Monday Daily Delawhere [8.31.2015]
At the Lighthouse in Dewey Beach.
The old New Castle Sheriff's House with the former jail in back.
...Go back to the politics of 2009, when the new Obama administration was trying to cope with the most terrifying crisis since the 1930s. The outgoing Bush administration had already engineered a bank bailout, but the Obama team reinforced this effort with a temporary program of deficit spending, while the Federal Reserve sought to bolster the economy by buying lots of assets. And Republicans, across the board, predicted disaster. Deficit spending, they insisted, would cause soaring interest rates and bankruptcy; the Fed's efforts would "debase the dollar" and produce runaway inflation. None of it happened. Interest rates stayed very low, as did inflation. But the G.O.P. never acknowledged, after six full years of being wrong about everything, that the bad things it predicted failed to take place, or showed any willingness to rethink the doctrines that led to those bad predictions. Instead, the party's leading figures kept talking, year after year, as if the disasters they had predicted were actually happening. ...How would the men and women who would be president respond if crisis struck on their watch? And the answer, on the Republican side at least, seems to be: with bluster and China-bashing. Nowhere is there a hint that any of the G.O.P. candidates understand the problem, or the steps that might be needed if the world economy hits another pothole.
Curtain.
*Greek Chorus consists of Ed Freel, bifocals at half-mast; Rich Heffron; Sean Barney; Vince Meconi, trolling for yet another high paying job; banking executives; The 'titular' leaders of the Democratic Party, including Carper, Coons and Markell; and a cast of insider party aparatchiks with visions of cabinet posts dancing in their heads. Those not in the Greek Chorus: Progressives. And/or people who support a living wage and/or tax fairness. Plus, of course, the poor.Five major banks Wednesday agreed to plead guilty to criminal charges and pay more than $5.5 billion in collective penalties to settle charges their traders routinely manipulated the world's foreign-exchange market for their own profit. The Department of Justice, the Federal Reserve and other U.S. and European authorities and regulators said corporate units of Citicorp(C), JPMorgan Chase (JPM), London-based Barclays(BCS) and Royal Bank of Scotland(RBS) acknowledged their traders rigged foreign exchange prices of U.S. dollars and euros from Dec. 2007 to Jan. 2013.
“I still have serious doubts about their government. So does the Obama administration, for that matter. That’s why this deal is based on mistrust. If some future Iranian regime decides to violate the agreement, we’ll know it.”I like that quote. Coons to announce his position on Tuesday. Carney, of course, hasn't made up his mind.
The Sussex County Courthouse in Georgetown
Then, in the early 1980s, DuPont, which ran a sprawling chemical plant called Washington Works in nearby Parkersburg, approached the family about buying some acreage for a landfill. The Tennants were wary of having a waste dump so close to the farm. But DuPont assured them it would only dispose of non-toxic material like ash and scrap metal, and so they agreed to sell. Shortly after the deal closed, Jim and Della, whose home abutted the new landfill, say their two young daughters started wheezing and hacking. Worried about the girls’ health, they moved to a house in town. But most of their relatives stayed, and Jim and Della continued hunting game and eating beef grazed on the farm. Della took her daughters’ Girl Scout troop there to catch tadpoles in the creek and make plaster molds of deer tracks. Then, at some point in the mid-1990s, the water in the creek turned black and foamy, and the family began finding dead deer tangled in the brambles. The cattle started going blind, sprouting tumors, vomiting blood. “One time this cow was coming down the road and it was just bellowing, the awfulest bellow you ever heard,” Della told me. “And every time it would bellow, blood would gush from its mouth and its nose. It just bellowed and bellowed and blood just kept flying, and then it would fall down, and it would try to get up … We didn’t have anything to shoot it with, so we just had to watch it until finally the cow bled to death.”
Did you get an automated call from JPMorgan Chase on your cell phone? Allegations are the company made unsolicited robocalls to cell phones, which is illegal. Now they are settling a class action lawsuit, and you could get up to $50 back if you qualify.