They do not see what lies ahead, when Sun has faded and Moon is dead. Gollum.
Some Questions: Did Americans really believe that this day would never come? Do you still actually believe that a gallon of gas costs you what it says at the pump? How long did you think this could last? Osama's dead? Is that gonna help you get a job?
The One Party State: The Democrats, led (if it be leadership to surrender) by President Obama, caved in to Republican extortion without struggle or shame. The same Republican tactics will let them dismantle our social safety nets while Obama explains how it fits his plans. It probably does.
Another View: Is it extortion if the 'victim' wanted the same thing? What if he has been Wall Street's tool all along and “never intended to fight for jobs or justice?” “It is absolutely false that [Obama] did not want these brutal budget cuts and was simply forced -- either by his own strategic "blunders" or the "weakness" of his office -- into accepting them. The evidence is overwhelming that Obama has long wanted exactly what he got: these severe domestic budget cuts and even ones well beyond these, including Social Security and Medicare, which he is likely to get with the Super-Committee created by this bill.” See also: Matt Taibbi who notes “They're doing it because they do not represent any actual voters.”
This Just In: Bankers have no shame!
Perspective: With the consumer far in debt and over 12 million without jobs, cutting government spending – especially on things like unemployment insurance and aid to the poor and elderly – does not seem the best way to boost consumption, the bedrock of the US economy. “From the perspective of a rational person, we shouldn’t even be talking about spending cuts at all now” is true, but the rational are no longer to be found in Washington.
Score Card: Winners: Extortion as a political tool, bondholders, Congress which gained a stranglehold over the executive bank), millionaires. Losers: Everybody else.
Hot Time/Old Town: TEPCO admits that radiation at the Fukushima reactors is higher today than at any previous time. Radiation has been measured at an all-time high – which is the highest their devices are able to record. The actual radiation levels could be much higher.
Metastasizing: While protesting against the government's fiscal austerity policies in Spain, the Indignants sent missionaries across Europe, enlisting support. Now protesters from several EU cities are following the Spanish example and joining them in a march on Brussels, to spread their message of people before banks.
Should Elizabeth Warren Run for President? While it would be fun to scare Obama, there is no point in sacrificing a perfectly fine human being to American electoral politics just to demonstrate that there is no left left.
We Have A Winner: The Brevity Award goes to Robert Kuttner for “The Goons of August.”
Wayback Machine: It was massive debt-financed stimulus that pulled the US out of the Great Depression. It was called World War II. The government borrowed immense amounts of money – mostly by having the Fed buy government bonds - and built factories and infrastructure and after the war turned the war industries into consumer industries and gave birth to a growing economy with full employment. I can't understand how cutting government spending is going to do the trick this time.
Short, Unsweet: In Britain, about a year ahead of the US in the austerity stakes, the manufacturing sector continues to fall. It is now down 12.5 points in six months, at a 50.6 reading, suggesting stagnation at best. Nice to know what we've got to look forward to.
Asked. And answered:How can American democracy work if ruthlessness and not voter support becomes the key to power? The question is moot – democracy in America sold out to the highest bidder years ago.
Ransom 101: This was not a victory for the people. The people need jobs, real wages and economic growth. These spending cuts will deliver none of these. Ask for Proof of Life before you pay the ransom. Disaster was not avoided, it was made inevitable.