meltdown

Paul Krugman today gives an impassioned refresher on how deregulation of the banking industry led to the Great Depression, notes the Republicans' complete denial of the need for present-day regulation:

Given this history, you might have expected the emergence of a national consensus in favor of restoring more-effective financial regulation, so as to avoid a repeat performance. But you would have been wrong.

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Talk to conservatives about the financial crisis and you enter an alternative, bizarro universe in which government bureaucrats, not greedy bankers, caused the meltdown. It’s a universe in which government-sponsored lending agencies triggered the crisis, even though private lenders actually made the vast majority of subprime loans. It’s a universe in which regulators coerced bankers into making loans to unqualified borrowers, even though only one of the top 25 subprime lenders was subject to the regulations in question.

Oh, and conservatives simply ignore the catastrophe in commercial real estate: in their universe the only bad loans were those made to poor people and members of minority groups, because bad loans to developers of shopping malls and office towers don’t fit the narrative.

In part, the prevalence of this narrative reflects the principle enunciated by Upton Sinclair: “It is difficult to get a man to understand something when his salary depends on his not understanding it.” As Democrats have pointed out, three days before the House vote on banking reform, Republican leaders met with more than 100 financial-industry lobbyists to coordinate strategies. But it also reflects the extent to which the modern Republican Party is committed to a bankrupt ideology, one that won’t let it face up to the reality of what happened to the U.S. economy.

So it’s up to the Democrats — and more specifically, since the House has passed its bill, it’s up to “centrist” Democrats in the Senate. Are they willing to learn something from the disaster that has overtaken the U.S. economy, and get behind financial reform?

Let’s hope so. For one thing is clear: if politicians refuse to learn from the history of the recent financial crisis, they will condemn all of us to repeat it.



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Bill O'Reilly is such a narcissist that he didn't bother discussing President Obama's Nobel Peace Prize speech -- which was one of the most newsworthy items of the day yesterday -- until the second half of his show. Nope, first on his list of priorities was to rant and rave about a fictional TV show that dared to have a character who openly called out O'Reilly and his conservative colleagues for the hatemongering nativists they really are.

That's all it takes to set off patented BillO Rampage. 'Law and Order' is just out of control for O'Reilly, and the show's creator, Dick Wolf, is his target.

L&O: Garrison, Limbaugh, Beck, O'Reilly, all of them. They are like a cancer spreading ignorance and hate. They have convinced folks that immigrants are the problem, not corporations that failed to pay a living wage, or a broken health care system.

O'Reilly: That is defamatory.

Bill, this is not reality. Then again, Bill believes George C. Scott's portrayal of Patton was real too. BillO then proceeds to play a few select clips from 2005 and earlier where he actually sounded (albeit ever so briefly) like he was defending poor illegal immigrants on his show. Sorry Bill, we know better, and so does Geraldo Rivera. I guess he forgot this meltdown between the two over BillO's vilification of illegals in the country.

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Here's a flashback from Apr 04, 2007:

GERALDO: "Cool your jets! It has nothing to do with illegal aliens...it has to do with drunk driving! Don't obscure a tragedy to make a cheap political point. It is a cheap political point and you know it!!"

As Silent Patriot noted, Bill did the same thing with the tragic Bronx fire just the month before. He just loves exploiting these isolated incidents to, as Geraldo says, to make "cheap political points."

Back then, Oliver Willis pointed out: "A young girl was tragically killed by a drunk driver. But this was not enough for O'Reilly. Instead, because the criminal was an illegal alien he added this incident to his ongoing crusade against the brown people. Luckily Geraldo was on the show and he - to his credit - called out O'Reilly's xenophobia for exactly what it was. This drove Bill O'Reilly insane. I was almost certain he was going to reach across the table and hit Geraldo."

Ah, but really, he's a nice guy now. Really.

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Do ya think? Not only did Anita Dunn take a really strong stand for President Obama over the Roger Ailes run FOX Noise Propaganda Network, she also called out the conservative-teabagger movement in its entirety.

Dunn: A week ago many conservative commentators had been rejoicing in the fact, celebrating in the fact that the United States didn't get the Olympics, one week later they seem to be somewhat bitter at the fact that an American President was awarded the Nobel peace prize. So I think people will draw their own conclusions abut the reflexive negativity on the part of some commentators regardless of what happens...

