ThinkFast: July 2, 2009
ThinkFast: July 2, 2009
The U.S. economy lost a larger-than-expected 467,000 jobs in June, according to a new Labor Department report out this morning. Unemployment rose to 9.5 percent, the highest rate in 26 years.
“Spending by lawmakers on taxpayer-financed trips abroad has risen sharply in recent years,” according to a Wall Street Journal analysis, “involving everything from war-zone visits to trips to exotic spots such as the Galápagos Islands.” This travel spending “is up almost tenfold since 1995, and has nearly tripled since 2001.”
In the first major push in the U.S. military’s new counteroffensive strategy, “[t]housands of Marines and hundreds of Afghan troops moved into Taliban-infested villages with armor and helicopters early today” in Helmand province. The goal “is to clear insurgents there before the nation’s Aug. 20 presidential election.”
The U.S. military is reporting that “insurgents have captured an American soldier in eastern Afghanistan.” The soldier, missing since Tuesday, “wasn’t taking part in the major military operation launched in the southern Taliban stronghold of the Helmand River Valley.” Capt. Elizabeth Mathias said the military is using “all our resources to find him and provide for his safe return.”
Last night on MSNBC’s Countdown, Sen. Bernie Sanders (I-VT) urged the 60 members of the Democratic Caucus to support cloture on legislation that would reform the nation’s health care system. “I think the strategy should be that every Democrat, no matter whether or not they ultimately end up voting for the final bill, is to say we are going to vote together to stop a Republican filibuster,” he said.
Much of South Carolina’s Republican establishment is now seeking Gov. Mark Sanford’s resignation. Fourteen GOP state senators have called for him to step down, joining a list that includes 11 Republican members of the state House and six big state newspapers. Sens. Jim DeMint (R-SC) and Lindsey Graham (R-SC) and Rep. Gresham Barrett spoke frankly with Sanford yesterday. Barrett asked him to resign.
Rep. Patrick Murphy (D-PA), an Iraq war veteran, will take the legislative lead in the congressional effort to reverse the “don’t ask, don’t tell” policy on gays and lesbians in the military. Murphy will take over from former Rep. Ellen Tauscher (D-CA), who retired last week to take a job at the State Department. Tauscher proposed legislation repealing the policy earlier this year.
Sens. John McCain (R-AZ) and Russ Feingold (D-WI) have teamed up to place a hold on President Barack Obama’s first appointment to the Federal Election Commission in an effort to shake up the FEC. “[T]he lawmakers signaled they would release the hold only if Obama taps two additional nominees to fill expired seats on the six-member independent panel.”
The Obama administration “launched investigations of hundreds of businesses around the country” yesterday “as part of its strategy to focus immigration enforcement on the employers who hire illegal workers.” Immigration and Customs Enforcement has begun notifying more than 600 businesses of “plans to audit employment eligibility documents that employers fill out for every worker.”
And finally: Meghan McCain hasn’t released a memoir yet (it’s due next spring), but as the New York Daily News notes, “she’s already planning the movie version.” “I want Hilary Duff to play me. I think she’s really hot — hotter than me — but I’d still want her to play me,” McCain said. “Really, I’d take anyone who’s blond,” she added. She also said that she thinks “Bradley Cooper is so hot” and would love him to be in her film too.
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Living life in a fantasy world seems to be a genetically inherited trait in the McSame household.
July 2nd, 2009 at 9:03 amThe U.S. economy lost a larger-than-expected 467,000 jobs in June, according to a new Labor Department report out this morning. Unemployment rose to 9.5 percent, the highest rate in 26 years.
Extremely discouraging.
July 2nd, 2009 at 9:09 amThe U.S. economy lost a larger-than-expected 467,000 jobs in June, according to a new Labor Department report out this morning. Unemployment rose to 9.5 percent, the highest rate in 26 years.
Extremely discouraging.
Yeah, so much for Obama’s promise of unemployment not going above 7.9% with the stimulus plan. But don’t worry, all you have to do is ignore the fact that he ever said it, that should make you all feel good about yourselves.
July 2nd, 2009 at 9:10 amUnemployment rose to 9.5 percent, the highest rate in 26 years.
“Spending by lawmakers on taxpayer-financed trips abroad has risen sharply in recent years,”
Further evidence that we are not being represented, but milked…
July 2nd, 2009 at 9:13 amMuch of South Carolina’s Republican establishment is now seeking Gov. Mark Sanford’s resignation.
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And I can’t say I blame them. Mark Sanford has got to be a huge embarrassment for the SC GOP. Thankfully, he’s declared he’s not going to be giving any more interviews, so hopefully we’ll all be spared any further revelations of how many times he’s “crossed lines”. And hopefully there will come a time when his wife and children won’t be afraid to turn on the television.
What amazes me is that according to the legal minds in that state, he hasn’t done anything theoretically illegal. Apparently, the state’s chief executive can wander off the job and be completely incommunicado for days and there’s no law against it. He can also travel around the world for his trysts on the state’s dime and all he has to do is promise to pay the state back with no penalty. It just boggles the mind.
Can the South Carolina citizens mount a recall campaign, if they are really unhappy with him? I believe that’s an option in most states.
Sanford is toast, politically. He’s term-limited from running for re-election as Governor, and it’s doubtful he will gain any traction for a Senate or Presidential bid at this point. He has about 18 months left to go on his term. Will SC just grit their teeth and endure that?
July 2nd, 2009 at 9:14 amRoark Says: Yeah, so much for Obama’s promise of unemployment not going above 7.9% with the stimulus plan.
So much for your reading comprehension skills… The White House didn’t promise, they estimated. Buy a dictionary, and use it.
The unemployment rate is fall-out from Bush policies. Blame the guy who made the mess, not the one trying to clean it up. Sheesh…
July 2nd, 2009 at 9:17 am“Just like when you teabagging terrorists ignored the fact the herr dubyah and his murderous thugs said the Iraq war wouldn’t last more than 4 months? I bet you felt good about yourself.”
Quick, change the subject!!! HAHAHHAAHAHAHHA……….
July 2nd, 2009 at 9:17 amLast night on MSNBC’s Countdown, Sen. Bernie Sanders (I-VT) urged the 60 members of the Democratic Caucus to support cloture on legislation that would reform the nation’s health care system.
