Fun Facts from Sully: Surprise! There's a significant correlation between consumption of online porn and Christianism: "Eight of the top 10 pornography consuming states gave their electoral votes to John McCain in last year's presidential election – Florida and Hawaii were the exceptions...." Utah is the country's single biggest consumer of online porn. You've got to love those Mormons.
Journamalism, by Eric Boehlert: Speaking of Fred Hiatt's absurd claim that people who don't like George Will spreading global warming misinformation should "debate" him, rather than expect the Post to run a correction ... ... Now, who is in charge of the Post's op-ed page? Fred Hiatt. If Fred Hiatt wants to pretend that critics of Will's falsehoods are welcome to debate Will, Fred Hiatt can start by regularly running op-eds by (more honest) liberal equivalents of Will, Krauthammer and Gerson. And no, Richard Cohen does not count.
... and now, the economy.
atrios says:
- 4Q GDP -6.2% (annualized). ouch.
- It shouldn't be of any surprise to people who read this blog, but, no, it's never been a liquidity problem it's been a solvency problem. They bet on big shitpile, and it was a really really bad bet.
Josh Marshall: Bob Reich on what today's economic numbers mean Obama will probably have to come back for more Stimulus.
From the Department of "Ya Think?", C&L: Jobless Angry at GOP Governors for Playing Politics over Unemployment Funds
I guess the Republican governors are counting on their residents becoming so poor, they won't have TVs and so they won't find out what they're missing in other states? I really don't see the point of playing such heartless games with peoples' lives:
For people like Henry Kight, 59, of Austin, Tex., the possibility that the money might be turned down is a deeply personal issue.
Mr. Kight, who worked for more than three decades as an engineering technician, discovered in September that because of complex state rules, he was not eligible for unemployment insurance after losing a job ....
Unable to draw jobless benefits, he and his wife have taken on thousands of dollars in credit-card debt to help make ends meet.
...
Mr. Kight and other unemployed workers said they were incensed to learn they were living in one of a handful of states — many of them among the poorest in the nation — that might not provide the expanded benefits.
“It just seems unreasonable,” Mr. Kight said, ...
He was referring to Gov. Rick Perry of Texas, who has said he may decline the extra money rather than change state policy.
....“I don’t understand the whole thing,” said Kelley Joyce, 43, of Myrtle Beach, S.C., about indications from Gov. Mark Sanford that he may reject some of the stimulus financing in that state. “Apparently because he has money and he doesn’t have to worry about everybody else who doesn’t have money.”
Well, Kelley, it's not about logic! It's about political ambition and power, and you should be grateful that your life will serve as a stepping stone for your GOP betters! ...
John Cole: Bad All Over And Getting Worse
...And it is worth noting that the Republican response so far has been to basically say “no” to every single effort to help remedy this situation. This is the same Republican party who had the following to say about the recession:
- “We don’t believe we’re going to have a recession though.” [Vice President Dick Cheney, 1/30/08] – “I think the experts will tell you we’re not in a recession.” [President Bush, 2/10/08]– “The answer is, I don’t think we are in a recession right now.” [Council of Economic Advisers Chairman Edward Lazear, 2/11/08]
– “First of all, we’re not in a recession.” [President Bush, 4/22/08]
– “The data are pretty clear that we are not in a recession.” [Council of Economic Advisers Chairman Edward Lazear, 5/7/08]
– “I don’t think we are” in a recession. [Director of the National Economic Council Keith Hennesy, 6/3/08]
– “I think we have avoided a recession.” [White House Budget Director Jim Nussle, 7/31/08]
– “I don’t think anybody could tell you right now if we’re in a recession or not” [Dana Perino, 10/7/08]
One of the chief economic advisers to their then Presidential candidate repeatedly referred to those feeling the pain of the recession as a nation of whiners while suggesting it was all in their heads, and now, as it is blindingly obvious that we are in serious, serious trouble, the leading lights of the opposition party are spending their days getting economic advice from a handyman who could not figure out that because he made significantly less than 250 grand a year he would not be having his taxes increased, taking their political advice from a radio loudmouth, holding panels at their annual conference discussing how Al Franken and ACORN are ruining Democracy, and spending their days questioning whether or not our President is actually an American. Meanwhile, as the DOW looks like it will dip below 7000 on more horrible economic news, the grass roots movement of the party is throwing “tea parties” to protest attempts by the opposition party to address this crisis.
When you hear the wingnuts talk triumphantly about their little tea party today, that is the appropriate context (from the comments: “Remind me, was the original tea party a demonstration against 95% of the colonies getting a tax cut?”). I honestly don’t know how anyone with half a brain still identifies as a Republican or conservative. These guys seem intent on doing to the conservative brand what they did to the name liberal brand, only much more effectively. This is a bankrupt movement.
Chris in Paris: British bankers say they will leave UK if bonuses are capped
Knock yourselves out and do us a favor. Where oh where will they go? They still are convinced of their own "talent" which means so little to the rest of the world. Sure the system they created is little more than burning embers from the once great fires of prosperity but it was all a fraud. Those profits that they were paid on weren't profits, but paper shells. They really need to get over themselves and their odd sense of entitlement. Let them find somewhere else to destroy and if that mysterious country/city wants to pay them, great.
Scherer at Swampland: Bad Bad Bank
The good people at public radio's This American Life, who authored one of the best journalistic explanations of the financial collapse, have another installment coming this weekend, an hour long program called "Bad Bank."
...
In Japan, they know how to handle situations like this. they kick the poverty god.
Visit msnbc.com for Breaking News, World News, and News about the Economy
DailyKOS' DemfromCT Health Care Friday is always good, including:
- Don't miss this wrap-up of a new Kaiser poll on how voters feel about health reform. Note that Congressional Republican leaders lag behind in the trust column.
Yglesias: Buck McKeon’s Student Loan Crony Capitalism
The Obama administration’s budget proposes to have the federal government spend billions of dollars on student loans to help students attend college. Since conservative ideology indicates that money should only be spent on killing people, preparing to kill people, and threatening to kill people it’s not surprising to learn that some members of congress are not enthusiastic about this proposal. But there’s a twist. The government already spends billions of dollars on student loans. And the Obama administration is proposing to reduce expenditures.
How so? Well right now we do student loans through a really pointless mechanism of basically laundering the money through private firms. All of the downside risk is borne by the government in case of default. And the lenders receive federal subsidies for doing the service of undertaking no-risk lending. ... take a slice off the top for profits .... ... Obama is proposing to do is to save taxpayers money by simply having the government make the loans. What’s not to like? Well:
But there’s already been pushback from Republicans. Rep. Howard P. “Buck” McKeon (Calif.), ranking Republican on the House Education Committee, lashed out against the proposed shift, calling it a “government takeover of the private-sector-based student loan program, taking away options and benefits from students while adding tens of billions” of dollars to the deficit.
The government is not, however, “taking over” anything. The government already completely controls the industry since it’s existence is predicated on the existence of federal subsidies. Obama is simply proposing to cut out the middle man and save some money. ...
... Rather than a debate between progressives who want the government to provide a public service and conservatives who want the service to exist just insofar as it can be supported by the private market, we have a debate where both sides agree that the service ought to exist but the right thinks it’s important that it be done in a less efficient more costly manner ... to preserve the integrity of the private sector.
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