They just threw America's credit rating off Boston harbor. The privately owned profit-making agency that fueled the economic crisis of 2008 by ranking Wall Street collections of junk-mortgages AAA has downgraded obligations of the United States to AA+, after a half-day delay to consider a Treasury Department notification of a $2 trillion error in their math. In the world … [Read more...] about Standard & Poors Tea Party
The New Era of Hostage Politics (Guest Voice)
The New Era of Hostage Politics by Michael Winship When I arrived in Washington this past Sunday, just as the debt ceiling crisis was approaching its climax, all the flags surrounding the capital's Union Station stood at half-mast. I blackly joked with my brother and sister-in-law that maybe they'd been lowered to mark the death of the New Deal. (In fact, they honored the … [Read more...] about The New Era of Hostage Politics (Guest Voice)
Petrodollars to Petro-What? (Publico, Spain)
How badly does the United States want to maintain the value of the dollar? According to columnist Nazanin Amirian of Publico, what has been behind most recent U.S. wars is not human rights or weapons of mass destruction, but the imperative of beating back all challengers to the dominance of the greenback as the world's currency. For Publico, Nazanin Amirian writes in part: … [Read more...] about Petrodollars to Petro-What? (Publico, Spain)
After Historic Credit Downgrade, Americans Must Mend Ways (Xinhua, People’s Republic of China)
What message should the United States government take away from the first credit rating downgrade in its entire history? According to this bluntly-worded editorial from Xinhua, the state news agency of America’s largest creditor, the U.S must break its 'addiction' to borrowed money, the political ‘wrangling’ in Washington must end, and China’s dollar denominated assets must be … [Read more...] about After Historic Credit Downgrade, Americans Must Mend Ways (Xinhua, People’s Republic of China)
America Adds 345 More to her Melting Pot
As we hurriedly walk in the scorching San Antonio heat to the Scottish Rite Auditorium, my thoughts go back to a much cooler day about 50 years ago when I became an American citizen. I wonder if anything has changed in either America or in those who have traveled thousands of miles, who have left loved ones in far-away lands, who sometimes even risk serious repercussions in … [Read more...] about America Adds 345 More to her Melting Pot
The Prices of Nuclear Power
On this day sixty-six years ago, the world changed, but now hardly anyone remembers that the first atomic bomb in history was exploded over Hiroshima on August 6, 1945. News traveled slowly those days. I was a 21-year-old soldier in southern Germany waiting to be sent to the Pacific for the invasion of Japan, and it was only days later we learned of a new weapon that had … [Read more...] about The Prices of Nuclear Power
A symbolic defeat for America?
The AP is reporting that 20 members of Navy SEAL Team Six -- the unit responsible for Osama bin Laden's killing -- were among those killed in a helicopter crash in Afghanistan. Some sources indicate that none of the SEAL members who died in the crash were present during the Islamabad night raid back in May, but nearly all agree that this is the largest death toll from a Taliban … [Read more...] about A symbolic defeat for America?
S&P Report: A Moderate’s Manifesto
I have no idea if a math error is to explain S&P's decision to downgrade the US government credit rating. And I'm quite aware of S&P's dubious record in helping to create the very credit bubble that got us into this mess; remember those "AAA" bonds insured by credit default swaps? But I think, as Ezra Klein argues, this downgrade is real and is justifiable. So what is … [Read more...] about S&P Report: A Moderate’s Manifesto
The Second Great Contraction
The American economist, Kenneth Rogoff, suggested this week that we stop referring to our present economic woes as The Great Recession, and instead label the present situation The Second Great Contraction. The first Great Contraction occurred in the 1930's. The same thing is happening again. The problem with our present terminology, Rogoff writes, is that it assumes that our … [Read more...] about The Second Great Contraction
The Great Concessionair (Guest Voice)
The Great Concessionair by Will Durst Sorry if you settled into your recliner ready to enjoy the blessed silence destined to descend on the political playing field in the aftermath of the Debt Ceiling Death Match. Lasted as long as the life cycle of an adult mayfly. That momentary, blissful peace was rudely broken by a cacophony of squeaks and grunts and shouts as each camp … [Read more...] about The Great Concessionair (Guest Voice)
10 Tea Party Extremism Cartoons
Daryl Cagle asks: Are members of the tea party extremists? Some pundits seem to think so, pointing to the last couple of months where they were successfully able to hold Congress and President Obama hostage in order to get their demands passed. One thing’s for certain – tea party members have certainly shaken-up the corridors of power in Washington. Whether that’s a … [Read more...] about 10 Tea Party Extremism Cartoons
Starve the Beast
This copyrighted cartoon is licensed to appear on TMV. Unauthorized reproduction prohibited. … [Read more...] about Starve the Beast
China to U.S.: “the Good Old Days” of Borrowing Are Over
China has now served notice on the United States: the "good old days" of borrowing are over: China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over. Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over … [Read more...] about China to U.S.: “the Good Old Days” of Borrowing Are Over
Abolish the Debt Ceiling?
