Larry Summers wanted a flagging economy so he could torpedo Social Security, Medicare and Medicaid

this goes back to a point i've made countless times here... there is nothing whatsoever incompetent about how our super-rich elites are running the show... the constant carping about incompetence under george bush made me crazy... those bush administration bastards knew exactly what they were doing and so do the bastards running the obama administration... they're carrying on with the same agenda that's been vigorously pursued since ronald reagan - shredding of the social contract and making sure that those who have the money and the power not only keep it but add to it significantly... and, guess what...? it's working splendidly...!

mike whitney in counterpunch...

What [Obama’s chief economics advisor, Lawrence Summers] wanted was exactly what he got, a slow, underperforming economy with high unemployment and huge deficits. Does anyone really think that an economist with Summers’ impressive education and experience could be $1 trillion off in his calculations? (The American Recovery and Reinvestment Act of 2009 was eventually whittled down to $787 billion) It’s ridiculous. Summers wanted a flagging economy so he could torpedo Social Security, Medicare and Medicaid. These were the targets from the very beginning.

As for Obama, well, he probably figured that the $800 billion fiscal package would be enough to carry him over the finish-line in the 2012 elections, but not so big that it would subvert the goals of his chief economics advisor who was beholden to Wall Street and big business. In truth, Obama wanted the same thing as Summers, a justification for attacking the meager programs that keep the elderly and vulnerable from destitution.


[...]


Obama could allocate $300 billion per year to rehire the 650,000 teachers and other state and local workers who’ve been laid off since the crash. That would be the easiest thing to do. Skip all the red-tape connected to infrastructure and gov job’s programs and just rehire the people who got their pink slip after the crash. The money spent on jobs would more than pay for itself by raising state revenues and boosting economic activity by many orders of magnitude.


Have you seen a graph of how many (state and local) jobs have been lost under Obama? It’s shocking! Take a look: http://streetlightblog.blogspot.com/2012/05/government-job-destruction.html

We need to get these people back to work so they can feed their families and pay the bills. If we can afford $11 trillion to bail out crooked bankers, we can certainly afford a measly $300 mil for hard-working middle class families. It’s just a matter of priorities.


[...]

Obama is just as committed to gutting Social Security as Romney. The only difference is that he’s a better pitchman. Much better.

and where do you suppose all that money will go after social security and medicare lie in ruins...? hmmmm...? that's right... the social darwin .0001% are closing ranks, raising the drawbridge, flooding the moat and heating up the barrels of oil... when the peasants finally storm the castle, they want to make sure their fortress is impenetrable...

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Sitglitz: Money trumps democracy - America has the highest level of inequality of any of the advanced countries

in my travels over the years, i've always been acutely aware of the disparity between rich and poor in many of the countries i've visited... mexico was my first eye-opening experience in the early 70s and, despite the appearance of home depots and sam's clubs that have popped up like poisonous mushrooms after a rain, as of last october, i haven't seen that much change... the poor are still very poor and the rich are still staggeringly rich... i've seen the same story repeated to greater and lesser degrees all over latin america, the balkans (with a few exceptions), africa and, saddest of all, afghanistan...


i always thought that the poor in the u.s., although i know there are some whose circumstances are almost as extreme as in the poorest of third world countries, were poor at a level a bit more comfortable than, for instance, in mexico... i don't think that any more... in the last ten years, especially, i've seen my country slide inexorably toward third world standards with no end in sight...


joseph stiglitz is an acute observer and i offer this only as a way to keep the problem visible...

[T]he American dream is a myth. There is less equality of opportunity in the United States today than there is in Europe – or, indeed, in any advanced industrial country for which there are data.

This is one of the reasons that America has the highest level of inequality of any of the advanced countries – and its gap with the rest has been widening. In the “recovery” of 2009-2010, the top 1% of US income earners captured 93% of the income growth. Other inequality indicators – like wealth, health, and life expectancy – are as bad or even worse. The clear trend is one of concentration of income and wealth at the top, the hollowing out of the middle, and increasing poverty at the bottom.

