Each morning, Bill Scher and Terrance Heath serve up what progressives need to effect change on the kitchen-table issues families face: jobs, health care, green energy, financial reform, affordable education and retirement security.
MORNING MESSAGE: Six Pictures From the Wall St. Culture War
OurFuture.org's Richard Eskow: "Make no mistake about it: The struggle between Wall Street and 'the 99 percent' is a culture war. It's a war over our values, our beliefs, and rights. That's why Occupy Wall Street has been so wise not to proclaim specific policy demands. The movement is trying to change the way we view ourselves and our society. That has started a war: a war of communication, a war of education, a war of perception. It's a war to remind us who we are as a people - or better yet, who we would wish to be. Here are six pictures from that culture war..."
Super Cmte Puts Social Security On The Table
"Super Committee" seriously considering Social Security benefit cuts. Politico: "In private conversations, and now in public, the idea of changing the social program as part of a deficit-reduction deal is gaining some traction ... Asked specifically about Social Security, [Co-chair Dem Sen. Patty] Murray said, 'Everything is on the table, and we’ve made no decisions.' ... It may not help the committee get to $1.2 trillion, but Democrats are all but certain to insist that Boehner commit to serious changes on taxes alongside such entitlement restructuring."
New Social Security report shows minority communities would be hit hardest. Strengthen Social Security's Nancy Altman and Eric Kingson: "Because people of color are less likely to be in jobs covered by private pensions, they are more likely to have Social Security as their only or predominant source of retirement income."
What's worse for "Super Committee" members, deal or no deal? The Hill: "Failure could ... hamper the political aspirations of some of the committee’s members who are looking to climb the leadership ladder ... To fall short of the $1.2 trillion minimum goal necessary to avoid automatic cuts would come as an overwhelming letdown that would likely roil the stock market as well as the political landscape ... [However,] signing onto any agreement could alienate segments of their party’s base and threaten their advancement in leadership."
"Supercommittee of the One Percent Won't Even Think of Taxing Wall Street" notes Dean Baker: "While whacking our parents and grandparents with a big cut in Social Security benefits apparently draws bipartisan support, the supercommittee will not even score a plan to tax Wall Street financial speculation. No committee member from either party is prepared to make a simple request to the Joint Tax Committee of Congress that would allow a speculation tax to be one of the items considered in the mix."
W. Post remembers when GOP "Super Committee" member Fred Upton used to be a moderate: "Former representative Howard Wolpe, a Kalamazoo Democrat who helped Upton defeat a conservative GOP incumbent in his first race, issued a scathing open letter to his old friend in the local papers. 'I have always known you to be honest, moderate, reasonable, and conscientious,' wrote Wolpe. 'But I can not tell you how painfully disappointed I have been to see you morph into a right-wing extremist.'"
Another FIlibuster Expected For Infrastructure Jobs Bill
Republican in Obama cabinet rips Republicans for playing politics with jobs. Newsweek: "'I’ve been in Washington 35 years… and I’ve never seen a time when people have put their own personal political feelings over how we can get the economy moving,' [said Transportation Sec Ray] LaHood ... 'Republicans made a decision right after the election—don’t give Obama any victories. The heck with putting people to work, because we can score points,' ..."
Some Dems may side with GOP when infrastructure jobs bill hits Senate floor this week. Politico: "Nebraska Sen. Ben Nelson ... continues to have concerns about the fact that these bills have been funded by raising taxes on the rich ... Sen. Joe Lieberman, a retiring Connecticut independent who caucuses with Democrats, has argued the government can’t keep spending more money at a time Congress is wrestling with the deficit ... It’s unclear if Tester or Pryor will vote for cloture on the infrastructure bill, the next piece of Obama’s jobs plan. Freshman Sen. Joe Manchin ... said he’s signed on as a co-sponsor because 'the one thing we need is infrastructure in this country.' ... Sen. Jim Webb (D-Va.), who is retiring in 2012, said he would vote to proceed to the bill, but wouldn’t vote for the bill itself because he objects to the pay-fors."