Dunn held back no punches and stated fact. That's nice to see.
Howard Kurtz was pretty comical with his questions, but he was trying to provide some pushback, I guess.

KURTZ: You were quoted this week in Time Magazine as saying of Fox News, it's opinion journalism masquerading as news. What do you mean, "masquerading"?

See what I mean? But he did have to ask that.

DUNN: Well, you know, Howie, I think if we went back a year ago to the fall of 2008, to the campaign, that, you know, it was a time that this country was in two wars, that we'd had a financial collapse probably more significant than any financial collapse since the Great Depression. If you were a Fox News viewer in the fall election, what you would have seen would have been that the biggest story, the biggest threats facing America were a guy named Bill Ayers and something called Acorn, when the reality of it is that Fox News often operates almost as either the research arm or the communications arm of the Republican Party.

Yep, that sums up FOX Noise. Then she delivered the knockout punch.

Think Progress writes:

Last month, President Obama appeared on five Sunday morning talk shows, including Univision’s Al Punto. He rejected Fox, however. Dunn revealed this morning that Obama did not appear on Fox because of its reflexive, partisan opposition to Obama. Obama will go on Fox in the future, Dunn said, but when he goes on, “he’s going on to debate the opposition.”

And then after Kurtz asked her if the president would go on FOX ever again, she said this too:

Dunn: That when he goes on FOX, he understands he's not going on, it really isn't a news network at this point, he's going to debate the opposition and that's fine.

The opposition, I loved that.

Howard asked someone from FOX to appear on Reliable Sources, but they refused and instead issued their usual statement. They'd rather have BillO speak to his audience than have anybody debate the facts -- especially, of course, on another network. FOX gives their usual argument that while they do have news, people really rely on their opinion programs. That's stunning really. MSNBC has their lefty hosts too, but during the day, you'll hear all the news and not MSNBC's opinion version of the news.

Kurtz did his best to find a few reporters that he thought weren't corrupted by Ailes so he mentioned Major Garrett. Do you think he's fair...Please say he's fair...Oh please oh please oh please. And Anita then calmly explained why they didn't go on Chris Wallace. Good for her.

And I told Major quite honestly that we had told Chris Wallace that having fact-checked an administration guest on his show -- something I've never seen a Sunday show do. And, Howie, you can show me examples of where Sunday shows have fact-checked previous weeks' guests, and I'd be happy to see those. We asked Chris, for an example, where he had done that to anybody besides somebody from the administration in the year 2009. And we're still waiting to hear from him.

She didn't stop there.

Dunn: Let's be realistic here, Howie. They are widely viewed as, you know, a part of the Republican Party. Take their talking points, put them on the air. Take their opposition research, put them on the air, and that’s fine. But let’s not pretend they’re a news network they way CNN is.

Kurtz did his best to try and get her to differentiate between the Beck's show and their little news nuggets, and she wouldn't back down. Where's the John Ensign coverage? she asks Howie. Hmmm, you won't see it much -- if at all -- on FOX. And that's only one example out of thousands.


FOX News Martha MaCallum freaks on parking attendant

Here's a sample of the "Don't you know who I am" syndrome from a FOX News anchor via CityFile:

Martha MacCallum may look like just another cutesy blonde anchor on Fox News. But it seems she has a darker side, too. A tipster tells us MacCallum threw quite the tantrum yesterday at a parking garage around the corner from the studios of Fox News when she turned up with her daughter in tow and her BMW wasn't waiting for her with the keys in the ignition. The outrage!

Infuriated that someone of her importance wasn't being treated with the the respect normally given to a B-list cable news anchors, our tipster heard her shout at the attendant, "Do you know who I am? Do you have any clue? I'm on Fox News!" MacCallum dressed down the garage employee for a several more minutes as her teenage daughter—who looked a bit nonplussed about the meltdown—stood by.

I'm shocked that she didn't hold her breath and turn blue. Being on FOX News entitles you to treat people the way you would like to be treated. Actually she did just that in her own twisted way because FOX treats liberals as if we're trash.


I wrote a short piece last week in which I tried to remind Congress that we need to have hearings on the financial meltdown for obvious reasons:

Just a reminder.

