ThinkFast: March 9, 2009
ThinkFast: March 9, 2009
Nobel-prize-winning economist Paul Krugman worries that “the White House has decided to muddle through on the financial front, relying on economic recovery to rescue the banks rather than the other way around.” “Sooner or later, the administration will realize that more must be done,” Krugman writes. “But when it comes back for more money, will Congress go along?”
Economists at the World Bank warned yesterday that “the world is falling into the first global recession since World War II,” and it is confronting developing countries with “massive financial shortfalls that could turn back the clock on poverty reduction.” The new World Bank report said the crisis “began with junk mortgages” in the U.S.
Sen. Joseph Lieberman (I-CT) has changed his tune on Barack Obama. “He’s shown real leadership,” Lieberman told the AP in an interview. “Bottom line: I think Barack Obama, president of the United States, is off to a very good start.”
More than 600 self-described climate change skeptics are meeting in New York City this week to challenge the “broad scientific and political consensus” that humans are dangerously heating up the planet. The International Conference on Climate Change, organized by the Heartland Institute, aims to counter efforts “to tackle global warming with legislation requiring cuts in the greenhouse gases.”
Improvised explosive device (IED) attacks in Afghanistan “killed three times as many coalition troops in the first two months of 2009 compared with the same period last year. The increase points to a strengthening insurgency and potentially more violence as warmer weather arrives along with intensified fighting.” During the same period, “96 troops were wounded, a 146% increase from the 39 early last year.”
The White House announced yesterday it would pull out 12,000 troops from Iraq by September, the first step toward removing all troops by 2010. Ali al-Dabbagh, an Iraqi government spokesman, emphasized the status of forces agreement requiring the end of the U.S. occupation by 2011. “The Iraqi government has no intention to accept the presence of any foreign troops or bases after 2011,” he said.
In his Sunday column, Tom Friedman writes that the growth the U.S. has experienced for the past 50 years is “simply unsustainable economically and ecologically.” “We created a way of raising standards of living that we can’t possibly pass on to our children,” said ClimateProgress’s Joe Romm.
On CNBC this morning, billionaire Warren Buffet said that the economy has ”fallen off a cliff” over the past six months and that “not only has the economy slowed down a lot, but people have really changed their habits like I haven’t seen.” Buffet added that he thinks unemployment “will likely climb a lot higher before the recession is done,” but that “everything will be all right” eventually.
McClatchy newspapers will cut 1,600 jobs, or 15% of its work force. “As with other newspaper companies, McClatchy is suffering as readers and advertisers shift away from newspapers. The economic downturn is “particularly painful for McClatchy” since it has “large newspapers in areas hit hard by the real-estate meltdown.”
And finally: President Obama led a chorus of “Happy Birthday” for 77-year old Sen. Ted Kennedy last night at the Kennedy center. The Massachusetts senator was awarded the John F. Kennedy Profile in Courage Award. Referring to her short-lived attempt to seek former New York Sen. Hillary Rodham Clinton’s Senate seat, Caroline Kennedy joked, “I never thought I’d be in a room with so many senators.”
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Racism and bigotry alive and well!
March 9th, 2009 at 9:05 amSeriously, this $hit HAS GOT TO STOP!!!!
Joe LIEberman, which way is the wind blowing today?
March 9th, 2009 at 9:05 amIt’s amazing how long it took for some to realize that there is a global depression. I wrote about it a year ago. We need to keep in mind that economics is much better at hindsight than vision. A dismal science indeed!
March 9th, 2009 at 9:08 amLieberman must be very agile to have jumped on a moving band-wagon.
March 9th, 2009 at 9:13 amOn CNBC this morning, billionaire Warren Buffet said that the economy has ”fallen off a cliff” over the past six months [...] but that “everything will be all right” eventually.
Yes, because we’ve staged a giant intervention against Conservative policies and are now in the process of implementing Humanitarian ones instead.
March 9th, 2009 at 9:18 amThanks Droopy Dog. But you’re still going down in 2012.
http://www.pufferfishblog.com/
March 9th, 2009 at 9:18 amLieberman – the opportunist.
He didn’t gain anything from his association with McCain and the RNC, but he can see the popularity of Obama.
Do members of either party care what he thinks?
March 9th, 2009 at 9:18 amDoc Rock Says: It’s amazing how long it took for some to realize that there is a global depression. I wrote about it a year ago. We need to keep in mind that economics is much better at hindsight than vision. A dismal science indeed!
I spoke with a lot of people in liberal blogs who were also predicting this. I think that the problem isn’t the Science, but rather the MSM’s unwillinness to actually report the news, because they care more about themselves than journalism.
