There's a storm a-brewing in Texas

Passed through some very cool thunder clouds on the way into Austin this evening. Here for the Netroots Nation annual liberal blog conference. Already ran into a slew of people in the hotel lobby, including Cliff Schecter (whose name I'll never spell correctly), Traci Russo (former blog outreach coordinator for John Edwards), and the Rude Pundit (who ironically was quite nice). Looking forward to the morning when I'm over my 18 hour flight back from Greece today. I had a fascinating twenty minute or so interview back in Greece with economist Joe Stiglitz. Really really interesting, about oil prices, gas prices, the mortgage mess, Iraq and more. I have it on film, about 22 minutes worth, but with the conference going on now, I probably won't be able to get it posted till Monday. I think you'll find it very interesting, he's an amazingly smart, and coherent, in addition to interesting, guy. Anyway, back here in Austin, Joe and I are thinking of trying to do a very informal AMERICAblog get together, for coffee or whatever, on Saturday. If anyone any suggestions for somewhere easy and obvious, near or in the convention center, hit me up. Read More......

Taxpayer risk for Freddie and Fannie?

How much do you have?

A proposal outlined by Treasury Secretary Henry Paulson - if approved by Congress - would offer explicit backing for the two government-sponsored enterprises (GSEs). It has three main elements.

* Increase each company's $2.25 billion line of credit with the Treasury by an unlimited amount for the next 18 months.
* Let the Treasury have the option of buying an unlimited amount of Fannie and Freddie stock over the next 18 months.
* Give the Federal Reserve a consultative role with the GSEs' regulator to assess the companies' capital requirements.

In any rescue, Treasury would likely have to borrow billions of dollars. Exactly how much it would cost taxpayers is impossible to gauge because of several unknowns. Among them are extreme volatility in the companies' stock prices coupled with falling home values and rising mortgage default rates, which affect the value of the GSEs' assets and debt.

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Hypocrisy Alert: McCain, who had London fundraiser with British Lord, says Obama's trip overseas is political

Remember this?:

McCain is already on the verge of breaking U.S. campaign finance laws by busting the spending cap. He's been having trouble raising money in the U.S., too. But, this borders on the absurd:

Sen. John McCain plans at least one campaign event on his week-long congressional trip to Europe and the Middle East: a March 20 fundraiser in London. An invitation sent out by the campaign says the luncheon will be held at Spencer House, St. James's Place, "by kind permission of Lord Rothschild OM GBE and the Hon Nathaniel Rothschild." Tickets to the invitation-only event cost $1,000 to $2,300. Attire is listed as "lounge suits."

Given that, McCain's latest swipe at Obama is even more absurd:

Republican presidential candidate John McCain said on Thursday he believes Democrat Barack Obama's upcoming trip to Europe is tantamount to holding political rallies abroad.

So, it was okay for McCain to hold political fundraisers abroad? McCain's a hypocrite. But, the traditional media loves him, so he gets away with it. Read More......

China claims Bjork is a threat to national security

I have no idea who Bjork is but I'm pretty sure China is strong enough to stand up to anything the performer may have to say. This only highlights just how silly it is that world leaders are lining up for a boot licking TV moment at the Olympics. By making the extraordinary decision to travel abroad for an Olympic opening ceremony - and really, how lame is that for a so-called sports fan? - we are condoning this behavior. The Chinese government is still trying to set rules for when the press can broadcast and where despite previously promising a free media.

China can go ahead and do whatever it is that China wants to do but we don't need to play along with their games and pretend as though nothing is happening. China's behavior only makes them look weak not to mention bizarre. Then again, they are arresting grieving families who lost their children in the earthquake, afraid of any public criticism related to the building collapses. Doesn't sound like the Beijing government is quite ready for prime time. Read More......

What everyone should know about FDIC insurance

With the failure at IndyMac and rumors of more banks who may be in trouble, you definitely want to read the following link and make the appropriate changes, if necessary. If you have money in a bank that is insured under the FDIC, read on. I don't want to copy and paste and miss any important details so take a couple of minutes and read the entire article. More from Suze Orman. Read More......

Gore: US should abandon fossil fuels by 2018

And then where would we be? Doesn't Al Gore know it's much better for the US to rely on Big Oil and their vision for the world? If we had to rely on renewable energies we might have to build an industry and then we'd have to hire new people and accept new investment money. Gosh, then the world would want to buy our technology because we might become leaders in this field. Man, he just doesn't get it, does he?

Former Vice President Al Gore said on Thursday that Americans must abandon fossil fuels within a decade and rely on the sun, the winds and other environmentally friendly sources of electric power, or risk losing their national security as well as their creature comforts.

“The survival of the United States of America as we know it is at risk,” Mr. Gore said in a speech to an energy conference here. “The future of human civilization is at stake.”

