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By Bob Woodward
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By Philip P. Pan
$18.48
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Daryl Cagle, MSNBC.com —
Posted on Nov 13, 2011
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Paul Zanetti, Australia —
Posted on Nov 13, 2011
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Richard Newton (CC-BY)
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The same ratings firm that held the United States hostage to its debt demands and gave the thumbs up to toxic mortgage assets is again in the news for bungling things. Standard & Poor’s accidentally announced a downgrade Thursday of France’s AAA credit rating.
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AP / Kostas Tsironis
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After his ill-conceived eleventh-hour referendum idea fell through last week, the thread from which Greek Prime Minister George Papandreou was dangling effectively snapped. By Sunday, it was apparent that Papandreou was ready to accept defeat ... (more)
Posted on Nov 7, 2011
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Flickr / clementine gallot (CC-BY)
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Back in June, the Federal Reserve predicted a sunnier economic future for the U.S. than it did Wednesday, when the Fed released revised figures for both growth (it’ll happen more slowly) and unemployment (it’ll continue to hover around 9 percent) through 2012. But the news wasn’t all gloomy.
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colorlines.com
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You may know that American student debt—which is swelling at a rate of almost $3,000 a second—is expected to hit $1 trillion by the end of the year. But do you know how the tab breaks down by ethnicity? Who owes the most? Who owes the least? Is anyone escaping its debilitating grip? (more)
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AP / Daniel Roland
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This week’s European crisis summit in Brussels has produced an agreement in an effort to mitigate what was looking like an inevitable economic catastrophe, judging by the dire situation in Greece and elsewhere in the eurozone. By Thursday, international markets were registering the results.
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bbc.co.uk
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Greece is hanging by a thread, and its European neighbors scrambled to avoid a similar fate, and stave off even harder times for the Greeks, by holding a summit in Brussels on Wednesday. Here’s a look at a couple of action items on the busy agenda for German Chancellor Angela Merkel, French Prime Minister Francois Fillon … (more)
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AP / Victor R. Caivano
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While politicians from Athens to Washington are pushing through devastating austerity programs, Argentines voted in droves Sunday to re-elect their populist, welfare queen of a president, Cristina Fernandez de Kirchner. (more)
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This was a big week in international news, with the death of Libyan leader Col. Moammar Gadhafi and President Obama’s announcement that U.S. troops will be leaving Iraq before 2012. And let’s not forget the latest unrest in Greece, stemming from the passage of a highly contested austerity bill by that country’s parliament. (more)
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We Are the 99 Percent
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Now that reporters are starting to check out the occupation near Wall Street (it took only three weeks), they have begun echoing the notion that protesters don’t know why they’re there. As Jared Bernstein of the Center on Budget and Policy Priorities huffs in a pro-demonstration article, “Do these news analysts think it’s a coincidence ...” (more)
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Flickr / San Diego Shooter
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Facing a shortfall of a few billion dollars, the U.S. Postal Service is planning to drop 220,000 full-time jobs and close 3,700 post offices and 300 processing centers by 2015, while scaling back services and cutting retirement benefits. And that’s after laying off 110,000 employees since 2007. (more)
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Flickr / Vaedri1
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In the aftermath of the stock market failure of 2008, another type of economic bubble is swelling: student debt. And it’s no surprise, since Congress has done nothing to change the lending practices that brought the U.S. to the brink three years ago. (more)
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AP / Evan Vucci
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President Obama rolled out a plan on Monday to reduce the federal deficit by $3 trillion over the next decade by combining cuts to benefit rights and war savings with tax increases. (more)
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Flickr / Security and Defense Agenda
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Robert Gates, who left his role as defense secretary this summer, has drawn criticism from members of the military establishment for allegedly lacking long-term vision, allowing military leaders to usurp civilian control and inadequately briefing and preparing the president for war. (more)
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Flickr / Andrew Rusk
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This Thursday, Seven Stories Press will release a 10th anniversary reissue of Noam Chomsky’s book on the World Trade Center attacks titled “9-11: Was There an Alternative?” and TomDispatch has an exclusive excerpt from the new preface. (more)
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White House / Pete Souza
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By E.J. Dionne, Jr. — President Obama has only one option as he ponders a world economy teetering on the edge: He needs to go big, go long and go global.
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By Eugene Robinson — We should be shocked and alarmed that 26 percent of our fellow citizens apparently believe the president and Congress are going to make it all better. Are they not paying attention? Or are they delusional?
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Tony the Misfit (CC-BY)
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By David Sirota — Barack Obama is a lot of things—eloquent, dissembling, conniving, intelligent and above all, calm. But one thing he is not is weak.
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By Eugene Robinson — The debt-ceiling fight generated enough hyperventilation and heartburn to replace a coal-fired power plant. The resulting product? It’s starting to look kind of puny and irrelevant.
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Photo graphic by PZS from President Eisenhower's official portrait
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By Bill Boyarsky — Obama’s Eisenhower nostalgia is troubling. That was half a century ago—before the Civil Rights Act, the Voting Rights Act, Medicare, Medicaid, food stamps and federal aid to education.
