Tag Archives: New York Times

Corporate Profits Have Risen Almost 20 Times Faster Than Workers’ Incomes Since 2008

The Left Wing Media has talked about this ad infinitum, yet no one in mainstream media has spread this information.

Think Progress

Corporate profits hit record highs in the second half of 2012, but that prosperity hasn’t led to the creation of jobs, since America’s biggest firms are sitting on stocks of cash instead of investing them back into the economy.

At the same time, wages hit record lows, and corporate earnings are rising nearly 20 times faster than disposable incomes, the New York Times reports:

As a percentage of national income, corporate profits stood at 14.2 percent in the third quarter of 2012, the largest share at any time since 1950, while the portion of income that went to employees was 61.7 percent, near its lowest point since 1966. In recent years, the shift has accelerated during the slow recovery that followed the financial crisis and ensuing recession of 2008 and 2009, said Dean Maki, chief United States economist at Barclays.

Corporate earnings have risen at an annualized rate of 20.1 percent since the end of 2008, he said, but disposable income inched ahead by 1.4 percent annually over the same period, after adjusting for inflation.

From 2009 to 2011, 88 percent of national income growth went to corporate profits while just one percent went to workers’ wages, and hourly earnings for workers actually fell over that time. And while they aren’t investing in job growth, corporations are also paying taxes at a rate that hit a 40-year low in 2011.

 

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Deluded Republican Reformers

Lindsey Graham

This past week, Lindsey Graham in essence demanded that cabinet nominee Chuck Hagel disprove rumors against him. (Melina Mara/The Washington Post, via Getty (FILE)

Daily Beast columnist, Michael Tomasky is spot on with the following article…

The Daily Beast

Conservative pundits’ ideas about fixing the GOP are totally meaningless, says Michael Tomasky, until they deal with the problem of their party’s rage-driven fanaticism.

Conservative pundits and intellectuals have spent the past week or two—ever since the publication in Commentary magazine of Peter Wehner and Michael Gerson’s“How to Save the Republican Party”—talking about, well, how to save the Republican Party. They have lots of ideas—some good, some not so good, most very sober-minded policy prescriptions. I wrote a short blog post about this on Thursday. But then I reflected: This topic needs a longer treatment. The party they purport to support and care about has been engaged in burning down the house of American politics for three or four years now, and they are saying nothing about it; and until they say something about it, everything else they say is close to meaningless.

As I’ve written many times, the conventional view of what’s wrong with the GOP gets at only a portion of the truth. When The New York Times or Politico does such a story, the story inevitably focuses on policy positions. Immigration. Same-sex marriage. Climate change. Tinker with these positions, several sages are quoted as saying, and the GOP will be back in the game.

God knows, policy positions are a problem. But they are not the problem. The problem is that the party is fanatical—a machine of rage, hate, and resentment. People are free to scoff and pretend it isn’t so, but I don’t think honest people can deny that we’ve never seen anything like this in the modern history of our country. There’s a symbiosis of malevolence between the extreme parts of the GOP base and Washington lawmakers, and it is destroying the Republican Party. That’s fine with me, although I am constantly mystified as to why it’s all right with the people I’m talking about. But it’s also destroying the country and our democratic institutions and processes, which is not fine with me.

Continue here…

 

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MOTHER JONES REPORTER WINS POLK FOR ROMNEY STORY

Mitt Romney

David Corn is also an MSNBC contributor and the co-author of the book Hubris

Mother Jones

How is MoJo Washington Bureau Chief David Corn like Edward R. Murrow, Carl Bernstein, David Halberstam, Gay Talese, Fred Friendly, I.F. Stone, and Walter Cronkite? So many ways really, but the most notable today is that they have all won a George Polk Award, one of the most prestigious honors in journalism. Corn is the winner in the political reporting category for the 47 percent story—his revelation of a video documenting Mitt Romney’s remarks at a $50,000-a-plate fundraiser that 47 percent of Americans were “dependent upon the government” and would never “take personal responsibility and care for their lives.

