ThinkFast: December 8, 2008
ThinkFast: December 8, 2008
President-elect Barack Obama voiced his support for workers engaged in a sit-in protest at a recently closed Chicago factory. “The workers who are asking for the benefits and payments that they have earned, I think they’re absolutely right and understand that what’s happening to them is reflective of what’s happening across this economy,” Obama said.
Three top executives in the Pentagon inspector general’s office received a hefty bonus of about $30,000 — 20 percent of their annual basic pay — and a framed certificate signed by President Bush for outstanding leadership. The award was offered in spite of the agency’s low staff morale and strained relations between employees and supervisors.
A Congressional oversight panel led by Rep. Rush Holt (D-NJ) plans to ask the NSA “to start an investigation into new evidence that the agency illegally wiretapped a Muslim scholar in Northern Virginia and concealed the eavesdropping during a 2005 trial in which the scholar was convicted on terrorism charges.”
Sen. John McCain (R-AZ) said the situation in Afghanistan is “going to get harder before it gets easier, just like the surge in Iraq was.” “It’s a stalemate that exists and we’re going to need additional troops,” McCain said while visiting the country yesterday. Meanwhile, a report by the International Council on Security and Development (ICOS), a think tank, said the Taliban has a permanent presence in 72 percent of Afghanistan.
The Franklin County Board of Elections declared Mary Jo Kilroy the winner of Ohio’s 15th congressional seat making her “the first Democrat to represent any part of Franklin County in a generation.” Kilroy “eked out a small but convincing victory over Republican state Sen. Steve Stivers in her second election cliffhanger,” according to results released last night.
Obama issued a warning that days of doling out pork projects as a strategy are over: “What we need to do is examine: What are the projects where we’re going to get the most bang for the buck? How are we going to make sure taxpayers are protected?”
Nobel Prize winning economist Paul Krugman said yesterday that the the concentration of the auto industry in Detroit will likely disappear. “It is no longer sustained by the current economy,” he said. A Big Three bailout is a “short-term solution” resulting from a “lack of willingness to accept the failure of a large industry in the midst of an economic crisis.”
GM Chairman and CEO Rick Wagoner is facing increasing pressure to resign. “If you’re going to restructure, you’ve got to bring in a new team to do this,” Sen. Chris Dodd (D-CT) said. “I think [Mr. Wagoner] has to move on.” GM vice chairman Bob Lutz – who famously called global warming a “total crock of sh*t” — said Wagoner “is without doubt the best CEO I’ve ever worked for.”
“Although the impact of Bush’s judicial appointments is most often noticed at the Supreme Court, it has played out much more frequently and more importantly” in the nation’s 13 appellate courts. “Republican-appointed majorities firmly control the outcomes in 10 of these courts, compared with seven after President Bill Clinton’s tenure. They also now share equal representation with Democratic appointees on two additional courts.”
And finally: Former presidential candidate Fred Thompson is attempting to cash in on Obama’s inauguration. Page Six reports this morning that Thompson is “offering to rent his luxury one-bedroom condo in Washington, DC, for five days” for $30,000. An anonymous source told Page Six, “It has a balcony overlooking the inaugural parade route, the Navy Memorial and the US Capitol, and comes with a reserved parking space.”
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“Thompson is “offering to rent his luxury one-bedroom condo in Washington, DC, for five days””
Smoking only.
December 8th, 2008 at 9:06 amGM vice chairman Bob Lutz – who famously called global warming a “total crock of sh*t” — said Wagoner “is without doubt the best CEO I’ve ever worked for.”
Well then, I’ll take one crony’s heap of praise on another for all it’s worth — Rick Wagoner is the best CEO in every crevice of the universe because Bob Lutz thinks he’s coolio!
December 8th, 2008 at 9:08 amPoor Fred, maybe he should run against interim DA Jack McCoy and get his job back.
December 8th, 2008 at 9:10 amPaul Krugman’s Nobel lecture is live right now here (video available later):
http://nobelprize.org/live/index.html
December 8th, 2008 at 9:11 amSo, as reported last week, most of the republican politicians in washington plan to vacate the state for the innauguration? What kind of statement is that to the incoming president and to the nation? Is that a display of willingness to compromise and to work together when the nation is facing a terrible, terrible time?
Or is that republican partizanship in full swing?
Me thinks it be the latter.
December 8th, 2008 at 9:13 amI am not a supporter of the arrogant and blinded US auto industry “leaders,” but the requirements put on them to be done out in the open (no financial “leader” has been required to resign) while hiding the handouts to the financial institutions quietly at night on weekends is insane. w, cheney, and paulson and their henchmen got what they wanted: an unsupervised raid on the US treasury. paulson is against using any of the money under his control (he’ll get the rest of the $700 billion because the congress under reid and pelosi is gutless) for the auto industry because they don’t want to lose even that 2% of the total outside of financials. We have a sitting pResident who has abdicated all responsibility, but is still occupying official space to the detrement of our nation.