Thank you, Senator Sanders. We need a huge public outcry to overcome the corporate interests that are trying to put lipstick on this pig.
Congresscritters will lie, delay, obfuscate and regurgitate industry ‘facts’ until Hell freezes over.
Rescind all Congressional health coverage until a true public option is created.
July 2nd, 2009 at 9:18 amI’m really itching for the day it can be said that the stimulus is making a noticeable dent in the unemployment rate, but I know that (1) the spending is too slow and (2) the administration hyped estimates about “creating or saving 3M jobs” at a time they were brokering with republicans and blue dogs in the bill’s writing. How can you deliver under those circumstances? Yet, I still believe there’s hope if they ramp up the spending in the right places, especially where supporting businesses benefit.
July 2nd, 2009 at 9:18 amQuick, get a life and post intelligently!!! HAHAHHAAHAHAHHA………
July 2nd, 2009 at 9:19 amRoark Says
July 2nd, 2009 at 9:10 am
Yeah, so much for Obama’s promise of unemployment not going above 7.9% with the stimulus plan. But don’t worry, all you have to do is ignore the fact that he ever said it, that should make you all feel good about yourselves.
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Considering that the stimulus plan hasn’t been fully implemented yet (that takes some time), this unemployment figure may be depressing and disappointing, but not all that surprising. When you want to reverse the direction of a runaway train, you first must slow it down and then stop it before you can reverse direction.
In an economic recovery, the unemployment figure is about the last indicator to be affected.
As discouraging as this news is, I am thankful that the figure isn’t much higher — as it would have been under McCain. His prescription for the runaway train would have been to ignore it and let it roll.
July 2nd, 2009 at 9:20 amEconomists (and Obama) have repeatedly said that unemployment would continue to rise through 2009.
July 2nd, 2009 at 9:23 amEven as the economy improves, even as stimulus funds are beginning to seep into the market, it will takes a long time for jobs to return in significant numbers.
Sad, discouraging, but not unexpected.
Who is Megan McCain?
July 2nd, 2009 at 9:24 amWhile Obama has been quick to declare the US had no part in the Coup in Honduras , the sad fact is that Romeo Vasquez, a general who led the military coup in Honduras received training at the US School of the Americas.
July 2nd, 2009 at 9:24 amhttp://www.democracynow.org/2009/7/1/generals_who_led_honduras_military_coup
There are a few ways to try to explain the unemployment results.
1.) The inputs into the calculation were incorrect. That is to say, the formula for creating/saving jobs was correct but the initial information was incorrect.
2.) The economists actually had no idea at all how it would play out with or without the stimulus.
3.) The formula for government “job creation” is incorrect.
4.) The stimulus had a contrariant effect, causing unemployment to rise rather than fall.
Any thoughts? Did I miss any possible scenarios? Anyone want to venture a guess, or even an educated answer?
July 2nd, 2009 at 9:26 amPerhaps deregulation and George Bush is the cause?
Yeah, so much for Obama’s promise of unemployment not going above 7.9% with the stimulus plan. But don’t worry, all you have to do is ignore the fact that he ever said it, that should make you all feel good about yourselves.
Sir, stimulus plan or not, this is a recession that began December 2007. Please keep in mind, the vast majority of the money hasn’t yet been spent. But Biden said that’s changing. I expect movement but I don’t expect the administration’s hype beforehand – through experience I’ve learned that when you spend too much time hyping it makes delivering outside of reach. However, I don’t expect bad numbers of an inherited deep recession to fall squarely on their shoulders where they’re doing the best they can.
July 2nd, 2009 at 9:27 amI shutter to think what a mess we’d be in if McCain had become President. I might occasionally be frustrated by Obama’s obssession with bipartisanship from a group of people who cannot compromise ever, but at least he’s taking us in the right direction – which is AWAY from what Heir Bush and his Regime were doing that got us into this mess…
July 2nd, 2009 at 9:29 amThe U.S. economy lost a larger-than-expected 467,000 jobs in June, according to a new Labor Department report out this morning. Unemployment rose to 9.5 percent, the highest rate in 26 years.
It’s higher than 9.5%. It would be nice if they had a clue of what the true number really is.
July 2nd, 2009 at 9:29 amm1c Says: Who is Megan McCain?
Good question…and why would a 24 yr old write their memoirs? I can see her Father doing that, now that he’s in his 70’s, but a 24 yr old?
I guess she feels that anything to stay in the media spotlight is beneficial, but would you buy this book?
I wonder if her Dad ever called her a trollup c*nt…
July 2nd, 2009 at 9:29 amBetween the off-the-budget Bush war in Iraq which has cost us more than any health care bill in discussion, and still costing us billions; between the Bush squandering of tax surplus and giving it to the wealthiest of Americans in tax cuts; between the raping of America by financial institutions due to Republican deregulation it should be expected that the turn around from the most disatrous administration in history is going to take a long time.
July 2nd, 2009 at 9:30 amTo have expected that Obama could say Presto! and have things suddenly improve is unrealistic — we all wish it could be so, but the facts are what they are and this is going to be a long slog.
Roark, How`s about all those lost jobs, 12million of them since Dec 2007 and how the Shrub just stood by and watched as we paid $4 a gal for gas in 2008 and don`t forget the 4000 + soldiers who lost their lives for LIES.How do you trolls sleep at nite?
July 2nd, 2009 at 9:31 amUnbelievable, nicely played. A skillful weaving of fact and snark that shut up a moronic troll.
July 2nd, 2009 at 9:32 amDRxJ says:
July 2nd, 2009 at 9:32 amI’d settle for the troll for just getting a life…sentence that is.
Gee Roark, do you think maybe the crash of the banks had something to do with it? Maybe the phony housing bubble we had all during the bush years had something to do with it? Maybe the huge tax cuts? deregulation of wall street? Hows that for a start?
July 2nd, 2009 at 9:33 am5) Regressive obstructionists in DC and at the state level attempting first to block the bill and then to slow the implementation of the plan. Regressives hope that this tactic will cause the plan to fail despite the urgency of the matter.
Regressives = anti-American scum
July 2nd, 2009 at 9:34 amEconomists (and Obama) have repeatedly said that unemployment would continue to rise through 2009.
Even as the economy improves, even as stimulus funds are beginning to seep into the market, it will takes a long time for jobs to return in significant numbers.
