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Explosions and arrests amid Bangladesh strike
Attackers shot in Afghan governor's compound
Facebook to go public in massive IPO
Ontario welfare workers strike for their rights
Not Rex: Ontario welfare workers - These boots were made for walking
Iran 'sending arms to Syria despite ban'
De-growth or growth? Maybe we don't need to figure that out
Severe funding cuts for Nova Scotia College of Art and Design
Paul Krugman: Debt Commission Chair Alan Simpson Is Wrong To Call For Greater Austerity, Budget Cuts
Earlier this week, former Sen. Alan Simpson, who co-chaired President Obama’s Bipartisan Deficit Commission, attacked New York Times columnist Paul Krugman saying his work, "borders on hysteria." We ask Krugman to respond to Simpson, who has advocated for slashing spending despite the economic downturn. "We are witnessing a gigantic experiment in the kinds of policies that people like Simpson want," Krugman says. "The Europeans have gone whole hog for [austerity] with catastrophic results." Krugman says now is the time to increase government spending. "We are not saying ignore the debt forever, but it is actually counterproductive to be slashing spending right now," he says. "It depresses the economy, it depresses long-term growth, it hurts long-term revenues." [Transcript to come. Check back soon.]
Paul Krugman on Eurozone: The Whole Thing Could Fall Apart in a Matter of Months
The European economic crisis is expected to top the agenda at the G8 meeting tomorrow at Camp David. In Greece, voters will soon head to the polls for another round of elections which will be viewed by many as a referendum on the Euro. Our guest today, Nobel Prize-winning economist Paul Krugman, warns the current bank run in Greece could spiral into the end of the Eurozone. "It is really quite shocking,” Krugman says. “I hate to sound apocalyptic.” Meanwhile, France’s new finance minister has reiterated that the country’s new socialist government will not ratify the European Union’s fiscal pact calling for greater austerity. [Transcript to come. Check back soon.]
Krugman: Jamie Dimon Should Resign Over JPMorgan's $3B Lost Bet and Campaign Against Financial Regs
As the financial giant JPMorgan Chase continues to suffer major losses on its risky derivatives trades, Nobel Prize-winning economist Paul Krugman says bank chief Jamie Dimon should resign “precisely because he has been using his supposed wisdom as a way to campaign against reform and now it turns out he wasn’t that wise after all. In fact, his bank was doing seriously bad stuff." Krugman says, "I think it would be better for everybody if he went." The Justice Department is now probing JPMorgan amid new calls for tougher regulation of Wall Street. "They are making these bets with your money because these are banks that are guaranteed. They have guaranteed deposits," Krugman says. "We are supposed to have a rule going into effect — the Volcker Rule — that says they can’t do this kind of stuff, but they are continuing to do it. ... We can not trust the bankers to use this money safely." [Transcript to come. Check back soon.]
U.S. war veterans challenge NATO's occupation of Chicago
End This Depression Now: Paul Krugman Urges Public Spending, Not Deficit Hysteria, to Save Economy
Public spending is under assault from the United States to Europe in the name of fighting deficits. Nobel Prize-winning economist Paul Krugman argues in his new book, "End This Depression Now!", that the hysteria over the deficit will constrain an economic recovery in a time of high unemployment and stagnating wages. "The economics is really easy," says Krugman, "If we were to spend more money at the government level, rehire the school teachers, firefighters, police officers who have been laid off in the last several years because of cutbacks, we would be a long way back toward full employment. ... Right now there’s just not enough spending. We need the government to step in and provide the demand we need ... We’ve had austerity in the face of a recession in a way that we’ve never had before since the 1930s. The results are clear — it is disastrous." Krugman writes about the economy as a columnist for the New York Times and is a Professor of Economics at Princeton University. [Transcript to come. Check back soon.]
North Korea 'resumes work on nuclear reactor'
Chinese in bold call for official's removal
Journalist, Plaintiff Chris Hedges Hails Monumental Ruling Blocking NDAA Indefinite Detention
In a rare move, a federal judge has struck down part of a controversial law signed by President Obama that gave the government the power to indefinitely detain anyone it considers a terrorism suspect anywhere in the world without charge or trial — including U.S. citizens. Judge Katherine Forrest of the Southern District of New York ruled the indefinite detention provision of the National Defense Authorization Act likely violates the First and Fifth Amendments of U.S. citizens. We speak with Chris Hedges, a journalist who filed the suit challenging the NDAA along with six others, and Bruce Afran, the group’s attorney. "This is another window into ... the steady assault against civil liberties," Hedges says. "What makes [the ruling] so monumental is that, finally, we have a federal judge who stands up for the rule of law." [includes rush transcript]
Headlines for May 17, 2012
- Judge Strikes Down Indefinite Detention in NDAA
- JPMorgan Loses Additional $1 Billion on Risky Trade
- DEA Confirms Involvement in Deadly Honduras Attack
- U.S. to Send Combat Brigade to Africa
- Over 100,000 Students Protest in Chile
- Kucinich to Retire From Congress
- Wildfires Sweep Across Parts of Arizona
- Vermont Becomes 1st State to Ban Fracking
- Census: White Births No Longer the Majority in U.S.
- Lawsuit Challenging NYPD "Stop-and-Frisk" Granted Class-Action Status
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