One MORE Thing Telling The World We’re Criminals

In the post below I talk about how Wall Street stole hundreds of millions in the LinkeIn IPO. Here’s another story that tells the world we are criminals. The corruption is everywhere.
Lance Armstrong’s former inner cycling circle turning on him – ESPN

After all these years, all these miles and all the suspicion, it’s still somewhat astonishing to see the cars on the old Blue Train uncoupling one by one. This may forever be remembered as the week when Lance Armstrong finally lost control over the U.S. Postal Service cycling team that formally disbanded years ago.
One of Armstrong’s most prominent support riders from early on in his seven-year reign as Tour de France champion, Tyler Hamilton, admitted to his own doping past and has given the CBS newsmagazine “60 Minutes” an alleged eyewitness account of Armstrong using performance-enhancing drugs that will air on Sunday evening.

When will this country start enforcing laws again? We even let torture and illegally invading a country slide. Never mind enforcing mine safety, food inspection, labor, age-discrimination, bank fraud…

One More Wall Street Scam!

LinkedIn went public this week and the price per share immediately doubled and more. This means LinkedIn was scammed by the Wall Street firms they hired to take them public. These firms scammed them by intentionally underpricing the stock, so instead of all the money going to the company, a ton of money went to the people that Wall Street firms had let in on the early lower-priced shares.
The stock more than doubled, which means that these firms got more for themselves and insiders they set up than for the company.
The fact that the stock immediately doubled in price means the Wall Street firms were either grossly incompetent (and they aren’t), costing the company something like $350 million, or they are corrupt thieves.
This is corruption, plain and simple. It’s what our country is becoming known for.

The People’s Budget Is The Template

The debt limit has been reached. The President should be demanding a “clean” debt ceiling bill instead of letting hostage-takers force negotiations over their ransom. For deficit reduction The People’s Budget is the right approach. It’s the budget that polls show the majority of the public wants, but the media and Washington elite are ignoring.
Just this week we heard that America’s richest 400 taxpayers averaged $270.5 million of income each last year but paid only 18.1 percent of their total incomes in federal income tax. (In 1955 the top 400 paid 51.2 percent of their total incomes in taxes. No wonder we didn’t have huge-ass budget deficits then.) And this is at the same time that Republicans are trying to turn Medicare into a voucher program, saying “We’re broke.”
As pointed out for us in this morning’s Progressive Breakfast (sign up here and get it every morning), Robert Reich, in The Battle is Squared, and Why We Need Budget Jujitsu,

Technically, the federal government has now reached the limit of its capacity to borrow money.
Raising the debt ceiling used to be a technical adjustment, made almost automatically. Now it’s a political football.
Democrats should never have agreed to linking it to an agreement on the long-term budget deficit.

But, being the Democrats we have come to know and love, they did, and here we are. Where can we go from here?

We can reduce the long-term budget deficit, keep everything Americans truly depend on, and also increase spending on education and infrastructure — by cutting unnecessary military expenditures, ending corporate welfare, and raising taxes on the rich.
I commend to you the “People’s Budget,” a detailed plan for doing exactly this – while reducing the long-term budget deficit more than either the Republican’s or the President’s plan does. When I read through the People’s Budget my first thought was how modest and reasonable it is.

A reasonable budget that would have been called “centrist” not long ago. The public supports the approach.

The message from the “People’s Party” should be unconditional: No cuts in Medicare and Medicaid or Social Security. More spending on education and infrastructure. Pay for it and reduce the long-term budget deficit by cutting military spending and raising taxes on the rich. The People’s Budget is the template.

Reich said it all for me…
The People’s Budget
The Progressive Caucus — a group of progressives in the Congress — have put together a budget that fixes the deficit and grows the economy, providing jobs. It is called The PEOPLE’S Budget Plan.
Read the plan at: Congressional Progressive Caucus : FY2012 Progressive Budget,

The CPC proposal:
• Eliminates the deficits and creates a surplus by 2021
• Puts America back to work with a “Make it in America” jobs program
• Protects the social safety net
• Ends the wars in Afghanistan and Iraq
• Is FAIR (Fixing America’s Inequality Responsibly)
What the proposal accomplishes:
• Primary budget balance by 2014.
• Budget surplus by 2021.
• Reduces public debt as a share of GDP to 64.1% by 2021, down 16.5 percentage points from a baseline fully adjusted for both the doc fix and the AMT patch.
• Reduces deficits by $5.6 trillion over 2012-21, relative to this adjusted baseline.
• Outlays equal to 22.2% of GDP and revenue equal 22.3% of GDP by 2021.

Rep. Mike Honda and Rep. Raúl M. Grijalva explain, in The Only Real Democratic Budget: Why Progressives Have the Answer to What the American Public Wants,

Budgets are more than collections of numbers. They are a statement of our values. The Congressional Progressive Caucus Budget is a reflection of the values and priorities of America’s working families. The “People’s Budget” charts a path that keeps America exceptional in the 21st century, while addressing the most pressing problems facing the nation today. Our Budget eliminates the deficit, stabilizes the debt, puts Americans back to work, and restores our economic competiveness.
[. . .]
Our Budget listens to what the American people are telling us. It does all of the above in a fiscally responsible way that dramatically reduces our borrowing from banks and foreign governments and ensures our long-term economic competitiveness.

Our Budget Eliminates the Deficit by 2021: The CPC budget eliminates the deficit in a way that does not devastate what Americans want preserved, specifically, Medicare, Medicaid and Social Security. …
Our Budget Puts America Back to Work & Restores America’s Competitiveness: The CPC budget rebuilds America and makes it competitive again. We put America back to work. We rebuild our roads and bridges, ensuring that those who use it help pay for it. …
Our Budget’s Fair Tax System: The CPC budget implements a fair tax system, based on the American notion that fairness and equality are integral to our society. …
Our Budget Brings Our Troops Home: The CPC budget responsibly ends our wars, currently paid for by American taxpayer dollars we do not have. …
Our Budget’s Bottom Line (Over 10 year Window)
• Deficit reduction of $5.6 trillion
• Primary spending cuts of $869 billion
• Net interest savings of $856 billion
• Total spending cuts: $1.7 trillion
• Revenue increase of $3.9 trillion
• Public investment of $1.7 trillion
• Budget surplus of $30.7 billion in 2021, debt at 64.1% of GDP.

Take action: Tell President Obama to put the People’s Budget on the table.

This post originally appeared at Campaign for America’s Future (CAF) at their Blog for OurFuture. I am a Fellow with CAF.
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Debt Crisis? Really?

m4s0n501

You think we have a debt crisis now? You should have seen the one Canada had in 1993!!! And just like this one, it was phony, designed to scare people into cutting and privatizing government so the rich can get even richer.
The following is from The Shock Doctrine, Naomi Klein, Picador, Pages 324-326. This book was published before the financial collapse, and subsequent “debt crisis.” (All emphasis added.)

The People’s Budget Petition

Mr. President, Put the People’s Budget on the Table

There’s only one deficit reduction proposal clearly backed by the American majority: the “People’s Budget” from the Congressional Progressive Caucus. Yet none of the authors of the “People’s Budget” are currently part of the White House-led bipartisan budget negotiations. The Progressive Caucus has just written a letter to President Obama asking to be part of the budget talks. Now the President needs to hear from the rest of us in the American majority. Use the form below to send a letter to the President, saying “Put the People’s Budget on the Table.”