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20:58:10 01/21/12
Skyrim Mod Moment Ep2: Sky UI, Dovahkiin Hideout & Buster Sword w/ Geordie (Gameplay/Commentary)
[LESS INFO] 8 VIEWS | ADDED 20:58:10 01/21/12
Skyrim Mod Moment Ep2: Sky UI, Dovahkiin Hideout & Buster Sword w/ Geordie (Gameplay/Commentary)
www.youtube.com Click here to watch The Elder Scrolls V: Skyrim: Mod Moment - Link, Lightsabers and QD Inventory (Gameplay/Commentary) Skyrim Mod Moment Ep2: Sky UI, Dovahkiin Hideout & Buster Sword w/ Geordie (Gameplay/Commentary) My second episode of Skyrim Mod Moment. In this episode we cover another User Interface mod (in Sky UI), an additional hidden area for houses and a new creatable item! A big thank you to everyone who showed me support with my last upload, it was a joy to make and it was great to see the positive feedback I received. Again if you love Skryim, come say hello on my channel! DIRECTOR'S CHANNEL: www.youtube.com DIRECTORS TWITTER: www.twitter.com MOD LINKS: SkyUI - www.skyrimnexus.com Dovahkiin Hideout - www.skyrimnexus.com Final Fantasy 7 Crisis Core Buster Sword - skyrimnexus.com Visit the NEW Inside Gaming Blog! bit.ly - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - This Realm video will show you: How to play The Elder Scrolls V: Skyrim How to change Skyrims User Interface (Sky UI) How to use mods with Skyrim How to get clouds buster sword in Skyrim - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Like Machinima Realm on Facebook! facebook.com Enlist in the Respawn Army! therespawnarmy.com FOR MORE MACHINIMA, GO TO www.youtube.com FOR MORE GAMEPLAY, GO TO: www.youtube.com FOR MORE SPORTS GAMEPLAY, GO TO: www.youtube.com FOR MORE MMO & RPG GAMEPLAY, GO TO: www.youtube.com FOR MORE TRAILERS, GO ... From: MachinimaRealm Views: 11396 159 ratings Time: 07:59 More in Gaming
6 Views
16:00:56 12/29/11
Mitt Romney's Big Promises - and Bigger Lies
[LESS INFO] 6 VIEWS | ADDED 16:00:56 12/29/11
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In the election of 1928, the Republican Party of Herbert Hoover promised voters "a chicken in every pot and a car in every backyard." (We all know how that turned out.) Now, Mitt Romney is pledging that "If I'm President" every college graduate will be guaranteed a job, Iran will have no nuclear weapons and the United States will dominate the 21st century. And when Romney isn't making fantastic promises about what he'll do when he gets to the White House, he's slandering the current occupant , Barack Obama.
"I Won't Let Iran Get Nukes"
Governor Romney's guarantees start with Iran and its nuclear program . In a November 10, 2011 op-ed in the Wall Street Journal, Romney pledged, " I won't let Iran get nukes ." Or as he put it 10 days earlier during a GOP national security debate : >
"If we re-elect Barack Obama, Iran will have a nuclear weapon. If you elect me as president, Iran will not have a nuclear weapon."
As to how he'll ensure that outcome, Romney explained that "If you want peace, prepare for war." And despite occasionally acknowledging the complexity of a strike against Iran and even the questionable possibility of success, Romney told the Wall Street Journal this weekend how he would get it done: >
So what would he do about it? "I do not have a top secret security clearance at this stage to be able to define precisely what kinds of actions we could take." But he adds that "the range includes something of a blockade nature, to something of a surgical strike nature, to something of a decapitate the regime nature, to eliminate the military threat of Iran altogether."
No U.S. Decline in Romney's "American Century"
Romney's promise to "eliminate the military threat of Iran altogether" is just part of his larger assurance that the 21st century will be another " American Century ." Pretending that the rise of India, China and Brazil doesn't inevitably entail the relative loss of U.S. power and influence, Romney announced in his October address at The Citadel : >
"This century must be an American Century. In an American Century, America has the strongest economy and the strongest military in the world. In an American Century, America leads the free world and the free world leads the entire world...As President of the United States, I will devote myself to an American Century. And I will never, ever apologize for America."
Not content to rest there, Romney accused President Obama of "waving the white flag of surrender": >
"An eloquently justified surrender of world leadership is still surrender. >
I will not surrender America's role in the world. This is very simple: If you do not want America to be the strongest nation on Earth, I am not your President. >
You have that President today."
Two months later, Mitt Romney repackaged his promise and his slander at the December 15 Republican debate in Sioux City, Iowa: >
"Our president thinks America is in decline. It is if he's president. It's not if I'm president. This is going to be an American century."
As for Romney's charge that President Obama "went around the world and apologized for America," the Washington Post Fact Checker deemed it a Four-Pinocchio lie .
A Job for Every College Graduate
At an event in New Hampshire last week, Governor Romney's pandering went from the sublime to the ridiculous. There, Mitt pledged President Romney would deliver full-employment for all American college graduates: >
"What I can promise you is this -- when you get out of college, if I'm president you'll have a job. If President Obama is reelected, you will not be able to get a job. That's the reason I will hopefully get young people who are in college is to say, You know what, I understand what it takes to get jobs in America."
As the record shows , not so much. After all, as the Los Angeles Times recently documented, Romney's "Bain Capital often maximized profits in part by firing workers." That's why FactCheck.org , the Washington Post Fact Checker and Fortune all refused to vouch for Romney's claim that "In those hundreds of businesses we invested in, tens of thousands of jobs net-net were created."
Obama "Has Not Created Any New Jobs"
If Mitt Romney can't prove his boasts about his own job creation record, neither can he justify his blatant lie about President Obama's : >
"25 million people are out of work because of Barack Obama. And so I'll compare my experience in the private sector where, net-net, we created over 100,000 jobs." >
"I'll compare that record with his record, where he has not created any new jobs."
Sadly for Mitt Romney, the Bush recession began in December 2007. As ThinkProgress rightly noted, "The private sector has added 2.3 million new jobs since March 2010, and it took the Obama economy one year to create more jobs than the economy under President Bush did in eight." As The Economist explained earlier, the recession was not at its deepest just as Barack Obama was entering office, but far worse than official statistics revealed at the time. Romney might also want to check with former McCain economic adviser Mark Zandi as well as the non-partisan CBO , who concluded that the Obama stimulus program "added up to 0.9 million jobs in 2009, 3.3 million jobs in 2010 and 2.6 million jobs in 2011."
Obama's Debt Exceeds All Previous Presidents Combined
Mitt Romney didn't just lie about Barack Obama's jobs record. At the Sioux City debate, he got President Obama's contribution to the federal debt all wrong as well: >
"We all understand that the spending crisis is extraordinary, with $15 trillion now in debt, with a president that's racked up as much debt as almost all of the other presidents combined."