It would be one thing if the high incomes of those at the top were the result of greater contributions to society, but the Great Recession showed otherwise: even bankers who had led the global economy, as well as their own firms, to the brink of ruin, received outsize bonuses.

A closer look at those at the top reveals a disproportionate role for rent-seeking: some have obtained their wealth by exercising monopoly power; others are CEOs who have taken advantage of deficiencies in corporate governance to extract for themselves an excessive share of corporate earnings; and still others have used political connections to benefit from government munificence – either excessively high prices for what the government buys (drugs), or excessively low prices for what the government sells (mineral rights).

Likewise, part of the wealth of those in finance comes from exploiting the poor, through predatory lending and abusive credit-card practices. Those at the top, in such cases, are enriched at the direct expense of those at the bottom.

i never cease to be amazed at the greed manifested by those at the top and completely baffled at their disregard or even outright contempt for any notion of the common good...

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Bernardine Dohrn: NATO is a global secret cabal. It is the military arm of the global 1 percent.

bernardine dohrn on democracy now...

We’re deeply involved [with the protests against the NATO summit this coming weekend] because NATO is a global secret cabal. It is the military arm of the global 1 percent. And really, I think NATO has become background to how we hear the news: "NATO forces, NATO bombings." And when you try to find out what NATO is, you realize that it is the largest global military alliance in human history and that its key elements are that it is about permanent war, it is about dirty war, it is about nuclear war, and it is about hot wars—really four of them right now. So we don’t really know what it is. They are secretive. And when I first went to look at a NATO website to see what it was, a dove floats across the screen on the first page of the official NATO website. By the end of the NATO website, it’s helicopters, fighter planes and drones. So, we, I think, are not made safer by NATO. It is secretive. And it is opposed to peace and to our future.

So, a wide array of Chicagoans have come together in a coalition, meeting really for nine months, to stand up and ask for peace, to really say, "We don’t need NATO. We need an end to the war in Afghanistan. We need a complete end to the war in Iraq. We need to rethink what just happened in Libya and what’s going on every day in Pakistan." So there’s an array of events happening, beginning with a National Nurses Association rally, a permitted rally on Friday. I think the support of unions and workers, the support of African-American activists in the city and Latino and immigrant groups, a wide array of women’s and activist groups and Occupy and students, and, in a way, most importantly, the Iraqi and Afghan vets against the war, who will be leading the big demonstration on Sunday when NATO opens its meeting here.

[...]

[W]e think that NATO should be meeting, you know, in an underground bunker or on a remote island. The idea that NATO has been invited to Chicago to have the kind of war games that have been going on here for the last six months and now accelerated this week, so that we have restricted zones, and we have the shutdown of universities and colleges, the shutdown of businesses, the closings of the major museums here, it is being treated as really a practice military zone.

And we actually feel very strongly—I think the way Americans feel—that we want an end to these wars. These wars are hated by the American people. They don’t make us safer in any way. In fact, they jeopardize our safety. Bombing foreign countries, occupying other countries in the world does not make us safer. Killing civilians without any accountability makes people angry.

And so, our resources, this enormous amount of money and resources, and suddenly we don’t have money here for mental—community mental health clinics. We don’t have money for public libraries or for schools. We don’t have money for public transportation. But somehow we have the millions of dollars necessary, or the mayor accessed the money, to hold this event right here in the city of Chicago. So we want peace and not this wars—permanent wars abroad and military war games and national security state at home.

it's amazing that it's no problem at all to come up with the money to fund the national security state while people are being thrown out of their houses, children are going hungry and schools are being closed... our priorities are so fucked...

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Mr. Fish: The altruism and profound compassion of the 1%

from truthdig...

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Chomsky: We’re really regressing back to the dark ages. It’s not a joke.

as always, chomsky's ability to recognize and describe the patterns and structures of our socioeconomic and political realities is unmatched...

tomdispatch...

There has always been a gap between public policy and public will, but it just grew astronomically. You can see it right now, in fact.  Take a look at the big topic in Washington that everyone concentrates on: the deficit. For the public, correctly, the deficit is not regarded as much of an issue. And it isn’t really much of an issue. The issue is joblessness. There’s a deficit commission but no joblessness commission. As far as the deficit is concerned, the public has opinions. Take a look at the polls. The public overwhelmingly supports higher taxes on the wealthy, which have declined sharply in this period of stagnation and decline, and the preservation of limited social benefits.