March 9th, 2009 at 9:20 amIts nice to see a judge that has some balls by commenting on why these worthless law suits should be dismissed. All previous suits had been dismissed without comment, which just gives the tin foil hat crowd a reason to file more worthless suits. Also, maybe if they have to start paying the courts and Obama’s legal fee’s, the nuts who support them with money will think twice.
March 9th, 2009 at 9:24 amRepublicans have been wrong on so many issues, it is remarkable that there are those who still believe in them.
I read something this morning and I think it is worth repeating — the Obama administration must relentlessly, yet courteously, remind Americans why we are where we are today and that Obama inherited this from the previous administration.
Americans have a notoriously short memory, and repugs have already begun calling this Obama’s recession, Obama’s war. The rightwing media have already received the talking points for their mission to absolve Bush and lay all blame at Obama’s feet – Democrats must keep the public memory accurate.
March 9th, 2009 at 9:28 amOrwell said about history
‘Who controls the past, controls the future: who controls the present controls the past.’
Repugs are desperately trying to control the present with their false version of history. Obama must not allow this.
uh oh…
Sen. Joe Lieberman now sings Obama’s praises
The Associated Press – ?1 hour ago?
WASHINGTON (AP) – Sen. Joe Lieberman has changed his tune on Barack Obama. After campaigning across the country for Republican John McCain in 2008 and attacking Obama as naive, untested and unwilling to take on powerful special interests, Lieberman now …
Lieberman now sings Obama’s praises WLOS
Obama may have trouble keeping Democrats on his track Los Angeles Times
RealClearPolitics – NPR – CQPolitics.com – OSU – The Lantern
all 337 news articles » http://news.google.com/news?pz=1&ned=us&ncl=dTtb4hHP-0gMXLMXeYbSCk7lWH6dM&topic=n
hey dems! listen to joe! riiight…
March 9th, 2009 at 9:28 amExcellent point Marie. CNN had some screamer on Larry King which I unfortunately heard when the show I was watching was on commercial break, do exactly what you described. Fortunately, David Gergen and Hillary Rosen defended Obama, but you know FOX isn’t…
March 9th, 2009 at 9:34 amMarie, I do believe the Bush Liberry will be called “The Ministry of Truth”
March 9th, 2009 at 9:43 amSen. Joseph Lieberman (I-CT) has changed his tune on Barack Obama. “He’s shown real leadership,” Lieberman told the AP in an interview. “Bottom line: I think Barack Obama, president of the United States, is off to a very good start.”
Translation: “Please, oh please don’t kick me out of the Democratic caucus. I promise this time I’ll be good. And besides — I’ve just realized that John McCain may not really know what he’s talking about…”.
March 9th, 2009 at 9:49 amImprovised explosive device (IED) attacks in Afghanistan “killed three times as many coalition troops in the first two months of 2009 compared with the same period last year.
didn’t learn a thing from iraq, huh…
‘warm weather coming! step up those senseless drive-arounds!’
March 9th, 2009 at 9:49 amEconomists at the World Bank warned yesterday that “the world is falling into the first global recession since World War II,” and it is confronting developing countries with “massive financial shortfalls that could turn back the clock on poverty reduction.” The new World Bank report said the crisis “began with junk mortgages” in the U.S.
____________
Interesting. Maybe it’s time the World Bank and IMF started treating us the way they/we treat developing countries when they’re in a financial crisis – loan us a few hundred billion dollars if we devalue our currency, nationalize our banks, and slash government funding. I mean, if it’s good enough medicine for Argentina and Indonesia and Zimbabwe, it’s good enough for us, right?
March 9th, 2009 at 9:49 amThanks for the global recession, BushitCo! The legacy that keeps on giving…
March 9th, 2009 at 9:51 amThe bill to our grandkids.
Liebermouth knows that Dems need him right now, so he will play this all the way. The State Supreme Court in Minnesota denied Frankens request to be seated in the Senate while the trial is going on. Franken would be the 59th vote in the Senate. Until and if Franken ever gets seated, Liebermouth knows Dems need him.
March 9th, 2009 at 9:55 amLooking back at the ‘big one’ Depression and the response by FDR, timidity can only prolong the economic recovery. This is not the time for baby steps, the only way out of this deep pile of shit is quick and giant steps by the Federal Government.
March 9th, 2009 at 9:56 amFrom the global warming sceptic article:
From 1998 to 2006, Exxon Mobil, for example, contributed more than $600,000 to Heartland, according to annual reports of charitable contributions from the company and company foundations.