December 8th, 2008 at 9:17 amNobel Prize winning economist Paul Krugman said yesterday that the U.S. auto industry will likely disappear.
Complete rubbish.
What he actually said was that Detroit as a hub for the auto industry was going to disappear. His speech in Sweden today will contain his argument why.
December 8th, 2008 at 9:19 amPresident-elect Barack Obama voiced his support for workers engaged in a sit-in protest at a recently closed Chicago factory. “The workers who are asking for the benefits and payments that they have earned, I think they’re absolutely right and understand that what’s happening to them is reflective of what’s happening across this economy,” Obama said.
You know, if these reich-wingers don’t get around to scraping the law, they scrap the accountability. The right hates working men and women, especially blue collar. Want severance and vacation pay in present America? Take the elevator to the top floor of the skycraper, lounge in the corner office, and kiss the boss’s ass.
So much for enjoying the fruits of your labor.
These executives need to comply immediately with both the law and keep their payment promises or be jailed.
December 8th, 2008 at 9:20 amThat whole vacating the state for the inauguration thing also sounds a bit fishy… secret service better be on their best game.
Never trust a politician who flees from a historical photo op (come on — the first black president? That is a moment of photo history to last forever. And he will only be inaugurated once…. weird to flee the scene, except for the ,” I’ll never be photographed with a f$%6&ng N!@@&r” types).
December 8th, 2008 at 9:22 amRepublican-appointed majorities firmly control the outcomes in 10 of these courts
How long until the republicans start crying that it is the judge’s RIGHT to “legislate from the bench” ?
December 8th, 2008 at 9:27 amNobel Prize winning economist Paul Krugman said yesterday that the the concentration of the auto industry in Detroit will likely disappear. “It is no longer sustained by the current economy,” he said. A Big Three bailout is a “short-term solution” resulting from a “lack of willingness to accept the failure of a large industry in the midst of an economic crisis.”
Of course, I hope Krugman is wrong — not an attempt on my part to deduct from his enormous credibility. Ultimately, howewer, if he is right, Obama’s public works plan could do wonders for a state like Michigan. Michigan could use repairs to its crumbling infrastructure that would lay the foundation for sustained economic growth. (I’m a big fan of blue-collar jobs)
December 8th, 2008 at 9:27 amSen. John McCain (R-AZ) said the situation in Afghanistan is “going to get harder before it gets easier, just like the surge in Iraq was.”
Please, don’t let John McCain run the refocused effort in Afghanistan. I’m tired of all the surge masturbation that was intended to stop the massive bleeding when too few acknowledge that General Shinseki’s original surge plan was intended to prevent the massive bleeding.
December 8th, 2008 at 9:33 amMeanwhile, a report by the International Council on Security and Development (ICOS), a think tank, said the Taliban has a permanent presence in 72 percent of Afghanistan.
So, THAT’S how you fight a war on terror….
/snark
December 8th, 2008 at 9:52 amI’m very glad Obama is supporting the workers at the factory in Chicago. But the real problem is with Bank of America, who holds the loans on the factory, called it and is preventing payment of the factory’s workers.
And yes, it’s time for Rick Wagoner at GM to move on. He’s been at the helm for, I think, 36 years. The other CEOs and top executives of all Big Three should go. They all were short-sighted (”we didn’t see this coming”) and have fought every measure that might have made them competitive over the years. Put the real engineers in charge and keep their people employed. This country can ill afford another 3 million people out of work.
December 8th, 2008 at 9:54 amAnd damn right they were too eager to give money to Wall Street and the banks without adequate oversight or controls, resulting in much money wasted. The anger at the auto companies is redirected from their anger at themselves for their own stupidity in allowing Paulson so much control and latitude.
December 8th, 2008 at 9:57 amObama issued a warning that days of doling out pork projects as a strategy are over: “What we need to do is examine: What are the projects where we’re going to get the most bang for the buck? How are we going to make sure taxpayers are protected?”
Not all earmarks are pork. It is unfortunate that so many legislators have used them for their pet projects, but many earmarks go to very worthwhile projects where a municipality doesn’t have the funds to do things like improve their sewage system or build a road. What I think we need to do is to pass a law that any legislation that goes to Congress has to be a single subject. Then have two earmark bills a year where legislators can ask for money for their district, and make the process totally transparent by requiring all earmarks to be listed on a government website.
December 8th, 2008 at 10:07 amThe initial bailout plan, which gave Paulson (a banker!!) extraordinary powers, was rushed through in much the same fashion as the Patriot Act. In a panic, crisis, crisis, crisis, and now we will have the same damage to pay for.