Sad, discouraging, but not unexpected.
You have the patient, more protracted view in light of the economy being an extremely complex environment. The mistake on my part is expecting this bill to create economic growth months in when it’s more realistic to see the bill as preventing cuts in critical public services and projects, and the collapse of the economy system as a whole. Even the New Deal didn’t immediately shine through, so I, too, need to adjust my thinking.
July 2nd, 2009 at 9:34 amThe country is with Senator Bernie Sanders and healthcare reform. Keep it up Senator.
July 2nd, 2009 at 9:35 amYou will hardly be surprised when Harry Reid’s poster boy Joe Lieberman and Harry himself crush all our hopes and dreams.
Roark Says:
There are a few ways to try to explain the unemployment results.
Perhaps deregulation and George Bush is the cause?
Kudos, Roark, you nailed it! Deregulation under the GNOP controlled congress and Bush caused the financial meltdown which led to the credit freeze which led to businesses not being able to borrow which led to lay-offs which led to decreased consumer spending which led to more lay-offs.
And to think I had doubts about your reasoning skills…
PEACE
July 2nd, 2009 at 9:36 amDr. Hussein Matt Says
July 2nd, 2009 at 9:11 am
Limbaugh: Michael Jackson “flourished under Reagan,” “languished under Clinton and Bush,” “died under Obama”
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And Limbaugh himself flourished under Clinton, but went deaf and was exposed as a drug addict under Dubya. What’s his point?
I figured Limbaugh would be the one to imply that Obama was at fault in some way for Jackson’s death. It didn’t take him long.
July 2nd, 2009 at 9:37 amI feel no love lose when it comes to another member of the GOP goes down for the same stuff they try and shove down everyone elses throats, but Sanford really needs to shut up. He’s become a serious embarrassment. It hurts to watch or listen to him.
July 2nd, 2009 at 9:39 amObama has done more for this country in 5 months than Shrub did in 8 years,as someone above we are moving away form the Shrub`s despicable policy`s and now we are headed in the right direction it`s is going to take a long time to turn us completely around and people need to be patient and screw the bipartisanship.
July 2nd, 2009 at 9:40 amPresident Obama close the school of the Americas ( WHINSEC).
July 2nd, 2009 at 9:40 amPerhaps deregulation and George Bush is the cause?
Well, health care costs doubled and oil tripled under Bush, and that can’t be good for our economy.
If you look at every indicator of the country’s well-being at the end of his eight-year presidency, you will find shocking degradation. You may be more content (or personally unaffected) by the findings, but that doesn’t make pointing to George Bush and deregulation outlandish.
Please try seeing the effort to fix our economy as something more as a political football, because that appears that’s what you’re making it, Ruark.
July 2nd, 2009 at 9:42 amunbelievable Says:
Roark Says: Yeah, so much for Obama’s promise of unemployment not going above 7.9% with the stimulus plan.
So much for your reading comprehension skills… The White House didn’t promise, they estimated. Buy a dictionary, and use it.
The unemployment rate is fall-out from Bush policies. Blame the guy who made the mess, not the one trying to clean it up. Sheesh…
But the Republicans never take responsibility for the messes Republicans create, don’t you know?
July 2nd, 2009 at 9:44 amDid you look at Roark’s blog? He’s not exactly a critical thinker, LOL
What I know is that the economy in Ohio is just awful. So many people out of work. Near where I work the Catholic Church gives away free food two Wednesdays a month. The line gets longer every time. I hate this recession and what it is doing to people. I know there are people on Wall Street who made tons of money, while people suffer. This needs to change. That is why I voted for Obama, and this is one of the changes we need.
July 2nd, 2009 at 9:44 am“Kudos, Roark, you nailed it! Deregulation under the GNOP controlled congress and Bush caused the financial meltdown which led to the credit freeze which led to businesses not being able to borrow which led to lay-offs which led to decreased consumer spending which led to more lay-offs.”
Alright, please tell me what this massive deregulation that Bush implemented (all by himself apparently) was.
Here is a start to some of the regulatory agencies and regulations in place during the past 8 years.
1. Bureau of Public Debt
2. Community Development Financial Institution Fund
a. 1994
b. Since creation it claims it is responsible for providing directly and indirectly almost $17 billion to community development organizations and financial institutions to provide credit, capital, and financial services to underserved populations and communities in the U.S.
3. The Financial Crimes Enforcement Network (1990, broadened powers in 1994, broadened again in 2001)
4. The Bureau of Financial Management Service (1984)
5. Inspector General (1989)
a. As recently as 2004 the OIG had a budget of over $13 million and a full time staff of over 100 employees
6. The Treasury Inspector General for Tax Administration
a. Established in 1998 under the IRS Restructuring and Reform Act of 1998
7. Internal Revenue Service
a. Overhauled in 1998
8. Office of the Comptroller of the Currency
a. Charters, regulates, and supervises all national banks
9. FDIC
10. Office of Domestic Finance
a. Develops policies….in the areas of financial institutions…financial regulation, and capital markets
b. Sub-offices in this department include The Office of Financial Markets, The Office of Financial Institutions, and The Office of Fiscal Service
11. Office of Economic Policy
12. Office of General Counsel
a. A sub office of the US Treasury
b. Provides Legal and policy advice
13. Office of Tax Policy
14. Office of Terrorism and Financial Intelligence
15. The U.S. Treasury
16. The Federal Reserve
17. FBI
a. Namely an entire department dedicated to White Collar Crime
18. The Securities and Exchange Commission
a. Stated mission of “Protecting Investors”
b. 19 Sub Offices devoted to regulating various areas of the economy
c. 4 Divisions
i. Division of Corporate Finance
ii. Division of Enforcement
iii. Division of Investment Management
iv. Division of Trading and Markets
d. From 2001-2008 the SEC had 243 new or revised final rules for regulating the financial industry
e. The most recent 2 year budget had expenses of over $900 million
19. Investment Advisers Act of 2006
20. Investment Company Act of 2007
21. U.S. Commodity Futures Trading Commission
a. Recently expanded in 2000 by the Commodity Futures Modernization Act of 2000
22. National Labor Relations Board
23. Federal Trade Commission
a. 12 Sub Offices
That’s just a portion of the federal agencies/regulations. There are also state/local regulations and industry specific regulations. Claiming that we were in a free market, unregulated period of time is clearly a misnomer.