Alan T. Jeffers, a spokesman for Exxon Mobil, said by e-mail that the company had ended support “to several public policy research groups whose position on climate change could divert attention from the important discussion about how the world will secure the energy required for economic growth in an environmentally responsible manner.”
All those sceptics out on the same tree-branch, while Big Oil saws it off. Priceless.
March 9th, 2009 at 10:01 amI’d really like to know what’s going on here. Is this part of some strategy to get the courts to rule against the Justice Department, or is the Obama Administration parroting the same “war on terror” line as the Bush Administration? I’m very concerned about this.
March 9th, 2009 at 10:08 amhttp://www.democracynow.org/2009/3/9/headlines#10
Briseadh na Faire Says:
Marie, I do believe the Bush Liberry will be called “The Ministry of Truth”
__________
How about “The Outhouse of Lies”???
March 9th, 2009 at 10:10 amMore than 600 self-described climate change skeptics are meeting in New York City this week to challenge the “broad scientific and political consensus” that humans are dangerously heating up the planet.
___________________________________________________________
Even though there is overwhelming evidence that seatbelts save lives, there will always be somebody who claims that seatbelts are actually harmful because a friend of his sister-in-law’s second cousin allegedly survived certain death because he was thrown from his car upon impact, whereas had he been belted in, he would have been crushed. Why cling to such an anecdotal oddity in the face of far more reliable data? Simple. If a guy doesn’t want to wear a seatbelt, he’ll use anything, no matter how absurd or farfetched, to justify his decision.
Which brings us to climate change. How many times have we heard a global warming naysayer claim the whole theory is debunked because we had a snowstorm last week? The truth is that some people don’t want the inconvenience of dealing with greenhouse gases, CO2 emissions, etc. Therefore, they will cling to any snowstorm or any frosty morning they can.
And now, they are decreasing in number to the point where they feel they must band together.
March 9th, 2009 at 10:11 amSlightly o/t but there is an effort underway to have fellow Bush lawyer/apologizer/torture approver Jay Bybee impeached. He was appointed to a federal judgeship(lifetime appointment) position by Bush. Although he was confirmed by the Senate at the time, the recent release of memos from the Office of Legal Council shine a harsh light on Bybees involvement on behalf of the Bush Administration to undermine our Constitution and approve illegal activities.
http://www.freepress.org/doit.php?strFunc=display&strID=389&strYear=2009
Although I feel prison sentences are warrented for all of the Bushco legal flunkies, I would be happy to see disbarments of them across the board from Bush’s Attorneys General to his and Cheney’s legal councils as a start.
March 9th, 2009 at 10:23 ammisshusseinmolly Says:
And now, they are decreasing in number to the point where they feel they must band together.
______________
Look at the up side to this, misshusseinmolly… it’s so much easier to keep an eye on them when they’re all in one place. Now, if we could just knock ‘em all out briefly and tag ‘em… we could keep tabs on them as they go thru their Spring migrations, and collect valuable scientific data…
March 9th, 2009 at 10:24 amHey, Holy Joe, to quote your favorite kissy-face President, word-for-word:
Who CARES what you think?
ha ha
March 9th, 2009 at 10:43 amhussein toasterhead Says:
“I’d really like to know what’s going on here…”
During the runup to the elections Obama stated more than a few times during interviews that he does not feel that many of the Bush Administrations positions and arguements would pass the legal test. I’ve long felt that he voted for telecom immunity knowing that the bill as written was seriously flawed from a legal viewpoit, but a good move politically (most here would disagree, though). We are begining to see that he was right in recent court hearings and it should continue. I’m hoping that this is an attempt to stay out of the “witch hunt” “partizan finger-pointing” canard that the Right would be too happy to tie the president to. They’ll do it anyway but the media won’t be able to factually assert that he led the witch hunts. All conjecture on my part, but from one chess player to another, it makes sense on several levels.
March 9th, 2009 at 10:47 amTreasury and the Federal Reserve Bank pumped money into major financial institutions numerous ways. Here are three of the many:
1. Direct capital injections
2. Equity injections-preferred stock, much of it converted to common stock with no dividends
3. AIG counterparty unwinding
The Wall Street Journal reported on #3:
About $50 billion of more than $173 billion that the U.S. government has poured into American International Group Inc since last fall has been paid to at least two dozen U.S. and foreign financial institutions.
The newspaper reported that some of the banks paid by AIG since the insurer started getting taxpayer funds were: Goldman Sachs Group Inc, Deutsche Bank AG, Merrill Lynch, Societe Generale, Calyon, Barclays Plc, Rabobank, Danske, HSBC, Royal Bank of Scotland, Banco Santander, Morgan Stanley, Wachovia, Bank of America, and Lloyds Banking Group.