Of course, we don't all understand that, because it's not true . After Ronald Reagan tripled the gross national debt and George W. Bush doubled it again, Uncle Sam's red ink totaled almost $11 trillion when Barack Obama took the oath of office.
Obama is "Taking over 100 Percent" of Health Care
In his desperate quest to win over conservative Republican primary voters, Mitt Romney has turned his back on his signature achievement which he once boasted was a health care model for the nation. And to do it, Romney has been lying for months by telling voters "Obamacare is about taking over 100 percent of the people's insurance in this country."
In a September 15, 2011 interview with CNN's Wolf Blitzer , Romney made the same charge: >
"The Massachusetts plan was crafted for Massachusetts, for the needs of 8 percent of our population that didn't have insurance, not for the 92 percent that did. Obamacare is a plan that takes over 100 percent of the people in the country and their health care, and that's one of the reasons why people don't want it."
Sadly for Mitt Romney, repetition of a lie doesn't make it any more true.
The Affordable Care Act passed by Congress and signed by President Obama in the spring of 2010 targets the 17 percent of people (over 50 million people) who are uninsured . As Politifact explained in deeming Romney's fraud another "Pants on Fire" lie: >
According to the Census Bureau, the percentage of Americans without health insurance nationally was slightly under 17 percent in 2009, the year Obama began pushing for the bill. According to a Congressional Budget Office estimate, the number was about the same in 2010, when the measure was signed into law. Other estimates have pegged the national number at about 15 percent.
As Henry Aaron, a senior fellow with the centrist-to-liberal Brookings Institution right noted, comparing 8 percent to 17 percent "would have been apples to apples" when it comes to the impact of the individual mandate at the center of both the Massachusetts and national plans. Sadly, Politifact concluded, Romney was guilty of "a felony case of comparing apples and oranges."
Romney "Will Reverse President Obama's Massive Defense Cuts"
During that same "American Century" speech in October, Governor Romney pledged: >
"I will reverse President Obama's massive defense cuts. Time and again, we have seen that attempts to balance the budget by weakening our military only lead to a far higher price, not only in treasure, but in blood."
Sadly for Romney, as Steve Benen pointed out, defense spending has not only gone up every year of the Obama presidency . It is higher than it ever was when George W. Bush sat in the Oval Office.
Of course, Romney's confusion over matters of war and peace are hardly new. In an April op-ed for the Manchester Union Leader, Mitt forgot about the conflicts in Iraq and Afghanistan as he denounced President Obama for "one of the biggest peacetime spending binges in American history."
Obama's "Equal Outcomes" and "Entitlement Society"
Last week, the Romney campaign rolled out what may well become the meta-theme and meta-lie for the 2012 general election race.
After President Obama declared in his Osawatomie, Kansas address that Republican trickle down economics "never worked," Romney struck back. Just not with the truth: >
"Just a couple of weeks ago in Kansas, President Obama lectured us about Teddy Roosevelt's philosophy of government. But he failed to mention the important difference between Teddy Roosevelt and Barack Obama. Roosevelt believed that government should level the playing field to create equal opportunities. President Obama believes that government should create equal outcomes. >
"In an entitlement society, everyone receives the same or similar rewards, regardless of education, effort, and willingness to take risk. That which is earned by some is redistributed to the others. And the only people who truly enjoy any real rewards are those who do the redistributing -- the government. >
"The truth is that everyone may get the same rewards, but virtually everyone will be worse off."
By raising the mythical red menace of communism and falsely attributing it to Barack Obama, Romney in the words of Paul Krugman had introduced " The Big Lie " into his " Post-Truth Campaign ." While Andrew Sullivan announced "Mitt Romney is a big, fat liar," Steve Benen lamented that "Romney, allegedly the responsible one in the Republican field, has been reduced to lying uncontrollably." And while Greg Sargent in the past had expressed amazement at "Mitt Romney's casual, effortless falsehoods," New York Magazine's Jonathan Chait explained that Romney's red scare rose to a whole new level of duplicity: >
"This isn't just a casual line. In eight sentences, Romney asserts over and over again that Obama wants to create "equal outcomes" and give everybody the "same rewards." This is nuts, Glenn Beck-level insane. Restoring Clinton-era taxes is not a plan to equalize outcomes, or even close. It's not even a plan to stop rising inequality. Obama's America will continue to be the most unequal society in the advanced world -- only slightly less so. The alternative proposals accelerate inequality even further."
Of course, as the proliferating profiles from the Wall Street Journal , the New York Times , the Washington Post and others show, Mitt Romney is no stranger to inequality. Legendarily cheap and analytical , as a Harvard Business School student Romney gave a presentation to his classmates that "proved the value of family time based not on emotion but on yield." Two Romney quotes - " I love business " and " I love data " - seem to sum up the man.
As for loving the truth, that for Mitt Romney is apparently another matter altogether.
(This piece also appears at Perrspectives .)
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23:11:37 12/15/11
Gold Prices Lower From Stronger Dollar
[LESS INFO] 0 VIEWS | ADDED 23:11:37 12/15/11
Gold Prices Lower From Stronger Dollar
For more news and videos visit ☛ english.ntdtv.com Follow us on Twitter ☛ http Add us on Facebook ☛ me.lt In China, gold is one of the most popular investments. But losses in bulk commodity future markets and a stronger dollar saw a sharp drop in gold prices earlier this week. Here's more. Gold prices lowered on Tuesday, as the dollar strengthened against the yuan. It also comes as bulk commodity markets slumped, and non-ferrous metals took a sharp decline. The day ended with a 2.75% drop in gold prices down to $53.33. [Zhang Yingying, Galaxy Futures Broker Gold Analyst]: "Gold prices began to slump in early trading in Asia yesterday. It was not caused by sudden, unexpected factors. It was generally the response to the fiscal austerity measures reached at the European Union summit last Friday. The summit failed to work out practical measures on how to amend the EU Treaty. That's the core issue and the major concern of the market. Nor did the summit make any substantial plans on how to tackle the euro zone debt crisis or help funds to materialize." For the fourth time this year, Beijing gold retailers lowered gold jewelry prices to just under $66 per gram. From: NTDTV Views: 69 2 ratings Time: 01:14 More in News & Politics
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15:00:23 12/07/11
AFL-CIO Launches 'Share Your Story' To Document Unemployment Crisis
[LESS INFO] 1 VIEWS | ADDED 15:00:23 12/07/11
The AFL-CIO launched a new website on Tuesday designed to capture the stories of the unemployed in their own words. The website, Share Your Story allows site visitors to upload their stories and pictures to the site, providing a human face to the issue of unemployment, which politicians talk a lot about, but don't seem nearly as interested in doing something about.
