Recent Senate Votes |
21st Century Postal Service Act of 2012 - Vote
Passed (62-37, 1 Not Voting) The Senate passed its U.S. Postal Service overhaul bill. The bill seeks to trim the workforce by about 100,000 employees through attrition and delays efforts to eliminate Saturday delivery and close some post offices. The House has yet to pass its version of the bill. The postmaster estimates the agency needs to trim $22 billion in operating costs to remain in business. Sen. Patrick Toomey voted NO......send e-mail or see bio Sen. Bob Casey voted YES......send e-mail or see bio Violence Against Women Reauthorization Act of 2011 - Vote Passed (68-31, 1 Not Voting) The Senate voted to reauthorize the Violence Against Women Act for another five years. The 1994 law gives federal law enforcement agencies tools to combat crime against women. The reauthorization adds provisions relating to Native American and immigrant women, and sexual orientation. The House is likely to pass a bill similar to the current authorization. Sen. Patrick Toomey voted NO......send e-mail or see bio Sen. Bob Casey voted YES......send e-mail or see bio |
We want a "peace economy" that creates jobs, invests in our communities, restores and improves public services, saves the environment, and builds the infrastucture. We urge you to sign the petition at www.jobs-not-wars.org that calls for an end to the austerity and militarism that this Congress and Administration seem intent on.
Monday, April 30, 2012
Our Very Own Senator "NO"
Sunday, April 29, 2012
First Friday Film - May 4
Saturday, April 28, 2012
Boycott Amazon!
Among ALEC's supporters (to the tune of $10,000 in 2010) is Amazon, which has rebuffed calls for it to disengage. ALEC of course is the right-wing outfit that brought you the new voter ID laws and the "Stand Your Ground" gun laws that killed Trayvon Martin. Join the boycott!
ALEC Corporations
ALEC is not a lobby; it is not a front group. It is much more powerful than that. Through ALEC, behind closed doors, corporations hand state legislators the changes to the law they desire that directly benefit their bottom line. Along with legislators, corporations have membership in ALEC. Corporations sit on all nine ALEC task forces and vote with legislators to approve “model” bills. They have their own corporate governing board which meets jointly with the legislative board. (ALEC says that corporations do not vote on the board.) They fund almost all of ALEC's operations. Elected legislators who are active in ALEC, overwhelmingly right-wing politicians, then bring those proposals home and introduce them in statehouses across the land as their own brilliant ideas and important public policy innovations—without disclosing that corporations crafted and voted on the bills. ALEC boasts that it has over 1,000 of these bills introduced by legislative members every year, with one in every five of them enacted into law. ALEC describes itself as a “unique,” “unparalleled” and “unmatched” organization. It might be right. It is as if a state legislature had been reconstituted, yet corporations had pushed the people out the door. Learn more at ALECexposed.org.
ALEC Corporations
ALEC is not a lobby; it is not a front group. It is much more powerful than that. Through ALEC, behind closed doors, corporations hand state legislators the changes to the law they desire that directly benefit their bottom line. Along with legislators, corporations have membership in ALEC. Corporations sit on all nine ALEC task forces and vote with legislators to approve “model” bills. They have their own corporate governing board which meets jointly with the legislative board. (ALEC says that corporations do not vote on the board.) They fund almost all of ALEC's operations. Elected legislators who are active in ALEC, overwhelmingly right-wing politicians, then bring those proposals home and introduce them in statehouses across the land as their own brilliant ideas and important public policy innovations—without disclosing that corporations crafted and voted on the bills. ALEC boasts that it has over 1,000 of these bills introduced by legislative members every year, with one in every five of them enacted into law. ALEC describes itself as a “unique,” “unparalleled” and “unmatched” organization. It might be right. It is as if a state legislature had been reconstituted, yet corporations had pushed the people out the door. Learn more at ALECexposed.org.
