Sunday, October 31, 2010

Joe Costello: The Democrats are running on empty

By Joe Costello, Director of communication for Jerry Brown 1992 presidential campaign was Senior Advisor to Howard Dean's effort in 2004 who writes achein and the New Deal 2.0

Without significant reforms, our economy – and our policy – will continue to suffer.

City of New York, New York from dreams
While in New York and not always what it seems
You can be fooled if you are coming from out of town
But I am down by law, I know that my way around
Too many, too many people, too
Grand Master Flash and the Furious five

David Leonhardt has a piece in the New York Times about how the economy is hurting Obama and the démocrates.Il is one of those articles that demonstrates that when you're reading in the world, sometimes you must check if you accidentally clicked on the onion school.two punchlines:

On the evening of December 3, the Bureau of Labor Statistics sent a copy of advance report jobs tomorrow morning at the House…White it showed that job losses had ceased in November, after two years of large White House baisses.Aides Exult. Christina Romer, Senior Economist of the page, brought a copy of the numbers for the Oval Office and President Obama adopted her. A photograph of the moment, with a tree at the offshore side, was suspended in the Office of the Council of economic advisers.The good news - and optimism - continue for the next few months.


"The only health care bill is the most important piece and the deeper social policy internally in my life, said Neera thymine, head of operating age 40 years of the Liberal Center for American Progress, who has worked in the administrations of Clinton and Obama and was a senior official from Hillary Clinton campaign."In all, added Ms. Tanden, "it is difficult to see a more productive session of the Congress for the decades".

Democrats are discovering that "productive" is in the eye of the subjective.In the meantime, Ms Tanden do seem to get the memo that the Democrats are not running on their "internal the deepest and most important piece of social policy."

And surrender completely regarding any financial reform, where Democrats proved themselves for all those who honestly care to examine only loyal to Wall Street and the big banks, continues to be a drag on any kind of economic revival.The WSJ has an excellent piece on how profits of all banks mailed this quarter by their reserves of raids shored against claims douteuses.En because in the course of the housing market is better, right?States of the piece:

The largest banks nearly doubled their collective earnings in the third quarter just by injecting $ 8.1 billion in net income funds that they had set aside to cover loan losses.

There are 18 commercial banks in the United States at least 50 billion dollars in assets, and together they earned adjusted to $ 16.8 billion in the third quarter.These benefits, half, 48% were drawing on call bankers loan losses reserves, according to an analysis by Dow Jones Newswires.A year ago, 18 same banks earned 6.2 billion quarterly profit; at this time, they added more than 7.8 billion for the same reserves, a manoeuvre which reduces profits .the ' analysis omits a load of noncash 10.4 billion Bank of America Corp. income disclosed to the third quarter.

Finally, Chris Whalen has a compelling piece on how, until restructure us and reform of the financial sector, we have no economic vitality.Whalen wrote:

Because President Barack Obama and leaders of both political parties are not willing to solve the housing crisis and wasting impacts on the largest banks, it will be no growth and no net creation of jobs for the next White House Obama because années.Et United States simply ignore the crisis million owners Americans are deeply underwater and will eventually be default on their loans, the efforts of the Fed to the revival of the American economy and particularly consumer spending will be futiles.Comme Alan Meltzer found Tom Keene on Bloomberg Radio earlier this year: "This is not a monetary problem."

Forget Secretary of the Treasury Board Tim Geithner lie about the relatively low at American International Group (AIG), loss fraud and now underway in Washington to protect banks TBTF and ESE obfuscation totals in the trillions of dollars and increase the level of trahison.Et the sad part is that all the tactics and the apology by the Federal Reserve us and the White House will be effacé.essayer zombie banks and the sea as is along until operational maintenance of bad debt costs affects the leur.puis they will be rescued or restructured - new-.

Make no mistake people, there is a criminal element at the top of our financial sector, who work with the complicity and a large part of our class. policy guilt until we reform our policy and industry financial, did we not vitality économique.Et we not reform, until it is required and undertaken by the américain.voilà people where we are.

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