organization financed by large corporations, corporations that often appear before the judges as litigants: "An organization called the Foundation for Research on Economics & the Environment (FREE) routinely hosts free junkets for federal judges where they can ride horses, bunk with industry attorneys, and learn how to decide environmental cases in ways that benefit FREE’s corporate funders. Those funders include corporations such as Texaco, Exxon, General Electric, Koch, Monsanto, and Shell. FREE’s board of trustees includes three sitting U.S. Court of Appeals Judges: Edith Clement of the Fifth Circuit and Alice Batchelder and Danny Boggs, both of the Sixth Circuit. Yet, despite the obvious ethical problems raised by Clement, Batchelder and Boggs’ service on the board of an organization that both provides free trips to judges and is funded by frequent litigants before those judges’ courts, these three judges continue to serve." http://www.huffingtonpost.com/2010/12/09/bpa-found-on-receipts-and_n_794067.html

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…Like I’m Eight

In the movie Philadelphia, Denzel Washington plays a savvy courtroom litigator whose catch-phrase in front of a jury is "Explain it to me like I'm eight-years-old." It's a great line and maybe I'm looking for that kind of clarity now. I really don't know what to make of this. Obama---who won election with a very solid majority of the popular vote and a most impressive majority of the electoral---has managed to be reasonable to the point of impotence. He's on the verge of validating every cliche about spineless intellectuals. The man is smart, erudite, has charisma, and can't seem to say no to the Right. It is possible that this is another one of those situations where we the people simply don't know what's going on and cannot therefore grasp the tactics or strategy. Maybe this is cleverness at such a level that it looks clumsy and gutless. I don't believe that for a second, though. (The only thing that makes any kind of sense in that vein is the idea that he is handing the GOP more and more rope with which to hang themselves. The problem with that is any rope, in order to work in an execution, has to be tied to something substantial on one end.) [more . . .]

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The insanity of tax cuts for billionaires by a government heavily in debt with high unemployment

Senator Bernie Sanders understands what's going on. Why is there no outrage from most of us?

"For a Democratic president, Democratic House, Democratic Senate, to be following the Bush economic philosophy of tax breaks for millionaires, billionaires is absolutely wrong public policy, absolutely wrong politically, and I gotta tell you, I will do whatever I can to see that 60 votes are not acquired to pass this legislation," Sanders said on on MSNBC's "The Ed Show," before telling host Ed Schultz that he might go as far as to filibuster the legislation.

"Millionaires and billionaires do not need huge tax deductions, that's the simple truth," Sanders continued.

Think Progress quantifies the insanity:
Despite Republican wrangling over the past two years about deficit spending and debt, the New York Times reports that the entire package "would cost about $900 billion over the next two years, to be financed entirely by adding to the national debt."
I think we should settle this immediately with a national referendum. Allow the citizens to go to the voting both and check YES or NO: "Should we give big tax cuts to people who don't need the money, where the effect is to plunge this country more deeply into debt?"

Continue ReadingThe insanity of tax cuts for billionaires by a government heavily in debt with high unemployment

Senator Bernie Sanders discusses the immense magnitude of the backdoor bailout

Senator Bernie Sanders has presented some jaw-dropping facts about the financial bailout at Huffpo. He frames his article by mentioning that back in 2009, when he asked Fed Chairman Ben Bernanke to identify the institutions that received a backdoor bailout from the Fed, he refused. Sanders refused to accept that answer. Instead, he worked hard to force an amendment into the "Wall Street Reform" bill, and we now know some of the startling things Bernanke refused to admit:

After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed's multi-trillion-dollar bailout of Wall Street and corporate America . . .

We have learned that the $700 billion Wall Street bailout signed into law by President George W. Bush turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country. Among those are Goldman Sachs, which received nearly $600 billion; Morgan Stanley, which received nearly $2 trillion; Citigroup, which received $1.8 trillion; Bear Stearns, which received nearly $1 trillion, and Merrill Lynch, which received some $1.5 trillion in short term loans from the Fed.

We also learned that the Fed's multi-trillion bailout was not limited to Wall Street and big banks, but that some of the largest corporations in this country also received a very substantial bailout. Among those are General Electric, McDonald's, Caterpillar, Harley Davidson, Toyota and Verizon.

Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks -- Deutsche Bank and Credit Suisse -- which were the largest beneficiaries of the Fed's purchase of mortgage-backed securities.

Sanders has written a blistering piece in which he argues that the biggest banks padded their own executive's pockets, refused to lend to small businesses, used near-zero interest loans they obtained from the Fed to buy Treasury securities and that they continued to gouge consumers through high credit card fees. He suggests that those banks that received this corporate welfare could also have used this money to work out mortgage loans. He is aghast at the conflicts of interest. I am so relieved to know that we have at least one politician who is willing to shoot straight with the American people.

Continue ReadingSenator Bernie Sanders discusses the immense magnitude of the backdoor bailout