Friday, April 27, 2012
Wednesday, April 25, 2012
Europe's Terrible Blunder
It's as if John Maynard Keyes had never lived. Europe's governments call for austerity and slashed spending. It is all very reminiscent of 1925, when Chancellor of the Exchequer Winston Churchill put Britain back on the gold standard. As in 1931, the only possible answer seems to be democratic revulsion. In Greece, Spain, and Netherlands protests are getting the governments' attention. In France the leading candidate sounds like a Keynesian. This commentary from the Guardian explains a lot.
http://www.guardian.co.uk/commentisfree/2012/apr/24/europe-terrible-blunder-single-currency?INTCMP=SRCH
http://www.guardian.co.uk/commentisfree/2012/apr/24/europe-terrible-blunder-single-currency?INTCMP=SRCH
Tuesday, April 24, 2012
Don't Close That Post Office!
There's been a lot of loose talk lately about closing post offices. The bad news: George Bush is behind the problem. The good news: Senator Bernie Sanders is on our side.
http://readersupportednews.org/opinion2/277-75/11112-dont-let-business-lobbyists-kill-the-post-office
http://readersupportednews.org/opinion2/277-75/11112-dont-let-business-lobbyists-kill-the-post-office
Monday, April 23, 2012
A Letter To The Main Line Times
Dear Editor,
Rosemary McDonough (“Real war on women waged by
other women”) bravely carries the mantel of 87-year old Phyllis Schlafly, who,
by some accounts, single-handedly defeated the Equal Rights Amendment in the
1980s. I thought perhaps Schlafly had retired, but I see she is
still inspiring a new generation of extreme right-wing women like McDonough,
willing to use Schlafly’s line (see McDonough’s headline) and Schlafly’s
approach -- bad facts and anger -- to argue against real choice for women by
pretending that progressive legislation would limit a woman’s choice to stay at
home.
Bad facts: Hillary Rosen is a CNN
pundit, not someone who can “whisper into the ear of the President.”
Anger: I don’t even want to repeat
McDonough’s personal diatribe against the President and First Lady.
Here’s the irony: Candidate Romney
has declared he’s in favor of requiring mothers on welfare to work full
time. Presumably Mrs. Romney agrees. That’s their
idea of choice for mothers?
Sincerely,
Jane Swift Dugdale
Call Your Congressman Today!
There are two resolutions up for vote
in Congress: SR 380 in the Senate and HRes 568 in the house. Both bills call for
military action against "nuclear capable Iran" calling for the US NOT to
negotiate. The resolutions undermine the use of diplomacy and are based on the
fear that Iran is now capable of using nuclear weapons.
Remember our needing a preemptive strike in Iraq because of their weapons of mass destruction?
Remember our needing a preemptive strike in Iraq because of their weapons of mass destruction?
Call your Senators and tell them NOT to vote for SR 380.
Call your Representative and tell him/her not to vote for HRes 568
TOLL FREE NUMBERS FOR CONGRESS 866-338-1015, 877-210-5351 OR 877-851-6437 PAY NUMBER FOR CONGRESS 202-224-3121 These numbers get you to a switch board - tell them where you are from OR the give the name of the Congressperson you wish to contact
Sunday, April 22, 2012
Saturday, April 21, 2012
The Drones Are Coming!