The outcome of the deficit commission is probably going to be the opposite. The Occupy movements could provide a mass base for trying to avert what amounts to a dagger pointed at the heart of the country.

For the general population, the 99% in the imagery of the Occupy movement, it’s been pretty harsh -- and it could get worse. This could be a period of irreversible decline. For the 1% and even less -- the .1% -- it’s just fine. They are richer than ever, more powerful than ever, controlling the political system, disregarding the public. And if it can continue, as far as they’re concerned, sure, why not?

[...]

[T]he Occupy movement is the first real, major, popular reaction that could avert this. But it’s going to be necessary to face the fact that it’s a long, hard struggle. You don’t win victories tomorrow. You have to form the structures that will be sustained, that will go on through hard times and can win major victories.

[...]

We’re really regressing back to the dark ages. It’s not a joke.  And if that’s happening in the most powerful, richest country in history, then this catastrophe isn’t going to be averted -- and in a generation or two, everything else we’re talking about won’t matter. Something has to be done about it very soon in a dedicated, sustained way.

It’s not going to be easy to proceed. There are going to be barriers, difficulties, hardships, failures.  It’s inevitable. But unless the spirit of the last year, here and elsewhere in the country and around the globe, continues to grow and becomes a major force in the social and political world, the chances for a decent future are not very high.

the 1% or, more accurately, the .1%, our ruling super-rich elites, will not go gently into that good night, but it would sure be nice to give them a hearty push...

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Occupy in Solidarity with the Greeks: "We're all Greeks Now"

what a sad state of affairs... the raping and pillaging continues unabated and we're all at great risk...


Protest, Syntagma Square, Athens

#OWS Joins International Day of Action: We Are All Greeks Now

Tomorrow, the people of Greece will take to the streets again to occupy Syntagma Square in protest of the extreme austerity measures being imposed on the backs of the Greek 99% to the joy and benefit of the European financial elite. The 99% everywhere are under assault by the same global banking interests. Greece is merely the most severe economic crisis yet to be imposed by the International Monetary Fund and other agents of the 1% in the Global North. People all over the world live under the tyranny of policies dictated by the IMF, the World Bank, and the G8. As demonstrated by the wholesale slashing of social services in the name of "debt reduction," New York City and the United States are not immune.

Our resistance to austerity will also be global. This weekend, the people of cities across the world will take to the streets in solidarity with the Greek protesters who have occupied their workplaces and public spaces to resist economic injustice. Demonstrations are planned throughout Germany, Austria, Belgium, Denmark, Spain, Finland, France, Iceland, Ireland, Italy, the Netherlands, Portgual, the United Kingdom, the United States, Sweden, and more. Click here for a partial listing of international rallies on Facebook. Occupy Chicago held a Greece solidarity rally yesterday. There is a rally today in San Francisco and tomorrow in New York City.

i like greece... i like the greeks... i've spent some time there and it's a wonderful country... they don't deserve this shit... nobody does...

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America's top bosses enjoyed pay hikes of between 27 and 40% last year

and people still have the nerve to ask what it is that has people in the occupy movement so upset...

via alternet...

America's top bosses enjoyed pay hikes of between 27 and 40% last year, according to the largest survey of US CEO pay. The dramatic bounceback comes as the latest government figures show wages for the majority of Americans are failing to keep up with inflation.

America's highest paid executive took home more than $145.2m, and as stock prices recovered across the board, the median value of bosses' profits on stock options rose 70% in 2010, from $950,400 to $1.3m.

when i think about how little it takes me to get by especially in comparison to these grossly overpaid toads, i see red... i've worked with some of these senior guys and i can tell you, their vastly over-inflated opinion of themselves is the only thing that compares in size to their vastly over-inflated compensation...

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Parallel police manuals: one for how to protect the rich and the other detailing how to deal with the poor

allison kilkenny writes about the occupy protests at the ports and in front of goldman sachs yesterday...

