Cracking down on fraudulent loans

Finally, the government has put someone in jail for one of the masses of fraudulent loans perpetrated during the housing bubble. You remember, the one that helped destroy the world economy? Of course, this country being run by and for the rich, it wouldn't do to have someone who made millions selling those loans go to jail. Heavens no. Jail is for little people, like this guy from California, who is now serving two years for lying about his income on a mortgage application. Good job, feds! The world seems so much safer, and fairer, now.

Teachers vs. Wall Street

If you haven't seen this Daily Show clip yet, I recommend watching it. It's a good example of how different the rules are in the US these days for the rich than they are for everybody else.

http://www.thedailyshow.com/watch/thu-march-3-2011/crisis-in-the-dairyland---for-richer-and-poorer---teachers-and-wall-street?xrs=share_copy

The Daily Show With Jon Stewart	Mon - Thurs 11p / 10c
Crisis in Dairyland - For Richer and Poorer - Teachers and Wall Street
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Is Wisconsin Labor's Waterloo?

I think Kevin Drum is right on the money here:

I won't pretend to be the world's most full-throated defender of public sector unions. If I could trade ten points of union density in the private sector for ten points in the public sector, I'd take the trade in a heartbeat. But that is, obviously, not the trade on offer. Nor is what's happening in Wisconsin merely hard bargaining during tough economic times. That would be understandable. Rather, it's an effort to destroy one of the few institutions left that fights relentlessly for the economic interests of the middle class. That's why conservatives oppose unions of all kinds, both public and private, and regardless of their faults, that's why they deserve our support.

Drum is echoing the ideas of Larry Bartels, recently expressed in his book Unequal Democracy: The Political Economy of the New Gilded Age. The basic idea is that organized labor was for a few decades after 1940 able to counter the influence of the wealthy and big business in Washington DC. With the decline of labor since the 1970s, the working class (read: the middle class) has been steadily losing ground in political debates. A pro-business, pro-wealthy political environment, where both parties try to curry favor with the rich and big business, is the result. The American middle class have very few politically influential organizations in their corner these days. The American poor have none.

This is not to say that there is no difference between Republicans and Democrats. Democrats, as a whole, have been much more attentive to the interests of the non-wealthy and non-incorporated. But still, their support has eroded significantly since the 1970s.

All this is to say that what's happening in Wisconsin right now is REALLY REALLY IMPORTANT! This is the opening gambit in a coordinated Republican attack on public sector unions--the only unions that really have any political influence these days. The WI governor and his wealthy backers have ginned up a phony crisis that they are trying to exploit to cripple public sector unions. (Well, except those unions that occasionally support Republicans, like policemen and firemen.) It's pure power politics--it has nothing to do with the budget.

What can you do? I haven't the foggiest idea about what to do about Wisconsin. But watch for similar moves in your state, and fight them like hell.

Good Grief...

Please. A spending freeze (not including military spending, of course)? I really thought the Obama administration had more political skill than this. It won't be at all effective in dealing with the deficit, won't mollify Republicans or impress independent voters, and will just piss off progressives still more. If this is the best the administration can do, the Democrats are in real trouble.

Mass Senate: Democrats, you suck. My God, how you suck.

Polls close in MA in a few minutes, and Coakley may yet pull out a win, though the odds are against it. But jeez, even if she does win--why was she running in the first place? Why isn't there a more credible Dem candidate for Senate here in North Carolina? Why is the media landscape dominated by Republican spin, even as the Dems enjoy historic majorities in both houses of Congress?

In part, there are structural reasons for this. The Dems don't control a major cable network, for example. But in their complete incapacity to seize a golden opportunity for good legislation and continued political dominance, the Democratic party is demonstrating once again that it completely sucks at being a political party. I mean--c'mon! Doesn't thirty years of being kicked around by some of the dumbest politicians ever to take the national stage teach you anything!? Holy flirking schnitt, people.