Progressive Pundits Pontificate: Magna Carta, Climate Dice, and Challenging Wall Street

by on July 27, 2012 · 0 comments

in American Empire, Civil Rights, Culture, Economy, Environment, History

Hey boys and girls! Here’s a bevy of progressive pundits – all pontificating:

Noam Chomsky: Shredding the Magna Carta

Down the road only a few generations, the millennium of Magna Carta, one of the great events in the establishment of civil and human rights, will arrive. Whether it will be celebrated, mourned, or ignored is not at all clear.

 That should be a matter of serious immediate concern. What we do right now, or fail to do, will determine what kind of world will greet that event. It is not an attractive prospect if present tendencies persist — not least, because the Great Charter is being shredded before our eyes.

 The first scholarly edition of Magna Carta was published by the eminent jurist William Blackstone. It was not an easy task. There was no good text available. As he wrote, “the body of the charter has been unfortunately gnawn by rats” — a comment that carries grim symbolism today, as we take up the task the rats left unfinished. Go here for more.

Paul Krugman: Loading the Climate Dice

A couple of weeks ago the Northeast was in the grip of a severe heat wave. As I write this, however, it’s a fairly cool day in New Jersey, considering that it’s late July. Weather is like that; it fluctuates.

  And this banal observation may be what dooms us to climate catastrophe, in two ways. On one side, the variability of temperatures from day to day and year to year makes it easy to miss, ignore or obscure the longer-term upward trend. On the other, even a fairly modest rise in average temperatures translates into a much higher frequency of extreme events — like the devastating drought now gripping America’s heartland — that do vast damage. Go here for more.

Matt Taibbi : A Serious Challenge to Wall Street – Using Eminent Domain to Forestall Foreclosures

 Something very interesting is happening.   There’s been so much corruption on Wall Street in recent years, and the federal government has appeared to be so deeply complicit in many of the problems, that many people have experienced something very like despair over the question of what to do about it all.

 But there’s something brewing that looks like it might be a blueprint to effectively take on the financial services industry: a plan to allow local governments to take on the problem of neighborhoods blighted by toxic home loans and foreclosures through the use of eminent domain. I can’t speak for how well the program will work, but it’s certainly been effective in scaring the hell out of Wall Street.

 Under the proposal, towns would essentially be seizing and condemning the man-made mess resulting from the housing bubble. Cooked up by a small group of businessmen and ex-venture capitalists, the audacious idea falls under the category of “That’s so crazy, it just might work!” One of the plan’s originators described it to me as a “four-bank pool shot.”

 Here’s how the New York Times described it in an article from earlier this week entitled, “California County Weighs Drastic Plan to Aid Homeowners“:

 Desperate for a way out of a housing collapse that has crippled the region, officials in San Bernardino County … are exploring a drastic option — using eminent domain to buy up mortgages for homes that are underwater.

 Then, the idea goes, the county could cut the mortgages to the current value of the homes and resell the mortgages to a private investment firm, which would allow homeowners to lower their monthly payments and hang onto their property. For more go here.


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