Monthly Archives: September 2008

Online Auction Fundraiser for Ellen Garneau

My Mom, Ellen Garneau, is running for the VT State House in Pittsford/Sudbury. She is running as a Progressive against a long-time Republican incumbant, Peg Flory. (There is no Democrat running in this race.) More information about my Mom’s campaign can be found at http://www.EllenGarneau.com

We are having an online auction this week to raise funds for her campaign. Please check out the items listed and bid high! 😉

http://shop.ebay.com/merchant/…

Thanks!

Jessica Falker

Democrats in danger of losing Franklin County

DON COLLINS          D Franklin  incumbent

SARA KITTELL         D Franklin  incumbent

RANDY BROCK          R Franklin

BILL ROWELL          R Franklin

This election year is going to be a tough one for Don Collins and Sara Kittell. Don Collins barley held on to his senate seat in 2006 winning by just a few votes. This year the republicans have two great canidates and they seem to be very organized. Driving around the St Albans area you see very few Sarah and Don Collins signs and many Randy Brock and Bill Rowell signs. Randy Brock who lost his positon as state auditor last election is well known and liked in Franklin county. Bill Rowell also seems to be well known and liked. The only thing the democrats have going for them is that this is a presidential election year and voter turn out will be high. Hopefully Obama brings new and young voters out who might help Sarah and Collins keep thier job. I hope the Vermont Democratic party allocates enough money and support to Franklin county this year because my observations make me believe they are going to need it.

 

It’s not a bankers’ bailout …

it’s yet one more Democratic kowtowing to Cheney/Bush empire building.

Look at the  Cheney/Bush “bailout”, and ask yourself … “Self? Why are the Dems surrendering power and responsibility to the Cheney/Bush regime yet one more time?”

Shortest version: The Department of Treasury is given absolute power to purchase bad debt instruments at any price and simultaneously borrow money in the name of the United States to do so … hell, Congress even raised the debt ceiling by another one and a half trillion dollars to do so.

Every plaintive scream of doom and gloom by Cheney/Bush has resulted in one more surrender by the DC Dem surrender monkeys.

Art Woolf gets it wrong — “Baffled” by comparisons to Great Depression

Every tiime I hear Art Woolf described as one of “Vermont's leading economists,” I almost double over as if with a knife-like pain in the abdomen. 

The word, “leading,” desbrides the present tense.  Are you a leader today, and are you leading others toward tomorrow.  “Leading” does not mean you served as a State Economist decades ago.

One way to determine the present quality of any economist's opinion is to ask the question, “Did he get it right?”

For those who don't follow finance, be assured it was a collapse of huge magnitude and right now the Fed is throwing a trillion dollars at it and crossing their fingers.  We're borrowing new money — raising our national debt ceiling to $11.5 trillion — to throw a safety net under the so-called “free” market system, beginning with an 80%  buyup of the world's largest insurance company, AIG, through the purchase of warrants.   There's no guaranteel that this trick will work, but whether it does or not, we're talking about an incredibly heavy debt-load for future generations.

Art Woolf, alledgedly “one of Vermont's leading economists,” recently wailed and moaned in response to the July 29th Rutland Herald editorial, “Revisiting the Depression.”

On the same day, Mr. Woolf asserts that, despite the financial crisis,

Economic indicators are not great, but they are far from the worst we have seen since the 1930s.   They are still better than they were in the early 1990s, for example.  

Economic indicators?   Sure the econonomy is just dandy at the time the Fed is bailing out Frannie Mae and Freddie Mac, bankruptcies and foreclosures are rising through the roof and the unemployment rate is increasing.  As any economist might predict, everything is just fine, pay no attention to that elephant in the room.

“Leading economist” Woolf centers his rebuttal around a quibble of history, arguing that policies from the Federal Reserve caused the great depression.  What gets his ire up is this line from the Herald:

The Depression showed what can happen when policymakers place their trust in the self-correcting magic of the market. 

 

“It was the Fed's fault!  It was the Fed's fault!” Woolf cries out, chastising the Herald for not knowing their history.

Fair enough Mr. Woolf.  You've earned the title of “Vermont's leading economic historian.”

But the next time I hear you on the radio, I won't be bringing you free-market ideology to the bank.

http://www.vermonttiger.com/content/2008/07/getting-history.html

Wrong Kind of Bail Out

(I agree, although I think a lot of the larger, worst players looking at collapse should be absorbed wholesale and broken into constituent parts in the process… – promoted by odum)

As you all know, I have been supportive of a bailout that tried to move the bad mortgage paper out of the system.  I thought it made sense to have the govt buy this for nickels on the dollar and simply purge the system.  If priced right, the lenders will be punished, but can issue new stock and move on. Bank  Shareholders will pay the price for the stupidity of mortgage lending, but will not be totally wiped out.   More importantly, if priced right the ultimate tab to the taxpayer will be minimized as the government can re-sell the paper after it has cleaned it up.

