Binge-Reading Ms. Klein

I haven't slept well the last couple of nights, and have devoted the otherwise wasted time to an attempt to finish Naomi Klein's The Shock Doctrine before I turn 67 years old tomorrow. In sheer number of pages, I have not that far to go, but the entire book is truly depressing reading, and it is so packed full of information and examples that one gets the most out of it by reading every word. And of course Ms. Klein, of necessity, takes the reader back to the George W. Bush presidency, which was IMNSHO even worse than the Obama era. Ah, well; I have plenty of good, cheap wine on hand, and an undeniably good book, to see me through the evening...

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AFTERTHOUGHT: let me clarify. Obama has been disappointing to me, while GeeDubya and crew were utterly disgusting. Got it?

Krugman On The Eurogroup's Nonnegotiable Offer To Greece

Krugman, in ‘Killing the European Project’:

Suppose you consider Tsipras an incompetent twerp. Suppose you dearly want to see Syriza out of power. Suppose, even, that you welcome the prospect of pushing those annoying Greeks out of the euro.

Even if all of that is true, this Eurogroup list of demands is madness. The trending hashtag ThisIsACoup is exactly right. This goes beyond harsh into pure vindictiveness, complete destruction of national sovereignty, and no hope of relief. It is, presumably, meant to be an offer Greece can’t accept; but even so, it’s a grotesque betrayal of everything the European project was supposed to stand for.

...

"[E]verything the European project was supposed to stand for" ... in theory. Coercion is coercion, and has never been about any noble principle; usually, as in this case, it's about making already rich entities (people, corporations, nations) richer while giving the already rich an opportunity to moralize against those who are not. The technique employed is not even novel; read Klein's The Shock Doctrine for several other truly horrifying examples within (many of) our own lifetimes.

Wednesday WanderingSCOTUS On Abortion And Gay Marriage — Breyer's Glossip Death Penalty Dissent — Piketty et al Write To Merkel — Nichols At The Nation Interviews Bernie Sanders

Here's what I have been reading on the Web (what I've been reading in a book is another matter altogether)...

• Why Abortion Is Losing While Gay Marriage Is Winning

Lauren Rankin at TPM:

It’s been a wild couple of weeks at the Supreme Court, as a notoriously conservative court legalized same-sex marriage nationwide, upheld the Fair Housing Act, and preserved Obamacare subsidies for millions of Americans. Progressives were stunned and delighted at the Supreme Court’s seemingly leftward tilt, cheering Justice Anthony Kennedy for his decisive vote for marriage equality and commending Chief Justice John Roberts for strengthening Obamacare’s judicial footing.

On Monday, progressives had something else to cheer about, as Justice Kennedy once again joined Justices Breyer, Ginsburg, Kagan and Sotomayor—the liberal wing of the court—to allow 10 endangered Texas abortion clinics to remain open while the court decides whether to hear the full appeal. It was met with jubilation from abortion rights supporters who knew that, if this law had been allowed to go into effect, only nine abortion clinics would be left to service the more than five million Texas women of reproductive age. Allowing these clinics to stay open wasn’t just a progressive win; it was a life-saving order.

This move, coupled with their refusal to grant Mississippi’s request to allow them to close their clinic, all but ensures that the Supreme Court will take up abortion rights in their next term. They will likely grapple with whether TRAP laws—laws that single out abortion providers with onerous and unnecessary regulations in order to force them to close—are constitutional or if they do indeed pose an “undue burden” on women’s access to safe abortion care. Basically, the Supreme Court will likely rule on whether hostile states can close safe clinics or not. These implications are enormous.

...

• What Justice Breyer’s Dissent on Lethal Injection Showed About the Death Penalty’s Defenders

Liliana Segura at The // Intercept:

...

In its 5-4 decision Monday, the Court concluded that this drug, midazolam, despite being linked to a number of botched executions, did not violate prisoners’ Eighth Amendment rights, because there was insufficient proof its use would necessarily put them at risk of an agonizing death. (The drug, a benzodiazepine, was chosen to replace barbiturates previously used as an anesthetic during lethal injection — for more, see my earlier coverage of Glossip here.)