Mr. Gore called for the kind of concerted national effort that enabled Americans to walk on the moon 39 years ago this month, just eight years after President John F. Kennedy famously embraced that goal. He said the goal of producing all of the nation’s electricity from “renewable energy and truly clean, carbon-free sources” within 10 years is not some farfetched vision, although he said it would require fundamental changes in political thinking and personal expectations.

“This goal is achievable, affordable and transformative,” Mr. Gore said in remarks prepared for the conference. “It represents a challenge to all Americans, in every walk of life — to our political leaders, entrepreneurs, innovators, engineers, and to every citizen.”

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"Register for change" starts in Texas

The "Register for Change" Bus started rolling today in Crawford, Texas. It's a 50-state voter registration drive. DNC Chair Howard Dean just spoke at a rally in front of the Austin Convention Center where Netroots Nation is underway. Dean made it clear -- again -- that Democrats are running aggressive campaigns in all the states.

Here's the bus:


From talking to my friends from Austin and the Texans I've been meeting at the conference, it's pretty clear that there is a campaign underway in Texas. Yes, Texas. And, Mississippi. And, Georgia. And, Alaska. And, North Dakota. This really is a 50-state strategy. It's pretty exciting. Read More......

US Air intimidating pilots to cut fuel

Not good. This from the same management team who showered themselves in millions in salary and bonuses all while going through bankruptcy. Twice.

Jet fuel has surpassed labor as the airline industry's greatest expense.

But US Airways recently crossed the line when it ordered eight pilots who requested "an extra 10 to 15 minutes worth of fuel" to attend training sessions, or "check rides," that could put their pilot licenses in jeopardy, Ray said. The pilots were supposed to report for their training sessions Wednesday, he said.

"We feel they're trying to set an example," Ray said. "Captains shouldn't be intimidated into thinking, 'If I say I need this fuel, they may send me for a check ride.' ... Cutting peanuts off the plane, that's one thing. But cutting a captain's fuel level below his comfort, that's another thing."

US Airways spokesman Morgan Durrant said the decision to bring in the eight pilots for extra training was not meant to be punitive. "That's totally not true," he said.

During the past few years, the carrier has required its planes to carry enough fuel to pad their flight times by 60 to 90 minutes, Durrant said.

"These eight pilots have routinely been above the 60 to 90 minute range. It just behooves us as a company to talk to these guys, figure out what they're seeing that we're not," Durrant said.

Blaming the pilots for flight time? Read More......

John McCain: Comedian?

Not so funny as Ben Smith reports:

McCain's humor, by contrast, makes him the political counterpart of the radio host Don Imus (whom he has defended): It's sharp, unrehearsed and, at times, way, way over the line. This cycle, he's drawn winces, and worse, for everything from a joking reference to domestic violence to a now-notorious little ditty about bombing Iran. Earlier in his political career, the Arizona press reported that he'd cracked a rape joke that would now probably end any politician's career, a joke his aides then and now say he doesn't recall making.

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Charlie Crist and the Pink Elephant in the room

I've beaten around the Bush a bit too much about Florida Governor Charlie Crist and the question of whether he could ever really be John McCain's choice for vice president. Chris Cillizza at the Washington Post penned a piece today presenting the case for Charlie Crist, while (intentionally, I suspect) ignoring the most important negative in Crist's portfolio. Namely, lots of people think he's gay. Cillizza hints at this in his piece, but implies that this won't be a problem because Crist is now getting married. To a woman. But I don't think that's going to help things much. Lots of gay men get married, are married, but they're still gay, and often get into trouble as a result. And in Crist's case, if anyone believed him to be gay, they would then likely believe him to be getting married in order to cover up that fact. I don't know if Charlie Crist is gay or straight, but the potential of having a gay vice president - the first that I know of - would be a huge "first" for the gay community, and a major advance of gay rights in America, and the world. I just have a very hard time seeing the religious right accepting that possibility after all the rumors. Especially since the suspectedly-gay VP would be a heartbeat away from the presidency. And let's not even talk about the possibility of having a gay Republican president. Is that a risk the religious right is willing to take? Even if it's a small risk? I somehow doubt it. Read More......

Bush official will meet with Iranians (but he's just there to listen)

I believe this is the diplomatic equivalent of: I didn't inhale. Bush is sending a top official to a meeting with a top Iranian official, but he's not talking, just listening. Got that? Either way, it's got the neocons in a frenzy. Via US News Political Bulletin:

As NBC Nightly News reported last night, the Bush Administration has confirmed reports that Undersecretary of State William Burns "will attend a weekend meeting with Iran's chief nuclear negotiator. The meeting is part of ongoing efforts to persuade Iran to stop its nuclear program." Burns, however, "will reportedly be there, not to negotiate, but to listen." Several media outlets this morning examine the motives behind what is perceived as clear shift by the Administration one that is said to have infuriated the President's conservative allies.

