Stupidity At Moody’s: Get Rid of Debt Ceiling and We Won’t Downgrade Your Debt
July 18, 2011 No Comment
In the midst of staggering illogic surrounding our debt ceiling, ratings agency Moody's just raised the bar. On Monday, it announced that the United States could increase its creditworthiness by – wait for it – eliminating the debt ceiling altogether: The United States is one of the few countries where Congress sets a ceiling on government debt, which creates “periodic uncertainty” over the government's ability to meet its obligations, Moody's [MCO 36.45 0.13 (+0.36%) ] said in a report. “We would reduce our assessment of event risk if the government changed its framework for managing government debt to lessen or eliminate that uncertainty,” Moody's analyst Steven Hess wrote in the report. Consider the illogic on display. An entity's credit rating – whether we're talking about an individual, a household, or a business – is measured by amongst other things the total amount of debt outstanding, the value of the assets owned, and the cash flow generated each year.
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Continue reading …Bob Schieffer Asks Senators: Why Are You Wasting Time Debating Balanced Budget Amendment?
July 17, 2011 No Comment
With trillion dollar budget deficits as far as the eye can see, a balanced budget amendment is sounding pretty good to an overwhelming majority of Americans. Apparently CBS's Bob Schieffer isn't amongst them, as he actually asked Sen. Dick Durbin (D-Ill.) on Sunday's “Face the Nation,” “Why are you wasting time debating that?” (video follows with transcript and commentary): SENATOR DICK DURBIN (D-ILLINOIS): The good news is that Majority Leader Harry Reid and Senator Mitch McConnell are sitting down and working out an approach that we are going to try to tackle this week in the United States Senate. There’ll be a debate on the balanced budget amendment, but no one believes there sixty-seven votes for any version of that. And secondly, we’re going to be working toward a way to escape the crisis that would come, if we default on America’s national debt. These are all good things, but they don’t get the big job done. The President said he’s committed to a big deal, four trillion over ten years. I am committed to it. Harry Reid is committed to it. We need some bipartisan buy in here and I think we can do it. BOB SCHIEFFER, HOST: Well, let me just ask you, Senator Durbin. That begs the question. You said you’re going to spend this week debating a balanced budget amendment that everybody knows has no chance of passing. So why are you wasting time debating that? Well, maybe because a Sachs/Mason-Dixon poll in May found 65 percent of respondents in favor of such an amendment. I guess Schieffer is part of the 27 percent opposed, for moments later, when Sen. Tom Coburn (R-Ok.) tried to explain why it was a worthwhile issue to be talking about right now, Schieffer pushed back: SENATOR TOM COBURN (R-OKLAHOMA) Why in the world isn’t there the votes for a balanced budget amendment in the U.S. Senate. That’s the question Americans ought to be asking, sixty-seven votes to say we ought to live within our means when we are borrowing forty-three cents out of every dollar that we are spending today? I think the American people are– would like to see us do that. That didn’t mean we have to make those decisions. Dick Durbin has worked real hard to try to build a consensus around four– around four trillion dollars and we have to have something at least at four or four and a half trillion dollars if, in fact, we’re going to send a signal that we understand our problems and that we are going to continue to– to– to reward those who invest in us by paying the bills. But we has to–have to do it in a way that will allow us to continue to borrow the money until we get out of thisproblem. BOB SCHIEFFER: Well– well, Senator Coburn, whether or not we ought to have the votes in the– in the Senate for a balanced budget amendment when you talk about a constitutional amendment, you’re talking about something that could take years to get passed, because it also has to be ratified by the states and all of that. SENATOR TOM COBURN: Sure. BOB SCHIEFFER: The problem that we have now is right now, the government is on the verge of running out of money here, and– and being unable to pay its bills. So why, why shouldn’t that part of it be put aside for a while and concentrate on– on– on doing something to get this debt ceiling either raised and the– and the deficit down now? Got that? Why should Congress waste time talking about legislation to require a balanced budget when we're in the midst of a budget crisis? Let's just raise the debt ceiling and kick that can down the road – again! Sadly, one quite imagines the vast percentage of America's media agreeing with Schieffer about a balanced budget amendment debate being a waste of time. It sure is a good thing folks like him have television programs to so poorly inform the public.