But in an unusual and impassioned dissent, Justice Stephen Breyer read Glenn Ford’s name from the bench to illustrate why, putting particular execution protocols aside, the time has come to reconsider the death penalty altogether. “Last year, in 2014, six death row inmates were exonerated based on actual innocence,” Breyer wrote. “All had been imprisoned for more than 30 years.” In Ford’s case, he said, citing a remarkable mea culpa published by the Shreveport Times, “the prosecutor admitted that even ‘[a]t the time this case was tried there was evidence that would have cleared Glenn Ford.” This same prosecutor, Breyer noted, admitted that “at the time of Ford’s conviction, he was ‘not as interested in justice as [he] was in winning.’”

...

• Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel

"Five leading economists warn the German chancellor, 'History will remember you for your actions this week.' ”

• Bernie Sanders Speaks

"In his most revealing interview, the socialist presidential candidate sets out his vision for America." - John Nichols [An exceptional interview! Please go see for yourself why I feel America needs this man as President. - SB]

Krugman On How Austerity Could Become 'The New Normal'

Paul Krugman points to the changing reaction worldwide to the increasingly manifest bad consequences of austerity: bad results are settling into "the new normal," provoking no significant policy changes despite growing degrees of economic suffering among Americans and Europeans. Ever more prevalent is the reaction, "never mind the resulting economic decline; we KNOW austerity is the right course of action!" Here's Krugman:

I guess what I’m saying is that I worry that a more or less permanent depression could end up simply becoming accepted as the way things are, that we could suffer endless, gratuitous suffering, yet the political and policy elite would feel no need to change its ways.

Oh, and have a nice day.

Let me rephrase Krugman's message a bit: Any large-scale, widespread economic policy that propagates ongoing depression, however virtuous that policy may seem in the short description, is dysfunctional, and should be assiduously avoided.

Oh, and... have a nice day!

Greece: Former Deputy PM Delights Bankers, Blames Working People And Kids For Their Own Hunger

Theodoros Pangalos

It's been a while since I've written about conditions in Greece, but believe me, things have not improved for the great majority of Greeks. Via Greg Palast, we learn that Theodoros Pangalos, former Deputy Prime Minister of Greece, an individual who (ahem) looms large in the politics of austerity thrust upon Greeks of ordinary means for the benefit of European banksters, blames the collapsing economy in Greece on lazy, hungry working people and greedy, starving children. Perhaps the population's hunger problem could be remedied if Pangalos (pictured at right) fasted for a week or two...

(H/T BadTux.)

CBO (very quietly): Austerity Has Harmed Economy

From the we-could-have-told-you-this-would-happen department, via Brian Beutler of TPM:

Here’s the buried lede from the Congressional Budget Office, which on Tuesday released its Budget and Economic Outlook for the coming decade: D.C.’s deficit obsession has been quite effective at cutting deficits at the expense of the still-struggling economy.

“[E]conomic activity will expand slowly this year, with real GDP growing by just 1.4 percent,” according to CBO’s projections. “That slow growth reflects a combination of ongoing improvement in underlying economic factors and fiscal tightening that has already begun or is scheduled to occur-including the expiration of a 2 percentage-point cut in the Social Security payroll tax, an increase in tax rates on income above certain thresholds, and scheduled automatic reductions in federal spending. That subdued economic growth will limit businesses’ need to hire additional workers, thereby causing the unemployment rate to stay near 8 percent this year, CBO projects.”

...

In other words, the Rethugs are winning and America's economy is being sent straight to hell by austerity measures never really intended to benefit the real economy... except for the very rich.

Aside: I'd write more, but I have a lot else on my mind as I enter the real physical therapy period before my prosthesis is complete, which precedes a probably even more intense period of rehab after I receive the prosthesis in about a month. If I post even less than before, please don't give up on me. (Oh, and the big bills are starting to arrive... just remember, "we have the greatest health care system in the world... some conditions may apply... mumble mumble you pay out the wazoo... you are screwed... U!S!A! U!S!A! ..." [/snark])

Sometimes...