Wed., April 25
– Friday, April 27 - the National KnowDrones Tour (http://www.knowdrones.com/) comes
to the Philadelphia Area. The KnowDrones tour
consists of large bomber and surveillance drone
replicas, inter-active displays, and forums. The tour is bringing to the public
and our congressional representatives the dangerously expanding role and impact
of these remote-controlled killing and spying machines on U.S. war policy and
domestic civil liberties. The national tour
is visiting the home districts of the fifty-five member Congressional Unmanned
Systems (Drone) Caucus. U.S. Representative Bob Brady (D, PA District #1,
covering much of Philadelphia and Delaware County) is the sole member of the
Pennsylvania delegation on the large pro-Drone Congressional
Caucus
*Wed, April 25,
- Noon - Photo-Op Display in front of leading drone contractor and world's largest war profiteer, Lockheed Martin, in Valley Forge, PA (behind King of Prussia Mall) followed by displays in Philadelphia at Congressional and Senate offices -
3:30p.m. - 6p.m.: Senator Robert Casey offices, 2000 Market Street (20th & Market Sts.) Suite 1870, Philadelphia, PA 19103, and office building housing Senator Pat Toomey, 8 Penn Center, 1628 John F. Kennedy Blvd.,Suite 1702 Philadelphia, PA 19103
*Wed, April 25,
- Noon - Photo-Op Display in front of leading drone contractor and world's largest war profiteer, Lockheed Martin, in Valley Forge, PA (behind King of Prussia Mall) followed by displays in Philadelphia at Congressional and Senate offices -
3:30p.m. - 6p.m.: Senator Robert Casey offices, 2000 Market Street (20th & Market Sts.) Suite 1870, Philadelphia, PA 19103, and office building housing Senator Pat Toomey, 8 Penn Center, 1628 John F. Kennedy Blvd.,Suite 1702 Philadelphia, PA 19103
*Thurs., April 26,
- Noon - 2p.m. - Drone Demonstration at University of Pennsylvania, one of the leading universities involved in drone technology and application research. Gather at noon, NE corner of 34th & Walnut Sts. for drone protest vigil, followed by short walk around University's Engineering Department buildings (33rd/34th, between Walnut and Spruce)
- Noon - 2p.m. - Drone Demonstration at University of Pennsylvania, one of the leading universities involved in drone technology and application research. Gather at noon, NE corner of 34th & Walnut Sts. for drone protest vigil, followed by short walk around University's Engineering Department buildings (33rd/34th, between Walnut and Spruce)
- 3:30p.m. -
5:30p.m. - Rush Hour Drone Display in front of Phila. 30th St. Train Station at
Market Street Bridge, Market Street and Schuylkill Ave.
6:30p.m. - 8:30p.m. - Drones, Wars, and
Civil Liberties: What You Need to Know (and what you can do) Forum at
Friends Center, 1501 Cherry St., Phila., PA, with video shorts and
panelists including:
- Medea Benjamin (Skype presentation),
Code Pink national organizer, author of new book Drone Warfare: Killing by Remote
Control;
- Saadia Toor, Pakistan Solidarity Network, Associate Professor Sociology and Anthropology at College of Staten Island, CUNY;
- Saadia Toor, Pakistan Solidarity Network, Associate Professor Sociology and Anthropology at College of Staten Island, CUNY;
- Ann Wright, International Peace
Activist, former Army Lieutenant Colonial and State Department Diplomat who
resigned her position over U.S. war policies.
*Fri. April 27,
Noon - 5p.m.: Drone Demonstration Display at Independence Mall Visitors
Center (lawn area), 6th & Market Sts.., Phila., PA. Rallies at
noon (including Drone Death Walk through Phila. historic district) and at 4p.m.
with music, speakers, and more.
Phila. Area Co-Sponsors: American Friends
Service Committee, Brandywine Peace Community, Bryn Mawr Peace Coalition,
Catholic Peace Fellowship, Phila. Granny Peace Brigade, Peace Center of Delaware
County, Women's International League for Peace & Freedom, Veterans for
Peace, American Civil Liberties Union (ACLU).
Watch the KnowDrones Tour movie here, Less Distance From War – YouTube.
For more information and details, go to website calendar at www.brandywinepeace.com. To volunteer for the display events, call the Brandywine Peace Community, 610-544-1818.
Brandywine Peace Community, P.O. Box 81,
Swarthmore, PA 19081
(610) 544-1818 www.brandywinepeace.com
(610) 544-1818 www.brandywinepeace.com
Trouble En Walmart En Mexico
Walmart's Mexican executives couldn't resist paying out copious bribes to get building permits to expand the chain in Mexico. The trouble is that Bentonville, when it heard about it, chose coverup over honesty. Always a bad choice. Now the New York Times is on the case.
http://www.nytimes.com/2012/04/22/business/at-wal-mart-in-mexico-a-bribe-inquiry-silenced.html?_r=1&emc=na
http://www.nytimes.com/2012/04/22/business/at-wal-mart-in-mexico-a-bribe-inquiry-silenced.html?_r=1&emc=na
What's The Real Crime in Colombia?
