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The Deficit and the Downturn The reason that we suddenly got large deficits was the economic downturn, which caused tax revenue to plummet and increased spending on programs such as unemployment insurance. We also had temporary measures that included tax cuts such as the payroll tax holiday and various spending programs that further raised the deficit. However these stimulus measures were temporary and were quite explicitly designed to boost the economy. Had it not been for the downturn, they would not have occurred. There is very little by way of permanent changes from the pre-recession tax and spending policy that would raise the budget deficits from the low levels that had been projected in 2008. This means that the story of current deficits is the story of the collapsed housing bubble. We Need a Speculation Tax In a sane world we might be looking to square the deck with the folks who brought us the bubble. One obvious way would be a modest financial speculation tax like the one that the UK has had in effect on stock transfers for centuries. A modest tax on trades of stock, options, credit default swaps and other derivative instruments could raise enormous amounts of money while barely affecting normal investors. The Joint Tax Committee estimated that a 0.03 percent speculation tax proposed by Sen. Tom Harkin and Rep. Peter Defazio would raise almost $40 billion a year. This bill would imply a tax of just $3 on $10,000 of trades. Since computerization has caused trading costs to plummet, this tax would just raise transactions costs back to where they were 10-15 years ago. The big hit would be on the high speed traders and other fast turnover types who are flipping stock and other assets by the hour or even by the second. This trading is a drain on the economy and cutting it back would free up resources for productive activity. But It Won’t Happen But in Washington policy circles, taxing Wall Street is off the agenda, cutting Social Security and Medicare is on the agenda. And, best of all,
many of the people at the center of the housing crash are playing leading roles in this drive to cut retirees benefits. Last week, many people might have seen Lloyd Blankfein, the CEO of Goldman Sachs, talking about the need to cut Social Security benefits and raise the retirement age. The last time that Mr. Blankfein was very visible in policy debates he was desperately seeking a bailout for Goldman Sachs which was facing a bank run that pushed the company to the edge of bankruptcy. It was granted special protection from the Federal Reserve Board and the Federal Deposit Insurance Corporation. This protection, coupled with tens of billions of dollars in loans at below market interest rates allowed Goldman Sachs to regain its health. Now its CEO wants to cut our Social Security. An even more amazing apparition in this story is former Federal Reserve Board Chairman Alan Greenspan. More than anyone in the whole country, Greenspan deserves blame for the economic downturn. As the bubble was growing to ever more dangerous levels, Greenspan was cheering it on, insisting that there was no bubble, and that even if there was a housing bubble its collapse would pose no special problem for the economy. In a sane world, Greenspan would be hiding away somewhere enjoying his high six-figure pension. But this isn’t a sane world, this is Washington. Therefore we could find Greenspan telling us that another recession would be a price worth paying, if it led to cuts in Social Security and Medicare. So welcome to the Washington policy world. Cuts to Social Security and Medicare are on the agenda and Wall Street speculation taxes are off the agenda. Don’t we have much to be thankful for? Cutting The ‘Safety Net — Obama Opening Savo: $400 Billion Medicare Cuts! The Old And Poor Will Die Before Their Time!: Opening Positions On The Cliff Deal: Deja Vu All Over Again By
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Daily News Digest December 31, 2012
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The Vitamin Water Deception Sweden
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encroaching on ranch lands, poisoni
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Unexplained is that none exists. Hy
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Bankers oppose what harms their int
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ladder of despair. Moving up on the
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states, “Court documents show no
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has the capacity to make an astound
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"Homer Simpson and Humpty Dumpty ac
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long to carry out the court-ordered
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Hindus and Muslims ever since 2001
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awful propaganda for empire by the
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since putrefied. Would you have you
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Syrian-born astrophysician Rim Turk
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vegetation, microbes and other orga
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Elder of The New York Times, “wai
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Democratic Senate Intelligence Comm
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ground that "secret law is inconsis
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The 1% That Own and Control The Wea
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and staff and dismissed and replace
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the Indians can get. They cannot es
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during the 2006 Lebanon War. But th
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The drastic decline of summer Arcti
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costs that communities confront whe
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mortgages, title insurance and home
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Plastic rat boxes and old-fashioned
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Fracking: Nuclear Fallout: Ongoing
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commanders, and fighters interviewe
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Naif Zaydani Al Arabiya Haifa An Is
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For more than 50 years American air
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Occupy Wall Street's March Against
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y Dave Lindorff NYPD cops became Wa
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and the government. It would just b
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An amendment by Ron Wyden (above) w
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Photo Credit: Shutterstock.com Alan
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currency. This is what caused its e
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the government’s failure to balan
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isa Jackson’s exit as head of the
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A $65,000 bond for three young peop
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Most of the radiation was found on
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y Eric Draitser This week’s elect
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to reinvest some of their profits i
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If the systematic oppression and re
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sold recently by national and local
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mattresses "are in a sealed imperme
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and too close to the power plant, e
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1960s The Realist — One Nation Un
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deploy chemical stores against rebe
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By Helen Pow Drone operators: A dro
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'Half a year later, I was back in t
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‘Landgrabbers’ offers a bleak p
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Although Pearce does not go so far
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diverse after conversion to pasture
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That's why it's so frustrating that
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11:33 AM EST on December 27th, 2012
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States — drillers producing pollu
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Keith Schmidt, spokesman for well o
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Tokyo Electric Power Co. (9501), ow
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“step down”, “step aside”.
