This is about half of the luminarias put out at the church tonight.
The cards are all placed by the chimney with care.
Top Ten Worst Things about the Bush Decade; Or, the Rise of the New Oligarchs
By spring of 2000, Texas governor George W. Bush was wrapping up the Republican nomination for president, and he went on to dominate the rest of the decade. If Dickens proclaimed of the 1790s revolutionary era in France that it was the best of times and the worst of times, the reactionary Bush era was just the worst of times. I declare it the decade of the American oligarchs. Just as the end of the Cold War and the fall of the Soviet Union allowed the emergence of a class of lawless 'Oligarchs' in Russia, so Neoliberal tax policies and deregulation produced American equivalents. (For more on the analogy, see Michael Hudson.) We have always had robber barons in American politics, but the Neoliberal moment created a new social class. At about 1.3 million adults, it is not too large to have some cohesive interests, and its corporations, lobbyists, and other institutions allow it to intervene systematically in politics. It owns 45 percent of the privately held wealth and is heading toward 50, i.e. toward a Banana Republic. Thus, we have a gutted fairness doctrine and the end of anti-trust concerns in ownership of mass media, allowing a multi-billionaire like Rupert Murdoch to buy up major media properties and to establish a cable television channel which is nothing but oligarch propaganda. They established 'think tanks' like the American Enterprise Institute, which hires only staff that are useful agents of the interests of the very wealthy, and which produce studies denying global climate change or lying about the situation in Iraq. Bush-Cheney were not simply purveyors of wrong-headed ideas. They were the agents of the one percent, and their policies make perfect sense if seen as attempts to advance the interests of this narrow class of persons. It is the class that owns our mass media, that pays for the political campaigns of 'our' (their) representatives, that gives us the Bushes and Cheneys and Palins because they are useful to them, and that blocks progressive reform and legislation with the vast war chest funneled to them by deep tax cuts that allow them to use essential public resources, infrastructure and facilities gratis while making the middle class pay for them.
Click on this one to see detail.Tonight: Rain likely before 11pm, then snow likely. Cloudy, with a low around 25. Breezy, with a south wind 5 to 10 mph becoming west between 20 and 25 mph. Winds could gust as high as 35 mph. Chance of precipitation is 70%. Total nighttime snow accumulation of 1 to 2 inches possible.Here is a photo from December 15, 2008:
Wednesday: A 50 percent chance of snow. Mostly cloudy, with a high near 35. West wind between 5 and 15 mph. New snow accumulation of less than one inch possible.
Wednesday Night: A 20 percent chance of snow showers. Mostly cloudy, with a low around 17. West wind between 5 and 10 mph.
Thursday: A 20 percent chance of snow showers. Partly cloudy, with a high near 32. West wind between 10 and 15 mph.
Thursday Night: Partly cloudy, with a low around 11. West wind between 5 and 10 mph.
Rahm Emanuel, the President's Chief of Staff, was Bill Clinton's Political Director. And Rahm Emanuel's take away from Bill Clinton's failure to get health insurance passed was 'don't get on the wrong side of the insurance companies.' So their strategy was cut a deal with the insurance companies, the drug industry going in. And the deal was, we're not going to attack your customer base, we're going to subsidize a new customer base. And that script was pre-cooked so it's not surprising that this is what comes out the other side.
--Robert Kuttner talking with Bill Moyers and Matt Taibbi
The three of us, as experienced investigators and prosecutors of financial fraud, cannot answer these questions now. But we know where the answers are. They are in the trove of e-mail messages still backed up on A.I.G. servers, as well as in the key internal accounting documents and financial models generated by A.I.G. during the past decade. Before releasing its regulatory clutches, the government should insist that the company immediately make these materials public. By putting the evidence online, the government could establish a new form of “open source” investigation.
...
So far, prosecutors and regulators have been unable to build such evidence into anything resembling a persuasive case against any financial institution. Most recently, a jury acquitted Bear Stearns employees of fraud related to the collapse of the subprime mortgage market, in part because available e-mail messages suggested the employees had done nothing wrong.
Perhaps A.I.G.’s employees would also be judged not guilty. But we would like to see the record to find out. As fraud investigators, we would like to examine the trading patterns of A.I.G.’s financial products division, and its communications with Goldman Sachs and other bank counterparties who benefited from the bailout. We would like to understand whether the leaders of A.I.G. understood that they were approaching a financial Armageddon, and whether they alerted their counterparties, regulators and shareholders to the impending calamity.
--ELIOT SPITZER, FRANK PARTNOY and WILLIAM BLACK (NYT)
