Tuesday, February 03, 2009

Bad news continues with US housing report


But sure, let's allow the GOP to dictate the stimulus debate since they did such a heckuva job getting us here in the first place. Even today, the GOP is unable to admit they blew it. CNNMoney:
The report, from Zillow.com, a real estate Web site, revealed that with foreclosures soaring, nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth.

Madera, Calif., had the highest percentage of these distressed sales: 54.6% of all transactions there were foreclosed homes, and another 3.4% were short sales.

In Merced, Calif., 53.4% of sales were foreclosures and 4.8% were short sales. In nearby Stockton, 51.1% were foreclosures and 5.4% were short sales.

"As more markets turn down and markets that were already down go deeper, the pace at which value is being erased from the U.S. housing stock is rapidly increasing," said Stan Humphries, Zillow's vice president in charge of data and analytics.

"More value [was] wiped out in the fourth quarter of 2008 than was eliminated in all of 2007," he said.
Read More......

Join me in Philly tomorrow


I'm going to be speaking on a panel at Univ of Penn law school tomorrow about the role of the Netroots now that we have a Democratic president. Should be interesting. Joining me on the panel will be:
Christy Hardin Smith -- Blogger, Firedoglake

Baratunde Thurston -- Co-Founder, Jack & Jill Politics and Blogger, The Huffington Post

Daniel Urevick-Ackelsberg -- Founder, Young Philly Politics
Wednesday, February 4, 2009, 5:30pm - 7:00pm
University of Pennsylvania Law School
3400 Chestnut Street, Phila PA

RSVP here or via Facebook. I'm told you need to RSVP if you'll be coming, for security reasons (Christy's fans can get a bit unruly). Seriously, you do need to RSVP for security. So meet us there! Read More......

David goes to the Dentist


Blame Mirth for sending this to me. :-) From the guy who posted the vid on YouTube:
This is my 7 year old son who had an extra tooth removed last summer, 2008. I had the camera because he was so nervous before I wanted him to see before and after.

He was so out of it after, I had to carry him out of the office. The staff was laughing and I had tears it was so funny.

He is doing fine now and the teeth are great.

Best of all he is the best kid as his brother William. I couldnt have asked for two better sons!
Read More......

Big surprise. The corporate media isn't reporting the facts about the Employee Free Choice Act, which is vehemently opposed by corporate America


After the stimulus is passed (assuming the GOPers don’t ruin it), one of the most important pieces of pro-worker legislation in decades will be considered in the House and Senate. actually considered again. The Employee Free Choice Act passed in the House in 2007, but was filibustered in the Senate.

Some GOP Senators are apoplectic about the legislation. Their friends who run corporate America hate it. In fact, the day after the election, November 5, 2008, Corporate America, made it clear they were going to fight Obama's pro-worker policies. At a time when average CEO pay is 344 times higher than average worker pay, it’s not hard to understand why allowing workers the freedom to have a say isn’t the top priority of corporations or most Republicans. But – what has been an annoyance is the apparent opposition of the traditional media to this measure that – very simply - would make it easier for employees to join a union.

Reporters have consistently utilized the language of the conservative shills and gotten this issue wrong. The most important misconception is this: The Employee Free Choice Act does not take away the right to a secret ballot:
That process would still be available under the Employee Free Choice Act. The legislation simply gives workers the choice of forming their union through an election or through majority sign-up. The majority sign-up process has been a widely used path to union representation since 1935, but workers may only use the majority sign-up process currently if their employer agrees. The Employee Free Choice Act puts that choice in the hands of employees rather than their employer.
In other words, the Act will do just what it says: Give Employees – instead of Employers – the right to choose whether they want to form a union by majority sign up OR secret ballot election. Face it, right now in union elections, the corporations hold all the power. The elections are held on their property under their watchful eyes. It would be like holding all of our elections at the RNC headquarters.