July 2nd, 2009 at 9:46 am“Spending by lawmakers on taxpayer-financed trips abroad has risen sharply in recent years,” according to a Wall Street Journal analysis”
they left out the part about so cancervative politicians who run on an “honesty and christiasn values” platform can shack up with their multiple mistresses.
July 2nd, 2009 at 9:47 amchristopher wiwi Says:
we are moving away form the Shrub`s despicable policy`s and now we are headed in the right direction
Indefinite detention without charges ?
July 2nd, 2009 at 9:48 amDomestic spying ,
the state secret privilege argument to prevent court cases from proceeding on domestic spying and torture accountability ,
Fisa ,
posse comitatus
signing statements …
Generations, Marie. It will take generations to recover from and pay off Bush’s 8-year binge.
July 2nd, 2009 at 9:48 amHow clueless can these people be?
I saw something unusual taking the air in my little subdivision this week, in the middle of what used to be the suburban Chicago housing boom: the first new foundation for a house in over a year! The tool-maker I work for just went through its fourth round of layoffs since last summer. The retail stores are all obviously understaffed and have been shortening hours.
We don’t have homeless thousands living in tents like in California–you don’t survive a Midwestern winter doing that. However, it isn’t difficult to do the math in your head–dozens of small factories laying off, the big Chrysler plant shut down, thousands of contract construction workers with nothing to work on–and estimate the misery that 10% unemployment and massive underemployment is bringing to all these little towns and suburbs.
July 2nd, 2009 at 9:48 amlarkohio. the plight of your states makes me wish that every dime of the corporate bailout went to struggling individuals instead. But, remember, aiding individuals down and out is “socialism” and protecting corporate titans who screw up time and again is “protecting the financial system.” Ironic, isn’t it?
July 2nd, 2009 at 9:48 amWasn’t it during PRESIDENT Obama’s inauguration speech, that he pointed out recovery from this economic turmoil WILL TAKE TIME?
And that there would be hardships, and pain along the way?
And here we are, a mere 5 months into his leadership, and already we’ve got doubters. Even among Progressives.
Listen, a major disaster like Katrina does not become “cleaned up” after only a few months. Recovery takes years. Same thing for this economic disaster (of epic proportions). Factor in the right’s constant filibustering, and the suddenly formed blue dogs, and the pitfall of hardships increase.
That said, there are those who will look for anything as a failure point for this administration, not matter how insignificant. I know, I’ve got a young CONservative working for me, who snidely remarks periodically “Where’s the CHANGE?”
I just ignore her, because I never mix my political beliefs with my work.
But, if we are to judge an administration by a certain time frame, then FORMER president George W. Bush should be widely criticized by both sides, for his failure in the infamous WAR ON TERROR! Yet, for some, he gets a pass. Some (23%ers) laud him as a hero. The darkest day of our era happened 9/11/2001, and by the end of Bush’s reign, he still hadn’t brought justice to the mastermind and primary financer of that horrific day!
July 2nd, 2009 at 9:49 amSen. Bernie Sanders (I-VT) urged the 60 members of the Democratic Caucus to support cloture on legislation that would reform the nation’s health care system. “I think the strategy should be that every Democrat, no matter whether or not they ultimately end up voting for the final bill, is to say we are going to vote together to stop a Republican filibuster,” he said.
Actually, Senator Sanders, I wouldn’t mind seeing the work of the Senate come to a complete standstill for a monthlong display of obstructionism by the Publicans actually being forced to FILLIBUSTER on health care.
July 2nd, 2009 at 9:51 amWe could make placards with the names of those Americans who died because they lacked health insurance and walk up and down outside the Capitol steps while CNN plays 24X7 coverage of the Publican Obstructionist drama.
Megaloptera McWars Says:
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larkohio. the plight of your states makes me wish that every dime of the corporate bailout went to struggling individuals instead. But, remember, aiding individuals down and out is “socialism” and protecting corporate titans who screw up time and again is “protecting the financial system.” Ironic, isn’t it?
July 2nd, 2009 at 9:52 am…………………………
Please add this comment to the list I posted above ! I wish I could hit the recommend button all day .
Roark, the closest way to eliminating a bureaucracy outright is to weaken its enforcement. All of these financial outfits, namely the SEC, couldn’t even catch a fraudster in his $65 billion act despite being tipped off as early as 1999.
July 2nd, 2009 at 9:54 amThe Obama administration “launched investigations of hundreds of businesses around the country” yesterday “as part of its strategy to focus immigration enforcement on the employers who hire illegal workers.” Immigration and Customs Enforcement has begun notifying more than 600 businesses of “plans to audit employment eligibility documents that employers fill out for every worker.”
About friggin time. Good job Administration. Let’s see some stiff penalties for those employers stupid enough to continue hiring undocumented workers after being notified they’ll be audited.
July 2nd, 2009 at 9:55 amJail time for CEO/CFOs???
Thanks, freeman!
July 2nd, 2009 at 9:55 am“Roark, the closest way to eliminating a bureaucracy outright is to weaken its enforcement. All of these financial outfits, namely the SEC, couldn’t even catch a fraudster in his $65 billion act despite being tipped off as early as 1999.”
So how do you explain Bush deregulating the industry when the SEC’s budget more than doubled from the beginning of his time in office to when he left? I would hardly call that weakening it’s capabilities.
July 2nd, 2009 at 9:58 amBack at cha Mc .
July 2nd, 2009 at 9:59 amAnnualized SEC
Budget Growth
(not inflation-adjusted)
Jimmy Carter 9.3%
July 2nd, 2009 at 10:00 amRonald Reagan 7.5%
George HW Bush 15.3%
Bill Clinton 6.8%
George W. Bush 11.3%
What happened to the FDA inspections over the 8 miserable years of BushitCo? They were fully funded and doing one heckuva job keeping our food supply safe, right?
July 2nd, 2009 at 10:01 amMake no mistake, whether my complaints are ill-timed and impatient in regards to the administration’s conduct on the economy, I take pride that they’re not hands off and in denial like the previous admin. Even with the stimulus passed, they’re not afraid to be honest about economic figures. Attention like that will lead to the next economic boom where, next time, we can all benefit.
So I apologize if I’m taking too many liberties in being a critic when I don’t have the responsibility of rebounding the economy (beyond personal spending, of course).