December 8th, 2008 at 10:10 amAfter 8 years of lies, distortion, and con jobs, why on earth would Congress believe anything the Boosch administration wants to cram down their throats?
My only guess is that it was before the elections, and no Congressperson was willing to spend much time looking at the situation, or put any creative effort into solving the problem.
CageyCretin Says:
That whole vacating the state for the inauguration thing also sounds a bit fishy… secret service better be on their best game.
Actually, it sounds pretty Republican to me. They won’t be the center of attention so they might as well cash in on the inauguration by renting out their digs for exorbitant amounts. I don’t think that DC will suffer from all the Republicans taking a hike out of the state.
December 8th, 2008 at 10:12 amAnd yes, it’s time for Rick Wagoner at GM to move on. He’s been at the helm for, I think, 36 years.
He was President when they killed the goose that laid the golden egg for them, the first electric car. If GM had not allowed the petrol industry to persuade him to kill the electric car, GM would be sitting pretty right now.
December 8th, 2008 at 10:15 amCageyCretin Says:
That is a moment of photo history to last forever. And he will only be inaugurated once….
Good morning, Cagey! Let’s hope he’s good enough to be inaugurated twice! Unless the GOP can successfully link him to Charles Barkley ala SNL.
Barack Obama plays basketball
December 8th, 2008 at 10:17 amCharles Barkley plays basketball
Is Charles Barkley qualified to lead our economy?
He gambled millions away in Las Vegas
Don’t let Barack Obama gamble with our economy.
No way. No how. No Charack OBarkley.
Thompson has shown us again that he is nothing more than an opportunist.
December 8th, 2008 at 10:17 amMcCain is finished and he know’s it. No one is listening to him and his advice. The Taliban were friends of George W. Bush and with the Bush appointed Afghan President out talks will begin. McCain should be looking out for the State voters he represents or he wont get re elected.
December 8th, 2008 at 10:18 amWall Street came begging and threatening — they were given a brief meeting and approval.
December 8th, 2008 at 10:22 amAuto industry came begging and threatening — they are made to sing for their supper. Rightly so — the CEOs have run their companies into the ground with short-sighted greed, denials, and stupidity. But the workers must not be left holding the bag. The CEOs and the Boards need to pay the price to keep the nation out of a possible depression should the auto companies close.
Where indeed was this scrutiny for Wall STreet? The rich guys got everything they wanted. Yet, I don’t see any improvement.
So, as reported last week, most of the republican politicians in washington plan to vacate the state for the innauguration?
I don’t think that DC will suffer from all the Republicans taking a hike out of the state.
FYI It’s the District of Columbia, not a state.
December 8th, 2008 at 10:23 am“The workers who are asking for the benefits and payments that they have earned, I think they’re absolutely right and understand that what’s happening to them is reflective of what’s happening across this economy,” Obama said.
Heh. God forbid that the bank execs should miss out on their luxury spa retreats or their multi-million dollar bonuses – but it’s perfectly OK, perfectly acceptable – and a sound business decision – to screw the guys who work in the factory for $50K a year out of their pensions and health benefits.
Yeah, that makes perfect financial sense.
/snark
December 8th, 2008 at 10:31 amGood morning McWars.
CZ-1 Says:
FYI It’s the District of Columbia, not a state.
Fair enough. My bad. Although they will still be going farther away than just out of the district I would imagine.
December 8th, 2008 at 10:34 amTaxation without representation (read: District of Columbia)
December 8th, 2008 at 10:39 amThe workers who are asking for the benefits and payments that they have earned
The modern business model in America does not agree with this statement. Corporate personhood (an abomination that has ONLY served to wreak havock on the people of America, and a concept DIRECTLY opposed to the principles this country was founded on) has been allowed to grow to the point where corporations tend to view non-executive employees as liabilities, not assets, while being completely oblivious to the fact that without those employees they would have no business (since the execs tend to have little to do with what actually makes a company useful or even profitable). And along that line: how many of the execs of that company did NOT receive all their pay and benefits? I’ll bet none is the correct answer.
December 8th, 2008 at 10:43 amMcWars Says:
CageyCretin Says:
That is a moment of photo history to last forever. And he will only be inaugurated once….
Let’s hope he’s good enough to be inaugurated twice!
O.k., I meant that the first inauguration will be a single and unrepeatable moment of history, and the level of political photo op for that event is something that is incredibly rare, historically speaking. These repugs will be noted in history as making themselves intentionally scarce at this point of history. Just seems odd that politicians worried about their images would flee the site.
December 8th, 2008 at 10:50 amMerrill Lynch boss seeks 10-million-dlr bonus: report
WASHINGTON (AFP) – The chief executive of troubled Wall Street firm Merrill Lynch is seeking a 10-million-dollar bonus this year in the midst of a financial crisis which plunged his company into dire straits, US media reported Monday.
