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Six Ways to Liberate America From Wall Street Rule

daemon@ATHENA.MIT.EDU (t r u t h o u t)
Wed Jul 20 15:44:22 2011

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Date: Wed, 20 Jul 2011 15:44:16 -0400 (EDT)
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t r u t h o u t | 07.20

Six Ways to Liberate America From Wall Street Rule
http://www.truth-out.org/how-liberate-america/1311104394
David Korten, Yes! Magazine: "The dominant story of the current political debate is that the government is broke. We can't afford to pay for public services, put people to work, or service the public debt. Yet as a nation, we are awash in money. A defective system of money, banking, and finance just puts it in the wrong places. A newly released report of the New Economy Working Group, coordinated by the Institute for Policy Studies in Washington, DC, goes beyond the current debate to call for a deep restructuring of the institutions to which we as a society give the power to create and allocate money."

Sorry Elizabeth, Wall Street Said No
http://www.truth-out.org/sorry-elizabeth-wall-street-said-no/1311182879
Robert Scheer, Truthdig: "So much for the meritocracy. Despite an elite education, effusive charm and brilliant wit, Barack Obama, like Bill Clinton before him, has ended up betraying his humble origins by abjectly serving the most rapacious variant of Wall Street greed. They both talk a good progressive game, but when push comes to shove - meaning when the banking lobby weighs in - big money talks and the best and the brightest fold. For Obama, it is his decision not to nominate Elizabeth Warren to run the new Consumer Financial Protection Bureau, which she fought so hard to create."

Gang of Six Plan Gives Tax Breaks for Wealthy, Social Security Cuts for Ordinary Workers
http://www.truth-out.org/gang-six-plan-gives-tax-breaks-wealthy-social-security-cuts-ordinary-workers/1311112585
Dean Baker, The Center for Economic and Policy Research: "The budget plan produced by the Senate's 'Gang of Six' offers the promise of huge tax breaks for some of the wealthiest people in the country, while lowering Social Security benefits for retirees and the disabled. Despite claiming that they will 'reform' Social Security on a 'separate track, isolated from deficit reduction,' the plan includes cuts to Social Security that would be felt in less than six months, as the plan calls for a new inflation formula that will reduce benefits by 0.3 percentage points a year compared with currently scheduled benefits. The plan also calls for a process that is likely to reduce benefits further for future retirees."

How the DoD Allows Contractors to Grade Themselves and Write Their Own Contract Terms
http://www.truth-out.org/dangerously-blurring-line/1311105728
Dina Rasor, Truthout: "The Department of Defense (DoD) Inspector General's (IG) office recently found that the Marine Corps allowed their contractors for a vital troop protection system to act as government employees, including directing and evaluating government employees' work, grading their own work and writing up requirements for the follow-on contract. The contractors then bid on those requirements and won multimillion-dollar contracts."

Could Wall Street Ever Face a "Murdoch Moment"?
http://www.truth-out.org/could-wall-street-ever-face-murdoch-moment/1311167945
Richard (RJ) Eskow, The Campaign for America's Future: "History books record an empire's fall as a series of dates and events. Battles are fought, people resist, elections are called, arrest warrants are issued. But those are just details. An empire really falls in that moment when people stop believing that it's invulnerable. Whenever the spell is broken, whether it's by anger or just by awareness, the end becomes inevitable. It doesn't matter what happens to Rupert or James Murdoch now. They may return to positions of relative wealth and privilege or their lives may take unpleasant turns. Either way, the Murdoch empire has already fallen."

On the News With Thom Hartmann: Wisconsin Sen. Dave Hansen Successfully Beats Back GOP Recall Effort, and More
http://www.truth-out.org/news-thom-hartmann/1311176886
In today's On the News segment: Murdoch's corporatocracy controlling UK and US, Gang of Six solution being embraced by Obama, GOP trying to blow up consumer protection, Wisconsin Sen. Dave Hansen successfully beats back recall effort from Republicans, 16 arrested in connection with online hacking group "Anonymous," White House backs repeal of Defense of Marriage Act, and more.