The Polk award, established in 1949 to honor a CBS correspondent murdered while covering the Greek Civil War, is given each year by Long Island University; this year’s announcement commends Corn for the “years of high-impact journalism that helped lead him to the source of the recording,” and for the “persistent digging and careful negotiation” that made the story possible. Other winners include the staff of Bloomberg News and the New York Times‘ David Barboza for uncovering corruption among China’s elite; a team of McClatchy correspondents (including former MoJo contributor David Enders) covering the war in Syria; Sarah Stillman for her New Yorker piece on teen informants; Ryan Gabrielson of California Watch for a story on abuses in state clinics for the disabled; and the Frontline team behind the documentary “Money, Power, and Wall Street.” For David and all of us at Mother Jones, it’s a capstone for an amazing year and thrilling recognition for a project that has been widely credited with changing the course of the campaign.

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Why Americans hate Congress

The Week

Congress justified its absurdly low approval rating this week as Senate Republicans blocked the nomination of former Sen. Chuck Hagel to be defense secretary. 

Hagel, who is perfectly qualified for the post, made the unforgivable mistake of disagreeing with his former colleagues while he was still in the Senate.

Sen. John McCain (R-Ariz.) candidly told Fox News that Hagel had committed the sin of saying President Bush was “the worst president since Herbert Hoover” and that the escalation in Iraq “was the worst blunder since the Vietnam War.”

But Hagel’s biggest mistake was that he was very “anti his own party, and people don’t forget that.”

Democrats then postured for political purposes, and according to the New York Times, “decided to press ahead and require Republicans to record a vote against Mr. Hagel, allowing Democrats to accuse them of a new level of obstructionism.”

To end the pitiful week, lawmakers then left for a 10-day recess.

As Ron Fournier points out, “In addition to an empty seat at the Pentagon, the unfinished business in Washington is staggering: Billions of dollars of haphazard cuts due to automatically take effect, immigration reform, gun control, climate change, and millions of Americans left behind in a wrenching economic transition. If you took 10 days off with this much work undone, you’d be fired.”

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7 heartwarming stories to make you believe in love again

Taylor Morris, a Navy veteran and quadruple amputee, sits with his girlfriend Danielle Kelly in New York City. 

Happy Valentine’s Day

The Week

If these tales don’t make you feel good inside, you need to seek professional help

1. A husband’s eternal gift

Every Valentine’s Day, John gave Sue a bouquet of flowers and a note that always said the same five words: “My love for you grows.” He did this for all the 46 years they were married. Then, sadly, John died. And as Valentines Day rolled around, Sue knew not to expect anything. But when a bouquet arrived with a note from John, Sue, heartbroken and angry, called the florist to report the cruel trick. But the florist assured the widow it wasn’t a mistake. “Before he passed away, your husband prepaid for many years and asked us to guarantee that you’d continue getting bouquets every Valentine’s Day.” When she hung up the phone, she read the attached card that said (grab your tissue): “My love for you is eternal.”

2. The war-torn couple reunited after 60 years
They were the Romeo and Juliet of Soviet Russia — Boris, the strapping, young communist soldier, and Anna, the daughter of a man who defied Stalin. Despite their differences, the two fell in love. Their relationship blossomed when Boris was on leave from the front during World War II. They married hastily and spent three nights together before Boris was once again called back into service. While he was away, Anna and her family were purged by Stalin and shipped to a far-off village. When Boris returned, he frantically looked for her and wrote letters, but to no avail. Six decades later, Anna and Boris returned to their home village, coincidentally, on the same day. Anna was standing outside her former home as Boris exiteds a car. They looked at each other, and though the years had aged them, they recognized each other instantly. “I thought my eyes were playing games with me,” Anna said. “I saw this familiar looking man approaching me, his eyes gaveling at me. My heart jumped. I knew it was him. I was crying with joy.” Boris ran as much as he could to Anna saying, “My darling, I’ve been waiting for your for so long. My wife, my life…”

3. The couple who died holding hands
Norma and Gordon Yeager were both in their 90s and had been married 72 years when theywere hospitalized following a car accident. While in a shared room in intensive care, the couple laid side-by-side, though not really responsive, holding hands. Gordon passed away first, but, then, his family noticed his heart monitor still beeping. But it was Norma’s heart beating through him. One hour later, Norma passed away, her hand still held in his.