Continue reading …Lindsey Graham compares America to Greece which is why he shouldn’t be taken seriously
July 17, 2011 No Comment
Click here to view this media Sen. Lindsey Graham took a lot of heat from the Tea Party movement so he’s been trying to curry their favor ever since. He used to be considered part of John McCain’s “Maverick posse”, but since McCain denied that he ever was a maverick so he could bow down to the crazed right, it makes him look ridiculous. On the debt ceiling debate, Graham had an interesting conversation with Candy Crowley, who clearly is in a Grand Bargain kinda mood. Goober Graham is parroting the new Republican talking point of “Cut, Cap and Balance” (also known as the Ryan Plan 2.0 ) and had the audacity to compare us to Greece. Wow, is there any fear-mongering in those words ? Appearing on CNN’s “State of the Union” Sunday, Graham said that Republicans would raise the debt ceiling only in exchange for the requirements in the “Cut, Cap and Balance” legislation the House is expected to vote this week. That bill would cut government spending to 2008 levels, cap sending for the next decade and require the passage of a balanced budget constitutional amendment. “For those three things, we’ll raise the debt limit,” Graham said. “That will be the Republican position in the House almost unanimously; I think it will be the Republican position in the Senate.” [..] “What is calamitous is the path we’re on as a nation,” he said. “We’re becoming Greece.” “Greece” is the new fear-mongering catch phrase much like ‘Saddam Hussein” was in 2002/3. The same scare tactics that lied to Americans and brought us into an unjust war with Iraq that Graham had no problems with paying for. The Balanced Budget Amendment is a joke , as every one knows. Graham lied to Crowley when he said that since he’s been in DC since 1995, it’s obvious to him that both parties are incapable of balancing the budget so we need a constitutional amendment. Crowley should have then reminded the big Goober that in 2000, when he was in Congress under Bill Clinton, the US had a surplus in our federal budget and that George Bush took the cash, gave it to his pals and led us into massive debt soon afterwards. But getting back to his Greece reference, here’s the Political Animal: New rule: every time a confused Republican lawmakers compare the United States’ fiscal conditions to that of Greece, an angel loses its wings. Look, the very idea is just crazy. The U.S. has extremely low interest rates and foreign investors are happy to loan us money; Greece has extremely high interest rates and no one is eager to loan the country money. The U.S. has our own currency; Greece has the Euro. We have a great credit rating (for now); Greece as an awful credit rating. We have a manageable debt; Greece has a debt crisis. We’re a large country with an enormous economy; Greece is a small country with a small economy. We have one of the world’s most stable systems of government (at least until six months ago); Greece’s government structure is a little shaky. For an elected American senator — and media darling — to tell a national television audience that the United States is “becoming Greece” is a clear signal: Lindsey Graham is not to be taken seriously on these issues. If Graham sincerely believes his own rhetoric, he has no idea what he’s talking about. If Graham is just playing some kind of cynical game, he’s a hack.