Details are sketchy, but it looks like this bailout may offer to pay book value for these bad loans.  That is absurd. Here is a very good analysis of why:

http://calculatedrisk.blogspot…

As currently proposed, I am opposed to this bailout because it gives the Bush administration WAY too much latitude and does nothing to prevent bade behavior.

Any bailout needs to include a fair price to the taxpayer provision so that the treasury doesn’t simply buy up crap at premium prices.  It also needs to include warrants that will allow the debt to convert to shares to allow the taxpayer to be compensated for any paper that tanks.  

It is an absolute must that any bailout also include re-regulation of Wall Street, so that financial instruments are transparent with harsh criminal penalties.  I want any i-banker to think long and hard about a possible federal prison sentence if s/he knowingly issues bum securities.

I also think there should be a provision to pay for the costs of this bail out through a supplemental professional tax of i-bankers of  their gross income (regardless of the source) for the next 20 years.  

Lastly, there should be simplified provisions for judges to reset mortgage values to get people into homes they can actually afford.

Drill … Lower Gas Prices … Build SUVs: Lies to an Ugly Future

[Cross Posted from DailyKos, with permission. I’m putting this here so, as we head into home heating season and the drumbeats for action increase in both intensity and speed, we’ll all have an understanding of exactly how little offshore drilling will do.

Credit to Get Energy Smart Now ]

During the Republican primaries, John McCain fell in Michigan, in part because he was living in reality when it came to Global Warming rhetoric, a reality uncomfortable for the flat-earth, reality-denying wing of the Republican party. Come this November, McCain doesn’t plan to make the same mistake. The Palin-McCain campaign’s latest ad is, not surprisingly, dishonest on multiple levels and offers ugly prospects for the future. The Palin-McCain Lying Ad is, well, despicable.

This ad is about “jobs” for Michigan, a state under great (and continuing) pressure. The ad deceptively links McCain to Obama theme like “reform” and “change”.

[more below the fold]

Let us take a moment to consider just one sentence:

“Offshore drilling to reduce the price of gas to spur truck sales.”

How many times does it need to be said? Offshore drilling is, at best, a 1 cent, 1 percent solution 20 years off to the question of gasoline prices.  According to Department of Energy analysis, offshore drilling would:

  1. Lead to a 1.2 cent reduction in gasoline prices.
  2. Provide 1 percent of today’s US oil demand and 0.25 percent of global demand (about 200,000 barrels per day of production compared to 20 million barrels/day of US demand and global demand (over 80 million barrels / day)
  3. Do this by 2030 …

Yes, a 1 cent, 1 percent solution, 20 years from now would “spur truck sales”.

How can anyone take the Palin-McCain campaign seriously?

The Sierra Club has weighed in … strongly. This press release merits quotation in full:

“This ad is so full of lies, deceptions, and failed approaches to our energy and economic problems, it’s hard to know where to start.  Michiganders are smart enough to see through the lies and simple-minded pandering in this ad.  They know we need a real plan, real change, and that we need a candidate who understands our energy and economic crises.  This ad is further proof that John McCain just doesn’t get it and doesn’t have the kind of plan that Michigan—and America—needs.  

“The Sierra Club understand that times are tough in Michigan and that the automakers need help.  We support government loans to help the automakers if they are willing to make the kind of real, fleet-wide improvements in fuel economy that will help consumers spend less on gas and help reduce our dangerous dependence on oil.  And what the ad doesn’t tell you is that McCain opposed helping the automakers and only changed his mind once he started to slip in the polls in Michigan.

“John McCain says that the solution to Detroit’s woes is to have lower gas prices so they can sell more trucks.  Unfortunately, McCain’s drilling plan won’t lower prices and selling more trucks won’t help Detroit solve its problems in the long-run—but it will increase our addiction to oil. Michiganders know that relying too heavily on gas-guzzling trucks and SUVs is what got the auto industry into this mess in the first place and that’s why they want help building the next generation of fuel-efficient vehicles.  This is just one more example of John McCain’s backward-looking, outdated approach to America’s most pressing problems.

“Barack Obama has a real plan to invest $150 billion in the clean energy technologies we need.  That includes giving the auto industry the help they need to double fuel economy and make the next generation of fuel-efficient vehicles here in America.  

“Instead of a real plan, John McCain wants to run the economy like a game show full of misguided gimmicks like a $300 million prize for car batteries and the widely denounced gas tax holiday.  

