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Origins of the debt showdownWashington Post, By Lori Montgomery, Brady Dennis & Alec MacGillis, August 6 In mid-January, newly installed as the GOP House majority leader, Virginia’s Eric Cantor rose to the podium inside a spacious hotel ballroom to deliver a message to his troops, including the 87 newcomers who had given the party control of the House. A vote to increase the nation’s $14.3 trillion debt limit was coming soon, he told the caucus members who had gathered at the Marriott in Baltimore’s Inner Harbor for a closed-door retreat less than 10 days after taking power. Think of it as a “hidden” opportunity, he implored them, a chance to achieve their goal of reining in the federal government and its spending habits. “I’m asking you to look at a potential increase in the debt limit as a leverage moment when the White House and President Obama will have to deal with us,” said Cantor, one of several new House leaders who detailed the game plan for the coming months. “Either we stick together and demonstrate that we’re a team that will fight for and stand by our principles, or we will lose that leverage.” Raja August 6, 2011 - 11:44pm
Chicago Photo DumpWent and saw the Cubs play yesterday in Chicago. Also walked around and took a boat up and down the river for a bit. You can find the full set here. I'll be posting some Wisconsin photos tomorrow. I think I'm going to take The Brunette's son cow-tipping tonight. Might even get the chance to hang out with Hong Pong a bit. Enjoy! Sean Paul Kelley August 6, 2011 - 12:19pm
( categories: Agonist Travel Journals | USA )
Dozens Killed as NATO Helicopter Shot Down in AfghanistanRay Rivera & Alissa J Rubin | Kabul | Aug 6 The majority of those killed were NATO troops but Afghan soldiers were also among the dead, said the official, who spoke on condition of anonymity because the crash was still being investigated. The helicopter was hit by a rocket-propelled grenade in the Tangi valley of the Wardak Province just west of Kabul. The Taliban claimed credit for the attack. U.S. Air Force Capt. Justin Brockhoff, a NATO spokesman, confirmed the crash but could provide no further information, including what caused the crash or whether there were casualties. Tina August 6, 2011 - 4:38am
The day Hiroshima turned into hellCajsa Wikstrom | Aug 6 Aljazeera - Sixty-six years ago, Hiroshima was turned into a burning inferno as the Americans dropped an atomic bomb on the Japanese city. Keijiro Matsushima was 16 years old when he witnessed the attack which claimed roughly 100,000 lives in one day. He recalls how August 6, 1945, was a beautiful day, with a blue sky. Matsushima had returned to school only a week earlier, after he and his peers were mobilised to work for a year and a half in a factory producing military uniforms. At 8.15 in the morning, his class had just started. He was listening to his teacher explaining a question on differential and integral calculus."I was looking out through the window and saw two American B-29 bombers. I just thought 'American planes again', assuming they were out for some routine work." When he looked back at his books, the bomb exploded. more at the link nymole August 6, 2011 - 4:29am
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![]() ( categories: AgonistWire | USA )
Who would trust Standard and Poor's?
Jack Tapper of ABC News reported late this afternoon: "A third official says that S&P made a "serious mistake" in its analysis, "based on flawed math and assumptions," so the Obama administration is pushing back. But even though "S&P has acknowledged its numbers are wrong, it's unclear what they're going to do.," the official said. "S&P's numbers were off by "roughly $2 trillion," the official said. Fitch and Moody's reaffirmed the AAA US rating earlier in the week. In addition to the question raised about a mathematical error, there are substantial reasons to doubt S&P for any credit rating, let alone the sovereign debt of the United States This material is from an article on April 25, 2011. It is highly relevant to the situation at hand. They Helped Trigger the Financial Collapse Michael Collins August 5, 2011 - 11:29pm
( categories: Globalization )
Govt official: US expecting S&P downgrade(Updated)Jake Tapper | Aug 5 Officials reasons given will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA. UPDATE: S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers. Reuters Tina August 5, 2011 - 5:20pm
"City Commanders: They Didn't Hear a Thing"August 5, 2011 Spiegel Online - "Whatever happens in East Berlin, we stand by West Berlin." -- British Ambassador to West Germany Sir Christopher Steel, after a tour of East Berlin. Applause followed the young men as they made their way slowly through the packed crowd to the podium. The words on their large signs were visible from a distance: "Doesn't the West know what to do?" "Where are the protective powers?" and "Betrayed by the West?" The questions remain unanswered. Even West Berlin Mayor Willy Brandt, a speaker at the protest rally against sealing off the eastern sector, failed to comfort the crowd of 250,000. Unable to conceal his bitterness over the West's failure to react, the mayor shouted hoarsely into the microphone: "Berlin expects more than just words!" more at the link nymole August 5, 2011 - 4:07pm
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![]() Washington's Three Ring CircusIt shouldn't be surprising to those of us who physically restrain our gag reflex and endeavour to observe or participate in the American political spectacle that a trending topic on Twitter this past weekend was the combination of a four-letter word, the word "you" and "Washington". For a long time now, what goes on in the Beltway has ceased to serve the interests of the vast majority of Americans, in that shockingly most of us don't have weekly passes to the Creation Museum, or attend performances at the David H. Koch Theatre while monocle-clad and porting brandy snifters. But the current disaster, over an artificially created "debt ceiling" (an artifact of World War I) that's been a non-event in the past, is pushing our political culture towards what was previously reserved only for Barnum & Bailey. Cliff Schecter August 4, 2011 - 11:15pm
( categories: Economics: USA | USA: Campaign 2012 | USA: Congress | USA: Domestic Issues | USA: Presidency )
Drought In Texas Expected To Last Another YearI've never seen anything this brutal. Just unreal. Sean Paul Kelley August 4, 2011 - 6:42pm
( categories: USA: Texas )
I Wonder If . . .. . . John Boehner is enjoying his 98% today. Sean Paul Kelley August 4, 2011 - 3:15pm
( categories: The Markets )
Apparently The . . .. . . the confidence fairies are working wonders on the markets! Sean Paul Kelley August 4, 2011 - 1:19pm
( categories: The Markets )
Welcome to the cliffWhile I hesitate to make predictions concerning financial markets, a few respected voices have warned me that we stand at the precipice. Check out what Ilargi has to say at the Automatic Earth. Then take a stroll over to Zerohedge and smell the napalm. Don August 4, 2011 - 12:06pm
( categories: Miscellany )
Little Noticed In The "Arab Spring"Israeli citizens are demanding more liberal government.
Actor 212 August 4, 2011 - 9:27am
( categories: Israel and Palestine | Ruminations | USA | USA: Campaign 2012 | USA: Congress | USA: Domestic Issues )
Caption Contest!
Tina August 3, 2011 - 10:05pm
( categories: Humor & Satire )
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