Now Kovie at Open Left makes this catch:
He said he would reinstitute a pay-as-you-go rule that calls for spending reductions to match increases and would shun what he said were the past few years’ "casual dishonesty of hiding irresponsible spending with clever accounting tricks." He called the long-term solvency of Social Security "the single most pressing fiscal challenge we face by far" and said reforming health care, including burgeoning entitlement programs, was a huge priority.
What Obama really said:
Now, I want to be very clear: While we are making important progress towards fiscal responsibility this year in this budget, this is just the beginning. In the coming years, we’ll be forced to make more tough choices and do much more to address our long-term challenges, from the rising cost of health care that Peter described, which is the single most pressing fiscal challenge we face by far, to the long-term solvency of Social Security.
The rising cost of health care is the single most pressing fiscal challenge we face by far. It’s pretty clear. There’s really no ambiguity.
Dean Baker, who was at yesterday’s summit, writes about the Social Security vipers who smell blood and think this is their big chance to start hacking away at the edges. I know the GOP lust to do so has everyone chomping at the bit, but Sidoti is getting ahead of herself .



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We should dub Liz as Liz “Sprinkles” Sidoti for the rest of her life. After all, she remembered the most important thing to John McCain–his doughnut preference. And that’s the kind of “detail” that matters to Sprinkles.
Methinks Sprinkles and Karl Rove haz been a-twittering…
The conflating of Social Security and Medicare has been a popular tool of the cat-food brigade for decades.
wow. is this an example of hearing what one wants to hear, being misinformed or just lying? iow is sidoti stupid or complicit? (A is “yes.” this has been another edition of ….)
also, please excuse the early OT – from today’s hearing list
1) bernanke hearing (senate banking) starting now. i’m on cspan radio.
2) dean baker scheduled to testify before the senate HELP at 10:30
Oh, and you’d think that the current state of the Dow would be the best possible argument against taking advice on Social Security OR Medicare from the people who wrecked the markets with their exotic shell games and Ponzi schemes.
Stimulus: Can it feed the hungry?
Food prices rose 5.6% while SS is not keepimg up. Many Americans are going humgry…so whoever is talking about cutting “Entitlements” should be wearing it.
Selise — Will Dean be on C-Span I or II?
AND THE KILLIN’ GOEZ ON AND ON AND…
Citizen Hamsher and the Firepup Freedom Fighters:
This feeding frenzy is bein’ aroused in the press by the same fascist interests that got Reagan and Tip O’neil ta steal a few hundred billion from the SS Trust back in ‘83…and I am discouraged with Obama because he is allowin’ the threats to go unchalleneged. In fact I believe that the push to “get the American people to accept some sacrifice” is a diversion from what we should really be doin here and that is: FIND THE MONEY THAT HAS BEEN STOLEN IN THE LAST 28 YEARS AND TAX IT BACK INTO CIRCULATION.
I really don’t think Obama will dismantle SS, quite the contrary, I think he’s gunna lift the cap and reduce the tax but he’s usin’ some of these Potemkin issues to keep folks from focusin’ on the real problem which is findin’ the money and taxin’ it back into the country. The folks who have brought us this mess by stealin’ the equity from the national treasury have not suffered yet and until they do there will be no solution to the problem.
KEEP THE FAITH AND PASS THE AMMUNITION AND FOR GOD’S SAKE KEEP YER EYES ON THE TARGET!!
and STILL there are NO democrats asking WHERE the money reagan
stoleborrowed ss funds are, and why NO democrats is asking “economically responsible republicans” to pay back that frigging loan
someone had a great fdr quote and I can’t find it, something to the order of;
“if social security is their money they won’t let government officials steal it”
not quite that but that’s teh idea
I want those loans repayed and I am amazed I don’t even see blog outrage that we need to get those loans repayed asap
Stimulus: Can it feed the hungry?
I hope you live blog it some selise
If the repubs go after SS, they will become a non-party because every baby boomer will want their hide.