“It’s shameful that the McCain campaign continues to repeat the completely discredited claim that more offshore drilling will lower gas prices.  This is the second ad just this week to do so.  Even the Bush administration admits that drilling won’t lower gas prices. It’s time for McCain and his campaign to start being honest with the American public about his energy plans.”

NOTE:  An excellent graphic from Architecture2030 to illustrate the volume impact. (Note that the total figures here are quite low. Current US consumption is 20 million barrels per day, not 15 …)

This is defined as “US oil consumption” and you will see that we are at about 15 million barrels / day in the chart.  The problem: The United States is using more than 20 million barrels per day.  (According to the Energy Information Administration,   “20,680,000 barrels per day” is their current statement as to US use.) It looks as if Architecture2030 used the 70% of US oil use that is dedicated to transportation rather than the total petroleum product use.  This graphic is, actually, overstating the impact of the 200,000 barrels/day since they are showing current and projected demand about 1/3rd lower than what the Energy Information Administration shows.   Even so, it clearly shows how this is about a 1 percent solution, decades into the future.

Vincent Bugliosi, “A Fish Out of the Water”

Like leftover Thanksgiving turkey, I got to interview bestselling author Vincent Buglosi during the DNC. Hope you enjoy! -Christian

PS: I take it you all know he was in Burlington yesterday.

Crossposted at Docudharma.

Vincent Bugliosi is a renowned prosecutor and respected lawyer. How good is he? Bugliosi successfully prosecuted 105 out of 106 felony jury trials, including 21 murder convictions without a single loss. His most famous trial, the Charles Manson case, became the basis of his classic, Helter Skelter. Many consider Helter Skelter to be the best true-crime story ever written. Bugliosi also wrote two others New York Times best sellers: And the Sea Will Tell and Outrage: The Five Reasons Why O.J. Simpson Got Away With Murder.  Other books include No Island of Sanity: Paula Jones v. Bill Clinton: The Supreme Court on Trial, Till Death Do Us Part, The Betrayal of America: How The Supreme Court Undermined the Constitution and Chose Our President, and Reclaiming History: The Assassination of President John F. Kennedy. Bugliosi’s latest, The Prosecution of George W. Bush For Murder, is an explosive look at the un-reported (or under-reported) crimes committed by the Bush Administration. In The Prosecution of George W. Bush For Murder, Bugliosi skillfully and meticulously sets forth a legal architecture for the case against Bush and unequivocal evidence of his guilt. He also establishes the jurisdiction, on a federal and state level, for close to 1,000 prosecutors throughout the U.S. to prosecute Bush for the crimes of murder and conspiracy to commit murder.

Bugliosi spoke in Denver during the Democratic National Convention. He didn’t address party stalwarts, delegates, super-delegates, or the party faithful. Bugliosi took it to the people at the Central Presbyterian Church in downtown Denver. Here is what Vincent Bugliosi had to say.

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Christian: So where are current efforts right now to bring George W. Bush to justice?

Bugliosi: I’ve already reached out to the 50-state attorney generals. I’ve ordered a copy of the national district attorneys from around the country that are elected and appointed prosecutors, not deputies in their office. Only the DA himself can bring a criminal charge against Bush. There’s probably 2,700 of them right now. We ‘re contacting prosecutors who represent counties of soldiers killed in Iraq. I don’t know what that number would be, so we sent out a letter to all of them. If we send one to a DA in a county that hasn’t lost a soldier, that DA would not have jurisdiction.

So we’re going to reach out to every prosecutor in the country. My belief (although I don’t feel strongly about it) is that there is a substantial likelihood we’re going to get one or more DAs courageous enough to take on George W. Bush. But before they do that, they’re going to have to check every citation of mine to make sure they’re accurate. They will have to assign members of their staff to investigate the case completely because I don’t think there’s any question it will be the biggest murder case in American history. So no prosecutor is going to just jump into this. A lot of research, time, and discussion will go into this so I don’t expect any immediate response. But I already have a state attorney general whose chief of staff wants to talk with me and a DA that wants to talk to me. So that’s a start.

I’ve gotten quite a few letters from people saying they’ve sent a copy of the book to their local DAs, asking them to prosecute. Wherever I speak, including today, people come up to me and say, “Mr. Bugliosi, is there any way I can help?” I tell them if you believe what I say in the book is correct, send a copy to the local DA with a cover letter and maybe 50 signatures from people who feel the same way. There is now a mini-movement, in America, that supports the notion of prosecuting George W. Bush for murder. He may very well end up in a prison cell but don’t forget, there’s no statue of limitations for murder. So when we talk about 2,700 more DAs for the rest of Bush’s life, those numbers multiply to 10-15,000 DA’s. As long as he’s alive, there’s no statue of limitations that someone can go after him. Where is it now? I think (the movement’s) gaining steam. My guess is if it happens at all, it’s going to be at the local level (a local DA) as opposed to a state attorney general or the Attorney General in Washington.

