Cutest sleeping puppy... ever

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Losses are for fools on Wall Street

Fools is another term that might as well be used for customers. Wall Street is certainly one place where the customer is not king. The king, of course, is Wall Street. How is any of this behavior legal? People are fed up with politicians who defend such activity and then blame the abused. Now that the GOP is preparing to take over it's hard not to look back and wonder how and why the Democrats missed the opportunity to implement serious reform.

A great article (with a video explanation inside) from the Times on this despicable behavior from Wall Street. As Joseph Stiglitz said, "privatized profits and socialized losses is not capitalism."

Here is the deal: Funds lend some of their stocks and bonds to Wall Street, in return for cash that banks like JPMorgan then invest. If the trades do well, the bank takes a cut of the profits. If the trades do poorly, the funds absorb all of the losses.

The strategy is called securities lending, a practice that is thriving even though some investments linked to it were virtually wiped out during the financial panic of 2008. These trades were supposed to be safe enough to make a little extra money at little risk.

JPMorgan customers, including public or corporate pension funds of I.B.M., New York State and the American Federation of Television and Radio Artists, ended up owing JPMorgan more than $500 million to cover the losses. But JPMorgan protected itself on some of these investments and kept millions of dollars in profit, before the trades went awry.

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Harry Reid's opponent, Sharron Angle, confuses Asians and Latinos

Then again, the NAACP is trying the Teabaggers to "hate groups."

As always, HuffPost Hill says it best:

If there were a Nobel Prize awarded for breakthroughs in the field of "Seriously, I have plenty of black friends," then the Nevada Senate candidate would be on a Lufthansa flight to Stockholm right now. Sharron Angle told a gathering of Hispanic schoolchildren last week that she has difficulty distinguishing them from Asians. "So that's what we want is a secure and sovereign nation and, you know, I don't know that all of you are Latino. Some of you look a little more Asian to me. I don't know that." she said. "What we know, what we know about ourselves is that we are a melting pot in this country. My grandchildren are evidence of that. I'm evidence of that. I've been called the first Asian legislator in our Nevada State Assembly." To be fair, this is a person who thinks humans crossed the Bering land bridge only a few centuries ago (to flee the stegosaurus herds and whatnot).

More from the Las Vegas Sun. Read More......

Creepy singing Japanese girl robot is going to nuke the earth

Okay, maybe not the last part, but she is a creepy singing Japanese girl robot. And I'm sorry, but there's no way I'd turn my back on her (or give her access to the defense mainframe).

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With all the rumors about Boehner having had an affair, you'd think the GOP wouldn't pull the 'affair' card

A reportedly over-sexed unmarried GOP spokesman, who should be the last person accusing others of sexual impropriety - after all, he is the public face of a family values party - is now emailing rumors to reporters about a Democratic congressman and possible adultery.

A funny accusation, considering that adultery rumors have been swirling for a while about GOP Rep. John Boehner (even more here), who presumably would be Speaker if the Republicans take the House. Mike Stark interviewed both Boehner and a woman some allege to also be involved, and both gave a "no comment." Stark thinks that it's a bit of an odd response to give if the accusation were absurd.

So we have Gingrich on his third marriage (with two adulteries thrown in), Palin with a kid who got pregnant out of wedlock (and, according to the NYT, whose own first pregnancy appears to have happened a tad early with respect to her wedding day, shall we say), Limbaugh on God knows how many marriages now (it's four, I believe), a party chairman who holds events at S&M bars, the party chairman before him is gay and raising money for gay marriage, a GOP spokesman who reportedly gets more "tail" (that's promiscuous unmarried sex) than anyone in DC, and a possible incoming Speaker whose response to charges of cheating on his wife is simply "no comment."

Heck of a party. Read More......

DOJ files brief in support of mosque in TN

Great news.  Let's see more of this.

The Department of Justice today filed an amicus brief in a lawsuit in Murfreesboro, Tenn., where opponents of a new mosque are trying to stop its construction. In the brief, the DOJ declares that Islam is a religion and is entitled to freedom of expression.