I know we've asked for a Truth Commission on torture over and over again, but what about the financial catastrophe the world just experienced? When will hearings be held to uncover the facts that led us and the world to financial ruin? I know we have many basic facts of what happened, but when will an actual hearing take place? If nothing is officially uncovered then how can we stop another one from taking place?

Bill Scher of CFAF heard a little birdy and it sounds quite promising on that front now:

Word is circulating in Washington that members for the Financial Crisis Inquiry Commission will be named this week.

The commission is supposed to resemble the 1930s Pecora commission that dug into the culprits behind the Great Depression and laid the groundwork for major bank reform. But that will only be true if the commission is run by aggressive seekers of truth, independent of the financial industry, willing to use their subpoena power, knowledgeable enough to have warned us of impeding crisis in the first place despite market cheerleading from the political and media establishments.
--
Speculation from Reuters last week on who might be named was not terribly encouraging, though most of the names floated clearly were coming from conservative circles, as Republican leaders will pick four of the 10 members.

Cut...OK, here's where we come in. Updated: No members of Congress can be on the commission, but
I think an Alan Grayson or Henry Waxman type would be good choices for the commission. . We do need a panel of brilliant minds that has real progressive representation, but what we also need are people that have an appreciation for the "dramatic." That is, they should know how to ask questions with their allotted time in such a way that it will be highly informative and entertaining at the same time. These are the moments that can really educate Americans, but the commission needs members that understand how to use their valuable time---not to pontificate---but to educate and uncover. And it needs to be riveting while getting to the truth of this mess.

Please ask Speaker Pelosi and Harry Reid to make sure they put together a great panel. Nancy was almost scheduled to do a live chat on C&L last week, but because of my family issues, we are rescheduling. However, I think if we let her know how strongly we feel about the new Pecora Commission and ensuring that progressives are solidly represented, she'll come through.

Here's her contact info.

Harry Reid is another story. Here's Reid's office info, so please let him know too.

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Glenn Beck and his fellow wingnuts -- the ones who have been whipping up hysteria among their right-wing populist followers since Obama's election and before -- essentially announced they have no intention of reflecting on their roles in today's horrifying shooting at the Holocaust Museum in D.C.

They did this by doing what they always do whenever these situations arise: First call it all an "isolated incident" committed by a "lone nutcase" who just happens to be acting out beliefs emanating from their own quadrant. Then, when that fails, blame it on the Left.

Beck offered the following rationale on his Fox News show tonight:

Beck: What they're missing is: The pot in America is boiling. And this is just yet another warning to all Americans of things to come.

Actually, Beck has this exactly right. But frankly, it's boiling because of people like Glenn Beck, ranting hysterically every night about impending apocalypses of various forms -- looming "liberal fascism," the "economic meltdown," the "New World Order," violence spilling over the Mexican border, even FEMA concentration camps.

As I tried to explain in the case of the shooting of Dr. George Tiller, when you spread far-right conspiracy theories through mainstream channels the way Beck does with such abandon, it not only validates their beliefs, it rather hyper-validates them: It tells these people -- who see the Becks and O'Reillys as part of the "liberal media" -- that things are even worse than they thought, and it often spurs them into action.

But Beck, naturally, has no intention of observing this reality. He's running as hard in the other direction as he possibly can:

Beck: This guy is a lone gunman nutjob. ... You're going to see a lot of nutjobs coming out of the woodwork now. There are two very important things that are happening here. First one: It's what I talked about two years ago, um, when I talked about the "Perfect Storm" -- I said that there is a storm formulating. And it is the economy, it is political correctness, it's corruption in Washington, it's militant Islam. It's all of these things.

I said when it comes onshore, there's going to be a "go go go" mentality. And that's what this is. There is a mentality in our enemies. Our country is now vulnerable. Those people who would like to destroy us -- our enemies like, uh, Al Qaeda. There are also enemies like white supremacists or 9/11 Truthers who would also like to destroy the country. They'll work with anybody they can.

... We are under attack in almost every shape and form in America. We need to look out for enemies foreign and domestic.

Second: There is gonna be a witchhunt, I believe, in this country, and quite possibly all around the world. For two groups. First group: Jews. It happens every time.

Second group: I think, Conservatives.

