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Economy

House Republicans Continue Effort To Undermine Wall Street Reform By Cutting Regulators’ Budgets

House Republicans on the Appropriations Committee yesterday released their 2013 budget for the nation’s financial market regulators. Under the GOP plan, both the Securities and Exchange Commission and the Commodity Futures Trading Commission would see their budgets finalized at levels far below President Obama’s request, with the CFTC even seeing a real reduction in dollars from its budget last year:

The House Appropriations Committee’s fiscal 2013 spending package would slash the Commodity Futures Trading Commission’s annual budget by about $25 million to $180.4 million.

The Securities and Exchange Commission, meanwhile, would see its 2013 budget rise by about $50 million, to $1.37 billion from $1.32 billion, according to the Republicans’ proposal.

Both budgets are well below the targets that President Barack Obama had proposed for the SEC and CFTC, with both agencies finalizing numerous new regulations required by the 2010 Dodd-Frank Wall Street oversight law.

Republicans have been making a concerted effort to undermine the Dodd-Frank financial reform law by denying regulators the funds needed to implement it. Senate Minority Leader Mitch McConnell (R-KY) has even said, “the less we fund those agencies, the better America will be.”

But this time, the GOP’s effort comes in the wake of JP Morgan’s multibillion dollar trading debacle, which showed that Wall Street has no hesitation about going back to the sort of risky behavior that contributed to the financial crisis of 2008. CFTC Chairman Gary Gensler said that “the result of the House bill is to effectively put the interests of Wall Street ahead of those of the American public.” Rep. Barny Frank (D-MA) added in a statement, “At a time when JPMorgan Chase has reported the loss of $3 billion or more in the derivatives markets, the Republicans are refusing to appropriate a small percentage of that amount to provide the protections we need against a return to financial chaos.”

Alyssa

Things That Scared Television Executives, From Warren Littlefield’s ‘Top of the Rock’

I’ve been reading former NBC programming chief Warren Littlefield’s Top of the Rock, which is an extremely entertaining oral history of the creation of Must See TV, from Cheers to Will & Grace. There’s a lot to digest in it, from Noah Wyle’s first threesome to the question of why the networks don’t really launch shows in the summer any more. But I have to admit, I’m finding it most amusing as a chronicle of things that television network executives and standards and practices divisions are afraid of. Here’s the complete list:

1. Anyone Who Might Possibly Get Angry About Something: “NBC’s head of programming at the time was a man named Paul Klein. He had a background in audience research and had come up with the strategy of LOP, which stood for Least Objectionable Programming (I’m not kidding).”

2. The Lord’s Name taken in vain, storylines about clergy sexual abuse (the negotiations leading up to Seinfeld): “Based on the day-to-day negotiating that we were required to do with broadcast standards— you can’t use the Lord’s name in vain, you can’t say ‘penis,’ priests don’t do that to kids on our network, et cetera.”

3. Married couples having sex on kitchen tables (Mad About You): “Paul and Jamie had sex on the kitchen table or something. You don’t do that at 8:00.”

4. Maxi Pads (Friends): “Don objected to a Maxi Pad joke. Ross couldn’t throw out his ex-wife’s Maxi Pads. He was using them as arch supports. Okay, Don was uncomfortable with Maxi Pads.”

5. Penises (Friends): “The rules kept changing. For the first three years we could say ‘penis.’ Then we couldn’t say ‘penis.’ Then we could say “penis” again.”

6. Contraception (Friends): “They’re masturbating on Seinfeld, and we can’t show a condom wrapper.”

7. Medical terminology (ER): “Don Ohlmeyer had strenuous objections to the style and content of the show. He thought there was too much blood and far too much technical dialogue.”

Bonus Thing Television Critics Association Press Tour Participants Were Apparently Afraid Of: the female orgasm. “I got a question about the appropriateness of the opening scene of Sisters, where they sit in a steam bath and discuss orgasms. ‘Warren, is this acceptable for network television?’ I thought about that for a second and said, ‘Corporately, we believe in orgasms.’”

Climate Progress

In The Heat Of The Moment: Three Ways Climate Change Could Impact The Game Of Baseball

by Max Frankel

Since its inception in the mid 1800′s, the sport of baseball has grown and evolved, both in its popularity and in the way the game is played.

Through the decades, new types of pitches have been developed, different varieties of wood bats have been used, the height of the mound has been altered, and the average distances of outfield fences have been normalized.

But there’s another major factor now being considered that could have a huge impact on the game: climate change.

As the world warms due to accumulating greenhouse gas emissions — changing the atmosphere, altering weather patterns, and impacting the quality of the field — ball players will be forced to adapt to new conditions. Here are three ways that a warming planet could (and in some cases already is) changing the game of baseball.