Our friend, John Grant, discusses what happened in Colombia - whores, drugs, US agents - and suggests that it's time our government started representing the people and not the Drug War infrastructure.
http://www.thiscantbehappening.net/node/1133
http://www.thiscantbehappening.net/node/1133
Friday, April 20, 2012
Where Greece Spent The Money
Now it's coming out. Greece's serious financial problems are not entirely the result of improvident domestic spending. The Guardian exposes the enormous spending over the last ten years or so on military hardware, most from the United States, Germany, and France. The Greeks bought many submarines, ostensibly for defense against Turkey, but in reality because there was a lot of money to be made by the military-industrial complex on Greek arms. The hypocrisy of EU critics of the Greek economy is breathtaking.
http://www.guardian.co.uk/world/2012/apr/19/greece-military-spending-debt-crisis?INTCMP=SRCH
http://www.guardian.co.uk/world/2012/apr/19/greece-military-spending-debt-crisis?INTCMP=SRCH
The Bishops' Letter
A just
framework for future budgets cannot rely on disproportionate cuts in essential
services to poor persons; it requires shared sacrifice by all, including raising
adequate revenues, eliminating unnecessary military and other spending, and
addressing the long-term costs of health insurance and retirement programs
fairly. from United States
Conference of Catholic Bishops March 6, 2012 letter to US House and
Senate.
Thursday, April 19, 2012
Coming To Philadelphia!
6 -7:30 PM – Public Event
Peace, Justice, Empire, and Occupation:
What are the connections between peace, justice, and
economics?
What role do movements like Occupy play in building
democracy and constraining empire? What are the prospects for peace at home and
abroad? This lecture is free and open to the public.
5 - 6 pm: Reception: Join us for refreshments and frank
conversation.
7:30 - 8:30 pm:
Book signing of Professor Galtung’s new
book, Reconciliation. Professor Galtung will be joined by his
co-author, Diane Perlman, PhD. Many of Galtung’s books will be available for
purchase and signing.
****
Tuesday, April 17, 2012
What Does It All Mean?
If you think the Etch-a-Sketch analogy explains Romney, you have some more deep thinking to do that involves most of twentieth-century physics. You'll enjoy this.
http://www.nytimes.com/2012/04/01/opinion/sunday/a-quantum-theory-of-mitt-romney.html?_r=3
http://www.nytimes.com/2012/04/01/opinion/sunday/a-quantum-theory-of-mitt-romney.html?_r=3
Monday, April 16, 2012
Is The Euro Doomed?
Paul Krugman seems to think so. Countries like Spain, which did not take part in Greece-like over-spending, are suffering from a broken housing bubble inspired by German banks' enthusiastic lending practices. Years ago, a country could protect itself by devalueing its currency. The Euro makes that impossible, and the discredited policies of the central bank's economists makes Spain's outlook grim indeed.
http://www.nytimes.com/2012/04/16/opinion/krugman-europes-economic-suicide.html?_r=1&ref=opinion
http://www.nytimes.com/2012/04/16/opinion/krugman-europes-economic-suicide.html?_r=1&ref=opinion
Saturday, April 14, 2012
Who Is Romney Really?
This New York Times review of a new biography of Romney by two Boston Globe writers gives as good an insight into the probable Republican nominee for President we are likely to get. Especially interesting is the contrast drawn between this "etch-a-sketch" candidate and his father, George, who grew up in relative poverty and was a leader of the moderate base of the old Republican Party. Very good reading.
http://www.nytimes.com/2012/04/15/books/review/the-real-romney-by-michael-kranish-and-scott-helman.html?_r=1&ref=books
http://www.nytimes.com/2012/04/15/books/review/the-real-romney-by-michael-kranish-and-scott-helman.html?_r=1&ref=books
The Magic of Equity
Thursday, April 12, 2012
Wednesday, April 11, 2012
Why This Misogynist Debate Now?
