The average American has no clue how dangerous McConnell and his army of anarchists have become. They think a government shutdown means a few lazy bureaucrats will become unemployed and their days won't change much. Just more "breaking news".
Until they look at their retirement accounts. The sick irony of all this is that being poor, the pain is quite normal. But for the affluent who have enjoyed the recent stock bubble, it will hurt - a lot. But who will they blame? Will they examine the facts and realize that the GOP is a group of vindictive power lusting bigots? Or will they blame the Democrats who are actually attempting financial responsibility? The Democrats who would actually like to pay for the cost of the bills they have introduced.
McConnell has declared legislative civil war. As with most wars, the innocent are collateral damage - all in the name of "owning the libs". This is no longer a two party nation. There is only one legitimate political party. The Democrats.
Republicans are now engaged in the destruction of our democracy on multiple levels - to include suppressing the right to vote, encouraging deaths due to a pandemic, an attempted violent overthrow of the government and now....an obvious ploy to destroy the financial integrity of the US. Because all they want is power - not the welfare of Americans, not democracy, just raw power.
When one repeats the same behavior over and over again and expect a different result, there is name for that. Attempts at bi-partisanship with Republicans is now officially insane.
The Forest was SHRINKING BUT THE TREES KEPT VOTING FOR THE AXE, FOR THE AXE WAS CLEVER AND CONVINCED THE TREES THAT BECAUSE HIS HANDLE WAS MADE OF WOOD, HE WAS ONE OF THEM.
Unfortunately the Republicans are great at messaging, blaming everything bad that happens on the Democrats. I’ll spare you the details, but one of the letters to the editor in today’s Tampa Bay Times had a litany of all the things that he blames on Biden: the “disastrous “ Afghanistan withdrawal, the spike in COVID, crisis at the border, inflation including increased gas prices, yada yada yada. No mention of ANYTHING that the Republicans or Tramp have done as a contributing factor. Now they will blame Dems for the debt situation. It’s lying and hypocritical through and through. (Meanwhile, the paper has yet to publish any of my letters) 😡
Dale, I'll ask you to please provide some context to your question, as it seems off-topic.
I did attempt to figure it out, going so far as to read your Profile on Facebook Dale Ilene Berman(Cougar) and your Newsletter ["Sign up now so you don’t miss the first issue. In the meantime, tell your friends!"].
Perfectly stated. The GOP is only about ceizing power at all costs. They don't care about the voter only in how they can manipulate them to gain their much wanted oligarchy autocracy. Voters ,taxpayers be damned.
That is interesting. I think the Dems are about seizing power at all costs, taxpayers be damned. Would you like to be a ranch owner near the Texas/Mexican border? Perhaps you enjoy paying more for gas because the Green New Deal doesn't work in the real world. Are you interested in getting Americans out of Afghanistan?
I was about to write my own comment, but you've said I wanted to say and you've said it much better! I have to keep reminding myself that McConnell is the Minority leader. But if your only goal is obstructing the will of the majority, you can prevail. Until now, I haven't been this worried about our future and the future of democracy in our country!
Bill. I would call this treason, not anarchy. If McConnell was an agent for Putin he could not be more strategically in place and ready to bring USA crashing down. Bannon is a yelping chihuahua compared to McConnell in terms of the damage he is in position to inflict
You are absolutely right about McConnell. If the right victors are around to write history, McConnell will be seen as the worst, most damaging Senate leader our country has ever seen.
Well, most Republican financial supporters can afford the loss of household wealth. The Republican voters who can’t will likely react the same way they’ve been to all the sickness and death they’ve been generating in their own communities and homes. They’ll scream not to give in despite what good sense dictates just to ‘Own the Libs’. Then when they lose the food on their tables, their jobs, and medical benefits, and then their cars and homes, they’ll make up outlandish excuses and blame the Democrats. They’ll ignore that their own Party, the Do Nothing Republican Trolls, caused it.
Dan Rather is very upset. Here is his latest post, called Hypocrisy. I urge you to subscribe to his Substack as well.
“” I've been covering politics since the time of Cicero (well maybe not exactly), and let's put it this way - if you could make hay out of hypocrisy, I've seen enough to feed all the herds of American livestock. But what is happening now in our nation's capital, and radiating throughout the country, is enough to put even the most cynical of politicians of past eras to shame.
I fear that we don't have an adequate framework to make complete sense of the depravity and disingenuousness of what is taking place. Basically, we have one political party at the national level, the Republicans, who have long since ceded any pretense of actually doing the work of government, namely making policies to solve problems. Instead, it is raw power for power's sake, and that has turned Congress into what is in essence largely a troll farm on their side of the aisle. You stand out by “owning the libs” on Fox News (or an even more troll-inducing platform). You don’t stand out, or maybe better put you stand out in the wrong way, if you actually try to work on the major issues of the day. It’s all Dr. Seuss and not nearly enough supporting the doctors fighting the pandemic.
To say this brings me no pleasure. Our government was designed for passionate debates over principles (or at least prerogatives) that then were meant to resolve, whenever possible, in compromise. We don’t need one-party rule. We need a marketplace of ideas. But the only marketplace open for business right now in Washington is WITHIN the Democratic Party. What we should have is the will of the majority, with significant concessions for the minority. Now, with the abuse of the filibuster, the denial of basic democratic norms, and the utter bad faith of both the leaders and the followers in the Republican caucus, we have a spectacle of the absurd that is downright dangerous.
Of course none of this is new, but what set me off this evening is following the descent towards a shutdown of the government and the chilling possibility of a default on the nation’s debt. For many in the Beltway “In Crowd,” this is being covered as sport, a fight on the line of scrimmage between opposing political forces. But this is not a game. This is not a case of winners and losers, but a situation where the entire nation is in danger of losing. This isn’t a showdown. This isn’t a question of tactics. It’s extortion. After running up debt with tax cuts and pandemic spending, the Republicans now see the opportunity to stick it to the Democrats. Now, politics is a tough business, it can be bare knuckles. But this is again not a fight over anything other than holding our government and economy hostage.
To write all of this is not to give Democrats a free pass. Their proposals must be analyzed and questioned. Their internal debates deserve to be covered. As the governing party, they need to be scrutinized. But in doing so, we can’t lose sight of the larger context. Republicans only worry about the debt when they are out of power. They see nothing wrong with pouring trillions of dollars into mismanaged foreign wars, but heaven forbid we spend a fraction of that trying to protect our planet against climate change.
It takes no courage to be a cynic. It’s much easier to throw barbs from the sidelines than to try to execute on the field of play. Shamelessness and hypocrisy are bosom buddies and they are living rent-free in the GOP. All serious people know we can’t default on our debt, that we have to work hard to solve difficult problems, that to do so will require bridging our differences. Sadly, to be a serious person as an elected Republican in today’s environment is to be a pariah. It’s all memes, media hits, and mendacity. “”
Thank you, Lisa. I have done other reading this morning to try to absorb the subject and see it more clearly. Dan described the initial sense of it with, 'I fear that we don't have an adequate framework to make complete sense of the depravity and disingenuousness of what is taking place.'
Bully tactic 101. If you don't play the game my way, I'm going to take the ball and go home. Good God this country is being run by (no make that bamboozled) pre-adolescents.
Yes. I refer to them as prepubescent bullies. There is nothing adult like or rational about their behavior. They’re hollow human beings filled with hate and they need everyone else to hate with them.
I would add that I believe the true success of the Republican Party is that they entertain their constituents and fuel their anger using reality TV gambits. Entertainment is the power of their message. It is a cynical opiate that is killing our country and it is incredibly addictive. There should be no real surprise that the two most famous republicans in the last 100 years have been a Western myth actor in Ronald Regan and a fake businessman reality TV star. It is the people in this country that is condoning and egging on this behavior. Drug addicts do insane things and the behavior becomes predictably unstable. If the people did not do the drugs and support this type of politics it wouldn’t be happening.
I agree with you. However, maybe because I am older than you, I remember another Republican who was not so flamboyant and was more in the mold of the Republican Party pre-falling off the cliff: Eisenhower.
I'm glad you posted Rather's piece from yesterday as I thought this would be a good place for it when I read it. Keep in mind, he is normally pretty mild-mannered and in his writings he is not one to indulge in hyperbole or fear-mongering. This little essay from him is just so spot on, concise, to the point, and calls out the over-the-top hypocrisy of the current Republican party. That they can even deign to indulge in the shenanigans and posturing they're engaging in with a straight face defies reason. A hypocritical "troll farm" indeed. That they're playing "chicken" with the American economy, and by extension, the American people, is, as HCR said, "stunning". I question who would be the political winner with this "scorched earth" strategy, should it come to pass. It's a very scary gamble. In any event, Democrats need to come out swinging and call this out repeatedly for what it is. It needs to start at the top--Joe, talking to YOU!--because we've seen now just how "bi-partisan" Republicans really are: zilch. They don't give a sh!t about this country nor the American people. It's solely about power for power's sake, and everything else be damned.
I believe the winners will be all the hugely wealthy & powerful people (including corporations, because they’re people too). After all, they’ve paid enough money over the years to always come out on top.
And why do you think everything went to heck when everyone got on board with the reality of climate change, that middle & middle working classes were getting the royal screw with trickle/down economics, and with the games the banking industry played causing the real estate market crash? Once the wealthy class and corporations like Monsanto realized they were dangerously becoming public enemy number one, social media attacks started happening. They amped up the emotions about rape culture, pay disparity between men & women, culture issues between conservatives & liberals, etc. It almost completely took the focus off the wealthy and corporations. Then Trump put his hat in the ring.
Now we’re stuck in the great divide and heading towards civil war or falling into authoritarianism. Either way, the wealthy will survive and thrive.
I would not call their 'gambit' 'stunning'. A word or two means nothing against such malevolent actors. It is the actions that Biden and the Democratic Party take against the enemy, hopefully unanticipated and unbeatable.
I read that last night and was so grateful that SOMEONE is calling it flat out like it is. I never post to FB any more but was moved to post his piece.
As a former Executive Vice President of Moody’s Investors Service responsible for rating sovereign and corporate debt worldwide, I am familiar with debt defaults. In recent years there have been six Republican-initiated shutdowns from failure to approve a timely increase in the federal national debt limit. Republicans now threaten not to approve a once-routine increase in the existing debt limit.
INCREASING THE DEBT LIMIT WOULD PERMIT THE U. S. GOVERNMENT TO PAY FOR EXPENDITURES ALREADY APPROVED BY CONGRESSIONAL APPROPRIATIONS. Without such approval, the government soon would lack the funds to pay interest on its national debt. This would result in formal ‘debt default,’ which could have a profound impact on the ‘full faith and credit’ of the U. S. Government.
Then Congressman Newt Gingrich initiated this game of political chicken in the 1990s and lost. (The TV series West Wing had an episode on this chicken game.) Mitch McConnell and Donald Trump have also tried debt limit blackmail without success.
I fear that McConnell’s latest threat of debt-limit blackmail, in addition to shutting down government, could damage the long-term credit of the United States. When borrowers, domestic and foreign, are stiffed on their timely legal payments, their confidence in a debtor diminishes.
Thank you, Keith, for weighing in, given your expertise on the subject. One issue I haven't seen discussed is the threat to the position of the dollar as the global reserve currency. That position has allowed us to essentially create an economy without concern about our level of borrowing, since we are in the unique position of being able to print money to pay our own debts.
If the full faith and credit of the United States is compromised by a default, what is the chance that other countries will decide to denominate future debt in some other currency, since they can no longer trust the dollar? It's my understanding that the effect of that would be to irreversibly tie our economy to our ability to generate foreign exchange, and put us in the position of having our economic decisions made for us by the countries to whom we owe money.
Do I have that right, and should we be considering that possibility as a consequence of default? With all the Republicans' posturing over the past few years about Democratic policies turning America into Venezuela, it seems they are now in possession of both the tools and the will to make that happen.