British Panel Says Murdochs Are Blocking Inquiries
http://www.truth-out.org/british-panel-says-murdochs-are-blocking-inquiries/1311184211
Alan Cowell, The New York Times: "A parliamentary panel investigating Britain's spreading phone hacking scandal accused the Murdoch empire on Wednesday of 'deliberate attempts' to thwart its investigations. The House of Commons home affairs select committee was one of two panels that questioned some of the main players in the scandal on Tuesday, interviewing senior police officers and releasing a scathing report on Wednesday that pointed to 'a catalog of failures' in handling the hacking investigations'"

The Case for Defined Benefits and Retirement Security
http://www.truth-out.org/case-defined-benefits-and-retirement-security/1310667123
Willie L. Pelote Sr., Truthout: "In America, anybody who works for a living should be able to afford to retire. That's why shunting newly hired and/or existing civil servants into defined contribution or 401(k)-style plans to save taxpayers money, as a new report by the Kellogg School of Management and the Simon School of Business suggests doing, is a bad idea. Doing this will actually cost taxpayers more money and severely weaken retirement security for all Americans. This is because 401(k)-style plans are inferior to, and less efficient than, traditional, defined benefit retirement plans or pensions."

Fracking at Drinking Water Source for 80,000 Pennsylvanians Raises Alarms
http://www.truth-out.org/fracking-drinking-water-source-80000-pennsylvanians-raises-alarms/1311168512
Anthony Brino, SolveClimate News: "Despite the money that drillers are dangling, documents and interviews show that Westmoreland County appears to be the only local water authority in the state to have leased acreage to drillers. Many others are being courted, though. And before they follow Westomoreland County's lead, local advocates want regulations to bar drilling in watersheds that provide a primary drinking water source."

Ed Schultz and Bernie Sanders: The Gang of Six Plan Will Devastate the Middle Class (Video)
http://www.truth-out.org/ed-schultz-and-bernie-sanders-gang-six-plan-will-devastate-middle-class/1311172212
Sen. Bernie Sanders (D-Vermont) speaks with Ed Schultz of MSNBC's "The Ed Show."

Destination? GAZA! The Freedom Flotilla II - Stay Human Meets the Shayetet 13
http://www.truth-out.org/destination-gaza-freedom-flotilla-ii-stay-human-meets-shayetet-13/1311173166
Steve Fake, Truthout: "The French-flagged ship, Dignite - al Karama, was halted by the Israeli Defense Forces (IDF) en route to the shores of Gaza this morning. The small vessel was boarded and reportedly towed to the Israeli port of Ashdod. There were 16 people on the boat, with French, Greek, Tunisian, Canadian and Swedish passengers among them. As coalition organizers stated, 'It is now the representative of the entire Freedom Flotilla II.'"


TRUTHOUT'S BUZZFLASH DAILY HEADLINES

China is concerned about the possibility of an US default, due to a possible failure to raise our debt ceiling.

It might come as a bit of surprise to all the Tea Party members who buy Chinese manufactured products - which used to be made by American workers like themselves - that the Communist government of China is America's biggest lender.

Given the Washington, DC, procrastination over the debt ceiling, China is taking the position that a Wall Street investor would take. It wants to be assured that its loans to the US government will be paid back.

According to The Associated Press (http://news.yahoo.com/china-appeals-us-protect-investor-interests-104142019.html):

"China, the biggest holder of U.S. Treasury debt, appealed to Washington on Wednesday to take steps to boost confidence in the dollar and protect its investors....

China held some $1.15 trillion in Treasury debt as of the end of April, according to U.S. government data. Chinese leaders have repeatedly appealed to Washington to avoid measures that might erode the value of the dollar and those holdings.

'We hope the U.S. government concretely takes responsible policy measures to increase the confidence of international financial markets and respects and safeguards investors' interests,' the State Administration of Foreign Exchange said in a statement."

So, China is acting just like any capitalist lender; it just wants to protect its investment.

And wouldn't members of the Tea Party and the corporate wing of the GOP laud China for acting like any US bank that is "too big to fail" would?

After all, it's the American way. Let's just hope China doesn't start foreclosure proceedings.