The most pro-worker administration in generations is now in power. But, you wouldn't know that from the traditional media. At a meeting last month with the Washington Post editorial Board, President Obama made very supportive and welcome remarks about the Employee Free Choice Act:
Here's my basic principal that wages and incomes have flatlined over the last decade. That part of that has to do with forces that are beyond everybody's control: globalization, technology and so forth. Part of it has to do with workers have very little leverage and that larger and larger shares of our productivity go to the top and not to the middle or the bottom. I think unions serve an important role in that. I think that the way the Bush Administration managed the Department of Labor, the NLRB, and a host of other aspects of labor management relations put the thumb too heavily against unions. I want to lift that thumb. There are going to be steps that we can take other than the Employee Free Choice Act that will make a difference there.

I think the basic principal of making it easier and fairer for workers who want to join a union, join a union is important. And the basic outline of the Employee Fair Choice are ones that I agree with. But I will certainly listen to all parties involved including from labor and the business community which I know considers this to be the devil incarnate. I will listen to parties involved and see if there are ways that we can bring those parties together and restore some balance.

You know, now if the business community's argument against the Employee Free Choice Act is simply that it will make it easier for people to join unions and we think that is damaging to the economy then they probably won't get too far with me. If their arguments are we think there are more elegant ways of doing this or here are some modifications or tweaks to the general concept that we would like to see. Then I think that's a conversation that not only myself but folks in labor would be willing to have. But, so that's the general approach that I am interested in taking. But in terms of time table, if we are losing half a million jobs a month then there are no jobs to unionize. So my focus first is on those key economic priority items that I just mentioned.
After eight years of anti-worker leadership, those were very welcome words. Pretty clear that Obama supports the new legislation. Pretty clear he's not going to accept purely anti-union arguments from business.

But, the Washington Post downplayed Obama's remarks and intimated that he was going to compromise:
The president-elect also gave his support for legislation that would make it easier for workers to unionize, but he said there may be other ways to achieve the same goal without angering businesses. And while many Democrats on Capitol Hill are eager to see a quick vote on that bill, he indicated no desire to rush into the contentious issue.

"If we're losing half a million jobs a month, then there are no jobs to unionize, so my focus first is on those key economic priority items I just mentioned," he said. "Let's see what the legislative docket looks like."
That missed the gist of what Obama said, but fits in with the animus the corporate media has shown to the Employee Free Choice Act.

While it isn't a surprise to see corporate interests spreading misinformation, it still is very annoying when so many reporters, whose own ranks are diminishing by the day, do the same. The Employee Free Choice Act isn’t that complicated. And, it should get more than a regurgitation of the right wing’s talking points.

But with some digging, the reasons might become a bit clearer: Some of the corporations that run these news outlets just aren’t interested in laws that make it easier for workers to join unions. In fact, they’re not interested in cooperative relationships with their workers at all. Production workers at the Washington Post, for example, have been embroiled in a dispute with the corporate leadership for years:
"All we want is a fair contract," said Hunter Phillips, the administrative director and lead negotiator for the District-based Communications Workers of America, which represents the workers in what is known as the mailroom. "We want The Post to sit down with us and bargain in good faith, which we don't believe they have done. They have pretty much given us a take-it-or-leave-it offer."

Phillips said the contract negotiations, which began in early 2004, have stalled because The Post is insisting on contract language to withdraw from the union's pension plan.
Yep. The Post management wants to take away workers’ pensions. They’ve also refused to raise workers wages since 2002, improve their healthcare or any other benefits. At the same time, the Post has made millions and doled out millions more to its top execs. Sound familiar?

This is an important debate for American workers. They’ve been getting screwed for years. The nation’s economy is a disaster because of the wrong decisions made by so many government and corporate leaders. And, too many in the press have sat idly by while it happened.

Fortunately, we're not limited to getting our news from corporates sources anymore. We’re going to make sure that the Employee Free Choice Act gets fair coverage. It would be nice if some of the reporters who get paid a lot of money to cover politics would do the same. We'll remind the public about their true motivations for not fairly covering the Employee Free Choice Act. Read More......