The discussion about alternatives to the dollar as ‘the’ international currency has been going on for decades. I recall in the 1970s when Japan sought to push the Japanese yen. Within the EU there has been rumblings about the Euro and, most recently, the Chinese have pushed their own currency. Already there are efforts to use other ‘international currencies,’ though the dollar remains dominant. Moreover, countries including China and Japan hold a modest, but significant, portion of the U. S. $28 trillion national debt.
Politics as well as prudent finance mesh in any of these discussions. While Treasury notes and bonds provide a key backbone to domestic and international finance, German notes and others have a negative interest rate. This suggests that buyers consider these more stable than dollar-denominated government instruments.
Personally, I believe that the dollar will diminish somewhat as ‘the’ international currency over the coming years. While a temporary default in paying interest or returning capital on government financial interests would send analysts and opinion writers in a tizzy, a savvy investor would look to see whether this was simply an American aberration or indicative of an American intention to welsh on its debt. I would be astonished were such debt technically was in default for more than a brief time, though, when it comes to stupidity and sabotaging U. S. National interests, it would be folly to underestimate the shoot-our-country-in-the-foot Republicans.
Keith, If there is default, please elaborate on why you think it would be short term -- about how short, and why to you believe that the effects would not be very damaging? Thank you.
Fern I believe that there is a limit, even for asshole Republicans. As witnessed in our Republican government shutdowns, the negative impact on the U. S. Economy accelerated swiftly, as Gingrich, McConnell, Trump, and others witnessed. This would have even quickly impact today, since massive federal payments to corporations and virtually all levels of American society would abruptly cease. The political pressure on the Republicans to restore this flow of federal funds to ‘their people’ would become denying. Are there absolute limits to McConnell/Trump stupidity? Perhaps that is an existential question. Still, I believe that much sooner than later these pissants would be obliged to reopen the faucet of government funds.
The combination of your knowledge and 'colorful' language is beyond compare. I am relieved by your assessment. Reports, which I have read seem to emphasize the negative. Even your wisdom, however, doesn't altogether quell concern. I wonder whether it will be possible to restore the Gephardt rule if the Democrats make advances in House and Senate in the midterm elections.
Fern Beware of listening to silver-haired would-be-oracles. Warren Buffett, the highly touted Oracle of Omaha (a few years older than moi meme, has been considerably less than 100% in recent years. The Delphic oracle spoke in difficult-to-interpret cryptic sentences. Xerxes misinterpreted such a sentence and got his ass whipped by the Greeks. I tend these days to write in a Hemingway’s stream of consciousness (or unconsciousness). Be especially cautious with what I write at 4 a. M. Without a cup of coffee. By batting average on predictions is closer to a top Major League batting average than a pitcher’s record. I tend to back my guesstimates up with facts and don’t shudder if someone disagrees with me. Remember this sage quote: ECONOMIST HAVE PREDICTED 9 OF THE PAST 5 RECESSIONS.
I am reasonably confident that our economy, with Delta fits and starts, will become robust into late 2022, unless Republicans (and some Democrats) screw up physical and human infrastructure bills. I leave to you the calculation of Republican screw up probabilities.
Professor Wheelock, I read all your posts up to this time. It probably came as close as I will get to being a student of yours. It was as a classroom on the Forum today and good to be a little prepared in advance. This was a great morning under Heather's and your tutelage, an unexpected learning experience. Thank you.
I used the words 'wheel' and 'spokes' in comments several times in the past couple of days. This morning I took a longer than usual look at your last name. It tickled me to see 'wheel' and 'ock' together. In looking up your name, I found the following: 'Wheelock Name Meaning English: habitational name from a place in Cheshire named Wheelock, from the Wheelock river, which is named with a Celtic word meaning ‘winding’. That sounds inviting to me, Keith, a winding river. Swimming is one of my favorite activities.
Fern Keith in Scotland means ‘full of wind’ according to a Texaco ad in the 1940s. Wheelock, according to family legend, relates to the Wheelock gun in the 14th century. Our background was supposed to be Welsh, though it includes Huguenots who fled France. The Wheelock gun, with a revolutionary firing flint rather than a lighting taper, was banned by the Holy Roman emperor as the ‘ultimate weapon.’
From this I would conclude that I am ‘full of wind’ and use an outdated weapon, while a M-16 and .45 were more useful diplomating in the Congo.
"Do I have that right, and should we be considering that possibility as a consequence of default? With all the Republicans' posturing over the past few years about Democratic policies turning America into Venezuela, it seems they are now in possession of both the tools and the will to make that happen."
Yes, you have this right.
From the GREAT Harry Belefone:
Hey! Matilda, Matilda, Matilda, she take me money and run Venezuela.
Once again now!
Matilda, Matilda, Matilda, she take me money and run Venezuela.
Five hundred dollars, friends, I lost:
Woman even sell me cat and horse!
Heya! Matilda, she take me money and run Venezuela...
The ripples of a default by the US would be felt worldwide, as well. This would be a great way not only to wreak havoc on our own economy, but also to leave a path to greater power wide open for China. It’s stunning to me that the Republican Party would even flirt with this idea, let alone threaten it, let alone do it, but I have to admit that I’m not surprised by their recklessness. I’m left wondering if my husband and I need to cash out of the stock market. We’re too close to retirement to be able to weather another storm. Back to my keyboard, to write to my Republican senator, again.
Kathy Despite Yellin’s heart felt statements on the impacts of a debt default, were it brief and swiftly remediate, I do not believe that the long-term after affects would be serious.
I had the same thought this morning about cashing out of the stock market. I did it in 2019 when Trump was playing games with tariffs and other things and the market had wild bounces every day. I waited for it to stabilize before reinvesting.
I never cashed out. That is the stock market, ups and downs, which can be volatile at times such as these. It does tug at your heart, I admit, but dang it, we have to hang in there! If everybody pills their money out, then the market will crash.
I commend your vigilance and faith in the markets. But I think anyone who has equity ownership should have the risk tolerance (strength of stomach) to watch their portfolio drop by 40% (2000 and 2008). And they should have the risk capacity to watch that happen and not NEED to sell before the recovery - which have always happened. Oh, except for the stagflation of the 70's.
It is always about personal time frames. Looking at stock market long term gains is silly if you don't have a long time left on Earth. But if you are young and are hopeful for our world, hang in there.
Bill For predicting the stock market’s short-term gyrations I prefer to have Greek priests interpret goat entrails. For an investor, as you note, the key element is tolerance for risk. I consider the biggest danger when the market drops sharply is to sell, unless this is a stock in which you no longer have confidence in its core business.
I have no clue as to where the stock market will be in five years and which stocks will be winners. (And losers).
I adopted a buy-and-hold strategy over 60 years ago. In early 1960s I decided not to buy/holding manufacturing company stock. Pharma, insurance, several consumer stocks were my core, modest investments. I also saw no advantage in balancing my portfolio between stocks and bonds. Especially in times of high inflation, the redemption value of a bond plummets in real dollars.
One needs guts, stupidity, and luck to stand firm with my investment policy. In real dollars, between Dec. 1969 and February, 1982 basic stock indicators plunged over 50%. On October 28, 1987, in a single day the market plunged 28&. At the start of the pandemic, some stocks fell by over 50%.
My buy-and-hold-strategy, plus luck, has worked out well for me, with some very modest investments 50-60 years ago doing spectacularly. My belt-and-suspenders in recent years has been to include some stocks that pay 3-7 percent dividends. I do not like paying capital gains and have done this rarely. I don’t understand tech stocks, consider Bitcoin Bitcon, and don’t invest in oil or tobacco. I look at the daily stock market much like I glance at sports scores. Of course, being 88 next month, my long-term horizon is shorter than for my kids and grand kids, for whom I intend to provide moderately, after my wife’s and my charitable legacies. CALCULATE YOUR PERSONAL RISK QUOTIENT, DON’T PANIC WITH A SHARP MARKET DROP [since August, 1982 the Dow has gone from 762 to unimaginable heights), AND PRAY FOR LUCK TO COMPENSATE FOR YOUR STUPIDITY.
Thank you very much Keith. " ... there have been 6 Republican-initiated shutdowns ..." I am not aware of any other Country in the World that engages in this game of national, economic chicken that represents grave risks to a Country's own financial standing.
Bryan I recall back in the 1950s when the head of AT&T received about $250,000 and other CEO compensation was in a moderate range. Now Fortune 500 CEOs ‘earn’ more than 300 times what a median employee receives. Also, they get signing bonuses and departure guarantees. I recall one CEO (female) who failed and received a $40 million departure pat on the back.
There has been no clear correlation between what a CEO ‘earns’ and how a company performs. Compensation is set by the board’s compensation committee, which wouldn’t wish to be ‘mingy’ towards their CEO. As for lawyers and all those in investment banking and similar professions, I find the compensation outrageous.
Among the reasons for income inequality, I’ll focus on just two. I recall, back in my youth, when senior management often had concern for their employees. In the auto and steel industry this was ‘assisted’ by unions in the late 1930s. I have witnessed (I ran a national management consulting company for nearly a decade) that there has been a sharp increase in companies being managed for EPS (quarterly earnings per share) and that employees are treated as widgets to be treated with no respect when possible. I believe that it is essential that there be a significant increase in unionization, especially in the service and technical industry.
Another major reason for this income inequality is that about 70% of our economy is in services. The pay has been low in retail, restaurants, and, especially in child care. This has been somewhat modified in post-pandemic hiring shortages, but the gap between those who seldom suffered pay loss during the pandemic [those able to work remotely] and those who were furloughed or fired is still massive.
Accumulated wealth, whether earned or inherited, is also a major issue in income and, especially, asset inequality. I know the argument why capital gains should be treated at a significantly lower tax level than earned income and I firmly disagree. Also, our tax code provides outrageous advantages to higher income individuals who have lobbyists assist them in working the Congressional system. Will any of this change? Not if McConnell and a number of Republican senators can prevent change.
Keith: that was a superior post and you covered a lot of territory. Thank you in particular for the analysis of the Pandemic Factors. Looking for a detailed economic/ human impact study of Meat Packing Plants in the Midwest 2020-2021 or similar data.
Daniel There are more schemers now and a volatile Internet, but today’s schlemiels might look with envy at the Piggly Wiggly short squeeze in the 1920s.
You would think that Covid eating up their constituents would bring pause but alas, no. Fascism is all about the white man’s power in America. Control over women, over money, and over the basic air we breathe. We cannot let this happen here. We can’t! Daughter of Holocaust victims…
Thank you, Keith, for giving a well-informed analysis of this pending crisis. Our greatest fear should be the possibility that China, which is embroiled in its own economic troubles, would stop buying U.S. debt, or worse, start selling. It would be a fast track to the worst Depression the world has ever known.
Randy I recall this argument regarding Japan [I was the first person to publicly rate the credit of Japan—rating process 1974-1975) in the 1980s-early 1990s, when Japan was the largest foreign holder of our government debt. I won’t stop to check current figures, but I recall that China is the largest holder of our government debt and has reduced this somewhat over the past few years. An abrupt Chinese selling of the U. S. Government debt would be a two-edged sword, since short term the process would be costly to China. Strategically, China would like to become a financial alternative to the American dollar. This in part would be difficult as long as China seeks to manipulate its currency.The great majority of this government debt is. Held domestically.
China currently accepts US debt. That is the result of the huge trade imbalance between our countries.
Once China builds its domestic citizenry as a viable market, it will no longer accept this situation. China will thrive at US expense. We created this.
I am not a deep thinker, particularly about economics, but have been wondering/fearing what would happen if we undermine our own currency since it is a cornerstone of the global economy. I don't really want to find out.
"That Republicans are willing to risk yet another step that will make America look like a failed state is stunning.