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White House / Pete Souza (with a notable modification)
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The Dow Jones Industrial Average has plummeted by 760 points since the terms of the debt ceiling deal were announced Monday. If austerity was supposed to encourage economic growth, someone forgot to tell Wall Street. (more)
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Office of the Speaker of the House
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By Richard Reeves — Whatever they tell us, the men and women who run the country are governing for themselves and by themselves.
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U.S. Army / Staff Sgt. Brendan Stephens
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By Amy Goodman — The history of the U.S. national debt is inexorably tied to its many wars. The resolution this week of the so-called debt ceiling crisis is no different.
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White House / Pete Souza
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By William Pfaff — Few Americans know, or much care, about the opinions foreigners hold of the United States. This was displayed during the ignorant and solipsistic debate over when or whether the United States will pay its debts.
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We were told to expect some resistance in the House to the debt ceiling compromise that would cut trillions from the budget, but Republicans in the lower chamber, helped by half the Democratic caucus (including Rep. Gabrielle Giffords), had no trouble passing the bill. (more)
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White House / Pete Souza
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By Eugene Robinson — It’s supremely galling. It’s unbalanced, unfair and mostly unwise. For President Obama and the Democratic Party, it’s a comprehensive defeat. But it’s not the end of the world.
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Flickr / Borya
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On Sunday, President Obama and members of the U.S. Congress agreed to cut at least $2.4 trillion from federal spending over the next 10 years, some of which will come from programs that benefit retired Americans. (more)
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White House / Pete Souza
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In an editorial published shortly after the announcement of a new deal to raise the debt ceiling, The New York Times calls the agreement a “nearly complete capitulation to the hostage-taking demands of Republican extremists.”
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RJ Matson, Cagle Cartoons, The St. Louis Post Dispatch —
Posted on Jul 31, 2011
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Kevin Dooley (CC-BY)
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By Joe Conason — A downgrading of U.S. Treasury securities will mean enormous and completely unnecessary increases in our interest payments to the nation’s largest creditor—and our most important competitor in the international arena.
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House Speaker's Office
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By Eugene Robinson — Conservatives are on a winning streak because they have a Big Idea that serves as an animating, motivating, unifying force. It happens to be a very bad idea, but it’s better than nothing—which, sadly, is what progressives have.
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We’re all about in-depth coverage, but when it comes to political grandstanding, better to just skip to the good stuff. Here are two minutes or so each from the president and House speaker’s Monday debt ceiling speeches (during which John Boehner said it’s “not going to happen.”)
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White House / Pete Souza
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By E.J. Dionne, Jr. — Most Americans care more about jobs and the economy than debt, which is why Mitt Romney is campaigning on those issues while President Obama is caught up in the tea party’s priorities.
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On this week’s “Left, Right & Center”: Getting too close to the debt deadline, Greek insolvency and what’s with these credit rating companies throwing their weight around?
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Cliff (CC-BY)
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Senate Democrats have noticed that the president is dealing directly with House Republicans to reach a debt ceiling deal, one that may include trillions in cuts to Social Security and Medicare without any tax increases, and they’re not happy.
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By Joe Conason — Even the most extreme Republican partisans in the Senate seem to realize that their House colleagues, seized by some combination of ideology, madness and pig ignorance, are propelling the country and the world toward economic chaos.
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Flickr / PeterJBellis
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Rarely do we get to hear criticism of the American oligarchy from within the ranks of its crowning institution: the financial services industry. This anonymous author, who handles investments for the wealthiest 1 percent of Americans, takes us on a brief tour of numbers ... (more)
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By E.J. Dionne, Jr. — The House Republican strategy to link a normally routine increase in the nation’s debt limit with a crusade to slash spending has already had a high cost, threatening the nation’s credit rating and making the United States look dysfunctional and incompetent to the rest of the world.
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David Fitzsimmons, Cagle Cartoons, The Arizona Star —
Posted on Jul 12, 2011
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By Eugene Robinson — Do progressives care about reducing the national debt? Of course they do, no matter what the White House might believe.
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By Joe Conason — The current puppet play in Congress—where Republicans sponsored a bill to raise the nation’s debt ceiling only because they wanted to vote it down—would be funny, if only they weren’t risking economic disaster.
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Thinking back on all the times when George W. Bush jacked up the country’s debt ceiling—and Stephen Colbert counts them all in this clip—it’s surprising how worked up the GOP is pretending to be about that same issue now.
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PBS NewsHour / Talea Miller
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Due to predatory trade policies endorsed by the IMF and the Guatemalan government, tax-evading transnational corporations partnered with local elites make a killing off the country’s agricultural exports while more than half of its 14 million people suffer extreme poverty and threats of violence. (more)
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By E.J. Dionne, Jr. — Republicans holding the increase of the debt ceiling hostage to their efforts to eviscerate programs know perfectly well that Congress will not risk a financial crisis.
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Marching in Chicago: Resisting Rahm Emanuel’s Neoliberal Savagery
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