It was strange to see a large police response for such relatively tame acts of civil disobedience, but that's become a theme of Occupy Wall Street. The 30:1 police-to-protester ratio is a familiar theme of these kinds of protests, but only, of course, if the protest target has something to do with the financial district in New York City or major companies' import-export practices. When activists in New York City chose East New York as the site of their protest, very few police officers turned out to monitor the event. Those who did show up allowed protesters to march down the middle of the street, disrupt traffic, and block the roadways outside of homes.

If Occupiers attempted similar behavior in the financial district, police would arrest them en masse. That's not mere speculation. That exact scenario occurs every time protesters stray into Manhattan streets, and I've personally witnesses an NYPD officer tear the press pass off a foreign cameraman's neck when he went into the street to film police activity.

It almost seems as though there are parallel police manuals: one for how to protect the rich and the other detailing how to deal with the poor.

just another clear example of what it means to be the 99%...

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You vote for the president to spend some part of 20% of his days raising money for his own future from the incredibly wealthy

tom engelhardt...

[Recently,] President Obama hustled around my hometown, snarling New York traffic in the name of Campaign 2012. He was, it turned out, “hosting” three back-to-back fundraising events: one at the tony Gotham Bar and Grill for 45 supporters at $35,800 a head (the menu: roasted beet salad, steak and onion rings, with apple strudel, chocolate pecan pie, and cinnamon ice cream -- a meal meant to “shine a little light” on American farms); one for 30 Jewish supporters at the home of Jack Rosen, chairman of the American Jewish Congress, for at least $10,000 a pop; and one at the Sheraton Hotel, evidently for the plebes of the contribution world, that cost a mere $1,000 a head. (Maybe the menu there was rubber chicken.)

In the course of his several meals, the president pledged his support for Israel (in the face of Republican charges that he is eternally soft on the subject), talked about “taxes and the economy” to his undoubtedly under-taxed listeners, and made this stirringly meaningless but rousing comment: “No matter who we are, no matter where we come from, we're one nation. We're one people. And that's what's at stake in this election."

Outside his final event, Occupy Wall Street protesters saw something else at stake, dubbing him the “1% president.” The end result from a night’s heavy lifting: $2.4 million for his election campaign and the Democratic National Committee, nowhere close to 1% of what they will need for the next year.

These were the 67th, 68th, and 69th fundraisers attended by Obama so far in 2011, or the 71st, 72nd, and 73rd. (It depended on who was counting.) In either case, we’re talking about approximately one fundraiser every five days, a total of 6% of the events in which Obama took part in this non-election year.

Think about that. You vote for the president to spend some part of 20% of his days raising money for his own future from the incredibly wealthy. Or put another way, the Washington Post now estimates that if you add in the non-fundraising, election-oriented events that involve him -- 63 so far in 2011 -- perhaps 12% of his time is taken up with campaign efforts of one sort or another; and this is what he’s been doing 12 to 24 months before the election is scheduled to happen.

[...]

It’s clear enough -- or should be by now -- that the electoral process has been occupied by the 1%; which means that what you hear in this “campaign” is largely refracted versions of their praise, their condemnation, their slurs, their views, their needs, their fears, and their wishes. They are making money off, and electing a president via, you. Which means that you -- that all of us -- are occupied, too.

So stop calling this an “election.” Whatever it is, we need a new name for it.

the country belongs to the 1%... we're just their indentured servants...

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The 1% only care about making themselves richer at the expense of everyone else

dean baker...

It's time to expose the lies for what they are. The One Percent have rigged the deck over the last three decades to accomplish the most massive upward redistribution in the history of the world. These are not people who care about budget deficits or free trade or free markets. They care about making themselves richer at the expense of everyone else.

i know i'm being completely unrealistic, but wouldn't it be nice to see the views of someone like dean baker competing with the views of the 1% on traditional news media outlets...? i have to ask myself, why is that not happening...? the answer, obviously, is that the 1% control the traditional news media...

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Percentage of millionaires - Congress vs. the general population

this oughta make us all feel better, right...?

chris piascik...