4. True dedication
Taylor Morris always set out to conquer the most challenging tasks, which is one of the reasons the 23-year-old made it into the Navy’s Special Operations division. Morris’ focus? Explosives. He knew the ins and outs of bomb detection and removal. But in May 2012, during his first deployment to Afghanistan, Morris stepped on an IED and lost both of his legs, his left arm from the bicep down, and his right hand. His girlfriend, Danielle Kelly, remains by his side. A series of photographs capturing their new life together — a day at the beach, Kelly hoisting Morris onto her back, or an afternoon at the the Walter Reed medical facility working out together — showed the two nobly enduring the hardship together. The photos went viral, and the couple captured the hearts of Americans who responded with donations so they could build their dream home on a lake.

5. A pretend couple becomes the real deal
As two attractive young employees of the De Vere Dunston Hall hotel — a popular wedding venue in England — Amanda Semmence and Kieron Dudle were asked by the manager to model for the hotel’s brochure. He called them a “perfect couple,” and sure enough the pair looked the part, despite being total strangers, dressed as bride and groom and smiling for the camera at every blushing stage of a wedding. Onlookers even congratulated the happy couple. Indeed, there was a spark, and soon after becoming friends, Semmence and Kieron started dating. Three years later they got married at the same hotel that once hosted their first, fake nuptials.

6. A lifetime together
Jim and Moira met as 5-year-olds at school in Britain in 1929. They have been together pretty much ever since. Two years after that first encounter, Moira was sent to a nearby all-girls school — the first of only three separations they would have. They were reunited at age 11, when fate put them in the same class at a co-ed school. At the age of 14, the lovebirds began their life-long courtship. The Second World War took Jim hundreds of miles away from his love, but the pair wrote letters to each other through his two years of service. After the young soldier made it back home, the two were married in the summer of 1948. “We have all been rock-solid since the very first day, we always knew it was going to last,” Jim said. “Every day has been lovely with Moira, I wouldn’t change a thing.”

7. The perfect wedding announcement
The New York Times weddings announcements can cause even the most sentimental of readers to gag on occasion. But the coverage of senior citizens Ada Laurie Bryant and Robert Mitchell Haire’s wedding in Hockessin, Del., managed to charm the cynicism out of most journalists’ copy. The article was endearing not only because it was dedicated to a couple in their twilight years, but also because it followed The Times‘ standard announcement procedure, including family history, education, jobs, and, oh yes, lines like this: “The bride, 97, is keeping her name.” The couple, who met at a retirement community where, Bryant, a widow, became friends with Haire’s wife. After Haire’s wife died, the two survivors grew close. They went on regular lunches together, and Haire, who is about a decade younger, even wrote Bryant a sonnet. Eventually, he proposed, on Valentine’s Day, no less. But Bryant refused. “I didn’t think it was the thing to do because I don’t have that many years ahead of me, but he said, ‘That’s all the more reason.’” Eventually, Bryant accepted. “I love him,” she said, “So we’re going to be married.”

 

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10 things you need to know today: February 10, 2013

Chinese New Year celebrations take place in London on Feb. 10.

The Week

The first lady attends a Chicago teen’s funeral, the world celebrates Chinese New Year, and more in our roundup of the stories that are making news and driving opinion

