Pictures in order: Nelson Mandela as young boxer, during first treason trial, imprisoned on Robben Island, at United Nations, accepting Rugby World Cup, President of South Africa.
Demonstration in Pittsburgh for Extension of Unemployment Benefits
One Picture, One Thousand Words: What if Generals Told the Truth?
Congress gives Wall Street Banks “Get Out of Jail Free” card
“The six largest banks will still enjoy the enormous implicit subsidy that results from the expectation that the federal government will bail them out in the event of a crisis.”
Statement on Wall Street Reform Bill |
| Dean Baker: “Reform Bill Will Improve Regulation in the Financial Sector”For Immediate Release: July 15, 2010 Contact: Alan Barber, (202) 293-5380 x115 Washington, D.C.– Dean Baker, co-director of the Center for Economic and Policy Research, issued the following statement on the passage of the financial reform bill by Congress:”The final bill passed by the Senate today and already approved by the House of Representatives will improve regulation in the financial sector. However, given the severity of the economic crisis caused by past regulatory failures, the public had the right to expect much more extensive reform.” On the positive side, the creation of a strong independent Consumer Financial Protection Bureau stands out as an important accomplishment. Such an agency would have prevented some of the worst lending practices that contributed to the housing bubble. It will be important that President Obama choose a strong and effective person, such as Elizabeth Warren, as the first head of the Bureau to establish its independence.” Continue reading Congress gives Wall Street Banks “Get Out of Jail Free” card |
GOP: No more help for jobless, but rich must keep tax cuts
WASHINGTON — Republicans almost unanimously oppose spending $33.9 billion for extended unemployment benefits for some 2.5 million people who’ve lost them, because they say it would increase federal budget deficits.
At the same time, they’re pushing a permanent extension of Bush administration tax cuts, especially for the wealthy, which could increase federal budget deficits by trillions of dollars over the next 10 years.
How do they justify this?
“Tax policy is dynamic. If you have the right kind of tax reform, it helps generate a more dynamic economy,” said Sen. Mike Crapo, R-Idaho, a member of the Senate Finance Committee, which writes tax law. While that may be true, even the Bush Treasury Department concluded that its tax cuts increase budget deficits.
Continue reading GOP: No more help for jobless, but rich must keep tax cuts
July 21st Noon Tell Cong. Altmire: Don’t touch our Social Security!
JOIN US FOR A COOKOUT
At
Jason Altmire’s Office, 2110 McLean, Aliquippa
Or at least free hot dogs, since our grill doesn’t travel so well.
PDA BROWN BAG LUNCH VIGIL
(Lunch is on us this time)
WEDNESDAY, JULY 21
12:00 NOON
Tell Jason not to be a hot dog about
cutting Social Security.
It’s the war and tax cuts for the wealthy
running up the deficit.
Pres. Herbert Hoover: Cut the deficit
Cut the schools and boost the banks.
Quote of the Day
July 13, 2010
‘School districts across the country are taking drastic
steps to cope with collapsing budgets: firing
personnel, increasing class sizes, cutting kindergarten
and summer-school programs and, in some cases, moving
to a four-day school week. The Associated Press, in a
demoralizing report, recently noted: “As the school
budget crisis deepens, administrators across the nation
have started to view school libraries as luxuries that
can be axed rather than places where kids learn to love
reading and do research.”
‘What a country. We’ll do whatever it takes to make
sure the bankers keep living the high life and swilling
that Champagne while at the same time we’re taking
books out of the hands of schoolchildren trying to get
an education. ‘
Columnist Bob Herbert
New York Times
July 13, 2010
The Bankers are planning to steal social security
Quote of the Day
July 12, 2010
‘Erskine Bowles the co-chair of President Obama’s
Deficit Commission, and a director of the Wall Street
investment bank Morgan Stanley, claimed that the
current economic crisis (which is projected to add more
than $4 trillion to the national debt) was “largely
unforeseen.” This is not true. Competent economists saw
the crisis as an inevitable outcome of the housing
bubble. It is remarkable that the deficit commission
seems to be relying exclusively on economists who could
not see this $8 trillion bubble, the collapse of which
wrecked the economy.
‘The commission also does not appear to be considering
any measures that would challenge powerful interest
groups like the pharmaceutical industry, the insurance
industry, highly-paid medical specialists, or the Wall
Street banks. Rather than incur the wrath of these
powerful interest groups to rein in medical expenses or
reduce the rents earned by Wall Street bankers, the
commission seems intent on taking back Social Security
and Medicare benefits for ordinary workers. The
reporters covering the commission should be reporting
on the failure of the commission to follow its mandate
in this respect.’
Economist Dean Baker
Beat the Press
July 11, 2010
How About A Bail-Out for Young People?
Students in Dire Need of Debt Relief:
Government Vastly Undercounts Defaults
Photo illustration by Ron Coddington
By Kelly Field
Chronicle of Higher Education
July 11, 2010 – The share of borrowers who default on their student loans is bigger than the federal government’s short-term data suggest, with thousands more facing damaged credit histories and millions more tax dollars being lost in the long run.
According to unpublished data obtained by The Chronicle, one in every five government loans that entered repayment in 1995 has gone into default. The default rate is higher for loans made to students from two-year colleges, and higher still, reaching 40 percent, for those who attended for-profit institutions.
The numbers represent thousands of students like Lourdes Samedy, of Boston, who ended up defaulting on about $7,000 in student loans after completing a nine-month-long medical-assistant program at Corinthian Colleges Inc. Everest College, and now cannot get a job.
Beaver County Blue: Voice of the 17th CD of Progressive Democrats of America 
