Jim Himes: Pro-Austerity Wanker

This ad from Wall St Democrat and CT-04 incumbent Jim Himes is worth flagging.

In it, he compares his desire for “bipartisan” budget cuts to social spending alongside the raising of the US flag at Iwo Jima, walking on the moon and Martin Luther King Jr. He then approvingly cites the Pete Peterson funded Concord Coalition to support his pro-austerity position. Himes has worked closely with David Walker, the face of Peterson’s pro-austerity, anti-Social Security work, so this ad is no surprise. Himes, a former Goldman Sachs VP, has always been a voice for austerity from within the Democratic Party. But man does this wank hard.

Michael Hudson on #OccupyWallStreet

Michael Hudson, posted at New Economic Perspectives:

The situation is much like that from Iceland to Greece: Governments no longer represent the people. They represent predatory financial interests that are impoverishing the economy. This is not democracy. It is financial oligarchy. And oligarchies do not give their victims a voice.

So the great question is, where do we go from here? There’s no solvable path within the way that the economy and the political system is structured these days. Any attempt to come up with a neat “fix-it” plan can only be suggesting bandages for what looks like a fatal political-economic wound.

That is the spirit of civil disobedience that is growing in this country. It is a quandary – that is, a problem with no solution. All that one can do under such conditions is to describe the disease and its symptoms. The cure will follow logically from the diagnosis. The role of OccupyWallStreet is to diagnose the financial polarization and corruption of the political process that extends right into the Supreme Court, the Presidency, and Mr. Obama’s soon-to-be notorious Committee of 13 once the happy-smoke settles from his present pretensions.

I think this gets at a lot of the diagnosis by Clay Shirky I was talking about earlier.

Press reaction: Rick Perry, shallow thinker

Reading some of the reviews of last night’s Republican presidential primary debate, I can’t help but praise the Washington press corps for the various, creative ways they say Rick Perry makes George W. Bush look like a strong candidate for the Fields Medal. Here’s a sampling:

Jonathan Chait, The New Republic:

Perry treats questions as interruptions. … His total liberation from the constraints of reason give Perry a chance to represent the Republican id in a way Romney simply cannot match.

Roger Simon, Politico:

What his answers sometimes lacked in logic was made up for in enthusiasm, and after some initial nervousness -he gripped the sides of his podium as if he were hanging onto a life raft – Perry settled down to his talking points.”

David Frum, Frum Forum:

I was shocked and surprised at how unprofessional Perry’s debate performance was. Nervous, irritable, stuttering, floundering, he missed opportunity after opportunity.

What confidence can anybody have that Perry will come to work as president any better prepared than how he come to this debate or that he’ll show more insight and intelligence than he did in this first national outing ? Not much.

Aaron Blake & Chris Cillizza, Washington Post:

One of those questions is whether he can survive the detailed policy discussions. Challenged Wednesday to talk about which climate scientists he most agreed with in his doubts about global warming, Perry stumbled through a pained response that included a comparison between global warming doubters and Galileo.

While doubting global warming won’t necessarily hurt him in a Republican primary, the exchange showed that Perry can get tripped up. While he may have clear the bar set for his first debate, he also showed he can stumble in a way that Romney has not.

Gail Collins, New York Times:

Rick Perry, possibly the first major presidential candidate opposed to the direct election of U.S. senators since the advent of the Bull Moose Party. He did not do anything superweird at his maiden presidential debate, unless you count bouncing up and down and cocking his head a lot. Or claiming that the reason a quarter of the Texas population has no health insurance is because of government interference.

Cross-posted from AMERICAblog Elections: The Right’s Field


Al Gore has an impressively argued 7,000 word essay in Rolling Stone this week about climate change. He touches on other issues as well, namely the systemic problem we have in America of confronting lies and distinguishing them from fact. He writes:

In the same way, because the banks had their way with Congress when it came to gambling on unregulated derivatives and recklessly endangering credit markets with subprime mortgages, we still have almost double-digit unemployment, historic deficits, Greece and possibly other European countries teetering on the edge of default, and the threat of a double-dip recession. Even the potential default of the United States of America is now being treated by many politicians and too many in the media as yet another phony wrestling match, a political game. Are the potential economic consequences of a U.S. default “real”? Of course they are! Have we gone completely nuts?

We haven’t gone nuts — but the “conversation of democracy” has become so deeply dysfunctional that our ability to make intelligent collective decisions has been seriously impaired. Throughout American history, we relied on the vibrancy of our public square — and the quality of our democratic discourse — to make better decisions than most nations in the history of the world. But we are now routinely making really bad decisions that completely ignore the best available evidence of what is true and what is false. When the distinction between truth and falsehood is systematically attacked without shame or consequence — when a great nation makes crucially important decisions on the basis of completely false information that is no longer adequately filtered through the fact-checking function of a healthy and honest public discussion — the public interest is severely damaged.

Gore also refuses to pull punches on President Obama’s performance on climate change:

But in spite of these and other achievements, President Obama has thus far failed to use the bully pulpit to make the case for bold action on climate change. After successfully passing his green stimulus package, he did nothing to defend it when Congress decimated its funding. After the House passed cap and trade, he did little to make passage in the Senate a priority. Senate advocates — including one Republican — felt abandoned when the president made concessions to oil and coal companies without asking for anything in return. He has also called for a massive expansion of oil drilling in the United States, apparently in an effort to defuse criticism from those who argue speciously that “drill, baby, drill” is the answer to our growing dependence on foreign oil.

