Thursday, December 10, 2009

Privilege: Why Middle America has turned against Wall Street

Privilege: Why Middle America has turned against Wall Street

Their is no question that greed has killed the golden goose which used to be know as the American economy. Who is to blame? Congress moving jobs overseas and repealing Glass Steagall, the public living on their credit cards deserve some of the blame. But, it seems that main street considers Wall Street as the bad guy, who put America out of work. It was not until polls came out that warned congressional democrats that the public was angry and they reelection was unsure that Wall Street was given the message the government funded party was over for a while. Wall Street tin ear to public opinion got them where they are today. Giving themselves billions of dollars in bonuses paid for by the public by way of the tarp funds, while American lost their homes, jobs and went without health care. Wall Street has got the message and now they are scrambling to undo their damage. In the last week both Citibank and Bank of America has repaid or made plans to pay back the American tax payer Citi Is Eager to Pay Back Bailout Aid * UK's tax bite gives Street the shivers Britain's heavy-handed 50 percent tax on banker bonuses is blowing a trans-Atlantic chill over Wall Street, which is facing its own fight against regulators trying to slash pay * Where has the bailout money really gone? * More Easy Money for Wall Street - William Greider, The Nation *** Bankers: Give Us Our Money Back *** Top Goldman Executives Won’t Get Cash Bonuses This Year * Goldman Sachs Alters Its Bonus Policy to Quell Uproar

Paterson Can Punch Who would have guessed that Paterson at the bottom of the polls is turning into a very cleaver campaigner. The governor’s speech drew a rave from Citigroup’s Richard Parsons. (NYT). He has befriended Wall Street and gone to war with the Albany establishment that everyone hates. "If you say anything about corn in Iowa," Paterson said, "they'll run you out of town. If you say anything about oil in Texas, they skin you up at the nearest tree. We need to stand behind the engine of our economy in New York -- and the engine is Wall Street." Bully for Dave * Paterson Goes to Wall St. With Words of Thanks (NYT) * Gov. Paterson won't let New York State go broke

No Fault Pension Pigs

True News Wags the Dog Again We need Joe's Law: Bruno's crimes show the need for tough Albany ethics crackdown True News Has Been Reporting That Albany Cannot Fix Itself * The Gangs of Albany While the DN Editorial is explaining the problems, it clear have not read this installment of True News The Audacity of Bruno's Corruption: Editorial Board Outrage Over the Years Leads Nowhere We are glad that the DN joined True News in calling the proposed reforms useless. "They must impose stiff penalties for each and every violator - up to and including removal from office and prison time.Those are ingredient for real reform, and they are missing from proposals pushed by Sens. Eric Schneiderman and Daniel Squadron."Even the DN's columnist Errol Lewis has joined True News in calling for the voters to wake up although he threw that call in at the end of a story that recapped what has been written about Albany corruption hundreds of times. He should have made voter outrage the lead at this time when the governor is trying to put the heat on the legislature Joe Bruno's conviction proves that in Albany, it takes a thiefNot the Best and Brightest Campaign Team Money Can Buy? Not making a good case for the usually Bloomberg after campaign boniness. Bloomberg sent about 10 campaign operatives to Massachusetts US Senate hopeful Alan Khazei and helped him raise some $350,000. Now we know why the nyc mayor's campaign was so close. Candidates relishing the mayor’s willingness to use his political organization for others may have gotten a reality check after the Bloomberg team supported Alan Khazei’s failed Senate bid in Massachusetts. Bloomberg Aid Gives Little Lift to Candidate

Political Wall of Silence
The leaders in Albany act more like the cops and their blue wall of silence when it comes to speaking up about corruption amongst their members. Last May True News wrote about how Albany pols were hiding under their desks in order to say anything about their former collegue Brian McLaughlin as he faded into the sunset of jail. The Political Wall of Silence: Not One Pol Expresses Outrage, McLaughlin Goes to Jail Today's NYP came up with one Buffalo lawmaker in a 20 word story that called for an end to outside jobs by the Albany mob. Bruno $hake-out

New York's Mob Shakedown Continues We don't have enough on our plate with our pols behaving like organized criminals we still have the real mob with is deep into our government not to mention everything else3 on Trial, Accused of Faking Concrete Tests *** F.B.I., in Bid-Rigging Inquiry, Raids Offices of Labor Leader *** Daily News probe finds WTC contractors with mob ties, fraud *** Mob Infiltration Seen in New York City Buildings Department *Newspaper And Mail Deliverers Union | MAFIA TODAY** Prosecutors to oversee NYC construction union --

Supreme Court Mocks 'Honest Services' Test Which Bruno Violated Just one day after he was convicted in federal court of depriving the public of his "honest services" by taking hundreds of thousands of dollars from people who wanted to do business with New York State agencies, former Senate Majority Leader Joseph L. Bruno is looking up at brighter skies. The fair weather is arriving from Washington D.C., where the Supreme Court of the United States (SCOTUS, as it is sometimes called) appears ready to strike down the sort of anti-corruption law that Bruno was found guilty of violating..Bruno Gets A Break (Henry Stern NY Civic)