Many of the stories on the site are like those of Pat from San Jose: >
I was a Communications worker for just under 20 years. After I was "surplused" in 1995 I went to work at a non-union job in the same industry which later became Worldcom followed by positions in two other companies. After the dot com bust in 2001, finding a full time job was hopeless. Apparently the rules had changed and I did not have the education to continue doing the work I had done for 25 years. The past 10 1/2 years have held sporadic, temporary and part time positions, most in retail which paid very little and I have now been unemployed for about a year. This track record, along with the fact that I am now 61 years old doesn't offer much for a resume. My thought is to apply for Social Security (a real oxymoron) if the powers that be will allow it. My retirement fund has all but vanished in the wake of what has happened. I don't know what plan the 1% has for us--maybe they expect that we will simply vanish the way our money did on Wall Street.
Janet from Texas questions the whole system: >
I have two masters degree and am all but dissertation for a doctrate in social work. I worked, consistently for the first 30 years of my adulthood and am now unemployed. I am living with friends because I cannot get unemployment. I cannot get unemployment because I quit my last job. I quit my last job because they were not paying me. I am suffering, in chronic pain, because I have no health care coverage. I am substitute teaching to try to cover my expenses so if a permanent job comes through, I will still have a car to get there. My question to you, as I stand in front of a classroom of young people: I am supposed to tell them to get a high school degree and go on to college because...............why?
She is far from alone in being a hard-working person who played by the rules and was still left out in the cold by the system. Even more heartbreaking are stories like that of Marge from Illinois: >
I am writing to say what a profound negative impact joblessness has on a family. My son in law is in the building trades industry. Due to lack of activity he has been laid off for the last two years almost as much as he has worked. This has placed much stress on their young family and marriage. In fact the stress has gotten to the point where my son in law is back to drinking heavily which has led to their separation. I might add that they have two young sons. One is six weeks old. So I have a very strong opinion that we need to do what it takes to extend unemployment benefits. What will families do if they have absolutely NO income? And more than that we need to get the economy back on track. What is wrong with Congress that they are more concerned about seeing someone fail or getting their way than to look out for the good of the people who elected them? I am still hopeful that those members of Congress who have real values will stand firm and do what's right!
AFL-CIO's release urges everyone to participate: >
You need to check out this website, right now.
It’s a powerful reminder of the real faces behind America’s sobering unemployment statistics. It has real pictures and stories from job-hunters and impacted people from all walks of life—from your state and from every state.
I hope you’ll take a minute to look at these powerful stories, share them and add your own.
If Congress fails to act by Dec. 31, extended unemployment insurance will expire for millions.
We never forget these are real people who face the prospect of going hungry and getting thrown out of their homes soon after the holidays if Congress fails to act. Many of us have been there before—or have friends and family who have.
Even though obstructionists in Congress are willing to ignore our joblessness crisis, we refuse to let these stories get brushed under the rug.
Click here to see and share the stories and faces behind America’s joblessness crisis.
Then, share our website on Facebook and Twitter and forward this message to all your friends.
These stories and pictures won’t just live on a website. We’ll share them with the media, hand-deliver them to Congress during our massive day of action on Dec. 8 and promote them widely on the Internet.
If callous members of Congress think they can sit back and allow unemployment aid to expire while they play political games, they’re wrong. With your help we’re going to force them to see this crisis head-on—with real faces of real people who are jobless and struggling in this brutal economy.
See these stories, share them and add your voice.
In Solidarity,
Manny Herrmann
Online Mobilization Coordinator, AFL-CIO
P.S. It’s not just people who are unemployed right now who have stories to tell. Millions of others do, too.
Maybe you’ve been jobless in the past and relied on unemployment benefits to get through. Or you’ve seen firsthand how much unemployment hurts your community and America—and how much unemployment aid helps. Or maybe you can write a brief statement of support for the jobless or urge Congress to act—even in just one to two sentences.
Together, we’re creating a visual display of the impact of unemployment that will be too powerful to ignore. See and share stories and statements in your state and across America. Then, add your own.
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04:35:33 11/26/11
Occupy Everywhere: The Movement Against Corporate Power | The New School (FULL)
[LESS INFO] 0 VIEWS | ADDED 04:35:33 11/26/11
A discussion featuring award-winning filmmaker and author Michael Moore (Here Comes Trouble), best-selling author and Nation columnist Naomi Klein (The Shock Doctrine), Nation National Affairs correspondent William Greider (Come Home, America), Colorlines Publisher Rinku Sen (The Accidental American), Occupy Wall Street Organizer Patrick Bruner and Richard Kim, executive editor, The Nation.com (moderator).
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19:58:00 11/04/11
Tibetan Protestors Call for International Intervention
[LESS INFO] 0 VIEWS | ADDED 19:58:00 11/04/11
Tibetan Protestors Call for International Intervention
For more news and videos visit ☛ english.ntdtv.com Follow us on Twitter ☛ http Add us on Facebook ☛ me.lt As the G20 summit kicks off in Cannes, France, Tibetan protestors in northern India are urging world leaders to help stop oppression by communist authorities in their homeland. They say the only way to end decades of CCP rule in Tibet is for world leaders to speak up against the Chinese regime. Tibetan protestors paraded on the streets of Dharamsala in northern India Wednesday over China's repressive tactics in Tibet, seeking international intervention to save Tibetan lives. The protest comes as world leaders meet in France for the G20 summit. The people here say international intervention is the only solution that will relieve them from the oppression of the Chinese Communist Party. [Tenzing Dorjay, Protester]: "We aim to send a message to the global leaders that we need global intervention in Tibet in order to save Tibetan lives, in order to stop the Chinese government's repression in Tibet, which is exacerbating the situation, causing further loss of Tibetan lives and the only thing that will work, in order to stop this humanitarian crisis in Tibet, is global intervention." The protesters say they want G20 leaders to raise the issues of human rights violations and a crackdown on monasteries by Chinese police. China has ruled Tibet since 1950. An estimated 80000 Tibetans along with their spiritual leader, the Dalai Lama, fled to India in 1959 after an ... From: NTDTV Views: 288 10 ratings Time: 01:33 More in News & Politics