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GOP to launch new attack against Freddie/Fannie after election

Oh great. Another GOP attack against Freddie/Fannie. Why do I get the impression that Wall Street who packaged up junk and sold it will get a free pass? The GOP is talking about Countrywide, but of course, that company no longer exists and is part of Bank of America.

Darrell Issa, who would head the lower chamber’s main investigative committee, told the Financial Times in an interview: “We should look at financial entities and either reform them or kill them.”

The conservative Republican from California, who would become chairman of the powerful House oversight and government reform committee, said hearings would focus on whether the federal government should be involved at all in sponsoring home loans for the poor.

The investigations would centre on the roles of Fannie Mae and Freddie Mac, the nationalised government-sponsored lending institutions, which Republicans say contributed strongly to the 2008 meltdown by promoting subprime lending.

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Facebook may have yet another privacy problem

It's Rupert Murdoch's Wall Street Journal that is reporting on the story so that angle is not to be discounted. Even so, Facebook has had its share of problems so it's not much of a surprise either.

Many of the most popular applications, or "apps," on the social-networking site Facebook Inc. have been transmitting identifying information—in effect, providing access to people's names and, in some cases, their friends' names—to dozens of advertising and Internet tracking companies, a Wall Street Journal investigation has found.

The issue affects tens of millions of Facebook app users, including people who set their profiles to Facebook's strictest privacy settings. The practice breaks Facebook's rules, and renews questions about its ability to keep identifiable information about its users' activities secure.

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Krugman: China is a 'rogue economic power'

As if more than enough evidence weren't enough, there's this:

Last month a Chinese trawler operating in Japanese-controlled waters collided with two vessels of Japan’s Coast Guard. Japan detained the trawler’s captain; China responded by cutting off Japan’s access to crucial raw materials.

And there was nowhere else to turn: China accounts for 97 percent of the world’s supply of rare earths, minerals that play an essential role in many high-technology products, including military equipment. Sure enough, Japan soon let the captain go.

I don’t know about you, but I find this story deeply disturbing, both for what it says about China and what it says about us. On one side, the affair highlights the fecklessness of U.S. policy makers, who did nothing while an unreliable regime acquired a stranglehold on key materials. On the other side, the incident shows a Chinese government that is dangerously trigger-happy, willing to wage economic warfare on the slightest provocation.

He goes on to talk about how, starting in the 1990s, the Chinese were allowed to take over the world's rare earth production industry, necessarily killing off our own industry in the process. About the Bush II era response, when we were supposedly doing everything and then some to protect our national security:

[P]olicy makers simply stood by as the U.S. rare earth industry shut down.

Seems like the Barons of the New America (and their political retainers and gophers) are willing to do anything for money.

As to lessons, the Professor suggests three, including:

China’s response to the trawler incident is, I’m sorry to say, further evidence that the world’s newest economic superpower isn’t prepared to assume the responsibilities that go with that status.

Let's put that a little differently. As the Republicans are to the Democrats, China is to all U.S. policy-makers — facing a self-neutered opponent, relentless, and willing to do anything to win. It's a match made in heaven — if you're a Republican, or the Chinese government.

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Alaska reporter handcuffed by private security for asking GOPer Joe Miller questions

We know things are crazy in Alaska. But, it got even more bizarre. Teabagger/GOP Senate candidate Joe Miller's security team handcuffed Alaska Dispatch reporter Tony Hopfinger who was trying to ask questions at a public forum. Yes, you read that right. Via The Mudflats:

Tony Hopfinger, editor at the Alaska Dispatch and host of a US Senate debate scheduled for Monday evening, followed Joe Miller into the hallway after the debate to ask additional questions. At a press conference last week, Miller announced he would no longer be taking questions about his past, but has continued advertising his past accomplishments; military combat service, Yale Law School, federal magistrate, etc.

According to Hopfinger:

1. Hopfinger had been trying to ask Miller questions when two or three guards told him to leave or risk being charged with trespassing.

2. When Hopfinger continued to try to ask questions, one of the guards put the reporter in an arm-bar and then handcuffed him.

3. Hopfinger was released after police arrived.

4. The reporter was on public property where a public event was being held at the time of the incident.

5. Miller has been adamant about his desire to avoid talking to the Alaska media, but no one in the working press in Alaska has ever before seen a candidate go to this length to avoid questions.