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election. But the ghostly desperado
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Image of the Day: Post Traumatic St
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Yet the war goes on, and even the W
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a healing context, and listen witho
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In 2006, I received a summons from
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Instead, the responsibility has fal
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formulating President Bush’s $1.3
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nuclear utilities, led by Xcel Ener
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Gulf of California. The alluvial fa
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simple structures—round domes of
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catch on, it could provide farmers
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An east Texas landowner was so dete
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“American Slavery Was Not A Sergi
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particularly in how the business of
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Also, PSUV leader and president of
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Photo Credit: © Pressmaster/Shutte
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On the eleventh day a creditor gave
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ases where it never had before the
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US deploying troops to 35 African c
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Earlier this month, DoD sources wit
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punishment typically reserved for m
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I had been a militant my whole life
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Fracking: Nuclear Fallout: Ongoing
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individuals made claims in Louisian
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stop relying on “terrorist” cou
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And it is not just the tar sands an
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cause of the slowdown is the housin
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So the question we should be asking
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The plot thickens as the Obama Whit
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discharged massive sections of ice
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Daily News Digest December 23-24, 2
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Former U.S. Attorney for Fort Smith
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Fusion Center,” the FBI “Direct
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to Gainesville for a protest planni
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Occupy Denver stands in solidarity
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Of course, many Republicans would s
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Photo Credit: Shutterstock.com/spir
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An image grab taken from a video up
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people have fled, many of their emp
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Environment: Global Toll of Air Pol
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Posted December 21, 2012 by David D
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US issues framework of fracking and
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understand any potential impacts of
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This past weekend I had the honor o
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Morsi gave the oversight of the sec
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easy, but the only chance to move t
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Welcome to Gilded Age 2.0, a time w
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egulations evenly, and appears to h
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nation’s inventory of transmissio
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This freed the energy cartels to re
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Quote of the Day: Video of the Day:
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don’t go to prison even though th
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proposal to do so, with House Speak
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travails and prescribed the necessa
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we are witnessing the loss of our r
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8. Loss of the Spirit of Compromise
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would turn Pennsylvania into “the
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Gulf of Mexico near the site of the
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The controversial drilling techniqu
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y William Loren Katz Like just abou
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unaways. Indeed, the Black urge for
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Contrary to the spin regarding the
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ground down by ordinary people with
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Oakland, Calif. has seen a huge inc
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centre in Virginia, known as "The F
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“The Chained CPI is a stealth ben
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“The common refrain we hear from
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It is close to five years since the
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attackers. This says something abou
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Nuclear fuel rods in Common Pool to
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the region’s air. They were shock
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California regulators will require
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Underwater inspections at the site
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Labor: Economy: Libor Scandal Made
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“You need to take a close look at
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Texas, is one of the first to show
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persistent chemicals known to decre
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Give A Man A Bank And He Can Rob Th
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the attacks of rulers and marshals
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weighed how many elementary and hig
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Environment: State levies more fine
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About 150 households in Bayou Corne
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Representatives of a dozen prominen
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Will Toxic Fracking Wastewater Be T
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Rig worker’s dad says BP should p
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After the March 2011 tsunami and ea
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Did Susan Rice step down on her own
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A Black Agenda Radio commentary by
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y Alemayehu G Mariam Susan Rice’s
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y Renee Ghert-Zand Jewish Ethiopian
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y Solomon Comissiong Black people i
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Later this morning, the U.S. Depart
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Haiti's social services sector is c
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experiments before disposing of it:
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Theresa Spence is on Day 7 of her h
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Journal, Stephanie Simon, Oil, Wate
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The United States African Command (
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Now the United States wants an inva
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Yes, there have been abuses of auth
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Federal Reserve that after announci
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state (ie MI6) actively furthered a
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New Fairewinds Video: Tepco reveals
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then, why don’t we ship the waste
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contained, but it’s still unclear
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• Vietnam War Martin Luther King
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Housing Up, Home Ownership Down The
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World: Patrick Cockburn: Persecutio
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Christians may feel more frightened
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makes almost exactly same allegatio
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counter-reaction from Baathists and
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Several weeks into his new junior h
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Even before the identity of the sho
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So what else is unique about the Un