Continue reading …Lindsey Graham compares America to Greece which is why he shouldn’t be taken seriously
July 17, 2011 No CommentClick here to view this media Sen. Lindsey Graham took a lot of heat from the Tea Party movement so he’s been trying to curry their favor ever since. He used to be considered part of John McCain’s “Maverick posse”, but since McCain denied that he ever was a maverick so he could bow down to the crazed right, it makes him look ridiculous. On the debt ceiling debate, Graham had an interesting conversation with Candy Crowley, who clearly is in a Grand Bargain kinda mood. Goober Graham is parroting the new Republican talking point of “Cut, Cap and Balance” (also known as the Ryan Plan 2.0 ) and had the audacity to compare us to Greece. Wow, is there any fear-mongering in those words ? Appearing on CNN’s “State of the Union” Sunday, Graham said that Republicans would raise the debt ceiling only in exchange for the requirements in the “Cut, Cap and Balance” legislation the House is expected to vote this week. That bill would cut government spending to 2008 levels, cap sending for the next decade and require the passage of a balanced budget constitutional amendment. “For those three things, we’ll raise the debt limit,” Graham said. “That will be the Republican position in the House almost unanimously; I think it will be the Republican position in the Senate.” [..] “What is calamitous is the path we’re on as a nation,” he said. “We’re becoming Greece.” “Greece” is the new fear-mongering catch phrase much like ‘Saddam Hussein” was in 2002/3. The same scare tactics that lied to Americans and brought us into an unjust war with Iraq that Graham had no problems with paying for. The Balanced Budget Amendment is a joke , as every one knows. Graham lied to Crowley when he said that since he’s been in DC since 1995, it’s obvious to him that both parties are incapable of balancing the budget so we need a constitutional amendment. Crowley should have then reminded the big Goober that in 2000, when he was in Congress under Bill Clinton, the US had a surplus in our federal budget and that George Bush took the cash, gave it to his pals and led us into massive debt soon afterwards. But getting back to his Greece reference, here’s the Political Animal: New rule: every time a confused Republican lawmakers compare the United States’ fiscal conditions to that of Greece, an angel loses its wings. Look, the very idea is just crazy. The U.S. has extremely low interest rates and foreign investors are happy to loan us money; Greece has extremely high interest rates and no one is eager to loan the country money. The U.S. has our own currency; Greece has the Euro. We have a great credit rating (for now); Greece as an awful credit rating. We have a manageable debt; Greece has a debt crisis. We’re a large country with an enormous economy; Greece is a small country with a small economy. We have one of the world’s most stable systems of government (at least until six months ago); Greece’s government structure is a little shaky. For an elected American senator — and media darling — to tell a national television audience that the United States is “becoming Greece” is a clear signal: Lindsey Graham is not to be taken seriously on these issues. If Graham sincerely believes his own rhetoric, he has no idea what he’s talking about. If Graham is just playing some kind of cynical game, he’s a hack.
Continue reading …Now that the shuttle’s blasted off for the last time, attention is turning to the private space industry, and NPR has found an interesting piece of that puzzle: America’s first spaceport. The structure, under construction in a New Mexico desert, aims to be something like an airport for spaceships, and…
Continue reading …Time’s Joe Klein: Obama’s ‘Winning’ Debt Ceiling Debate – Americans Understand ‘Eat Your Peas’
July 17, 2011 No Comment
Time magazine's Joe Klein said this weekend that President Obama “is winning” the debt ceiling debate. Klein told his fellow panelists on the syndicated “Chris Matthews Show,” “He is coming across as the most reasonable guy in a crazy city…When he says things like 'Eat your peas,' that's language Americans can understand” (video follows with transcript and commentary): JOE KLEIN, TIME: Can I just say – he's winning this thing. I mean really. He is coming across as the most reasonable guy… CHRIS MATTHEWS, HOST: Because? KLEIN: …in a crazy city. MATTHEWS: How so? KLEIN: Because he seems reasonable. GLORIA BORGER, CNN: He put a deal on the table. KLEIN: And, and, when he says things like “Eat your peas,” that's language Americans can understand. KELLY O’DONNELL, NBC NEWS: People do like that. KLEIN: The real important thing to understand about the whole debt ceiling business is that no one in America really knows what it means and they care less about it. They care about the economy and jobs. BORGER: Well, they care about Social Security. KLEIN: He seems to be a guy who's trying to do, well they don't understand that's a consequence. They didn't understand it until this week. MATTHEWS: It's coming. Oh yeah – Obama looked so good telling Republicans, “Eat your peas.” That's language Americans can understand, especially coming weeks after he told them his young daughters behave better than they do. I guess to a shill like Klein, that's coming across as “reasonable” – talking to political leaders on the other side of the aisle like they're children. Somehow I doubt Klein would be so approving of a Republican president talking this way to Democrats.
