Sharks swimming in the Bahamas. From National Geographic.
"The central government’s National Audit Office said these companies, at the end of last year, had taken on 10.7 trillion yuan of debt. No one, however, knows the true amount of LGFV indebtedness, and some have calculated the real amount to be more than double the official figure. Why the disagreement as to the amount of debt? Local governments have gone out of their way to hide borrowings, perhaps in part because of their doubtful legality."
As we've tracking for some time at this blog, one of the most under-reported global economy stories in the last several years has been the funny economic data coming out of China. In dozens of different ways, it doesn't add up -- and this article is the latest evidence of fishiness in that arena.
I Am a Gay Airman (Josh Seefried) from the Daily Beast
"Today 'don't ask, don't tell' officially ends—and I, along with untold numbers of other gay service members, can finally defend my country without hiding who I am. By Josh Seefried."
Back to School, Back to U.S. History Basics (George Nethercutt) from Real Clear Politics
"U.S. students have returned to school this year at a moment of crisis in American education. As the recently released National Assessment of Educational Progress (NAEP) found, only 12 percent of high school seniors, 17 percent of eighth-graders and 20 percent of fourth-graders qualified as proficient in U.S. history. How can a country expect to survive when nearly nine out of 10 seniors don't know their basic history? Answer: It can't."
Ah, ye of little faith! There's always Glenn Beck University to fill in all those blank spaces!
There is A LOT of commentary on Obama's jobs speech yesterday. Here are some of the best articles I've seen:
Obama Throws `Class Warfare’ Charge Back in GOP’s Face (Greg Sargent) from the Washington Post
"This has to be the clearest sign yet that Obama has taken a very sharp populist turn as he seeks to frame the contrast between the parties heading into 2012. During his remarks this morning, Obama directly responded to Republicans accusing him of “class warfare,” but rather than simply deny the charge, he made the critical point that the act of protecting tax cuts for the rich is itself class warfare, in effect positioning himself as the defender of the middle class against GOP class warriors on behalf of the wealthy."
It's ABOUT TIME someone said the obvious!!
Further emphasizing this view is this item:
Class Warfare? Obama's on Defense to Protect Middle Class from the Editorial Board of the Newark Star-Ledger
"But is Obama picking a fight? Or did Republicans throw the first punches? The facts on America’s growing class divide are irrefutable. ... During the past two decades, the wealthiest 10 percent of earners have captured 100 percent of the gains from our economic growth. Despite the fact that worker productivity has risen steadily, none of the gains in that period went to the bottom 90 percent. This isn’t the fault of Republicans. But Republicans have responded by making it worse."
Obama’s Tax Plan is Common Sense, Not Class Warfare (Eugene Robinson) from the Washington Post
"This is just a campaign initiative, they say, not a “serious” plan to address the nation’s financial and economic woes. But that’s pure solipsism: Whatever does not fit the GOP’s worldview is, by definition, illegitimate. By this standard, Obama could propose only measures that are in the Republican Party’s platform — which obviously would defeat the purpose of being elected president as a progressive Democrat in the first place. Outside of the Republican echo chamber, polls consistently show the American people consider unemployment to be the nation’s most urgent problem, not deficits and debt."
GOP’s 'Class Warfare' Sham (Michael Tomasky) from the Daily Beast
"The GOP calls it 'class warfare,' but the president’s proposal to raise taxes on millionaires is actually a move toward fairness and fiscal sanity, says Michael Tomasky." from the Daily Beast
Why the White House Changed Course (Ezra Klein) rom the Washington Post
"... the “grand bargain” ultimately fell apart. Twice. The collapse of that deal taught them two things: Boehner doesn’t have the internal support in his caucus to strike a grand bargain with them, and the American people don’t give points for effort."
Behind Obama’s Newfound Aggressiveness: GOP Fear of the `Trigger’ (Jonathan Bernstein) from the Washington Post
"What I think is really driving all of this is that Obama doesn’t fear the supercommittee trigger — and he suspects that the GOP might. This is a real contrast with the spring showdown over appropriations and the threat of a government shutdown, and with the confrontation over the debt limit last month."
Obama's Deficit Plan Revs Up Democrats from CBS News
"Democrats in Congress today were energized by President Obama's deficit reduction plan, which in part calls for higher taxes on the wealthy, and called on Congress to get to work on Mr. Obama's proposals right away."
Other interesting commentaries were made by Dana Milbank and Eugene Kane.
Democratic panic: Enough with the Circular Firing Squad (Jonathan Capehart) from the Washington Post
"Ralph Nader and Cornel West are banding together to field a primary challengeragainst the president. While the former elicited eye rolls, the latter had me spitting expletives. Listen, people. If you want to ensure Obama’s defeat to either the King of Death Row, the man of mailable beliefs or whoever else the far right deems acceptable for the Republican Party, keep the circular firing squad going."
Health Care Puts Mitt in Political ICU (Holly Robichaud) from the Boston Herald
"One word describes former Gov. Mitt Romney’s presidential campaign — stagnant. Whether possessing the front-runner status or not, his polling numbers have hovered at 18 percent since entering this race."
ODD FERTILITY/BABY NUGGET!!
Sperm Bank Turns Down Redheads from the Daily Telegraph [of the UK]
"The world's largest sperm bank has started turning down redheaded donors because there is too little demand for their sperm."
Even in Scotland!?!
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