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by Dean Baker
As we passed the fifth anniversary of the peak of the financial crisis this fall, the giant insurance company AIG was prominently featured in the retrospectives. AIG had issued hundreds of billions of dollars of credit default swaps (CDS) on subprime mortgage backed securities. When these mortgage-backed securities failed en masse, AIG didn't have the money to back them up.
This would have forced AIG into bankruptcy. However Lehman had declared bankruptcy the day before and the world was still engulfed in the aftershocks. The Bush administration and the Federal Reserve board decided that they would stop the cascade of failing financial institutions and bail out AIG. As a result, the government agreed to honor all the CDS issued by AIG and effectively became the owner of the company.
INDIANAPOLIS, IN — A majority of Indianans believe that marijuana should be legally regulated like alcohol and nearly 80 percent of Hoosiers support taxing it, according to recently released statewide polling data released by the Bowen Center for Public Affairs at Ball State University.
Fifty-two percent of respondents said that cannabis “should be regulated like alcohol.” Forty-five percent of respondents opposed legalization. Among self-identified Democrats, 64 percent of respondents backed regulation. Forty-nine percent of self-identified Republicans did so.
by Chase Madar
If all you’ve got is a hammer, then everything starts to look like a nail. And if police and prosecutors are your only tool, sooner or later everything and everyone will be treated as criminal. This is increasingly the American way of life, a path that involves “solving” social problems (and even some non-problems) by throwing cops at them, with generally disastrous results. Wall-to-wall criminal law encroaches ever more on everyday life as police power is applied in ways that would have been unthinkable just a generation ago.
by Jack Healy
FOUNTAIN, Colo. — As their children cooed from wheelchairs and rocked softly in their arms, the marijuana migrants of Colorado clasped hands, bowed their heads and said a prayer of cautious thanks.
They thanked God for the dinner of roast turkey and mashed potatoes, for their children and for the marijuana-based serum that has drawn 100 families to Colorado on a desperate pilgrimage to quell the squalls of seizures inside their children’s heads. They have come from Florida and Virginia, South Carolina and New York, lining up to treat their children with a promising but largely untested oil that is considered legal medicine in this cannabis-friendly state.
“Thank you for bringing us together,” said Aaron Lightle, whose wife and 9-year-old daughter, Madeleine, moved here after the girl’s neurologists suggested removing part of her brain to stop her relentless seizures. “In crazy ways, maybe. But hey, we’re here.”
Amen, they said.
by Richard Eskow
Something is happening. It’s beginning to look as if the fight for a livable minimum wage might – just might – alter our political future.
Makes sense, when you think about it. The minimum wage struggle is occurring at the intersection of powerful forces. It’s taking place at a time of growing economic inequality, the erosion of working people’s rights, and the globalization of an economic oligarchy whose scope of power is unprecedented in modern times.
And now it appears to be applying an old maxim from the early days of the environmental movement: Think globally, act locally.
The voters decide.
by George Lakoff
The NY Times has many virtues and some important flaws. Both were evident on the paper's front page this week and there is a lot to be learned by what did and did not appear there.
For decades, Republican conservatives have constructed and carried out extensive, well-planned, long-term communication campaigns to change public discourse and the way the public thinks. It has been done very effectively and, for the most part, not secretly. The NY Times finally began reporting on this effort on Thursday, November 21, 2013 in a fine piece by Jonathan Weisman and Sheryl Gay Stolberg.
The Times reported on the House Republicans' memo on how to attack the Affordable Care Act through a "multilayered sequence assault," gathering stories "through social media letters from constituents, or meeting back home" and a new GOP website. The Times also reported on the "closed door" strategy sessions, going back to last year.
by John Nichols
Florida Congressman Trey Radel, who has wisely determined that he does not want to become an American version of Toronto Mayor Rob Ford, says he will take a leave of absence from the US House of Representatives to address his penchant for cocaine.
“I’m struggling with this disease, but I know that I can overcome it,” explains the conservative Republican.
Fair enough. The congressman wants to finally deal with an addiction problem he says he’s struggled with “on and off for years.” And there is every reason to wish him well as he does so.
But it would be good for Radel and his colleagues to note that he has identified his challenge as a disease, not a bad habit.
by Jerry Lembcke
Writing for his October 25, 2013 New York Times column, Paul Krugman noted the attraction that apocalyptic scenarios had for American investors, policy makers, and economists. He named Alan Simpson and Erskine Bowles as “deficit-scolds” whose doomsaying has been overwrought, and he reprised a 2010 article by Alan Greenspan in which the former Chairman of the Federal Reserve warned that the national budget deficit would lead to soaring inflation and interest rates, trends that we have not yet seen.
Mr. Krugman is an economist so it is understandable that it would be the scaremongers in his own area of expertise that catch his attention. His concern that the “debt-apocalypse community,” as he calls it, includes powerful people whose technical judgment might be clouded by irrational fears is legitimate. A single policy enunciation by any one of them, after all, can make or break the life-chances of millions of people around the globe.