Mark Karlin
Editor, BuzzFlash at Truthout
 
Fears of Something Rotten in Scotland Yard in the Murdoch Affair
Read the Article at Russian Television
http://rt.com/news/yard-police-secretary-doherty/

A Familiar Story: Anti-Gay Alabama Attorney General Allegedly Caught Being Gay
Read the Article at Wonkette
http://wonkette.com/401018/anti-gay-alabama-attorney-general-caught-being-gay

Bernie Sanders Tells Gang of Six to Stop Ganging Up on the Needy and Making the Rich Richer
Read the Article at BuzzFlash
http://blog.buzzflash.com/node/12866

UN Declares Famine in Somalia
Read the Article at Al Jazeera 
http://english.aljazeera.net/news/africa/2011/07/2011720756724143.html?om_rid=CZthPx&om_mid=_BOJtPaB8cbiquk

Cutting Taxes Doesn't Save the Middle Class Money: They Just Pay Higher "Fees" in Another Form
Read the Article at BuzzFlash
http://blog.buzzflash.com/node/12865

Editorial: Hurting Poor Students
Read the Article at The New York Times
http://www.nytimes.com/2011/07/20/opinion/20wed3.html?_r=1&nl=todaysheadlines&emc=tha211

Balance the Budget on the Backs of Billionaires
Read the Article at BuzzFlash
http://blog.buzzflash.com/node/12867

