The suicide of capitalism
AUSTIN, Texas -- In case you haven't got anything else to worry about -- like war in the Middle East, nuclear showdowns, global warming or Apocalypse Now -- how about the suicide of capitalism?
Late last month, the U.S. Court of Appeals struck down a new rule by the Securities and Exchange Commission requiring mandatory registration with the SEC for most hedge funds. This may not strike you as the end of the world, but that's because you've either forgotten what a hedge fund is or how much trouble they can get us into.
These investment pools for rich folks are now a $1.2 trillion industry (known to insiders, I am pleased to report, as "the hedge fund community"). Hedge funds are now beginning to be used by average investors and pension investors. Back in 1998, there was this little-bitty old hedge fund called Long Term Capital Management. Because hedge funds make high-risk bets, Long Term Capital got itself in so much trouble its collapse actually threatened to wreck world markets, and regulators had to step in to negotiate a $3.6 billion bailout. A similar fiasco at this point probably would break world markets.
Late last month, the U.S. Court of Appeals struck down a new rule by the Securities and Exchange Commission requiring mandatory registration with the SEC for most hedge funds. This may not strike you as the end of the world, but that's because you've either forgotten what a hedge fund is or how much trouble they can get us into.
These investment pools for rich folks are now a $1.2 trillion industry (known to insiders, I am pleased to report, as "the hedge fund community"). Hedge funds are now beginning to be used by average investors and pension investors. Back in 1998, there was this little-bitty old hedge fund called Long Term Capital Management. Because hedge funds make high-risk bets, Long Term Capital got itself in so much trouble its collapse actually threatened to wreck world markets, and regulators had to step in to negotiate a $3.6 billion bailout. A similar fiasco at this point probably would break world markets.
Containing the military industrial complex
Remarks at Democracy Fest, San Diego, July 15, 2006
More than any other weapons system, the chief products of the military industrial complex are lies. We just learned this week that Congress was cracking down on corruption by denying another contract to Halliburton. In reality, Halliburton has completed its main task of building five permanent bases and doesn't care as much about more contracts for services for soldiers. And, in fact, last month the Senate rejected, nearly along party lines, a bill to create honest contracting and impose penalties for fraud of the sort almost openly engaged in by Halliburton.
Lies and secrets are what the military industrial media complex sells us. We say the phrase "military industrial complex," but the lies that it hides behind permeate our thinking and dominate the politics of both major parties. Some of these lies are:
Being tough and hungry for war makes us safer.
The wars we wage have something to do with defense.
The wars we wage are fought for reasons related to foreign threats or international relations.
We wage our wars reluctantly.
More than any other weapons system, the chief products of the military industrial complex are lies. We just learned this week that Congress was cracking down on corruption by denying another contract to Halliburton. In reality, Halliburton has completed its main task of building five permanent bases and doesn't care as much about more contracts for services for soldiers. And, in fact, last month the Senate rejected, nearly along party lines, a bill to create honest contracting and impose penalties for fraud of the sort almost openly engaged in by Halliburton.
Lies and secrets are what the military industrial media complex sells us. We say the phrase "military industrial complex," but the lies that it hides behind permeate our thinking and dominate the politics of both major parties. Some of these lies are:
Being tough and hungry for war makes us safer.
The wars we wage have something to do with defense.
The wars we wage are fought for reasons related to foreign threats or international relations.
We wage our wars reluctantly.
An inconvenient video game
Someone should make a video game of The Inconvenient Truth. The generation
of most game-players will inherit global warming's escalating march, and
many won't see any documentary, even an excellent one. Inconvenient Truth
is, after all, a lecture and slide show, mixed with a strong personal story,
some nice Matt Groening animation, and more humor and hope than you'd expect
from a film on the subject. We need to get everyone we can into the theater
seats, buying tickets for friends, colleagues, and neighbors, paying the way
for those on the fence to at least give it a look. I'd love to see schools
negotiate daytime matinees in normally empty weekday theaters, so their
students can attend at radically discounted prices. But some--especially
those swayed by the Bush administration's propaganda against science,
thinking, and other "reality-based" pursuits--will still find it too much of
a high-brow lecture.
Wounded to the soul
"The question that remains is: Are we who want the killing to stop as committed to peace as those who are committed to war?"
Ouch, this is a devilishly tough question, unless you're content to answer it in the negative. Then, of course, no problem. A bitter grimace and a stiff drink or whatever (name your poison) will get you through the day. Watch the opinion polls plummet - Gallup this week finds two-thirds of Americans opposed to the war in Iraq - and shrug in wonder that it doesn't seem to matter, but exercise patience. When three-quarters of Americans oppose the war, then the politicians - surely the Democrats at least, surely Hillary - will lip-sync a different tune . . .
