Republicans are playing a dangerous game by refusing to raise the debt ceiling, according to Berkshire Hathaway CEO Warren Buffett. “We raised the debt ceiling seven times during the Bush Administration,” Buffett told CNBC on Thursday. Now, the Republican-controlled Congress is “trying to use the incentive now that we’re going to blow your brains out, America, in terms of your debt worthiness over time.” If Congress fails to raise the borrowing limit of the federal government by August 2, the date when the U.S. will reach the limit of its borrowing abilities, it will likely begin defaulting on its loans. Buffett, who according to the Washington Post has helped raise money for Democratic candidates like Hilary Clinton in the past, has been highly critical of the actions of the Republican-controlled Congress. In May, Buffett stated at a Berkshire Hathaway shareholder’s meeting that if the Congress failed to raise the debt ceiling, it would constitute “the most asinine act” in the nation’s history, reports Reuters. According to the U.S. Debt Clock, America’s total public debt equals close to $14.3 trillion which, according to the CIA World Factbook, is roughly 60 percent of the annual gross domestic product. But even with this information, Buffett is unfazed. “We had debt at 120 percent of the GDP, far higher than this, after World War II and no one went around threatening that we’re going to ruin the credit of the United States or something in order to get a better balance of debt to GDP.” Some experts, like former Federal Reserve Chairman Alan Greenspan, have floated the idea of the Treasury paying some obligations while not paying others. This, Buffett says, is ludicrous. “If you don’t send out social security checks, I would hate to think about the credit meeting at S&P and Moody’s the next morning,” Buffett told CNBC. “If you’re not paying millions and millions and millions of people that range in age from 65 on up, money you promised them, you’re not a AAA.” A triple-A credit rating is the highest possible rating that can be received. Watch the full CNBC interview here:
Continue reading …Eliot Spitzer used his last day at CNN to take a shot at cable news and decry the debt ceiling debate as a “new low for American politics” – although he himself was embroiled in an ugly scandal as governor of New York only three years ago. And he made sure to include a lengthy Constitutional conversation with two of his favorite guests, liberals Fareed Zakaria and Simon Schama. Schama, a professor of History at Columbia University, has criticized the Tea Party's reverence for the Founders' “infallibility,” and snorted that they believed the Constitution to be “quasi-biblical revelation.” The Columbia University professor wrote in a June 26 Newsweek piece that “True history is the enemy of reverence.” [Video below the break.] Zakaria, as NewsBusters has been reporting, has insisted that the Constitution needs to be updated to the 21st century. The CNN analyst has especially found fault with the Second Amendment – which he derided as a “grammatical mess” – and with the “undemocratic” state representation in the Senate.
Continue reading …Hoo lordy, Brian Beutler has done us all a grand service today by actually asking Republicans what sacrifices, if any, the rich should make to close the deficit. The answers, as you’d imagine, are quite comical. Here are some of the choicer morsels: “Millionaires can contribute to deficit reduction by spending part of their millions,” said Sen. John McCain (R-AZ). “I agree with the Wall Street Journal editorial this morning: We should cut the corporate income tax from 35 to 25, and close loopholes that are in, and make sure that everything is revenue neutral, and that is a great approach.” I do love how McCain makes sure to cover his ass by saying only that they should spend only “part” of their millions. Wouldn’t want to get too pushy, now, lest our sensitive rich folks decide to go Galt, and then we’d be sorry, oh yes yes we would! I also love how simply spending part of their millions counts as an actual “sacrifice” that our Galtian overlords should make. Ergo, going to a high-end strip club and making it rain now counts as a sacrifice, according to John McCain. Or when they blow thousands of dollars on a gold-plated trashcan , they’re making a vital contribution to deficit reduction. Lindsey Graham is even funnier: “Create jobs, hire more people that pay more taxes, grow the economy, stay in America, don’t leave, hire people — that’s how millionaires can help, is create more workers, and if you raise taxes you’re gonna make it harder to keep the job you got,” explained Sen. Lindsey Graham (R-SC). If a big-name CEO stepped into Graham’s office and said to him, drill sergeant-like, “Graham! Hump my leg on the double, maggot!” you know he’d do it without hesitation. Graham’s jobs plan reminds me a lot of Ohio’s attempts at begging LeBron James to shun the beautiful beaches of Miami in favor of the home town that had loved him since draft day: And, well, we all know how well that worked out . The point, my friends, is sometimes it seems as though much of our country has internalized “Atlas Shrugged” to such an extent that we’ve come to believe that it’s our fault that our corporate overlords aren’t hiring more people. Clearly, the thinking goes, we have not done enough to appease them. “Another tax cut, m’lord? Oh yes, right away! Those pesky and out-dated child labor laws? You bet, they’ll be scrapped tomorrow! You want to… sleep with my spouse? Uh… and you swear you’ll consider hiring me to work at the local Taco Bell? Sounds like a fair trade to me!” At some point I’d like to believe that basic human dignity will kick in and we won’t feel the need to kiss rich peoples’ asses anymore. But I’ve been waiting for this to happen for a long, long time now.
