Recall that "massive budget deficit!!!" which was to be the death of our nation, as Republicans described it during the 2012 election cycle? Yes, the $1.4 trillion deficit inherited by Obama has been cut by more than half, according to the latest projection, and has all but returned to the size of Bush's second-to-last budget deficit prior to the global economic meltdown. (See CORRECTION/CLARIFICATION at end of story below for more details.) But it seems, for some reason, the GOP forget to tell people, for some reason...

While the rapidly disappearing deficit seen above is not necessarily a good thing --- at least for those interested in putting people back to work and the overall long-term health of the economy that would otherwise come with smart federal investments right now --- you'd think Republicans would be celebrating. But, of course, they're not, because they don't care now, nor have they ever, about budget deficits --- unless they can be used as a blunt object to try and harm their political opponents.

Rachel Maddow offered more last night on the chart above. Video follows below...

Apparently, we were wrong last March, when we interpreted Attorney General Eric Holder's Congressional testimony to mean that the big banks were just "too big to jail".

"I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large," Holder testified at the time.

"It has an inhibiting influence --- impact --- on our ability to bring resolutions that I think would be more appropriate," he continued. "So, the concern that you raise is actually one that I share."

That's what he said in March. But apparently, despite that, he now says, banks are not too big to jail. That's what Holder "very, very, very" much wants us now to believe, according to his testimony in Congress today...

With the U.S. stock market hitting all-time record highs again of late, it'd be understandable for some to think strength and confidence has returned to the stock exchange.

But if today's mid-day "flash crash" --- which saw the S&P Index lose $136 billion in a matter of four minutes as AP's Twitter feed was hacked to announce, inaccurately, that a bomb had gone off in the White House --- is any indication, that's hardly the case...

You'll be delighted to know, of course, that the same casino, stock market immediately gained almost all of its losses back in almost the same amount of time it took to lose them, ultimately ending the day at another near-record high. Step right up!

So...funny thing. After yesterday's BradCast on KPFK, I drove the delightful Desi Doyen (of our Green News Report) out to The Young Turks' studio where she was scheduled to guest host once again last night. Two minutes or so before airtime, the third guest-host had yet to arrive. Guess who was drafted into last-minute duty?

Unshaven, jacket-free and prep-less, the show went on. With Desi, myself, and the great Jimmy Dore on board, it was an all-KPFK/Pacifica Radio episode of TYT, to boot!

We discussed, among other things, the mass stabbing in TX yesterday (where nobody died!); Rand Paul's claim that Republicans and he are civil rights champions; Obama's attempt to slash Social Security; and the plan for a vote in the U.S. Senate on a gun sale background check bill.

Below are a few short edited video segments with the three of us on last night's lively hour of The Young Turks [Update 4/16/2013 - The Turks have posted a few more clips --- including our discussion about Pat Robertson and climate change denier extraordinaire Rep. Joe Barton --- so I've also now added those below as well]...

A week or two ago, after seeing Attorney General Eric Holder, in Senate testimony, pretend that he was "concerned" about a lack of prosecution of big banks due to their being too large, I described his claims, in a bit of a rant here as "complete bullshit".

Over the weekend, I spoke (via a very bad web cam) to Mike Papantonio on Ring of Fire about that very issue...

This exchange --- by Congressional committee proxy --- got a bit more buried than it deserved to be amidst a week of important (Rand Paul's drone filibuster) and not so important (Presidential/Congressional dinner dates!) news items last week.

You may have already seen both of these clips. But just in case you haven't, the remarks made during two different Congressional hearings last week illustrate the very heart of the most broken part of our broken government, so I wanted to be sure to at least flag these two short videos here.

The first was Attorney General Eric Holder's remarkable admission last week, when asked about why one the world's largest banks, such as HSBC --- which admitted to some $881 million dollars in drug cartel money laundering and working with regimes in a number of countries around the world in blatant violation of human rights sanctions against them --- have not been brought to trial by the Obama Dept. of Justice...

"The concern that you have raised is one that I, frankly, share," Holder responded to Sen. Chuck Grassley (R-NE). "I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large."

"It has an inhibiting influence --- impact --- on our ability to bring resolutions that I think would be more appropriate," he continued. "So, the concern that you raise is actually one that I share."

With all due respect to AG Holder --- and he is due very, very little --- what he just said is, to the best of my knowledge, complete bullshit. While I'm not an expert in financial law, I am familiar with no clause in any of those laws which offers a "get out of jail free card" to institutions who have become so large that prosecuting them would have "a negative impact on the national economy, perhaps even the world economy."