Any proposal I’ve seen grandfathers the boomers at current benefits to specifically avoid what you point to.
but obama has indicated he might go after ss, claiming it needs to be fixed
That is more than a slip–that is an outright distortion. If y’all have a chance, contact Sprinkles and the AP and demand a correction.
i don’t see the HELP hearing on the cspan schedule (but that can change on the fly). however, it is is on cspan’s list of hearings that are being covered, so it may be broadcast, not live, but later today. the committee website does have live coverage (i’m going to try to rip the video live from that one).
sorry i can’t give a more definitive answer…. maybe someone else has better info?
Selise — the Senate’s discussing giving DC full representation right now: http://www.c-spanarchives.org/…..d=284271-1
Thanks! I think you’re right –they won’t carry it live.
I think here
OT .. but check out glenzilla’s topic for today …
Selise — here it is! http://edwork.edgeboss.net/wme…..070124.asx
You are correct perris, and if he goes after SS that will affect the baby boomers, he risks the same fate. The baby boomers have been paying most of their life into SS, and I do not think they will tolerate having their payments reduced or eligible age increased while 1) banks get trillions 2) the wealthy not paying LOTS more into SS
3) just because the BB’s will be really really pissed and I will be at the head of the line (I am 60 yrs old).
PS: Thanks perris for replying to my first comment – first time that’s happened.
perris – maybe in a little bit if i hear something especially interesting (at the moment just getting stuff set up and at my limit for multi-tasking!). bernanke is making his opening statement now. monotone would be putting me to sleep if i wasn’t sufficiently caffeinated.
The single most pressing issue is “Getting the United States of America out of the war business”. That saves a trillion dollars a year. That saves our roll as world leaders and put us back on the moral high ground.
OT
Consumer confidence plunges again in February.
When addressing matters of healthcare Liz Sidoti should restrict herself to talking about the donut hole.
-G
thanks – i have all the links for all the committees on the list, but forget to bring them to the threads. i’ve got it (HELP webstream) ripping now – fingers crossed, i want to be able to throw up a youtube of dean (if there is something of interest and if no one beats me to it).
re: HELP hearing. miller can bite me. he’s advocating for 401ks for retirement security – and using people’s righteous anger over market crash to distract from SS.
History will judge that Bernanke was completely out to lunch in today’s HH testimony. His language about the current economic and financial situation, and the forecast, are completely incommensurate with the magnitude of the problem.
oy
Dodd whistles past the graveyard.
Dodd sez: did I sense a sigh of relief that we didn’t privatize ss? Bernanke plays it coy.
Maslow’s hierarchy of needs # Physiological:
Breathing ….clean air please
Homeostasis…stability
Water………shortage
Sleep………not when your worried
Food
Excretion…..infrastructure needs repair
Sex?
There are others that are dependent on these being satisfied…safety, social. self actualization…all dependent on some safety net.Local and state gave cut back on most. Social Security is the firewall of our society.
Since we are largely urbanised population we are dependent. This “fix” is a crime against humanity.
bernanke predicts a broad based recovery when dodd asks what sector will lead us out of this downturn.
am i nuts or did bernanke just use the language of business cycles to talk about the current crisis?
Quick driveby
Dodd just got Bernake to admit that SS funds that could have been stuck in the Market would have further eroded retirement fears. Yes!
Did you catch the name of the first witness, Combover Guy? (I got interrupted when he was introduced.) Sounds like he’s talking backdoor privatization with “annuity plans”, or am I just being paranoid?
Yep. As did the forecasters at the meeting I went to a month ago. And when I raised the issue of out-of-history (post WWII history), the response was that policy would be sufficient.
bj sidoti is more to the point.
this reporting is very seriously wrong. does the AP print corrections?
from Jane’s about the Social Security vipers who smell blood link
Dean Baker and kidz link a nifty little graph
Shelby throws ridiculous statements about adequacy of fin corp capital and risk management before the fall at Bernanke. He sez it’s all Basel’s fault.
Ah, he’s going after the concept of privatization — the high overhead/fees charged — so he’s a good guy, I think.
I sure hope so PW, because if this market crash hasn’t taught them the folly of investing the country’s retirement monies in the market, well, we iz DOOMED.