Continue reading …For most Americans, July 4th is a well earned day off, with good food, drink, friends, family and fireworks. A day to get away from life’s problems. However, for a very small few it’s a time to ratchet up the hostilities. Georgia Rep. Paul ” Year of the Bible’ Broun , once said this: Broun: Well, it’s all about freedom, actually. The Bible was the basis of our laws, it was the basis of the Constitution of the United States, the Declaration of Independence — the Bible was the founding source. What kind of a man of GOD couldn’t even control himself on Independence day? Political Correction: On the Fourth of July, many lawmakers set aside partisan disagreements in favor of sweeping tributes to American freedom. But not Rep. Paul Broun (R-GA), who couldn’t keep his abhorrence of Americans who disagree with his political views out of his invocation at a barbecue hosted by the Cobb County GOP. As the Marietta Daily Journal reports, Broun told attendees that America is “staring down in the deep chasm of socialism and total government control” thanks to progressives who “want to destroy us from the inside.” U.S. Rep. Paul Broun (R-Athens), who delivered the invocation, warned about the future of the U.S. “We’re standing on the precipice, staring down in the deep chasm of socialism and total government control,” Broun said. There are those who wish to destroy the U.S., Broun said, citing radical Islam and “progressives.” ” Father, there are many who want to destroy us from outside this nation,” Broun said. “Folks like al-Qaeda and the radical Islamists. But there are folks that want to destroy us from inside, the progressives and the socialists, who want to make this nation a nation that’s no longer under you, under God, but a nation that’s ruled by man .” When I hear radical Christians talk like this I’m reminded of the words Jesus said : “Father, forgive them, for they know not what they do.” Rep. Bible Broun most likely knows these very words very well, but he still spews venom every chance he can get our way. Wow. IOKIYAR
Continue reading …Click here to view this media Ed Schultz expressed some of the same frustration I have right now with President Obama continuing to put out the olive branches to Republicans and as he said, “have an amiable tone about it” and asked economist David Cay Johnston about the upcoming meetings between Republicans and the White House which is about to take place, and if anything positive for average Americans might come out of it. Johnston wasn’t optimistic and he’s not the first person I’ve seen ask if the GOP is actually crass enough that they might be willing to actually tank our economy because of their rigid political ideology and their absolute unwillingness to raise taxes or do anything else that would get Americans back to work if heaven forbid it might make President Obama look good. I hope to hell he’s wrong and I don’t know if it will do an ounce of good or not, but I would hope these members of Congress start having their phones ring and their inboxes filling up from any of their constituents who are following what’s going on with this hostage taking telling them they’ve had enough of it. JOHNSTON: I don’t think so Ed and I think it’s getting to be very, very troubling. You know there’s an assumption out there that eventually the Republicans will come around and they’ll have to settle so we don’t default. I think we have to consider the very real possibility that they’re willing to submarine the entire history of American economic dominance in the last seventy years or so, in order to achieve a point. And there’s nowhere if you think about it for the Republicans to go. They have made cutting taxes their sole issue. There’s no… SCHULTZ: That’s right. JOHNSTON: …there’s no idea of any other kind, of building