But even if that’s not their ultimate goal, posturing and negotiations over finances are running out the congressional clock while the Democrats’ very popular signature issues—infrastructure and voting rights—languish."
That any US Congressional leader, much less an entire party, would play Russian Roulette with its citizens during a pandemic goes beyond cruel and unusual punishment. In lieu of plenitude, the eradication of childhood poverty, support for the middle and lower classes, hope to counter the grief, an increase in the happiness factor, and joy in abundance, the GOP and its immoral, decaying and depraved leadership want to hold our nation hostage and reinforce the power and wealth of the 1%? They have risen to a level beyond unethical and indecent -- they have arrived at the heights of utter nefariousness and obscenity.
Actually you could say that it seems with each passing day, the Republicans sink to new depths of pure evil, cruelty and a lack of compassion for the suffering of Americans due to the pandemic and the pre-existing socioeconomic issues in our country.
Hurtling towards that dystopian future full speed ahead. Despicable and self-serving, they’ll position themselves as American heroes, with red capes and shiny shields and their followers will eat it all up in the name of self-sufficiency, personal responsibility and individual liberty. Anything to keep “the socialists” from providing for the good health and robust future of the middle, impoverished, I’ll or otherwise challenged masses.
What a fake fight with astounding consequences, outrageous, on the race of it, irresponsible and without rationale, the idjts cabal threatens. Truly out of the realm of imagination, mcturtle undermines the financial health of the country. How, one wonders, does he and his consort, Elaine Chao, benefit?
Massive infusions of dollars to the military industrial complex, while a relative pittance, over ten years, is allocated to the needs of the American people.
What's really funny (in the sense of "insane") is that the new Trumpist Republican "talking point" (which is to say, lie) is that Mitch has gone rogue and is "practically a Liberal."
You made me laugh so hard . Mcturtle . I went “ that’s it ,that’s who he looks like ! And She is not bad looking. So yeah I wonder about that ? She has American Nationality.I know she stepped down from whatever position she had. Wonder who she’s working for now ? Mcturtle…..so Dang Funny !🐢😂
In a 2020 criminal investigation into Elaine Chao’s use of her Sec of Transportation staff and office, the inspector general found that Elaine used her staff and office for personal tasks and to promote the Foremost Group, her father’s company.
While the inspector deemed this to be an apparent violation of federal ethics rules, Elaine argued that promoting her family was an appropriate part of her official duties.
So much corruption and Ppl in ‘acting ‘ positions I couldn’t remember.Thank you. And there is Ppl spending years, some up to 35-40 years over selling Pot.
While I do not claim to know as much about Economics as Janet Yellin, I do have at least a moderate academic background in the subject thanks to an education that included studies in Economics and Finance. This does, however, leave me with the view that my knowledge in Economics and Finance far surpasses that of every Congressional Republican who collectively appears to know zip all. Here are a few points that even a relative economic dunce like me gets.
1. A raise in the debt ceiling is to cover spending already approved by Congress in the form of past budgets and already Congressional mandated spending. In fact, it is silly that we even have to go through the charade of approving a raise in the debt ceiling since objections to the spending should be over once budget bills are approved by Congress and the spending is then Congressionally mandated. Refusing to raise the debt ceiling is like denying responsibility for your credit card bill when received after already having incurred charges on the card. The real answer to this is that we should stop taking sham votes on raising the debt ceiling and just suspend it. The time to object to spending is before you actually make it, not when the bill comes due.
2. Let's briefly discuss the idea that spending $3.5 trillion on human infrastructure and social spending is "too much." So let's start with the fact that yes, $3.5 trillion is a lot of money. But ... compared to what? Compared to the $8 trillion added to the federal debt during the Tя☭mp administration? Hmmm, less than half of that and that was added in only 4 years, not over the 10 year spending period proposed in the Biden/Democratic proposal. In fact, retrospectively we now understand the Tя☭mp / Republican tax cut will wind up costing the U.S. $10 trillion (in lost revenue) over a similar 10 year period. About three times the amount proposed now by Democrats over 10 years.
OK, let's put politics aside for a moment and stick to economics. The annual size of the U.S. economy at present is approximately $23 trillion. Over the coming 10 years, the total size of the U.S. economy (remember to account for anticipated growth, just based on trend lines now) is estimated at a total of $300 trillion. This means a 10 year spend of $3.5 trillion is just a little over 1% of the total anticipated size of the U.S. economy. Are we as a country willing to spend an additional 1% of our economy over the coming 10 years on improving conditions for working families, dealing with climate change perils, improving healthcare, and all the other components of the Democratic proposal?
Now let us also remember this is not only spending. The bill also raises revenues by an estimated $2.9 trillion. So the net additional spend is really only about $600 billion. This is even a much smaller proportion of our overall economy.
Now if we account for the fact that investments are expected to generate actual returns and apply the multiplier effect of social spending (by the way, social spending has a higher multiplier effect than any other government spending, unlike tax cuts which actually have a negative multiplier effect), it is possible we may actually see the investments generate more returns than their costs.
By any measure, as a country, we can certainly afford the $3.5 trillion over a 10 year period.
So, when you hear others say $3.5 trillion is too much or try to justify not raising the debt ceiling because we "have to live within our means," now you will know just how ignorant they are on economics, finance, and government spending. Remember that when you decide who to vote for in 2022 and 2024.
Of course, perhaps my characterization of their being just stupid neglects to also recognize their thirst for power and evil intent. I revise my assessment to their being ignorant, stupid, evil, and power hungry.
The only adjective that actually applies to Republicans is "committed". From top to bottom, they see themselves as soldiers in a great civil war. The adjective "stupid" applies far more to Democrats who do not recognize what they are dealing with.
Thank you, Bruce. It puzzles me that the phrase '$3.5 trillion over 10 years' isn't ALWAYS used when discussing the budget. I don't much follow right wing news outlets but I'm sure that phrase is rarely, if ever, uttered.
As today’s letter points out, “Creating debt to cut taxes on corporations and the wealthiest Americans fits their [Republicans’] belief that the economy and society are most efficient when successful men are able to run them as they see fit.” The term “belief” is well chosen because there is no evidence supporting the Republican view and substantial evidence against it. They believe it because it suits their stingy and mean outlook.
I so appreciate your analogy to credit cards. That is the clearest explanation ever. Buying things on your credit card then refusing to pay when it is due makes great sense to me about this dangerous situation.
I struggle to find insight into the mentality of modern Republicans. I get that they want power. I get that they don’t want to pay taxes. I get that they want the wealthy to freeload off the real workers. I get that they’re racist, bigoted and misogynistic and therefore are compelled to resist equality and fair play.
What I dont get, is why their goal seems to be the top dogs of a failed state. What is in it for them to be the overseers of a nation they have brought to ruin? Because they will if they’re not stopped. Their whole and sole purpose is to destroy, to disrupt, to endanger, to threaten, to promote hate. In the end, they will destroy the things every individual depends on for success. Trust. Mutualism. Friendship. Cooperation. They are sowing the seeds of their own destruction, and the destruction of the American experiment.
Greed, abusiveness, selfishness, & power hunger has no political affiliation. That is one of the biggest problems with our government and our representatives in government. The wealthy essentially control both sides because they pay for the candidates to get media attention, make disparaging ads against competition, fund Lobbyists well enough to make deals with politicians, etc, but it seems most of the wealthy prefer Republican legislation because it better allows them to get away with rotten things and their money insulates them from the consequences.
We have Justice Anthony Kennedy's vote on Citizens United, and his "what's the worst that could happen?" logic, to thank for the primacy of money in our current political system.
I agree. Listened to NPR this morning about members of Congress (both sides) buying and trading stocks because of private information they receive. They have 45 days to report the transactions. Most do not report within that time frame. It was a little unclear but basically if caught they are fined a mere $200.00. I assumed the fine was for reporting it late. So they can make money off insider trading as long as they report it? Crazy this is even possible, but any one know more about this? It is telling how some many members of Congress' net worth increase dramatically by being in "service" and it certainly isn't just the pay check.
Garbage like this is why we can’t fix anything. The wealthy & upwardly mobile, unethical profiteers own our government. If they keep pushing and too many people suffer for too long, they will end up facing the guillotine. I don’t want this ugliness to happen.
Yes, but when the goal is simply to show their knuckledragger base they can “own the libs”, it begins to make perfect sense; in a checkers game sorta way
When a bully breaks your kid's toy, what's in it for them? They can't play with it; it's broken. But neither can your kid. That makes the bully feel good, and that's the point.
Republicans are much easier to understand from the perspective of a first grader.
"What is in it for them to be the overseers of a nation they have brought to ruin?"
It's a way for them to purge the nation of the poor, sick and uneducated. Those who cannot survive without a safety net simply will cease to be. There will be the remaining worker class and the ruling class. It's the stuff dystopian fiction is made of but it's close to becoming a reality.
Trickle-down economics has pushed a good portion of the Working Class into needing the safety net. If they don’t want poor people, they need to force all employers to pay very well. If not, then they also need to legalize suicide, assisted suicide, and abortion in every State (along with making pregnancy tests free and making sex ed mandatory in every school).
If they don’t “give”, they WILL face the guillotine. They can only rely on weapons of mass destruction keeping them safe only for so long.
They are trapped in their own narrative. They know it’s all a lie, but, face ridicule, death threats and expulsion if they tell the truth. Easier to go along with their tribe.
Understand your point Daniel, but, Trump is not a typical liar, he’s psychopath and megalomaniac. Con men are fortunately outliers. As a lifelong observer of human behavior, I still think most liars are self deluded.
1) They believe they will be safe. Either they think they can do it themselves (enough $, friends, blackmail, etc.) or someone will protect them (e.g. pardon, lackey, etc.).
2) The compromat on them is enough that they will be ruined (temporarily or not).
For any of the above, they likely know it's a gamble, but what's the alternative? If the Republicans win, then *they* have a chance to be "on top". Otherwise, they're doomed like the rest of us.
(And, of course, several of them are mentally unstable).
Sorry, I don't have any references, certainly not current. - Was one of the things I learned about in college (way back when).
Basically, anyone/everyone is susceptible, so not really a personality aspect (though some are more influenced), especially if you know their vulnerabilities (thanks a lot, FB).
A lot is basic psychology, really. (e.g. the say it 3x stuff that advertisers first started exploiting). So I'd search with psych as one of the keywords.
And for the resistant, I mean, Limbaugh, Fox News, et al, have been going at it for 50+ years.. Same thing, over and over.
Wow! It turns out that it is an entire field of study, well researched and documented:
These variables include (a) generalized ego-weakness and emotional vulnerability, (b) propensities toward dissociative states, (c) tenuous, deteriorated, or nonexistent family relations and support systems, (d) inadequate means of dealing with exigencies of survival, (e) history of severe child abuse or neglect, (f) exposure to idiosyncratic or eccentric family patterns, (g) proclivities toward or abuse of controlled substances, (h) unmanageable and debilitating situational stress and crises, and (i) intolerable socioeconomic conditions.
Also presented are methods utilized by cults, e.g., intimidation, coercion, and indoctrination.
While some people are more vulnerable, none of us are immune to being duped. Even a close friendship with the wrong person can be our undoing. We are pack animals by nature, despite our lone individualist mythology, and easily influenced by the alfas in our pack. People like Trump have made a livelihood exploiting this tendency.
What really makes this a battle over the ridiculous is the beginning of the modern debt limit vote was a "gimme" by Woodrow Wilson to get the isolationists to vote in favor of going to war in 1917 - they could vote to limit military spending (which of course didn't happen) and get to go home and tell their isolationist voters they had "voted against all this." Then FDR gave the first modern debt limit bill as another gimme in the lead-up to World War II, again to let the Republican isolationists go home and tell the dummies they'd voted against the war. Everybody knew it was just a "gimme" and a fake. Until one of the 5 worst politicians in American history managed to convince his party to make him their leader - Newton Leroy Gingrich, proof you can take the boy out of the trailer park he was raised in, but you can't take the trailer park out of the boy.