CNBC: It could be a great time to buy stocks!


Here we go again. If ever there was a sign of trouble ahead, it's the regular market cheerleading by CNBC. They are like clockwork, there to offer reasons to buy when everyone else is running away from the failing markets. CNBC:
Investors may be waiting a long time for stocks to rebound, but that doesn't mean they have to sit on their hands.

As the market slides back towards its November lows and investors worry that the stimulus package may not do much to boost the economy, it's hard to find any reason to buy stocks. But even if the overall market continues to worsen, there are always individual stocks and funds that buck the trend.

"Things don't have to improve, but just stop getting worse," says Gary M. Flam, portfolio manager at Bel Air Investment Advisors in Los Angeles. "At the end of the day—outside certain credit spreads—you have seen very little stabilization for the economy, just increasing signs that things are getting worse. That's made it very hard for the market to rally here."
Right. And where exactly is that stability? Read More......

Bonnie Newman to replace Judd Gregg as Senator from NH


Blue Hampshire reports. Gregg has to resign before she can be sworn in, and it's entirely possibly that Gregg will wait to resign until he's confirmed by the senate. Read More......

NY Times: Wall Street banksters were just following orders


Oh please. Spare me the stories about how misunderstood the "just following orders" crowd is on Wall Street. Everyone made damned good money playing the game and while they still can look at their bank accounts, flush with bonuses - the sixth largest in history - the other side of the great swindle are those who bought into the credit scheme. A certain amount of blame can be passed around to everyone including the politicians who worked closely with Wall Street to allow this as well as the greedy who sought easy cash to flip real estate but let's not kid ourselves. Wall Street profited enormously and few others have come out as comfortably as them.
Financiers tell their not-for-attribution account of the mortgage crisis like this: Americans undersaved and overspent for decades, relying on rising property values to bankroll their lifestyles. But nobody on Wall Street forced United States homeowners to take out loans on houses they couldn’t afford, or refinance mortgages to spend money on cars they shouldn’t have bought.

The esoteric securities underneath the current mess are, to the people who invented and marketed them, analogous to pharmaceutical drugs. Used correctly, they can enhance your life. Abused, they are lethal.

Of course, mistakes were made on Wall Street, says Emanuel Pleitez, a 26-year-old former Goldman Sachs employee who resigned from his job a few months ago to run for Congress in his hometown, Los Angeles. But to a great extent, he says, those mistakes were born of misplaced trust.

“Look, you can talk about collateralized debt obligations all day long,” he said, referring to a type of asset-backed security that has turned famously toxic. “But there were ratings agencies that were supposed to tell us how risky these securities were. We essentially closed our eyes and said, ‘O.K., you say this is rated triple-A, fine, I believe you.’ ” In hindsight, he said, “Everyone should have been more skeptical.”

You hear a lot about the failure of regulators, too. But it’s difficult to find anyone in the financial trenches who thinks the problem is Wall Street itself. Difficult, but not impossible.

“People say ‘Well, the Fed is to blame because there was all this loose money,’ ” said Luis E. Rinaldini, a former partner at the investment banking firm Lazard Frères, now at the merchant bank Groton Partners. “But guys who run banks are paid to be cautious when there’s loose money around.”

“I mean, if you had a bus driver who went 100 miles an hour on an icy road, you’d think he was crazy,” he adds. “But if his boss said, ‘It’s our policy to drive faster as the roads get icier,’ you wouldn’t be surprised if the boss ended up in jail.”
If only we saw those bosses going to jail or even threatened with jail. If only... Read More......

How to steal a US passport (thanks to our own government)


From Engadget:
Think of it this way: Chris Paget just did you a service by hacking your passport and stealing your identity. Using a $250 Motorola RFID reader and antenna connected to his laptop, Chris recently drove around San Francisco reading RFID tags [the new computer chips] from passports, driver licenses, and other identity documents. In just 20 minutes, he found and cloned the passports of two very unaware US citizens. Fortunately, Chris wears a white hat; his video demonstration is meant to raise awareness to what he calls the unsuitability of RFID for tagging people. Specifically, he's hoping to help get the Western Hemisphere Travel Initiative -- a homeland security project -- scrapped. Perhaps you'll feel the same after watching his video posted after the break.
The ACLU has warned about RFID for years. Read More......