Gov of La Mancha Albany Bully for Dav Gov goes to bat for Wall Street *** Paterson ups the ante renewed hostilities with the Legislature yesterday, announcing that he'll withhold state aid to lo calities -- presumably, for schools and local governments -- to prevent New York from doing a fiscal belly-flop *** Citing $1B shortfall, Gov. warns schools *** New York gay marriage bill nay-sayers face wrath *** On heels of Joe Bruno conviction, Gov. Paterson ripped for not cleaning up Albany *** Gov. Paterson praises Wall Street as a primary engine of New York’s economy, and issues a bring-it challenge to the Senate over the decertification of aid payments if the fiscal crisis continues. (TU) *** Paterson’s plan to block aid payments is called “inappropriate and likely illegal” by the head of the School Boards Association. (AP) *** Former ethics watchdog David Grandeau compares the Legislature to “Casablanca,” but not in the looks-like-Ingrid-Bergman way. (Buffalo News) *** A new report criticizes New York’s recent tobacco-reduction efforts. (GNS) *** With Sampson's Support, Malcolm Smith Might Just Hang On *** Paterson Says Spitzer Might Work As Comptroller ***The Times Union says there's "pressing business" to raise the standard of behavior in the State Senate *** "In Albany, it's all right to cavort with prostitutes, take bribes, commit extortion, pay family chauffeurs with tax dollars, beat up girlfriends, punch meter maids, embezzle money, commit sexual assaults, ply teens with alcohol and more," writes the Buffalo News. "That's what is shocking - that scandal after scandal rolls out of Albany and nothing changes." *** The News wants "Joe's Law,": "bulletproof laws combined with tough, independent enforcement and harsh penalties for violators - not the loophole-riddled half-measures and Rube Goldberg bureaucracies being contemplated in the Legislature." *** "The Queens delegation didn't just let down Queens, they let down the whole state," said state Senator Tom Duane, "It was a betrayal." *** State Senator Ruben Diaz Sr. doesn't know who Frederick Douglass is *** Paterson Slams Espada *** Paterson: Spitzer Management Style 'Useful' In The Finance Area *** Details of the delays in local government assistance aid will be announced in the next several days; Sen. Carl Kruger pledged: "Any effort will be met with court action." *** The governor called Wall Street bonuses, which AG Andrew Cuomo has condemned, "misunderstood."*** A few names on the chopping block as a result of the Senate majority's "top-to-bottom" review." *** The TU reiterates its call for Sen. Hiram Monserrate to resign, saying his "continued membership only adds to the Senate's collective ignominy." *** Horner The Stalking Horse? Paterson's circle is discounting criticism levied at him by good government advocate Blair Horner, saying the NYPIRG legislative director is compromised by his stint working for AG Andrew Cuomo *** Why You Can't Beat Carl Kruger *** An Orthodox Jewish newspaper: "Sen. Kruger Stands Up for Yeshivos, Marriage." *** Espada Offers Paterson "Pearls of Wisdom" Cuomo the Cop State Sues Administrator of Workers’ Compensation *** Investment exec to pay $20M in NY pension scandal *** After Bruno Verdict, Cuomo Again Asks for More Power to Police Albany Everything Changes From Day One?
Law and Order Judge tossed kid-injury case after DA sat on charges *** Cops knock off $1M luxe fakes *** Jayson NBA quitters *** Hate Crime Unit Investigating Bronx Church Fire (NY1) *** Police Shoot Man Outside Hotel in Times Square

New York & Terrorism Holder tours NY terror-trial cells A sneak peek of 'sheik' *** Pakistan Detains Five Americans in Raid Tied to Militants *** U.S. Attorney General Goes to N.Y. for Meetings on 9/11 Trials*** Parents' fears led to Americans' terror bust in Pakistan
*** Geithner Irks GOP By Extending TARP Program *** Senior Al-Qaida Member Reportedly Killed In Drone Attack

White House Health bill O-pproved *** Accepting Peace Prize, Obama Evokes ‘Just War’* Barack Obama Nobel Peace Prize: President delivers robust defense of war, acknowledges short resume *Full transcript of Barack Obama's Nobel Peace Prize speech * Gates in Iraq to Meet Maliki and U.S. Commanders *** Obama 'Unambiguous' on July 2011 *** A Testy Exchange at White House Over Jobs Proposals *** Geithner: Bailout program extended to October *** Barbara Walters Names Michelle Obama 'Most Fascinating'... See Full List * *** Five put on leave after airport screening files posted online *** Petraeus, architect of Iraq surge, says he expects similar turnaround in Afghanistan *** Obama's Fantasy Jobs Plan - Steve Chapman, Chicago Tribune *** Obama's Wilsonian Moment - John Cooper, The Daily Beast *** Reading Professor Obama - David Ignatius, Washington Post *** Obama Is Just Not Cutting It On The Economy - Dan Gerstein, Forbes *** Why The President Can't Create Jobs - Matthew Yglesias, The Daily Beast *** Obama Is Ready To Rumble over New Stimulus - Michael Scherer, Time ***Maurice (Mickey) Carroll's response to 'Obama's sinking job approval: "So?" (h/t Dick Cheney) Plus *** Gates' Surprise Baghdad Trip *** Obama's Dilemma: Debt vs. Unemployment *** Iraqi PM cancels meeting with Defense Secretary Gates ***Obama's More Muscular Moralism - Robert Kagan, Politico *** What We Have Come to Expect From Obama - Victor Davis Hanson, NRO *** What We Have Come to Expect From Obama - Victor Davis Hanson, NRO *** Pentagon Report Finds Conflicts of Interest for Contractors - Politico *** Group Sues Obama for White House Visitor List - *** Ex-Bailout Czar Signs on With Firm That Helped Run Bailout - TPMMuckraker *** Obama's Big Sellout The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway (TAIBBI Rolling Stone)