1. NORTHEAST DIGS OUT AFTER BIG WINTER STORM
Utility workers braved temperatures in the teens on Saturday and Sunday to restore power to some 650,000 people in the Northeast who lost electricity during Winter Storm Nemo. Road crews continue to clear snow and ice from streets and sidewalks. More than three feet of snow fell in parts of Connecticut, and more than two feet accumulated on Long Island and in Massachusetts, where the storm caused coastal flooding that forced evacuations of some communities. Airlines were also trying to resume operation on Sunday after canceling some 5,000 flights since Friday. [New York Times]
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2. LAPD TO REOPEN CASE ON FIRING OF SUSPECTED COP-KILLER ON THE LAM
As the massive search for suspected cop-killer Christopher Dorner continues, the Los Angeles Police Department announced that it is reopening the investigation into why Dorner, a former LAPD officer, was fired from the force. His firing is apparently what sparked his alleged campaign of revenge that has left three people dead, including a Riverside police officer. Police Chief Charlie Beck said he was reopening the investigation “not to appease a murderer” but to assure the public that his department is fair and transparent. Dorner was stripped of his badge in 2009 after a police disciplinary board found him guilty of making false statements against his training officer, Teresa Evans, who Dorner said kicked a mentally ill man during an arrest in 2007. [Los Angeles Times]
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3. NEW U.S. COMMANDER TAKES OVER IN AFGHANISTAN
U.S. Marine Gen. Joseph Dunford has taken over command of coalition forces in Afghanistan, after Gen. John Allen handed over the baton on Sunday. Allen expressed optimism about the country’s future adding that “the big benchmark for all of us is going to be the election.” Elections are scheduled for next year, when American presence will be significantly reduced. The last elections, held in 2009, were marred by violence and allegations of corruption. [USA Today]
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4. GOOGLE CHAIRMAN TO SELL PART OF HIS STAKE
Google Chairman Eric Schmidt is selling about 42 percent of his stake in the company, which could potentially net him $2.5 billion. The plan allows Schmidt to spread trades out over a period of one year to reduce the market impact. A Google spokeswoman would not comment on why Schmidt is selling the shares at this time. [Reuters]
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5. MICHELLE OBAMA ATTENDS FUNERAL OF SLAIN CHICAGO TEEN
First Lady Michelle Obama attended the Saturday funeral of 15-year-old Hadiya Pendleton in Chicago to mourn the teen who was shot and killed one week after performing with her majorette team at President Obama’s second inauguration. The first lady, who met privately with Pendleton’s family and about 30 of her classmates, did not speak at the funeral, which lasted four hours, and remembered the young woman who aspired to attend Harvard and study pharmacology or journalism. [Washington Post]
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6. BOEING COMPLETES TEST FLIGHT
Boeing completed what it called an “uneventful” test flight of its 787 Dreamliner, the first flight since the planes were grounded more than three weeks ago after a series of battery-related problems. The purpose of the test was to gather detailed information on the plane’s lithium-ion batteries. The grounding of the Dreamliners has cost airlines tens of millions of dollars. [Reuters]
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7. WORLD CELEBRATES LUNAR NEW YEAR 
Revelers in Beijing marked the start of the Lunar New Year on Sunday with a more muted fireworks barrage than previous years because of government appeals to reduce the smoky celebrations after air pollution rose to near catastrophic levels over recent weeks. The holiday is also being celebrated in Vietnamese and Korean communities, as well as in North Korea’s capital Pyongyang. Setting off fireworks to celebrate renewal and ward off evil spirits is a traditional part of the celebration that marks China’s most important family holiday. [Associated Press]
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8. CURIOSITY TAKES HISTORIC DRILL SAMPLE
NASA’s Curiosity rover has drilled deep enough into a Mars rock to obtain a powdered sample for analysis. The grey material from the test hole, which is 16 mm wide and 20 mm deep, will be inspected before making its way to the robot’s onboard labs. Never before has the interior of a rock on another planet been probed in such a way. Drilling is crucial to the Mars mission as Curiosity is investigating whether past environments at this location could ever have supported life. [BBC]
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9. FLU SEASON NEARING END
The Centers for Disease Control and Prevention announced that the flu season should be over in most of the country within two to three weeks, except in California, where the flu arrived later. Flu season hit the East in late December, almost a month earlier than usual, according to the CDC. The major flu strain circulating in the United States this season, H3N2, also appears to be causing more severe illness, especially in the elderly. [USA Today]
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10. BIG PERFORMANCES COMING AT GRAMMY AWARDS
Justin Timberlake, who will perform at Sunday evening’s Grammys, is one the most highly anticipated acts at the awards ceremony. Timberlake, who’s promoting an upcoming album, has not performed at the show in four years. The ceremony will open at 8 PM ET with a performance by Taylor Swift, and sprinkled throughout the night will be performances by Bruno Mars, Sting, and Rihanna, The Black Keys, Fun., Kelly Clarkson, and more. [Grammy.com]

 

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10 things you need to know today: February 2, 2013

Scott Brown doesn't want John Kerry's old job.

