October 2012 archive

Muppets and Money

Super-Rich Irony

Why do billionaires feel victimized by Obama?

by Chrystia Freeland, The New Yorker

October 8, 2012

One night last May, some twenty financiers and politicians met for dinner in the Tuscany private dining room at the Bellagio hotel in Las Vegas. The eight-course meal included blinis with caviar; a fennel, grapefruit, and pomegranate salad; cocoa-encrusted beef tenderloin; and blue-cheese panna cotta. The richest man in the room was Leon Cooperman, a Bronx-born, sixty-nine-year-old billionaire. Cooperman is the founder of a hedge fund called Omega Advisors, but he has gained notice beyond Wall Street over the past year for his outspoken criticism of President Obama. Cooperman formalized his critique in a letter to the President late last year which was widely circulated in the business community; in an interview and in a speech, he has gone so far as to draw a parallel between Obama’s election and the rise of the Third Reich.



In the letter, Cooperman argued that Obama has needlessly antagonized the rich by making comments that are hostile to economic success. The prose, rife with compound metaphors and righteous indignation, is a good reflection of Cooperman’s table talk. “The divisive, polarizing tone of your rhetoric is cleaving a widening gulf, at this point as much visceral as philosophical, between the downtrodden and those best positioned to help them,” Cooperman wrote. “It is a gulf that is at once counterproductive and freighted with dangerous historical precedents.”



The growing antagonism of the super-wealthy toward Obama can seem mystifying, since Obama has served the rich quite well. His Administration supported the seven-hundred-billion-dollar TARP rescue package for Wall Street, and resisted calls from the Nobel Prize winners Joseph Stiglitz and Paul Krugman, and others on the left, to nationalize the big banks in exchange for that largesse. At the end of September, the S. & P. 500, the benchmark U.S. stock index, had rebounded to just 6.9 per cent below its all-time pre-crisis high, on October 9, 2007. The economists Emmanuel Saez and Thomas Piketty have found that ninety-three per cent of the gains during the 2009-10 recovery went to the top one per cent of earners. Those seated around the table at dinner with Al Gore had done even better: the top 0.01 per cent captured thirty-seven per cent of the total recovery pie, with a rebound in their incomes of more than twenty per cent, which amounted to an additional $4.2 million each.



This is the group that has benefitted most from the winner-take-all economy: the 0.1 per cent, whose share of the national income was 7.8 per cent in 2009, according to I.R.S. data. Moreover, even as the shifting tides of the global economy have rewarded the richest while squeezing the middle class, the U.S. tax system has favored the very top, as the tax returns of the Republican Presidential candidate, Mitt Romney, have illustrated. In 2011, Romney paid an effective tax rate of just 14.1 per cent, and his income of $13.7 million places him in the 0.01-per-cent group.



The President, in Cooperman’s view, draws political support from those who are dependent on government. Last October, in a question-and-answer session at a Thomson Reuters event, Cooperman said, “Our problem, frankly, is as long as the President remains anti-wealth, anti-business, anti-energy, anti-private-aviation, he will never get the business community behind him. The problem and the complication is the forty or fifty per cent of the country on the dole that support him.”



“It’s a question of tone,” Cooperman said. “The President makes it sound like the problems of the ninety-nine per cent are caused by the one per cent, and that’s not the case.” Yet some of the harshest language of this election cycle has come from the super-rich. Comparing Hitler and Obama, as Cooperman did last year at the CNBC conference, is something of a meme. In 2010, the private-equity billionaire Stephen Schwarzman, of the Blackstone Group, compared the President’s as yet unsuccessful effort to eliminate some of the preferential tax treatment his sector receives to Hitler’s invasion of Poland. After Cooperman made his Hitler comment, he has said, his wife called him a “schmuck.” But he couldn’t resist repeating the analogy when we spoke in May of this year. “You know, the largest and greatest country in the free world put a forty-seven-year-old guy that never worked a day in his life and made him in charge of the free world,” Cooperman said. “Not totally different from taking Adolf Hitler in Germany and making him in charge of Germany because people were economically dissatisfied. Now, Obama’s not Hitler. I don’t even mean to say anything like that. But it is a question that the dissatisfaction of the populace was so great that they were willing to take a chance on an untested individual.”

$4.2 million each.  Why that’s your Sesame Street Workshop right there.

You wouldn’t want to blend in with ‘ordinary’ things.

A Breath Of Fresh Air.

That whooshing sound you heard, after the first presidential debate on Wednesday night, was the collective exhalation of the breath of every Patriot Tea Party member in the nation. We’d all hoped that Mitt Romney would at least hold his own with the ‘Anointed One’, whose brilliance, we had been assured by the Lame Stream Press, eclipsed that of all mortal men.