BREAKING: Daschle withdraws as HHS nominee


On CNN now. Read More......

Robin Carnahan is running for Senate in Missouri


The very popular and very competent Secretary of State from Missouri, Robin Carnahan, announced today that she is running for the Senate seat being vacated by Kit Bond. She did the video announcement below -- and I can attest to the fact that Robin has run marathons. We did the New York marathon together back in 2003. Robin is a good friend and I know she'll make an excellent Senator. She's just getting the campaign started. Her website is: www.robincarnahan.com:

Read More......

Obama picks Judd Gregg as Secretary of Commerce


It's official:

During his remarks, Gregg said, "This is not a time for partisanship." Really? If so, why did Gregg insist on being replaced by a Republican Senator? Because, Gregg went out of his way to make it clear he cut a deal. He said:
I also want to that thank the Governor of New Hampshire for his courtesy and courage in being willing to make this possible through the agreement we have relative to my successor in the Senate.
If partisanship doesn't matter, why would Gregg care if a Republican gets his seat. The Republicans have a double standard for bi-partisanship -- and Democrats let them get away with it. (But, it makes David Broder happy.)

Just wondering: If a Republican president appointed a Democratic Senator to his cabinet, how many Republican governors would agree to deal that only let them replace a Democrat with a Democrat? I believe the answer is NONE. Democrats are such saps.

When the Republican Senators filibuster the Obama agenda time and time again, the White House can look back at this event and quote Judd Gregg, "This is not a time for partisanship." That'll work.

UPDATE: I can't forget my question from today's morning open thread:
Be interesting to see what potential cabinet member/GOP Senator Judd Gregg does this week [on the stimulus bill.] Which side is he going to be on?
Does Gregg side with his old boss, McConnell, or his new boss, Obama?
Read More......

Joe the Plumber now top GOP strategist


Republicans are in dire straits. They're losers. None of the GOP's high paid consultants have been doing them much good. So, they've turned to Joe the Plumber:
Fresh off his stint as a war correspondent in Gaza, Joe the Plumber is now doing political strategy with Republicans.

When GOP congressional aides gather Tuesday morning for a meeting of the Conservative Working Group, Samuel Joseph Wurzelbacher – more commonly known as Joe the Plumber — will be their featured guest. This group is an organization of conservative Capitol Hill staffers who meet regularly to chart GOP strategy for the week.
Read More......

Mitch McConnell is now quoting the wisdom of Barack Obama


Mitch McConnell is being really clever. He's got a new weapon in his arsenal of obstruction: Barack Obama. McConnell thinks he can use Obama's words to his advantage. But, to what end? Does anyone think McConnell is ever going to vote for a stimulus package? This is just a game for him:
Senate Republican Leader Mitch McConnell (Ky.) invoked the words of President Obama on Monday to pressure Democratic leaders into accepting an alterative version of the economic stimulus package.

The Republican leader sought to use the president’s words as a way to win over uncommitted Republicans and Democrats who are not yet sold on the nearly $890 billion plan being debated this week in the chamber.

Quoting Obama, McConnell said at a news conference that Congress should “trim” out the items in the package “that are not relevant to putting people back to work.” He then cited Obama’s praise for GOP ideas: “They have some good ideas and I want to make sure those ideas are incorporated.”
I want to see McConnell heed the words of Obama on issues like the environment, Iraq and the Employee Free Choice Act, too. Read More......

Tuesday Morning Open Thread


Good morning.

All political eyes are on the Senate this week. Mitch McConnell is going to use every trick in his book to undermine the stimulus package. You'd like to think that at some point those Republicans would do what's best for the country. But, they won't. Be interesting to see what potential cabinet member/GOP Senator Judd Gregg does this week. Which side is he going to be on?