Morgan Stanley and Goldman Sachs declined to comment when contacted by Reuters. Bank of America, Calyon, and Wells Fargo, which has absorbed Wachovia, could not be reached for comment.
http://www.reuters.com/article/newsOne/idUSTRE52624P20090308?pageNumber=1&virtualBrandChannel=0
March 9th, 2009 at 10:52 amNational Security Council News:
CyberSecurity Chief Quits:
http://www.reuters.com/article/newsOne/idUSTRE5260I620090307
U.S. National Nuclear Lab Reorganization Study (led by Frances Townsend):
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/04/AR2009030403614.html
Is General James L. Jones building an empire?
http://thecable.foreignpolicy.com/posts/2009/02/10/james_l_jones_and_the_committee_to_run_the_world
Fran worked alongside General Jones at the U.S. Chamber of Commerce.
March 9th, 2009 at 10:57 amThe CIA has reportedly just confirmed — conveniently late on a Friday afternoon — that 12 of the videotapes it destroyed while its interrogation methods were under investigation and the subject of a pending lawsuit depicted the “enhanced interrogation methods” that detainees’ advocates were worried about.
http://washingtonindependent.com/32891/cia-confirms-12-destroyed-videotapes-depicted-enhanced-interrogation-methods
March 9th, 2009 at 11:00 amJoe can see that his future in the Senate will be limited if he can’t be on the progressive side rather than the “just say no side.” Repubs are a disaster and like GWB, repubs in many areas of the country will be disassociating themselves from those “Rush like guys.”
March 9th, 2009 at 11:02 amLieberman (I-CT) has changed his tune on Barack Obama. “He’s shown real leadership,” Lieberman told the AP in an interview. “Bottom line: I think Barack Obama, president of the United States, is off to a very good start.”
The floor would like to recognize the senator from Israel and request he shut his freakin pie hole.
March 9th, 2009 at 11:03 amMarie,
It seems that the easiest way to shut those talking points down would be to ask: “At the risk of looking back instead of forward, what did Bush do to prevent the financial crisis?
At the very least it would force them into bringing up TARP which is another thing also being pinned completely on Obama.
And about Joe… you guys just don’t recognize a true “Maverick” when you see one. /sarc
March 9th, 2009 at 11:09 amKrugman – I wish he was Treasury Secretary
March 9th, 2009 at 11:28 amLieberman – leans on the tree that provides him the most shade. He’s a repugnican. He’s a hypocrite.
Exxon aims for big role in Iraq’s oil sector
Exxon Mobil Corp is in constant dialogue with Baghdad to create the investment climate that would allow it to become a significant player in Iraq’s energy sector, Exxon’s chief executive said on Monday.
http://www.reuters.com/article/newsOne/idUSTRE52812L20090309
March 9th, 2009 at 11:47 amVatican paper: Washing machine liberated women most
Feminists of the world sit down before you read this. The Vatican newspaper says that perhaps the washing machine did more to liberate women in the 20th century than the pill or the right to work.
http://www.reuters.com/article/newsOne/idUSTRE5282ME20090309
March 9th, 2009 at 11:49 amIn a speech on restoring scientific integrity, President Obama said he would make decisions on facts, not on ideology. Here’s the contrast:
Science= Theory-test-results-(confirmation, revision or rejection of theory)
Government Leadership=Facts, not ideology-(this means operating without theory)
It’s an odd contrast, within a speech on the use of scientific study.
March 9th, 2009 at 12:01 pmUh Oh…
Chinese vessels harassed unarmed US Naval ship in South China Sea:
http://hosted.ap.org/dynamic/stories/U/US_CHINA_INCIDENT?SITE=FLROC&SECTION=HOME&TEMPLATE=DEFAULT
March 9th, 2009 at 12:11 pmInteresting article on David Axelrod in NYT:
http://www.nytimes.com/2009/03/09/us/politics/09axelrod.html?pagewanted=1&_r=1&hp
March 9th, 2009 at 12:19 pmHussein, you are welcome to ignore my posts. I ignore yours.
March 9th, 2009 at 12:34 pmWorld economy to ’shrink’ in 2009
The global economy will shrink for the first time this year since World War II, the World Bank has said.
The bank’s forecast is gloomier than other estimates, which still foresee some growth.
http://news.bbc.co.uk/2/hi/business/7931899.stm
March 9th, 2009 at 12:35 pmstateofthedivision Says
March 9th, 2009 at 11:49 am
Vatican paper: Washing machine liberated women most
_____________________________________________________________
I believe the washing machine liberated women much in the way that the cotton gin freed the slaves.