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“You could spend your entire life
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Jeff Vanuga, NRCS/flickr Air pollut
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pressure readings jumped two points
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TV: Massive oil sheen around BP Dee
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As a layperson discussing what is l
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BP oil spill cleanup at seashore sh
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Hollywood tapping into fracking fea
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the key industrial state of Carabob
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masses in the state when the decisi
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Many doctors say their priority is
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“Mercury in fish is a tricky one,
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War: Big Government's Best Friend:
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U.S.: US judge prompts outrage afte
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How a nation uses its power to deny
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The round-up of immigrants means th
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Mother Earth and to life. The probl
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Mr. President, brothers and sisters
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uninhabitable for generations in ju
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California Prepares First Fracking
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Shale gas may possibly offset the d
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The International Atomic Energy Age
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The challenge before us is not to s
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Some of the women interviewed said
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(approximately 20% of Cuba’s 75,0
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could not have been worse. For many
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Engelthaler said Apophysomyces infe
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Brief March & Action Click here to
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When: Sunday, Dec. 15 @ 2:00pm unti
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women, and children who suffered—
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other, want. The latter always prop
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household incomes—a barometer of
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several steps in a broader push for
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and need to begin clamping down on
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Grim News For Western Water, But Pr
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Tags: carbonpollution, CleanAirAct,
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CBS News has learned that BP is set
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preservation/gulf-of-mexico-oil-spi
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achelor’s degree had a 7.1 percen
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Van Rompuy, who has had a very bad
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popularity has slipped every month
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The material that Bradley Manning i
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described as the worst offenders, t
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population’. The problem is the u
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Eric Bailey: The last four years ha
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“suspect.” The reason is becaus
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laundering money for—through Iran
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Strong earthquakes hit off Californ
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Some places have banned fracking, a
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meant to determine whether the prod
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It’s nothing on the order of the
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the noise pollution controversy in
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To read my Aug. 3 blog post about n
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A day before the right wing coaliti
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unhappy.” Given the role that rad
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WED DEC 19 Board of Education Month
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Occupy Wall Street is the Only Orga
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hydraulic fracturing, a technique t
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commission, they have made a career
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End of Loser Liberalism: Making Mar
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After anti-fracking protesters loud
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say geologists. It was the conseque
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from the Alberta tar sands to refin
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And the #1 sign that let’s me kno
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honed, bait-and-switch tactics and
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not going to change banks’ behavi
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“The United Nations will do its p
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Western-backed “opposition” was
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Supporters rally for PSUV candidate
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there was no reason not to call sta
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warming. "The effect exceeds that o
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demands. The model incorporated dat
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HSBC Money Laundering Decay, corrup
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Nor The Misleaders Of The Oppressed
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HSBC is not unique in this especial
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09:44 AM EST on December 12th, 2012
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Susan and Merlin Calhoun’s rural
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The 2010 BP Deepwater Horizon oil s
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BP settlement administrators say mi
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was permitted physical contact with
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Susan, I thought, ‘Damn, these ca
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Bruce A. Dixon When you criticize b
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checks and arms the perpetrators to
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Massive lawlessness by the U.S. gov
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y Raymond Nat Turner “You put you
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Raising Retail Wages Would Boost Ec
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state labor force of 5 million peop
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economic austerity measures to the
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chant of the 2011 revolution that b
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The opposition National Salvation F
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Occupy Wall Street — ‘We Are Th
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Too many low wage workers rely on p
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instead of taking payments, refusin
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The Obama administration says it is
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Outgoing Chair of the SEC, Mary Sch
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In what amounts to a political vend
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the NYPD, particularly since the de
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een converted to a command post for
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Fukushima Evacuee: Many kids in reg
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in a year, you’d have enough to f
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146,000 barrels per day—but just
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UPDATE: Tsuruga nuclear plant may h
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Fracking Boom Byproduct: Air Qualit
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Alberta Pipeline Safety Review Too
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ising from $14 billion in 1985 to $
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Nor The Misleaders Of The Oppressed
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feels that more can be achieved by
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state. The result was an economic c
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But this is scarcely a beginning. W
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But questions emerged about the rep
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esearch universities need to say
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Meanwhile, the ongoing tragedy of t
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Absent such a struggle, the jobs cr