the country. I was in China last week and you marvel at the roads they build, at the way that government has seized the future. What the Republicans have done is painted themselves into a corner. And they have nowhere to go but to say more and more tax cuts and even if it means that the country goes into much deeper trouble than it’s in now. And that will happen if we don’t pay our debts. Dr. James Peterson followed with one of the better points I’ve heard made in a while about just what the demands of the Republicans are after Schultz pointed out that they don’t seem to listen to anyone that doesn’t have money. PETERSON: That’s pretty much the long and the short of it. They want everyone else to tighten their belts. They want school teachers and educators – tighten your belts, poor folk – tighten your belts, immigrants – tighten your belts, every social service to tighten its belt, Medicare – tighten your belts. But they want to insulate the people you’re calling job creators, that’s very generous Ed. SCHULTZ: Yeah. PETERSON: They’re not job creators. They’re debt shufflers and CEO’s of multinational corporations that outsource our labor force. So in the end I have no idea how the Republicans can see how we’re going to move forward and progress in this country playing this chicken game with the debt ceiling. Ed showed a chart from Think Progress and the stats from this post showing that Since 2009, 88 Percent Of Income Growth Went To Corporate Profits, Just One Percent Went To Wages . Ed asked Johnston how it was that Americans don’t get this and Johnston countered that the polls show that they do and said the real question is why is President Obama continuing to treat Republicans as though we’re in some “post-partisan” America where everyone’s going to get along and asked why he wasn’t calling out Republicans more sternly for putting the entire country at risk and “distorting the economy on behalf of very few people.” After warning that what we may have to look forward to is pretty much the elimination of our middle class in America if something doesn’t change, Dr. Peterson did point out on the president’s behalf that it’s good to keep in mind just who he’s dealing with and just how radical the Republican Party has become and all of them acknowledged that he can’t seem to win for losing when he does come out strong and he also is dealing with a great deal of misconceptions by the public due to the huge amount of misinformation that’s been disseminated out there. That said, his refusal to draw lines in the sand with Republicans in public and news like this, doesn’t give me any comfort that this is going to end well for average Americans – In debt talks, Obama offers Social Security cuts . I take anything coming out of the media right now with a grain of salt and the devil is going to be in the details of course when any deal is finally made, so I’ll hold my fire until we see what happens and what ends up being agreed to during these negotiations. That said, if what was reported in that story is true, and if President Obama thinks making any cuts to Social Security is going to help him get reelected, he’s sadly mistaken.
Continue reading …For more than half a century, the Church of Scientology has been America’s most controversial religious movement: known for its appeal to celebrities like Tom Cruise, its requirement that believers pay as much as hundreds of thousands of dollars for salvation and its storied history of harassing journalists and others through litigation and intimidation, even infiltrating the highest levels of the government to further its goals. It has been called a “cult” and even a “mafia” by its critics; to Scientologists it’s “the fastest growing religion in the world.” But what, beyond the media hype, is Scientology actually about?