25 Views
17:31:27 10/17/11
Zachary Quinto Comes Out
[LESS INFO] 25 VIEWS | ADDED 17:31:27 10/17/11
Zachary Quinto Comes Out
The Heroes and Star Trek star revealed to New York Magazine over the weekend he is gay, and has lots of support. HE'S NEVER OPENED UP ABOUT HIS SEXUALITY -- UNTIL NOW. OVER THE WEEKEND ZACHARY QUINTO HAD A CRISIS OF CONSCIENCE, AND NOW HE'S OUT AND HE'S PROUD. THE STAR TREK AND HEROES ACTOR REVEALED HE'S GAY IN AN INTERIVEW WITH NEW YORK MAGAZINE...AND IN AN EMOTIONAL BLOG POST ON SUNDAY HE EXPLAINED THAT IN LIGHT OF JAMIE RODEMYERS SUICIDE, HE DECIDED HE HAD TO COME OUT... RODEMYER, A 14-YEAR-OLD BOY FROM BUFFALO, TOOK HIS OWN LIFE AFTER YEARS OF BULLYING BECAME UNBEARABLE FOR HIM. ZACHARY WROTE, "In light of jamey's death -- it became clear to me in an instant that living a gay life without publicly acknowledging it -- is simply not enough to make any significant contribution to the immense work that lies ahead on the road to complete equality." ZACHARY RECEIVED OVERWHELMING SUPPORT AFTER HE BROKE THE BIG NEWS. ON MONDAY HE TWEETED, "i have spent the day in awe of this outpouring of support and resonance. we. are. in. this. together. NEVER FORGET! i am deeply moved." NEXT UP FOR ZACHARY, THE PREMIERE OF HIS NEW MOVIE, MARGIN CALL.... "Just trust me I need you guys back here now..." ...A THRILLER ABOUT AN INVESTMENT BANK DURING THE EARLY STAGES OF A FINANCIAL CRISIS...MARGIN CALL HITS THEATERS ON FRIDAY... From: CelebTV Views: 1516 19 ratings Time: 01:15 More in Entertainment
29 Views
17:31:27 10/17/11
Zachary Quinto Comes Out
[LESS INFO] 29 VIEWS | ADDED 17:31:27 10/17/11
Zachary Quinto Comes Out
The Heroes and Star Trek star revealed to New York Magazine over the weekend he is gay, and has lots of support. HE'S NEVER OPENED UP ABOUT HIS SEXUALITY -- UNTIL NOW. OVER THE WEEKEND ZACHARY QUINTO HAD A CRISIS OF CONSCIENCE, AND NOW HE'S OUT AND HE'S PROUD. THE STAR TREK AND HEROES ACTOR REVEALED HE'S GAY IN AN INTERIVEW WITH NEW YORK MAGAZINE...AND IN AN EMOTIONAL BLOG POST ON SUNDAY HE EXPLAINED THAT IN LIGHT OF JAMIE RODEMYERS SUICIDE, HE DECIDED HE HAD TO COME OUT... RODEMYER, A 14-YEAR-OLD BOY FROM BUFFALO, TOOK HIS OWN LIFE AFTER YEARS OF BULLYING BECAME UNBEARABLE FOR HIM. ZACHARY WROTE, "In light of jamey's death -- it became clear to me in an instant that living a gay life without publicly acknowledging it -- is simply not enough to make any significant contribution to the immense work that lies ahead on the road to complete equality." ZACHARY RECEIVED OVERWHELMING SUPPORT AFTER HE BROKE THE BIG NEWS. ON MONDAY HE TWEETED, "i have spent the day in awe of this outpouring of support and resonance. we. are. in. this. together. NEVER FORGET! i am deeply moved." NEXT UP FOR ZACHARY, THE PREMIERE OF HIS NEW MOVIE, MARGIN CALL.... "Just trust me I need you guys back here now..." ...A THRILLER ABOUT AN INVESTMENT BANK DURING THE EARLY STAGES OF A FINANCIAL CRISIS...MARGIN CALL HITS THEATERS ON FRIDAY... From: CelebTV Views: 1516 19 ratings Time: 01:15 More in Entertainment
0 Views
17:12:05 10/14/11
Berlusconi Confident About Confidence Vote
[LESS INFO] 0 VIEWS | ADDED 17:12:05 10/14/11
(Image Source: CountryBred ) BY ORKIDE IZCI ANCHOR CHRISTINA HARTMAN Scandal. Corruption. Bizarre comments. Has Italian Prime Minister Silvio Berlusconi lost his country’s confidence? A vote Friday will determine if Berlusconi has enough support to rule. Euronews has more: “The Italian prime minister has called for a confidence vote on his government. The move by Silvio Berlusconi comes after he lost a routine parliamentary vote on the country’s budget on Tuesday. He says he's sure that he will win the confidence vote...” For his part -- Mr. Berlusconi doesn’t appear worried. The Daily Mail quotes the prime minister as saying there’s no alternative to his government. “I am here with my majority to testify that Italy can make it and will make it. We will beat this strategy of pessimism and close the door to the crisis, to the pessimists who are working against the country.” Those “pessimists” are growing. Thousands of Italians continue to protest against Mr. Berlusconi’s government. Al Jazeera has the details. “Demonstrations against the government have become a weekly occurrence since the approval of a punishing austerity budget implemented late this summer ... The constant protests could be proof that the electorate, at least, has already lost confidence in him.” Opposition leaders want Mr. Berlusconi to resign. And The Economist reports, even his allies’ support may be waning. “The key is whether his humiliation in parliament was the result of a cock-up or a conspiracy... Government officials may well be right when they insist that the latest upset was an accident. But there are now so many disgruntled lawmakers in the ranks of the majority that it was an accident waiting to happen -- and one that could happen again.” Which has set the stage for this latest showdown. Italian President Giorgio Napolitanohas the power to dissolve Parliament. He says Berlusconi must prove if he has the confidence of the majority. The Wall Street Journal notes... “Mr. Napolitano said he had remained impartial 'until now,' but that recent bickering in the coalition had led him to question whether the government can address 'the country's most urgent problems,' including Italy's 'European commitments.'” But Guy Dinmore of The Financial Times suggests, even if he gets the confidence vote, his administration may be irreparably damaged. “When the prime minister and his finance minister are not on the same page, then there is little point in the government soldiering on.”
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19:00:00 09/18/11
Bill Clinton Public Private Cooperation Is A Way Out Of Jobs Crisis
[LESS INFO] 0 VIEWS | ADDED 19:00:00 09/18/11
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Former President Bill Clinton appears on This Week With Christiane Amanpour to talk about the upcoming Clinton Global Initiative and its focus on job creation . I was part of a group of bloggers that got to meet with him a few years ago, and he was talking about green retrofits then. As I recall, the energy savings numbers he said could be created by retrofits were jaw-dropping, so this makes more sense than ever: >
AMANPOUR: Now, sir, your mantra right now is jobs, jobs, jobs. What do you think can happen to radically shift the unemployment picture and also pass muster in Washington in these very partisan times?
CLINTON: Well, I don't know that I'm the best person to answer the second part of that question. But I believe that we, those of us who aren't in government, can think of ways to create jobs which will reinforce what I believe are the positive suggestions coming out of Washington. Essentially, the president's plan has big payroll tax cuts in it, which will benefit the economy by lowering the average family's tax bill by 1,500 dollars. And then they can have that to spend. That will help. And then by lowering payroll taxes for employers, will make it more attractive for them to hire new people. But those of us who aren't in government, we don't have anything to do with that. So what we should do is focus on possible areas of job creation that will free up some of the corporate money that's in Treasuries now, that could be invested in America, and make bank loans more attractive to create jobs.