Continue reading …Time’s Joe Klein: Obama’s ‘Winning’ Debt Ceiling Debate – Americans Understand ‘Eat Your Peas’
July 17, 2011 No CommentTime magazine's Joe Klein said this weekend that President Obama “is winning” the debt ceiling debate. Klein told his fellow panelists on the syndicated “Chris Matthews Show,” “He is coming across as the most reasonable guy in a crazy city…When he says things like 'Eat your peas,' that's language Americans can understand” (video follows with transcript and commentary): JOE KLEIN, TIME: Can I just say – he's winning this thing. I mean really. He is coming across as the most reasonable guy… CHRIS MATTHEWS, HOST: Because? KLEIN: …in a crazy city. MATTHEWS: How so? KLEIN: Because he seems reasonable. GLORIA BORGER, CNN: He put a deal on the table. KLEIN: And, and, when he says things like “Eat your peas,” that's language Americans can understand. KELLY O’DONNELL, NBC NEWS: People do like that. KLEIN: The real important thing to understand about the whole debt ceiling business is that no one in America really knows what it means and they care less about it. They care about the economy and jobs. BORGER: Well, they care about Social Security. KLEIN: He seems to be a guy who's trying to do, well they don't understand that's a consequence. They didn't understand it until this week. MATTHEWS: It's coming. Oh yeah – Obama looked so good telling Republicans, “Eat your peas.” That's language Americans can understand, especially coming weeks after he told them his young daughters behave better than they do. I guess to a shill like Klein, that's coming across as “reasonable” – talking to political leaders on the other side of the aisle like they're children. Somehow I doubt Klein would be so approving of a Republican president talking this way to Democrats.
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• Email sachin.nakrani@guardian.co.uk with all your thoughts • Press F5 to refresh this page or use our auto-refresher • Follow Sachin on Twitter if that’s your thing 42min: This first-half is ending on a niggly note, with both teams giving away needless free-kicks. USA in possession though deep inside the Japan half. Ending the first period just how they started it. This from Curtis in Minnesota: “Japan is the smallest side in the competition and Abby Wambach is the biggest, most imposing forward, but Wambach is constantly toppling over like a felled redwood as soon as a defender is anywhere near. Interesting, that.” 39min: Kawasumi blasts a shot over the bar after collecting Miyama’s short corner on the edge of the area. A neat little joke from Damien Neva: “USA thus far is a team full of misses”. Sepp Blatter is here. That’s good to know… 35min: And another chance for USA. Cheney reacts first to a lofted cross into the area and her looping header beats Kaihori before dropping just over the bar. Remarkably, Japan have had 52% of possession in this match. You would not have predicated that having watched the action so far. In fairness, most of that has been harmless passes across their backline. Very little of note in the opposition’s half. 30min: Japan were camped in their own half before braking out through Ohno. She played a cute pass to Ando whose low, left-footed shot from inside the US area was weak and easily saved by Solo. Japan’s best effort, however. Indicates that counter-attacking may be their best chance of snatching a goal here. 28min: Wambach hits the bar! That’s the best chance of the game. Came about after the referee played advantage for a foul by Iwashimizu on Cheney, Wambach seized possession, drove towards the Japan goal and then unleashed a left-footed drive which beat Kaihori but not the underside of the bar. 27min: Japan’s first corner, came about after Rampone, the US captain, headed clear a cross from the left-wing. The set piece comes to nothing, however. 25min: Japan struggle to clear the danger before Wambach’s volleyed cross from the left-side is held low down by Kaihori. 24min: Japan must pass the ball quicker if they are to sustain any pressure in this match. They’re looking to pass it around but then lose possession as the US snap at their legs and win the ball back. And they now have a corner on the right-side… 22min: Shot at goal for Japan, from Ohno. It came from some long overdue possession from Japan in the USA’s third of the pitch. The low drive was weak, though, and caused Solo in the US goal no problems whatsoever. Encouraging for Sasaki’s side, though. 