October 2013 archive

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 9 is the 282nd day of the year (283rd in leap years) in the Gregorian calendar. There are 83 days remaining until the end of the year.

On this day in 1967, socialist revolutionary and guerilla leader Che Guevara, age 39, is killed by the Bolivian army. The U.S.-military-backed Bolivian forces captured Guevara on October 8 while battling his band of guerillas in Bolivia and assassinated him the following day. His hands were cut off as proof of death and his body was buried in an unmarked grave. In 1997, Guevara’s remains were found and sent back to Cuba, where they were reburied in a ceremony attended by President Fidel Castro and thousands of Cubans.

Ernesto “Che” Guevara (June 14, 1928 – October 9, 1967), commonly known as El Che or simply Che, was an Argentine Marxist revolutionary, physician, author, intellectual, guerrilla leader, diplomat, military theorist, and major figure of the Cuban Revolution. Since his death, his stylized visage has become a ubiquitous countercultural symbol and global insignia within popular culture.

As a medical student, Guevara traveled throughout Latin America and was transformed by the endemic poverty he witnessed. His experiences and observations during these trips led him to conclude that the region’s ingrained economic inequalities were an intrinsic result of capitalism, monopolism, neocolonialism, and imperialism, with the only remedy being world revolution. This belief prompted his involvement in Guatemala’s social reforms under President Jacobo Arbenz, whose eventual CIA-assisted overthrow solidified Guevara’s radical ideology. Later, while living in Mexico City, he met Raul and Fidel Castro, joined their 26th of July Movement, and travelled to Cuba aboard the yacht, Granma, with the intention of overthrowing U.S.-backed Cuban dictator Fulgencio Batista. Guevara soon rose to prominence among the insurgents, was promoted to second-in-command, and played a pivotal role in the successful two year guerrilla campaign that deposed the Batista regime.

Following the Cuban Revolution, Guevara performed a number of key roles in the new government. These included instituting agrarian reform as minister of industries, serving as both national bank president and instructional director for Cuba’s armed forces, reviewing the appeals and firing squads for those convicted as war criminals during the revolutionary tribunals, and traversing the globe as a diplomat on behalf of Cuban socialism. Such positions allowed him to play a central role in training the militia forces who repelled the Bay of Pigs Invasion and bringing to Cuba the Soviet nuclear-armed ballistic missiles which precipitated the 1962 Cuban Missile Crisis. Additionally, he was a prolific writer and diarist, composing a seminal manual on guerrilla warfare, along with a best-selling memoir about his youthful motorcycle journey across South America. Guevara left Cuba in 1965 to foment revolution abroad, first unsuccessfully in Congo-Kinshasa and later in Bolivia, where he was captured by CIA-assisted Bolivian forces and executed.

Guevara remains both a revered and reviled historical figure, polarized in the collective imagination in a multitude of biographies, memoirs, essays, documentaries, songs, and films. Time magazine named him one of the 100 most influential people of the 20th century, while an Alberto Korda photograph of him entitled “Guerrillero Heroico”, was declared “the most famous photograph in the world.”

Cross posted from The Stars Hollow Gazette

In the midst of the government shutdown and looming debt ceiling crisis, it was announced from the usual anonymous White House sources, that President Barack Obama will name the Federal Reserve’s vice chair, Janet Yellen, as his nominee to succeed Chairman Ben Bernanke.

The announcement by president Barack Obama is scheduled for 3pm EST on Wednesday, the White House said. Both Yellen and the current Fed chair, Ben Bernanke, are expected to attend.

The nomination ends a long public debate about Obama’s choice for Fed chairman. Yellen has long been seen as the frontrunner to succeed Bernanke, who is set to step down early next year. But she faced stiff opposition from former Treasury secretary Lawrence Summers who had strong support within the Obama administration. If approved by the Senate, she would be the first woman to head the central bank in its 100-year history.

The president was left with few choices after his “favorite” and “best bud’ Larry Summers was forced to withdraw because of fierce criticism from just about everyone, including Wall Street, except White House insiders. Larry was just not going to happen.

That said, while Ms. Yellen is going to be the first female head of the Federal Reserve (another glass ceiling broken), she is hardly that different policy-wise from Summers.

What We Really Should be Yellin About When it Comes to Who Runs the Fed

by priceman

Effective regulation, and on that note, it is a positive thing that the Summers of our discontent can finally be laid to rest. After all the damage Larry Summers has caused in being one of the architects of this crisis, from boxing in Brooksley Born and ignoring her warnings with regard to derivatives which brought down Long Term Capital Management during the Clinton administration, to his sexism among everything else. He has now thankfully taken himself out consideration for the job.

It’s a good thing he did. Rather than fighting for something or someone that helps people suffering from this economic crisis, President Obama strongly recommended and fought for Larry Summers to be Chairman of the Federal Reserve, a guy who lost a billion dollars as President of Harvard betting on interest rates. Yeah, let that sink in for awhile.

It’s really not OK. This is why making excuses for everything the President does, as too many Democrats do without thinking of the damage, is dangerous, immoral, and unprincipled. Now it looks like the front runner to replace Ben Bernanke as Chairman of the Federal Reserve is going to be Vice Chairwoman of the Board of Governors of the Federal Reserve System and once President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, Janet Yellin. Unlike Larry Summers, she at least saw the crisis coming as early as 2005.

