( Gingrich suggests Ryan Medicare plan is ‘right-wing social engineering’ ) Conservative talkie Laura Ingraham interviewed Rep. Paul Ryan the other day and she got him to side with Rick Perry’s ludicrous assertion that Social Security is nothin’ but a Ponzi scheme. Speaking on conservative radio on Tuesday, Rep. Paul Ryan (R-Wis.) agreed with Texas Gov. Rick Perry’s (R) claim that Social Security is a “Ponzi scheme.” When asked by host Laura Ingraham on Tuesday whether the country’s social insurance program is a Ponzi scheme, Ryan replied, “That is how those schemes work.” Ryan: “So if you take a look at the technicality of Ponzi — I would — it’s not a criminal enterprise,” he said, according to a transcript. “But it is a pay-as-you-go system where … earlier investors or, say, taxpayers, get a positive rate of return and the most recent investors — or taxpayers — get a negative rate of return.” A Ponzi scheme that’s worked incredibly well since its inception back in 1935 . Ryan is one of the Conservative young guns, someone they hope will articulate their vision for the future. Or, to put more realistically, he’s a typical Wall Street corporate shill. His budget that was passed by House Republicans is designed to kill off Medicare by turning it into a voucher system. He hemmed and hawed responding to Ingraham, but finally agreed. I don’t know why he just didn’t endorse the idea immediately. So, as my pal Howie thinks. Will Perry pick Ryan to be his VP? Right now he’s playing it pretty even keeled as to who he will endorse : Asked to side with Mitt Romney or Rick Perry in their debate over Social Security , Ryan said: “they’re both right” in saying that the program “is not working, it is going bankrupt, and current seniors will be jeopardized the most by the status quo.” The DCCC responded to Ayn Ryan’s statements . “Ryan’s belief that Social Security works like a Ponzi scheme proves — once and for all — that House Republicans have really declared a war on seniors,” DCCC spokesman Jesse Ferguson said in a statement. “A Ponzi scheme is Bernie Madoff ripping off Americans — not Social Security benefits that seniors earned and depend on during retirement.” What a ticket Perry/Ryan would be. “Jesus/Rand 2012″
Continue reading …Victoria Beckham is, shall we say, committed to losing her baby weight, a source tells the Sun . After giving birth to daughter Harper Seven in July, Posh Spice started rising at—brace yourself—7am and walking seven miles per day in two treadmill sessions while also doing yoga. “She’s had…
Continue reading …Former workers at a vast Amazon warehouse in eastern Pennsylvania say the LeHigh “fulfillment center” was a hellish place to work, finds a lengthy exposé by the Allentown Morning Call finds. Workers—most of whom were employed by a temp agency instead of Amazon itself—say they had to endure…
Continue reading …Lady Gaga’s third installment in her five-part “You And I” fashion film series dropped today, featuring the pop star as her mermaid alter-ego Yuyi. According to this video, Yuyi is a bit of a chain smoker, which must be a difficult habit to pick up underwater. Check it out below, and we’d say we hope … More » Broadcasting platform : YouTube Source : Idolator Discovery Date : 21/09/2011 02:40 Number of articles : 4
Continue reading …Campaigners condemn private meeting to discuss use of Official Secrets Act against reporter who revealed Milly Dowler phone hacking The Metropolitan police is to be allowed explain to MPs in private why it threatened to invoke the Officials Secrets Act in an attempt to force the Guardian to hand over notes and reveal sources behind its phone-hacking coverage. The hearing on Friday is both official and secret, leading to condemnation by campaigners for media freedom, which threatens to dash the Met’s hopes that the furore over their alleged attempt to strike at media freedom will die away. On Tuesday, the Met announced it would end its attempt to get a court order forcing Guardian reporter Amelia Hill to hand over notes and reveal sources behind the revelation that Milly Dowler’s phone had been hacked by the News of the World. It then said MPs had invited them to give a briefing in private. it was not clear who had asked for Friday’s session to be held behind closed doors. John Kampfner, chief executive of Index on Censorship , said: “Holding this hearing behind closed doors would be a damaging move for parliament and the Metropolitan police. It is important that the police explain their actions openly. “The attempt to use the Official Secrets Act on a journalist was an outrageous attack on free speech and those responsible should explain themselves not just to parliament but to the country.” The powerful home affairs committee has already investigated hacking and lambasted the Met for its failings. Deputy assistant commissioner Mark Simmons , who leads on