I know of no provisions in the criminal code which says that if your corporation has become large enough that facing criminal prosecution might make the world markets jittery, you don't have to face prosecution for those crimes. In fact, we still have anti-trust laws on the books to deal with exactly those situations --- cases in which corporations have become so powerful, have such a monopolistic effect on the market, that they may be broken up by the Dept. of Justice, or even taken over and then sold off piece meal to bring the company back into manageable size again.

The next day, in another U.S. Senate hearing, Sen. Elizabeth Warren (D-MA), expressed a similar sentiment, in a must-see video clip, absolutely slamming U.S. Treasury regulators for their lack of willingness to take action against some of the most criminal corporations, such as HSBC.

"What does it take to get you to consider shutting down a bank for money laundering?!," she asked the regulators who couldn't respond as to the last time a bank had been prosecuted for this sort of thing. "How many billions of dollars before somebody says we're shutting you down?"...

On Monday, we offered a single chart as a reminder of who is really to blame for America's "DEBT CRISIS!!!" (which, as we noted prior to that, isn't really a crisis at all.)

As the Dow hit its all-time record high yesterday (continuing same today) and while corporate profits continue to hit record highs along with it --- underscoring, yet again, that Barack Obama is the worst socialist ever --- there are a couple more charts worth reminding you about today, courtesy of Rachel Maddow's show last night...

And while corporate profits sky-rocket, unemployment slowly (really slowly) improves, and Republicans hold the nation hostage with the "Sequester" by refusing to close any tax loopholes for the rich which might serve to increase revenues by even the tiniest amount, there is this chart to ponder...

So, remember, when you hear Republicans claim they are concerned about "the deficit", they are not. They are flat out lying. They are concerned only about maintaining low taxes and sky-high profits for corporations and the rich people who need those tax-payer funded giveaways the least.

While D.C. and its media hacks continue to play along with the Republican "Debt Crisis!!!" hoax, and pretend that "Obama just needs to lead on the Sequester!!!", it's worth remembering the following chart, described on Saturday by WaPo's Ezra Klein as "The single best chart on the policies driving our deficits", as recently updated for what they say is the final time...

Any questions?

I'd strongly recommend that you read this piece by Jeff Spross, entitled "The Debt Everyone is Freaking Out About Does Not Exist", in full. It's a very smart and sober primer explaining...well, exactly what the headline says.

Yes, Washington D.C. and the corporate media which cover it, are spending a whole lot of time and resources playing into what amounts to a massive presentation of kabuki theater, and its not one that actually helps us with the addition of new jobs or economic growth in any real way whatsoever. Arguably, as Spross explains, it may well accomplish just the opposite.

It's difficult to select just the key passages from the piece, as mentioned, since it's chock full of smart analysis throughout. But, for those without the patience to read the whole thing, here are a few of the central thoughts that you should educate yourself about...

The massive operating deficits that have driven the U.S. Post Office to announce an end to delivery of First Class mail on Saturdays, beginning in August, are not the product of postal service ineptitude. Those deficits are not the product of increased public access to emails or from competition by private delivery services like UPS or FedEx.

The U.S. Postal Service has been victimized by the Orwellian-labeled Postal Accountability and Enhancement Act of 2006 (PAEA), which embodies a scheme designed to destroy the constitutionally established U.S. Postal Service in order to privatize mail and parcel delivery. In a lame duck session, at the peak of the USPS' profitability and productivity, a then Republican-controlled Congress forced the U.S. Postal Service "to pre-fund 75 years worth of pensions" in the span of ten years, "a requirement not made of any other public or private institution." If not for the onerous and unprecedented requirements of the PAEA, the U.S. Postal Service, which is not funded by any taxes, would now be experiencing a $1.5 billion surplus.

The contrived demise of the postal service must be understood within the broader subversive goals of libertarian and right wing philosophy --- a philosophy which, despite the express provisions of both the Preamble and Article I of the U.S. Constitution, rejects the right of government to "promote the general welfare"...

From Bill Maher's "New Rules" on HBO's Real Time with Bill Maher last Friday...

By the way, here's what those courageous numbers look like...

And, for those who've heard about the "devastating" $500 billion in spending cuts to our military budget that will soon come as a result of the 2011 "sequestration" deal if a new accommodation isn't worked out, here's what those numbers will look like...

Scary!

