Politics Plus

Republican wing nuts give “pass the hat” a whole new meaning.  First, the hat goes to Sue Myrick.

…In a letter [wing nut delinked] to Homeland Security Secretary Janet Napolitano, Myrick calls for a task force "to engage US and Mexican law enforcement and border patrol officials about Hezbollah’s presence, activities, and connections to gangs and drug cartels."

Myrick says she has to come believe that Hezbollah is operating on the border because of evidence well, wouldn’t that be crazy? She writes:

"The connection between Hezbollah and the drug cartels has seemed to grow over the past few years. This may be especially true on the US Southern border.

Across states in the Southwest, well trained officials are beginning to notice the tattoos of gang members in prisons are being written in Farsi. We have typically seen tattoos in Arabic, but Farsi implies a Persian influence that can likely be traced back to Iran and its proxy army, Hezbollah. These tattoos in Farsi are almost always seen in combination with gang or drug cartel tattoos. These combinations have been increasing in number and point to the fact that these criminals are tied to both Hezbollah and gangs and drug cartels."

Myrick also points to the similarity between the U.S. border terrain and Israel as a reason why Hezbollah is there:

"Former intelligence officials have pointed to the terrain that makes up our border, especially in the San Diego border sector, as a reason why drug cartels have been partnering with Hezbollah. This terrain is very much like the areas around Israel’s borders. As we well know, Hezbollah is extremely skilled in the construction of tunnels. Israel has time and again found Hezbollah tunnels leading into Israel, some of which are large enough to accommodate trucks. Likewise, these intelligence officials say that the drug cartels, in an effort to dig larger and more effective tunnels, are employing the expertise of Hezbollah. For their expertise, Hezbollah could be receiving a cut of the drug money or even be helping put cash up front to assist in the overall drug operations."… [emphasis added]

…

Inserted from <TPM>

From Sue, we pass the hat to Sarah “Drill Baby Dingbat” Palin, aka Mooseolini, the lady with the vuvuzela voice.

Last night, former GOP Vice Presidential candidate Sarah Palin tweeted her endorsement of an article [rabid ideologue delinked] by Thomas Sowell that compares President Obama to Hitler and calls those who voted for him “useful idiots.”

People For the American Way President Michael B. Keegan said:

“Sowell’s article would be ridiculous if it weren’t so vile, and it deserves to be marginalized. That Palin, a leader of the Republican Party, would encourage her hundreds of thousands of Twitter followers to read it, while implying her agreement with its argument, is troubling. Does Palin agree with Sowell that President Obama’s work to hold BP accountable for the worst oil spill in American history can be compared to the actions of Hitler? Does she agree that the 53% of Americans who voted for Obama are ‘useful idiots’?…

Inserted from <PFAW>

When she praised Sowell, she may not have realized what she was endorsing.  When an idea enters her left ear, it can accelerate out her right ear at the speed of light, as there is no resistance in a vacuum.

Finally, we pass the hat to Paul Broun.

One of Rep. Paul Broun’s (R-GA) most frequent targets is the federal government, which he has in the past claimed is going to kill people by passing comprehensive health care reform and clean energy legislation. Now, the Atlanta Journal Constitution has discovered that Broun “was a part-owner of a bank” started by his brother that failed in March and had to be taken over by the FDIC to protect its depositors, meaning that the very same federal government the congressman demonizes was forced to save his failing business and its customers. Asked for comment by the paper, Broun attacked the federal government, saying that it’s “totally wrong” for the government to be taking over failed banks like his and protecting the depositors…

Inserted from <Think Progress>

These Republicans get wing-nuttier every day!

Let me preface this article by saying that most police officers are dedicated individuals who serve their communities professionally.  However, especially in red states, that is not always the case.

When Lonnie Tinsley of El Reno, Oklahoma, called 911 to ask for medical assistance for his disabled, bed-ridden grandmother, he couldn’t have dreamed it would end with police tasering the 86-year-old woman twice, stepping on her oxygen hose until she couldn’t breathe, and sending her to a psychiatric hospital for six days.

Yet that’s what a lawsuit (PDF) filed in a federal court in Oklahoma this week alleges.

According to the lawsuit, in December, 2009, Tinsley came by his grandmother’s apartment to see if she was doing alright in the midst of a winter storm. When she wasn’t able to tell him if she had taken her medication, Tinsley called 911 and asked responders to send medical technicians over to evaluate her.

But instead of an ambulance, the lawsuit alleges, "as many as 10 El Reno police" arrived and "pushed their way through the door."