Sometimes, recently approaching all the time, I want to FACE DOWN THE FINANCIAL POWERS‑THAT‑BE IN THE OBAMA ADMINISTRATION, SLAP THEM BACK‑AND‑FORTH ACROSS THE FACE A FEW TIMES, HARD, TO GET THEIR ATTENTION, AND DEMAND OF THEM, "HAVE YOU LEARNED NOTHING AT ALL FROM AMERICA'S HISTORY???"

Armando at Daily Kos, faced with the same frustration, wrote a well-reasoned position paper, "The Lessons of 1937"; his post is probably less damaging to our cause than all that face-slapping would be, though I don't know that it will have any more positive effect on Obama's Wall Street gang...

Do you suppose there's any way, perhaps through the work of a stage hypnotist, to implant a suggestion in all of Obama's advisors that "austerity" is equivalent to, say, "obscenity," or perhaps "marijuana," or maybe "WikiLeaks"?

Erskine 'Catfood' Bowles For Treasury Secretary? Seriously?

Paul Krugman, in "Deficit Hawks and Hypocrites":

A large white cat menaces Erskine Bowles,
possibly seeking catfood

I don’t know how seriously to take the buzz about appointing Erskine Bowles to replace Timothy Geithner. But in case there’s any reality to it, let’s recall his record. Mr. Bowles, like others in the deficit-scold community, has indulged in scare tactics, warning of an imminent fiscal crisis that keeps not coming. Meanwhile, the report he co-wrote was supposed to be focused on deficit reduction — yet, true to form, it called for lower rather than higher tax rates, and as a “guiding principle” no less. Appointing him, or anyone like him, would be both a bad idea and a slap in the face to the people who returned President Obama to office.

Erskine Bowles (wiki) is a board member at GM and Morgan Stanley. In August he spoke in praise of Paul Ryan and in particular of the latter's "serious budget." I cannot think of a more archetypal representative of The 1%... or a worse choice for Treasury secretary. Appointing him to that post would be a sharp stick in the eye of everyone less conservative... more economically sane... than Newt Gingrich.

Krugman quotes the late great John Maynard Keynes: “The boom, not the slump, is the right time for austerity.” The deficit scolds with their one-track minds would be only too happy to give us more austerity, packed full and running over... just what we don't need as we begin to claw our way out of the Great Recession. Obama must be strongly discouraged from appointing any of them to anything. Their way has been tried; their way has failed. It is time for them to leave.

Full disclosure: I have some money invested through Morgan Stanley, from back in the days 30+ years ago when they had the only broker in Houston specializing in "socially responsible investing." I kept my conscience clear about what I was invested in, but I didn't make much money. A shoebox would have served me better. Oh well.

Corrected: I inadvertently substituted a link from a different Krugman post.

Corrected: I substituted "Newt Gingrich" for "Genghis Khan" as an archetypal radical conservative. May be better; may not be...

Afterthought: speaking of an "austerity bomb," look at Europe's unemployment. Jeebus!

Update 11/16: Bowles has said he will not serve as Treasury Secretary.

Greece: Same Shift, Different Day

Greece's legislative move toward even greater austerity (with the burden falling on the Greek people, e.g., cuts to pensions and public sector wages) has enabled it to receive further financial aid. A Greek government campaign against tax dodgers, especially those people who have moved money overseas recently, has been launched, in hopes of quieting understandable public unrest provoked by the austerity moves. And the Eurozone finance ministers delayed a decision on releasing the latest 31.5bn euro tranche of bailout funds at least a week, while they decide if Greeks have suffered enough.

FDL's fatster did my homework for me, pointing me to all three of the aforementioned articles.

Seldom have I been so glad the US has its own currency and owes no major debts in any other currency. A glance at Greece will show you why I'm glad. I only wish no one had to suffer in this way, but as my late father used to say, "wish in one hand, spit in the other; see which one fills up fastest."

Social Security Under Siege: Sen. Bernie Sanders

I could not possibly describe the situation better than Sen. Sanders does:

...

... Before Social Security existed, about half of America’s senior citizens lived in poverty. Today, less than 10 percent live in poverty.

Today, Social Security not only provides retirement security but also enables millions of people with disabilities and widows, widowers and children to live in dignity and security.

...

In these highly-volatile economic times, when millions of Americans lost their life savings in the 2008 Wall Street crash, it is important to remember that since its inception, through good economic times and bad, Social Security has paid every penny owed to every eligible beneficiary.