While the short answer is that it is no doubt protected against criminal prosecution by the Speech or Debate Clause of the U.S. Constitution, one can't help but think of how the successive efforts by radical 'Tea Party' Republicans, first during the manufactured "fiscal cliff" crisis, and now by way of holding a figurative gun to the head of the nation's and world's economy, in order to extract concessions that would destroy the New Deal safety net (see two Jan. 14 segments of the Ed Schultz show below), resembles the crime of extortion, perhaps even treason.

For those of us who live in California, this latest round of GOP hostage-taking comes as no surprise. Year-after-year, the CA GOP utilized the Golden State's requirement of a 2/3 vote for passage of either spending or revenue enhancing measures as a means to force austerity, such as former Republican Gov. Arnold Schwarzenegger's draconian $15 billion cuts to education and health care. By refusing to pass a budget, the CA GOP at one point forced the state controller to issue $2.6 billion in IOUs. And, all during the CA GOP reign of economic terror, the Golden State's budget deficit expanded --- reaching an indebtedness in excess of $20 billion despite those massive cuts.

Democracy struck back. The percentage of CA voters who are registered Republicans dropped to less than 30%. During the 2012 election, CA voters passed a relatively progressive, revenue-enhancing tax measure supported by Gov. Jerry Brown (D) by a wide margin and the GOP's ability to hold the state hostage was eliminated when Democrats achieved a super-majority in the state legislature.

As a result, fiscal sanity was restored. CA is now on track to achieving a budget surplus even as $5.2 billion has been added to the state's school, university and health care budgets.

It is appropriate that President Barack Obama, who unfortunately lacks a record of holding fast to principle, has, so far, stated that he will not give in to the latest extortion demands concerning the upcoming need to raise the debt ceiling once again. But, given the nature of the far greater damage to both the U.S. and even global economy that could be wrought by the Congressional GOP's latest round of hostage-taking, can the nation or the world await a subsequent election to deal with extortion by an organization, the so-called 'Tea Party,' that is funded and controlled by the rapacious billionaires Charles and David Koch, whose Koch Industries was described by William Koch, David's twin, as a form of "organized crime?"

Two 1/14/2013 segments of MSNBC's The Ed Show addressing GOP hostage-taking on the debt ceiling follow below...

We're busy with today's BradCast on KPFK, so, until later, here are a few items that may, or may not, matter to you this afternoon...

• President Obama names Vice-President Biden to head up a task force to work on new gun safety regulations to be submitted to him by January. Press conference transcript here.

• Supreme Court rulings on what gun control measures are allowed by the 2nd Amendment are actually quite narrow and leave a lot of room for further interpretation and rulings. Here's a quick legal analysis of where the court seems to stand at the moment.

• Robert Bork dies. In an attempt to be generous upon the occassion of his passing, we'll associate with Ian Millhiser who observes today: "At his best, Bork was a voice for the kind of judicial restraint that conservatives all but abandoned the minute President Obama took office." Bork had been selected by Mitt Romney to help him select judges as President. Mitt Romney's dream died first.

• 3 State Dept. officials resign after a report on Benghazi attack finds "grossly inadequate" security measures at the U.S. consulate on the night Ambassador Christopher Stevens and three other Americans were killed last September 11th. "We did conclude that certain State Department bureau-level senior officials in critical positions of authority and responsibility in Washington demonstrated a lack of leadership and management ability," said report panelist Adm. Mike Mullen. In response, Sec. of State Hillary Clinton accepted all 29 of the panel's recommendations, while nursing her reported recent concussion that has, to date, kept her from testifying to Congress on the matter.

• Something or other occurred today in regards to the so-called "fiscal cliff" negotiations, but we couldn't care less what it was. At this point, after Sandy Hook, the "fiscal cliff" stupidity feels a whole lot like the "Summer of Sharks" did, in retrospect, after 9/11. Of course, after Obama's prepared remarks at his presser on guns today, the D.C. press wanted to ask him, almost exclusively, about "fiscal cliff" bullshit. Same as it ever was.

• Finally, here's your 7 day forecast...

Desi Doyen has more.

Discuss.

Because pretty much all of the other "news" of late is largely a collection of pre-holiday, post-election, lame duck bullshit, there's at least this amusing karmic metaphor courtesy TPM...

Perhaps former Romney advisers ought to stay away from live cameras for a bit. It hasn't worked out very well for them this week.

Our thanks to Sean Hannity who was so fake-outraged by this video that we ended up hearing about it. Apparently, he's worried that teachers or parents will share it with their kids.

Great idea, Sean! You're a great American! And thanks for helping to get out the word!

The video was created by the California Federation of Teachers and is narrated by our pal Ed Asner. Enjoy! Better yet, share it with your kids!