July 2nd, 2009 at 10:02 am“What happened to the FDA inspections over the 8 miserable years of BushitCo? They were fully funded and doing one heckuva job keeping our food supply safe, right?”
You are right, the FDA is completely incapable of doing it’s stated job.
July 2nd, 2009 at 10:05 amStill waiting for the answer to what this supposed deregulation was……
July 2nd, 2009 at 10:06 amHere is a start to some of the regulatory agencies and regulations in place during the past 8 years.
All of them carefully staffed with corporatists and structured so they would not keep the big casino of financial derivatives from operating.
The issue is never regulation or not regulation. A capitalist economy is a creation of laws and regulations. That’s one of the ways we distinguish our economy from the economies of pharohs, kings, and warlords.
Do the regulations allow for the efficient creation of wealth and do they punish criminal actions? Are the laws the servant of the people or they there to protect the wealthy from cheating each other and the rest of us?
The corporatists have had decades to rig the system so it allows them to rob others with impunity, endanger the nation’s security, and gamble with their fortunes until bubbles burst and panics crash the system. Which keeps happening, every decade or two.
July 2nd, 2009 at 10:10 amThe SEC’s budget was about $1 billion the last time I checked. I don’t have a table. I do believe that the funding of an agency is only as good its enforcement. Many complaints have arose at the SEC showing deference to the people and companies they were supposed to be regulating, something common across the Bush government. They were clued in multiple times about Madoff and chose to do nothing. That’s all I need to know about the SEC. If you have figures comparing funding of the Clinton years to Bush, I’d like to see that.
July 2nd, 2009 at 10:10 amGovernment doesn’t work because Republicans make sure of it when they’re in power. So what’s your point to criticize dems when they’re trying as we speak to restore and update the oversight capabilities of these agencies?
July 2nd, 2009 at 10:13 amMega-
I tried posting the chart but it doesn’t allow you to post pictures on this board. I gave you (in another comment) annualized growth rates under the past 5 presidencies though.
“All of them carefully staffed with corporatists and structured so they would not keep the big casino of financial derivatives from operating.”
-Midland
Here comes the conspiracy theories. When all else fails just point to something that can neither be proven nor disproven.
July 2nd, 2009 at 10:15 amThis isn’t hard. To say that this was a failure of the free market it contradictory to the facts. Contradictions cannot exist and so we know that there is no way this was a failure of the free market.
No one can come up with any actual deregulation that took place. It’s clearly propoganda that you have all eaten up.
July 2nd, 2009 at 10:16 amwatchdog Says
July 2nd, 2009 at 10:10 am
How’s that stimulus working for ya?
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You have GOT to start getting up earlier in the morning. Roark already tried that line here way before you did. And then we had him for breakfast. And now that we’re full, there’s no point in dining on you as well.
July 2nd, 2009 at 10:24 amGlass-Steagal was the most noticeable piece of deregulation, a bill that Clinton shouldn’t have signed but would have passed over a veto. Bush is notable for refusing to enforce and weakening enforcement of established laws because he had to give his corporate donors their “returns.”
July 2nd, 2009 at 10:25 amThe economists have said repeatedly that unemployment is a lagging indicator. Bush politicized government so much and put incompetent cronies in important jobs. It doesn’t matter how much you spend if the people in charge don’t know what they’re doing.
July 2nd, 2009 at 10:26 amWow, 9.5 percent unemployment. Omama’s doing a great job. I guess we just haven’t spent enough taxpayer money to fix the economy yet. Throw another trillion or two around and maybe that will fix it! I hope you sheep have a lot more money to send in!
July 2nd, 2009 at 10:26 amGramm-Leach-Bliely is the bill that got rid of Glass-Steagal which was in effect after the depression and needed to stay in force.
July 2nd, 2009 at 10:27 amBomb, bomb, bomb Iran.
July 2nd, 2009 at 10:28 amThe fraud was perpetuated by the federal reserve when they glowingly spoke of “robust economic growth” and left interest rates too low for too long. That set housing prices too high, and, during a time of stagnating wages, people turned to exotic mortgages (called “innovative” by the feds) just to make the routine transaction of homeownership because of the over-inflation of the housing values zoned them out of traditional home loans.
July 2nd, 2009 at 10:29 am“Bush is notable for refusing to enforce and weakening enforcement of established laws because he had to give his corporate donors their “returns.”
-Mega
That is some pretty convincing, concrete proof of deregulation during the Bush era. Thanks for providing such verifiable evidence of the massive deregulation that went on.
July 2nd, 2009 at 10:31 amRoark, Republicans believe that government doesn’t work. Every time they’re in power they set out to prove it. That jackass Ronald Reagan began the deregulation by gutting inspections for food and drugs and it’s been downhill since then.
July 2nd, 2009 at 10:31 amOT
Michael Jackson is still dead.
July 2nd, 2009 at 10:38 amThat is some pretty convincing, concrete proof of deregulation during the Bush era. Thanks for providing such verifiable evidence of the massive deregulation that went on.
Weakened enforcement is just as bad as congress removing the laws intended. Remember Bush’s signing statements? Those were laws he was telling the agencies not to enforce. Glass-Steagal made the heavy risk taking that came out of the combination of insurance-mortgage-securities products a reality. So, again, that was the most notable form of deregulation. The chickens came home to roost as holders began defaulting en mass.
July 2nd, 2009 at 10:38 amTracy__5 Says:
Obama’s just making it worse.
He’s accepting repayments from Bush’s corporate bailout program and retooling agencies.
He’s making it worse, how? No taxes have increased beyond that of a pack of cancer sticks, Bush’s budget is still in tact, and the rich are still enjoying their big tax cuts. Where’s the long-term prosperity that was supposed to come out of all that, again?
July 2nd, 2009 at 10:42 amYea! Tracist__5 has an early weekend.
We are so lucky to be blessed with his bigotry, and insight on how the current administration (led by a *gasp* black man) is failing.
Woohoo!
July 2nd, 2009 at 10:44 amTracy__5 Says:
Why? I thought there were millions, according to Obama, of “shovel ready” projects that just needed the green light.
There are. One state after another is postponing road projects. NC has postponed 75% of their projects and expects the stimulus funds to be of great help.
