April 2011

Obama: “We Must Be Careful About Oil Reserves”

Posted 4/15/11 at 10:31am by jamie

U.S. Oil ReservesIn an interview with ABC, President Obama gave his views of opening the U.S. oil reserves to combat high oil prices:

"We are monitoring the situation very closely. The strategic petroleum reserve was designed for when oil actually shuts off," Obama told ABC.

"The reserves, I think, are something that we've got to be very careful about. And what we don't want to do is catch ourselves in a situation, particularly when things are uncertain in the Middle East, where we're using it now and it turns out we need more later."

While I shed a tear every time I fill up, I have to agree with the President on this. The oil reserves aren’t a silver bullet to high prices. Once the reserves are gone, they have to be refilled. What if prices are even higher then? Well that’s more we have to pay out to the reserves.

Another, very plausible scenario is the instability in the Middle East right now. We are talking about a region that 100 or 1,000 year uprisings are not uncommon. If we opened up the reserves now, we don’t know what might happen tomorrow or next year. We could see some major uprising or war that shuts off a big chunk of the supply. With depleted reserves, we would be stuck with even higher prices.

Sadly there isn’t a simple solution to the current oil prices. Some say we should start drilling here, but even if we started today, we wouldn’t see anything pumping out for at least 10 years.

The GOP Is The Party Of The Minority

Posted 4/15/11 at 8:14am by jamie

The Economic Policy Institute has released a chart showing the average overall tax rates in 1979, 1992 and 2007. The picture isn’t pretty.

While the tax rate for you, me and the other 99% of this country has remained pretty much the same over the years, the tax rate for the top 1% has seen a nice decrease in their tax burden and the top 400 households have seen a reduction that leaves them paying less a share than the rest of the country.

How is this fair?

To answer that question, we must throw out everything we know about math and enter the world of GOP economics. You constantly hear the GOP say that these poor rich people have to pay the most in taxes. Of course they do because they also earn the biggest chunk of the money in this country. But for things to be fair, we mustn’t look at total amounts, but rather shares. You and me haven’t thrived off the American dream, but we are paying a bigger share than those who have. The people who need the money the most and would be more out to spend any extra money, which would boost our economy, see a bigger percentage of their earnings go to taxes than the ultra-rich.

Lindsey Graham To Hold Senate Hostage Over A $40,000 Earmark

Posted 4/14/11 at 7:47am by jamie

Again, the IOKIYAR syndrome strikes:

Sen. Lindsey Graham (R-S.C.) has vowed to bring the Senate to a standstill unless congressional leaders agree to allocate $40,000 for a federal study on deepening the Port of Charleston.

Graham says one out of five jobs in South Carolina stem from trade through Charleston’s busy port, and he warns the entire state economy will suffer unless the port is overhauled.

The senator suffered a setback last week when Senate Majority Leader Harry Reid (D-Nev.) and Speaker John Boehner (R-Ohio) did not include the funding in the 2011 budget deal.

Graham said he will not block the budget agreement to keep the government funded through the end of September but that he will hold up all other business until the matter is resolved. He said he would not delay the stopgap spending measure because it includes funding for troops in Afghanistan and Iraq.

When we fund research for things like cancer, monitoring volcanoes or tsunamis or anything other thing that can save millions of lives and billions in property, the right balks at “government waste”. Here we have a Republican Senator wanting to spend federal dollars to research something that will affect a community of less than 350,000 and the right is silent. While the dollar amount is far less, for some reason I am having flashbacks of the “bridge to nowhere” and the late Ted Stevens.

The 2012 Boogeyman–Sharia!

Posted 4/12/11 at 8:20am by jamie

It looks like the field of 2012 GOP candidates are quickly setting up their boogeyman – Sharia law. For years now there has been noise on the right that Sharia law is taking over the country and now that noise is getting louder.

Over at Ben Smith’s blog, he has gathered a sampling of what the GOP 2012 candidates are saying about this. My personal favorite is from Newt:

Newt Gingrich, on sharia: "We should have a federal law that says sharia law cannot be recognized by any court in the United States," Gingrich said to a standing ovation from the audience. The law will let judges know, Gingrich said, that "no judge will remain in office that tried to use sharia law."

Newt’s partly right, except for the fact that he is isolating this law to a single religion – something that would surely fail the Constitution test. Instead a law saying that judges should rule upon the law and the use of any religion in their rulings is grounds for removal from office would be a much better statement and one that would stand up against the first amendment.

Our Right Leaning Supreme Court Gives Prosecutors The Right To Lie

Posted 4/11/11 at 8:28am by jamie

At the end of March an atrocity happened in the Supreme Court, one that can redefine our system of justice and put us more on track to become a third world nation governed by dictators.

John Thompson was convicted of murder and robbery in the 1980’s in New Orleans. He was then sentenced to death. For the next 14 years he resided on death row at the Louisiana State Penitentiary until it was uncovered that prosecutors hid evidence that exonerated him from the crimes. Today Thompson tells his story in the New York Times:

I SPENT 18 years in prison for robbery and murder, 14 of them on death row. I’ve been free since 2003, exonerated after evidence covered up by prosecutors surfaced just weeks before my execution date. Those prosecutors were never punished. Last month, the Supreme Court decided 5-4 to overturn a case I’d won against them and the district attorney who oversaw my case, ruling that they were not liable for the failure to turn over that evidence — which included proof that blood at the robbery scene wasn’t mine.