Push for gas tax increase to pay for transportation jobs bill. Politico: "For the first time in two decades, major transportation groups have banded together and made a request that, in other circumstances, would be considered crazy — 'Tax us … NOW.' ... The players came together in 2009, and it was a strong coalition — the U.S. Chamber of Commerce, labor groups, cities, states and county groups banded together. Truckers also joined with the manufacturers whose goods they transport. But it wasn’t enough."
"Rick Perry's Tax Cut for the Rich in a Very, Very Tall Graph" from The Atlantic's Derek Thompson.
Another Misfire For GOP Phony Scandal Machine
GOP pushes another clean energy non-scandal. The Hill: "The Republican National Committee highlighted Beacon’s bankruptcy in a stream of tweets Monday ... Energy Department spokesman Damien LaVera said there are 'many protections for the taxpayer' in the loan agreement with Beacon Power, which helped finance an energy-storage plant in Stephentown, N.Y., that began operating in January. 'The department’s loan guarantee is for the project Stephentown Regulation Services LLC, not the parent company, and the loan was set up in a way that ensures the department is not directly exposed to the liabilities of the parent company,' he said in an email Monday ... Beacon Power intends to continue operating the New York energy storage plant."
GOP Rep. Darrell Issa's investigations keep tarring Republicans. The Hill: "Whether it’s the Energy Department loans that Issa and scores of other Republican lawmakers lobbied for on behalf of companies in their home states, or a series of botched gun-tracking operations that used controversial tactics begun under President George W. Bush, Issa has had to strike a balance between shining the spotlight on government inefficiencies and not making Republicans look bad."
Banks Fail To Make Consumers Pay Cost Of Debit Card Reform
New debit card regulations not causing most banks to raise fees, despite bank lobbyist claims. WSJ: "SunTrust Banks Inc. and Regions Financial Corp. said they will stop charging customers for making purchases with debit cards, marking the latest banking-industry retreat from a monthly fee that drew an outraged response from customers. The announcements follow decisions last week by Wells Fargo & Co. and J.P. Morgan Chase & Co. to drop customer tests of the new fees ... The moves leave Bank of America Corp. as the only big bank that is still planning to levy the fee ... The about-face by the four big banks represents a rare concession to customer sensitivities over lucrative fees. Hit hard by a soft economy and tightening regulations, banks have been adding fees on services ... But none of those moves appears to have generated the intense response of the debit-card charge."
Consumers keep moving their money to smaller banks. McClatchy: "Consumers nationwide are searching for alternatives as banks such as Bank of America begin charging monthly fees of up to $5 to consumers who use debit cards. There is even a national Bank Transfer Day movement, encouraging consumers to move their money to smaller community banks or credit unions by Saturday."
New offer in foreclosure fraud settlement talks. WSJ: "The price tag to settle the state and federal investigation of bank foreclosure practices has increased by at least $5 billion ... In exchange for picking up a bigger tab, banks would be released from certain legal claims ... The price tag could go as high as $29 billion if the agreement includes a longer list of servicers ..."
Housing regulator says he doesn't have authority to enact broad foreclosure relief. The Hill: "If 'broad relief' to homeowners 'is the appropriate public policy,' [FHFA's Edward] DeMarco argued, 'the Congress of the United States should enact legislation that provides those funds for that purpose and directs this agency to carry that out.' ... The comments seem to contradict claims made just weeks ago by Reps. Elijah Cummings (D-Md.) and Dennis Cardoza (D-Calif.) ..."
Next For Occupy
Occupy movement targets Iowa GOP caucuses. Des Moines Register: "Iowa activists are inviting caravans of protesters from across the country to help them 'occupy' all the presidential campaign headquarters in Iowa – and to shut the offices down if they feel their message about corporate greed is not being heard. ... Non-violent protests could be waged throughout December and up until caucus day on Jan. 3..."
Occupy DC takes on Verizon, Wed. at 5 PM: "Join the Occupy movement from 5pm on Wednesday November 2nd, to march to a Verizon Wireless store for a fair contract and then the US Chamber of Commerce, demanding jobs. Stay after the march to participate in the General Assembly at 6pm."
It's time for solutions, argues Rebuild The Dream's Van Jones: "...solutions big enough to fit the scale of the problems that Occupy Wall Street has highlighted. Fortunately, the American Dream Movement spent this last summer taking on this very challenge ... The outcome was our 10-point program: the Contract for the American Dream."