20min: USA definitely on top so far and had all the chances. But it’s still goalless… 19min: The left-wing is definitely the USA’s best source of danger so far in this contest. Rapinoe causing havoc from there which Kinga, the Japan right-back, simply cannot contain. 17min: Rapinoe causing problems again, driving into the area from Lloyd’s pass before thrashing a drive into the side netting. Wambach is not happy, though. She was waiting in the six-yard area for a cut-back. 17min: Very ambitious effort from Lloyd which easily drifts over the bar. But Japan cannot afford to stand off these efforts if they are to get back into this match. 16min: ‘Happy birthday Angela’ reads a sign held by one of the spectators. 16min: Japan keeping the ball at the back now, trying to build up some possession. Iwashimizu in particular is neat wit the ball. US pressing relentlessly here, not allowing Japan any space in their third and then releasing the ball quickly through midfield. 11min: US starting to dominate again. Lloyd went close before Rapinoe met Cheney’s pull-backed pass in the area with a side-footed drive that skimmed just wide of the post. Japan just cannot get hold of the ball here. This from Mark Judd: “I’ve been to Tokyo twice in the past six months and more pleasant and polite people I’ve yet to meet. It is has to be Japan for me”. 9min: Another chance for the US as Wambach hits a long-range right-footed drive at goal. Drifts just over the bar, but the effort had Kaihori worried. Error before; there has been a shot on target in this game – Cheney’s early drive. Apologies. 8min: Oh another chance for USA. Rapinow whips a low cross towards the near post which Cheney reacts to first, but her poked shot goes just wide of the near post. Very even so far, USA started the brightest before Japan began to dominate possession and territory in the centre of the pitch. No shots on target as yet. 6min: Wambach gives away possession to Sawa but Rapinoe wins it back for the US. She plays a one-two with Lloyd but cannot retain possession down the left-wing and its a goal kick for Japan 5min: Sakaguchi with another interception in the centre of the pitch for Japan but her lofted pass poses no danger for the US defence. Japan appear to have settle after early US pressure. 3min: Ohno intercepts the ball in the centre of the pitch and tries to release Sameshima but USA’s defence cut out the danger. 2min: USA clearly intent on setting the pace here. Not allowing Japan to settle in the early stages. 1min: Early chance for USA. Cheney charges into the area from the left-wing and drives a shot towards the near post which Kaihori has to clear for a corner, which Japan just about to clear. Very strong start for the favourites. 1min: Japan kick-off…. Incidentally, Sawa is joint top-scorer in this tournament with four goals. Wambach has three for the USA, all of which were headers. Right then, we’re ready for action. Looks like a packed stadium for this, the sixth Women’s World Cup final. Teams are out in Frankfurt. National anthems about to take place… Kick-off approaching. It’s apparently 16c in Frankfurt…. Teams are in: Japan Kaihori, Kinga, Iwashimizu, Kumagai, Sameshima,Sakaguchi, Miyama, Kawasumi, Sawa, Ando, Ono. Subs: Yamago, Yano, Utsugi, Kamionobe, Tanaka, Nagasato, Maruyama, Takase, Iwabuchi, Fukumoto. USA Solo, Rampone, Le Peilbet, Krieger, Buehler, Boxx, Lloyd, Rapinoe, O’Reilly, Cheney, Wambach. Subs: Barnhart, Mitts, Sauerbrunn, O’Hara, Rodriguez, Morgan, Cox, Lindsey, Heath, Loyden. Referee: Bibiana Steinhaus (Germany) Good evening all and welcome to the final of the 2011 Women’s World Cup. Japan v USA, or to use a Biblical cliche, David v Goliath. Japan have failed to beat their opponents in 25 previous matches, drawing three and losing the rest. In the United States, they also face a nation that has won two of the previous five Women’s World Cup; the first ever in 1991 and then again, on home turf, in 1999. Japan, in contrast, have never even reached the final. But now is the time for change. This Japan side ain’t half bad, in fact they’re pretty special. So much so that they have been refereed to as the ‘Barcelona of female football’. Norio Sasaki’s team also have a cause that goes beyond the mere desire to lift a gleaming trophy – victory in Frankfurt this evening would help lift a nation devastated by March’s earthquake, tsunami and subsequent nuclear disaster. Both these teams have reached the final in eerily similar style, finishing second with six points in their