Dean Baker up now
i’m sorry, i don’t know. i went back to listening to bernanke live (am recording audio of bernanke and video of baker – at least that is what i’m attempting *g*).
will be away from the computer for a bit, but will continue to listen to bernanke. PW (and for anyone else listening to the baker hearing) if there are any bits you think would make a good youtube clip, and no one else does it, if you’ll note the exact time, i’ll try to post one for you.
re paranoia. don’t know but prof. foland counseled me years ago to release my inner cynic. think he was right.
.
Mmmmmm doooonuuuuts!
Webster’s dictionary now defines the word “assholes” as meaning “Republicans.” With a picture of one. No, really.
.
None of our leaders, at least none that I can think of, seem to have grasped how deep the hole is that we are in. So their actions to address it have fallen far short.
reminds me of some loosely related o/t -
the ‘news’ WH would not change course on Bagram was reported by Nedra Pickler – has there been independent confirmation of same yet ?
As someone who does historical research from time to time, what really pisses me off about how BigMedia mavens like Sprinkles twist things, is that since they’re at the most widely read operations, their “reporting” will largely shape how history looks back at this time. As if controlling the messaging while it’s actually happening through BigMedia coverage wasn’t enough, they bankroll efforts specifically to distort history as well.
http://www.sourcewatch.org/ind…..cy_Project
They’ve already done it with Ronnie Raygun, have been doing it recently for Shrub, and are currently setting up Obama to be the fall guy for the current Repub implosion Obama is trying to fix, in case he’s not able to turn things around.
There are plenty of Sprinkles to go around.
If Obama does fix things, Jeb is ready to step in to stop that.
Bernanke sez all banks meet capital requirements with a straight face. When Reid probed about the adequacy of those standards, Bernanke sez they’re looking into it.
He is sooooo out to lunch.
Sen. Charles Schumer (D-NY) has a message for Republican governors hemming and hawing over whether to accept the stimulus money Uncle Sam is mailing to each state: Take it or leave it.
Which is a wonderful way to build it as a wedge isue to divide the Boomers from those who have come along after and assure that SS gets killed.
Wow. Schumer sez we should oversee hedge funds. Hell is freezing over. Or, that is kabuki for some card he has up his sleeve.
Bernanke ducks responsibility and says that he had no authority to stop Lehman from collapsing.
The mavens are really in overdrive right now. Shailagh Murray, no doubt a friend of Sprinkles, along with Nedra Pickler, is also giving it her all…
http://www.talkingpointsmemo.c…..ing_so.php
SS “reform” has not gone far enough to assess what the unintended consequences of grandfathering the boomers will be.
Right. Had authority to do Bear but not Lehman?
Kabuki or not, that statement alone should cause a Republic frenzy.
Bernanke pretending he doesn’t know what hedge funds are and how they influence the fin sys.
Schumer is a wholly owned subsidiary of hedge funds. That’s why his saying that is so astonishing. Maybe he thinks if they regulate them quickly, they’ll be eligible for bailouts.
I think kabuki is Chuckie’s middle name. Jeezus, America would be so much better off if this clown was out of office.
I actually never got excited about Chris Dodd’s Presidential run specifically because of his work on the Banking Comm, knowing that these policies and the supposed “expertise” of Wall St folks would lead to meltdown, which we’re trying to clean up now. Chuckie and Chris are trying like hell to wash their hands of it and act like they’re some great saviors.
I think “kabuki” is way overused. Bullshit is bullshit
I don’t have the bandwidth to really listen to this hearing. So I appreciate the liveblogging.
Yes. I think you’ve nailed it. Thanks.
To me, every day feels like this right now.
Corker asks what is the bs called the stress test. Bernanke gives a nonanswer, talks about what stress is, not what the test will actually be.
your Senator has been busy working the STFU booth this morning
he actually makes a credible ‘bad cop’
OWS (Obama Whiplash Syndrome). Fabulous. Wish I’d thought of that.
Yes, I saw that but I’m wary of those who seem to develop a backbone when the horse is out of the barn. (You can take that mixed metaphor out and shoot it, but I couldn’t resist typing it.)
just a drive-by with a quick question.. does realplayer cspan radio stream not work? it’s 16Kbps and can be throttled down via preferences (at least on my mac).