July 2nd, 2009 at 10:44 amI won’t say I had high hopes, but I did hold out some hope that our new conservative friend Howard Roark might provide some useful counterbalance to the discussions here.
Granted, his performance on yesterday’s ThinkFast thread was weak, but it seemed sincere and showed some limited potential.
Sadly, it looks like Roark has fully embraced his inner troll, with his first post blaming Obama for not reversing the Bush job losses in five months. Then trying to sell a claim that Bush 43 actually expanded regulation. Roark is no more grounded in the Reality-Based Community™ than our old friend Tracist_5 is.
Still, he may prove an amusing plaything around here. It’s just a pity we have so many of those…
July 2nd, 2009 at 10:48 amYeah, it should be easy to deliver stimulus money to states whose governors refuse to accept it. Stupid federal government.
July 2nd, 2009 at 10:49 amTracy__5 Says:
I thought there were millions, according to Obama, of “shovel ready” projects that just needed the green light.
I thought that it was “too early” for the Stimulus to have had any effect.
No, wait, that’s what the obese drug addict who runs the Republican party told you to say when there are POSITIVE economic indicators. My mistake!
July 2nd, 2009 at 10:50 amThe difference in unemployment numbers is not significant enough to call the stimulus a failure. Despite the Republican claims that it is a failure and did not create jobs, ignores the fact that further tax cuts would not necessarily create jobs. In fact, tax breaks for the economic downturn would have been banked by people which is exactly what consumers are doing with their stimulus check. They fear the economy is going to get even worse and such fear is well founded. The stimulus bill included tax breaks for businesses and it is unclear if those breaks have had any significant impact. If more tax breaks were given to the wealthy, it is certain that they would bank the money because they are trying to replace the losses from this economic mess. Tax breaks would not create any jobs, just more wealth being transferred to the wealthy since the middle class ultimately will foot the bill for the federal budget as well as the brunt of the economic downturn.
Again, the difference in numbers is not that significant from the projection. The federal government needs to approve the projects for which the stimulus is providing funds. There are many projects in my area that have been started because of the stimulus and the same is true in many areas. When consumers feel more secure they will spend some of the money, but that may take some time. It will also take time for the money to circulate in the economy. Without the stimulus money many people would be facing bankruptcy and foreclosure that would add to the economic numbers. The Republicans have not explained how their stimulus plan would end the nightmare for the middle class. In fact, they have no plan for the middle class and see the crisis as another opportunity to put more money in the hands of the wealthy.
July 2nd, 2009 at 10:51 amBush circa 2001: “UBL, wanted Dead or Alive!”
“I hear you, we all hear you! And soon, those that did this will hear you!”
Bush circa 2004: “Honestly, I don’t give UBL that much thought”
UBL, as of 2009 (the end of the Bush error): Whether alive or dead, never captured.
4300+ Dead.
July 2nd, 2009 at 10:51 amThousands more permanently maimed and injured for life.
100,000+ innocent Iraqi civilians killed.
And you defend this, Tracist__5???
DRxJ Says:
4300+ Dead.
Thousands more permanently maimed and injured for life.
100,000+ innocent Iraqi civilians killed.
And you defend this, Tracist__5???
July 2nd, 2009 at 10:51 am Recommend (0) | Report Abuse
And the greater share of the dead wheren’t even in the country where UBL was hiding, or his home country. A+ for effectiveness.
July 2nd, 2009 at 10:56 amLevi says:
Michael Jackson is still dead
So?
July 2nd, 2009 at 11:01 amMEGHAN MCCAIN MEMOIRS — CAN’T WAIT FOR THAT!!!
July 2nd, 2009 at 11:02 amIt’s really entertaining to watch Tracist try to make a mud pie to fling at the wall, getting most of the mud caked on his school clothes, and then finding out that the mud is actually dog poop.
July 2nd, 2009 at 11:02 amSuch as?
30% of the bill is tax cuts. Stop sandbagging the thread, dipshit.
July 2nd, 2009 at 11:04 amLittle Ralphie-
Since none of your comrades seem to be able to do so, could you state what the massive deregulation of the Bush years actually was? Mega put forth a rather vague explanation using glass-steagall.
Also, I am curious as to how this whole financial meltdown can be attributed to a failure of the free market. Since a free market did not, in fact, exist, how then are you able to pin the blame on it.
Skip the generalities.
July 2nd, 2009 at 11:05 amAre you aware that the top 20% of earners control 92.5% of the nation’s wealth?
July 2nd, 2009 at 11:06 amWar is messy, but the again I guess you were OK with hundreds of thousands of innocent Iraqi civilians continuing to die due under the 30+ years during Saddam’s regime’s reign which would have continued under his sons.
War is messy, and Tracist refuses to fight. Supporting the troops, indeed.
Sadaam was working his craziness when Cheney was SecDef, yet Cheney opposed a full-scale invasion of Iraq at the time.
Contorting logic, tracy thinks that our refusal to support the massively flawed invasion of Iraq amount to being “OK with hundreds of thousands of innocent Iraqi civilians continuing to die.”
Get off your ass, Tracist. You have war deficits to cover, obligations in the trillions to our troops and repairing the damage as a whole. You need to be working overtime to cover the Bush deficits. The invoice should be in the mail.
July 2nd, 2009 at 11:10 amAfter listening to 30 years of the fascist Republicans rant how regulation was causing American business to suffer, apparently the wingnuts now think Bush and his co-criminals failed to do any de-regulation.
Even the Republicans realize they are failures, although you have to read between the lines a bit.
July 2nd, 2009 at 11:16 amAlso, I am curious as to how this whole financial meltdown can be attributed to a failure of the free market.
A free, unregulated (or lax enforced) market can do whatever the hell it wants at any systemic cost.
A free, unregulated market counts on everyone to voluntarily make the ethical choices needed to keep the markets afloat.
It takes just one entity with broad enough sway over the marketplace to make a risky business decision that creates turmoil.
Is that what you wanted to hear? It’s freedom, isn’t it, steering clear of the titan’s ability to prey on the weak (and they can define “weak” anyway they choose– including unions, whistle-blowers, the less connected, minorities, the disabled, etc.)
July 2nd, 2009 at 11:19 amAlready with the diminutives, eh, Roark?
Sadly predictable.
