Beware the Sound of Scurrying Feet: The SS Obama is Going Down

NBC/Wall St Journal Poll: 40% say country worse off since Obama, 31% say better
Federal Reserve Board: US economy is stalling again
NY TImes: “White House Memo: First Wave of Weary Aides Heads for the Exits”
Labor Dept.: New jobless claims hit record not seen since February 20

It’s a grim sign for the Obama administration that droves of staffers are pulling up stakes and looking for jobs elsewhere, not even having the grace to wait until the mid-term elections are mercifully over. Gone is Christina Romer, chair of the President’s Council of Economic Advisers, going is White House Chief of Staff Rahm Emanuel, gone is communications spokeswoman Linda Douglass, gone is Budget Director Peter Orszag, gone is White House Counsel Gregory Craig. Even the president’s senior political adviser and close confidante, David Axelrod, widely credited with having engineered his primary and election victories, is said to be ready to leave.

Seasoned sailors used to get anxious if they saw a line of rats scurrying down the mooring lines securing a ship to the pier just before it was time to set sail. It was considered an omen of doom. And indeed, the SS Obama, a once mighty vessel hailed as unsinkable at its launch, does appear to be listing badly (to starboard) now, just as it prepares to head back out to sea and face a severe November storm.

The captain of this ship, Barack Obama, has made so many wrong turns (always to starboard) on his maiden voyage that it’s no wonder so many of the crew are looking for other work. Not only that, but Capt. Obama made some really bad choices for chief officers, giving those who labor below decks little reason to feel confident that their leader’s own mistakes in navigation or judgement would be rectified.

Dodd-Frank Financial 'Reform' Act May Force Companies to Clean Up Their Act

Wall Street lobbyists may have successfully managed to emasculate most of the important parts of the financial reform bill just passed by Congress last month, but one part of that 2000-page act, which establishes as bounty for whistleblowers who expose corporate financial wrongdoing to the Securities and Exchange System, managed to slip through unscathed.

If this surprisingly strong measure is supported by strong enabling regulations at the SEC, which has until next April to draw them up and approve them, some legal experts, including at law firms that specialize in representing corporate clients, say it could have a profound effect on the behavior of American companies.

Journalists in Name Only: Just(?) 50,000 Non-Combat(?) Troops in Iraq

I was listening to NPR’s “Morning Edition” broadcast this morning in the car, and I heard a reporter say that President Obama was “redefining” the American role in Iraq, now that he had brought the number of US forces in that country down to “only” 50,000 troops, and that “combat operations” would be ending effective this month. The remaining forces, the reporter announced, with no hint of irony and no explanation, would “only” be engaged in helping to train Iraqi troops and police, and in “counter-insurgency” operations.

Excuse me, but aren’t we at war in Afghanistan, and isn’t that operation, involving about 200,000 US, Australian and NATO troops (excluding the Dutch, who are pulling out after the country’s participation in it brought down the conservative government), called a “counter-insurgency” campaign? Isn’t counter-insurgency by definition a kind of “combat”?

WTF? This crap is being called journalism?

By the way, about that 50,000 number. For the record, that is a lot of soldiers. It is for one thing two times the number of US troops stationed in South Korea. It is twice the number of troops that were employed in the invasion of Panama in 1989. It is about the number of troops the US had in Vietnam in early 1964 after the first round of escalation by then President Lyndon Johnson.

National Insecurity: A Government Afraid of the Truth

The White House’s initial response to the release of 92,000 pages of raw reports from the field by US forces in Afghanistan for a period from 2004-2009–that it was a threat to national security and to the lives of American troops–was as predictable as it was farcical.

These documents didn’t reveal anything new to America’s enemies in Afghanistan or Pakistan. The Taliban fighters knew full well that their heat-seeking missiles had successfully downed American helicopters. They didn’t reveal anything new to Pakistan’s intelligence service, the ISI. The Pakistanis knew that they were assisting the Taliban with intelligence, strategic planning and weapons in their fight against US forces and the current puppet regime in Kabul. They didn’t reveal anything to the long-suffering civilian population in Afghanistan either. Afghans know that US forces have been targeting them at checkpoints, wantonly bombing their houses and villages in attempts to hit suspected Taliban or Al Qaeda leaders or fighters, and covering up those atrocities when innocent men, women and children are the victims.

No, what the release of these documents threaten is the huge almost decade-long lie that both the last administration of President George W. Bush, and the current administration of Barack Obama have been putting out, that the US is engaged in a “good war,” trying to defeat “terrorists” and establish a democratic government in Afghanistan.

 Why Leaders Tremble at LeaksWikiLeak-Why Leaders Tremble at Leaks

BP's Don't-Ask-Don't-Tell Policy: The Well’s Corked, But Public and Government are Left in the Dark

Prof. Bob Bea, of UC Berkeley, a civil engineer with years of expertise in marine oil drilling, says he is concerned that during the current crisis of BP’s blown-out well deep under the Gulf of Mexico, government scientists may not be getting all the information they need from the secretive oil company in order to make intelligent decisions about shutting down the gusher.

“Certainly we independent investigators are not getting information about the condition of the well or about the leaks in the surrounding sea floor,” says Prof. Bea, who is a member of the Deepwater Horizon Study Group at UC Berkeley’s Center for Catastrophic Risk Management, where he is co-director, “And I don’t think the expert investigators at the Department of Energy are getting it either.”