CSPAN Radio
i’ve been giving that link to people with dial up. but if it’s no good, i should stop.
Benanke sez Treasury plan should be executed. I agree. Just don’t know whether the execution should be hanging, firing squad, electrocution, or lethal injection.
Bernanke sez nobody’s record in forecasting “this thing” has been good. Um, Krugman, Roubini? They don’t exist, just like those who said Iraq had no WMDs don’t exist. Menendez agrees with Bernanke.
They just worked in a ”No one could have predicted.”
I was listening direct and having problems. The CSPAN link is much better.
Yep. Myself, I’ve been wondering if Obama has some strange form of Attention Deficit Disorder, because he’s not seemingly coloring within the lines. He’s all over the place. Where did this talk about cutting the deficit in half within his first term come from? It’s almost as if there’s a new motto over the desk of the oval office. Does it read: If you can’t dazzle them with brilliance, then baffle them with bullshit!
Bernanke was saying a few minutes ago that they were on top of how banks were spending money. He didn’t say why then there was no improvement in lending.
Probably because there is no connection between the two.
Wall St. finds Obama’s economics incoherent. Either the economy is so bad that the stim is required and deficits don’t matter, or the deficit is so bad that the economy doesn’t matter and stim is bad idea. Can’t have both.
That was to Ann in AZ.
It will take the ”wisdom of Solomon” to deal with this. Well, with these dorks we are screwed then.
Is quite a bit a new statistical measure? Bernanke can’t give even a ballpark figure for what money has been spent or committed to this. Maybe the committee is get someone who knows about this stuff like the head of the Fed to come and give this kind of information, oh wait. . .
IMO, Obama should have concentrated what’s left of his forces on the healthcare situation. Also, imo, Democrats have historically been the ones that attempted efficiency in gov’t and reduced the size of gov’t that way. But it seems to me that was what the Carter Administration wanted to do, but when they went to actually do it, there was much less fat to trim than had been predicted. I just don’t see how, while fighting the possibility of a depression, you can reduce the deficit at the same time that you’re doubling down on your current investment in fixing the economy.
He does not inspire confidence, does he?
Transparency, in his definition, is a complicated website. That seems to be Obama’s definition too. Accompanied by glossy contentless speeches.
Benanke revives W’s: it’s hard work and we’re doing the best we can.
Wish someone whould ask if his best is good enough.
Hutchison is worried about inflation. How much more out to lunch can she be.
Toxic assets will be evaluated according to current accounting practices. Um, isn’t that how the banks got into the mess?
Inflation is caused by having too much money chase too few goods. Someone should remind Sen. Hutchison that 8 years of the Bush administration’s failure to regulate the banks manged to eliminate the “too much money” part.
I wish my stomach was strong enough to watch the things you do.
I got a headache from 2 minutes of Cramer on Tweety’s show last night.
I noticed that too. At one point he said that toxic assets would be figured in. But if these were, all of the banks would be underwater. So then he went on to say that only some would be evaluated on a mark to market basis. Those that the banks were holding to maturity would not be so accounted. Seems like you can assign crap assets into non-crap categories and come up with any answer you want.
Yes, Sidoti got this wrong. But why in God’s name focus on the unquestionable mistake of a single reporter, which will not stand, and not what Obama is continuing to claim — that SS must be remedied — which does stand, because it comes from his own mouth? Yes, he says it’s of less of a challenge than the rising cost of health care, but it’s still something that must be “remedied”, it would certainly appear, under Obama’s own term as President. Being a less of a problem than the most important long term financial problem facing our nation — the rising cost of health care — hardly renders it insignificant, does it?
Keep your eyes on the ball, people. Don’t be distracted by a felt need to bash some convenient punching pillow like Liz Sidoti.
I think it was back with Corker but in that whole discussion about him trying to blame state regulators for being unable to regulate mortgage writers. The attorney generals of most states tried to go after these predatory lenders back in 2003 and were barred from doing so by the Comptroller of the Currency who had control. So Corker (or whoever it was was wrong). The states tried but got stiffed by the Bush Administration.