So that's what we try to do. We try to go around thinking about ways to specifically to do that. And if you look at the way the CGI program is set up this year, we also are trying to create more jobs around the world by focusing on the possibilities of green energy elsewhere, because it's not just in America that the green tech jobs are growing at twice the rate of overall employment. It's -- that's true around the world. And by focusing on trying to empower women and girls, because in many other countries, they're left out of the economy. And that's dragging the economic prospects of everyone down.
AMANPOUR: So what will tell the CEOs and the world leaders who come to your Clinton Global Initiative meeting this next week?
CLINTON: Well, I will ask them to put aside for the moment whatever their recommendations are to Washington about changes in the corporate tax laws or the trade bills or, you know, the tariffs that are imposed on component parts that some manufacturers use here but have to import from overseas, and just think about where we are now and what we can do now with the resources we now have. For example, I think we'll have an update on an announcement we made in Chicago, where the AFL-CIO and a couple of its affiliate unions are going to put some of their own pension funds into putting people to work retrofitting buildings and doing other things that will create jobs for their members and for other Americans in a way that will actually make more money for the pension funds than just putting it into the stock market will today. And they'll be in partnership with business instead of having a Washington political fight with them.
AMANPOUR: Where do you see -- obviously, this is all about this stubborn unemployment rate. Where do you see the unemployment, after all of these suggestions, and if they're implemented -- where do you see it standing this time next year?
CLINTON: Well, if you look at the program that the president has outlined, I think if we had the payroll tax cuts and the special incentives to hire the long term unemployed, and we did some of the things that I have been pushing very hard for, to invest building retrofits, which, if we did it right, could create a billions of jobs, the estimates are right across the economic board, including by Mr. Zandy who was an economic adviser to Senator McCain in the 2008 election.
All of the estimates that it will create somewhere between 1.3 and two million jobs, and drop unemployment by approximately one percent, maybe a little more. That's if they're implemented. That's -- we can't do much better than that right now, unless -- unless there is an aggressive action, which seems unlikely in Washington's political climate, to clean up this housing mess, because that's freezing too much investment in place.
So I think that it's a very good program that he outlined. I think if the Congress seriously takes him up on it and they start trying to work through it and get anything approaching the amount of activity that was recommended, they could put about two percent more on the GDP growth of the coming year, and they could drop unemployment by somewhere between one to two million. Or they can create one to two million jobs.
AMANPOUR: You have said in the past that this is not time for Mexican standoff or sort of macho politics. What can be done to make people in this city understand that the country faces a national emergency in this regard?
CLINTON: Well, we need a little bit of help from the American people. I mean, conflict has proved to be remarkably good politics. And it -- that sort of thing, you know, that -- it's very hard for the people in Washington, who got there based on pure conflict, pure attack, pure ideology, to take it seriously when their same constituents are saying please do something positive. That's not how they got elected. We live in a time where there's this huge disconnect between the way the political system works and the way the economic system works. If you look -- there are places all over America, believe it or not, that have low unemployment, high growth, strong home prices, jobs being created, a shortage of skilled workers.
And in every one of those places, they have networks of cooperation. San Diego has the largest number of Nobel Prized scientists in America. It's become the biotech center of the country. Everybody knows Silicon Valley's back. But look at what's happening in Pittsburgh, where they're trading steel for nanotechnology and other biomedical advances. Look at what's happening in Cleveland, around the Cleveland Clinic. Look at what's happening in Massachusetts, with the recovery of high-tech manufacturing around the MIT area. I can give you lots and lots of other examples. Every place the American economy is booming, cooperation is the order of the day. But conflict is still good politics in Washington. So until the American people make it clear that whatever -- however they voted in past elections, they want these folks to work together and to do something, there's going to be a little ambivalence in Washington.
AMANPOUR: Let me ask you this, then: Mayor Bloomberg of New York has said this week that unless something is done to really address this unemployment problem, there could be riots in the street, unrest. Do you -- do you agree with that?
CLINTON: I don't know. There have been demonstrations in many other countries where the same thing is going on. But if you -- the most important thing Mayor Bloomberg said recently is to offer land on Governor's Island or Roosevelt Island or the Navy Yard in Brooklyn for a new world-class science and technology research center. And he said that he'll kick in $100 million worth of investment if a group of universities will put one there, because he wants New York, in effect, to rival Silicon Valley as a technology center. That's the kind of thing that works. If you want put people to work, we've got to focus on what works, and what works is not all this back and forth fighting in Washington.
I think, as I said, I think that if we can't fix the housing crisis now -- which is probably not politically possible, but should be done -- we can't return to full employment . But if we adopt the plan that the president outlined, according to all this economic analysis, it will create between 1.5, 2 percent increase in GDP growth. It will put a million or two million people to work, and we'll be on the way back. We need some signal out of Washington that they understand that cooperation is good economics, even if conflict is good politics.
AMANPOUR: Mr. President, obviously the current situation in various polls are suggesting that people aren't satisfied with President Obama's leadership on this. And there was a special election in New York in District 9 that the Democrats lost after holding it for nearly 100 years. What does that say to you?
CLINTON: Well, the New York case is -- I know that district very well, and they were good enough to vote for me twice. But, I think, Mayor Koch had a big impact on that election because of the controversy surrounding Israel and how they're reacting to the proposal of the Palestinians to get the U.N. to recognize them as a state. I think that had a lot to do with it.
I also think it's a real blue-collar district that is suffering economically. So, it didn't surprise me. And I don't think -- and the Nevada district was a Republican district. So it's just -- it is what it is. We won not very long ago that district in upstate New York that had been Republican for even longer than this district had been Democrat because of the Medicare plan, and the Republicans have stopped talking about their plan to voucherize Medicare. So I -- there's a lot of upheaval now. A lot of, you know, people are feeling disjointed because they're hurting economically and they don't see the country going forward.
4 Views
00:00:21 09/13/11
Bof A To Lay Off 30 000 Employees In Spite Of Corporate Tax Breaks
[LESS INFO] 4 VIEWS | ADDED 00:00:21 09/13/11
Bank of America has made it official: They plan to lay off 30,000 employees to bolster their bottom line and keep stock prices high.
Via Wall Street Journal : >
We knew the Bank of America ax was going to fall, but we didn’t quite know the number. Today — after BofA CEO Brian Moynihan made no direct mention of job cuts during an investor presentation — the bank said it will cut about 30,000 jobs over the next few years.
The job cuts are part of the first phase of a sweeping Bank of America efficiency drive. BofA said in a statement that attrition and leaving vacant jobs unfilled with be a “significant part” of the expected headcount cuts.
