MORNING MESSAGE: Re-Declare Independence
OurFuture.org's Richard Eskow: "George III is gone. But there are other tyrants, and it's time to re-declare independence from them: from the cynical cheaters on Wall Street and the politicians in both parties who serve them; from the austerity advocates who would have the many pay the price for the greed of the few; from the mind-numbing consumerism that keeps us economically and emotionally enslaved; from sexual stereotypes and repression, from the racism and bigotry which divide us and make us easier to conquer. By all means vote against the rapacious right … But your work doesn't end with the the pull of a lever in a voting booth. It begins there … it's our job to supervise their work. No elected official can relieve us of our moral and spiritual responsibilities as citizens."
Obama Embarks On Bus Tour
Obama launches 2-day bus tour in OH and PA on jobs. USA Today: "The Obama campaign is billing it as a 'Betting on America' bus tour in which the president will discuss 'saving the auto industry, investing in manufacturing and bringing jobs back to America.' Also expect to hear more presidential criticism of Republican challenger Mitt Romney and his stewardship of the private-equity firm Bain Capital."
Bus tour will coincide with next monthly jobs report notes Bloomberg.
Romney flips, and lies. Calls Affordable Care Act a "tax." NYT: "Mr. Romney’s remarks, made in a hastily arranged interview with CBS News on a national holiday, prompted renewed criticisms that he was willing to adjust his views for political expediency. Two days earlier, his chief spokesman and senior strategist had said that Mr. Romney did not believe the mandate should be called a tax."
Spending on congressional races is up from 2008. W. Post: "The push for money is due in part to incumbent fears of super PACs and other outside groups, which have already shown the ability to upend key House and Senate primary races."
GOP MI Gov. Rick Synder vetoes GOP voter ID bill. Politico: "The governor said that while he 'appreciates the issue of ensuring voters are eligible and U.S. citizens,' the measures could create 'voter confusion among absentee voters.'"
Austerity Here, Progressive Taxes in France
Austerity slowly eliminating government programs. NYT: "Buried deep inside the voluminous highway, student loan and flood insurance bill that President Obama will sign this week — so deep that furious Wyoming lawmakers did not see it until it was too late — is a provision capping the abandoned mine fund, and using the $700 million in savings to help pay for the new law. It is a clear example of how a new era of austerity in Washington is starting to turn legislating into a zero-sum game: somebody’s gain is someone else’s loss. Highways got money. Bike paths did not … The roll-your-own cigarette industry was hit hard. College student loans will keep their subsidies. United States-flagged ships will lose some of theirs."
France raises taxes on wealthy. NYT: "For this year alone, the government announced about $9 billion in higher taxes, with about $7.6 billion more to come next year … Among the main new taxes is a special surcharge on the assets of individuals with more than $1.62 million of global wealth, which is expected to bring in $2.87 billion; the tax is expected to be made permanent next year, when there will also be a new tax bracket of 75 percent on incomes of more than $1.25 million a year."
House GOP targets food stamps. Politico: "Known as categorical eligibility — 'cat-el' for short — it is an administrative shortcut that’s become far more common since the economic downturn in 2008. More than 40 states now invoke this option: the link to the post-welfare regime can be as casual as a mailed brochure from state offices for the Temporary Assistance for Needy Families program. And the result is a patchwork quilt of different income and asset standards from one state to the next. How much these varying eligibility rules are really responsible for the explosion in food stamp costs in the same period is a matter of dispute. Independent experts argue that the length of the economic downturn and President Barack Obama’s decision to raise food stamp benefits as part of his stimulus program were far greater factors. But Republicans see a new form of welfare, and 'repeal cat-el' has become a rallying cry for the right."
Libor Scandal Grows
Libor scandal may take down more banks. Bloomberg: "Barclays, like other lenders that help set key rates for $360 trillion in securities, has given investors scant guidance on the liability they face for alleged market manipulation. More than a dozen banks are being probed by U.S., Asian and European regulators for collusion in setting interbank lending rates. The others have mirrored Barclays on minimal disclosure … Barclays’s fines were the first in a two-year, inter- continental investigation into manipulation of Libor and Euribor, benchmarks used globally for setting borrowing rates. Among the 18 lenders on the U.S. dollar panel are the three biggest American banks, JPMorgan Chase & Co. (JPM), Bank of America and Citigroup, as well as Barclays and Zurich-based UBS."
Deposed Barclays chief tries to spread blame. Bloomberg: "…Diamond said yesterday he was 'disappointed' regulators failed to act on repeated warnings from Barclays that competitors had lowballed their submissions. Legislators challenged him on why he took so long to uncover his own firm’s attempts to manipulate the rate."
