Thom's blog

Daily Topics - Wednesday - May 19th 2010

Quote: "A politician thinks of the next election. A statesman, of the next generation."
-- James Freeman Clarke

Hour One - Election 2010 – bloodbath in November?!

Hour Two - Does Facebook kiss & tell? Dan Gainor www.businessandmedia.org

FreedomWorks & Beck: Everybody wins - except for our nation

Today on its Twitter page, FreedomWorks - the astroturf group run by Dick Armey, the former Republican leader and former lobbyist for the People's Mujahadeen of Iran, the natural gas industry, Dubai Group, Comcast, military contractors and weapons manufacturers, and numerous other corporate interests - announced that it was officially partnering with Glen Beck.

A Tea Party Manifesto for Every Child

California state Sen. Leland Yee (D) has introduced a bill to stop Texas textbooks from getting into California classrooms.

Is the Fix in on Derivatives?

It looks like the fix is in.

It's being reported that Democrats are plotting to remove Blanche Lincoln’s crucial provision to basically outlaw the trading by banks of naked derivatives - what Warren Buffett called "financial weapons of mass destruction" that have brought the world to the brink of disaster while making a few dozen banksters into billionaires - from the financial reform after her primary on Tuesday.

The IMF Knows how to Save America

The Financial Times is reporting that leading nations are still piling up debt even though there's technically been an economic recovery. In particular, the IMF is looking at US debt over the next decade and predicting that it'll be unsustainable if we don't do something quick. Of course, what conservatives want to do is slash social security and medicare while letting the government keep all those funds we've paid into the system. The IMF,

Banksters and their Giant Casino

The Financial Times is reporting that European lawmakers are working hard to push through legislation for more regulatory oversight of the hedge fund industry, despite Britain’s new government begging to hold off.

A Toxic Naked Swap

On the Senate floor, Sen. Byron Dorgan (D-ND) lashed out at his own party for its financial reform bill, saying that if they don't fix the "too big to fail" provisions and better regulate credit default swaps, "then shame on us. We have a responsibility here. We cannot claim ever that we have done something about this system." Sen.

Was the Gulf Oil Disaster a Result of a BP BigWhig Party?

The Times-Picayune reported last week that an oil worker who survived the April 20 explosion of the Deepwater Horizon, that killed 11 people and started a disastrous oil leak in the Gulf of Mexico, said a key safety measure was not being implented on the rig.

Tea Party Protesters Give a Big Wet Kiss to Hedge Fund Managers

Even though there are Tea Party protests about high taxes, a USA Today analysis of federal data shows that Americans paid the lowest level of taxes last year since the Harry Truman’s presidency.

Federal, state, local, property, sales, and other taxes are 9.2% of all personal income in 2009, the lowest rate since 1950. This is also true of multimillionaires and billionaires, who pay a maximum 35 percent income tax on salaries and not a penny in Social Security taxes on the vast majority of their income.

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