The Week

Scott Brown opts out, Iran’s space-monkey stunt may be a hoax, and more in our roundup of the stories that are making news and driving opinion

1. ECONOMY ADDS 157,000 JOBS
U.S. employers added 157,000 jobs in January, the Labor Department reported on Friday. The gains, a hair shy of what economists expected, was enough to signal continued slow improvement of the employment picture but not enough to keep the unemployment rate from inching higher, to 7.9 percent from 7.8 percent the month before, as more unemployed Americas went back out to hunt for work. Encouragingly, government data also showed that the economy added 150,000 more jobs than first estimated in the final quarter of 2012 — and 335,000 more over the whole year. That brought 2012′s job growth to 2.2 million. [The New York Times]
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2. SCOTT BROWN WON’T RUN FOR KERRY’S SENATE SEAT
Former Sen. Scott Brown (R-Mass.) announced Friday that he will not to run in the special election to fill John Kerry’s Massachusetts Senate seat. “I was not at all certain that a third Senate campaign in less than four years, and the prospect of returning to a Congress even more partisan than the one I left, was really the best way for me to continue in public service at this time,” Brown said in a statement. “And I know it’s not the only way for me to advance the ideals and causes that matter most to me.” The GOP had put its faith in Brown as the candidate who would have the best chance of snagging the usually-Democratic seat. [Washington Post]
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3. HILLARY CLINTON LEAVES STATE DEPT., BLASTS BENGHAZI CRITICS
After more than three decades of public service, Hillary Clinton stepped down from her post as secretary of state on Friday. But before ceding her job to John Kerry, Clinton took a parting shot at critics of the Obama administration’s response to the Sept. 11 terrorist attack in Benghazi, Libya, that killed four Americans. “I was so unhappy with the way that some people refused to accept the facts, refused to accept the findings of an independent Accountability Review Board, politicized everything about this terrible attack,” she told The Associated Press. “There are some people in politics and in the press who can’t be confused by the facts. They just will not live in an evidence-based world. And that’s regrettable.” [The Week]
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4. SUICIDE BOMBER ATTACKS U.S. EMBASSY IN TURKEY
On Friday, a suicide bomber struck the U.S. embassy in Ankara, Turkey, killing himself and a Turkish guard. The bomber reportedly detonated his charge as he entered the embassy’s security checkpoint, limiting the blast to the facility’s outer ring. The Turkish government initially blamed the attack on a Marxist terrorism group, and later identified the perpetrator as a man once incarcerated for domestic terrorism. The United States plans to make its own investigation into the attack. [The New York Times]
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5. OBAMA ADMINISTRATION PROPOSES CONTRACEPTION COMPROMISE
Kathleen Sebelius, the secretary of health and human services, said Friday that the Obama administration is proposing a compromise for religious organizations that object to the government’s policy requiring health insurance plans to cover contraceptives for women at no charge. Under the proposal “eligible organizations would not have to contract, arrange, pay, or refer for any contraceptive coverage to which they object on religious grounds.” Female employees of such organizations would receive contraceptive coverage through separateindividual health insurance policies, without having to pay premiums or co-payments. It remains unclear who exactly would pay such costs. The ObamaCare requirement caused an uproar last year within faith-based organizations that see it as an infringement of their religious liberty. [New York Times]
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6. MEDIA: IRAN’S SPACE MONKEY IS A FAKE
When reports initially surfaced Monday from Iran declaring that the country had successfully launched a monkey into space, the world was surprised, and perhaps a bit shaken. But after images from a press conference surfaced on Friday, Britain’s Telegraph led the charge in declaring the cosmic stunt a hoax. As the paper notes, “the monkey triumphantly presented to the nation’s media in his own silk tuxedo appeared markedly different to the creature that was pictured strapped into a rocket prior to its launch into space.” Upon further investigation, it’s clear that the distinctive red mole over the monkey’s right eye is not present on the monkey that attended the conference, leading many to believe that the entire stunt was a fake, or that the original monkey died during the mission. [Slate]
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7. STRUGGLING EUROZONE CHEERED BY GOOD DATA
Europe’s battered economy got a triple dose of encouraging news on Friday. Unemployment proved lower than feared in December across the 17 countries that use the euro (although it’s still high, at 11.7 percent). Also, manufacturing showed signs of growth, and inflation fell. But despite the good news, the eurozone remains stuck in a recession. “It’s not as bad as it was and that’s probably the best one can say…” says market strategist Marc Ostwald of Monument Securities. “It doesn’t mean happy days are near.” [Associated Press]
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8. SOURCES: SOUTH FLORIDA DOPING RINGLEADER INJECTED A-ROD
Anthony Bosch, the man Major League Baseball believes is at the center of a widespread doping operation involving numerous professional baseball players, reportedly injected New York Yankee Alex Rodriguez with performance-enhancing drugs, according to ESPN sources. While other athletes relied on Bosch’s intermediaries to transport drug regimens, the sources say, Rodriguez dealt only with Bosch. Bosch’s visits to the third baseman’s mansion in Florida’s Biscayne Bay reportedly took place every few weeks, and Bosch, the sources report, spoke openly about his relationship with the Yankees All-Star. Two sources said that documents they reviewed even detailed the drug regimens and schedules Rodriguez received. Rodriguez’ spokesperson said Friday that the allegations are not true. [ESPN]
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9. DETROIT STARTS 2013 WITH STRONG SALES
Ford, GM, and Chrysler all started the year with solid January sales increases, the Detroit automakers reported Friday. Ford sold 166,501 vehicles, a 22 percent monthly jump. GM sold 194,699, an increase of 16 percent. And Chrysler posted its 34th consecutive monthly sales gain with a 16 percent increase. Analysts attributed the improvement to the release of pent-up demand, as Americans who had been putting off purchases were encouraged by the gradual economic recovery to finally visit dealer showrooms. [Detroit Free Press]
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10. SURVEY: MANY MALE MARINES WOULD LEAVE IF WOMEN JOINED COMBAT
According to a survey conducted last year of 53,000 members of the Marine Corps, 17 percent of male Marines said they would leave the service if women moved into combat. That number increased to 22 percent when participants were asked how they’d react if women were involuntarily assigned to combat roles, according to the survey results released on Friday. Defense Secretary Leon Panetta had earlier reviewed the survey results before opening thousands of combat jobs to women last week. Male Marines said their major concerns with women in combat would be being falsely accused of sexual misconduct, some Marines getting preferential treatment, or women being limited because of pregnancy or personal issues. [Associated Press]