It is bizarre enough to have a reporter “arrested” by private security, but those of us who drive past The Drop Zone, the business behind Miller’s security, every day aren’t surprised by their over-reach or connection to Joe Miller.

The Alaska Dispatch has more including some great photos.

Here's the report from ADN.com (and there's a photo of the handcuffed reporter):

The editor of the Alaska Dispatch website was arrested by U.S. Senate candidate Joe Miller's private security guards Sunday as the editor attempted to interview Miller at the end of a public event in an Anchorage school.

Tony Hopfinger was handcuffed by the guards and detained in a hallway at Central Middle School until Anchorage police came and told the guards to release Hopfinger.

Hopfinger has not been charged but the owner of the Drop Zone, the private security firm that's been providing Miller's security, accused Hopfinger of trespassing at the public event, a town hall sponsored by the Miller campaign. The owner, William Fulton, also said Hopfinger assaulted a man by shoving him.

Last night, Scott MacAdams, the Democratic nominee for Senate in Alaska (and the voice of sanity in that contest), tweeted:

@JoeWMiller - in case you were unaware, the Constitution also applies to reporters #Ak #AkSen

Teabaggers have a very selective interpretation of the Constitution.

Let's hope MacAdams can pull this out. Read More......

Over 200 Democrats show 'what it looks like when Democrats go on offense'

Last night in Kentucky, Democratic Senate candidate Jack Conway had a debate with his opponent, teabagger Rand Paul. From all reports, Conway was on the offense. So much so that Paul would not shake his hand after the debate. The TODAY Show ran that clip this morning. And, Kentucky bloggers are calling it Paul's "temper tantrum."

Staying on the offense, Conway just sent out this email to the Progressive Change Campaign Committee list. It's good stuff. Conway and over 200 other Democrats are acting like Democrats:

Rand Paul, the Tea Party leader running against me for Senate in Kentucky, thinks Social Security is unconstitutional. Other Republicans across the nation are also campaigning on privatization and Social Security cuts.

With a Tea Party deep on the fringe, the way for Democrats to win in 2010 is to have a spine -- and go on offense.

That's why today, I am proud to announce with my friends at the Progressive Change Campaign Committee that over 200 congressional candidates and members of Congress are promising to oppose any cuts to Social Security.

We're saying no privatization, no raising the retirement age, no messing with the best program for seniors and workers in American history -- and no mincing words about it.

I'm taking the Social Security fight directly to Rand Paul in debates, speeches, and media events. Can you help me continue fighting hard by donating $4 to my campaign today? Click here.

The PCCC has done a great job working with me and other Democratic candidates to go on offense on Social Security. The 200 others include:

* Senate candidates Scott McAdams (AK), Roxanne Conlin (IA), Lee Fisher (OH), Alexi Giannoulias (IL), Kendrick Meek (FL), Paul Hodes (NH), Elaine Marshall (NC), and others

* House candidates Ann McLane Kuster (NH), Joe Garcia (FL), Bill Hedrick (CA), Rob Miller (SC), Julia Lassa (WI), Manan Trivedi (PA), Ed Potosnak (NJ), Michael Oliverio (WV), and others

* Members of Congress Raul Grijalva (AZ), Mary Jo Kilroy (OH), Alan Grayson (FL), Michael Acuri (NY), Carol Shea-Porter (NH), Ed Potosnak (NJ), Bill Owens (NY), John Boccieri (OH), and others

* The full list is at SocialSecurityProtectors.com

As Rachel Maddow would say, "This is what it looks like when Democrats go on offense." Over 200 bold Democrats strong!

Stephanie Taylor, PCCC co-founder who is leading PCCC's 2010 election efforts, told us:

We are saving the Democratic Party from itself. Progressive are working with bold candidates and members of Congress to show party leadership how to go on offense, run progressively, and win -- especially on issues like Social Security, where the public is so clearly on our side.