Or you can scream.
One recent e-mail correspondent, after reciting the familiar litany of insanity about this war, from the lies to the slaughter to the cynicism, signed off her letter: "Wounded to the soul."
Ouch, this is a devilishly tough question, unless you're content to answer it in the negative. Then, of course, no problem. A bitter grimace and a stiff drink or whatever (name your poison) will get you through the day. Watch the opinion polls plummet - Gallup this week finds two-thirds of Americans opposed to the war in Iraq - and shrug in wonder that it doesn't seem to matter, but exercise patience. When three-quarters of Americans oppose the war, then the politicians - surely the Democrats at least, surely Hillary - will lip-sync a different tune . . .
Or you can scream.
One recent e-mail correspondent, after reciting the familiar litany of insanity about this war, from the lies to the slaughter to the cynicism, signed off her letter: "Wounded to the soul."
More atomic bomb balm from the New York Times
The New York Times Sunday Magazine has chimed in for the "bring back nukes" crowd with an ill-conceived screed that completely ignores the reality that the world's power must ultimately come from clean, safe renewable energy and increased efficiency.
Entitled "Atomic Balm," the lengthy Sunday magazine piece tries to portray a nuke industry on its way back. But hidden throughout the article are trap after trap that will doom atomic power, and that show the Bush Administration's attempt to revive it to be ever more futile and corrupt.
To begin with, this very long article fails to mention that the National Renewable Energy Laboratory has issued a draft report showing that between 99% and 124% of the nation's electricity can be supplied by renewable means by the year 2020. Since nuclear power supplies only electricity, this simple fact makes complete mincemeat of any pretext for bringing it back. If we can get the juice cheaper, safer, cleaner and more quickly from nature, why build sitting ducks for terrorists that have only 50 years of failure to show for a trillion dollars invested?
Entitled "Atomic Balm," the lengthy Sunday magazine piece tries to portray a nuke industry on its way back. But hidden throughout the article are trap after trap that will doom atomic power, and that show the Bush Administration's attempt to revive it to be ever more futile and corrupt.
To begin with, this very long article fails to mention that the National Renewable Energy Laboratory has issued a draft report showing that between 99% and 124% of the nation's electricity can be supplied by renewable means by the year 2020. Since nuclear power supplies only electricity, this simple fact makes complete mincemeat of any pretext for bringing it back. If we can get the juice cheaper, safer, cleaner and more quickly from nature, why build sitting ducks for terrorists that have only 50 years of failure to show for a trillion dollars invested?
Republican Congressman says Bush should be removed from office
A radio show reported yesterday that Republican Texas Congressman Ron Paul said the following:
"I would have trouble arguing that he's been a Constitutional President, and once you violate the Constitution and be proven to do that I think these people should be removed from office."
And this: "Congress has generously ignored the Constitution while the President flaunts it, the courts have ignored it and they get in the business of legislating so there's no respect for the rule of law."
And this: "When the President signs all these bills and then adds statements after saying I have no intention of following it - he's in a way signing it and vetoing - so in his mind he's vetoing a lot of bills, in our mind under the rule of law he hasn't vetoed a thing."
And Paul said the United States had entered a period of "soft fascism."
"I would have trouble arguing that he's been a Constitutional President, and once you violate the Constitution and be proven to do that I think these people should be removed from office."
And this: "Congress has generously ignored the Constitution while the President flaunts it, the courts have ignored it and they get in the business of legislating so there's no respect for the rule of law."
And this: "When the President signs all these bills and then adds statements after saying I have no intention of following it - he's in a way signing it and vetoing - so in his mind he's vetoing a lot of bills, in our mind under the rule of law he hasn't vetoed a thing."
And Paul said the United States had entered a period of "soft fascism."
An open letter from Ohio to the people of Mexico
The patterns are much too familar to ignore. Those of us who saw first-hand how the U.S. presidential election of 2004 was stolen here in Ohio cannot avoid the conclusion that Mexico's presidential election is also on the brink of being stolen. Too much of what happened in Florida 2000 and Ohio 2004 is being repeated in Mexico 2006 to believe otherwise.
To those in Mexico who still believe in democracy, we urge you to avoid the mistakes made here. Do not doubt for one minute that fraud, intimidation and outright theft are the tell-tale trademarks of the Bush junta and its overseas minions.