1. Increasing home runs. As a general rule, its a lot easier to hit in warmer temperatures. The sting from the bat on contact is greatly diminished and balls feel like they go a lot farther in the heat.

In 2004, University of Massachusetts researchers tested the velocity off the bat hitting baseballs cooled to 40 degrees Fahrenheit and heated to 120 degrees Fahrenheit. They found:

The lower the temperature, the slower the ball travel(s) after making contact with the bat. The 40 degree balls traveled at a velocity 2 percent less than the 120 degree balls. This means that a ball that would have traveled 400 feet at 120 degrees would instead travel 392 feet. That can be the distance between a home run and an out.

According to Hardball Times, a very reputable baseball website written by authors well respected in the baseball statistics and analysis world, “over 4% of batted balls leave the ballpark in 75 degree or warmer weather, but that rate drops to about 3.2% in … cold weather conditions.”

2. More difficult fielding. In addition to increasing the frequency and distance of home runs, heat and drought — made worse by climate change — wreaks havoc on baseball fields themselves.

Read more

Economy

Study: Huge Gender Gap Found At America’s Venture Capital Firms

The regularity of gender discrimination in the workplace has been demonstrated time and again. For example, currently, women get paid 77 cents to a man’s dollar. Inequity in the financial and lobbying industries is particularly prevalent. And in venture capital firms, where women make up a small minority of partner positions, discrimination seems to be compounded.

Several writers at Betabeat conducted a study calculating the FEM (female equality metric) of 71 venture capital firms. They found that “almost 50 percent of venture capital firms don’t have any female partners” and that many have exclusively female receptionists:

Page through the list of venture capital’s heavyweights, and it’s striking to see how few women have made it to the upper ranks. Also striking was the perfect 100 POFR, or percentage of female receptionists, at the 26 VC firms we called…’We have female administrative assistants,’ explained one woman who picked up the phone, when asked whether any of the partners and managing directors were women.

Even one firm with a slightly better ranking, Kleiner Perkins, is being sued by investment partner Ellen Pao for sex discrimination. Among other things, “the suit alleges that Pao, along with other female employees at the firm, were regularly left out of meetings held by the firm’s male partners and that she was unfairly passed over for promotion because of her gender.”

– Nina Liss-Schultz

Climate Progress

Survey Says: Save the Child! An Ethical Case For Climate Action

Kevin M. Gill, via Flickr

by Auden Schendler

Imagine that you are outside a house entirely engulfed in flames. Inside, you have been told, there are several children. But fire is pouring out of the windows and doors, and you can’t even approach the building due to the heat. This is a sad but unambiguous situation. The children will die, and you can’t do anything about it.

But let’s consider another scenario. As you look at the building, you notice that there’s one window that isn’t yet engulfed. In addition, because of a creek that runs beside the house, there’s a route to the window that would enable you to get to it without burning. And last, hanging out of that window is a young child who will die if you don’t grab her. In short, you have a reasonably good shot at saving the child. This situation is arguably as unambiguous as the first scenario. You have to save her.

This is the situation Mark Reynolds of the Citizen’s Climate Lobby found himself in when he visited Washington D.C. with organization founder Marshall Saunders. At the time, Saunders was trying to recruit Reynolds to help run the organization. But Saunders felt the project was impossible, a complex morass of a problem, and he had enough of those in his life. The two met with Senators and Congresspeople about the need for climate legislation, telling them that their position was wrong.  They utterly failed. But when they retooled their pitch, and started talking to elected officials about what might be a mutually agreeable strategy based on shared values—a revenue neutral carbon fee dividended back to taxpayers—combined with elimination of subsidies across the board for both fossil and renewable energies—it became clear that even Grover Norquist tax-pledge tea partiers could support it.

And Mark, who didn’t really want to get involved in this work, had a sinking feeling: Because there was a clear path to victory on the most pressing issue of our time, he had an obligation to act. And so he took the helm of the Citizen’s Climate Lobby http://www.citizensclimatelobby.org/. Their vision: a structured effort to push elected officials to act, combined with a bill nobody could oppose, offers a clear path to climate legislation in the U.S., the first step necessary in solving the problem globally.