“Information about oil reservoir formations is highly secretive among the oil companies. BP would be loath to share information about what’s going on in a reservoir with competitors,” he says.

What has Prof. Bea and other outside experts concerned is that the casing of the BP well–the long string of pipe that runs from the sea floor down to the high-pressure oil reservoir 2.5 miles below the bottom of the Gulf of Mexico–has “clearly been breached.”

Fools' Errand: Time to Remove the Cap from the Well Head!

Updated July 19, 3:45 PM EST
It is time to ask why on earth the Obama administration and the Coast Guard are allowing BP to continue keeping a tight lid on the top of the run-away, damaged well in the Gulf of Mexico. Leaks from the sea floor are appearing and growing in number, making it clear that the BP Deepwater Horizon well is gravely damaged. That being the case, it is obvious that any effort to restrict the flow of oil from the top of the well, by increasing the pressure inside the 2.5-mile long casing that runs down to the oil reservoir will only make any breaches in the casing worse, allowing oil and gas under high pressure to move into the surrounding concrete liner and the geological formations, where they will force their way up to the surface in an uncontrollable way.

Why would anyone want this to happen?

Well, clearly BP doesn’t care. The company is financially on the ropes anyway, and so its executives may well be figuring they have nothing to lose by making a long-shot bet (the company doesn’t even mention the leaks of gas from the seafloor in its Monday afternoon press release on its public information site).

Hold on to Your Hats: This Thing's Gonna Blow!

What the hell are they thinking in Washington, and down at the “Unified Command” in New Orleans, letting BP try to close off the oil volcano spewing out the top of the damaged Blowout Preventer (BOP) stack?

And what the hell is the mainstream press doing not asking about the clear evidence of oil or gas spewing out under pressure from cracks in the seafloor around the base of the BOP? (See the image of oil spewing from the sea floor here.)

Sure the initial partial closing of the valves is working, but they haven’t built up much pressure yet–just to 6000 lbs/square inch, which isn’t much above the 5000 lbs/square inch at that depth of the ocean–and a lot could go wrong. seriously wrong, and good reason to think it will.

I made a call to the media office of the Unified Command, the office set up to respond to public and media inquiries about the disaster, which is supposedly composed of people from the US Coast Guard, other federal agencies, and BP. When I mentioned the videos taken by BP’s own remote operating vehicles (ROVs) of the oil and/or gas spewing from cracks in the sea floor, I was told I had to call the press office in Houston, “because you’re asking us a question about the sub-surface well.”

If You're Going to Do Something Illegal in America, Do Something Spectacularly Illegal

If you want to avoid facing a tough prosecution for malfeasance, be a banker, not a biker.

That appears to be the lesson of Saturday’s Wall Street Journal, where the lead story was about how Bank of America repeatedly hid its massive bad debt holdings from regulators and investors through a creative accounting device called “repurchase agreements.” A second story just above the fold told how US Food and Drug Administration prosecutors are “Casting a Wider Net” investigating the use of steroids by competitive cyclists.

According to the BofA story, the bank, during a Securities and Exchange Commission investigation into the real financial condition of the nation’s biggest financial institutions, admitted that at the ends of all the quarterly reporting periods from 2007 through 2009, it had used repurchase agreements, or “repos,” to temporarily shed bad debt before drawing up and releasing its required public filings. That is to say, the bank lied about and hid from view its weakened liquidity position all through the financial crisis. 

 bikers who dope themselves, or bankers who dupe us?Which is the bigger crime: bikers who dope themselves, or bankers who dupe us?

Wanted: Some Journalists With Guts to Take on the Government and BP!

UPDATE 7/13: ProPublica reports that the Coast Guard, under pressure from news organizations (hey, and maybe the threat of journalistic civil disobedience?) has changed its access rules. The 65-foor rule barring all journalists from any scene of environmental mayhem is gone, and now journalists who first obtain “press credentials” from the Unified Command (that’s the Coast Guard, other “involved agencies” like the Dept. of Interior, and, troublingly, BP), will be allowed unfettered access to such sites, though the general public will still be barred. We need to know how the so-called Unified Command is going to determine who qualifies for those press credentials. Will it just be corporate organization journalists, or will freelancers and journalists from the smaller publications like this one who are issued such documents? If the latter, we may still have to challenge the law, which still makes crossing that 65′ barrier a Class D Felony with a $40,000 fine and significant jail time.

The Obama administration and BP have clearly been conspiring to hide the magnitude of the Gulf oil catastrophe from the public. One way they’re doing this is by threatening jail terms and $40,000 fines against those who go to document the fiasco.

That is ridiculous. There is not a conceivable justification for banning the media from fully covering this environmental disaster.

'Just Business': Capitalism is an Anti-Social Disease

Looking at the catastrophe in the Gulf of Mexico, where the results of the greed of corporate executives at BP, TransOcean and Halliburton, not to mention the greed of paid-off regulators in the Minerals Management Service and the members of the House and Senate who took dirty money to water down drilling regulations are on ready display, I was reminded of a prominent business leader in New York, recently deceased.

Told by his sister of a young woman she knew who had posted a sign on her wall saying, “Happiness is not having what you want, but wanting what you have,” this executive, who had held a top position in the multinational media industry, sniffed, “Ugh! That’s terrible. If people thought like that, no one would strive to do anything.”