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The Occupy movement changes everything

sarah van gelder, david korten and steve piersanti, writing in yes magazine, pretty much sum up my own feelings about the occupy movement...

Here’s how the Occupy movement is already changing everything:

1. It names the source of the crisis.
Political insiders have avoided this simple reality: The problems of the 99% are caused in large part by Wall Street greed, perverse financial incentives, and a corporate takeover of the political system. Now that this is understood, the genie is out of the bottle and it can’t be put back in.

2. It provides a clear vision of the world we want.
We can create a world that works for everyone, not just the wealthiest 1%. And we, the 99%, are using the spaces opened up by the Occupy movement to conduct a dialogue about the world we want.

3. It sets a new standard for public debate.
Those advocating policies and proposals must now demonstrate that their ideas will benefit the 99%. Serving only the 1% will not suffice, nor will claims that the subsidies and policies that benefit the 1% will eventually “trickle down.”

4. It presents a new narrative.
The solution is not to starve government or impose harsh austerity measures that further harm middle-class and poor people already reeling from a bad economy. Instead, the solution is to free society and government from corporate dominance. A functioning democracy is our best shot at addressing critical social, environmental, and economic crises.

5. It creates a big tent.
We, the 99%, are people of all ages, races, occupations, and political beliefs. We will resist being divided or marginalized. We are learning to work together with respect.

6. It offers everyone a chance to create change.
No one is in charge; no organization or political party calls the shots. Anyone can get involved, offer proposals, support the occupations, and build the movement. Because leadership is everywhere and new supporters keep turning up, there is a flowering of creativity and a resilience that makes the movement nearly impossible to shut down.

7. It is a movement, not a list of demands.
The call for deep change—not temporary fixes and single-issue reforms—is the movement’s sustaining power. The movement is sometimes criticized for failing to issue a list of demands, but doing so could keep it tied to status quo power relationships and policy options. The occupiers and their supporters will not be boxed in.

8. It combines the local and the global.
People in cities and towns around the world are setting their own local agendas, tactics, and aims. What they share in common is a critique of corporate power and an identification with the 99%, creating an extraordinary wave of global solidarity.

9. It offers an ethic and practice of deep democracy and community.
Slow, patient decision-making in which every voice is heard translates into wisdom, common commitment, and power. Occupy sites are set up as communities in which anyone can discuss grievances, hopes, and dreams, and where all can experiment with living in a space built around mutual support.

10. We have reclaimed our power.
Instead of looking to politicians and leaders to bring about change, we can see now that the power rests with us. Instead of being victims to the forces upending our lives, we are claiming our sovereign right to remake the world.

i do, however, need to disagree that all ten of those items - or even the majority of them - are faits accomplis... are they extremely important and worth pursuing...? absolutely... what worries me is that they are, at this point, mostly aspirational and that the movement will run out of gas before we get there...

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Robert Reich delivers a teach-in at Occupy LA

something is wrong with the system itself...

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It's the 1 percent that pay for elections, not the 25 million workers suffering from Congressional greed and incompetence

the ability of our super-rich elites to use their bought and paid for elected puppets and media shills to manipulate us and pit us against each other knows no bounds...

dean baker...

It is truly impressive how the Washington elite have managed to make these modest protections for the country's working population (the 99 percent) into the greatest problem facing the country. The obsession with cutting these programs is occurring at a time when we have more than 25 million people unemployed, underemployed or who have given up looking for work altogether. One might think that Congress would convene a supercommittee to get people back to work rather than figuring out a way to undermine programs that people need, but it's the 1 percent that pay for elections, not the 25 million workers suffering from their greed and incompetence.

Since almost no one can be immune to the hysteria that the media have created around the cost of these programs, it is worth putting it in some context. Starting with Social Security, the latest projections from the Congressional Budget Office show that the program can pay all benefits through the year 2038 with no changes whatsoever.

Even if we never did anything, the program would be able to pay more than 80 percent of scheduled benefits well into the next century. Since the value of benefits is projected to rise through time, 80 percent of the projected benefit in 2040 is considerably higher than the average benefit received by retirees today. Therefore, the often repeated comment that there will be nothing there for our children or grandchildren is a telltale sign of ignorance or dishonesty.

