Friday News Roundup - Domestic
http://thedianerehmshow.org/shows/2012-05-18/friday-news-roundup-domestic
Facebook begins trading this morning in one of history’s largest initial public offerings. President Obama meets with congressional leaders to seek common ground on the looming debt ceiling battle. The FBI launches a criminal investigation into the $3 billion trading loss at J.P. Morgan Chase. The House of Representatives approves the Violence Against Women Act. Republican presidential candidate Mitt Romney raises $40 million in one month, nearly matching President Obama. And minorities surpass whites in U.S. births for the first time. Michael Scherer of TIME magazine, Laura Meckler of The Wall Street Journal and John Harwood of CNBC and The New York Times join guest host Tom Gjelten for analysis of the week's top national news stories.
Guests
Michael Scherer
White House correspondent, Time magazine.
Laura Meckler
White House correspondent, The Wall Street Journal.
John Harwood
chief Washington correspondent for CNBC; reporter, The New York Times.
Related Video
The panelists discuss Facebook's initial public offering, which started trading Friday at 11 a.m. CNBC correspondent John Harwood said the offering was four times as large as Google's when it went public eight years ago. He said it was priced aggressively at $38 per share. TIME magazine correspondent Michael Scherer said Facebook is unique compared to other Internet companies because it can sell targeted audience information to its advertisers.
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Let me play this back.....
1)." President Obama met with congressional leaders to seek common ground on the looming debt ceiling battle." Predictable results here....the Republicans are simply not going to cooperative even if it means making the country and the economy suffer. As a matter of fact, they hope that it suffers. See part four below.
2)."While the Department of Justice launched a criminal investigation, shareholders sued JPMorgan Chase CEO Jamie Dimon over the $3 billion trading loss." The Justice Department and the Securities and Exchange Commission aren't going to do anything here. They do what Wall Street and the Corporations tell them to. Again see part four below.
3). "Presumed Republican presidential candidate Mitt Romney raised $40 million last month, nearly matching what Obama raised." Proving that money is again the only thing that matters in this race as to who controls our government. Which is a charade....we all know who controls the government and its the Wealthy. Again....
4)"Minorities surpassed whites in U.S. births for the first time." Perhaps the only bright spot in an otherwise bleak week....because sooner or later the white folks are going to have to give up their wealth and their control. What we are seeing at present is probably the last desperate gasp of wealthy white men controlling everything. Perhaps their control of our government and our court systems will eventually fade, but I suspect, not without some pain and some bloodshed.
The revolution will come, given these conditions it is simply inevitable.
TB wrote:"As a matter of fact, they hope that it suffers"
Your an expert on hoping for suffering. Anyone who reads your America hating posts knows it. Someone with such a long list of hatreds must surely be living a life of misery.
I believe that the latest dirty trick by the republicans to suppress the vote will play a role in many important swing states. The GOP knows that their policies would not benefit the average American family.
Can someone please explain how higher taxes take money out of the economy? I guess our foreign aid could have that effect. What other uses of government funding actually take money out of the economy?
George Emmert
Indiana
I used to be a proponent of the electoral college, but now I think it is time for it to be abolished. The fact that the presidential election hinges on just a few states underlines the ineguity of the system.
As a Texan, I am resigned to the fact that it doesn't matter if I vote for Pres. Obama or not. Texas will go to Romney.
JPMorgan lost Corporate funds not client funds, if you are not a share holder your input is irrelevant. No money was lost from the people banking with them. So based on your logic if you misplace your wallet the governement should throw you in jail. Ridiculous.
When is Romeny's religion going to become and issue?
DJ wrote:
When is Romeny's religion going to become and issue?
Why should it, are you suggesting we partake in religious persecution?
Did i hear Michael Scherer paraphrase Romney as: "Marriage is between ONE man & ONE woman... " as is the Christian Evangelicals Hope?
What i hear Romney say: "...Marriage is between A Man and A Woman... ."
His statement leaves the door wide open for the "Big Love" LDS Fundamentalist much to the dismay of the Pro-Marriage Christian Evangelicals... " That is if you a NC Lawyer in the fine tradition of John Edwards, eh?
Was Scherer paraphrase a faux paux or Republican spin? Sign me genuinely wondering?
Andrew Cairns wrote:
"As a Texan, I am resigned to the fact that it doesn't matter if I vote for Pres. Obama or not. Texas will go to Romney."
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Considering POTUS Obama has the electoral college edge, you are right, it should be abolished for this election.
"President Obama starts with edge on inaugural Fix Electoral College map"
"President Obama carries a significant, but far from determinative, edge over former Massachusetts governor Mitt Romney in the race for 270 electoral votes this fall, according to the first detailed analysis of the map conducted by the Fix."
http://www.washingtonpost.com/blogs/the-fix/post/president-obama-starts-...
RobertLongView wrote:
"What i hear Romney say: "...Marriage is between A Man and A Woman... ."
His statement leaves the door wide open for the "Big Love" LDS Fundamentalist much to the dismay of the Pro-Marriage Christian Evangelicals... "
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How many wives does Mitt have?