That's a whole lot of attrition. As Laura Clawson over at Daily Kos points out: >
Dealbook offers some insight into the lack of detail about 30,000 jobs and the emphasis on stock prices: Bank of America just isn't talking about it. When the bank's CEO described cost-cutting measures, he didn't even mention job cuts; that came later, in a statement that offered no specifics. Because to the big banks, jobs just aren't important. And financial reporters overwhelmingly go along with that.
While I agree with that analysis, there's something else people aren't talking about here that jumped out at me from this Reuter's article: >
The Moynihan speech "was pretty underwhelming. They need to address the bigger issues the bank faces ," said Jason Ware, equity analyst at Salt Lake City-based Albion Financial Group.
Ware is exactly right. The whole "job cuts and attrition" thing is BofA's way of putting employees on the firing line for continuing mismanagement of their mortgage division. Reuter's again : >
Yet it also has one big, fat albatross on its balance sheets: Countrywide Financial. Bank of America acquired Countrywide for $4 billion, a deal that has proven a huge headache not just in dollars and cents, but in terms of the bank's reputation. "Basically all the mortgages that Countrywide produced from 2004 to 2007 were excrement," Geracioti says. "The question is: What are Bank of America's liabilities from Countrywide? Some say $100 billion, others say, 'Who knows?' The liabilities could be ginormous. The government is hassling the bank in a big way."
Bank of America has long held that Countrywide's problems were it own doing. But on September 2, the Federal Housing Finance Agency sued 17 firms - including Bank of America and Countrywide - for violations of federal securities laws in the sale of mortgage-backed securities. In an 88-page filing, the FHFA alleges that around 2005, top executives of Countrywide - which it labels as a "notorious mortgage lender" for its practice - "complained to each other at the time that BOA's appetite for risky products was greater than that of Countywide."
You just have to love how these executives blame the government "hassling" Bank of America for their woes. Never mind that it's totally justifiable in light of how desperately they needed to be bailed out when it all came to light. Bank of America has a systemic problem that it's desperately trying to cover up: It holds billions in toxic mortgages. Those mortgages are probably legally invalid due to the sloppy paperwork/signature issues on many of them, and represent a large chunk of the mortgage scam that landed us in this mess to begin with.
The only good thing to come out of this news is the shiny-bright message that corporate tax breaks do NOT create jobs. BofA paid no corporate income taxes in 2009 or 2010, they received a tax refund of nearly $1 billion in 2010. See how that works? No taxes and a big tax refund equals 30,000 lost jobs.
Where is the money going? Well, let's see. In 2011 alone, $1,570,000 has been paid to lobbyists . How many jobs would that money have saved or created? They paid big cash bonuses to executives, too -- $900,000 in all, though they did manage to tie payment to stock prices, which have plummeted this year. In 2010, they spread around $1.3 million in campaign contributions, and those are just the ones we know about. How many jobs might that cash have preserved?
It's really difficult for me to weep big tears over BofA's mortgage troubles, when they were of their own making and when they drove the engine that drove the crisis . If they're looking to cut costs, they ought to start by dropping executive pay to zero and resolving not to spend even one thin dime lobbying Congress or contributing to candidates. It would be a good start.
23 Views
22:30:00 08/09/11
Our studio guest is Wolfgang Gerke.
[LESS INFO] 23 VIEWS | ADDED 22:30:00 08/09/11
Wolfgang Gerke is financial market expert.DW-TV: And with the holiday season still in full swing, there should still be plenty of tourists heading to Cyprus in the coming weeks - but what then? For more we're joined by Wolfgang Gerke, finance expert and president of the Bavarian Financial Center in Munich. What's your assessment, how serious is the situation for Cyprus really? Wolfgang Gerke: If it were only Cyprus, there wouldn't be any problem. I think that Cyprus is seen too negatively. We have the experience with Greece. But the problem is solvable. I am more impressed by the problems in Spain and Italy. That's too much for Europe. Cyprus will be no problem. DW-TV: So why are financial markets so worried about Cyprus? Wolfgang Gerke: They fear the domino effect. They don't fear Cyprus. They fear that other countries will have the same problems as Greece and one has to accept that this is part of the policy at the moment and something we have to look for. DW-TV: So it's the fear of contagion. For many weeks the three US-based ratings agencies have come under fire because they kept downgrading European nations - now, Standard and Poors has also downgraded the US for the first time. Was this downgrade justified? Wolfgang Gerke: Yes. It comes too late! It isn't justified that President Obama now says it isn't acceptable, that Standard and Poors is against him. No, the other! Moody's and Fitch should follow! For the politicians it might be helpful: They see that they have to do something. They are against themselves, Republicans and Democrats, they don't find the solution for the US and only for their party, and that's the wrong way. DW-TV: So you think it's justified - but how will it affect the American economy and the world economy? What does it mean for the global economy when the world's most powerful country loses its Triple-A rating - what message does this send? Wolfgang Gerke: It's a very positive message: we see that there is something to be done. We all knew about the debt crisis happening in the US and we didn't need Standard and Poors. Now it's official. Maybe that's the last call to do something. DW-TV: There's no easy way out, it seems. Would you recommend a haircut? Wolfgang Gerke: Yes, but it comes too late. There's been so much taken from the taxpayer - to help Greece, to help Ireland, Portugal, perhaps Cyprus. That's not the right way. We should have taken Greece out of the Euro. We should have given it its money. But another way. Greece got the money to help the European banks and to pay to these banks. I would say even today that we need a haircut. DW-TV: We can't turn back the clocks. What happened happened. The eurozone has launched a bunch of rescue and stability measures. Is there anything similar the US could do to get their problems under control? Wolfgang Gerke: No, they haven't the chance, they have no Germany beside them and they have to solve their problems themselves. In the past they did it. To weaken the dollar. This isn't a possibility. They are paying so much for the military and they have so low taxes for people earning a lot so the US have the possibility to solve their problems. But they have to do it! They don't produce a long-term policy. DW-TV: What do politicians on both sides of the Atlantic have to do to calm markets? Wolfgang Gerke: They musn't act against the market, they must accept the market and don't produce for the future so high inflation rates. We have to fear the inflation rates of the future. DW-TV: Wolfgang Gerke, thanks for being here with us today.