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investment is spread over more outp
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in their constitution. As a result,
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insisting that “all its consequen
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Health, Education, Science and Welf
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to share what they learn and to bri
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largely stopped the search for new
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continues to have a negative impact
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viewers watching it. The idea was t
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endorsing the idea in 1974. However
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it appears that Iran crossed a red
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criminality is fabricated by office
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These youth saw the reprieve as a v
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(Credit: Photo by Bill Laurance) Ba
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"For example, populations of large
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(894), and Saudi Arabia and Turkmen
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“‘It is an adventure that is fa
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Frack-Free Stark County, Illinois P
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knew the massive scale of the 2010
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investment in your family and futur
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But the drilling process involves m
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Due to technological advancements,
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people. To be clear, we’re not ag
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Welcome to Renaissance 2.0. World:
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ElBaradei said "national forces" sh
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“The National Salvation Front is
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End Wall Street’s Wars! Occupy Wa
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The Ombudsman, Stephen Carpenter an
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‘Equal For Equal Work’?! Americ
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The Evaporation Of Dreams The recov
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Photograph: screen grab, Bill Moyer
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intelligence and surveillance funct
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Posted December 6, 2012 in Curbing
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normal due to months of drought, an
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fields as a fertilizer, it can also
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feed. Large amounts of both substan
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farms by just 10% could save almost
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said that if - if - it had chemical
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US-backed Muslim Brotherhood unleas
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the country and threatening that
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Quotes of the Day: BP/Corexit Murde
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and the city of Chicago and they us
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admitted to having “fought a war
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and frankly seeing his performance
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the country it was legal. So we wer
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Outrage as AP exposes Japan scienti
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To read about the dismissal of lega
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A new federal study has found the d
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Officials say vent wells burning of
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project. TransCanada says it has al
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Five miles outside of Birmingham, w
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“democracy,” is sponsored by
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sheep’s testicles, hoping for inc
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Panther Party, murdered by the FBI
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Last on the list, and first on the
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White House. Photograph: Carolyn Ka
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drives the economy, wholesale. Thei
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permanent health checks,” Grover
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The answer is that nuclear power po
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Janette Sherman, MD is an internist
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Opponents of the process of Hydraul
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lined valley. For most of their liv
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The Washington state Department of
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political, economic, and social vic
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Minister of Interior of the Republi
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(Late Edition) December 4, 1969 —
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There is plenty of money available
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Be it finally resolved, that the Sa
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"May God protect Egypt and its pres
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investments we make. Slaves harvest
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IN COLLABORATION WITH: Action NOW
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Wikileaks source for some of the wh
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we can extrapolate to include discl
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percent, risk-free return on the ca
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of the UN Charter should give us re
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Haim Saban with Hillary Clinton. (P
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civilians in Israel. And they would
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Anti-fracking demonstrators disrupt
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Royal Dutch Shell, the massive mult
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The Shameless Vacuity of Susan Rice
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y BAR editor and senior columnist M
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y Shozab Raza and Parmbir Gill Fres
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y Doshon Farad Another unarmed 17 y
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In addition, he has the record for
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encountered an almost surreal level
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The white man pulls the trigger; Bu
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Electricians and campaigners protes
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Kerr said, “There was a lot of di
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surreptitiously in a conspiratorial
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physical infrastructure in the Stri
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We will learn more about the way Pi
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The secretary-general of the ITU, H
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The Road Through 2012: Revolution o
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VIDEO Bloomberg and a small party a
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Already many residents are being de
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Yosoy132NY summons Mexicans living
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agreements that protect billionaire
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essential services to those whom th
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Monday, December 3, noon: Soup and
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Perhaps the best piece of utter wac
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there is absolute silence.1 in 3 wo
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military prison if convicted and ha
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of Foreign Affairs said the governm
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Top Headline: DAM LIES — Nuclear
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as well as some new ones along the
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A subsidiary of Nabors Industries p
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A federal judge fined Chesapeake Ap
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Black Elk oil platform fire improve
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problem. “Nobody on either side i
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Google Images' "syphilis" search ht
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eathing apparatus through which the
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“I could look you up on the inter
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The United States invoked the Monro
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‘partnership’ with the boss”.