Let's get started... Read More......

Another shoe throwing incident - this time it's Wen


How long before events with political leaders will demand that all shoes be left outside? In typical communist China fashion, the government is unable to make light of the embarrassing situation, instead choosing the usual outrage. Even the Bush administration managed to make light of the Iraq shoe throwing incident as it was shown on TV and online millions of times. Beijing only shows the world how tenuous their power is when they overreact time after time. Wen's problems at home are considerably more serious but he always thinks that if the government fails to overreact with everything, their regime will collapse. Maybe there's something there after all.
China denounced as despicable on Tuesday a protester who threw a shoe at Prime Minister Wen Jiabao at Cambridge University and said the Chinese leader's visit to Europe was a total success.

British police said the protester, who shouted that Wen was a dictator during Monday's incident, had been charged with a public order offence and will appear before Cambridge magistrates on February 10. They did not name the man.

"The Chinese side has expressed its strong displeasure over this incident," China's Foreign Ministry said in a statement.

"The facts demonstrate that the despicable conduct of this troublemaker will win no sympathy, and will not hold back the tide of friendly cooperation between China and Britain."

The shoe-throwing incident occurred when Wen delivered a speech on the global economy at Cambridge University on the last day of his official visit to Britain.

The shoe missed Wen and landed on the stage about a meter (yard) away from him.
Read More......

Some in Washington notice that stimulus plans are all protectionist


And yes, this isn't an all or nothing scenario as some are suggesting. There are obviously degrees of protectionism in existence already so quit acting like it's not a fact. Every country has their own protected groups so to cry foul and suggest otherwise is a lie.
The Vice-President, Joe Biden, added to international concerns when he said: “I don’t view [the Buy American provisions] as some of the pure free-traders view it, as a harbinger of protectionism.” Last week the House of Representatives version of the bill stirred alarm in the EU and Canada by demanding that all iron and steel bought to rebuild the country’s crumbling infrastructure has to be American made.

Anxious lobbying by the EU has fallen on deaf ears as explicitly protectionist language was added to the Senate bill leaving it open to legal challenge under the rules of the World Trade Organisation.

The House of Representatives passed the bill last Wednesday without Republican support, and the Senate version must pass before Mr Obama signs it into law.

With the economy deteriorating by the day, Mr Obama finds himself torn between popular anger on Main Street, and promises made to the G20 that he will avoid a descent into protectionism. But with growing opposition to the stimulus package from Republicans, who want tax cuts rather than government job creation by spending on infrastructure, politicians from both sides are rallying around the popular Buy American measures.

Byron Dorgan, a Democratic Senate leader from North Dakota, said it was “absurd for somebody to suggest we’re protectionist”.

“You mean like the French wanting to make sure that their stimulus promotes jobs in France?” he asked, “Well, that’s what the French are doing.”
Read More......

African Union chooses Gadhafi


Do they ever want to be taken seriously by the rest of the world? Do they even care? I realize the West makes similarly bad decisions - Blair as the Middle East peace envoy comes to mind - but this is right up there with ignoring Mugabe for years.From the AP:
Moammar Gadhafi of Libya was elected Monday as leader of the African Union, a position long sought by the eccentric dictator pushing his oil-rich nation into the international mainstream after years of isolation.

Some African leaders offered tepid praise for the choice of Gadhafi, who grabbed power in a 1969 coup. Rights groups called him a poor model for Africa at a time when democratic gains are being reversed in countries such as Mauritania and Guinea.

Once ostracized by the West for sponsoring terrorism, Gadhafi has been trying to increase Libya's presence on the global stage and its regional influence — mediating African conflicts, sponsoring efforts to spread Islam on the continent and pushing for the creation of a single African government.

He attended the session dressed in a gold-embroidered green robe and flanked by seven extravagantly dressed men who said they are the "traditional kings of Africa." Gadhafi told about 20 of his fellow heads of state that that he would work to unite the continent into "the United States of Africa."
Read More......