33 Views
23:47:45 07/26/11
A Closer Look At Herman Cain 2012
[LESS INFO] 33 VIEWS | ADDED 23:47:45 07/26/11
In the 2012 election, the voters must know their options inside and out. Herman Cain seems to speak as a true blue constitutional realist at first glance, but the Reality Report does not conclude without a closer look. This is Gary Franchi with a thorough policy view of the GOP nomination hopeful, Herman Cain. Cain is Tennessee born, Georgia raised, and finished his masters in computer science at Indiana's Purdue University. Since then, he's taken the roles of a talk radio host, national columnist, author of four books, CEO of Godfather's Pizza, CEO of the National Restaurant association, and even Deputy Chairman of the Federal Reserve Bank of Kansas City . He is staunchly against abortion and gay marriage But what is his express plan for the country if he were the commander in chief? Here he is in a group of New Hampshire supporters speaking on the proper role of government. http://rtr.org/videos/23102/28041/herman-cain-on-the-proper-role-o 0:05-:025 "Provide for ... ... the free market system." It seems simple enough, but what does that mean for his economic policy? http://rtr.org/videos/23102/28042/herman-cain-on-the-o-reilly-fact From 2:03- 2:09 "That is correct. I would lower the... ...cap gains rate to 0." http://rtr.org/videos/23102/28043/herman-cain-on-the-economy-let 0:48- 1:21 "My proposal is ... with the American public" Cain goes on to unveil his five phase economic plan. He proposes to #1.Lower the TARP corporate tax rate from 35% to 25% and lower individual income tax rates... #2." take capital gains to zero... #3. "suspend taxes totally on foreign repatriated profits.. #4. "give every worker in America a 6.2% raise by providing a real payroll tax holiday for a year for the employee and the employer." #5. " make tax breaks permanent or indefinite. He is also an avid supporter of the fair tax replacing the tax code, and wants to repeal the 16th amendment. On The O'Reiley Factor, Cain expounds on how he believes his plan will pay for the national debt. http://rtr.org/videos/23102/28042/herman-cain-on-the-o-reilly-fact Cut 1: "But how do you get the 14 tril. + debt down... ...going in the right direction." 2:14- 2:57 Cut 2: "But Bill ... ... your revenue stream is going to drop." 2:30 - 4:16 So all in all, Cain claims to be small-business focused and plans to eliminate the debt by fast pennies rather than slow dollars. But with the handling of money comes the handling of major foreign policies as well. How would he deal with our current situation? http://rtr.org/videos/23102/28046/herman-cain-on-israel-our-frien 0:04 - 0:47 "First of all that is very complicated... you're messing with the United States of America." You realize that saying you will have a plan in the future is not a plan, right? And even if there were a plan, it would not be your choice alone as the executive branch. The constitution gives war declarative powers to congress. Do we want another Libya? Or in today's case, another Yemen? http://rtr.org/videos/23102/28047/herman-cain-s-nancy-pelosi-momen 0:00-0:50 So once he's been advised by the same people who advised Bush and Obama, then he will know. I'm relieved. Foreign cautions aside, the Middle East by and large holds the energy economy over the world's head. Here's how Herman Cain foresees his response. http://rtr.org/videos/23102/28048/herman-cain-on-energy-dependen 1:06 - 1:41 "Drill baby, drill. ... to become energy independent." Ok, maybe we’ll go back to foreign policy. Immigration: http://rtr.org/videos/23102/28049/herman-cain-s-immigration-plan 0:47 - 1:10] "I know we can build a fence... and yes, Mr. President, it will have alligators in it." If he has no direct plan for the debt, no real plan for his steps in the Middle East, and no mention of relieving the energy crisis besides drilling, he will need that fence to keep us in (if he can pay for it). But among the most appalling of all is his prior support for TARP and his skittish nature to answer about the Fed. Tarp: http://rtr.org/videos/23102/28050/herman-cain-supported-the-tarp-b Source http://004eeb5.netsolhost.com/hc133.htm 0:18-1:02 "No, I do not. ... the time to debate.. decisions." Do the American people want a president who can so boldly compromise the free market for a plan whose execution he was ignorant of? What does that tell us when Cain can tell us one thing today, and in his column say, "Wake up, people! Owning a part of the major banks in America is not a bad thing. We could make a profit while solving a problem.." America is waking up. And we see and question who is in the system for the status quo. The Fed: http://rtr.org/videos/23102/28051/herman-cain-discusses-the-federa 1:50 - 2:12 "Here's a suggestion .... They will." Herman Cain has a history of working at the Federal Reserve before. However his comments are quit curious that he once said this about auditing the fed before his run for office. http://rtr.org/videos/23102/28052/herman-cain-on-the-federal-reser So which one is it, Herman? Are you pandering to Ron Paul's audience or are you pandering to the Fed? How can you say on one hand that auditing would be a waste of time and money, and praise Ron Paul's efforts to audit on the other? Perhaps your run for office changed your mind. In any case, we gave Mr. Cain the platform to speak clearly on the issue of currency and here is what he said. http://rtr.org/videos/23102/28053/election-2012-herman-cain-on-wa 3:48 – 406 “The reason that the federal reserve… of Kansas city.” We know your past in the Federal Reserve, and we also know that because of it, these kinds of debts are inevitable as the dollar weakens with every major printing. And that doesn’t help congress, but it usurps it from its constitutional powers. My concern is your sincere respect for the constitution. Especially when you say things like this: http://rtr.org/videos/23102/28054/herman-cain-opposes-construction 2:50 - 3:00 "The people ... have the right to do that" http://rtr.org/videos/23102/28055/herman-cain-needs-to-reread-the 0:24 - 0:33 "For the benefit of those... ... life, liberty and the pursuit of happiness." And for the benefit of those accusing others of ignorance, that was the Declaration of Independence. The United States needs a President who really knows the constitution. You cannot swear to uphold what you do not know. Only one candidate has wholeheartedly dedicated his career to the protection of the constitution, and that is Ron Paul. For the Reality Report, I'm Gary Franchi.