Above all, DO NOT GIVE IN.
The most crucial difference between the United States in 2000 and 2004 versus Mexico 2006 is that in Mexico, there is a candidate willing to stand up to this outrageous theft. Perhaps you will ultimately get the recount that was so thoroughly denied here.
But make no mistake: to allow this election to be stolen is to welcome the death of what is left of your democracy. Those who think they can somehow go on with their daily lives and avoid the fallout of such a theft are engaging in delusional folly.
To those in Mexico who still believe in democracy, we urge you to avoid the mistakes made here. Do not doubt for one minute that fraud, intimidation and outright theft are the tell-tale trademarks of the Bush junta and its overseas minions.
Above all, DO NOT GIVE IN.
The most crucial difference between the United States in 2000 and 2004 versus Mexico 2006 is that in Mexico, there is a candidate willing to stand up to this outrageous theft. Perhaps you will ultimately get the recount that was so thoroughly denied here.
But make no mistake: to allow this election to be stolen is to welcome the death of what is left of your democracy. Those who think they can somehow go on with their daily lives and avoid the fallout of such a theft are engaging in delusional folly.
How Venice is dying
VENICE -- A few moments after Italy dashed French hopes with that disappointing coda of penalty kicks, Alya and I took a five-minute stroll to the Piazza San Marco to see the locals celebrate their nation's capture of the World Cup for soccer. As we left, the TV in our hotel was showing Rome, Naples and Milan exploding in triumph. Alya's niece, staying in Milan, told her the next day that sleep had been impossible. The racket of cheers and honking horns had lasted all night.
In Venice, looking east across the vast expanse of the Piazza San Marco, we could see a knot of maybe 300 people down the far end, near the Basilica. As we drew nearer, they turned out to be tourists leveling their digital cameras at a knot of maybe 50 Italians lofting the national flag and dancing round in a circle. Things weren't much livelier in front of the Doge's Palace facing the Grand Canal.
In Venice, looking east across the vast expanse of the Piazza San Marco, we could see a knot of maybe 300 people down the far end, near the Basilica. As we drew nearer, they turned out to be tourists leveling their digital cameras at a knot of maybe 50 Italians lofting the national flag and dancing round in a circle. Things weren't much livelier in front of the Doge's Palace facing the Grand Canal.
The politics of greed
AUSTIN, Texas -- I don't get it. What's the percentage in keeping the minimum wage at $5.15 an hour? After nine years? This is such an unnecessary and nasty Republican move. Congress has voted seven times to raise its own wages since last the minimum wage budged. Of course, Congress always raises its own salary in the dark of night, hoping no one will notice. But now it does the same with the minimum wage, quietly killing it.
Anyone who doesn't think this is a country where the rich are getting richer and the poor are getting poorer needs to check the numbers -- this is Bush country, where a rising tide lifts all yachts.
According to the current issue of Mother Jones:
-- One in four U.S. jobs pays less than a poverty-level income.
-- Since 2000, the number of Americans living below the poverty line at any one time has risen steadily. Now, 13 percent -- 37 million Americans -- are officially poor.
-- Bush's tax cuts (extended until 2010) save those earning between $20,000 and $30,000 an average of $10 a year, while those making $1 million are saved $42,700.
Anyone who doesn't think this is a country where the rich are getting richer and the poor are getting poorer needs to check the numbers -- this is Bush country, where a rising tide lifts all yachts.
According to the current issue of Mother Jones:
-- One in four U.S. jobs pays less than a poverty-level income.
-- Since 2000, the number of Americans living below the poverty line at any one time has risen steadily. Now, 13 percent -- 37 million Americans -- are officially poor.
-- Bush's tax cuts (extended until 2010) save those earning between $20,000 and $30,000 an average of $10 a year, while those making $1 million are saved $42,700.
It's time Democrats aggressively play the terrorism card
We all remember how the 2004 election was won by Repuglicans because they made the war on terror the central front in their war on Democrats. To be sure, the Iraq war and the economy were reasons enough to get them soundly kicked to the curb, but they shamelessly exploited 9/11, continued their lie about Iraq and, despite John Kerry's five Vietnam medals, successfully branded Democrats as the party of limp-wristed, weak-kneed, Birkenstock-wearing pansies who cannot protect America. Their mantra? Be afraid people, be very afraid. And it worked. Over 62-million voters--more than any in election history--sent the great macho warriors Bush & Cheney, Mr. Awol & Mr. Deferment, back to the White House to valiantly battle evil for another four years.