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                    <center><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=B36ANbOLgI9oyzUlo2bgwKXXsB%2FY12iq"><font color="#cc0000"><img border="0" alt="" src="http://www.truth-out.org/sites/default/files/circlet.jpg" /></font></a></center><br />
                    <!-- TemplateBeginEditable name="content" --><p>Tuesday 20 July 2011  <br />
<br />
<font><strong>Six Ways to Liberate America From Wall Street Rule</strong></font><br />
David Korten, Yes! Magazine: "The dominant story of the current political debate is that the government is broke. We can't afford to pay for public services, put people to work, or service the public debt. Yet as a nation, we are awash in money. A defective system of money, banking, and finance just puts it in the wrong places. A newly released report of the New Economy Working Group, coordinated by the Institute for Policy Studies in Washington, DC, goes beyond the current debate to call for a deep restructuring of the institutions to which we as a society give the power to create and allocate money."<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=1c9xTBlROtoyD3qhnp6gh6XXsB%2FY12iq"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>Sorry Elizabeth, Wall Street Said No</strong></font><br />
Robert Scheer, Truthdig: "So much for the meritocracy. Despite an elite education, effusive charm and brilliant wit, Barack Obama, like Bill Clinton before him, has ended up betraying his humble origins by abjectly serving the most rapacious variant of Wall Street greed. They both talk a good progressive game, but when push comes to shove - meaning when the banking lobby weighs in - big money talks and the best and the brightest fold. For Obama, it is his decision not to nominate Elizabeth Warren to run the new Consumer Financial Protection Bureau, which she fought so hard to create."<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=UTTVPwFS2qugWdRO0Ws%2Fw6XXsB%2FY12iq"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>Gang of Six Plan Gives Tax Breaks for Wealthy, Social Security Cuts for Ordinary Workers</strong></font><br />
Dean Baker, The Center for Economic and Policy Research: "The budget plan produced by the Senate's 'Gang of Six' offers the promise of huge tax breaks for some of the wealthiest people in the country, while lowering Social Security benefits for retirees and the disabled. Despite claiming that they will 'reform' Social Security on a 'separate track, isolated from deficit reduction,' the plan includes cuts to Social Security that would be felt in less than six months, as the plan calls for a new inflation formula that will reduce benefits by 0.3 percentage points a year compared with currently scheduled benefits. The plan also calls for a process that is likely to reduce benefits further for future retirees." <br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=8ZcTDBu8%2BdgMFxeB3gu%2B6l6vooUEl1PK"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>How the DoD Allows Contractors to Grade Themselves and Write Their Own Contract Terms</strong></font><br />
Dina Rasor, Truthout: "The Department of Defense (DoD) Inspector General's (IG) office recently found that the Marine Corps allowed their contractors for a vital troop protection system to act as government employees, including directing and evaluating government employees' work, grading their own work and writing up requirements for the follow-on contract. The contractors then bid on those requirements and won multimillion-dollar contracts." <br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=sG5Nki%2FMXIMiu4442qXhgaXXsB%2FY12iq"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>Could Wall Street Ever Face a "Murdoch Moment"?</strong></font><br />
Richard (RJ) Eskow, The Campaign for America's Future: "History books record an empire's fall as a series of dates and events. Battles are fought, people resist, elections are called, arrest warrants are issued. But those are just details. An empire really falls in that moment when people stop believing that it's invulnerable. Whenever the spell is broken, whether it's by anger or just by awareness, the end becomes inevitable. It doesn't matter what happens to Rupert or James Murdoch now. They may return to positions of relative wealth and privilege or their lives may take unpleasant turns. Either way, the Murdoch empire has already fallen."<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=1G3rCsMhjuekQx1Yk2%2FDIqXXsB%2FY12iq"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>On the News With Thom Hartmann: Wisconsin Sen. Dave Hansen Successfully Beats Back GOP Recall Effort, and More</strong></font><br />
In today's On the News segment: Murdoch's corporatocracy controlling UK and US, Gang of Six solution being embraced by Obama, GOP trying to blow up consumer protection, Wisconsin Sen. Dave Hansen successfully beats back recall effort from Republicans, 16 arrested in connection with online hacking group "Anonymous," White House backs repeal of Defense of Marriage Act, and more.<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=pD4okrbaYDBMh2MUSvbffqXXsB%2FY12iq"><font color="#cc0000">Watch the Video and Read the Transcript</font></a> <br />
<br />
<font><strong>British Panel Says Murdochs Are Blocking Inquiries</strong></font><br />
Alan Cowell, The New York Times: "A parliamentary panel investigating Britain's spreading phone hacking scandal accused the Murdoch empire on Wednesday of 'deliberate attempts' to thwart its investigations. The House of Commons home affairs select committee was one of two panels that questioned some of the main players in the scandal on Tuesday, interviewing senior police officers and releasing a scathing report on Wednesday that pointed to 'a catalog of failures' in handling the hacking investigations'" <br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=SddzOWXhuMCvS4pF7iCW36XXsB%2FY12iq"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>The Case for Defined Benefits and Retirement Security</strong></font><br />