... Meanwhile, the Department of Homeland Security reports about right-wing extremists. You remember that came out a few weeks ago? Left-wing bloggers and some in the media have blamed conservative hosts like me or Bill O'Reilly for just stirring the pot! I'm not stirring the pot. I'm pointing out the pot is boiling and there is trouble in America. Since when -- have you ever heard of 'don't blame the messenger'?

Only when the messenger isn't also one of the people causing the phenomenon they're describing. Then it becomes celebration. And it's obvious that Beck has positively relished seeing the "boiling point" go higher and higher. Indeed, he's been doing his best to apply a white-hot flame to the pot.

Beck: This is not the work of right-wing conservatives. This is the work of someone today who is racist, crazy, or most likely, both. Common sense tells you that there are very hateful people on the Right and the Left.

Yes, but it seems that only one the Right do they do things like shoot up police officers who come to arrest them, or walk into Jewish centers of various kinds and start shooting (remember Buford Furrow?).

And there is little doubt that James W. Von Brunn was a right-winger -- a far right-winger:

Von Brunn has a long history of associations with prominent neo-Nazis and Holocaust deniers. In the 1980s or early 1990s, von Brunn was employed by Noontide Press, a part of the Holocaust denying Institute of Historical Review, which was then run by Willis Carto, one of America’s most prominent anti-Semites.

Von Brunn is the author of the 1999 book, “Kill the Best Gentiles,” a racist and anti-Semitic tome that argues that whites are seeing “today on the world stage a tragedy of enormous proportions: the calculated destruction of the White Race and the incomparable culture it represents. Europe, former fortress of the West, is now over-run by hordes of non-Whites and mongrels.” A raging anti-Semite, von Brunn blames “The Jews” for the destruction of the West. The book is dedicated to prominent neo-Nazis and racists including Revilo Oliver and Wilmot Robertson.

In 2003, AP reported that von Brunn had painted a portrait of Rear Adm. John Crommelin, a raging anti-Semite who was a close associate of neo-Nazi William Pierce, whose book The Turner Diaries inspired Timothy McVeigh’s bombing of the Oklahoma City federal building.

He's also a "birther." But the truly telltale aspect of his record: In 1981, he was arrested for attempting a "citizen's arrest" of Alan Greenspan at the Federal Reserve Building in D.C. and was sentenced to a prison term for it. Von Brunn claimed "sovereign citizenship" at the time, which almost certainly means he was an adherent of the white-supremacist/far-right movement called Posse Comitatus, and was acting on those beliefs.

More to the point, this is precisely the same belief system that today fuels the cottage industry in conspiracy theories -- promulgated by the likes of Ron Paul and Alex Jones -- that the Fed is part of a massive conspiracy of "international [read: Jewish] bankers" to enslave Americans and destroy the country. It's been around quite awhile, but lately it's been gaining the patina of being regurgitated for mainstream consumption on right-wing media. And in particular, on Glenn Beck's programs.

Here, for example, is the time Beck devoted an entire segment to promoting this conspiratorial view of the Fed.

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GM - Parting Glances

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(before it went very far south )

With the GM bankruptcy forging ahead, and news of plant and dealership closings and sales of companies formerly part of the GM family (can't say the loss of Hummer is any sort of tragedy) pending, I got to thinking about the impression GM made on me as a kid - growing up and getting my first car (it was, in all honesty a 1956 Plymouth, but that's another story) and how the American auto industry, the whole car culture in fact was such an integral part of our lives. How commercials were as much of our culture as the cars themselves and how indelible some of those commercials were to our place in time. I've assembled a montage of some of the memorable ones, not all of them - but enough to make the events of the past few weeks just a bit sad.


Mike's Blog Roundup

Liberty Street: Pandering to the 'ignunt.'  Oklahomans will find it more difficult to make fun of Texas now that their own lawmakers have revived the kind of specious state sovreignty claims that led to the Civil War. I'm not sure which "state right' these fools are currently defending, but back then, it was the right to buy and sell other humans.

Mother Jones: Cheney Coverup?

Eye On Miami: Lehman Brothers and Jeb Bush...why don't we know the facts? (h/t swimgirl)

Scared Monkeys: One in five owe more on mortgage than their home is worth.  The Top 25 Subprime Lenders and their Wall St. Backers...and take a look at Portfolio's slideshow of the worst CEOs of all time

Words of Power: Hunger for Justice: A tale of Two Brave Women

George (Unemployed ) Bush on Twitter