To my absolute delight, after the first few minutes, it became readily apparent that Mitt Romney not only had the effrontery to challenge the media messiah… he neatly filleted him… in a gentlemanly sort of way. It’s what we didn’t see that enthused me the most. We didn’t see the ‘milquetoast’ Romney that the leftover hacks from the Bushees have tried to create. “Oh”(wringing of hands),”don’t attack Obama, you’ll be seen as racist”. “You’ll offend the minority vote”. “Ooh, don’t do that, you’ll lose the women’s vote”. ‘Don’t do this and don’t do that’… and we saw the results of that kind of thinking all over the John McCain disaster in 2008.

I’ll have to admit that I feared that Romney wouldn’t come out swinging. I was delighted to see that I was wrong. Some conservatives were grousing that Mitt ‘didn’t do this and didn’t do that’… but what was overwhelmingly apparent was that he did plenty enough to destroy Obama’s worn-out commie blather. It wasn’t even close.

What was most telling to me was that when the debate started, I was listening to it on the radio (since I was doing work on the computer), then when I did switch over to visual… the contrast was striking… MaoBama clearly out of his element. No bought-and-paid-for audience of witless college students or union goons. No adoring crowds of welfare recipients. He looked like a defeated man. Could Romney have hit him harder? Sure he could. But I think he hit just the right tone for this debate.

MaoBama will not be caught out quite this unprepared again. But he is, as has been pointed out, lazy. He’s been pampered and sheltered all of his private and public life. What he’s trying to sell is a lie. Obama is the penultimate result of the Marxist movement in this country. He is their golden boy. But what he’s selling is evaporating like swamp gas before the march of reality.

It’s taken four long years for the blinders to come off of the American people. I’ve talked to a number of disillusioned people who supported Obama… whether to expiate the self-inflicted mythic ‘white guilt’, or because they were sick to death of the antics of a Republican government who behaved exactly as the Democrats they claimed to oppose. It’s tough to admit that you were taken in… sort of like being suckered by a carney hustler.

I have many friends who would be classified as ‘minorities’ (at least by the DeMarxists, because they see everyone as a sub-classification). They, however, don’t see themselves that way and neither do I. We are Americans first, last and foremost. That’s the last thing that MaoBama and the DeMarxists want to see… a unified and purposeful patriotic electorate. But that’s exactly what they are going to see in November.

Cartnoon

Nosferatu.  Originally posted June 29, 2011

Lumberjack Rabbit

On This Day In History October 9

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

September 9 is the 252nd day of the year (253rd in leap years) in the Gregorian calendar. There are 113 days remaining until the end of the year.

On this day in 1776, Congress renames the nation “United States of America”.

On this day in 1776, the Continental Congress formally declares the name of the new nation to be the “United States” of America. This replaced the term “United Colonies,” which had been in general use.

In the Congressional declaration dated September 9, 1776, the delegates wrote, “That in all continental commissions, and other instruments, where, heretofore, the words ‘United Colonies’ have been used, the stile be altered for the future to the “United States.”

The Lee Resolution, also known as the resolution of independence, was an act of the Second Continental Congress declaring the United Colonies to be independent of the British Empire. First proposed on June 7, 1776, by Richard Henry Lee of Virginia, after receiving instructions from the Virginia Convention and its President, Edmund Pendleton  (in fact Lee used, almost verbatim, the language from the instructions in his resolution). Voting on the resolution was delayed for several weeks while support for independence was consolidated. On June 11, a Committee of Five  was appointed to prepare a document to explain the reasons for independence. The resolution was finally approved on July 2, 1776, and news of its adoption was published that evening in the Pennsylvania Evening Post and the next day in the Pennsylvania Gazette. The text of the document formally announcing this action, the United States Declaration of Independence, was approved on July 4.

Muse in the Morning

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Art Glass 38

Open Debate: Romney’s Tax Plan

Cross posted from The Stars Hollow Gazette

This weekend on MSNBC’s Up with Chris Hayes Nobel Prize winning economist Professor Joseph E. Stiglitz and Avik Roy, an adviser to Presidential Republican nominee Mitt Romney, debate the nominee’s tax plan and its impact on Americans.

In the second segment, Prof. Stiglitz and Mr. Roy try to outline what is known about Mr. Romney’s tax plan and whether he would be able to implement the plan if elected president.

Today on The Stars Hollow Gazette

Our regular featured content-

And these featured articles-

These special events-

Coming up this evening-

Write more and often.  This is an Open Thread.

The Stars Hollow Gazette

Indigenous Peoples’ Day

Illegal immigration in America started on October 12, 1492 when Christopher Columbus bumped into an island in the Bahamas thinking he found the western route to India. We all know how that turned out.

The history of the treatment of Native Americans by the illegal immigrants from Europe is abominable and continues to this day. Of the over 500 treaties the United States government signed with Native American tribes, the government has broken or violated every one. That’s quite a foreign policy record.

Twenty-two years ago South Dakota renamed the second Monday in October Native American Day in honor of the indigenous people who suffered near-annihilation after Columbus opened doors to the New World. This is how Native Americans commemorate the day:

Diana King is an enrolled member of the White Earth Indian Nation in northern Minnesota. For the last 12 years, she has taught at the Waubun High School, which is located on a reservation. “Columbus Day is a chance to teach about who we once were, what has become of us since Europeans arrived on our shores and who we are today – a struggling but surviving people,” King says.