March 9th, 2009 at 12:50 pmhussein toasterhead Says:
Obama Administration Defends John Yoo In Suit Filed By Jose Padilla
I’d really like to know what’s going on here. Is this part of some strategy to get the courts to rule against the Justice Department, or is the Obama Administration parroting the same “war on terror” line as the Bush Administration? I’m very concerned about this.
http://www.democracynow.org/2009/3/9/headlines#10
Toasterhead – I share your concern. And Patriot Acting – if the Obama administration is doing this based on partisan, political reasons, that’s not leadership. Seeking justice is not a “witch hunt.” It’s exactly what needs to be done to ensure that these kind of travesties NEVER HAPPEN AGAIN! My biggest concern, above all else during the Bush administration, was the violations of the U.S. Constitution and civil liberties. Above all else, I consider it the most serious threat to our democracy. If the Obama adminstration continues to defend what is essentially an overly-strong Executive branch, in which the ends justify the means, I think that’s problematic. I worked for and supported Obama’s candidacy and voted for him because I believed he would reverse these abuses. When it not only doesn’t happen, but appears to be continuing, my belief in “Change,” is damaged substantially.
March 9th, 2009 at 12:51 pmGood Morning Youngster’s…First let me say you have added many great link’s and comment’s for my constant learning curve…Thank you all…Next. On another site C & L I think gave the number of losses in Iraq and Afg. to date which add’s up to a total of 5,352 of our own soldier’s lost in the bush war’s..I don’t have the current total for over a million Iraq or Afg. losses that also sadden’s me…
As you go about your day please think of the fallen and their famalies…P.B. & J
March 9th, 2009 at 12:53 pmWinddancer, #48..Great post, I agree and thank you for posting…Blessings
March 9th, 2009 at 12:56 pmPaul Krugman is still up set he wasn’t chosen in the Obama/Biden Cabinet. Krugman a Nobel Prize Winner felt he was the smartest Economist and Tim Geithner and Peter Orszag were picked. Now he is on a mission to not help our country but attack the Administration for personal ressons. President Obama asked all to contact the White House for ideas but Krugman is only interested his fulling his ego. If he would come down off his high horse and just be part of the team in stead of demanding the Quarterback job he might fine he can get better results.
March 9th, 2009 at 1:08 pmThe International Conference on Climate Change, organized by the Heartland Institute, aims to counter efforts “to tackle global warming with legislation requiring cuts in the greenhouse gases.”
Whenever I get into a discussion about Global Climate Change with someone who thinks it’s a myth, the first thing I say to them is, “How can you think that pumping tons of toxic chemicals into our atmosphere on a daily basis can NOT have an affect on our atmosphere and therefore our weather patterns.”
Thus far, no one has come up with a coherent answer to that question.
March 9th, 2009 at 2:39 pmJackie Says:
Paul Krugman is still up set he wasn’t chosen in the Obama/Biden Cabinet. Krugman a Nobel Prize Winner felt he was the smartest Economist and Tim Geithner and Peter Orszag were picked.
I disagree. I don’t think that Krugman wanted to be in the Obama cabinet. I think he felt that being a watchdog outside the government would suit him better. Just like Al Gore didn’t want to be in Obama’s cabinet because he has more freedom to do his own thing unfettered by being a cabinet member.
That being said, I do think that Krugman is going a little too far on his criticism of Obama, even though he does have some good points.
March 9th, 2009 at 2:42 pmhussein toasterhead Says:
Obama Administration Defends John Yoo In Suit Filed By Jose Padilla
I’d really like to know what’s going on here. Is this part of some strategy to get the courts to rule against the Justice Department, or is the Obama Administration parroting the same “war on terror” line as the Bush Administration? I’m very concerned about this.
I am wondering what President Obama is doing with a lot of these decisions. I have faith that there is sound reasoning behind his decisions, I just wish that he would let us know what they are. By making these decisions and staying silent on why he did what he did, he is starting to look at lot like Bush in that area.
March 9th, 2009 at 2:44 pmThanks Mr. Baggins you have some good points let’s see how this plays out. Krugman’s worse nightmare is that the Administration’s plan works. Now that would be a bummer for Krugman but he is smart enough to cover up what he said and move forward.
March 9th, 2009 at 2:51 pmI agree Bilbo #54,,
I disagree Jackie #55 but appreciate your posting….Blessings to you both.
March 9th, 2009 at 3:23 pmand to top it all off, some ruskie forsees the imminent downfall of america. bring it!
March 9th, 2009 at 10:33 pm