Congress Senate Democrats See Room for Hope on Health Care Bill *** The Non-Public Option An alternative to the public option health plan might achieve the same goal of expanding Americans’ choices and providing some competition (NYT Ed) *** From the Alps to the Pits It is time to close the loopholes used by lawmakers to evade a ban on lobbyist-financed Congressional junkets by having nonprofit groups cover their expenses *** Senate Democrats See Room for Hope on Health Care Bill *** Plan to lower Medicare age for entry into health care plan has many drawbacks*** White House party crashers to plead Fifth if subpoenaed by Congress *** In Washington, “Salahi” has become a verb. (Politico) *** Government Keeps Toehold in Senate Deal - David Herzenshorn, NY Times *** Dean: Deal Contains "Real Reform" - Greg Sargent, The Plum Line *** Medicare-For-All - Froma Harrop, Providence Journal *** Can the GOP Retake the Senate in 2010? - Karl Rove, Wall Street Journal *** Reid Strikes a Good Deal - Boston Globe *** A Bigger Step Toward Single-Payer? - Washington Post *** Durable Social Reform in the U.S. Has Always Been Bipartisan - WSJ *** Dems Optimistic But Not Sure Why *** Thune: No GOP Aisle-Crossers *** How Newt Gingrich Broke Congress - Rep. Steny Hoyer, Washington Post *** Pelosi to Propose Raising Debt Ceiling - Lori Montgomery, Washington Pos *** No One Learned Anything From Fannie/Freddie - Ed Morrissey, Hot Air *** Making Gun Safety Politically Safe - E.J. Dionne, Washington Post *** Nine protesters who favor Medicare for all were arrested at Sen. Chuck Schumer's Midtown office *** Ethics Panel’s Slow Pace on Probes Has Lawmakers Fuming - The Hill*** Auto Dealers Want Exemption from Consumer Protection Agency - Politico*** Pelosi: House intends to raise debt ceiling (The Hill) *** Treasury: Only about 4% get long-term mortgage help
Political Parties Tea party conservatives are feeling emboldened within the GOP. (WashPost)

Wall Street & The Economy Pandit pushes feds to let Citi pay back TARP ***Cash poor in Las Vegas *** Refresh button AOL returns to Street to face a new online world *** SEC's civil war moving full speed ahead with civil charges against two former Bear Stearns hedge fund managers *** Neiman's net tumbles 34% *** A.I.G. Units Omit Name and Excel *** October U.S. Trade Deficit Narrowed as Exports Rose *** Analysts pan AOL stock ahead of debut
*** It's Not Over: New Jobless Claims Rise More Than Expected *** Create More Jobs or Lower the Deficit? - Noam Scheiber, The New Republic *** Keep Politicians' Paws Off the Fed - George Will, Washington Post *** TARP Stemmed Panic, But Left Trail of Woe - Jennifer Liberto, CNNMoney *** Madoff Brothers Can't Find Jobs *** Ex-lawyer admits guilt in NYC insider trading case*** Mortgage Agency’s Growth Fuels Risky Lenders - Wash. Post/CPI *** Madoff Auditor Plea May Signal Other Probe - Wall Steet Journal ($)

Media and New Tech Boycott push over Italian stereotype on MTV show *** AOL Quietly Returns to Life on Its Own *** Cable Freedom Is a Click Away *** Part of the Daily American Diet, 34 Gigabytes of Data *** AT&T to Urge Customers to Use Less Wireless Data *** AOL plans to slash 2,500 jobs after spinoff *** Hard stance: HarperCollins joins the e-delay crowd *** Music venture Vevo debuts as Top 10 video site *** Chris Cuomo: I'm Leaving "GMA" To Co-Anchor "20/20" *** JOY RIDE: Behar Ratings Reach New High 3 Times In 4 Days *** Variety Paywall To Go Up Thursday *** Google, Yahoo feast on Tiger scandal with huge Internet traffic*** Review: Barnes & Noble's Nook 'a dual-screen mess' *** Facebook makes changes yet again - targets user privacy *** Facebook Wants to Steal Your Friends *** Apple Changing Its iTunes *** Tom Hoving, Chief of Met, Dies *** Editor & Publisher Closing *** Bill protecting journalists' sources gets boost*** Will Comcast's Jersey Shore Execs Fit In With NBC's Hamptons Crowd?