Further proof Truman was right back in 1948 with his definition of a "good Republican" - one that is "pushing up daisies."
Nice reminder, TC, that Republicans never change, except for the worse. But hey, one of my dearest friends retired to a charming trailer park on the Oregon coast. As long as there are no tsunamis, she's in heaven.
I would include Newt among creatures such as cockroaches. You can stomp all you want, but there are always more of them. The GOP is seeing quite a proliferation these days.
I take it you're talking about the Pacific Homes Beach Club in Newport. Not quite a "trailer park." The (not so) mobile homes are sitting on land the homeowner owns.
I'm sure there are a lot of them on the Oregon coast. I know that one in Newport because SWMBO's sister and brother-in-law moved there and keep saying we should.
As a counter to your point about growing up in a trailer park being a bad influence, my US Representative Angie Craig, grew up in a trailer park in Arkansas. Her mom was a single parent and Craig sings her praises easily and often. Craig is also a lesbian, and married with four children; all boys.
Craig is a moderate Democrat and is already working on her reelection since her 2020 race was the 5th closest in the country. Her issues are small business support, agriculture, education and protecting the environment. She is well liked by most- except the Trump repubs of course. As to growing up in a trailer park? She talks about how much she learned watching her mom work several jobs, struggle through raising children on her own without any help from her ex husband and how watching her mom earn a college degree was a huge influence on Craig’s ambitions. Having been a single parent myself, I’m in awe every time I hear Craig talk about the way she grew up.
Lots of people grow up in trailer parks. Gingrich epitomized the phrase, “trailer trash.” Craig represents the other 99%.
Oops, should have used present tense. The rat is still alive. So much for my wishful thinking about Gingrich being gone. And you are so right about him. He earned the silver spoon and never learned that tarnish is unattractive on certain silver objects.🤩
If you assume the GOP would return the favor after the midterms, then you assume there is a future for the GOP. I think history is linear and that what goes around may or may not come around. It seems to me that we are in the midst of a slow, deliberate coup d'etat that has been happening in fits and starts ever since LBJ crushed Barry Goldwater and is now on the verge of success. This would be the end of our democracy and likely lead to bloody violence in the USA and elsewhere. The South will not rise again and Mother Nature will have the last word.
If they win (marginally) in 2022, they will eliminate it themselves. There should be NO doubt about that.
I'm so tired of people making this argument. It's so obvious (and old). There is nothing preventing them from doing it. They have shown they will do anything. etc. etc. etc.
Good morning all. "That Republicans are willing to risk yet another step that will make America look like a failed state is stunning. " I'm not stunned. Are you? Why does anyone persist in thinking that anyone with an R in brackets next to his or her name is an honest broker or concerned about anyone other than him-/herself?
That sentence was the standout to me, too, Linda. And it is unfortunate that we have “leaders” who would rather sacrifice the electorate than protect them and our nation. Equally as compelling? Voters are willing to vote against their own best interests, again and again, to prevent “others” from gaining access to the very supports they themselves desperately need to save their own families.
Do we come to the intimate haves VS. have nots showdown? A bloody revolution with a “side” that doesn’t even know what it is fighting for? A side that if it got what it wants would tank the nation and create more chaos, death, destruction?
Could we not all agree on wanting a safe, stable, nurturing environment for our children?
Because so many white supremacists have not experienced this they don’t care if others have it and are willing to destroy the country to make sure people of all races are included in receiving benefit of our opportunities.
I don’t know where it all ends. I am just grateful for these fellow truth tellers along the way and will, ‘til my dying breath, ask for all to prevent abuse and insanity in young lives. We’re here now because of the collective trauma of generations upon generations. Were Christians to truly read the teachings of Christ and not the evangelical spoutings of folks looking to foment rage and bilk then of their earnings, life might be a lot better. Just sayin.’
I’m waiting for neuroscientists to prove there’s something in their brains - amygdalas or loose change - or even toxoplasmosis that makes these folks do what they do.
It is as if we/I are/am living in two separate worlds. The game of "gotcha" being played by Republicans clearly labels them as the enemy. Country be damned is their motto. McConnell is one of the most evil persons (is he really human?) ever to sit in a seat of power. Any one person who proudly defines themself as "The Grim Reaper" should not be in our Congress. He should be in an institution under 24/7 watch. McConnell and his cabal of America-haters (yes!) are set upon destroying the Republic. We are becoming a failed state,
What he did with the 2 SCOTUS nominations alone should qualify him to be in that institution, handcuffed to his bed and forced to watch MSNBC for days on end.
Or their strict adherence in "protecting the Constitution" when in fact the Constitution is the framework for the creation of a more perfect government.
When will Americans finally understand that today's Republicans are no damn good? They are dedicated to the proposition that government of the people, by the people and for the people is some sort of socialist plot. Those in Congress and in State houses have been bought by their wealthy donors and only survive because of the votes of the ignorant and gullible. It's that simple.
“ That Republicans are willing to risk yet another step that will make America look like a failed state is stunning.”
A fair number of Republicans were well educated and successful in their careers before being elected and sent to Washington. The notable exceptions <cough>MTG<cough> really do seem eager to plunge into the abyss. The perplexing question is how far the presumably rational Rs will have to go to satisfy the baying mobs who elected them. It’s a PR battle that is not going well for Democrats or for America. Between Bannon style appeals to desperate people’s worst instincts and the vast pool of dark money to disseminate such misinformation, Democratic messaging isn’t reaching red state voters.
Her ad clearly demonstrates she has no clue how to fire that rifle and she’s promoting violence by blowing up a representation of Democrats or democracy. She should be removed from Congress for the multitude of abhorrent things she has done. She;s mentally ill.
What a relief to learn one of my ancestors, Hayes, did something right. Ever since one of my cousins did a family search in order to join the DAR and found out she was descended from Billy The Kid, I've hesitated to snoop around in the skeleton closet.
Couldn't share this one fast enough. It's equivalent to the "Panama Papers" in scope and size. If anything can lead to tanking Trump and the hate-wing of his party, this is surely it.
When I debated users from the neo-Nazi site Daily Stormer, it became clearer that many opposed abortion because after impregnating their sister (niece, underage neighbor, et al) they did not want to be exposed for their deed.
You are far tougher than I am. I have no doubts that some have no limits. Those are the ones the Republicans are hoping will do their hands on dirty work for them.
The average American has no clue how dangerous McConnell and his army of anarchists have become. They think a government shutdown means a few lazy bureaucrats will become unemployed and their days won't change much. Just more "breaking news".
Until they look at their retirement accounts. The sick irony of all this is that being poor, the pain is quite normal. But for the affluent who have enjoyed the recent stock bubble, it will hurt - a lot. But who will they blame? Will they examine the facts and realize that the GOP is a group of vindictive power lusting bigots? Or will they blame the Democrats who are actually attempting financial responsibility? The Democrats who would actually like to pay for the cost of the bills they have introduced.
McConnell has declared legislative civil war. As with most wars, the innocent are collateral damage - all in the name of "owning the libs". This is no longer a two party nation. There is only one legitimate political party. The Democrats.
Republicans are now engaged in the destruction of our democracy on multiple levels - to include suppressing the right to vote, encouraging deaths due to a pandemic, an attempted violent overthrow of the government and now....an obvious ploy to destroy the financial integrity of the US. Because all they want is power - not the welfare of Americans, not democracy, just raw power.
When one repeats the same behavior over and over again and expect a different result, there is name for that. Attempts at bi-partisanship with Republicans is now officially insane.
A Turkish Proverb:
The Forest was SHRINKING BUT THE TREES KEPT VOTING FOR THE AXE, FOR THE AXE WAS CLEVER AND CONVINCED THE TREES THAT BECAUSE HIS HANDLE WAS MADE OF WOOD, HE WAS ONE OF THEM.
97 percent of our debt occurred pre Biden.
Yep! But who are the lying snarky bullying fear mongering republicans going to blame?
Any Democrat will do, but Biden is the big target.
The GOP is just another political party in Pelosi's way.
Biden hasn't been in office very long. 3.5 T will become 5 T soon. Don't worry. He'll catch up.
Unfortunately the Republicans are great at messaging, blaming everything bad that happens on the Democrats. I’ll spare you the details, but one of the letters to the editor in today’s Tampa Bay Times had a litany of all the things that he blames on Biden: the “disastrous “ Afghanistan withdrawal, the spike in COVID, crisis at the border, inflation including increased gas prices, yada yada yada. No mention of ANYTHING that the Republicans or Tramp have done as a contributing factor. Now they will blame Dems for the debt situation. It’s lying and hypocritical through and through. (Meanwhile, the paper has yet to publish any of my letters) 😡
You can't reason with unreasonable people. I have absolutely no use for any of them.
So agree, Ally!!
What does a person have to do to be unreasonable? What use did you have in mind?
The Tampa Bay Times is desperately trying to hold onto readership by giving equal time to Republican lies.
Diane, it’s not just “equal time”, it’s more like 80-20%. Have you noticed the political cartoons? They seem to love Lisa Benson. Just awful.
Nearly every news outfit supports the Dems in everything they do. How much brown nosing do you need?
😡😡😡
"When one repeats the same behavior over and over again and expect a different result, there is name for that."
Is it named CFD?
(Creeping Fascism denial)
Are you unhappy because people did not want Americans and people who helped Americans to be left as hostages for the Taliban?
Dale, I'll ask you to please provide some context to your question, as it seems off-topic.
I did attempt to figure it out, going so far as to read your Profile on Facebook Dale Ilene Berman(Cougar) and your Newsletter ["Sign up now so you don’t miss the first issue. In the meantime, tell your friends!"].
Bottom line: "Because all they want is power - not the welfare of Americans, not democracy, just raw power."
Perfectly stated. The GOP is only about ceizing power at all costs. They don't care about the voter only in how they can manipulate them to gain their much wanted oligarchy autocracy. Voters ,taxpayers be damned.
That is interesting. I think the Dems are about seizing power at all costs, taxpayers be damned. Would you like to be a ranch owner near the Texas/Mexican border? Perhaps you enjoy paying more for gas because the Green New Deal doesn't work in the real world. Are you interested in getting Americans out of Afghanistan?
Do you represent Plano, Texas in your views?
Well they do want the taxpayers' money.
So there's that.
I was about to write my own comment, but you've said I wanted to say and you've said it much better! I have to keep reminding myself that McConnell is the Minority leader. But if your only goal is obstructing the will of the majority, you can prevail. Until now, I haven't been this worried about our future and the future of democracy in our country!
Sad but true. Thanks for the clear example of what Anti-American looks like!
Picture yourself looking at your bills that are due in days, but paying top dollar for a diamond pet collar anyway.
Would you mind if I copy and paste part of your reply and post it to my FB friends?
Feel free.
Your comment not your reply.
Understood
Albert Einstein would certainly agree, Bill.
Bill. I would call this treason, not anarchy. If McConnell was an agent for Putin he could not be more strategically in place and ready to bring USA crashing down. Bannon is a yelping chihuahua compared to McConnell in terms of the damage he is in position to inflict
You are absolutely right about McConnell. If the right victors are around to write history, McConnell will be seen as the worst, most damaging Senate leader our country has ever seen.
Wow! Raw power! And I thought the Democrats were lusting after Raw Power!
Of course, every politician wants power. The question for every day is what will that power be wielded for?
Well, most Republican financial supporters can afford the loss of household wealth. The Republican voters who can’t will likely react the same way they’ve been to all the sickness and death they’ve been generating in their own communities and homes. They’ll scream not to give in despite what good sense dictates just to ‘Own the Libs’. Then when they lose the food on their tables, their jobs, and medical benefits, and then their cars and homes, they’ll make up outlandish excuses and blame the Democrats. They’ll ignore that their own Party, the Do Nothing Republican Trolls, caused it.