Each October, King creates a bulletin board that illustrates a rich display of indigenous life on the American continents circa 1492.[..]

“I want teachers to teach more about Indian civilization just like they do with Egyptian or European history,” she says. “Our … history did not begin with Christopher Columbus.” [..]

“Even though 70 percent of our students are Native, most of our teachers are non-Indian,” she says. “When I started here there were no Ojibwe language classes and there was no after-school program for Native students. Working with teachers to help educate them about our students about their culture and the issues they face living on the reservation is critical to promoting success.” [..]

“We should have been wiped out,” she says. “It’s a miracle Native people still exist. I have never liked the word ‘conquered.’ We are still here after 500 years. And maybe every time Columbus Day comes around, we should rethink who the real heroes are: the explorer or the survivors?”

On Columbus Day, Indigenous Urge Celebration of Native Culture & Teaching of the Americas’ Genocide

Also from Democracy Now!, Amy Goodman interviews Native American Activist Dennis Banks who shared his experiences and view about this day:

On “Columbus Day” – known to many as Indigenous Peoples Day – we’re joined by Dennis Banks, a legendary Native American activist from the Ojibwe Tribe. In 1968, he co-founded the American Indian Movement. A year later, he took part in the occupation of Alcatraz Island in California. In 1972, he assisted in AIM’s “Trail of Broken Treaties,” a caravan of numerous activist groups across the United States to Washington, D.C., to call attention to the plight of Native Americans. That same year, AIM took over the Bureau of Indian Affairs building in Washington, D.C. In early 1973, AIM members took over and occupied Wounded Knee on the Pine Ridge Indian Reservation for 71 days, which some have come to call Wounded Knee II. Earlier this year, he led a cross-country walk from Alcatraz to Washington calling for the release of imprisoned Native American activist Leonard Peltier. Banks shares his thoughts about Columbus Day, the U.S. treatment of American Indians, and his own story of growing up in the BIA boarding school system.

Please sign the petition to President Barack Obama: Clemecy for Leonard Peltier.

Thanks to my friend Izzy, aka Black Eagle.

Cartnoon

Out of Sequence.  Happy Columbus Day.

Hare We Go

On This Day In History October 8

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

October 8 is the 281st day of the year (282nd in leap years) in the Gregorian calendar. There are 84 days remaining until the end of the year.

 

On this day in 1871, flames spark in the Chicago barn of Patrick and Catherine O’Leary, igniting a 2-day blaze that kills between 200 and 300 people, destroys 17,450 buildings,leaves 100,000 homeless and causes an estimated $200 million (in 1871 dollars; $3 billion in 2007 dollars) in damages.

The Great Chicago Fire was a conflagration  that burned from Sunday, October 8, to early Tuesday, October 10, 1871, killing hundreds and destroying about 4 square miles (10 km2) in Chicago, Illinois. Though the fire was one of the largest U.S.  disasters of the 19th century, the rebuilding that began almost immediately spurred Chicago’s development into one of the most populous and economically important American cities.

On the municipal flag of Chicago, the second star commemorates the fire. To this day the exact cause and origin of the fire remain a mystery.

The fire started at about 9 p.m. on Sunday, October 8, in or around a small shed that bordered the alley behind 137 DeKoven Street.[3]  The traditional account of the origin of the fire is that it was started by a cow kicking over a lantern in the barn owned by Patrick and Catherine O’Leary. Michael Ahern, the Chicago Republican reporter who created the cow story, admitted in 1893 that he had made it up because he thought it would make colorful copy.

The fire’s spread was aided by the city’s overuse of wood for building, a drought prior to the fire, and strong winds from the southwest that carried flying embers toward the heart of the city. The city also made fatal errors by not reacting soon enough and citizens were apparently unconcerned when it began. The firefighters were also exhausted from fighting a fire that happened the day before.

After the fire

Once the fire had ended, the smoldering remains were still too hot for a survey of the damage to be completed for days. Eventually it was determined that the fire destroyed an area about four miles (6 km) long and averaging 3/4 mile (1 km) wide, encompassing more than 2,000 acres (8 kmĀ²). Destroyed were more than 73 miles (120 km) of roads, 120 miles (190 km) of sidewalk, 2,000 lampposts, 17,500 buildings, and $222 million in property-about a third of the city’s valuation. Of the 300,000 inhabitants, 90,000 were left homeless. Between two and three million books were destroyed from private library collections. The fire was said by The Chicago Daily Tribune to have been so fierce that it surpassed the damage done by Napoleon’s siege of Moscow in 1812. Remarkably, some buildings did survive the fire, such as the then-new Chicago Water Tower, which remains today as an unofficial memorial to the fire’s destructive power. It was one of just five public buildings and one ordinary bungalow spared by the flames within the disaster zone. The O’Leary home and Holy Family Church, the Roman Catholic congregation of the O’Leary family, were both saved by shifts in the wind direction that kept them outside the burnt district.

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Art Glass 37

Late Night Karaoke

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