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Monday Blog Roundup 1-29-2013

Goodbye, Liz!
Tina Fey’s iconic ‘30 Rock’ sings its swan song.

Hagel vs. The Secret Money
The New York Times takes a look at the secret money campaign against Chuck Hagel and..

Barack and Hillary’s Send Off Interview
Check out the video of President Obama and outgoing Secretary of State Hillary Clint..

That Obama-Clinton chemistry
OK, I admit: I didn’t get the advance media frenzy over the joint interview Presiden..

9/11 remains dominant political theme for US
The attack of Sept. 11, 2001, has been so pervasive a theme in American politics tha..

TIME’s Pictures of the Week: The World in Focus
From the French intervention in Mali, and Obama’s Inauguration, to a headless princes..

Gun Industry Aims To Sell Youth On Assault Weapons
Responding to Americans’ declining interest in shooting sports, gun manufacturers ar..

230 Dead in Brazilian Nightclub Fire; Only One Exit
230 Dead in Brazilian Nightclub Fire; Only One Exit

Rupert Murdoch Throws Support Behind Piers Morgan
It is well-known that before heading stateside, CNN host Piers Morgan made his name

For Obama, Social Equality Will Come Easier Than Economic Equality
The president wants more social tolerance and economic opportunity. One goal is more..

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Saturday Blog Roundup – 1-26-2013

‘We Beat The Liberals’
McConnell campaign email brags about blocking filibuster reform.

Latest From Virginia
A key Republican state senator in Virginia comes out against GOP scheme to apportion..