John Thain, who took the reins of the securities firm one year ago, has suggested to its directors that he be paid the multi-million-dollar 2008 bonus but the company’s compensation committee is resisting, according to The Wall Street Journal.
.
December 8th, 2008 at 10:58 am.
.
Wow. Got cojones?
WASHINGTON (AFP) – The chief executive of troubled Wall Street firm Merrill Lynch is seeking a 10-million-dollar bonus this year in the midst of a financial crisis which plunged his company into dire straits, US media reported Monday.
Long walk off a short bridge for this guy. What hubris! That $10 million would pay a few salaries for folks in the middle class. Like the folks in the Chicago factory!
December 8th, 2008 at 11:04 am# 5 – CageyCretin Says: it would be excellent if they never returned!!
December 8th, 2008 at 11:06 amimpeachcheneythenbush Says:
it would be excellent if they never returned!!
Oh, pipe dreams……
December 8th, 2008 at 11:51 amWASHINGTON (AFP) – The chief executive of troubled Wall Street firm Merrill Lynch is seeking a 10-million-dollar bonus this year in the midst of a financial crisis which plunged his company into dire straits, US media reported Monday.
…the committee and full board were to meet Monday to hear Thain’s bonus requests for himself and other top executives…
So, the matter is not JUST Thain’s bonus, but other exec bonuses as well. So, this is asking for a bit more than 10 mil from a company teetering on bankruptcy. Hubris does not do this matter justice: it is way beyond that. These are also just the kind of people who hate social welfare programs and whine about how welfare recipients have a false sense of entitlement. Hypocrites, liars, and thieves.
Let’s see, though: if a group of production line workers do poor work and do not maintain their machinery and the whole line gets shut down because of their negligence, they receive nothing but their walking papers. Corporate executives lead a business into bankruptcy, requiring huge government welfare to keep them hanging on and the execs get every paycheck AND expect (often receive) huge bonuses. How can they even call these checks “bonuses”? Bonuses are received for a job well done. These execs actually EXPECT to receive these thripping great wadgers of cash REGARDLESS of performance.
I’m thinking a large burlap sack, some rope, and all the people who have been made unemployed by these people’s poor business decisions…. and enough bats to go around. THAT sounds more like an appropriate “bonus” for these lice.
December 8th, 2008 at 12:20 pm“the Greek police was throwing stones at the demonstrators(probably anarchists/autonomous block/communists).”
Those labels seem to serve only to dehumanize these kids and young adults who are pissed about the shooting and the way they are being treated in general. If not, why did you do that?
December 8th, 2008 at 1:33 pmDon’t worry! The arguments and issues between those politicians are unstoppable. But regarding of our economy and our money problems there is payday loan to save us. Payday loans are designed for short-term usage. They are very useful when you’re stuck in a situation that requires quick cash and payday is still a while away. During any recession, like the one America is currently undergoing, there’s peace of mind knowing that payday loans are still available when necessary. But what’s the difference between a recession and depression? Do they mean the same thing? Yahoo Answers has recently responded to the “Asker” who wanted to know the difference between a recession and depression, and she wanted the information in “girly terms.” Despite the good laugh on what girly terms actually mean, she was provided a very straightforward answer. The American economy is examined by quarter. It’s considered economic growth when production is high. Three consecutive quarters (nine months) of diminished production is considered a recession. When a recession is deep and long it is then considered a depression. Several common characteristics of a depression include long-term unemployment growth, low prices and low levels of trade and investment. So, the difference between a recession and depression is that one is bad and the other is worse. If you need a pay day loan to help make ends meet, don’t hesitate to try. Click here for more information on Payday Loans.
December 9th, 2008 at 12:40 amLisa Payday Loans Says: a bunch of BS intended to sell her product.
This is an abuse of this site. You do not belong here, that was JUST an advert for your loans. But lets point out that payday loans are NOT in anyone’s best interest except the loan company. The minute you walk out the door you owe a GREAT deal more than you borrowed. And the compounded interest rates of payday loans are such as to make a mob loanshark envious. A co-worker got one once to help him through a bad patch, and has seriously regretted it. It took him almost a year to pay off the loan because of the astronomical interest. If you are having difficulty with your bills, a payday loan will NOT help you: it will only add to your bills, and in a long-term sense. You didn’t have that money before, and when it comes due 4 weeks later, you will likely not have the money to pay the loan (plus interest) back AND pay all your other bills and expenses.
LisaPaydayLoanshark — STFU, and get off this site, you weasely scumbag, trying to profit of the misery of others. You and your ilk are loathesome piles of foetid excrement, parasites on society. Piss off.
December 9th, 2008 at 7:38 am