At that point, 86-year-old Lona Varner told police to "get out of her apartment." That’s when officer Thomas Duran, described in the lawsuit as the "leader" of the police unit, allegedly told another officer to "taser her."

When Tinsley responded "Don’t tase my granny!" the officers threatened to taser him instead, the lawsuit states.

In his police report, officer Durgan asserted that Varner "took a more aggressive posture in her bed," evidently causing him to fear for his and his officers’ lives.

Police then handcuffed Tinsley and took him to a waiting squad car. They released him without charge some time later. Meanwhile, the lawsuit alleges, officers "stepped on [Varner’s] oxygen hose until she began to suffer oxygen deprivation."

Officers then fired a taser at her, hitting her twice, causing her to pass out, the lawsuit states… [emphasis added]

Inserted from <Raw Story>

According to comments from a complete imaginary source, I understand that Gov. Jan Brewer (R-AZ) has requested the loan of these officers to help implement the GOP’s anti-latino law.

The conference committee is done.  Here’s an overview what the bill that will return to the House and Senate for possible ratification.

Instead of my usual format, I shall indent my own comments in blue within the article itself.

…Here is a brief look at the bill’s main provisions:

SWAPS PUSH-OUT: Wall Street firms that dominate the $615-trillion over-the-counter derivatives market would have to spin off dealing operations in some swaps, but could keep many swaps in-house, including derivatives to hedge their own risk.

Much OTC derivatives trading would be redirected through more accountable channels such as exchanges and clearinghouses. Many OTC contracts end-users could carry on as before.

This has a huge loophole, because it allows Banksters to continue top secretly manipulate the derivatives market, out of the public’s eye.  I understand Chris Dodd aided the GOP in inserting the loophole.

VOLCKER RULE: A new rule would bar proprietary trading by banks for their own accounts unrelated to customers; limit the growth of the biggest banks; and curb banks’ involvement in private equity and hedge funds, except for small investments allowed by a loophole added to the rule late in debate.

Some big banks’ profits would be pinched by both the Volcker rule and the Lincoln swaps plan, with a few Wall Street giants potentially facing structural changes.

Except for the loophole, this is excellent.

WALL ST ‘DEATH PANEL’: Aiming to prevent massive bailouts like AIG’s and disastrous bankruptcies like Lehman Brothers’, the bill calls for a new government "orderly liquidation" process for financial firms on the verge of collapse.

Authorities could seize and liquidate them, with costs covered by sales of assets and fees on other firms if needed.

I like this provision, but I’m concerned that, given another GOP meltdown, these TBTF banks will not have sufficient assets to cover the costs, burdening taxpayers again.  Furthermore, I consider it likely that before such a process can begin, Banksters will have gutted the banks and run, leaving oblt the right side of the balance sheet.  We should break up the TBTF banks now.

CONSUMER WATCHDOG: Protection of financial consumers would be enhanced by increased government regulation.

The bill would set up a new bureau in the Federal Reserve to regulate mortgages and credit cards. The watchdog has sharp teeth, but couldn’t bite car dealers, who won an exemption.

Before I can comment on this, I need to confirm that the bureau is an independent entity, despite its location within the Fed.  If so, I’m all for it.

THE BIG PICTURE: A new council of federal regulators would try to monitor the entire financial forest, not just the trees. High-risk firms could be singled out for stricter policing.

The devil is in the details here.  The quality of this provision will not be apparent until we see how it is implemented.

BEHIND THE HEDGE: Private equity and hedge funds would have to register with regulators and open their books to scrutiny. Not so for venture capital funds, which would be exempt.

This is mixed.  Overall it’s the right move, except that venture capital firms should not be exempted.  How much do you want to bet that private equity and hedge funds will restructure themselves as venture capital funds?

INSURANCE COPS: The first federal monitor for state-policed insurers would be formed. It’s not federal regulation — yet.

We’ll have to wait and see.

BANK CUSHIONS: Banks would have to set aside more capital to ride out tough times, but will get several years to comply.

How much more capital?  Several years is much too long.

FED SCRUTINY: The Fed’s emergency lending during the crisis would be reviewed, but not its decisions on interest rates.

This is mixed.  All Fed activity should be reviewed.

DEBIT CARDS: Fees charged on debit card transactions would be reduced — a victory for retailers over the banks.

I support this, but I wonder if banks will just start charging annual fees on debit cards, and I doubt that most retailers will pass the savings down to consumers.

Inserted from <Reuters>

I think that the Democrats gave far too much away to Republicans in conference, but the bill contains too many benefits not to support it as a first step toward financial form.  Like health care reform, we have a lot more work to do.