[...]

The public should realize that "generational warfare" is an agenda that was deliberately designed by the 1 percent to distract the rest of us from the class war that they have been successfully waging over the last three decades. Rather than have a public debate on the policies that have redistributed so much income upward, the 1 percent want to pit children against their parents and grandparents, forcing them to fight over crumbs.

it's truly astounding to me that, given the state the world is in and the many issues of real substance we have facing us as a human race, that the appointed stooges of our elites can, in what only amounts to unbelievable arrogance and deliberate denial, sit in washington and deliberate how best to destroy the precious little bit that remains of our social contract...

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5 key points that weigh heavily in favor of Occupy Wall Street

one thing that becomes readily apparent in all the reading i've been doing about occupy wall street is just how badly people want it to succeed and just how desperately people have been waiting for something just like this to come along...

robert borosage...

1. Moral clarity

Occupy Wall Street has no policy agenda, but it has utter moral clarity. The demonstrators have built an island of democracy in the belly of Wall Street. The bankers looking down on them would be on the street had not taxpayers bailed them out. And now they are confronted with students sinking under student debt with no jobs, homeowners who are underwater and can't find mortgage relief, workers desperate for work.

No one is confused about the message. Wall Street got bailed out; Main Street was abandoned. The top 1% rigs the rules and pockets the rewards. And 99% get sent the bill for the party they weren't even invited to.

2. Non violent discipline

That moral clarity was dramatized when the demonstrators stayed disciplined in the face of police provocation, including pepper spray in the face. The movement did not begin to sweep the country until people saw the police protecting Wall Street's banksters by assaulting peaceful protestors. Suddenly this wasn't a disorganized, rag tag gathering. These were citizens under attack for exercising their rights. That struck a powerful moral chord.

3. A Rising Protest

Across the country, people have responded to this clarity. Unemployed kids rallied to their side. White-collar workers stopped by for lunch. Suburbanites came in to share. On Wall Street, Liberty Square became a tourist center.

Unions and national progressive organizations marched in support, without pretending to speak for the demonstrators. For progressives, this surge of protest began building months ago, when thousands of people rallied to take over the capitol building in Madison, Wisconsin to protest Gov. Scott Walker's attempt to crush worker rights. It built over the summer as thousands turned up at town meetings and sobered legislators with their demand for jobs, not cuts. The Washington Post suggested that unions and national organizers were resentful of Occupy Wall Street, but in fact most were buoyed by the energy unleashed, the moral challenge posed.

4. Political Steamroller

Pundits dismiss Occupy Wall Street for not having a clear agenda. They are told to turn their protests into political demands. Some offer suggestions of what they should advocate -- "infrastructure investment" says Paul Krugman, a speculation tax on banks, home mortgage relief. The press wonders if Occupy will become the left-wing Tea Party and run candidates in elections, as if left-wing Koch brothers were orchestrating the protests.

But this is silly. Occupy Wall Street is already a political steamroller. Without an agenda, without an electoral operation, without a slate of candidates, if it continues to grow, it will force every national politician to decide whose side he or she is on. Are you with the banks or with the 99%? And prove it. Reporters will insure the question gets posed; voters will be interested in the answer.

[...]

5. It's Only Just Begun

No one can predict what happens to Occupy Wall Street, but the public protests have just begun. When the Civil Rights Movement took off, it too faced many of the same criticisms. It had too many demands. Its priorities were unclear. Did it want only to overturn legal segregation? Why was King going to Chicago? Why was he talking about poverty, and not just about equal rights? How dare he talk about the war?

[...]

Movements aren't tidy. They aren't organized. They unleash energy. They inspire ordinary people to leave their daily routines and do extraordinary things. They inspire; they insult; they mortify. They disrupt business as usual. And if they touch a chord, they grow, and they force politicians and citizens to decide.

[...]

Will this movement be a factor in the 2012 elections? It already is. Will it make clear demands? It already has. Whose side are you on? Wall Street or kids in the street? The top 1% or the 99%? It doesn't get clearer than that.

i'm eager to see it continue and grow...

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