Yet without presidential leadership that focuses intensely on making the public aware of the reality we face, nothing will change. The real power of any president, as Richard Neustadt wrote, is “the power to persuade.” Yet President Obama has never presented to the American people the magnitude of the climate crisis. He has simply not made the case for action. He has not defended the science against the ongoing, withering and dishonest attacks. Nor has he provided a presidential venue for the scientific community — including our own National Academy — to bring the reality of the science before the public.

I think that like labor law reform, immigration reform, gay rights and restoring the Constitution, the president is just content to not put political capital behind getting liberal things done, especially after the drawn out healthcare debacle. Obviously this is not a course of action that I support.

Cornel West & Obama

I was a supporter of Bill Bradley in the 2000 Democratic primary, largely because of a speech I saw him give in the spring of 1999 on race relations and the broken criminal justice system. Bradley was moralistic, clear-minded, and willing to talk about racism in a way that I’d never seen a white politician talk about it before. I saw Bradley again the night before the New Hampshire presidential primary. Bradley didn’t have the same fire and energy he had almost a year before and looked thoroughly worn-out by the campaign process. But introducing Bradley that night were the two most passionate and effective progressive speakers I’ve ever seen: Paul Wellstone and Cornel West. Wellstone gave a full-throated, fist-pumping speech to rally the crowd and West eloquently talked about the reasons he saw Brother Bradley as the best choice for President. I honestly don’t remember the details of either of their speeches well, but what was clear was that both Wellstone and West held exactly the same sort of view that I held about what a person’s political views should be, what the role of government should be, and how we can work together to make America a better place for all of its citizens.

Truthdig has a long article about Cornel West and his disappointment with President Obama. West was a strong and early support of Obama’s campaign. Yet Chris Hedges reports a massive rift that between himself and Obama, driven by Obama’s choices as President. West describes his disappointment at the opportunity Obama missed by not forcefully trying to stop the transfer of wealth from working Americans to wealthy elites and educate the public on the tragic path we were on by catering to Wall Street before Main Street:

“This was maybe America’s last chance to fight back against the greed of the Wall Street oligarchs and corporate plutocrats, to generate some serious discussion about public interest and common good that sustains any democratic experiment,” West laments. “We are squeezing out all of the democratic juices we have. The escalation of the class war against the poor and the working class is intense. More and more working people are beaten down. They are world-weary. They are into self-medication. They are turning on each other. They are scapegoating the most vulnerable rather than confronting the most powerful. It is a profoundly human response to panic and catastrophe. I thought Barack Obama could have provided some way out. But he lacks backbone.

“Can you imagine if Barack Obama had taken office and deliberately educated and taught the American people about the nature of the financial catastrophe and what greed was really taking place?” West asks. “If he had told us what kind of mechanisms of accountability needed to be in place, if he had focused on homeowners rather than investment banks for bailouts and engaged in massive job creation he could have nipped in the bud the right-wing populism of the tea party folk. The tea party folk are right when they say the government is corrupt. It is corrupt. Big business and banks have taken over government and corrupted it in deep ways.

“We have got to attempt to tell the truth, and that truth is painful,” he says. “It is a truth that is against the thick lies of the mainstream. In telling that truth we become so maladjusted to the prevailing injustice that the Democratic Party, more and more, is not just milquetoast and spineless, as it was before, but thoroughly complicitous with some of the worst things in the American empire.

Obviously this is an analysis of economic forces and the disenfranchising of working Americans to further the benefits of the Top 2% that I agree with. West goes further, in terms of his electoral prescription for a solution and identifying what needs to happen in America:

I don’t think in good conscience I could tell anybody to vote for Obama. If it turns out in the end that we have a crypto-fascist movement and the only thing standing between us and fascism is Barack Obama, then we have to put our foot on the brake. But we’ve got to think seriously of third-party candidates, third formations, third parties.

“Our last hope is to generate a democratic awakening among our fellow citizens. This means raising our voices, very loud and strong, bearing witness, individually and collectively. Tavis [Smiley] and I have talked about ways of civil disobedience, beginning with ways for both of us to get arrested, to galvanize attention to the plight of those in prisons, in the hoods, in poor white communities. We must never give up. We must never allow hope to be eliminated or suffocated.”

West is being very deliberate with his thoughts. He’s confronting himself for failing to recognize what was happening sooner and relying on the hope of Barack Obama’s potential over what he was seeing when Obama tapped Summers, Geithner, and Gates to help him run the country. This is an undoubtedly hard thing to come to terms with. I don’t doubt that civil disobedience by leading figures like West and Smiley is a necessary condition towards an awakening to the economic dangers our country face. As I wrote yesterday, I don’t know what it takes to pull together the disparate anger manifesting itself in pro-worker, pro-economic justice, pro-immigrant and racial justice movements. But these are all different symptoms of the same disease that ails America. I would love to hear more from Professor West about how he thinks these different threads can be tied together into an effective force for change.

The Cost of Our Choices

I read Matt Taibbi’s Griftopia last year and one comparison stood out about the scale of the bailout money given to Wall Street banks vis a vis the US housing market. It turns out this comes from Nomi Prin’s, It Takes a Pillage. Taibbi gives the full quote in his latest mailbag post at Rolling Stone:

Here are some numbers for you. There were approximately $1.4 trillion worth of subprime loans outstanding in the United States by the end of 2007. By the first quarter of 2009, there were foreclosure filings against approximately 4.4 million properties. If it was only the subprime market’s fault, $1.4 trillion would have covered the entire problem, right?

Yet the Federal Reserve, the treasury, and the FDIC forked out $13 trillion to fix the housing “correction”… With all that money, the government could have bought up every residential mortgage in the country – there were about $11.9 trillion worth at the end of December 2008 – and still have had about a trillion left over to buy homes for every American who couldn’t afford them.

What a simply stunning display of mistaken priorities.