Now you are aware Obama has used the word “immediately” before. He said that if he becomes president, he’s going to “immediately” ask the AG to look at the record and see if there’s evidence of any genuine crime as opposed to terrible policy. Obama also said that no man is above the law. The implication being if he finds a crime, he’s going to look into it.

It’s amazing that with all the new information coming out on George W. Bush (Ron Suskind’s book for example), you would think people would be in the streets with pitchforks and torches demanding he be arrested. How is this information not reaching the masses? If it is, then why is there so much indifference?

My book does something about it. Suskind’s revelations provide nothing at all, even though it’s still good. If there was a prosecution, the people who gave him information for those revelations would be witnesses for the prosecutor. Follow what I’m saying?

I’ve had host of shows tell me, “I hate George W. Bush, All I want is for him to go away.” And I say, “What about justice? What about the fact that there’s at least 100,000 agree with me that this guy needs to be prosecuted?” Then they say, “Well I guess so,” but their first instinct is not justice. It’s just to get rid of him. I just feel like I’m a fish out of the water here because I’m expecting people to outraged. But here’s the point, an extremely important point. If this could be told to the American public and if evidence could be presented, that Bush took this nation to war and committed murder, that could fall into the hands of John McCain.

Look what happened to Bill Clinton. Bill Clinton did nothing at all. The consensus among virtually everyone is that his scandal hurt Al Gore in 2000 election. His scandal cost Gore several points in the 2000 election and it got to the point where Gore didn’t utilize Clinton in his campaign. The sense was even though Gore wasn’t involved, he was still the veep during this scandal. It was nothing it was sublime silliness, but it spilled over. So you can imagine what would happen if the American public were convinced that George W. Bush took this nation to war and committed a crime, that will slide over to John McCain. Particularly since John McCain supported this war. So the discussion should have happened (at the convention) and I wonder why is nobody talking about that. They’re talking about everything but that!

As far as indifference, I say “What’s happened to the soul of the Democratic Party? Why aren’t they talking about this monstrous crime that this guy committed (at the convention)?” Why is that? I don’t know. Peoples’ memories last as long as a breath and they go onto other stuff. I’m not going onto other stuff. I’m not going to let this guy go. I may not succeed but I’m not going to satisfied until I see him in an American court being charged with first degree murder on trial.

It seems that politicians don’t want to think about it at all. Their focus is all about winning the 2008 election. How do you get around that?

You know, a man came up to me today, thanked me and said, “My son died in Iraq and I did not sacrifice my son for George W. Bush.” Then he said “I hope you get him.” I gave him a hug. You know, it’s amazing the survivors of the kids that died over there are not up in arms. Do you know why they’re not? A lot believed they died for America but they didn’t die for America! They died for George W. Bush, Karl Rove, and Dick Cheney! What American interests are being served over there? None!

Switching gears now. You said that there’s been a virtual blackout by the traditional media in covering your book. What’s going on?

When all my other true crime books came out, I went to New York City and started out on national television. Every single one. When this book came out, I didn’t go to New York because no network had me on; no cable had me on; and no newspaper reviewed the book. It was a total blackout. The New York Times did an article about the blackout and that opened it up just a tiny little crack. But for the most part, everyone has stayed away from it except progressive Democrats. Without progressive Democrats, this book would never had taken off.

How has citizen journalism, blogs, and other forms of online media helped?

You see, I don’t have a computer. Apparently the book is big on the Internet. I hear that and I also hear a lot of blogs are talking about the book. That certainly has helped. But if you start out on The Today Show, you reach 8 million people. For me to reach 8 million people the way I’m doing it now, I have to give hundreds of interviews. I don’t think there’s too much question that this book would have been number one if I had started out like my other ones on national television. As it is, it got up to #9 on the NYT bestsellers list. This week it’s #10. If you can do #9 or #10 and still be blacked out by the major media, I think you can extrapolate that this book could have been number one.

*** His publicist interrupts and says the book is in its eighth straight week on the New York Times bestsellers list. ***

Switching gears again. One of the things naysayers say about the indictment resolution is that citizens cannot and should not have to the power to arrest a former president and vice-president. They consider indictments by popular vote to be mob justice mentality.

I don’t think it’s mob justice. (What Brattleboro, VT passed) that can’t happen. There’s no criminal indictment that can come from them. It can only come from a grand jury and the grand jury doesn’t take things upon themselves. The DA has to offer evidence to them, or a state attorney general. They lead the efforts.

Thank you very much Mr. Bugliosi!

A longer version of this interview is posted at iBrattleboro.

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Vincent Bugliosi & I on the way to Denver International Airport