44 Views
22:30:00 07/19/11
Our Studio Guest: Holger Schmieding, Chief Economist at Berenberg Bank
[LESS INFO] 44 VIEWS | ADDED 22:30:00 07/19/11
Holger Schmieding, chief economist at Berenberg Bank, talks to us about the euro and the debt crisis.DW-TV: Chief economist from the Berenberg Bank, Holger Schmieding, what do you think the future looks like in Italy? Holger Schmieding: I actually think the future for Italy does not look bad. Italy does now have some austerity in the pipeline, but relative to the austerity in Greece, in Britain, in Spain, and what is ahead in the US, Italian austerity does not have to be all that harsh because the fiscal deficit of Italy actually isn't all that high. DW-TV: Why were markets reacting so nervously to Italy then? Holger Schmieding: First of all markets are very nervous, in the wake of the Greek crisis, this is just a fact of life. And then we had a public spat between the finance minister, which is seen as being extremely responsible in terms of fiscal matters, and the prime minister which is not necessarily seen as always being responsible fiscally. And this spat spooked markets. But now we have seen Italy passing an austerity package and that will hopefully will contribute to Italien tangence dying down. ? DW-TV: If we have a look at the current mountains of debt here in Europe Greece is right up on top of course, with Italy NOT all that far behind. Ireland and Portugal are already being bailed out. But what about Germany? It's got to foot the bill of course, the bulk of the bill for the E-U's share, as far as these rescue packages go. Where does that leave Germany do you think? Holger Schmieding: Germany has over the decades acquired a great reputation in markets. That is why Germany can borrow at very low interest rates, despite its debt being also not very low. On top of that, Germany is on course to cut its budget deficit to virtually zero next year. That inspires confidence. Italy by the way will probably manage to eliminate its deficit in 2014, which by global standards would be also be pretty good. DW-TV: All that sounds, to use your words, on course, where are we at as far as the euro crisis goes as a whole? Holger Schmieding: The euro crisis at the moment is extremely dangerous, markets are highly nervous. The euro markets need a political signal, that politicians will really do a lot to keep that crisis at bay, so the summit this Thursday has to come up with a result. DW-TV: There are a lot of ideas being thrown around at the moment in reaction to this summit, what do you think needs to be done? Holger Schmieding: First of all we need a solution, and secondally the best possible solution would be a program to use European funds to buy Greece, Greek debt back at a discount. That would reduce the burden of Greek debt outstanding because we would be buying back at a discount. And it would be a signal of political confidence in Greece. Interview: Brent Goff
16 Views
22:30:00 07/19/11
Our Studio Guest: Holger Schmieding, Chief Economist at Berenberg Bank
[LESS INFO] 16 VIEWS | ADDED 22:30:00 07/19/11
Holger Schmieding, chief economist at Berenberg Bank, talks to us about the euro and the debt crisis.DW-TV: Chief economist from the Berenberg Bank, Holger Schmieding, what do you think the future looks like in Italy? Holger Schmieding: I actually think the future for Italy does not look bad. Italy does now have some austerity in the pipeline, but relative to the austerity in Greece, in Britain, in Spain, and what is ahead in the US, Italian austerity does not have to be all that harsh because the fiscal deficit of Italy actually isn't all that high. DW-TV: Why were markets reacting so nervously to Italy then? Holger Schmieding: First of all markets are very nervous, in the wake of the Greek crisis, this is just a fact of life. And then we had a public spat between the finance minister, which is seen as being extremely responsible in terms of fiscal matters, and the prime minister which is not necessarily seen as always being responsible fiscally. And this spat spooked markets. But now we have seen Italy passing an austerity package and that will hopefully will contribute to Italien tangence dying down. DW-TV: If we have a look at the current mountains of debt here in Europe Greece is right up on top of course, with Italy NOT all that far behind. Ireland and Portugal are already being bailed out. But what about Germany? It's got to foot the bill of course, the bulk of the bill for the E-U's share, as far as these rescue packages go. Where does that leave Germany do you think? Holger Schmieding: Germany has over the decades acquired a great reputation in markets. That is why Germany can borrow at very low interest rates, despite its debt being also not very low. On top of that, Germany is on course to cut its budget deficit to virtually zero next year. That inspires confidence. Italy by the way will probably manage to eliminate its deficit in 2014, which by global standards would be also be pretty good. DW-TV: All that sounds, to use your words, on course, where are we at as far as the euro crisis goes as a whole? Holger Schmieding: The euro crisis at the moment is extremely dangerous, markets are highly nervous. The euro markets need a political signal, that politicians will really do a lot to keep that crisis at bay, so the summit this Thursday has to come up with a result. DW-TV: There are a lot of ideas being thrown around at the moment in reaction to this summit, what do you think needs to be done? Holger Schmieding: First of all we need a solution, and secondally the best possible solution would be a program to use European funds to buy Greece, Greek debt back at a discount. That would reduce the burden of Greek debt outstanding because we would be buying back at a discount. And it would be a signal of political confidence in Greece. Interview: Brent Goff
2 Views
22:00:19 06/17/11
![David Stockman On Tarp The Fed Ron Paul And Reagan [Short]](http://static2.channels.com/thumbnails/assets/reason-tv/feeds/191-2239/392044/episodes/15554978_Reason-Tv-David-Stockman-On-Tarp--The-Fed--Ron-Paul-And-Reagan--Short---jpg)
David Stockman On Tarp The Fed Ron Paul And Reagan [Short]
![David Stockman On Tarp The Fed Ron Paul And Reagan [Short]](http://a.images.blip.tv/Reasontv-DavidStockmanOnTARPTheFedRonPaulAndReaganSHORT766-694.jpg)
[LESS INFO] 2 VIEWS | ADDED 22:00:19 06/17/11
At the very start of the "Reagan revolution," David Stockman exposed the myth that Ronald Reagan and the modern Republican Party are dedicated to small government. In 1981, the 35-year-old Stockman gave up his Michigan seat in Congress to become Reagan's budget director. A vocal critic of what he continues to call the "welfare-warfare state," Stockman had signed on because he believed in the limited government rhetoric that Reagan espoused. Once inside the White House, Stockman quickly became disenchanted, and gave an interview to journalist William Greider that became the basis for an explosive Atlantic Monthly article in which Stockman admitted that Reagan's proposed spending cuts had been a "Trojan horse" used to justify tax cuts. In his 1985 memoir, The Triumph of Politics, Stockman chronicled Reagan's reluctance to fulfill his campaign promise of shrinking the size and scope of government and balancing the budget. The result? The gross federal debt tripled while Reagan was in office. Last fall, Stockman was the GOP-defector du jour once more, arguing against extending George W. Bush's tax rates in the New York Times, on 60 Minutes, the Colbert Report, Parker-Spitzer, ABC, NPR, and MSNBC. Stockman's argument - that it's irresponsible to cut taxes when cumulative U.S. debt is steadily mounting as a percentage of GDP - is based on the simple principle that balanced budgets come only when revenues actually meet expenditures. If we're not willing to actually shrink government spending, he says, then we should pay full freight now, rather than forcing our children and grandchildren to foot the bill down the line. Here's what didn't come across in Stockman's media blitz: Since writing The Triumph of Politics he says he has "completed his homework" by reading libertarian economists such as Ludwig von Mises, Friedrich Hayek, and Murray Rothbard. He thinks TARP was a big-government boondoggle and the bailouts of GM and Chrysler unconscionable. Stimulus spending is a hoax. He sees the abandonment of the gold standard in favor of floating exchange rates as the root cause of both the country's fiscal problems and the 2008 financial crisis. He says that Rep. Ron Paul (R-Texas) is the only politician today "who gets it" and he's hopeful that Paul's growing power may begin to shed light on "the scholastic arrogance" of the Federal Reserve. He's still against the welfare-warfare state and he thinks government should be cut down to size. . Reason.tv's Nick Gillespie sat down with Stockman for a wide-ranging discussion that touched on tax cuts, monetary policy, TARP, Ronald Reagan, his tenure as a Michigan Congressman, and the gold standard. Approximately 7.30 minutes. To view the complete 42-minute version of the interview with David Stockman, click here: http://bit.ly/hVpHGj Camera by Jim Epstein and Hawk Jensen. Edited by Epstein and Joshua Swain. Go to Reason.tv for downloadable version of this and all our videos and subscribe to Reason.tv's YouTube channel to receive automatic notification when new material goes live.