Dan Rather is very upset. Here is his latest post, called Hypocrisy. I urge you to subscribe to his Substack as well.
“” I've been covering politics since the time of Cicero (well maybe not exactly), and let's put it this way - if you could make hay out of hypocrisy, I've seen enough to feed all the herds of American livestock. But what is happening now in our nation's capital, and radiating throughout the country, is enough to put even the most cynical of politicians of past eras to shame.
I fear that we don't have an adequate framework to make complete sense of the depravity and disingenuousness of what is taking place. Basically, we have one political party at the national level, the Republicans, who have long since ceded any pretense of actually doing the work of government, namely making policies to solve problems. Instead, it is raw power for power's sake, and that has turned Congress into what is in essence largely a troll farm on their side of the aisle. You stand out by “owning the libs” on Fox News (or an even more troll-inducing platform). You don’t stand out, or maybe better put you stand out in the wrong way, if you actually try to work on the major issues of the day. It’s all Dr. Seuss and not nearly enough supporting the doctors fighting the pandemic.
To say this brings me no pleasure. Our government was designed for passionate debates over principles (or at least prerogatives) that then were meant to resolve, whenever possible, in compromise. We don’t need one-party rule. We need a marketplace of ideas. But the only marketplace open for business right now in Washington is WITHIN the Democratic Party. What we should have is the will of the majority, with significant concessions for the minority. Now, with the abuse of the filibuster, the denial of basic democratic norms, and the utter bad faith of both the leaders and the followers in the Republican caucus, we have a spectacle of the absurd that is downright dangerous.
Of course none of this is new, but what set me off this evening is following the descent towards a shutdown of the government and the chilling possibility of a default on the nation’s debt. For many in the Beltway “In Crowd,” this is being covered as sport, a fight on the line of scrimmage between opposing political forces. But this is not a game. This is not a case of winners and losers, but a situation where the entire nation is in danger of losing. This isn’t a showdown. This isn’t a question of tactics. It’s extortion. After running up debt with tax cuts and pandemic spending, the Republicans now see the opportunity to stick it to the Democrats. Now, politics is a tough business, it can be bare knuckles. But this is again not a fight over anything other than holding our government and economy hostage.
To write all of this is not to give Democrats a free pass. Their proposals must be analyzed and questioned. Their internal debates deserve to be covered. As the governing party, they need to be scrutinized. But in doing so, we can’t lose sight of the larger context. Republicans only worry about the debt when they are out of power. They see nothing wrong with pouring trillions of dollars into mismanaged foreign wars, but heaven forbid we spend a fraction of that trying to protect our planet against climate change.
It takes no courage to be a cynic. It’s much easier to throw barbs from the sidelines than to try to execute on the field of play. Shamelessness and hypocrisy are bosom buddies and they are living rent-free in the GOP. All serious people know we can’t default on our debt, that we have to work hard to solve difficult problems, that to do so will require bridging our differences. Sadly, to be a serious person as an elected Republican in today’s environment is to be a pariah. It’s all memes, media hits, and mendacity. “”
Here’s the link. You can subscribe from it too.
https://steady.substack.com/p/hypocrisy?r=73vlo&utm_campaign=post&utm_medium=web&utm_source=copy
Thank you, Lisa. I have done other reading this morning to try to absorb the subject and see it more clearly. Dan described the initial sense of it with, 'I fear that we don't have an adequate framework to make complete sense of the depravity and disingenuousness of what is taking place.'
Bully tactic 101. If you don't play the game my way, I'm going to take the ball and go home. Good God this country is being run by (no make that bamboozled) pre-adolescents.
Yes. I refer to them as prepubescent bullies. There is nothing adult like or rational about their behavior. They’re hollow human beings filled with hate and they need everyone else to hate with them.
They call it "Playing Politics"
But they're playing with our future.
they punch us in the face, take our milk money, and then take their ball and go home.
Hi Charlie! I think you are being generous to the devils and too unkind to pre-adolescents. Could Cruz or McDonnell been even worse at that age?
As people age, they either become better...
...or, if they don't become better, they get worse.
I suspect their evilness was evident quite early.
As I've said at least several times before in these comments, Lincoln should have let the South go.
'I fear that we don't have an adequate framework to make complete sense of the depravity and disingenuousness of what is taking place.'
Has the world never witness the growth of fascism before?
Just asking.
I don't believe anyone expected "fascism" to take birth in the USA.
Ahem. Sinclair Lewis: “When Fascism comes to America, it will be wrapped in the flag and carrying a cross.”
Makes me shiver knowing Sinclair Lewis said that many many years ago!
Charlie, may I share your quote of Sinclair Lewis?
Absolutely. I just Googled it.
Then they haven’t been paying attention.
I would add that I believe the true success of the Republican Party is that they entertain their constituents and fuel their anger using reality TV gambits. Entertainment is the power of their message. It is a cynical opiate that is killing our country and it is incredibly addictive. There should be no real surprise that the two most famous republicans in the last 100 years have been a Western myth actor in Ronald Regan and a fake businessman reality TV star. It is the people in this country that is condoning and egging on this behavior. Drug addicts do insane things and the behavior becomes predictably unstable. If the people did not do the drugs and support this type of politics it wouldn’t be happening.
I agree with you. However, maybe because I am older than you, I remember another Republican who was not so flamboyant and was more in the mold of the Republican Party pre-falling off the cliff: Eisenhower.
I'm glad you posted Rather's piece from yesterday as I thought this would be a good place for it when I read it. Keep in mind, he is normally pretty mild-mannered and in his writings he is not one to indulge in hyperbole or fear-mongering. This little essay from him is just so spot on, concise, to the point, and calls out the over-the-top hypocrisy of the current Republican party. That they can even deign to indulge in the shenanigans and posturing they're engaging in with a straight face defies reason. A hypocritical "troll farm" indeed. That they're playing "chicken" with the American economy, and by extension, the American people, is, as HCR said, "stunning". I question who would be the political winner with this "scorched earth" strategy, should it come to pass. It's a very scary gamble. In any event, Democrats need to come out swinging and call this out repeatedly for what it is. It needs to start at the top--Joe, talking to YOU!--because we've seen now just how "bi-partisan" Republicans really are: zilch. They don't give a sh!t about this country nor the American people. It's solely about power for power's sake, and everything else be damned.
I believe the winners will be all the hugely wealthy & powerful people (including corporations, because they’re people too). After all, they’ve paid enough money over the years to always come out on top.
And why do you think everything went to heck when everyone got on board with the reality of climate change, that middle & middle working classes were getting the royal screw with trickle/down economics, and with the games the banking industry played causing the real estate market crash? Once the wealthy class and corporations like Monsanto realized they were dangerously becoming public enemy number one, social media attacks started happening. They amped up the emotions about rape culture, pay disparity between men & women, culture issues between conservatives & liberals, etc. It almost completely took the focus off the wealthy and corporations. Then Trump put his hat in the ring.
Now we’re stuck in the great divide and heading towards civil war or falling into authoritarianism. Either way, the wealthy will survive and thrive.
I would not call their 'gambit' 'stunning'. A word or two means nothing against such malevolent actors. It is the actions that Biden and the Democratic Party take against the enemy, hopefully unanticipated and unbeatable.
I read that last night and was so grateful that SOMEONE is calling it flat out like it is. I never post to FB any more but was moved to post his piece.
Thank you
Thanks
As a former Executive Vice President of Moody’s Investors Service responsible for rating sovereign and corporate debt worldwide, I am familiar with debt defaults. In recent years there have been six Republican-initiated shutdowns from failure to approve a timely increase in the federal national debt limit. Republicans now threaten not to approve a once-routine increase in the existing debt limit.
INCREASING THE DEBT LIMIT WOULD PERMIT THE U. S. GOVERNMENT TO PAY FOR EXPENDITURES ALREADY APPROVED BY CONGRESSIONAL APPROPRIATIONS. Without such approval, the government soon would lack the funds to pay interest on its national debt. This would result in formal ‘debt default,’ which could have a profound impact on the ‘full faith and credit’ of the U. S. Government.
Then Congressman Newt Gingrich initiated this game of political chicken in the 1990s and lost. (The TV series West Wing had an episode on this chicken game.) Mitch McConnell and Donald Trump have also tried debt limit blackmail without success.
I fear that McConnell’s latest threat of debt-limit blackmail, in addition to shutting down government, could damage the long-term credit of the United States. When borrowers, domestic and foreign, are stiffed on their timely legal payments, their confidence in a debtor diminishes.
Thank you, Keith, for weighing in, given your expertise on the subject. One issue I haven't seen discussed is the threat to the position of the dollar as the global reserve currency. That position has allowed us to essentially create an economy without concern about our level of borrowing, since we are in the unique position of being able to print money to pay our own debts.
If the full faith and credit of the United States is compromised by a default, what is the chance that other countries will decide to denominate future debt in some other currency, since they can no longer trust the dollar? It's my understanding that the effect of that would be to irreversibly tie our economy to our ability to generate foreign exchange, and put us in the position of having our economic decisions made for us by the countries to whom we owe money.
Do I have that right, and should we be considering that possibility as a consequence of default? With all the Republicans' posturing over the past few years about Democratic policies turning America into Venezuela, it seems they are now in possession of both the tools and the will to make that happen.
The discussion about alternatives to the dollar as ‘the’ international currency has been going on for decades. I recall in the 1970s when Japan sought to push the Japanese yen. Within the EU there has been rumblings about the Euro and, most recently, the Chinese have pushed their own currency. Already there are efforts to use other ‘international currencies,’ though the dollar remains dominant. Moreover, countries including China and Japan hold a modest, but significant, portion of the U. S. $28 trillion national debt.
Politics as well as prudent finance mesh in any of these discussions. While Treasury notes and bonds provide a key backbone to domestic and international finance, German notes and others have a negative interest rate. This suggests that buyers consider these more stable than dollar-denominated government instruments.
Personally, I believe that the dollar will diminish somewhat as ‘the’ international currency over the coming years. While a temporary default in paying interest or returning capital on government financial interests would send analysts and opinion writers in a tizzy, a savvy investor would look to see whether this was simply an American aberration or indicative of an American intention to welsh on its debt. I would be astonished were such debt technically was in default for more than a brief time, though, when it comes to stupidity and sabotaging U. S. National interests, it would be folly to underestimate the shoot-our-country-in-the-foot Republicans.
That last sentence. Folly, indeed, because they have absolutely no plan to govern, only to control.
And cause pain for a lot of people who 'don't look like me'.
Keith, If there is default, please elaborate on why you think it would be short term -- about how short, and why to you believe that the effects would not be very damaging? Thank you.
Fern I believe that there is a limit, even for asshole Republicans. As witnessed in our Republican government shutdowns, the negative impact on the U. S. Economy accelerated swiftly, as Gingrich, McConnell, Trump, and others witnessed. This would have even quickly impact today, since massive federal payments to corporations and virtually all levels of American society would abruptly cease. The political pressure on the Republicans to restore this flow of federal funds to ‘their people’ would become denying. Are there absolute limits to McConnell/Trump stupidity? Perhaps that is an existential question. Still, I believe that much sooner than later these pissants would be obliged to reopen the faucet of government funds.
The combination of your knowledge and 'colorful' language is beyond compare. I am relieved by your assessment. Reports, which I have read seem to emphasize the negative. Even your wisdom, however, doesn't altogether quell concern. I wonder whether it will be possible to restore the Gephardt rule if the Democrats make advances in House and Senate in the midterm elections.