Be Careful What You Ask For

The progressive Democrats of the Senate got Larry Summers to withdraw from consideration for chair of the Federal Reserve over the weekend. So now they’re yellin’ for Yellen. Well, folks Janet Yellen the current vice chair of the Federal Reserve is just the distaff version of Larry minus the misogyny.

Huffington Post’s senior political economy reporter Zach Carter gives a rundown of Ms. Yellen’s policy history before and during her tenure as chair of Council of Economic Advisers in the Clinton administration. During that time she backed the repeal of the landmark Glass-Steagall bank reform, supported the 1993 North American Free Trade Agreement and pressured the government to develop a new statistical metric intended to lower payments to senior citizens on Social Security. Yes, dears, that last one would be an earlier version of the Chained CPI.

Cross posted from The Stars Hollow Gazette

The government shutdown and the threat of default on debt payments kept President Barack Obama from attending the recent round of talks on the Trans-Pacific Partnership (TPP). The president has hopes that it will be finished by the end of the year. Major corporations are urging the Pres. Obama not to “water down” the agreement which would put billions in their pockets sucking more money from the 99%, creating an even bigger income gap around the world. The TPP, which has been negotiated in secret since the Bush administration, would prioritize corporate rights over the rights of consumers and workers. In June, Rep. Alan Grayson was allowed to read the text of the TPP, that he described as “an anti-American power grab by big corporations”

The TPP is a large, secret trade agreement that is being negotiated with many countries in East Asia and South America.

The TPP is nicknamed “NAFTA on steroids.”  Now that I’ve read it, I can see why. I can’t tell you what’s in the agreement, because the U.S. Trade Representative calls it classified. But I can tell you two things about it.

1)    There is no national security purpose in keeping this text secret.

2)    This agreement hands the sovereignty of our country over to corporate interests.

3)    What they can’t afford to tell the American public is that [the rest of this sentence is classified].

(Well, I did promise to tell you only two things about it.)

I will be fighting this agreement with everything I’ve got. And I know you’ll be there every step of the way.

Besides this agreement being labeled a secret except for the business insiders who are negotiating it, the corporations want Congress to “fast track” it’s approval which the president the ability to put an accord before lawmakers for an up-or-down vote. This would assure that the TPP would pass without congressional oversight. However, some lawmakers are balking, at not only fast tracking the agreement, but the agreement itself:

A growing chorus of lawmakers is calling for trade negotiators to address issues including currency manipulation, food-safety standards and competition with state-backed industries as the administration seeks “fast-track” authority to smooth eventual passage of the Trans-Pacific Partnership.

“I oppose fast-track authority like what we have had in the past,” Representative Rosa DeLauro, a Connecticut Democrat, said on a conference call today with reporters. “We are not just here to rubber stamp what gets done” by trade negotiators, she said. [..]

Negotiations are “being done without sufficient input from members of Congress,” DeLauro said. Lawmakers should have more of a say because the TPP is a 21st century agreement that goes beyond traditional tariff deals, she said. The TPP would entail issues including environmental protection, Internet trade, access to medicines and market access for small businesses.

A bipartisan group of 60 senators — a bloc big enough to sink a trade accord — on Sept. 24 urged the administration to include provisions to prevent currency manipulation in U.S. free-trade agreements.

Lori Wallach, director of Public Citizen’s Global Trade Watch, joined Democracy Now!‘s Amy Goodman and Juan González to discuss how this corporate “Trojan Horse” would rewrite US laws and regulation

While the text of the treaty has been largely negotiated behind closed doors and, until June, kept secret from Congress, more than 600 corporate advisers reportedly have access to the measure, including employees of Halliburton and Monsanto. “This is not mainly about trade,” says Lori Wallach, director of Public Citizen’s Global Trade Watch. “It is a corporate Trojan horse. The agreement has 29 chapters, and only five of them have to do with trade. The other 24 chapters either handcuff our domestic governments, limiting food safety, environmental standards, financial regulation, energy and climate policy, or establishing new powers for corporations.“

The Electronic Freedom Foundation is fighting the fast tract of this agreement and calling for open congressional hearings.

President Obama was scheduled to meet with the leaders of the other eleven countries negotiating the Trans-Pacific Partnership agreement ahead of the Asia-Pacific Economic Cooperation (APEC) meeting in Bali, supposedly to plan the “end-game” for this massive trade deal. However, he has made a sudden decision to cancel his trip, claiming that this was a casualty of the government shutdown. Obama’s announcement adds to the impression that goal of completing TPP at APEC has become unobtainable and reveal how precariously the negotiations are going.

There are reports that the remaining TPP country leaders who will be attending the APEC meeting will still be convening “with the aim of hammering out a framework.” As we’ve also previously mentioned, smaller issue-specific intersessional meetings have also grown more frequent and gone even further underground. So while the news of his trip getting cancelled is indeed welcome news, the TPP still could be signed even as its contents remain hidden from the public.

They also have  website “Why the Heck Should I Care About the TPP?” which lets you click through different facts about the agreement and how it will impact us as users.

We here at Stars Hollow and Docudharma urge you to take action and demand Congress exercise their Constitutional authority to oversee the U.S. trade negotiations.