John Shelby Spong is the retired Epicopal bishop of Newark, NJ. He is amazed and appalled to see the new misogyny afoot again in 2012.
http://www2.timesdispatch.com/news/oped/2012/apr/09/tdopin02-bishop-john-shelby-spong-the-contraceptio-ar-1827961/
http://www2.timesdispatch.com/news/oped/2012/apr/09/tdopin02-bishop-john-shelby-spong-the-contraceptio-ar-1827961/
Tuesday, April 10, 2012
Battle Of The Op-Ed Page
It's finally happened - warfare between columnists on the New York Times's op-ed page. Paul Krugman and David Brooks are wrangling about Paul Ryan and the whole question of "centrism." Our money's on Krugman.
http://www.huffingtonpost.com/2012/04/09/paul-krugman-david-brooks-new-york-times_n_1413108.html
http://www.huffingtonpost.com/2012/04/09/paul-krugman-david-brooks-new-york-times_n_1413108.html
National Tax Day In Philly
Join our demonstration for peace and attention to domestic needs on Tuesday, April 17, Noon - 1pm.
Philadelphia City Hall
East Portal (Market & 13th Streets)
Sponsored by:
Delaware Valley New Priorities Network
Including: American Federation of State County and
Municipal Employees (District Council 47), Asian Americans United, Brandywine
Peace Community, Center for the
Celebration of Creation (Chestnut Hill United Church),Catholic Peace
Fellowship, Faculty and Staff Federation of Community College of
Philadelphia, Coalition of Labor Union Women, East Mt. Airy Neighbors, Fight for
Philly, Granny Peace Brigade, Main Line Peace Action, Mt. Airy Presbyterian
Church, Neighborhood Networks, Pennsylvania Progressive Democrats of America,
Philadelphia National Writers Union, Philadelphia United for Peace and Justice
Delaware Valley Network Education Committee, Philadelphia Area Black Radical
Congress, Physicians for Social Responsibility, Temple University Graduate
Students Association,
US Labor Against the War, Veterans for Peace, Womens’ International League for Peace and Freedom
US Labor Against the War, Veterans for Peace, Womens’ International League for Peace and Freedom
Monday, April 9, 2012
Streetcars For LA
They're safer, they're more energy efficient, they're more comfortable, they're less polluting than busses. And they will restore an old but valuable neighborhood of Los Angeles. The car pictured above is in Portland, Oregon, but is the prototype for LA's plans.
http://www.huffingtonpost.com/2012/04/08/los-angeles-streetcars_n_1411091.html
http://www.huffingtonpost.com/2012/04/08/los-angeles-streetcars_n_1411091.html
Sunday, April 8, 2012
The New Capitalism
This is the way Adam Smith's invisible hand works these days. The executives give themselves huge pay raises, spend the company's income on stock buybacks, run the company onto the rocks, declare bankruptcy, and unemploy hundreds of workers. Not too long ago an executive whose company "failed" was disgraced. Today it is just an amusing story to tell in the Cricket Club bar.
http://www.dailykos.com/story/2012/04/05/1081003/-Yikes-Twinkie-maker-execs-gave-themselves-huge-raises-then-went-bankrupt
http://www.dailykos.com/story/2012/04/05/1081003/-Yikes-Twinkie-maker-execs-gave-themselves-huge-raises-then-went-bankrupt
Saturday, April 7, 2012
Get Ready For The 99% Spring!
Click the link to find out about hundreds of training programs being offered next week all over the country to get us ready for an exciting and effective non-violent direct action this Spring. Move fast to sign up - the Wayne program is already full.
http://civic.moveon.org/event/events/index.html?action_id=268&rc=99DSA
http://civic.moveon.org/event/events/index.html?action_id=268&rc=99DSA
Friday, April 6, 2012
Remember Charley On The MTA?
