Good questions for Bank of America

Dan Froomkin summarizes the antics of Bank of America. William K. Black has a lot of unanswered questions for Bank of America.

Black, writing alone, also corrected President Obama’s assertion during his interview with Jon Stewart, that chief economic adviser Larry Summers had done a “heckuva job.” Summers did not resolve the financial crisis, Black wrote, he just papered over the problem. In another solo effort, Black warned that papering over the problem will actually increase the total cost of the crisis in the long run, and he concluded that “the administration's banking policies have attained the terrible trifecta: terrible economics, terrible ethics, and terrible politics.”

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Lessons Learned?

What can be drawn from this recent election that speaks to America? To listen to the bombast, this election is all about money. Who has it, where it comes from, what it’s to be spent on, when to cut it off. An angry electorate looking at massive job loss and all that that implies tossed out the previous majority in Congress over money. This is not difficult to understand. People are frightened that they will no longer be able to pay their bills, keep their homes, send their children to college. Basic stuff. Two years into the current regime and foreclosures are still high, unemployment still high, fear level still high, and the only bright spot concerns people who are seemingly so far removed from such worries as to be on another plain of existence. The stock market has been steadily recovering over the last two years. Which means the economy is growing. Slowly. Economic forecasters talking on the radio go on and on about the speed of the recovery and what it means for jobs. Out of the other end of the media machine, concern over illegal immigrants and outsourcing are two halves of the same worry. Jobs are going overseas, and those that are left are being filled by people who don’t even belong here. The government has done nothing about either—except in Arizona, where a law just short of a kind of fascism has been passed, and everyone else has been ganging up on that state, telling them how awful they are. And of course seemingly offering nothing in place of a law that, for it’s monumental flaws, still is something. [More . . . ]

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Time to blame China again

In the months before September 11, 2001, I was startled to hear many politicians and media outlets drumming up potential military conflict between the United States and China. I remember this well, because my wife and I had recently adopted a Chinese baby, and she was our second Chinese daughter.  I feared that this wild lashing out China would make the United States a bad place to raise our babies.  Here's a sample of the kind of things that you would see back then, this excerpt from a report issued by the Rand Corporation:

According to a newly released Rand Corp. report, China's military is narrowing its technology gap with the U.S. armed forces using U.S. commercial technology. Beijing is developing advanced systems and its military capabilities may approach or equal the United States in some areas, the study says. . . According to Jack Spencer, a defense analyst and fellow at the Heritage Foundation, the Chinese military is preparing itself for a future war with America.

Consider also this excerpt
The Bush administration has made hostility to China one of its foreign policy principles. Bush attacked the Clinton-Gore administration during the 2000 elections, declaring that China was a “strategic competitor,” not a “strategic partner” of the United States. A series of initiatives in the last three months have been directed against Beijing—moves toward a US missile defense focused on China, reversal of US policy for a rapprochement with North Korea, and plans to supply sophisticated naval and air weaponry to Taiwan.

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Corporations as people

Freespeechforpeople.org proposes that we amend the U.S. Constitution using language similar to the following: Amendment XXVIII

Section 1. The sovereign right of the people to govern being essential to a free democracy, the First Amendment shall not be construed to limit the authority of Congress and the States to define, regulate, and restrict the spending and other activity of any corporation, limited liability entity, or other corporate entity created by state or federal law or the law of another nation. Section 2. Nothing contained in this Article shall be construed to abridge the freedom of the press.
Here's why we need an amendment akin to the above:

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Tabbi on Olbermann

Matt Tabbi has a way about putting things into perspective:

I just found out about the suspension of Keith Olbermann for making political contributions . . . We had a whole generation of journalists who sat by and did nothing while, for instance, George Bush led us into an idiotic war on a lie, plus thousands more who spent day after day collecting checks by covering Britney's hair and Tiger's text messages and other stupidities while the economy blew up and two bloody wars went on mostly unexamined ... and it's Keith Olbermann who should "pay the price" for being unethical? Because, and let me get this straight, he donated money, privately, to politicians? This is absurd even by GE's standards. There is no reason, not even a theoretical one, why any journalist should be prevented from having political opinions and participating in election campaigns in his spare time.

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