Bush's conservative allies -- and John McCain -- have been trashing Obama for suggesting that we talk to our enemies. Chris reported that the U.S. may even station diplomats in Iran. So, the right wingers, who want a war with Iran, aren't happy about this latest development:

ABC World News noted the White House's objection to Obama's words, but added that "the fact is, they are sitting down at the table with the Iranians," which "is essentially what Barack Obama has been proposing." In fact, former Ambassador John Bolton "said this is like getting an Obama administration six months early. Now, the White House says this is very different. But it sure sounds like it's heading in that direction."

That is a far cry from that John McCain's riff on the Old Beach Boys song "Barbara Ann" which he turned into "Bomb Iran."

UPDATE: Thanks to Reader Kelly M. for pointing out the Beach Boys didn't write "Bomb Iran," which I knew, but didn't convey. In fact, "The Beach Boys 'Barbara Ann' is a cover of the original by The Regents." I can always use help with those music references. Read More......

Obama campaign raised $52 million in June

McCain and the Bush-funded RNC still have more money, but Obama had a pretty good fundraising month in June:

Democratic presidential candidate Barack Obama raised $52 million in June, his campaign said on Thursday, a jump from last month and more than double the $22 million raised by his Republican rival John McCain.

In an e-mail to supporters, campaign manager David Plouffe said the Obama campaign raised the funds with an average donation of $68. The Obama campaign and the Democratic National Committee have a combined total of $72 million in the bank, Plouffe said.

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Thursday Morning Open Thread

Good morning.

Netroots Nation gets underway today. Austin seems like the perfect place for the conference this year.

The traditional media types are all looking to write the story that somehow the progressive blogging community is in a battle with Obama. Not true, but that's their story line and they'll write it anyway. Sure, we all don't agree with 100% of Obama's positions (FISA, of course, stands out). But, it's probably safe to say that just about 100% of us at this conference and almost all of our readers really, really want Obama to be the next president.

So, start threading the news... Read More......

US health care trounced in yet another global study

If there were signs of serious progress, that would be one thing, but there's not. It has been in trouble for years and the GOP thought it was hysterical when they shot down the Clinton health care plan in the '90s. After that victory - and what a victory as we now see in the millionth study panning the state of health care in the US - they continued propping up their special interest friends in industry. What continues to jump out in these studies is that the US spends the most money in the world yet receives so little. Gosh, folks, who sees a problem here? Just like the GOP friends in other industries, they're doing just fine while the population gets so little in return.

In a real free market system - which we don't have despite what the GOP says - shouldn't buyers be getting more for their money? And again, McCain thinks a silly tax credit will help? Seriously. Worse still, he wants a similar program for our retirement plans though all with the guidance of Wall Street. Oh to live in the Ivory Tower of nine or ten houses. Meanwhile, WE'RE #42! WE'RE #42!

The United States of America is becoming less united by the day. A 30-year gap now exists in the average life expectancy between Mississippi, in the Deep South, and Connecticut, in prosperous New England. Huge disparities have also opened up in income, health and education depending on where people live in the US, according to a report published yesterday.

The American Human Development Index has applied to the US an aid agency approach to measuring well-being – more familiar to observers of the Third World – with shocking results. The US finds itself ranked 42nd in global life expectancy and 34th in survival of infants to age. Suicide and murder are among the top 15 causes of death and although the US is home to just 5 per cent of the global population it accounts for 24 per cent of the world's prisoners.

Despite an almost cult-like devotion to the belief that unfettered free enterprise is the best way to lift Americans out of poverty, the report points to a rigged system that does little to lessen inequalities.

"The report shows that although America is one of the richest nations in the world, it is woefully behind when it comes to providing opportunity and choices to all Americans to build a better life," the authors said.

Some of its more shocking findings reveal that, in parts of Texas, the percentage of adults who pass through high school has not improved since the 1970s.

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Prada loafer wearing Pope lectures Aussies on consumer culture

Not sure if they can see his eyes through his favorite Gucci sunglasses though. It's good to be the king. Read More......

Bush to station US diplomats in Iran

Sounds like an endorsement of Obama's plan to talk, not threaten. Dialog, not chest-thumping bomb threats is the way forward, so glad to hear Bush is coming around. Much like Bush eventually coming around to Bill Clinton's approach towards North Korea, Bush wastes a lot of time and makes the world a much less stable place only to recognize the Democrats have been right all along.

The US plans to establish a diplomatic presence in Tehran for the first time in 30 years as part of a remarkable turnaround in policy by President George Bush.

The Guardian has learned that an announcement will be made in the next month to establish a US interests section - a halfway house to setting up a full embassy. The move will see US diplomats stationed in the country.

The news of the shift by Bush who has pursued a hawkish approach to Iran throughout his tenure comes at a critical time in US-Iranian relations. After weeks that have seen tensions rise with Israel conducting war games and Tehran carrying out long-range missile tests, a thaw appears to be under way.

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Another similarity between Bush and McCain: Proudly owning their stupidity

Who says they're not the same?



Is it too much to ask for a President with a brain? Really? Read More......