In an interesting mailing I just received from a political group---Democratic, I believe---I find some points that I think merit some discussion by the experts among you. (I was going to say “among us,” but I will readily admit I am not one when it comes to economic issues.) So, let me just “throw it out there,” after deleting or modifying some of the more partisan words … [Read more...] about Abolish the Debt Ceiling?
31 U.S. Troops Killed in Deadliest Incident in Afghanistan War (UPDATES)
A very tragic development in our involvement in Afghanistan. Several news sources are reporting that “dozens” of U.S. soldiers were killed in a helicopter crash near the Afghan capital, Kabul, late Friday night. The New York Times reports that the Chinook helicopter was hit by a rocket-propelled grenade launched by insurgents just west of Kabul. It is believed to be … [Read more...] about 31 U.S. Troops Killed in Deadliest Incident in Afghanistan War (UPDATES)
Rewind: August 6, 1945 Hiroshima: For Those Who Came, But Could Not Stay
FOR THOSE WHO CAME, BUT COULD NOT STAY While you and I were being born, growing “in the little bread oven”… as it was often said back then… there were other little babies across the world, suddenly thrust into real ovens, and they were not allowed to grow any more. Don’t tell me that that is the past and none of our concern. This is in cellular memory, and we … [Read more...] about Rewind: August 6, 1945 Hiroshima: For Those Who Came, But Could Not Stay
A Birthday To Celebrate: Lucille Ball (100 Years)
In celebrating the 100th birthday of one of the funniest women who ever lived -- and who left a huge legacy on film -- it's worth looking back and celebrating the incredible Lucille Ball: Visit msnbc.com for breaking news, world news, and news about the economy SOME HIGHTLIGHTS FROM HER CAREER: The famous, hilarious candy wrapping scene: Stomping grapes. The big … [Read more...] about A Birthday To Celebrate: Lucille Ball (100 Years)
S&P Timeline : Culpability Then Threats
Update1: Twitter response: #StandardandPoorsThroughoutHistory Update2: Who owns Standard and Poors? McGraw-Hill. Who runs McGraw-Hill? See the Board of Directors, courtesy TheyRule.net, tip @dartdog Th Apr 13, 2011: Moody’s, S&P Caved In to Ratings Pressure From Goldman, UBS Over Mortgages - Bloomberg Fri Apr 14, 2011: Moody's, S&P Triggered Financial Crisis, … [Read more...] about S&P Timeline : Culpability Then Threats
Abandon Hope
This copyrighted cartoon is licensed to run on TMV. Unauthorized reproduction prohibited. … [Read more...] about Abandon Hope
Is S&P Downgrade Based On Math Error ?
As Joe G has alread reported Standards & Poors has officially downgraded the US Treasury bond rating from AAA to AA+. However reports are coming out of Washington that this action may be based upon math errors. Being interviewed on MSNBC Congressman Barney Frank has pointed out that S&P was among the worst agencies in miscalculating the value of junk bonds during the … [Read more...] about Is S&P Downgrade Based On Math Error ?