Charley would be sad to see what's happening to Boston's MTA and mass transit systems all across America. Fares are up - service is down. This is no way to run a country. If you let the MTA and other systems fall apart, you've cost many commuters their jobs, you've forced many to use their cars thus increasing demand for oil and polluting the atmosphere. Or, as in Toronto, is the plan to privatize the transit systems and make even more money for the 1%? The people of Boston are mad as hell. The people of other cities had better get prepared.
http://labornotes.org/2012/04/transit-troubles-provoke-national-day-protests
http://labornotes.org/2012/04/transit-troubles-provoke-national-day-protests
All About The Fourth Estate
Your Easy Guide To
Keeping Political News In Perspective:
1.The Wall Street Journal is read by the people who run the country.
2.The Washington Post is read by people who think they run the country.
3.The New York Times is read by people who think they should run the country, and who are very good at crossword puzzles.
4. USA Today is read by people who think they ought to run the country but don't really understand The New York Times. They do, however, like their statistics shown in pie charts.
5.The Los Angeles Times is read by people who wouldn't mind running the country, if they could find the time — and if they didn't have to leave Southern California to do it.
6.The Boston Globe is read by people whose parents used to run the country and did a poor job of it, thank you very much.
7.The New York Daily News is read by people who aren't too sure who’s running the country and don't really care as long as they can get a seat on the train.
8.The New York Post is read by people who don't care who is running the country as long as they do something really scandalous, preferably while intoxicated .
9.The Miami Herald is read by people who are running another country, but need the baseball scores.
10.The San Francisco Chronicle is read by people who aren't sure if there is a country or that anyone is running it; but if so, they oppose all that they stand for. There are occasional exceptions if the leaders are handicapped, minority, feminist, atheist dwarfs who also happen to be illegal aliens from any other country or galaxy, provided of course, that they are not Republicans.
11.The National Enquirer is read by people trapped in line at the grocery store.
12.Portland Oregonian is read by people who have recently caught a fish and need something to wrap it in.
Thursday, April 5, 2012
Progress On Fighting Fracking
The point made by our friends in Beaver County is that we have a right to safe water, and fracking endangers that supply. Those of us who live far from the fracking, need still to worry about its effect on our water. But the courts are helping.
http://beavercountyblue.org/2012/04/05/court-orders-quick-hearing-on-state-oil-and-gas-law-challenge/
http://beavercountyblue.org/2012/04/05/court-orders-quick-hearing-on-state-oil-and-gas-law-challenge/
Coke & Pepsi Do The Right Thing
People for the American Way has been collecting petition signatures and distributing them among the companies that fund ALEC (American Legislative Exchange Committee), that foul outfit that writes offensive state legislation for lazy solons. Well, it's working. Coke and Pepsi have announced their withdrawl from ALEC. Click the link, read all about it, and sign another petition. We can put a stop to this nonsense.
http://site.pfaw.org/site/MessageViewer?dlv_id=38081&em_id=26841.0
http://site.pfaw.org/site/MessageViewer?dlv_id=38081&em_id=26841.0
Tuesday, April 3, 2012
Chris Hedges On Non-Violence And Occupy
The Story Of Broke
Transportation Is A Right, Too
Among our more neglected means of transportation are long distance trains. Yet the means of improving the service are well within reach and are favored by a knowledgeable public. This is a good article about a train trip.
http://www.alternet.org/environment/154803?page=entire
http://www.alternet.org/environment/154803?page=entire
Monday, April 2, 2012
How To Spend A Whole Lot Of Money
Last night on Sixty Minutes, Harry Reasoner shook his head at some of the bizarre "art" things the super-rich spend their money on. But they also spend on sports teams, most recently the Dodgers.
Another Homerun for the Walloping Wealthy
Behind last week’s record-smashing $2 billion sale of
the Los Angeles Dodgers, a global economy that’s enriching only the world’s
super rich
The
Los Angeles Dodgers didn’t win all that many baseball games in the eight years
owner Frank McCourt signed the team's player paychecks. But McCourt has now won
plenty. The mega-rich developer last week emerged as the biggest financial
winner in the history of professional sports.