... Social Security, which is funded by the payroll tax, does not contribute to the deficit. In fact, the Social Security Trust Fund today, according to the Social Security Administration, has a $2.7 trillion surplus and can pay 100 percent of all benefits owed to every eligible American for the next 21 years.

... Social Security is run with very modest administrative costs.

...

As Sen. Sanders emphasizes, the same is very much NOT true of Wall Street firms, where people like Paul Ryan and Pete Peterson want to put Social Security money. We all remember what happened in 2007 when the last bubble burst, yielding the great crash of 2008. If you believe the future does not hold a similar crash at some point, you are a sucker, ready to be taken for everything you've put into Social Security through the payroll tax over the years. Sucker, or smart taxpayer... which will it be?

Sen. Sanders is rightly wary of President Obama's approach to Social Security: the president emphatically said "no cuts" before the 2008 elections, and now isn't saying anything much, except vague statements that it may have to be cut. Sen. Sanders has challenged this by introducing a bill that advocates exactly the program Obama advocated in 2008. I have my doubts that that bill will have any champions except for Sanders in this Dog-awful Congress we have today.

There is no rational basis for cutting Social Security at all:

• It works... well. 
• It is solvent. 
• It is in no way a financial burden; indeed, it runs a surplus. 
• It will pay out its scheduled benefits for 21 years with no alterations. 
• With one small change (and this is the crux of the radical Right's real objection), it could continue paying out scheduled benefits indefinitely. 

The change? apply the payroll tax to annual income above $250,000. I have never understood why there is a cap on the payroll tax income in the first place, but we will somehow have to beat down the wealthy bastards, the Pete Petersons, the Mitt Rmoneys, the Paul Ryans of the country, to achieve fairness on this issue. In the Declaration of Independence, there is a right to life, liberty and the pursuit of happiness. There is no similar right to be obscenely wealthy and not share that wealth with society. Benjamin Franklin said it superbly well:

Private Property therefore is a Creature of Society, and is subject to the Calls of that Society, whenever its Necessities shall require it, even to its last Farthing; its Contributions therefore to the public Exigencies are not to be considered as conferring a Benefit on the Publick, entitling the Contributors to the Distinctions of Honour and Power, but as the Return of an Obligation previously received, or the Payment of a just Debt.

And there you have it.

On Texas Aggies Crossing The TX-LA BorderThereby Increasing The Average IQ Of Both States

Via NTodd, we have this shining pile of brilliance documented in the LA Times book blog:

Citing budget concerns, Louisiana Gov. Bobby Jindal has signed a $25-billion budget that eliminates almost $900,000 in state funding for its libraries. In a statement, the governor’s chief budget aide, Paul Rainwater, said, “In tight budget times, we prioritized funding for healthcare and education. Operations such as local libraries can be supported with local, not state dollars.”

On Thursday, Library Journal took a look at that assertion. What they found was that while some local parishes may be able to cover the funding gap, others will feel the loss. Rural parishes will face a particularly daunting challenge.

...

So... will any reporter ask Mitt Romney for a comment on whether he approves of this line item? Will he answer "yes and no"? Has Mitt Romney ever read anything other than a balance sheet or a stock prospectus?

Greece: Elections, Currency, Threats From Lenders

The Parthenon, or
The Greek Economy
After Enforced Austerity

Of course I don't have information on all those things apart from what is in the news. According to Laurence Knight of BBC News, Greek elections are on Sunday; a growing number of Greeks are withdrawing their money from banks (in euros, I presume), "the radical left-wing upstarts of Syriza" (Knight's description, not mine) are poised to become the biggest party in the parliament (though not necessarily a majority), and Germany and other lenders are saying to Greece, again in Knight's words, "Vote Syriza and you are out." Ah, tradition! It's good to see Germany as committed to democracy as it has always been. [/snark] The fun never ends in euro-land...

AFTERTHOUGHT: this is my second post in a week containing a photo of a building with a lot of columns. (The other was the US Supreme Court building.) I suppose what my highly admired high school English teacher once told me is true: "Steve, you have an edifice complex." <grin_duck_run />