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Walmart’s CEO, Michael Duke, was
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Legal Foundations for War Crimes, D
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selectively to their adversaries, e
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Gundersen: Fukushima contamination
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PLOS ONE doi:10.1371/journal.pone.0
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Workers from the Louisiana Departme
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Not only did the oil-dispersant mix
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As hydraulic fracturing or “frack
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Julianne Hing Color Lines Cedrico G
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aware of what they were even being
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social safety net ever since Frankl
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Page 841 and 842: And what is the government doing? A
Page 843 and 844: Students are escorted to a waiting
Page 845 and 846: Army Pfc. Bradley Manning, (c.), st
Page 847 and 848: Jennifer Sass’s Blog We Won't Pre
Page 849 and 850: Most of us really would like to pre
Page 851 and 852: Since 1998, there have been at leas
Page 853 and 854: Photo Credit: © AJP/Shutterstock.c
Page 855 and 856: humans. Doctors use it as a drug of
Page 857 and 858: Fracking: Nuclear Fallout: Ongoing
Page 859 and 860: ALBANY, N.Y. — Experts reviewing
Page 861 and 862: Campaigners plan to erect mock rig
Page 863 and 864: Embarking on a second term, Preside
Page 865 and 866: Louisiana Sinkhole Evacuees Won’t
Page 867 and 868: Should it not have been the reverse
Page 869 and 870: dungeon after many lashes. Yet Spie
Page 871 and 872: NATO-backed terrorists along Turkis
Page 873 and 874: lifetime health benefits- something
Page 875 and 876: Janet Seary had a pizza party for m
Page 877 and 878: Rotifer. (Credit: Image courtesy of
Page 879 and 880: The Hypocrisy of the United States:
Page 881 and 882: (Unlike The Trade Union Misleaders
Page 883 and 884: under death threat every day from y
Page 885 and 886: Whether we are left with the Fiscal
Page 887 and 888: ailouts to the banks both in the U.
Page 889: Did Social Security and Medicare Cr
Page 893 and 894: No surprise. The GOP doesn’t want
Page 895 and 896: epeal of Glass-Steagall. Not only h
Page 897 and 898: little to the right of, what the av
Page 899 and 900: Congress and local farmers. The pro
Page 901 and 902: More Fukushima Footage Released:
Page 903 and 904: the US is playing the very negative
Page 905 and 906: happening, we are really complicit.
Page 907 and 908: Palestinians - even as Israeli colo
Page 909 and 910: The vote was taken at a meeting of
Page 911 and 912: After 2005, The Energy Companies Be
Page 913 and 914: Together we can recover from Hurric
Page 915 and 916: Organizers from New York Communitie
Page 917 and 918: contained concentrations exceeding
Page 919 and 920: 1,200-foot sinkhole opens up in Ohi
Page 921 and 922: Say No to Fracking Elizabeth Royte
Page 923 and 924: Valero’s refinery. Not only did W
Page 925 and 926: Orleans federal court next month to
Page 927 and 928: The Environmental Protection Agency
Page 929 and 930: Thousands filled the highway betwee
Page 931 and 932: plummet by 44.5 percent from Januar
Page 933 and 934: from the land went to work either i
Page 935 and 936: in this circumstance is pure trickl
Page 937 and 938: Herr List and Herr v. Gülich form
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