professionalism issues for the Met, will appear before the committee on Friday to answer questions. Keith Vaz, chair of the committee, said: “I have asked the Metropolitan police to give the committee a full explanation of why they took this action and to provide us with a timeline as to exactly who was consulted. It is essential that we get the full facts.” The attempt by Scotland Yard to get a production order, requiring the Guardian to hand over sensitive material, was roundly condemned by other news organisations – the first crisis for incoming commissioner Bernard Hogan-Howe, who formally takes office next week. The Met insists the decision was taken by a relatively junior officer in its directorate of professional standards, who was investigating a detective accused of leaking information from the hacking investigation to the media. The Met says Hogan-Howe knew nothing of the original decision, even though he is overseeing the investigation into phone hacking in his role as deputy commissioner. Simmons used a radio interview to admit that invoking the Official Secrets Act in an attempt to make the Guardian reveal its confidential sources for stories relating to the phone-hacking scandal was “not appropriate”. Simmons told the BBC: “We’ve acknowledged and I’ve acknowledged the role the Guardian has played in the history of what brought us to where we are now, both in terms of its focus on phone hacking itself and indeed its focus on the Met’s response to that. “But in all the glare that has been thrown on to our relationships with the media, we have had to ask ourselves the question about how do we do more to ensure that public confidence in our officers treating information given to them in confidence appropriately is maintained. That’s why we undertake robust investigation into incidents of leakages. “I think what’s happened is it’s thrown into the spotlight the difficulty that we have in getting a new balance in our relationship with the media in the wake of all the issues that have been aired, very publicly, in recent months.” Alan Rusbridger, editor-in-chief of the Guardian, said: “I just hope that, in our effort to clean up some of the worst practices, we don’t completely overreact and try to clamp down on perfectly normal and applaudable reporting. This was a regrettable incident, but let’s hope it’s over.” The police application was formally made under the Police and Criminal Evidence Act, but with a claim that Hill had committed an offence under the Official Secrets Act by inciting an officer from Operation Weeting – the Met’s investigation into phone hacking – to reveal information. Metropolitan police London Police Phone hacking Newspapers & magazines National newspapers Newspapers Official Secrets Act The Guardian Vikram Dodd Lizzy Davies guardian.co.uk
Continue reading …Federal Reserve moves to push down long-term interest rates and kickstart housing market The Federal Reserve ramped up its aid to the beleaguered US economy on Wednesday, launching an effort to put more downward pressure on long-term interest rates over time and help the battered housing sector. The Fed said it would launch a new $400bn program that will tilt its $2.85tn balance sheet more heavily towards longer-term securities by selling shorter-term notes and using those funds to purchase longer-dated treasuries – a strategy dubbed “Operation Twist”, from the card game pontoon. It will now also reinvest proceeds from maturing mortgage and agency bonds back into the mortgage market, an acknowledgement of just how weak conditions in the sector have remained. “Recent indicators point to continuing weakness in overall labor market conditions, and the unemployment rate remains elevated,” the Fed said in its statement. Faced with a lofty 9.1% jobless rate, consumer and business confidence sapped by a troubling US credit downgrade, and an escalating sovereign debt crisis in Europe, Fed officials have signaleld they would seek to prevent already sluggish US growth from weakening further. But although Fed chairman Ben Bernanke has indicated the central bank’s reluctance to stay on the sidelines, Fed activism has become a punching bag for politicians as an election year nears. Top Republican congressional leaders wrote to Bernanke this week urging the central bank to desist from further economic interventions, echoing criticism voiced by Republican presidential candidates in recent weeks. Fed officials, however, believe that by shifting their bond holdings they could encourage mortgage refinancing and push investors into riskier assets, such as corporate bonds and stocks, without stoking a run-up in consumer prices. The US central bank is not alone in its concerns. The Bank of England on Wednesday signalled it was ready to pump more money into the weakening British economy, potentially as soon as October. Similarly, the Norwegian central