Marriage was a contract between one head of household (a man) and another head of household (a man),exchanging the value of a dowry,if the groom`s family accepts the worthless female.
Funny thing is,marriage didn`t evolve into marriage is between a man and a women,until the 20th. century, and the Progressive movement which gave women their civil rights.
One for every house (or Trust Fund), I'd spect? It's "In GOD WE all Trust," ya kno... ?
chattel as i believe the Beefeaters later made custom
it's not religious persecution, even tho the C. is prone to such red herrings,...
it's more MY Religion trumps U -- and we have a political mandate... thus the Flim-Flam Man took your lucre libra w/ his Three-card "pile driver" Monty trick. (it's more as a wimp hanging by his wedgie on the gym dooor after the bus has rolled out... .
mnemecek on May 18, 2012 @ 10:52 am wrote: “JPMorgan lost Corporate funds not client funds, if you are not a share holder your input is irrelevant. No money was lost from the people banking with them. So based on your logic if you misplace your wallet the government should throw you in jail. Ridiculous.”
And what about the shareholders?
If I invest in a company (International Widgets), which is supposed to make money by selling widgets, I do so expecting the profits to be returned to me in the form of dividends, or in the increase in the value of my stock.
If, instead, the Directors and Officers go to Las Vegas, gamble and lose, I have just become a victim of fraud. Are you arguing that the Directors and Officers shouldn’t go to jail?
Ridiculous.
You are also, obviously, ignoring the key point: J.P. Morgan’s current “troubles” were caused by the same conduct that led to the Great Recession. This time the economy as a whole may have “dodged a bullet”, but we didn’t last time, and there’s no guarantee we will the next time (and clearly, as long as such conduct continues, there will be a “next time”).
Furthermore, notice that the amount lost seems to be growing as more investigation is done and more information comes out. But you keep singing “Don’t worry, be happy”!
Ridiculous.
Arkus Duntov on May 17, 2012 @ 11:08 pm wrote: “Your an expert on hoping for suffering. Anyone who reads your America hating posts knows it. Someone with such a long list of hatreds must surely be living a life of misery.”
Look who’s talking! Someone who ignores anything that contradicts his conservative world-view, and believes in “fantasy based” politics, rather than “reality based”.
While I agree Teece’s rhetoric is inflated, so is yours. I don’t agree with everything he (she?) wrote, but Teece wasn’t expressing “hatred” for America, but for what the Republi-Cons are doing to America.
I guess you feel what’s good for the GOP is always good for America. Putting party interest ahead of the nation’s interest, not exactly an example of patriotism!
Presidential and Congressional posturing over the debt ceiling reveals to all that our "leaders" have no familiarity with the operational realities of our monetary system. If they do and persist in posturing then they are subversive and frauds.
The U.S. gov. through the Federal Reserve is the sole issuer of our currency, solvency is not, therefore, an issue. We cannot go broke issuing our own currency. Greece and the 16 other Euro Zone nations, the 50 U.S. states, businesses, and households can go broke because they do not issue their own currency. They have to borrow Euros or dollars.
With respect to the government's deficit it is equal, to the penny, to net financial assets in the non-government+foreign sector. This is a simple accounting identity; where there's a deficit there's a surplus and they sum to zero. Moreover, deficit spending mostly shows up in corporate profits.
Now, we face real unemployment of 22% (www.shadowstats.com) really low core inflation (1.5%), commodity inflation (12%) due to speculation not real demand and supply, 120 million Americans living on the brink of penury, and the House Republicans want austerity measures.
They just don't get it.
Every bit of currency issued by the government is debt currency. Until the government issues that currency there is no currency to tax or borrow.
That is one of many reasons why deficit spending should continue until unemployment is driven to below 5%. At that point is should stop because the economy will be near or at full employment.
The President is either misinformed or subversively cynical because he tells us repeatedly that we will go broke and therefore, need to raise taxes and cut safety net programs. Geithner has warned him not to reveal that he knows we are no longer bound by gold standard principles and, that the government can spend whether or not it has tax revenue. Tax revenue per se pays for nothing in a fiat currency monetary system.
DJ on May 18, 2012 @ 10:53 am wrote: "When is Romeny's religion going to become and issue?"
Hopefully, never. There shouldn't be a religious test for public office. Constitution, Article 6, Paragraph 3.
However, his willingness to impose his religious beliefs on the nation is a valid issue. That's why his views on abortion, birth control, gay rights, etc., matter.
mnemecek wrote:
JPMorgan lost Corporate funds not client funds, if you are not a share holder your input is irrelevant.
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Get this -- and within a week shareholders reaffirmed this Las Vegas High Roller as both CEO & Chair. of the Board... . Why? if there is anything The Mutual Funds hate is the risk of uncertainty. Vote on the Volker Rule NOW Congress and end this Too BIG to Fail metality before they PINHOOK us (tax-Paying Patriots) again... .
You can enlighten me, did the all knowing invisible shareholders vote to give this Super One Percenter a big fat bonus, too?
Probably has a "tax-free" Trust Fund to roll his Bonus into, no doubt. These people don't build up American anymore,
They milk Americans just like the Ants & Aphids... . It is the way of nature you know... .