I understand you’re seeking to force the discussion onto a playing field where you set the ground rules, but it doesn’t work that way. The easing of regulations on financial institutions, polluters and businesses in general is not a legacy of the Bush 43 administration that you can rebuff simply by posting a list of insignificant measures adopted during those years.
The furious efforts made in the last few weeks of the administration were simply extensions of standard eight-year policy.
However, most of the energies directed toward the aim of deregulation would not be found in new statutes or executive orders; most would be found in lax enforcement of existing regulations of all kinds, across all industries.
You have every right to live in what appears to be a dream world, where government regulation is evil and all evidence must be shaped to reinforce that belief, but if you’re going to venture out among the rest of us, be prepared to have your views criticized.
July 2nd, 2009 at 11:22 amWhen is Texas seceding, Tracy? Is federal funding being relinquished of all institutions (military, etc.) in preparation of the state becoming that rugged individual?
July 2nd, 2009 at 11:23 amspencers mom Says:
——————————————————————————–
Roark Says:
There are a few ways to try to explain the unemployment results.
Perhaps deregulation and George Bush is the cause?
Kudos, Roark, you nailed it! Deregulation under the GNOP controlled congress and Bush caused the financial meltdown which led to the credit freeze which led to businesses not being able to borrow which led to lay-offs which led to decreased consumer spending which led to more lay-offs.
And to think I had doubts about your reasoning skills…
PEACE
July 2nd, 2009 at 9:36 am Recommend (6) | Report Abuse
And this is the clown who made fun of my intelligence yesterday.
T5 must be erperiencing a cash shortage to pop up here so suddenly.
By the way Roakee old boy, I;ll use my 3.4 gpa and bachelors in psychology to give you one free session.
tony and lido
July 2nd, 2009 at 11:24 am
Since the Depression, the Republican party has opposed nor has it proposed any new major domestic spending program. Their argument has always been the cost. There will never be a new large scale domestic spending program that the Republicans will support or propose. That is because they are derelict in their constitutional duties to provide for the general welfare of the country.
July 2nd, 2009 at 11:24 amTracist, you’re a freakin idiot.
You made the point that the top 50% of earners pay 95% of the income tax.
I pointed out that a far smaller percentage of that top 50% accounts for almost that much of the nation’s wealth.
A reasonable thinking person would recognize that the distribution of tax burden relative to share of wealth was far more equitable than you suggested and in fact, seems to favor the wealthy.
You, for some reason, saw something else entirely.
July 2nd, 2009 at 11:26 amGood Day posters, No time to read all the posts so not sure if this is mentioned, if so please forgive…
Nothing mentioned about the Israel, boarding, toeing to their port and arresting 20+ peace activests including Cynthia Mckenna trying to deliver humaterian aid to Gaza….Democracy Now has a clip….Little else is being said…
Crap on a crutch is my comment…The Peace makers are being held while the needy and sick go with out a notice…The wounded children and bombing victums are denied care while again Israel rear’s it’s evil head and our own administration fill’s our head’s with crap so we wont notice….What the hell happened to Peace.?
Daily we are bombarded about affair’s and our own whoring polatician’s along with their stupid relative’s talking of book deal’s so we wont notice….
People are dieing daily, supported by our bombs, furnished by our tax money, how crazy, sad and devastating…Any one besides me care about this.?
My old neighbor died yesterday..He was a dear soul and I will miss him…We didn’t agree on polatics but it never mattered to us and we did have some good debate’s….For the dumbass troll, yes he died under Obama as did thousand’s of other people around our planet….May I add not so many as when bull shit bush was in office….The day there is no more war’s supported by our country and all death’s are from natural causes will be a good day…..P. B. & J
July 2nd, 2009 at 11:27 amWitch’s posts are her own ThinkFast, and that’s what I enjoy about them.
July 2nd, 2009 at 11:30 amWhy aren’t all these concerned little repiggies enlisting in the military to fight these “necessary wars” that they love so much?
It is amazing, given the threat level (according to them), that they refuse to enlist,
July 2nd, 2009 at 11:32 amand would rather waste their time bleating their disproven nonsense to those of us
who read this blog.
The Obama adm. will not succeed until it quits trying to be everything to evey constituency. Obamas’ coalition must be willing to evolve naturally and, like any organism, find its’ strong points. Courting the financial industry will not make Wall Street more accepting of regulation; massaging the Chamber of Commerce will not help unions get a level playing field and, above all, placating the military- industrial complex/ medical-pharma int’l corporations will not aid the American electorate desire for upward mobility. The concentration of wealth and influence peddling will continue to destroy our economy until Obama finds the voice to say no to the overt corporate theft of America’s wealth. Obama needs to grow some or he needs to become the President of Harvard and not this country’s elected leader.
July 2nd, 2009 at 11:40 amThank You, McWars, Please forgive the error’s, good to read you here…Blessings
July 2nd, 2009 at 11:41 amDidn’t these same right-wing loonies say that when bushbaby was messing up everything that the President wasn’t responsible for the economy?
July 2nd, 2009 at 11:44 amOf course Bushbaby wasn’t responsible for anything his entire useless life.
tony and lido
I don’t know if it’s true, but I hear after YoungRethugs racist posts yesterday, he’s now enjoying a cell with Hal Turner.
July 2nd, 2009 at 11:46 amtony and lido
Tracist__5 Says:
“War is messy”
Really?
“during Saddam’s regime’s reign which would have continued under his sons.”
How so?
“hold out hope that Obama is going to do anything but make things worse.”
Such as?
(Man, it hurts my brain to dumb down to Tracist’s level of answers)
July 2nd, 2009 at 11:49 amGee,T5,Mr.Roakee, and WatchCur all in a row.
July 2nd, 2009 at 11:53 amAs Fred G. Sanford would say:
That makes me happy as a pig in slop.
tony and lido
I don’t think it’s worth the risk, Doc.
I mean, it’s not like the effort will ever result in Tracist ever learning anything or experiencing growth of any kind.
July 2nd, 2009 at 12:04 pmSince the Republicans took control of Congress they have cut the spending for many domestic programs or have limited the growth of funding for those programs. When the feds fail to fund programs which usually benefit the poor and middle class, the burden is shifted to the states and local governments. When Obama starts to balance the budget, the domestic spending programs that will be cut are those that benefit the poor and middle class. The shift of the burden onto the states are the hidden taxes on the middle class. The states cannot sit by and cut programs since that will increase poverty. I stand by my statement that the middle class will bear the costs of the budget.