bank held its main interest rate unchanged and signaled it might refrain from rate increases for longer than previously expected due to a weaker global economy and the euro zone debt crisis. The US economy grew at less than 1% annual rate over the first half of the year, and analysts have warned of a heightened risk of recession. A report showing US employers added no new jobs on net in August provoked widespread fears growth could stall. The Fed has already embarked far down one of the most aggressive monetary easing paths on record. It cut overnight interest rates to near zero in December 2008 and then moved to more than triple its balance sheet to $2.8tn through a series of bond purchases. After its last meeting on August 9, the Fed said it expected to hold rates at rock-bottom levels at least through the middle of 2013, a decision that drew three dissenting votes. US economy Ben Bernanke US housing and sub-prime crisis United States Mortgage lending figures US politics guardian.co.uk
Continue reading …So what are people saying about “Operation Twist,” the Federal Reserve’s just-announced plan to buy $400 billion worth of long-term government bonds? Is it likely to succeed in encouraging borrowing and jolting the economy out of its rut? So far, the reviews aren’t resoundingly positive. • Dan Gross of Yahoo! Finance is underwhelmed. “This move
Continue reading …Yes, it’s a children’s campaign, and poorly organized to boot. But those kids are doing something when so many people are doing nothing. (If you want to go, there’s a Facebook ride board here .) It’s inevitable that Occupy Wall Street becomes less than peaceful, but it doesn’t make it any easier to watch kids being knocked around by cops for remaining in the same place police corralled them. How ironic, that the cops whose jobs and pensions are being attacked are the very people arresting the ones trying to protect their jobs: NEW YORK — Police have arrested seven more people at an ongoing protest on Wall Street. A New York City police spokesman said Tuesday that one of the seven suffered a minor leg injury while resisting arrest. He was treated by paramedics at a police station. The seven were part of a group of a few hundred protesters who have gathered in lower Manhattan to target financial firms. They’re challenging political connections between the firms and Washington lawmakers. From OccupyWallSt.org: The first arrest was a protester who objected to the police removing a tarp that was protecting our media equipment from the rain. The police said that the tarp constituted a tent, in spite of it not being a habitat in any way. Police continued pressuring protesters with extralegal tactics, saying that a protester on a bullhorn was breaking a law. The protester refused to cease exercising his first amendment rights and was also arrested. Then the police began to indiscriminately attempt to arrest protesters, many of them unsheathed their batons , in spite of the fact that the protest remained peaceful. And how about Mayor Bloomberg’s “free speech is what makes New York New York”? Guess he was kidding! New York City police monitoring a social media-fueled protest in Manhattan’s Financial District have charged demonstrators with violating an obscure 150-year-old state statute that bans masked gatherings. Since Saturday, five people connected with the protest to “occupy” Wall Street have been issued a violation for running afoul of the antimask law, according to police. “People here are very acutely aware of it now because of the arrests,” Laura MacAuley, a spokeswoman for the social media-fueled event, said Monday. So they’re hit and dragged by the feet for the equivalent of a parking ticket. Freedom, New York style! The man who filmed the police action — who said he was an activist, Iraq war veteran and law student and insisted that his name not be used out of fear of retribution by the police — said that at around 9:30 a.m., a group of officers, led by an officer “with four stars on his collar” pulled out batons and moved in on the protesters who have occupied the park. Read here for a list of their crimes. Oh, and apparently Yahoo is censoring email sent out with a link to the protest site.
Continue reading …The Federal Reserve is mandated “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” So, unlike the GOP at least the Fed is doing the job their supposed to do. The NYTimes reports : The Federal Reserve announced a new plan Wednesday to stimulate growth by purchasing $400 billion in long-term Treasury securities with proceeds from the sale of short-term government debt, defying Republican demands to refrain from new actions. In extending its campaign of novel efforts to shake the economy from its torpor, the Fed said that it was responding to evidence that there was a clear need for help.
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