Because of that, prosecutors are free to do the same thing to someone else today.

Read the entire thing and you will realize the horror that any of us could easily go through. Not just the fear of being put to death, but the loss of 18 years of your life for something you never did. You might even think you’re reading a John Grisham book, but this is real life.

This Isn’t A Way To Win Iowa Over

Posted 4/7/11 at 8:55am by jamie

I wonder what this Tim Pawlenty exploratory committee person was trying to explore?

A 15-year-old girl found a campaign worker from Alabama banging on her Ankeny family's back door early Wednesday morning.

Chloe Steward told KCCI she heard her dog barking around 3 a.m. and went to investigate. She said she found a man trying to get into the back door.

"His arm was in my back door, trying to get in and I screamed and went upstairs to my parents room and I continued screaming," said Chloe Steward. “He shoved his arm in here and kept touching the wall, looking for something. I don’t know what he was looking for."

[SNIP]

Police said Benjamin Foster was arrested and charged with public intoxication and trespassing. He was taken to the Polk County Jail.

Iowa political strategist Eric Woolson is a consultant for the Pawlenty Exploratory Committee. He confirmed to KCCI that Foster is employed by the Pawlenty Exploratory Committee. He declined comment at this time on the incident.

In Foster’s defense, you would have to be mad drunk to support Pawlenty. Of course Pawlenty’s people are trying to keep mum on the incident, with those ever famous words; ‘no comment’;

A Huck-av-a Mystery In Arkansas

Posted 4/5/11 at 8:38am by jamie

Mother Jones:

Send a public records request seeking documents from his 12-year stint as Arkansas governor, as Mother Jones did recently, and an eyebrow-raising reply will come back: The records are unavailable, and the computer hard drives that once contained them were erased and physically destroyed by the Huckabee administration as the governor prepared to leave office and launch a presidential bid.

What’s Mike Huckabee trying to hide? We already know how he likes to let hardened criminals out of jail, like Maurice Clemmons, who went on to kill four police officers. Is there something even worse hiding in Huckabee’s tenure?

Transocean Awards Huge Bonuses For “Best Year In Safety”

Posted 4/4/11 at 9:52am by jamie

So a “best year” means having an oil rig explode, which cost 11 people their lives and lead to the biggest oil spill in American history?

 

Transocean Ltd. gave its top executives bonuses for achieving the "best year in safety performance in our company's history" — despite the explosion of its oil rig that killed 11 people, including nine of its own employees, and spilled 200 million gallons of oil into the Gulf of Mexico.

The company said in a regulatory filing that its most senior managers were given two-thirds of their total possible safety bonus.

Transocean noted "the tragic loss of life" in the Gulf when the rig operated by BP PLC exploded last April. But it said the company still had an "exemplary" safety record because it met or exceeded certain internal safety targets concerning the frequency and severity of its accidents, according to the filing with the Securities and Exchange Commission on Friday.

If any of these executives had an ounce of humanity in them then they would donate their bonuses to the families of the people who died on their rig and the people affected by their disaster. Yeah, that will really happen!

Bailing Out The Drug Lords

Posted 4/4/11 at 8:04am by jamie

Wells Fargo  received $25 billion from the George Bush TARP program. One of Wells Fargo’s biggest problems was the acquisition of Wachovia in December of 2008. Wachovia came with a whole slew of problems, but probably none bigger than this:

On 10 April 2006, a DC-9 jet landed in the port city of Ciudad del Carmen, on the Gulf of Mexico, as the sun was setting. Mexican soldiers, waiting to intercept it, found 128 cases packed with 5.7 tons of cocaine, valued at $100m. But something else – more important and far-reaching – was discovered in the paper trail behind the purchase of the plane by the Sinaloa narco-trafficking cartel.

During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo.

The authorities uncovered billions of dollars in wire transfers, traveller's cheques and cash shipments through Mexican exchanges into Wachovia accounts. Wachovia was put under immediate investigation for failing to maintain an effective anti-money laundering programme. Of special significance was that the period concerned began in 2004, which coincided with the first escalation of violence along the US-Mexico border that ignited the current drugs war.

Redistribution Of Wealth!!!!!!

Posted 4/1/11 at 10:38am by jamie

Does your paycheck still make you cry? Do you wonder why the bosses are all giddy like high school girls? Well this could be why (via Think Progress):

At a time most employees can barely remember their last substantial raise, median CEO pay jumped 27% in 2010 as the executives’ compensation started working its way back to prerecession levels, a USA TODAY analysis of data from GovernanceMetrics International found.Workers in private industry, meanwhile, saw their compensation grow just 2.1% in the 12 months ended December 2010, says the Bureau of Labor Statistics.

So the big bosses saw raises 13x that of their employees. How can we celebrate that? I know! Let’s give them even more tax cuts, and to pay for it, we can raise the taxes on those that saw the very generous 2.1% raises.

And to show just how bad this problem is, Think Progress adds this little tidbit of joy:

Median CEO pay last year was $9 million, the highest since 2007. The median CEO bonus was $2.2 million. Family wealth, meanwhile, is currently down $12.8 trillion from its 2007 peak.

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