How in the hell could anyone (even GOPigs) think is was the time to dismantle Social Security? When more and more Americans are losing their safety nets — jobs, 401Ks, savings, etc. — yeah, this is THE time to mess with SS.
Is it just me, or is the country going bonkers? (I think — hope — most Americans GET it, but how can the GOP be so deaf?)
if the ability to observe and describe reality is a necessary component of any aspect of government, we are so fucked.
p.s. thanks to all who are holding down the fort on this hearing.
Bernanke says that the asset purchase program bringing in private buyers will help fix their price, better than accounting fictions. So he does admit these are accounting fictions. But how are prices really discovered if the government will subsidize the purchases?
The Wingnuts imagine their seven decade battle against Social Security to e a battle for God and against history and the Evil One. Please. Social Security is a mundane bit of legislation, built not by “expert technocrats” but by whole human beings who saw that poverty, disease and age can crush a family and its future as surely as any bomb or bullet.
Social Security has worked enormous good at relatively low cost, and resulted in the scantest of corruption. It has a paper trail and an accounting record to prove it.
End times fantasies are an illusion. These people are fighting their neighbors because they don’t want them as neighbors. They want them subservient. They don’t want them picking themselves up by their own bootstraps (like Citi and AIG). They want them dependent on the “Christian” goodwill of their betters, not a neutral government that treats all citizens the same. They want their tax dollars to feed themselves. They epitomize the fear of fear itself.
selise, I wondered if you listened to Charlie Rose last night. He had on John Mack from Morgan Stanley. A real objective interview. Rose mentions how he introduced Mack to his current wife. I had to keep turning the sound down, to avoid throwing things. Mack wanted us to believe that MS was just minding its own business when this terrible crisis came along and through his heroic efforts he was able to save the company. Against nationalization, and why not? If there were nationalization, then his ass would be one of the first canned. Thinks bonuses are important but then gave some BS about how he wasn’t taking any. Never did say what his compensation was. The closest he came to taking responsibility for anything was when he made some generic statement about how we were all to blame, blah, blah, blah.
It says so much that this is one of the great villains of the financial meltdown and Rose’s reaction is to gush and to treat this crook like a “great man.”
no, i didn’t listen, but it should have been recorded (i make my own podcasts because i’m too cheap to pay for them – another reason to dislike rose, his show might be the only pbs program that charges for podcasts).
sounds like a real winner *g*. will make sure not to miss it, but thanks for the warning. i haven’t lost a tv or computer yet, but you never know when my impulse control may fail.
….got to go run some errands now, will have to catch up on bernanke hearing later. probably better to take it in bits anyway, otherwise might risk ODing on the stupid.
As I recall the Bush Social Security Panel recommended that
a) SSI contributions by workers under 55 be placed in a limited set of investment funds managed by the Big-5 Investment Houses on Wall Street
b) that individual investors would not be able to manage the individual investments in these funds
c) that the payroll tax contributions of employers would NOT be part of the funds (i.e. a massive tax break for employers…broached again by McCain’s recent “payroll tax holiday” scheme).
d) That SSI, now facing a lack of revenue from younger workers and their employers would default by about 2018, and have to be bailed-out by up to a trillion dollars by Congress (or require some mix of major benefit cuts by those above 55 years of age (in 2006) still opting for that system).
The very folks that are currently being shown to be greedy incompetents were going to be running the workers pensions in plans far less flexible than 401K’s. And we know how we’ll those are doing nowadays!
Of course, maybe the intention was that the massive infusion of trillions of dollars in workers deferred salaries was going to shore up a rotting trestle as the train bore down on it?
e-mail ap at info@ap.org and sidoti at lsidoti@ap.org
i did, and provided a link to the transcript
How can someone who is apparemtly all about ‘herself’ get ahead of herself? /s She’s everywhere she looks, apparently, so she can’t get what anyone else says straight.
Pretty pathetic when that ‘anyone else’ is our president. Is AP afreid she is irreplaceable? I consider a faux pas on serious policy matters like this to be very unprofessional.