How much have U.S. taxpayers paid to bail out Wall Street? Here are many of the details, but note that $2.02 trillion remains outstanding. Also keep in mind that the TARP payments were only 10% of the total U.S. aid given to Wall Street. Be wary, then, when you hear Wall Street crowing that it has paid back much of the TARP money. Dylan Ratigan puts the topic in perspective.
This push to fair elections should be the only issue, until it is passed. We can't even have political conversations anymore, certainly not in Congress, and the dysfunction is largely driven by huge sums of private money from large organizations that are corrupting our law-makers. Thus, it was good news to hear of a new push to campaign finance reform:
In a push to implement a publicly-financed election system and curb moneyed interests in politics, a pair of good-government groups is launching a television ad campaign with a noteworthy price tag. Common Cause and Public Campaign, two organizations known for exposing the murkier influences on legislative and electoral processes, are staking $8 million to try and burnish Congress with the willpower to pass the Fair Elections Now Act. And they're willing to spend as much as $15 million on their campaign-season gambit.What is the essence of meaningful campaign finance reform? Bill Moyers explains: Dick Durbin gives the insider's point of view.
This headline sounds absurd. It MUST be hyperbole, right? Wrong. Glenn Greenwald has the details. There is a war against the press and BP is operating a police state, thanks to BP largess and government acquiescence.
Obviously, the U.S. Government and BP share the same interest -- preventing the public from knowing the magnitude of the spill and the inadequacy of the clean-up efforts -- but this creepy police state behavior is intolerable.Greenwald links to Raw Story for more details and a video featuring Anderson Cooper.
We've now been in Afghanistan longer than we were in Vietnam, with a similar amount of progress. American casualties are again on the rise, along with the power of the Taliban. The new general in charge, General Petraeus, assures us that he will continue to try to minimize civilian casualties, so long as that doesn't interfere too much with his plans to bomb the hell out of the country. Our rules to protect civilians were a bit too "bureaucratic" for his liking--not that they actually worked, in any case. The now-infamous Rolling Stone profile of General McChrystal has this to say:
In the first four months of this year, NATO forces killed some 90 civilians, up 76 percent[!] from the same period in 2009 – a record that has created tremendous resentment among the very population that COIN theory is intent on winning over. In February, a Special Forces night raid ended in the deaths of two pregnant Afghan women and allegations of a cover-up, and in April, protests erupted in Kandahar after U.S. forces accidentally shot up a bus, killing five Afghans. "We've shot an amazing number of people," McChrystal recently conceded.The Rolling Stone piece mysteriously left out the next part of McChrystal's statement. Here's the full quotation (emphasis mine):
“We have shot an amazing number of people, but to my knowledge, none has ever proven to be a threat.”
Regarding the recently announced "financial reform," Dylan Ratigan asks us to consider what has not been fixed.
- The Cops (regulators and ratings agencies) working for the crooks. - Banks still Too Big To Fail. - Banks gambling with your deposits. - Banks allowed to "mark to myth" and use off-balance sheet accounting to bonus themselves into the atmosphere, with the taxpayer taking the fall. - Banks getting trillions from the Fed, Fannie and Freddie -- AKA you, the future and present taxpayer. What does it mean for us? It means that the same people who brought you these horrible changes -- rising wealth discrepancy, massive unemployment and a crumbling infrastructure -- have now further institutionalized the policies that will keep the causes of these problems firmly in place.This is Orwellian, indeed, yet the Democrats are celebrating. What's going on? Kevin Baker takes a crack at it in a Harper's article titled "The Vanishing Liberal: How the Left Learned to be Helpless."
Coming to power when he did, with the political skills and the majorities he possesses, Barack Obama squandered an almost unprecedented opportunity But it is increasingly clear that he never intended to challenge the power structure he had so skillfully penetrated. With the recent Supreme Court ruling that corporations are, once more, people, American democracy has snapped shut again--the great, forced opening of the past 130 years has ended. There is no longer any meaningful reformist impulse left in or politics. The idea of modern American liberalism has vanished among our elite, and simply voting for one man or supporting one of the two major parties will not restore it. The work will have to be done from the ground up, and it will have to be done by us.