Fern Beware of listening to silver-haired would-be-oracles. Warren Buffett, the highly touted Oracle of Omaha (a few years older than moi meme, has been considerably less than 100% in recent years. The Delphic oracle spoke in difficult-to-interpret cryptic sentences. Xerxes misinterpreted such a sentence and got his ass whipped by the Greeks. I tend these days to write in a Hemingway’s stream of consciousness (or unconsciousness). Be especially cautious with what I write at 4 a. M. Without a cup of coffee. By batting average on predictions is closer to a top Major League batting average than a pitcher’s record. I tend to back my guesstimates up with facts and don’t shudder if someone disagrees with me. Remember this sage quote: ECONOMIST HAVE PREDICTED 9 OF THE PAST 5 RECESSIONS.
I am reasonably confident that our economy, with Delta fits and starts, will become robust into late 2022, unless Republicans (and some Democrats) screw up physical and human infrastructure bills. I leave to you the calculation of Republican screw up probabilities.
Professor Wheelock, I read all your posts up to this time. It probably came as close as I will get to being a student of yours. It was as a classroom on the Forum today and good to be a little prepared in advance. This was a great morning under Heather's and your tutelage, an unexpected learning experience. Thank you.
I used the words 'wheel' and 'spokes' in comments several times in the past couple of days. This morning I took a longer than usual look at your last name. It tickled me to see 'wheel' and 'ock' together. In looking up your name, I found the following: 'Wheelock Name Meaning English: habitational name from a place in Cheshire named Wheelock, from the Wheelock river, which is named with a Celtic word meaning ‘winding’. That sounds inviting to me, Keith, a winding river. Swimming is one of my favorite activities.
Fern Keith in Scotland means ‘full of wind’ according to a Texaco ad in the 1940s. Wheelock, according to family legend, relates to the Wheelock gun in the 14th century. Our background was supposed to be Welsh, though it includes Huguenots who fled France. The Wheelock gun, with a revolutionary firing flint rather than a lighting taper, was banned by the Holy Roman emperor as the ‘ultimate weapon.’
From this I would conclude that I am ‘full of wind’ and use an outdated weapon, while a M-16 and .45 were more useful diplomating in the Congo.
"since massive federal payments to corporations and virtually all levels of American society would abruptly cease."
and how large is this, as a percentage of GDP, now?
Federal payments represent approximately 30% of GDP.
"Do I have that right, and should we be considering that possibility as a consequence of default? With all the Republicans' posturing over the past few years about Democratic policies turning America into Venezuela, it seems they are now in possession of both the tools and the will to make that happen."
Yes, you have this right.
From the GREAT Harry Belefone:
Hey! Matilda, Matilda, Matilda, she take me money and run Venezuela.
Once again now!
Matilda, Matilda, Matilda, she take me money and run Venezuela.
Five hundred dollars, friends, I lost:
Woman even sell me cat and horse!
Heya! Matilda, she take me money and run Venezuela...
Matilda, she take me money and run Venezuela.
Well, the money was to buy me house an' lan'
Then she got a serious plan,
A-hey, ah!
Matilda, she take me money and run Venezuela.
hear more here: https://www.azlyrics.com/lyrics/harrybelafonte/matilda.html
The ripples of a default by the US would be felt worldwide, as well. This would be a great way not only to wreak havoc on our own economy, but also to leave a path to greater power wide open for China. It’s stunning to me that the Republican Party would even flirt with this idea, let alone threaten it, let alone do it, but I have to admit that I’m not surprised by their recklessness. I’m left wondering if my husband and I need to cash out of the stock market. We’re too close to retirement to be able to weather another storm. Back to my keyboard, to write to my Republican senator, again.
Kathy Despite Yellin’s heart felt statements on the impacts of a debt default, were it brief and swiftly remediate, I do not believe that the long-term after affects would be serious.
Default would provide the greatest opportunity for extraction. Guess who the extraction is from?
Reduce risk and volatile stocks.
Yes Daniel, there are winners in a debacle like this, and guess who it is , the billionaires!!!
There are a WIDE ASSORTMENT OF TYPES who benefit from EACH of these debacles.
Different people coalesce to control each. They try to maintain their army, but even that army morphs with each debacle.
I sincerely hope you’re right! I read her remarks with dread.
I had the same thought this morning about cashing out of the stock market. I did it in 2019 when Trump was playing games with tariffs and other things and the market had wild bounces every day. I waited for it to stabilize before reinvesting.
We did too, and are just dipping our toes in now.
I never cashed out. That is the stock market, ups and downs, which can be volatile at times such as these. It does tug at your heart, I admit, but dang it, we have to hang in there! If everybody pills their money out, then the market will crash.
I commend your vigilance and faith in the markets. But I think anyone who has equity ownership should have the risk tolerance (strength of stomach) to watch their portfolio drop by 40% (2000 and 2008). And they should have the risk capacity to watch that happen and not NEED to sell before the recovery - which have always happened. Oh, except for the stagflation of the 70's.
It is always about personal time frames. Looking at stock market long term gains is silly if you don't have a long time left on Earth. But if you are young and are hopeful for our world, hang in there.
Bill For predicting the stock market’s short-term gyrations I prefer to have Greek priests interpret goat entrails. For an investor, as you note, the key element is tolerance for risk. I consider the biggest danger when the market drops sharply is to sell, unless this is a stock in which you no longer have confidence in its core business.
I have no clue as to where the stock market will be in five years and which stocks will be winners. (And losers).
I adopted a buy-and-hold strategy over 60 years ago. In early 1960s I decided not to buy/holding manufacturing company stock. Pharma, insurance, several consumer stocks were my core, modest investments. I also saw no advantage in balancing my portfolio between stocks and bonds. Especially in times of high inflation, the redemption value of a bond plummets in real dollars.
One needs guts, stupidity, and luck to stand firm with my investment policy. In real dollars, between Dec. 1969 and February, 1982 basic stock indicators plunged over 50%. On October 28, 1987, in a single day the market plunged 28&. At the start of the pandemic, some stocks fell by over 50%.
My buy-and-hold-strategy, plus luck, has worked out well for me, with some very modest investments 50-60 years ago doing spectacularly. My belt-and-suspenders in recent years has been to include some stocks that pay 3-7 percent dividends. I do not like paying capital gains and have done this rarely. I don’t understand tech stocks, consider Bitcoin Bitcon, and don’t invest in oil or tobacco. I look at the daily stock market much like I glance at sports scores. Of course, being 88 next month, my long-term horizon is shorter than for my kids and grand kids, for whom I intend to provide moderately, after my wife’s and my charitable legacies. CALCULATE YOUR PERSONAL RISK QUOTIENT, DON’T PANIC WITH A SHARP MARKET DROP [since August, 1982 the Dow has gone from 762 to unimaginable heights), AND PRAY FOR LUCK TO COMPENSATE FOR YOUR STUPIDITY.
Thank you very much Keith. " ... there have been 6 Republican-initiated shutdowns ..." I am not aware of any other Country in the World that engages in this game of national, economic chicken that represents grave risks to a Country's own financial standing.
Bryan And that doesn’t include Reagan’s debt hissy fit in the 1980s.
Keith, Off-Topic, but, If you wish to post, the Community may be interested in any insight on pay/income inequality.
Bryan I recall back in the 1950s when the head of AT&T received about $250,000 and other CEO compensation was in a moderate range. Now Fortune 500 CEOs ‘earn’ more than 300 times what a median employee receives. Also, they get signing bonuses and departure guarantees. I recall one CEO (female) who failed and received a $40 million departure pat on the back.
There has been no clear correlation between what a CEO ‘earns’ and how a company performs. Compensation is set by the board’s compensation committee, which wouldn’t wish to be ‘mingy’ towards their CEO. As for lawyers and all those in investment banking and similar professions, I find the compensation outrageous.
Among the reasons for income inequality, I’ll focus on just two. I recall, back in my youth, when senior management often had concern for their employees. In the auto and steel industry this was ‘assisted’ by unions in the late 1930s. I have witnessed (I ran a national management consulting company for nearly a decade) that there has been a sharp increase in companies being managed for EPS (quarterly earnings per share) and that employees are treated as widgets to be treated with no respect when possible. I believe that it is essential that there be a significant increase in unionization, especially in the service and technical industry.
Another major reason for this income inequality is that about 70% of our economy is in services. The pay has been low in retail, restaurants, and, especially in child care. This has been somewhat modified in post-pandemic hiring shortages, but the gap between those who seldom suffered pay loss during the pandemic [those able to work remotely] and those who were furloughed or fired is still massive.
Accumulated wealth, whether earned or inherited, is also a major issue in income and, especially, asset inequality. I know the argument why capital gains should be treated at a significantly lower tax level than earned income and I firmly disagree. Also, our tax code provides outrageous advantages to higher income individuals who have lobbyists assist them in working the Congressional system. Will any of this change? Not if McConnell and a number of Republican senators can prevent change.
Keith: that was a superior post and you covered a lot of territory. Thank you in particular for the analysis of the Pandemic Factors. Looking for a detailed economic/ human impact study of Meat Packing Plants in the Midwest 2020-2021 or similar data.
Short answer is that there are more schemers now.
Extraction Schemes proliferate.
Daniel There are more schemers now and a volatile Internet, but today’s schlemiels might look with envy at the Piggly Wiggly short squeeze in the 1920s.
When Republicans do this how many voters will they lose? Will bailouts to farmers who are their biggest voters stop? How will it affect rural America?
You would think that Covid eating up their constituents would bring pause but alas, no. Fascism is all about the white man’s power in America. Control over women, over money, and over the basic air we breathe. We cannot let this happen here. We can’t! Daughter of Holocaust victims…
Thank you, Keith, for giving a well-informed analysis of this pending crisis. Our greatest fear should be the possibility that China, which is embroiled in its own economic troubles, would stop buying U.S. debt, or worse, start selling. It would be a fast track to the worst Depression the world has ever known.
Randy I recall this argument regarding Japan [I was the first person to publicly rate the credit of Japan—rating process 1974-1975) in the 1980s-early 1990s, when Japan was the largest foreign holder of our government debt. I won’t stop to check current figures, but I recall that China is the largest holder of our government debt and has reduced this somewhat over the past few years. An abrupt Chinese selling of the U. S. Government debt would be a two-edged sword, since short term the process would be costly to China. Strategically, China would like to become a financial alternative to the American dollar. This in part would be difficult as long as China seeks to manipulate its currency.The great majority of this government debt is. Held domestically.
China currently accepts US debt. That is the result of the huge trade imbalance between our countries.
Once China builds its domestic citizenry as a viable market, it will no longer accept this situation. China will thrive at US expense. We created this.
I am not a deep thinker, particularly about economics, but have been wondering/fearing what would happen if we undermine our own currency since it is a cornerstone of the global economy. I don't really want to find out.
I attended a meeting with Pete Peterson years ago where he laid this all out.
Both sad and ominous
"That Republicans are willing to risk yet another step that will make America look like a failed state is stunning.
But even if that’s not their ultimate goal, posturing and negotiations over finances are running out the congressional clock while the Democrats’ very popular signature issues—infrastructure and voting rights—languish."
That any US Congressional leader, much less an entire party, would play Russian Roulette with its citizens during a pandemic goes beyond cruel and unusual punishment. In lieu of plenitude, the eradication of childhood poverty, support for the middle and lower classes, hope to counter the grief, an increase in the happiness factor, and joy in abundance, the GOP and its immoral, decaying and depraved leadership want to hold our nation hostage and reinforce the power and wealth of the 1%? They have risen to a level beyond unethical and indecent -- they have arrived at the heights of utter nefariousness and obscenity.
Actually you could say that it seems with each passing day, the Republicans sink to new depths of pure evil, cruelty and a lack of compassion for the suffering of Americans due to the pandemic and the pre-existing socioeconomic issues in our country.
Hurtling towards that dystopian future full speed ahead. Despicable and self-serving, they’ll position themselves as American heroes, with red capes and shiny shields and their followers will eat it all up in the name of self-sufficiency, personal responsibility and individual liberty. Anything to keep “the socialists” from providing for the good health and robust future of the middle, impoverished, I’ll or otherwise challenged masses.