Careful what you scheme for
Over at the conservative National Review, Reihan Salam suggests Republicans give up ..

Mitt Romney: ‘I’m not going away’
Sadly, Mitt Romney is not plotting a 2016 comeback, but today he told big money Repu..

The View Obama Wanted to See One More Time
The Daily Beast has the photo as President Obama left the inaugural platform.

Fox News Isn’t Renewing Sarah Palin’s Contract
At the New York Times, cable news chronicler Brian Stelter has the story that Sarah ..

The Flu: New, Contagious Norovirus Infecting U.S.
The Flu: New, Contagious Norovirus Infecting U.S.

Wayne LaPierre, Mark Kelly to testify on Capitol Hill
Make sure to sign up to receive “Afternoon Fix” every day in your e-mail inbox by 5(..

Don’t write off GOP support for Obama’s gun proposals
Don’t look now, but a Republican Senator is quietly working with Democrats on n..

Jon Stewart: Obama’s inaugural speech took a swipe at Paul Ryan
President Obama’s comment about us not being a “nation of takers” was a slap at Paul .

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Paul Krugman Explains Why He Really Didn’t Want That Treasury Job, Anyway

A new commenter inadvertently led me to this article.  Thank you and welcome, Ed Darrell  for your   original suggestion to read You need to watch this: Paul Krugman, ‘Jobs NOW, the key to our recovery’ .

Washington Monthly

In a fascinating and sprawling interview with Bill Moyers, airing this weekend on the PBS show, Moyers & CompanyNew York Times columnist and Nobel laureate Paul Krugman explained why he didn’t want to be nominated to the post of Treasury secretary, even after 235,000 people signed an online petition urging the president to appoint him, and offers his take on Jack Lew, the president’s nominee:

PAUL KRUGMAN: …I probably have more influence…, doing what I do now, than I would if I were inside trying to, you know, do the court power games that come with any White House — even the best — which I don’t think I’d be any good at. So no, this is fine. And what the president needs right now is he needs a hardnosed negotiator. And rumor has it that’s what he’s got, so.

BILL MOYERS: In Jack Lew?

PAUL KRUGMAN: That’s right. The president can’t pass major new legislation. He can’t formulate major new programs right now. What he has to do now is bargain down or ride over these crazy people in the Republican Party. And we what we need now is not deep thinking from the treasury secretary. If the president wants deep thinkers, he can call Joe Stiglitz, he can call other people. What he needs from the Treasury secretary is somebody who’s going to be very effective at dealing with these wild men and making sure that nothing terrible happens.

But that’s not the most interesting part of the interview. Believe it or not, where it gets really fascinating is in Moyers’ discussion with Krugman on the difference between a recession and a depression. (As the title of Krugman’s new book, End This Depression Now!, he thinks what we’re in is the latter.)

While he concedes that the current depression, as he sees it, is not as horrific as the Great Depression of the 1930s, Krugman asserts that it’s likely worse than we perceive, because things that once made a depression obvious to all — breadlines, “will work for food” signs and the like — have take new forms in the the electronic age, and at a time when some public welfare, however meager, is available, and all acting in concert to hide widespread suffering from view:

KRUGMAN: Somebody said that food stamps are the soup kitchens of the modern depression. That there’re a lot of people who would be standing in line to get that soup, who are instead, and it’s a good thing, who are instead getting — I guess it’s now called SNAP, Supplementary Nutritional Assistance Program — but who are getting those debit cards, and are getting essential food stuffs. And they’re at the grocery store and they look like anybody else. But the fact of the matter is they are still as desperate, they’re getting by day to day with the aid of a trickle of government aid, just like the people who were standing in line at the soup kitchens in the ’30s, but they’re not visible. They, we don’t have guys selling apples in street corners partly because, you know, the city licensing wouldn’t allow that anymore.

I totally buy that. I know lots of people of all generations who consider themselves middle-class, but are living hand to mouth. The young people working marginal jobs with no prospects and an unimaginable pile of college debt. The middle-aged people short-selling homes that were theirs for years. The old people who never earned enough to invest in mutual funds.

I know them. Don’t you?

The complete Moyers interview:

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