By Dave Lindorff

Critics of government get all worked up when Washington spends money
stupidly, or does something manifestly stupid. There was a even senator
from Wisconsin, William Proxmire, who used to hand out "Golden Fleece"
awards for such things.

The Pentagon's notorious $600 payments for toilet seats that were
$12 in local discount stores, or $434 paments for hammers that were $10
in the local hardware store were good examples of this.

But nobody seems to be screaming about the incredibly wasteful
rescue of AIG, on which the government has spent first $85 billion and
now another $37.5 billion.

by Dave Lindorff

When the financial markets started coming undone earlier this week,
the Treasury Secretary and the Federal Reserve stepped in, and with $85
billion of our money (actually our children's money,
since they borrowed it from China and Saudi Arabia), bought foundering
AIG, the world's largest insurance company, and assumed its colossal
pile of crap debt.

That didn't help, and the stock market crashed further, falling to
levels not seen in three years. Banks, meanwhile, stopped lending,
figuring to just hold onto their money and try to weather the crash.
The US Treasury and the Fed stepped in again, this time pumping nearly
$300 billion more of our money into foreign money markets, and getting
European and other governments to do the same in an effort to get the
credit markets open again and to stop the stock market swoon. That was
on top of some $700 billion already spent on bailouts.

By Dave Lindorff

I haven’t lived in rural Pennsylvania or in rural Indiana, but I have lived in rural upstate New York, in towns where there are so few Democrats that on some local election ballots, not a single position, from town council to justice of the peace, has a contest. As in China, your option is to vote for the Republican candidate, or to leave that line blank.

And many of the people in these towns, uniformly white, when they talk politics, spend a lot of their time complaining about black people, immigrants (neither of whom can even be found in the vicinity) and the threat to their guns.

Barack Obama is exactly right.

By Dave Lindorff

With a viral campaign underway via email, right-wing radio, and on the street suggesting that Barack Obama is a black “Manchurian Candidate,” secretly trained as a Muslim fanatic who will insinuate himself into the White House, thence to undermine all that we hold dear, perhaps it is time to look at the Manchurian Candidate we already have in the White House, who, together with his handler over in Blair House, has pretty much done all the damage already.

George Bush came to office in 2001 promising a new era of integrity, civility and “compassionate conservatism,” an era of humble American foreign policy, and a bi-partisan approach to government.

What did we actually get?

By Dave Lindorff

When you hear a number like $100 billion (the amount Bush is proposing to give back to people in the form of tax rebates, at about $800 per adult family member) or $145 billion (that $100 billion, plus another $45 billion in business tax breaks—mostly accelerated deductions for capital investment) bounced around, it sounds like a lot of dough, and you might think it would be a good shot in the arm for an economy that is falling into a dead faint.

But let’s think about it on a micro level.

What would my wife and I do with an extra $1600?

Well, to be honest, that’s not quite one month’s mortgage payment.

Immediately refuting the campaign lies spewed by Republicans guaranteeing across-the-board tax increases from a Congress controlled by Democrats, incoming Senate Majority Leader Harry Reid (D-NV) opened the lame duck Senate session yesterday by calling for tax relief for middle-class Americans.

In what will be one of his last opening statements as Senate Minority Leader, Reid called for the passage of tax breaks for middle-class families and businesses as well as appropriations bills that include funding for veterans’ health care, education and energy programs.

This is not shaping up to be a good week for Republican ideology. First, General George W. Casey, the top American commander in Iraq, http://www.nytimes.com/2006/06/25/world/middleeast/25military.html?_r=1&... " target="_blank"> announced a plan to sharply cut the number of troops there and targeted a withdrawal of a large part of U.S. presence in Iraq by the end of 2007.

This all sounds an awful lot like the ideas Congressional Democrats have been speaking of and which the White House and the GOP have ridiculed as a "cut and run" strategy.

Blogging from Yearly Kos

I'm sure when Senate Majority Leader Bill Frist (R-TN) mapped out his ideal scenario for June, he envisioned banning gay marriage, outlawing flag burning, cutting taxes on multi-million dollar estates and making the gun people happy by passing an NRA-friendly carry-permit bill.

So far, the beleaguered Frist is zero for two.

The latest defeat came today in the Senate, when a vote to invoke cloture (end debate) on the House Death Tax Repeal Permanency Act of 2005, which would have repealed federal estate taxes on inherited wealth, went down in flames. The cloture motion, which requires 60 Senators voting to end debate and invoke a full Senate vote on the issue, failed 57-41, when the GOP could only strong-arm four Democrats into voting to proceed while two Republicans -- George Voinovich of Ohio and Rhode Island's Lincoln Chafee -- voted with the Democrats to kill the measure.

The Senate voted yesterday to provide $70 billion in tax cuts over the next five years, thus extending still further the first time in the history of the United States that tax cuts have been given so extensively in a time of war. The cuts, which focus on large cuts to tax rates on dividends and capital gains, are tilted heavily in favor of the wealthy and provide little tax relief to middle and lower-income Americans.

The measure passed 54-44, in what was an almost exclusively party-line vote. For the record, the three Democrats who crossed the aisle to vote with the Republicans on this were two of the usual suspects -- Ben Nelson (D-NE) and Mark Pryor (D-AR) -- along with Bill Nelson (D-FL). Both Nelsons are up for reelection this year which may explain Bill Nelson's ill-advised vote -- Ben Nelson is by far the biggest DINO (Democrat in Name Only) in the Senate so his vote is no surprise.

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