On
Tuesday, in a special bankruptcy auction, a group of deep-pocketed bidders
agreed to pay $2.15 billion for the Dodger franchise, an all-time record for a U.S. pro sports team, nearly double the
previous high-water mark, the $1.1 billion football’s Miami Dolphins fetched in
2009.
Out
of that $2.15 billion, McCourt will have to pay off the $706 million in debt
that his widely derided incompetence and greed saddled on the Dodgers.
After that debt settlement, analysts estimate, he'll walk away with a crisp $1 billion profit.
The
Dodgers rate as one of the world’s most iconic pro sports franchise,
and last week’s sale spurred an endless and predictable stream of commentary
about Dodger history and the economics of contemporary sports.
But
last week’s sale amounts to much more than a sports story. McCourt’s windfall
helps define and dramatize just how incredibly unequal our world has become —
and how that inequality is turning our 99 percent into squeezed spectators of
games only the super rich can afford to play.
What
makes these games so expensive? Three powerful trends loom large behind last
week’s record Dodger sale.
The
first: The ranks of the world’s super rich have expanded enormously
since the Great Recession first hit.
The
latest evidence for this enormous increase comes from the sixth annual Wealth Report from Citi Private Bank and the Knight
Frank consultant firm. This latest global wealth tally, released last Wednesday,
counts “63,000 people worldwide” worth at least $100 million.
The
total global “centa-millionaire” population, Knight Frank and Citi calculate,
has soared 29 percent since 2006. All combined, the world’s centa-millionaires
hold an astounding $39.9 trillion in assets, an average of $620 million
each.
The
second key global wealth trend: The world’s rich don’t know what to do
with all their money. In “normal” times, the super rich park a chunk of their
hefty change in stock and commodity markets and another significant chunk in
bonds that guarantee smaller but still healthy returns.
But
today’s super rich see stocks as sucker bets, given all the world’s ongoing
economic instability, and commodities have been alarmingly “volatile.” Yields on safe and secure
government bonds, meanwhile, have sunk to record lows.
And
things could get even dicier for the awesomely affluent. Global deep pockets are
paying close attention to the Occupy movement, and they fear, observes Citi Private Bank senior political analyst Tina
Fordham, that “dissatisfaction with income inequality” may “gain momentum.” In
response, the super rich worry, governments will likely ratchet up tax rates on
high incomes.
“It’s
going to be a tougher playing field for the rich,” laments Citi Private Bank chief economist Willem Buiter.
In
sum, the super rich face a world where fewer and fewer safe yet
lucrative investments beckon. To “preserve wealth” in this world, Citi’s Luigi
Pigorini noted last week, the ultra wealthy are plowing ever larger stashes of
cash into property that sits in nations that respect “the rule of law and stability.”
“Those
markets considered ‘safe-haven’ locations continue to attract private investors
looking for both prime residential and commercial property,” explains Wealth Report editor Andrew Shirley.
“Political and economic uncertainty across the world is only helping to
exacerbate the trend.”
London
has been this trend’s single biggest beneficiary. The super rich are buying up
office and apartment buildings in the city’s ritziest neighborhoods at a
frenetic pace. Other cities are also feasting off the super-rich investing
spree, most notably Miami. The value of “prime property” in Miami — the
penthouses and manses the super rich covet — leaped 19 percent in 2011.
The
third trend driving the global uber rich: “Preservation of wealth”
investment strategies can get awfully boring. No one with a heart that thumps
gets kicks spending multi millions on office buildings in London.
In
this climate, many of the world’s wealthiest have concluded that if we’re not
going to be making much of a return from our investments, we might as well be
getting some fun out of them.
The
global wealthy, says the new Knight Frank-Citi Wealth Report, “are
increasingly looking to combine their investments with something they can also
enjoy.” This attitude has spurred a major uptick in “investments of passion,”
everything from fine wine and art to fine athletes.
Pro
sports leagues have traditionally “frowned upon ownership by
consortiums of investors,” notes Knight Frank and Citi. But pro sports leagues
today are doing less frowning, and pro sports ownership has become, as a
consequence, much more inviting to far wider circles of super rich.