Mussolini and his thugs did this before them.
Later, the Italian people hung him upside down as a warning to those who'd attempt this.
I’ve been urging toward that type of action against dangerous Republicans/Financial backers/thuggish supporters
before we get stuck again with such a “leader”.
Have to wonder if there is a possibility that I'll be alive when the Tribalism ends. If it ever ends...
I will only end when our "Tribe" asserts itself.
What a fake fight with astounding consequences, outrageous, on the race of it, irresponsible and without rationale, the idjts cabal threatens. Truly out of the realm of imagination, mcturtle undermines the financial health of the country. How, one wonders, does he and his consort, Elaine Chao, benefit?
Massive infusions of dollars to the military industrial complex, while a relative pittance, over ten years, is allocated to the needs of the American people.
There is deep injustice here.
What's really funny (in the sense of "insane") is that the new Trumpist Republican "talking point" (which is to say, lie) is that Mitch has gone rogue and is "practically a Liberal."
You made me laugh so hard . Mcturtle . I went “ that’s it ,that’s who he looks like ! And She is not bad looking. So yeah I wonder about that ? She has American Nationality.I know she stepped down from whatever position she had. Wonder who she’s working for now ? Mcturtle…..so Dang Funny !🐢😂
In a 2020 criminal investigation into Elaine Chao’s use of her Sec of Transportation staff and office, the inspector general found that Elaine used her staff and office for personal tasks and to promote the Foremost Group, her father’s company.
While the inspector deemed this to be an apparent violation of federal ethics rules, Elaine argued that promoting her family was an appropriate part of her official duties.
done
before
our
very
eyes
And said out loud.
So much corruption and Ppl in ‘acting ‘ positions I couldn’t remember.Thank you. And there is Ppl spending years, some up to 35-40 years over selling Pot.
No shame, no consequences. After all why should the rich pay their own expenses when they can get working Americans to pay for them?
She doesn't have to work, her dad's quite well off.
THAT'S an understatement.
Nor does her husband
Long as I’m paying his salary & benefits he damn sure does!
Remedial Economics 101 for Republicans
While I do not claim to know as much about Economics as Janet Yellin, I do have at least a moderate academic background in the subject thanks to an education that included studies in Economics and Finance. This does, however, leave me with the view that my knowledge in Economics and Finance far surpasses that of every Congressional Republican who collectively appears to know zip all. Here are a few points that even a relative economic dunce like me gets.
1. A raise in the debt ceiling is to cover spending already approved by Congress in the form of past budgets and already Congressional mandated spending. In fact, it is silly that we even have to go through the charade of approving a raise in the debt ceiling since objections to the spending should be over once budget bills are approved by Congress and the spending is then Congressionally mandated. Refusing to raise the debt ceiling is like denying responsibility for your credit card bill when received after already having incurred charges on the card. The real answer to this is that we should stop taking sham votes on raising the debt ceiling and just suspend it. The time to object to spending is before you actually make it, not when the bill comes due.
2. Let's briefly discuss the idea that spending $3.5 trillion on human infrastructure and social spending is "too much." So let's start with the fact that yes, $3.5 trillion is a lot of money. But ... compared to what? Compared to the $8 trillion added to the federal debt during the Tя☭mp administration? Hmmm, less than half of that and that was added in only 4 years, not over the 10 year spending period proposed in the Biden/Democratic proposal. In fact, retrospectively we now understand the Tя☭mp / Republican tax cut will wind up costing the U.S. $10 trillion (in lost revenue) over a similar 10 year period. About three times the amount proposed now by Democrats over 10 years.
OK, let's put politics aside for a moment and stick to economics. The annual size of the U.S. economy at present is approximately $23 trillion. Over the coming 10 years, the total size of the U.S. economy (remember to account for anticipated growth, just based on trend lines now) is estimated at a total of $300 trillion. This means a 10 year spend of $3.5 trillion is just a little over 1% of the total anticipated size of the U.S. economy. Are we as a country willing to spend an additional 1% of our economy over the coming 10 years on improving conditions for working families, dealing with climate change perils, improving healthcare, and all the other components of the Democratic proposal?
Now let us also remember this is not only spending. The bill also raises revenues by an estimated $2.9 trillion. So the net additional spend is really only about $600 billion. This is even a much smaller proportion of our overall economy.
Now if we account for the fact that investments are expected to generate actual returns and apply the multiplier effect of social spending (by the way, social spending has a higher multiplier effect than any other government spending, unlike tax cuts which actually have a negative multiplier effect), it is possible we may actually see the investments generate more returns than their costs.
By any measure, as a country, we can certainly afford the $3.5 trillion over a 10 year period.
So, when you hear others say $3.5 trillion is too much or try to justify not raising the debt ceiling because we "have to live within our means," now you will know just how ignorant they are on economics, finance, and government spending. Remember that when you decide who to vote for in 2022 and 2024.
It is naive to attribute Republican behavior to "ignorance". Even if every Republican congressman had a PhD in economics, the vote would be the same.
Of course, perhaps my characterization of their being just stupid neglects to also recognize their thirst for power and evil intent. I revise my assessment to their being ignorant, stupid, evil, and power hungry.
I had hoped to provide a perspective to many to allow them to better defend what Democrats are trying to accomplish.
I believe you have succeeded!
The only adjective that actually applies to Republicans is "committed". From top to bottom, they see themselves as soldiers in a great civil war. The adjective "stupid" applies far more to Democrats who do not recognize what they are dealing with.
It is a shame they decided to play the part of the Confederacy in that civil war.
Thank you, Bruce. It puzzles me that the phrase '$3.5 trillion over 10 years' isn't ALWAYS used when discussing the budget. I don't much follow right wing news outlets but I'm sure that phrase is rarely, if ever, uttered.
And never as a proportion of the economy.
Thank you for the ‘money’ lesson!
Can’t understand why dems don’t talk about the per year expense rather than the gross #!
Bottom line, first set of lies from right wing talking buffoons sticks in the minds of the cult members !
As today’s letter points out, “Creating debt to cut taxes on corporations and the wealthiest Americans fits their [Republicans’] belief that the economy and society are most efficient when successful men are able to run them as they see fit.” The term “belief” is well chosen because there is no evidence supporting the Republican view and substantial evidence against it. They believe it because it suits their stingy and mean outlook.
STINGY AND MEAN INDEED!!!
BruceC thank you for this excellent primer for financial illiterates like me. You put the puzzle pieces together.
I so appreciate your analogy to credit cards. That is the clearest explanation ever. Buying things on your credit card then refusing to pay when it is due makes great sense to me about this dangerous situation.
Well said. I am a big fan of facts and perspective. Thanks for providing both!
Thank you for explaining this perspective so clearly!
May we copy this explanation and post it to Facebook?
Absolutely, no issues with that.
This is a great explanation. Thanks for being concise and to the point and covering the bases. Deeply grateful.
I struggle to find insight into the mentality of modern Republicans. I get that they want power. I get that they don’t want to pay taxes. I get that they want the wealthy to freeload off the real workers. I get that they’re racist, bigoted and misogynistic and therefore are compelled to resist equality and fair play.
What I dont get, is why their goal seems to be the top dogs of a failed state. What is in it for them to be the overseers of a nation they have brought to ruin? Because they will if they’re not stopped. Their whole and sole purpose is to destroy, to disrupt, to endanger, to threaten, to promote hate. In the end, they will destroy the things every individual depends on for success. Trust. Mutualism. Friendship. Cooperation. They are sowing the seeds of their own destruction, and the destruction of the American experiment.
Greed, abusiveness, selfishness, & power hunger has no political affiliation. That is one of the biggest problems with our government and our representatives in government. The wealthy essentially control both sides because they pay for the candidates to get media attention, make disparaging ads against competition, fund Lobbyists well enough to make deals with politicians, etc, but it seems most of the wealthy prefer Republican legislation because it better allows them to get away with rotten things and their money insulates them from the consequences.
We have Justice Anthony Kennedy's vote on Citizens United, and his "what's the worst that could happen?" logic, to thank for the primacy of money in our current political system.
I agree. Listened to NPR this morning about members of Congress (both sides) buying and trading stocks because of private information they receive. They have 45 days to report the transactions. Most do not report within that time frame. It was a little unclear but basically if caught they are fined a mere $200.00. I assumed the fine was for reporting it late. So they can make money off insider trading as long as they report it? Crazy this is even possible, but any one know more about this? It is telling how some many members of Congress' net worth increase dramatically by being in "service" and it certainly isn't just the pay check.
Garbage like this is why we can’t fix anything. The wealthy & upwardly mobile, unethical profiteers own our government. If they keep pushing and too many people suffer for too long, they will end up facing the guillotine. I don’t want this ugliness to happen.
Yes, but when the goal is simply to show their knuckledragger base they can “own the libs”, it begins to make perfect sense; in a checkers game sorta way
Terrifying
"What I dont get, is why their goal seems to be the top dogs of a failed state."
Because more money can be stolen if the state fails.
Yep-just as Putin and his oligarch friends, like Deripaska, have done.
Your comments are so far out that they must be coming from Plano, Texas.
And real cheap labor.
Yes. This anti-immigration propaganda is simultaneous with enabling cheap immigrant labor.
Funny that.
When a bully breaks your kid's toy, what's in it for them? They can't play with it; it's broken. But neither can your kid. That makes the bully feel good, and that's the point.
Republicans are much easier to understand from the perspective of a first grader.
Time to break out the hickory switch. Publicly.
"What is in it for them to be the overseers of a nation they have brought to ruin?"
It's a way for them to purge the nation of the poor, sick and uneducated. Those who cannot survive without a safety net simply will cease to be. There will be the remaining worker class and the ruling class. It's the stuff dystopian fiction is made of but it's close to becoming a reality.
Trickle-down economics has pushed a good portion of the Working Class into needing the safety net. If they don’t want poor people, they need to force all employers to pay very well. If not, then they also need to legalize suicide, assisted suicide, and abortion in every State (along with making pregnancy tests free and making sex ed mandatory in every school).
If they don’t “give”, they WILL face the guillotine. They can only rely on weapons of mass destruction keeping them safe only for so long.
They are trapped in their own narrative. They know it’s all a lie, but, face ridicule, death threats and expulsion if they tell the truth. Easier to go along with their tribe.
It is almost impossible to get yourself out of a lie that you have told yourself...that you don't believe.
In my experience, liars are most successful when they believe their own lies. With enough motivation, fooling oneself is not difficult.
Disagree.
As an example, I offer that Trump himself has boasted about his Huge lies being his most effective.
Understand your point Daniel, but, Trump is not a typical liar, he’s psychopath and megalomaniac. Con men are fortunately outliers. As a lifelong observer of human behavior, I still think most liars are self deluded.
Yes they do delude themselves, BUT THEY KNOW THEY ARE LYING.
That is why they can't stop.
1) They believe they will be safe. Either they think they can do it themselves (enough $, friends, blackmail, etc.) or someone will protect them (e.g. pardon, lackey, etc.).
2) The compromat on them is enough that they will be ruined (temporarily or not).
For any of the above, they likely know it's a gamble, but what's the alternative? If the Republicans win, then *they* have a chance to be "on top". Otherwise, they're doomed like the rest of us.
(And, of course, several of them are mentally unstable).
As for the people, they've just been brainwashed.
Can someone help me to understand more about the personality of the person susceptible to brainwashing?
If not, I can research on my own, but would appreciate some literature to get me up to speed quickly.
My preference would be for current researchers, to ensure relevance to today's circumstances.
Sorry, I don't have any references, certainly not current. - Was one of the things I learned about in college (way back when).
Basically, anyone/everyone is susceptible, so not really a personality aspect (though some are more influenced), especially if you know their vulnerabilities (thanks a lot, FB).