Continue reading …Tonight MSNBC's cast and crew will gather in Washington D.C. to celebrate their network being on the air for 15 long years. In that time its hosts, reporters and guests have attacked conservatives and Republicans on everything from impeaching Bill Clinton and conducting a war on terrorism, up to the fight over public unions. All the while some of its reporters and hosts have been thrilled by the likes of Mikhail Gorbachev and Barack Obama. For that entire 15 years MRC analysts have been dutifully watching and noting these often outrageous outbursts of leftism from NBC News' cable outlet. The following collection of the worst MSNBC quotes, year-by-year, is just a sampling of the Lean Forward network's decade-and-a-half long devotion to advancing the cause of liberalism under the guise of journalism. (video compilation after the jump)
Continue reading …Reuters on Thursday issued what it called an “exclusive” report about the Treasury department “secretly” weighing options to avert a default if the debt ceiling isn't raised by August 2nd. In the piece , the authors shared with readers the amount of tax revenue Treasury projects it will collect in August as well as projected Social Security payments, but conspicuously ignored what the department expects to pay in interest costs on the federal debt: A small team of Treasury officials is discussing options to stave off default if Congress fails to raise the country's borrowing limit by an August 2 deadline, sources familiar with the matter said on Wednesday. Senior officials, including Treasury Secretary Timothy Geithner, have repeatedly said there are no contingency plans if lawmakers do not give the U.S. government the authority to borrow more money. But behind the scenes, top Treasury officials have been exploring ways to prevent a financial meltdown that would be triggered if the government were unable to pay its bills on time, sources told Reuters. Sounds reasonable, right? Unfortunately, Reuters failed to accurately report what those contingencies could be: In August, the Treasury will take in roughly $172 billion, but is obligated to make $306 billion in payments — meaning it cannot pay about 45 percent of its bills without borrowing more money, according to the Bipartisan Policy Center, a Washington think tank. That would force the administration to make some difficult choices, even though officials believe emergency measures will buy little time and cannot stave off an economic catastrophe. If Treasury were to decide to delay some payments, one option could be to postpone a disbursement of more than $49 billion to Social Security recipients that is due on August 3. It would be a politically explosive step but one that could allow the government to temporarily pay bondholders to try to avoid foreign investors dumping U.S. Treasuries and the dollar. Notice something missing? Like how much interest is due on our debt in August? If we're going to bring in $172 billion next month, and we owe $49 billion to Social Security recipients, that leaves $123 billion, right? As NewsBusters reported Tuesday, our August interest payment isn't likely to be higher than $35 billion, meaning we will have more than enough in revenues to make our debt payment and fulfill our obligations to America's seniors. After paying the interest due on our debt and Social Security bills, we'll still have $88 billion remaining to pay military men in the field, Medicare expenses, and a whole host of things. Wouldn't this have been valuable information for Reuters to share in an article titled “Exclusive: Treasury Secretly Weighs Options to Avert Default?” Or would informing the public that there really is absolutely no danger whatsoever of America defaulting on its debt not fit the media's current desire to gin up hysteria about this supposedly looming “crisis” in order to put pressure on Congressional Republicans to raise taxes? Shouldn't it be the press's responsibility to actually give the public the complete picture without withholding key elements of the story? Or would that be too much like journalism?
Continue reading …A new data and visualization project called the Connected States of America helps bring some focus into the way mobile phones facilitate communications and shows how conversations and text-messages bind areas and regions together, even ones that are far apart. Broadcasting platform : YouTube Source : GigaOM Discovery Date : 06/07/2011 09:01 Number of articles : 3
Continue reading …Click here to view this media For anyone not already familiar with Frank Schaeffer, I posted this interview back in 2009 just after Schaeffer came out with his book, Crazy for God — Frank Schaeffer, Author of “Crazy for God” on What’s Left of the GOP: Today the Republican Party is rooting for doom . Schaeffer has a new book out , this time focusing on his mother rather than his father as the previous book did and MSNBC’s Richard Lui brought him on to discuss the current crop of GOP presidential candidates and whether Michele Bachmann or Rick Perry should he get in, would actually have a chance at winning the nomination. Schaeffer didn’t pull any punches when explaining that Michele Bachmann’s radical right-wing religious beliefs are too far to the right even for most evangelical Christians and that the more voters get to know about her, the less likely the chances of her winning the nomination. I’d say I agree with him, but of course that relies on our corporate media doing their jobs, which we know they won’t unless we see a whole lot more interviews like this one. Schaeffer also did a great job of explaining how none of them actually care about the social issues other than to use them to dupe religious voters into supporting them so they can go serve their real masters after they get in office. Rough transcript below the fold. LUI: Frank, so, you know, as Americans and really Republican primary voters get to know Michele Bachmann a little bit more each and every week, will her faith be an asset going