respective groups before requiring extra-time to get through the quarter-finals and then winning their respective semi-finals 3-1, against Sweden in Japan’s case and France in the USA’s case. Japan have also lost to England and beaten the hosts, Germany, along the way, hinting at an inconsistency which makes the USA favourites to secure a third world title at the Commerzbank Arena tonight. A couple of players to keep an eye on; for Japan it has to be their captain and record caps-holder, Homare Sawa, who scored a hat-trick in her team’s 4-0 group win over Mexico and at the age of 32, remains a crucial figure. The USA will look to Abby Wambach for inspiration, a scorer in their quarter-final win over Brazil and semi-final triumph over France. Kick-off to come at 7.45pm. Should be decent…. Good evening all. Sachin will be here from about 7.15pm to guide you through the final of the women’s World Cup. If you get here before him, here’s Louise Taylor’s on why USA are favourites to lift the trophy but how Japan are spurred on by the need to lift the spirits of their nation. Enjoy. Aya Sameshima used to have a part-time job at the Fukushima plant. The last time she clocked on was in early March, just before Japan found itself devastated by an earthquake, a tsunami and the subsequent nuclear disaster which engulfed her workplace. On Sunday evening Sameshima will be part of the Japan defence as the team, at the 26th time of asking, aim to finally beat the United States in a women’s football match. Far from any old game, it is the final of the World Cup in Frankfurt and much is at stake. While neutrals can only be heartened by Japan’s welcome distraction from the enduring depression engendered by a disaster that left 21,000 people dead or missing, US fans hope victory may be sufficient to see North America’s financially fragile Women’s Professional Soccer League removed from effective life support. They trust Sameshima, who recently relocated to the WPSL by signing for Boston Breakers, will not thwart such ambitions on an evening when trans-Atlantic interest is such that Chelsea Clinton forms part of an official US delegation dispatched to cheer the team on. Continued here Women’s World Cup 2011 Women’s football Sachin Nakrani guardian.co.uk
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Scare tactics keep Angelenos away and pollution at bay for LA’s biggest ever roadworks It was supposed to be the world’s biggest traffic jam, the weekend that bumper-to-bumper gridlock would finally eat up Los Angeles. In the end, though, what was called Carmageddon looked less like a Hollywood disaster movie and more like the Rapture, the moment of resurrection when Christian believers are “caught up” to heaven, leaving empty space and eerie silence for sinners left behind. In short, the scare tactics worked. Having been told for weeks that the closure of one of America’s busiest stretch of freeway would throw the city into chaos, Angelenos stayed home, skipped town, hopped on their bikes, or took the bus. Aside from one snarl-up near the LA Coliseum, where Real Madrid were playing against David Beckham’s old team, the LA Galaxy, the city was a breeze. With traffic way down, the California summer light was delightfully smog-free. The beaches, usually packed on the weekend, were left to local joggers and children and dogs. “It’s dead as a doornail out there,” said a delighted Zev Yaroslavsky, the LA county supervisor credited with coining the term Carmageddon. Weeks ago, he and other city officials began issuing alerts about the consequences of closing a 10-mile stretch of the San Diego freeway for the weekend so road workers could demolish a bridge. A city hooked on earthquake, fire, flood and landslide disaster scenarios was duly impressed. But the warning did have the effect of promoting the attractions of public transport, neighbourhood block parties and exercise. A budget airline, JetBlue, offered a $4 flight across the city from Burbank to Long Beach, while a group of cyclists known as the Wolfpack Hustle instantly challenged the airline, saying they do the same trip faster. And did. Shopping revenue was down, but nobody seemed to mind. And Sarah McLachlan still managed to pack the outdoor Hollywood Bowl for a two-night engagement with a full symphony orchestra, even if many tickets were purchased at the last minute with a steep discount. Road transport United States Andrew Gumbel guardian.co.uk
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