Billions
are now flowing into sports ownership, all over the world. In South Asia,
cricket’s new Indian Premier League sold its first eight franchises in 2007.
Their total original value: $750 million. Their current value: nearly $4
billion.
The
world’s biggest sports marketplace remains, of course, the United States, home
to the world’s greatest concentration of wealth and income. In North America,
says the new Wealth Report, a stunning 61 percent of individuals with
at least $25 million available to invest now hold a pro sports ownership
stake.
These
rich all hope to preserve their wealth and have a little fun at the
same time. That means less fun — in sports — for the 99 percent. The higher the
cost to own pro sports franchises, the tighter the squeeze on sports fans.
Prices
rise for tickets and ballpark beer. Cable companies that telecast our games
charge higher monthly cable fees. And even 99 percenters who care
zilch about sports end up paying more — as super rich franchise owners play off
one city against another and demand lucrative government subsidies and tax
breaks.
The
alternative to this dismaying pro sports status quo? In the short term, notes sports writer Dave Zirin, we need more community
controlled franchises, along the model of football’s Green Bay Packers.
And
over the longer haul? We need in sports exactly what we need in every other
facet of our lives. A much more equal world.
|
New Wisdom
on Wealth
Eduardo Porter, The Case for Raising Top Tax Rates, New York Times,
March 27, 2012. Top tax rates could go as high as 80 percent or more, a growing
body of research shows, without undermining the economy.
Robert Borosage, The 1% Strike Back, Campaign for America's Future, March 29,
2012. Building a new foundation for shared prosperity will require an end to the
concentration of wealth and power “that cripples our economy and corrodes our
democracy.”
Bill Moyers and Michael Winship, Who’s buying your TV station? Salon, March 29, 2012.
U.S. media giants and local TV stations stand to pull in as much as $3 billion
this year from political ads. But they're refusing to reveal the identities of
the billionaires footing the bill.
George Irvin, Britain and France Differ over Tax Justice, Social
Europe, March 29, 2012. A leading authority on Britain's super rich
examines a fresh French idea for taxing the wealthy and their wealth.
Americans for a Fair Estate Tax Coalition Urges Congress to
Restore Strong Estate Tax, March 29, 2012. Some 77 state and national
groups, including the YWCA and the AFL-CIO, explain why the estate tax ought to
be restored to inflation-adjusted pre-2001 levels.
Jared Bernstein, The Myth of the Myth of the Disappearing Middle Class, On
the Economy, March 30, 2912. Debunking the latest thrust from inequality
deniers.
|
In Review |
Ryan Budget Not Even Green Slime
Our favorite economist says green slime may be marginally nutritious. The recently passed (but dead in the water) Ryan Budget isn't even that.
http://www.nytimes.com/2012/04/02/opinion/krugman-pink-slime-economics.html?_r=1&emc=eta1
http://www.nytimes.com/2012/04/02/opinion/krugman-pink-slime-economics.html?_r=1&emc=eta1
Sunday, April 1, 2012
And Now For Some Good News!
The famous Venezuelan music education program "El Sistema" has come to Philadelphia and is doing wonders already. A few days ago, a million dollar gift to the program has made the future even brighter. This is better than military spending.
http://www.philly.com/philly/entertainment/20120401_A__1M_gift_will_keep_music_going.html
http://www.philly.com/philly/entertainment/20120401_A__1M_gift_will_keep_music_going.html
Old Ship? Sink it!
What do you do with old warships that you don't need any more (because you're so busy building new ones)? You use them for target practice and let them sink in the ocean. Does that pollute the seas with asbestos, lead, mercury, and other foul things? Yes, and the sickness rate from asbestos is rising in California and Florida, off whose coasts most of the ships get sunk. Yet another advantage of military spending.
http://www.asbestos.com/news/2012/03/12/navy-sinkex-program-raises-fears-about-asbestos-other-toxins/
http://www.asbestos.com/news/2012/03/12/navy-sinkex-program-raises-fears-about-asbestos-other-toxins/
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