Willie L. Pelote Sr., Truthout: "In America, anybody who works for a living should be able to afford to retire. That's why shunting newly hired and/or existing civil servants into defined contribution or 401(k)-style plans to save taxpayers money, as a new report by the Kellogg School of Management and the Simon School of Business suggests doing, is a bad idea. Doing this will actually cost taxpayers more money and severely weaken retirement security for all Americans. This is because 401(k)-style plans are inferior to, and less efficient than, traditional, defined benefit retirement plans or pensions."<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=VBREt5ilK0JF1VBPuTTVMF6vooUEl1PK"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>Fracking at Drinking Water Source for 80,000 Pennsylvanians Raises Alarms</strong></font><br />
Anthony Brino, SolveClimate News: "Despite the money that drillers are dangling, documents and interviews show that Westmoreland County appears to be the only local water authority in the state to have leased acreage to drillers. Many others are being courted, though. And before they follow Westomoreland County's lead, local advocates want regulations to bar drilling in watersheds that provide a primary drinking water source."<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=4K7bvHwQIOZUQJHawDSSO6XXsB%2FY12iq"><font color="#cc0000">Read the Article</font></a> <br />
<br />
<font><strong>Ed Schultz and Bernie Sanders: The Gang of Six Plan Will Devastate the Middle Class (Video)</strong></font><br />
Sen. Bernie Sanders (D-Vermont) speaks with Ed Schultz of MSNBC's "The Ed Show."<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=sSJzEvgICnbSi7mxMUtdKKXXsB%2FY12iq"><font color="#cc0000">Watch the Video</font></a> <br />
<br />
<font><strong>Destination? GAZA! The Freedom Flotilla II - Stay Human Meets the Shayetet 13</strong></font><br />
Steve Fake, Truthout: "The French-flagged ship, Dignite - al Karama, was halted by the Israeli Defense Forces (IDF) en route to the shores of Gaza this morning. The small vessel was boarded and reportedly towed to the Israeli port of Ashdod. There were 16 people on the boat, with French, Greek, Tunisian, Canadian and Swedish passengers among them. As coalition organizers stated, 'It is now the representative of the entire Freedom Flotilla II.'"<br />
<a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=hvNVurNvwXRf3HuI3xVVGt%2BzOaSlAU8K"><font color="#cc0000">Read the Article</font></a> </p>
<p><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=IYaincngSOZhb3Ru87lJpqXXsB%2FY12iq" target="_blank"><font color="#cc0000"><em>Click here for more Truthout articles</em></font></a></p>
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            <div align="left"><strong><em>TRUTHOUT'S BUZZFLASH DAILY HEADLINES</em></strong></div>
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<p><em>
<p>China is concerned about the possibility of an US default, due to a possible failure to raise our debt ceiling.</p>
<p>It might come as a bit of surprise to all the Tea Party members who buy Chinese manufactured products - which used to be made by American workers like themselves - that the Communist government of China is America's biggest lender.</p>
<p>Given the Washington, DC, procrastination over the debt ceiling, China is taking the position that a Wall Street investor would take. It wants to be assured that its loans to the US government will be paid back.</p>
<p>According to <a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=rmPEGcbwpld2ACDaLMWAQqXXsB%2FY12iq"><font color="#cc0000">The Associated Press</font></a>:</p>
<blockquote>
<p>China, the biggest holder of U.S. Treasury debt, appealed to Washington on Wednesday to take steps to boost confidence in the dollar and protect its investors....</p>
<p>China held some $1.15 trillion in Treasury debt as of the end of April, according to U.S. government data. Chinese leaders have repeatedly appealed to Washington to avoid measures that might erode the value of the dollar and those holdings.</p>
<p>"We hope the U.S. government concretely takes responsible policy measures to increase the confidence of international financial markets and respects and safeguards investors' interests," the State Administration of Foreign Exchange said in a statement.</p>
</blockquote>
<p>So, China is acting just like any capitalist lender; it just wants to protect its investment.</p>
<p>And wouldn't members of the Tea Party and the corporate wing of the GOP laud China for acting like any US bank that is "too big to fail" would?</p>
<p>After all, it's the American way. Let's just hope China doesn't start foreclosure proceedings.</p>
<p>Mark Karlin<br />
Editor, BuzzFlash at Truthout</p>
</em></p>
<p><strong>Fears of Something Rotten in Scotland Yard in the Murdoch Affair<br />
</strong><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=2L3id5QEPSNxk1arVa3vX6XXsB%2FY12iq" target="_blank"><font color="#cc0000">Read the Article at Russian Television</font></a></p>
<p><strong>A Familiar Story: Anti-Gay Alabama Attorney General Allegedly Caught Being Gay<br />
</strong><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=vkkqLve2hVLcW%2F%2FhIm%2FFPaXXsB%2FY12iq" target="_blank"><font color="#cc0000">Read the Article at Wonkette</font></a></p>
<p><strong>Bernie Sanders Tells Gang of Six to Stop Ganging Up on the Needy and Making the Rich Richer<br />
</strong><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=7LRF5%2BihRsPv4xLjpg%2BZj6XXsB%2FY12iq" target="_blank"><font color="#cc0000">Read the Article at BuzzFlash</font></a></p>
<p><strong>UN Declares Famine in Somalia<br />
</strong><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=PPfuWYmxJob7kX3MuMAsJaXXsB%2FY12iq" target="_blank"><font color="#cc0000">Read the Article at Al Jazeera </font></a></p>
<p><strong>Cutting Taxes Doesn't Save the Middle Class Money: They Just Pay Higher "Fees" in Another Form<br />
</strong><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=tYjVarQDp9n7ihjubM2foaXXsB%2FY12iq" target="_blank"><font color="#cc0000">Read the Article at BuzzFlash</font></a></p>
<p><strong>Editorial: Hurting Poor Students<br />
</strong><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=X37pLMEzv1SAKNBOTJWKYKXXsB%2FY12iq" target="_blank"><font color="#cc0000">Read the Article at The New York Times</font></a></p>
<p><strong>Balance the Budget on the Backs of Billionaires<br />
</strong><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=nafnzgrlvnL5W3r9Onj%2FGaXXsB%2FY12iq" target="_blank"><font color="#cc0000">Read the Article at BuzzFlash</font></a></p>
<p><a href="http://org2.democracyinaction.org/dia/track.jsp?v=2&c=oqbvLYTgJxRf3HuI3xVVGt%2BzOaSlAU8K"><b><font color="#cc0000"><em>Click here for more BuzzFlash headlines</em></font></b></a></p>
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