MarcusTullius on May 18, 2012 @ 11:13 am wrote: “Considering POTUS Obama has the electoral college edge, you are right, it should be abolished for this election.”
My, what a partisan attitude. When the Electoral College system works in your advantage (2000), we’re told to stop crying for its abolition or reform and to “get over it”. When it (potentially) works against you, it should be “abolished” (but only for one election).
Why not do away with the troublesome business of elections all together? Let’s just have a “money election”, the same way we have “money primaries”. Unlimited donations will be poured into the coffers of presidential candidates. Whoever gets the most money is elected. The advantages of this system are manifold, among them: we won’t have to be bothered by actual campaign ads, since the money won’t be used, and after the “election” the money will be donated to charity, or used to reduce the deficit. A win/win for everyone!
Patsy Nomore on May 18, 2012 @ 11:27 am wrote: “. . . marriage didn`t evolve into marriage is between a man and a women,until the 20th. century, and the Progressive movement which gave women their civil rights.”
That’s quite an oversimplification. Read the book Sex and Reason by Richard Posner, which recounts the history of how marriage has changed over time. In ironic fact, it was the Church which promoted the ideal of companionate marriage - marriage for love, over the more cynical version you describe. Of course, now the Church is downplaying the importance of love for marriage!
Etaoin Shrdlu wrote:
"My, what a partisan attitude. When the Electoral College system works in your advantage (2000), we’re told to stop crying for its abolition or reform and to “get over it”. When it (potentially) works against you, it should be “abolished” (but only for one election)."
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You should be directing your comment to Andrew Cairns. He is the one who expressed his "partisan attitude" regarding the electoral college. I merely gave him the flip side to his attitude.
"As a Texan, I am resigned to the fact that it doesn't matter if I vote for Pres. Obama or not. Texas will go to Romney." Andrew Cairns
PotomacOracle wrote:
Presidential and Congressional posturing over the debt ceiling reveals to all that our "leaders" have no familiarity with the operational realities of our monetary system.
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Don't think i'll put all my money in Gold bullion and vote for Paul in November. The Euro is the October surprise in June -- sell in May and go away.... .
RobertLongView on May 18, 2012 @ 12:10 pm wrote: “it's not religious persecution, even tho the C. is prone to such red herrings,... it's more MY Religion trumps U -- and we have a political mandate... thus the Flim-Flam Man took your lucre libra w/ his Three-card ‘pile driver’ Monty trick. (it's more as a wimp hanging by his wedgie on the gym dooor after the bus has rolled out... .”
You’re so busy being “hip” or “cute” that you forgot how to communicate. Most of what you’re writing is incomprehensible. However, I can respond to one point I think you’re trying to make.
“My religion trumps you” (or yours) is religious persecution. The Constitution forbids either the establishment of religion or prohibiting the free exercise of religion. When one religious point of view is enacted into law both parts of the First Amendment are violated. Obviously, banning gay marriage for religious reasons imposes one religion’s “values” on everyone, it also prevents others with different religious beliefs from exercising theirs. (There are, after all, religions that support gay marriage. Reform Judaism and the United Church of Christ to name two. Why must their views be denied in favor of conservative Christians?)
Etaoin Shrdlu wrote:
Patsy Nomore on May 18, 2012 @ 11:27 am wrote: “. . . marriage didn`t evolve into marriage is between a man and a women,until the 20th. century, and the Progressive movement which gave women their civil rights.”
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the romantic notion of "1 Man & 1 Woman is of European origins i believe -- was it the English Lord Simpson example?
To PotomacOracle, writing on May 18, 2012 @ 12:23 pm:
Rather than rushing to accuse anyone of subversion or fraud, you might consider that you don’t know what you’re talking about. I can’t engage in a seminar on Economics 101, but most of what you wrote is just drivel.
One point you ignore, constantly running deficits, and printing money, just leads to hyperinflation. Just ask the government of the (now non-existent) Weimar Republic.
Etaoin Shrdlu wrote:
"However, his willingness to impose his religious beliefs on the nation is a valid issue. That's why his views on abortion, birth control, gay rights, etc., matter."
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How exactly do Romney's religious views impact federal law? Roe v Wade is precedent. What SCOTUS would overturn it? Notice how POTUS Obama never said that gay marriage has anything to do with civil rights. Of course Obama was for gay marriage before he was against it and now he is for it, again. Some would call that flip flopping, while others might call it a desperate attempt to get additional campaign funds. Newsweek considers POTUS Obama a saint, in fact, a gay saint. Seems POTUS Obama is leading in the religious icon department.
MarcusTullius wrote:
Etaoin Shrdlu wrote:
"My, what a partisan attitude. When the Electoral College system works... .
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Why do the republicans support Voter ID Laws when there is little voter fraud. It is their tort reform of the health care debate, no? Don't expect change from the R. party they are just too darn conservative. or partisan, eh?
Tell me, oh wise one, how it is the USA is like Greece? Is it because the TEA Party says so? The Patriots that wrote the Holy U.S. Constitution did not pay taxes, especially Tea w/o representation Taxes, no?