forward, do you think, to the election or a liability here? SCHAEFFER: It will be a liability with the general public when they learn how radical she is. She comes from a wing of the evangelical movement where takes the Bible literally, and that includes the old testament that has passages about stoning gay people to death and all the rest of it. And, of course, Michele Bachmann, like Sarah Palin and others on the far religious right is too politically savvy to express clearly what she believes. But the fact of the matter is, the part of Christianity she comes from is radical even for evangelical Bible believers. And so I think- I think gradually, it will become apparent to American voters that she could not win the general election. And Republicans are going to have to make a choice to either be a normal political party or, really, theocracy in waiting with people like Michele Bachmann, who in the best of all possible worlds, as far as she would see it, would produce a theocracy in the country where the Bible would be paramount and no longer the Constitution or the Bill of Rights. LUI: As we see the Tea Party energy continuously grow in the GOP, do you find that in the primary then that she will have some attraction, that she will generate a lot of momentum? SCHAEFFER: Yeah. I mean, you know, you mentioned my book Sex, Mom and God and one of the things I talk about in that book is charting the course of the religious right from their beginnings in the 1970s with the anti-abortion movement that my family had something to do with, to the present. And the fact of the matter is they have always engaged in these culture war topics when it comes to primary voters, this small core of hard right religious voters and then they have to change later. But you’ve got to understand something, and that is that Michele Bachmann and the others on the far right of the Republican Party have moved the whole party so far right that they are no longer normal political party. They are out of the mainstream to the extent that she represents a fringe. The problem is that fringe controls the nomination process in the primaries and you have to understand that the liability they run is that when the general public gets a look at this, they are going to run a long way away. So that’s the bind they are in, appeal to the fringe in the primaries or the general population. LUI: Now, Frank, your father was a writer, a theologian; Bachmann or the Bachmann family, reportedly, looking towards his writings. SCHAEFFER: Right. LUI: So there is some link here, at least to your family’s background, and you self-describe yourself as one of the founders of the religious right, to what she’s thinking and what she’s doing today. SCHAEFFER: Yeah. And I got out obviously, and the story of why I got out in Sex, Mom & God is very clear. But, I came to understand that these people actually hate the United States as it is. Look, they love a fictional, Christian America that wouldn’t include gay people, would not have choice and abortion rights for women and all the rest of this. But in terms of the real America, inclusive, diverse, sustaining of gay people as well as heterosexuals and so forth, this is an America they despise and that’s why they talk in terms of taking it back. Well from whom? That would be from the rest of us, ordinary American citizens under the rule of law. LUI: But Frank, hate is a pretty strong word here. These certainly are citizens of the United States and so far given what they have said and done… SCHAEFFER: Sure. LUI: …have not expressed hatred towards the United States. SCHAEFFER: Well, you know when you mentioned her husband talking about gay people being barbarians and if you look, for instance at Sarah Palin’s family, they’ve had a lot to do with the secessionist movement in Alaska. You’re not part of a movement that says it wants to secede from the union in the United States if you like this country. Folks like Michele Bachmann wrap themselves in the flag, but when push comes to shove, their religious values, theocratic values, they are not talking about the same America the rest of us are looking at. And the irony is of course when they get elected or they get famous in their politics, when Republicans actually come into office, the only people they actually serve is Wall Street, and so really these social issues are a red herring because they may get the votes of a certain portion of America, mostly white, middle and lower middle class Americans in the evangelical wing of Christianity, but when they get into national office what happens? It’s all about tax cuts for the wealthy, defunding education, narrowing the public space. That’s what the real program is and unfortunately they take advantage of a lot of well-meaning people who vote for them on social issues they care passionately about. When they get into power, it’s all about Wall Street and you know, they wouldn’t let the kind of people vote for them caddy for them on their golf link. LUI: Frank, we have got to go, but I do want to mention Rick Perry because we’ve had the introduction very quickly. He also has support from the religious right, from the conservative right. Would he not be a good possibility here to move towards the primary? SCHAEFFER: Well loo, any guy that starts a national run by calling a prayer meeting and mixing the issues of church and state as he has in Texas is someone who has his eye on this little group. But I say one more time just before we go. It’s total hypocrisy because these people know that group helps them win the primary but when the Republicans get into office it’s about serving corporate Wall Street interests. It has nothing to do with the social agenda they get elected on so it’s a scam, but it’s a scam that keeps working. Forty years of Republican domination of the American political process based on abortion, gay rights, these other things they wave around, but actually it’s really about corporate America.
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