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White House again calls for calm in foreclosure crisis

Maybe they missed it, but people don't exactly have the greatest faith in the way the White House negotiates with anyone about anything. They certainly haven't been impressive from a consumer perspective with the banks so far and it was only a few months ago they decided to play nice with BP as well. Everyone can appreciate the negative impact of delayed business in this economy but people can also appreciate the harshness of throwing a family onto the street.

Telling the public that the Justice Department will get tough but not open a criminal investigation could lead people to believe that another big talk, little action move is ahead. For some reason this administration is afraid of conflict and ready to fold at even the slightest hint of it. They forget that they have already played the "let's talk tough but act nice behinds the scenes" card a few too many times. Asking nicely does not work with this industry. It also doesn't win over a suspicious public that is already upset with the financial industry.

The full extent of the foreclosure mess is still coming into focus. Congress has called for a hearing on the subject, and the housing market in certain parts of the country has come to a near standstill.

The officials on Sunday stopped short of announcing a criminal investigation, and did not suggest that one was imminent. Instead, Mr. Donovan wrote that the Financial Fraud Enforcement Task Force — a coalition of federal agencies and United States attorney’s offices — has made the foreclosure issue “priority No. 1,” adding that Attorney General Eric Holder has said that if wrongdoing was discovered by the task force, it “will take the appropriate action.”

“Banks must follow the law,” Mr. Donovan wrote on The Huffington Post, “and those that haven’t should immediately fix what is wrong.”

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Monday Morning Open Thread

Good morning.

The President was in Ohio over the weekend. Kept seeing tweets that reported the crowd at Ohio State University was 35,000. That's impressive. The candidates in Ohio sure need some help.

Today, the President is hosting the White House Science Fair. Sounds pretty cool, especially considering the last president tried to eliminate science. The White House also informs us:

The President will also announce his personal appearance on the upcoming December 8, 2010 episode of Discovery Channel’s MythBusters, a popular television show which uses science to determine the truth behind urban legends.

Tonight, Obama will be a at a DSCC fundraiser in Rockville.

There was a lot of buzz yesterday with Meghan McCain's comments on "This Week" that Christine O'Donnell scares her and is a "nut job." Here's the thing, Meghan: Christine O'Donnell is the progeny of Sarah Palin. And, Sarah Palin was inflicted upon us by your father in 2008. So, the McCain clan is not without sin here. Christine O'Donnell is in your family's political tree.

The TODAY Show showed the clip of Rand Paul refusing to shake hands with Jack Conway after their Kentucky Senate debate last night. Classy, Rand.

15 days til Election Day. Voting is underway in many states. It starts in DC and Arkansas today. Check the calendar at EarlyVoting.Net. Read More......

Angela Merkel turns on foreigners with attack on multiculturalism

It's not as though we haven't seen our own culture wars in the US, but in light of the recent poll in Germany, Merkel's attack is even more troubling. Outside of pure politics, why would Merkel make this such a big issue? There's a serious xenophobia issue in Germany that needs to be addressed. After all, it was only a few months ago when the country was worked into an irrational frenzy over the Greeks. Who will the scapegoat be tomorrow?

Chancellor Angela Merkel has branded Germany's attempts to build a multicultural society an "utter failure" in an unprecedented speech designed to revive her own and her conservative party's flagging popularity and regain the initiative in an increasingly hostile public debate about immigration.

Ms Merkel, who normally scrupulously avoids courting xenophobic opinion, bluntly told a meeting of young members of her ruling Christian Democratic party that the "Multikulti" notion of people from different cultural backgrounds living happily side by side simply did not work.

"This approach has failed, utterly failed," she told applauding young conservatives gathered at a conference in Potsdam outside Berlin on Saturday. Instead she urged Germany's 16 million immigrants to do more to integrate into society and to learn German.

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Saudis warn of new threat in Europe

In theory, this is supposed to be something different from the previous warnings from the US. BBC News:

Saudi Arabia has warned France it is the target of an imminent al-Qaeda attack, French Interior Minister Brice Hortefeux has said.

He said Saudi intelligence agencies spoke of a threat to Europe, and "France in particular", from al-Qaeda in the Arabian Peninsula.

France is already on high alert following warnings of possible attacks aimed at France, Germany and the UK.

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