Right now we have a huge opportunity to deal what's being called a “serious blow to one of Washington's most powerful lobbies.”1
The U.S. Chamber of Commerce is an army of lobbyists for hire by mega-corporations like banks and those in the fossil fuel industry. In 2009, it spent more corporate money on lobbying than the next five biggest spenders combined.2 And 93% of its campaign spending goes to support Republicans and attack Democrats.3
Google is a paying member of the Chamber, which means that part of the money they make from Google users—ordinary people like us using Gmail, Google search, and other Google products—goes into the Chamber's pockets to fight for Wall Street and Big Oil. But the Washington Post and Politico recently reported that at Google headquarters, employees are intensely debating whether Google should quit the Chamber in the next few weeks.4
When a true genius appears in the world you may know him by this infallible sign, that the dunces are all in confederacy against him.
Jonathan Swift
It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it. More than 84 percent of the sub-prime mortgages in 2006 were issued by private lending. These private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year. Out of the top 25 subprime lenders in 2006, only one was subject to the usual mortgage laws and regulations. The nonbank underwriters made more than 12 million subprime mortgages with a value of nearly $2 trillion. The lenders who made these were exempt from federal regulations.
It was not the banks that created the mortgage crisis. It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp. Now, I’m not saying I’m sure that was terrible policy, because a lot of those people who got homes still have them and they wouldn’t have gotten them without that. But they were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will. They were the ones that pushed the banks to loan to everybody. And now we want to go vilify the banks because it’s one target, it’s easy to blame them and Congress certainly isn’t going to blame themselves.”
Barry Ritholtz in the Washington Post calls the notion that the US Congress was behind the financial crisis of 2008 “the Big Lie”. As we have seen in other contexts, if a lie is big enough, people begin to believe it.
Full Story Below the Line with BLOCKBUSTER Itemization
NEW YORK (CNNMoney) — The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it.
The country exported 430,000 more barrels of gasoline a day than it imported in September, according to the U.S. Energy Information Administration. That is about twice the amount at the start of the year, and experts and industry insiders say the trend is here to stay.
The United States began exporting gas in late 2008. For decades prior, starting in 1960, the country used all the gas it producedhere plus had to import gas from places in Europe.
But demand for gas has dropped nearly 10% in recent years. It went from a peak of 9.6 million barrels a day in 2007 to 8.8 million barrels today, according to the EIA.
Phi Beta Iota: The entire Tar Sands scheme is a scam on the US public, and atrocity against the Canadian public. In Canada, they are proposing to use precious water they do not have to spare, to flush tar we do not need out of the sands; in the US, there is no need for the tar sands as the sleazy campaigns suggest, the oil companies want the tar sands so they can externalize the costs to the US public and privatize the profits of exporting the gasoline.
Phi Beta Iota: This is an extraordinary document, 997 pages in length, going back deeply into history and including contextual history for Texas, big oil, and US corruption generally. It would benefit from visualization.
Adam Chandler, the Goldblog deputy-editor-for-monitoring-Iran-obsessively-even-though-Goldblog-himself-also-monitors-Iran-obsessively, pointed out to me the other day that perhaps the West has already begun the attack on Iran's nuclear facilities, that perhaps we ought to reframe this issue a bit. The attacks he mentioned are not the usual sub-rosa, eyebrow-raising tech and computer virus sort of attacks, but outright physical attacks. This is more a semantic issue, I suppose (and yes, I realize the Iranian regime is virulently anti-semantic), but operations against Iran are seeming to move away from the pure Mossad-in-the-70s-style attacks to straight-up military confrontations. I don't know if this is a sign of escalation or desperation or both, though it seems fair to say that less subtlety on the part of Israel, the U.S. and whoever else is doing this suggests that the previous tactics were deemed insufficient.
Following a (perhaps not-so-mysterious) explosion on a military base last month that took with it the life of Gen. Hassan Tehrani Moghaddam–one of the Iranian missile program's most distinguished OGs–comes news of a second explosion in Isfahan this past Monday, which according to sources “struck the uranium enrichment facility there, despite denials by Tehran.”
Of course, accurate news out of Tehran is hard to come by, but if you want to take this a step further, one might consider Tuesday's (perhaps not-so-spontaneous) storming of the British embassy by Iranian “students” to be quite an effective smokescreen in keeping news of this second explosion from making serious waves. If you've had a lot of coffee, it's also worthy to note that on Monday evening, following the explosion in Iran, four missiles fired from southern Lebanon struck Israel–the first such incident in over two years.
I'm not entirely convinced, but it's not unreasonable to group these recent explosions with the Stuxnet virus of last summer that haywired an uranium enrichment facility in Natanz; last October's explosion at a Shahab missile factory; the killing of three Iranian nuclear scientists in the past two years, last November's attempted assassination of Fereydoun Abbasi-Davan–a senior official in the nuclear program — and rumblings of a second supervirus deployed this month as proof that the West's war on Iran's nuclear program is getting less covert by the minute.
… How the Military – Industrial – Congressional Complex (MICC) Will Win By Losing
The old adage that it is easy to get into Afghanistan but painful to leave is true for many reasons — here is a big one described in 27 November issue of the Daily Mirror [also attached below] — the British army plans to use Russian railways, built by the Tsars 140 years ago, to return hundreds of millions of pounds worth of equipment in Afghanistan via a landroute to the English Channel.
If you think the horror described in the Daily Mirror report is bad, think about the US options: Given our deteriorating relations with Pakistan, the long, highly vulnerable land route out of Afghanistan, thru the Bolan and Khyber passes, and then down the road system of the Indus Valley in Pakistan to its port of Karachi, is becoming increasingly problematic.
An optional US exit strategy would be an agonizing variation of the Dunkirk option described in the Daily Mirror report plus a sea lift, perhaps via transshipment points in Black Sea ports, like Batumi in Georgia, or Novorossiysk or Sochi in southern Russia, or even Odessa in the Ukraine (which at least would avoid the problem of different railroad gauges).