This moral case for action (if it’s possible to save a life, you have to) is similar to a story about Steve Jobs. As Walter Isaacson describes it in the April issue of Harvard Business Review, Jobs was urging engineer Larry Kenyon to reduce the boot-up time of a Mac. Kenyon said it couldn’t be done. Jobs asked if it could be done if it would save a person’s life. Kenyon said that perhaps it could in that situation. So Jobs demonstrated that an extra ten seconds spread out over all the Mac users in the world was 100 lifetimes a year. A few weeks later the Macs were booting up 28 seconds faster. Kenyon didn’t have to act until the moral case was obvious. Once it was, he had no choice but to try. Not to succeed, but to try. Read more

NEWS FLASH

GOP Congressman Calls Chinese Government ‘The Adolf Hitler Of Our Day’ | Rep. Dana Rohrabacher (R-CA) compared the Chinese government to Adolf Hitler during debate on an Energy and Water spending bill on Tuesday. The Congressman “offered an amendment that would prevent $7.5 million from being spent by the Department of Energy on a Clean Energy Resource Center in China” and proclaimed, “I’m opposed to cooperation with the Adolf Hitlers of our day, the people who are murdering Christians and other religious people as we speak. No, we should not be cooperating with that government in developing their technologies.”

NEWS FLASH

Cincinnati Teacher Hired Then Fired When School Found Out He Is Gay | Music teacher John Zeng says that several hours after being hired at Cincinatti Hills Christian Academy, he was called back by school officials and asked if he is gay. When he asked why that was relevant, they replied that the school has a policy of not employing gay teachers. “What they did was very painful,” Zeng said. “I hope that many of their school families and supporters don’t feel that way.” School officials refuse to answer questions about the incident.

– Ben Sherman

Health

Michigan GOP Congressman Announces New D.C. Anti-Abortion Restrictions On Facebook

A Michigan congressman used his Facebook page last week to announce that he is planning to introduce legislation that would further limit access to abortions for women in Washington, DC.

Rep. Justin Amash (R-MI) posted that his bill would “requir[e] minors in D.C. to receive their parents’ consent before having an abortion, prohibits non-doctors from performing abortions, and provides conscience protections for individuals and health care facilities in D.C. that refuse to perform abortions.”

House Republicans have long sought to ban abortion in the District. The House Republican budget for DC prevents “the city from using its own taxpayer money to pay for abortions for low-income women” and Rep. Trent Franks (R-AZ) recently introduced legislation that would ban abortions 20 weeks after gestation.

Del. Eleanor Holmes Norton (D-DC) condemned the latest Republican restrictions:

On Tuesday evening, Del. Eleanor Holmes Norton (D-D.C.) decried Amash’s plans and ongoing efforts by the GOP to restrict abortions solely in the District.

“Rep. Amash is spending time in the House meddling in my district, instead of attending to the needs of his own constituents,” she wrote in a statement. “His bill would overturn our local laws with no accountability to our residents.”

Amash’s bill could have a particularly debilitating effect on women who have been raped or are victims of incest, while more expansive conscience clauses significantly limit access to abortion procedures.

NEWS FLASH

White House Rules Out Temporary Extension Of Bush Tax Cuts | White House Press Secretary Jay Carney insisted that the Obama administration “will not extend the Bush-era tax cuts” for Americans with annual incomes above $250,000. Asked directly if the president supports a temporary extension of the cuts, which expire at the end of the year, Carney said, “He will not. Could I be more clear?”

Climate Progress

CNN On Solyndra Loan: Bush Started It, There’s No Evidence of Wrongdoing, And Romney’s Attacks Are Made Up

CNN has two dynamite pieces on Solyndra, “Romney wrong on Solyndra facts” and “Seven things you should know about Solyndra.”

The first one, by Steve Hargreaves of CNN Money, ends:

It’s one thing to spin something to one’s advantage. It’s another to simply make things up to make the other guy look bad. Romney’s Solyndra speech was an example of the latter. Disgraceful.

Hargreaves shows that Mitt Romney’s key claim — “An independent inspector general looked at this investment and concluded that the Administration had steered money to friends and family and campaign contributors” — has no basis in fact.

The second piece, also by Hargreaves, lists 7 key facts:

1.  It was started by Bush: The DOE loan program that funded Solyndra was actually started by President Bush in 2005. It was intended to provide government support for “innovative technologies”….

In fact, as Climate Progress reported back in September, the “Bush Administration advanced the Solyndra loan guarantee for two years” before Obama became President.

2.  Congress thought there would be more failures: Two companies have declared bankruptcy under the loan program so far, out of the 33 projects funded. Congress was expecting more….

Congress appropriated money to cover expected losses, and multiple independent reviews have confirmed that the actual losses will likely be less than Congress expected.

3. Solyndra wanted more: The company applied for another $468 million in funding shortly after its first DOE loan closed. The government did not award the second request.

4. Taxpayers aren’t the only losers: Private investors lost almost twice what the government did — nearly $1 billion.

While much has been made that the largest private investor was an Obama supporter, the second largest was a fund controlled by the Walton family — of Wal-Mart fame. Walton family members are noted Republican donors.

Read more

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