July 2nd, 2009 at 12:13 pmShorter Roark:
July 2nd, 2009 at 1:07 pm“The government must be regulating! Look how big its budgets are!”
Shorter Tracy:
“It’s been five months! Where’s my flying car?”
Shorter Ghost Walker:
July 2nd, 2009 at 1:13 pm“You all said Obama would fix everything just by crossing his arms and blinking. You all were wrong. This is tyranny. Somebody tea-bag me, quick!.”
No improvement from the trolls.
Let’s cover some basics:
Every single one of you that harps, as you continually do, on a campaign slogan as if it should be the solid foundation of governing policy and the ultimate benchmark of political success is a complete and utter retarded and brainwashed fool of epic proportions and of unlimited credulity when offered some simple (and simple minded) means to mindlessly launch partisan attacks with no regard for reality. A campaign slogan is NOT actionable policy. How’s that “comapssionate conservativism” workin’ out for ya? Or “it’s morning again in America — very prescient policy there. Or should we consider “A kinder, gentler nation”? “A chicken in every pot”? You expose not only your ignorance and your ability to be led around without question when you equate a campaign slogan with policy, you also expose your own unwillingness to actually review the conditions and policies that actually do exist.
Next, to expect ANY president to make ANY major changes within the first YEAR (much less the first 5 months) is a mistake that only the truly naiive would make. And that is not considering the political atmosphere that does exist where the minority party has openly and repeatedly declared that it will do everything in its power to obsruct the president on every and any issue he brings forward. That is not being bi-partisan. That is interfering with the governing of the country. To the trolls crying and whining, perhaps you would like to share the great and noteable accomplishments of any republican presidents within their first 5 months of office? Every one complaining about the pace of the president’s actions were complaining about him being president on November 4, 2008. I guaruntee it, and I don’t need any “proof” — we all know it is true.
Not only are the republican politicians being willfully obstructive and disruptive (several wanting to deny stimulus money, and then wanting to spend that money on things other than what it was intended for — thus interfering with the policy: it can’t work if the alloted money is not sent to the appropriate places), you also have all of the major corporate world in bed with the republicans, and thus they are also seeking the failure of any presidential policy (which, for the record, is defined as treason). How can a corporation do that? By putting more people out of work. By not hiring new workers, running as streamlined as possible, which has the added benefit of adding to profits, assuming tha plan does not backfire.
Conspiracy theory? Well, first off, the concept of “conspiracy” is not in and of itself something belonging to the lunatic fringe: people have, and always have, engaged in conspiracies of many kinds. It is an actual, really-real world, legal term. You can be tried on conspiracy charges. Conspiracies do exist, and to think otherwise is to be one of the uneducated and unintelligent follower types who enable conspirators to, well, conspire. So, labelling something as a “conspiracy theory” is NOT to automatically discredit it. And one’s estimation of something being a “conspiracy theory” is not enough to make it even that. In other words YOUR label is not sufficient.
And evidence? Lots of trolls cry and whine to see evidence. Funny, not much forthcoming FROM the trolls (it is an oft-used distraction to deflect from the fact that they themselves have no proof — or, even more telling, that their “proof” is from a single and highly partisan source). One troll here is offering a lot of numbers and such, and in turn demanding “proof” from the other posters here, but said troll is not offering links to this “proof” of his own, which means that the source cannot be verified. In short, if you are going to demand proof from others, then you should be providing the same for everyone else — and proof does require links so that sources can be identified (many “sources” automatically discredit the supposed “proof”). Mind you, I am staunchly a supporter of discussion without links, but then I do not demand proof from others either, unless they make outrageous claims that can only be substantiated through proof.
Finally, for this post, it is extremely disgusting how completely unAmerican the right has become. Every post that tries to ‘dig’ with comments about campaign slogans, every post noting the things that have not come around back to ‘normal’ in 5 months, they are all filled with glee, often undisguised exuberant glee, that America is suffering. You people would rather see America collapse and fail completely as a nation that to see a “non-republican” president accomplish anything at all. That you all giggle, audibly, over the unemployment rate (and other such things), shows how self-centered, self-serving, self-righteous, egotistical, cold-hearted, morally corrupt, greedy, and competely partisan you all are in your crusade to hate America for as long as America is not ruled completely by republicans only. You fail at being Americans. You fail at being humans.
July 2nd, 2009 at 1:16 pmThe jobs report shows that the rate of decline is slowing. That is how recessions end. Not with a bang but with a whimper. The rate only edged up by .1%. The net adjustments to prior months was positive. Recovery is ahead of schedule. I know, being patient is hard. Especially if you are one of those being laid off.
July 2nd, 2009 at 1:28 pmI have a surefire way to end the tea parties and Republican complaints about the nanny state. Every blue state with high unemployment should offer 26 weeks of unemployment and a bonus of $7,500 for individuals and $10,000 to move to a red state. The plan would work because by law and Supreme Court ruling, the state are prohibited from using residency requirements for welfare. After a year or so, we can revisit the issues of the nanny state and tea parties.
July 2nd, 2009 at 1:40 pmGood post #125, C.C…..Thank you for posting…Blessings
July 2nd, 2009 at 2:06 pmWitch1 Says:
Hi! Thanks.
Good post from you, too (I agree with McWars).
:)
July 2nd, 2009 at 2:34 pm122 Ghostwalker said,
Never start a sentence with a conjunction.
July 2nd, 2009 at 2:48 pmand what happened to the fuel prices — they are going up again, and gee the repubs are not in control– guess it’s obama baby’s fault now that you got no one else to blame it on — he is stealing oil, impeach, impeach impeach,—– all hail B.O
Actually, the Arco station by my house has dropped their prices, about a dime a gallon in the past week. Don’t you hate when facts intrude? Your lame propaganda embarrasses you.
July 2nd, 2009 at 2:51 pmCC — long post, but worth it — I agree entirely too!
July 2nd, 2009 at 4:51 pmWhen I heard Lintball blame Sanford’s affair on Obama, that was the limit!!
Repugs should back away from him.
On second thought, no, they should cheer him on because as their representative, he is making them all look like the jackasses they are.
July 2nd, 2009 at 4:52 pmmr bush and his war supporters brought this country in this mess.
July 3rd, 2009 at 10:31 pm