A lot is basic psychology, really. (e.g. the say it 3x stuff that advertisers first started exploiting). So I'd search with psych as one of the keywords.
And for the resistant, I mean, Limbaugh, Fox News, et al, have been going at it for 50+ years.. Same thing, over and over.
Wow! It turns out that it is an entire field of study, well researched and documented:
These variables include (a) generalized ego-weakness and emotional vulnerability, (b) propensities toward dissociative states, (c) tenuous, deteriorated, or nonexistent family relations and support systems, (d) inadequate means of dealing with exigencies of survival, (e) history of severe child abuse or neglect, (f) exposure to idiosyncratic or eccentric family patterns, (g) proclivities toward or abuse of controlled substances, (h) unmanageable and debilitating situational stress and crises, and (i) intolerable socioeconomic conditions.
Also presented are methods utilized by cults, e.g., intimidation, coercion, and indoctrination.
Scary stuff. I'll take it up in the morning.
Couldn't help myself. Google Scholar is my friend, so researching "Indoctrination" provides better results.
Been reading Hoffer's classic "The True Believer" and found this nugget:
^The hatred of a true believer is actually a disguised self-loathing^
Yep.
I see that the non-current research/findings is still quite relevant. Good to know and glad to hear it.
While some people are more vulnerable, none of us are immune to being duped. Even a close friendship with the wrong person can be our undoing. We are pack animals by nature, despite our lone individualist mythology, and easily influenced by the alfas in our pack. People like Trump have made a livelihood exploiting this tendency.
Worst thing is that they use all these findings to tune their propaganda. Classic case of taking the good and using it for evil.
What really makes this a battle over the ridiculous is the beginning of the modern debt limit vote was a "gimme" by Woodrow Wilson to get the isolationists to vote in favor of going to war in 1917 - they could vote to limit military spending (which of course didn't happen) and get to go home and tell their isolationist voters they had "voted against all this." Then FDR gave the first modern debt limit bill as another gimme in the lead-up to World War II, again to let the Republican isolationists go home and tell the dummies they'd voted against the war. Everybody knew it was just a "gimme" and a fake. Until one of the 5 worst politicians in American history managed to convince his party to make him their leader - Newton Leroy Gingrich, proof you can take the boy out of the trailer park he was raised in, but you can't take the trailer park out of the boy.
Further proof Truman was right back in 1948 with his definition of a "good Republican" - one that is "pushing up daisies."
Nice reminder, TC, that Republicans never change, except for the worse. But hey, one of my dearest friends retired to a charming trailer park on the Oregon coast. As long as there are no tsunamis, she's in heaven.
I would include Newt among creatures such as cockroaches. You can stomp all you want, but there are always more of them. The GOP is seeing quite a proliferation these days.
I take it you're talking about the Pacific Homes Beach Club in Newport. Not quite a "trailer park." The (not so) mobile homes are sitting on land the homeowner owns.
Good guess, TC, but the trailer park I have in mind is in Waldport.
I'm sure there are a lot of them on the Oregon coast. I know that one in Newport because SWMBO's sister and brother-in-law moved there and keep saying we should.
Y'know, Californication and all that.
Beware temptation...
As a counter to your point about growing up in a trailer park being a bad influence, my US Representative Angie Craig, grew up in a trailer park in Arkansas. Her mom was a single parent and Craig sings her praises easily and often. Craig is also a lesbian, and married with four children; all boys.
Craig is a moderate Democrat and is already working on her reelection since her 2020 race was the 5th closest in the country. Her issues are small business support, agriculture, education and protecting the environment. She is well liked by most- except the Trump repubs of course. As to growing up in a trailer park? She talks about how much she learned watching her mom work several jobs, struggle through raising children on her own without any help from her ex husband and how watching her mom earn a college degree was a huge influence on Craig’s ambitions. Having been a single parent myself, I’m in awe every time I hear Craig talk about the way she grew up.
Lots of people grow up in trailer parks. Gingrich epitomized the phrase, “trailer trash.” Craig represents the other 99%.
That's what I meant, about Gingrich. Obviously, lots of good people have lived in trailer parks. But he is "trailer trash."
Gingrich could have been born with a silver spoon in his mouth and he would be the same nefarious person he is today.
Oops, should have used present tense. The rat is still alive. So much for my wishful thinking about Gingrich being gone. And you are so right about him. He earned the silver spoon and never learned that tarnish is unattractive on certain silver objects.🤩
Probably worse for the "better" education.
Wondering who the other four are. The choices seem limitless.
Trump leads my list!
Reagan made Trump possible.
Trump, followed (in no particular order) by Reagan, Jackson, Wilson, Buchanan.
The answer is to eliminate the filibuster and ram it down the GOP's collective throat.
David Do you really mean ‘throat?’
Well, I could imagine a few other places to jam it I suppose.
BINGO!
😂
Excellent beginning.
That only works if you have 50 Dem senators. Which we don't.
And in 2022 they will ram it down yours. The old what goes around, comes around. Get it?
If you assume the GOP would return the favor after the midterms, then you assume there is a future for the GOP. I think history is linear and that what goes around may or may not come around. It seems to me that we are in the midst of a slow, deliberate coup d'etat that has been happening in fits and starts ever since LBJ crushed Barry Goldwater and is now on the verge of success. This would be the end of our democracy and likely lead to bloody violence in the USA and elsewhere. The South will not rise again and Mother Nature will have the last word.
"The South will not rise again and Mother Nature will have the last word."
Don't rely on Mother Nature.
She created us to handle this.
Mother Nature made our lives possible. She can also make them impossible if we continue on this trajectory.
Daniel, I'm not a believer, so I do not presume to know what -- if anything -- we were "created" for.
Then think of it this way:
Mother Nature is not going to intervene on our behalf.
That is up to us.
If they win (marginally) in 2022, they will eliminate it themselves. There should be NO doubt about that.
I'm so tired of people making this argument. It's so obvious (and old). There is nothing preventing them from doing it. They have shown they will do anything. etc. etc. etc.
Good morning all. "That Republicans are willing to risk yet another step that will make America look like a failed state is stunning. " I'm not stunned. Are you? Why does anyone persist in thinking that anyone with an R in brackets next to his or her name is an honest broker or concerned about anyone other than him-/herself?
That sentence was the standout to me, too, Linda. And it is unfortunate that we have “leaders” who would rather sacrifice the electorate than protect them and our nation. Equally as compelling? Voters are willing to vote against their own best interests, again and again, to prevent “others” from gaining access to the very supports they themselves desperately need to save their own families.
Do we come to the intimate haves VS. have nots showdown? A bloody revolution with a “side” that doesn’t even know what it is fighting for? A side that if it got what it wants would tank the nation and create more chaos, death, destruction?
Could we not all agree on wanting a safe, stable, nurturing environment for our children?
Because so many white supremacists have not experienced this they don’t care if others have it and are willing to destroy the country to make sure people of all races are included in receiving benefit of our opportunities.
I don’t know where it all ends. I am just grateful for these fellow truth tellers along the way and will, ‘til my dying breath, ask for all to prevent abuse and insanity in young lives. We’re here now because of the collective trauma of generations upon generations. Were Christians to truly read the teachings of Christ and not the evangelical spoutings of folks looking to foment rage and bilk then of their earnings, life might be a lot better. Just sayin.’
True that!
except this: "Do we come to the intimate[sp] haves VS. have nots showdown?"
This is not a battle between "haves" and "have nots".
As an anecdote, I offer the fact that I can sit on my deck at the beach and see the flags of my neighbor, each in support of Trump Causes.
My neighbor is extravagantly wealthy.
I’m waiting for neuroscientists to prove there’s something in their brains - amygdalas or loose change - or even toxoplasmosis that makes these folks do what they do.
Neuroscientists have demonstrated that it is black holes in their brain that makes these folks do what they do.
Research continues to establish further proof.
It is as if we/I are/am living in two separate worlds. The game of "gotcha" being played by Republicans clearly labels them as the enemy. Country be damned is their motto. McConnell is one of the most evil persons (is he really human?) ever to sit in a seat of power. Any one person who proudly defines themself as "The Grim Reaper" should not be in our Congress. He should be in an institution under 24/7 watch. McConnell and his cabal of America-haters (yes!) are set upon destroying the Republic. We are becoming a failed state,
What he did with the 2 SCOTUS nominations alone should qualify him to be in that institution, handcuffed to his bed and forced to watch MSNBC for days on end.
I’d like to see him in stocks, right in Lafayette Square. With buckets of tomatoes and cabbages ready to toss. But I was born in the wrong century.
Mmmm, kinky -
Let's be sure Br'er McConnell doesn't enjoy being handcuffed to the bed, first.
https://www.dailykos.com/stories/2008/7/2/545589/-
McConnell's three daughters are all estranged from him. That's the kind of person he is.
Rapidly becoming a failed state. Taking pride in being the party of government that advocates obstruction of government is absurd on its face.
Or their strict adherence in "protecting the Constitution" when in fact the Constitution is the framework for the creation of a more perfect government.
Thanks, Doc. My heart breaks at the loss our world continues to endure due to constant republican obstinacy, hypocrisy, and ignorance.
When will Americans finally understand that today's Republicans are no damn good? They are dedicated to the proposition that government of the people, by the people and for the people is some sort of socialist plot. Those in Congress and in State houses have been bought by their wealthy donors and only survive because of the votes of the ignorant and gullible. It's that simple.
“ That Republicans are willing to risk yet another step that will make America look like a failed state is stunning.”
A fair number of Republicans were well educated and successful in their careers before being elected and sent to Washington. The notable exceptions <cough>MTG<cough> really do seem eager to plunge into the abyss. The perplexing question is how far the presumably rational Rs will have to go to satisfy the baying mobs who elected them. It’s a PR battle that is not going well for Democrats or for America. Between Bannon style appeals to desperate people’s worst instincts and the vast pool of dark money to disseminate such misinformation, Democratic messaging isn’t reaching red state voters.
Have you seen Marjorie Three Names new ad? She is giving away high-powered rifles!
Her ad clearly demonstrates she has no clue how to fire that rifle and she’s promoting violence by blowing up a representation of Democrats or democracy. She should be removed from Congress for the multitude of abhorrent things she has done. She;s mentally ill.
Agree!
“Billy Bob, come on down!!!”
Jesus.
What a relief to learn one of my ancestors, Hayes, did something right. Ever since one of my cousins did a family search in order to join the DAR and found out she was descended from Billy The Kid, I've hesitated to snoop around in the skeleton closet.
Huge hack reveals embarrassing details of who’s behind Proud Boys and other far-right websites
Researchers say it will allow them to gain important new insights into how extremists operate online
https://wapo.st/39q2WQP
What a great source for the Feds. Thanks for this article.
Couldn't share this one fast enough. It's equivalent to the "Panama Papers" in scope and size. If anything can lead to tanking Trump and the hate-wing of his party, this is surely it.
I followed the goings on on several sites.
The neo-Nazi site Daily Stormer had some sick shite.
More about Robert Monster
https://en.m.wikipedia.org/wiki/Rob_Monster
I love Merida.
I do too.🌷
Mr. Monster, Epik's founder.
Don't you figure that someone who would create such a hateful site would be named "Monster"?
When I debated users from the neo-Nazi site Daily Stormer, it became clearer that many opposed abortion because after impregnating their sister (niece, underage neighbor, et al) they did not want to be exposed for their deed.
I can't even wrap my head around that.
I had my own reasons to participate in these forums. I would immediately identify myself as a Jew. And then watch the reaction.
Then I'd push them further to see how deep their hatred goes.
Then I'd push them even further to see the limits to their actions.
I found that some have no limits.
You are far tougher than I am. I have no doubts that some have no limits. Those are the ones the Republicans are hoping will do their hands on dirty work for them.