Hey, Barack! You Don't Know Frack

I have never seen a dual presidency quite like that of Barack Obama. Candidate Obama is in full-bore populist rampage mode. Fair shot, fair shake, fair share, put the glare on the millionaire! (Romney).

Then, there is President Obama, who is in (literally) full-bore deregulation, pro-business mode. The latest shocker was in the form of a Friday news dump that took even some in the oil and gas industry by surprise. The White House announced the formation of a Gas Fracking Task Force made up of a panoply of federal agencies and industry kingpins. Its purpose is to streamline and alleviate those onerous regulations that now require frackers to prove that injecting millions of gallons of water and toxic chemicals into shale in order to extract natural gas is safe. This is a huge hint that the major fracking polluters will be allowed to regulate themselves, just as Wall Street is starting to police itself again, and e-Coli and salmonella-contaminated factory farms can now inspect themselves to help reduce bad government overreach. Corporations have long complained that rules and regulations designed to protect the public health and welfare make it too hard for them to make a buck. Obama appears to be listening.  

If Republicans were acting like the president, you can be sure there would be an outcry from what is left of the left. But when a Democrat acts like Dick Cheney, and colludes with energy corporations in their ongoing rape of the earth, there is nothing but silence. 

Unlike Cheney, though, the Obama Administration has announced its new Frack Force with openness and self-righteousness. The only sneaky part is that the heavy hitters of the oil and gas industry just happened to be waiting in the wings the minute Obama signed his executive order ("Supporting Safe and Responsible Development of Unconventional Domestic Natural Gas Resources")  and then proceeded for their first sit-down with the government agencies they effectively own. From Obama's official announcement:

In 2011, natural gas provided 25 percent of the energy consumed in the United States. Its production creates jobs and provides economic benefits to the entire domestic production supply chain, as well as to chemical and other manufacturers, who benefit from lower feedstock and energy costs. By helping to power our transportation system, greater use of natural gas can also reduce our dependence on oil. And with appropriate safeguards, natural gas can provide a cleaner source of energy than other fossil fuels.

For these reasons, it is vital that we take full advantage of our natural gas resources, while giving American families and communities confidence that natural and cultural resources, air and water quality, and public health and safety will not be compromised.

Translation: You are all fracked, whether you like it or not. But, skilled politician that I am, I will never use that dreaded F word in any of my spiels. Big Business will rake in record profits and provide a few temporary, low-paying jobs. We say that this cheaper natural gas will help power our transportation systems without mentioning that high-speed rail and other transportation and infrastructure bills have been DOA  for a long time. This Frack Force will aid my re-election bid by allowing me to continue to spout the canard that it will reduce our dependence on foreign oil. This is utter bullshit, since although domestic production is higher than ever,  the oil and gas extracted from our lands are the property of multinational corporations who sell it on the global market. What is fracked in the Banana Republic of the Homeland will not stay here. It will be sold abroad, at a huge profit to our tax-evading corporations, who will continue to hoard their ill-gotten gains 

When it is burned, natural gas of course is cleaner than oil or coal. As the president you elected to serve and protect you, I choose not to mention that the evidence is clear that the actual process of extracting it is a major and proven polluter of our domestic water supply. People are already getting sick by drinking poisoned well water. The EPA is already being forced to deliver potable drinking water to victims of fracking. This, of course, is being done at taxpayer expense. Polluters continue to enjoy our long sacred national tradition of never cleaning up their own messes. We have the SuperFund program for that.

The government bureaucrats are right on top of things, people! Our aim is to lull you and to dull you, and give you that false sense of security. Then, when the next deregulatory disaster strikes, we will have covered our asses through the creation of this phony task force.  Ooops! Mistakes were made!  We tried, or at least made ourselves appear to be trying.  Nobody could ever, ever have foreseen......

The Executive Order of Friday the 13th came mere weeks after oil and gas tycoons griped to Cass Sunstein, the Obama Administration's go-to guy for deregulation, that rules making them divulge the poisons used in fracking are cutting into their bottom line. One of their demands is to be allowed to voluntarily inform the public on just what measures they are taking to keep us safe. The industry currently runs a "disclosure" website called FracFocus, which purports to divulge chemicals used, and other fracking arcana. All their chemicals, of course, are either good for you, innocuous, or rigidly contained within pipes that will never break -- even in manmade earthquakes! The only glitch is thatwhen you visit the website, you discover some of their well data are more than a year out of date! I wonder if the execs were honest about that little catch. I wonder if the White House even asked.

Business Roundtable Chief Lobbyist John Engler reveals on the BRT website that he met personally with President Obama last month to urge relaxation of public health and safety rules in order for the industry to pocket more money, more quickly. He says the Frack Force is a good first step.  But in the spirit of bottomless sociopathic greed, he also complained that Obama is not also forming a task force to explore freakin' fracking for oil, too. There is crude a-wasting in North Dakota, for crying out loud. Public lands, Indian lands, private lands. They want it all.

As Dave Dayen of Firedoglake notes in a post today, not one independent outside environmental group has been invited to meet with the Frack Force. Nobody from the National Resources Defense Council, or the Sierra Club, or the Water Council. And most especially, not film-maker Josh Fox of "Gasland" fame. He might have documented the private discussions, or even offered President Obama a glass of fracky-brown Pennsyltucky well water to taste -- and we can't have that, can we?

The Famous Exploding Tap Water Scene from Gasland

Buffett, Stuff It

You know that when the mainstream corporate press starts snickering behind your back about your latest campaign theme, you have overplayed your hand. Dana Milbank has put up a pretty hilarious post spoofing the president's Buffett Rule and its latest Kabuki manifestation yesterday in the White House: a backdrop of four wealthy "Patriot Millionaires" and their all-girl quartet of photogenic assistants. Milbank referred to them as "Bobbleheads" to describe their synchronized cranial movements every time Barry mentioned how well he and they are all doing. It was, of course, pure coincidence that the Fab Four just so happen to be big Obama donors. The token millionairess in the bunch was heiress Abigail Disney. Obama, in turn, has been a big promoter of the Disney franchise, and recently used the Magic Kingdom as a backdrop in a speech pushing for an expedited visa process to enable opulent foreigners to visit the Stand Your Ground State without having to wait in one of those boring lines like everybody else. 

And one of the walking wealth props, Whitney Tilson, would probably largely escape the Buffett Rule anyway. He has stashed a lot of his cash in offshore tax havens.

Call those who wait in line the Jimmy Buffetts and the privileged few taxomasochists the Warren Buffetts. Milbank suggests that every time the Buffett Rule phrase is uttered, we should all take a drink. Margaritas, Pina Coladas but no Dom Perignon! This presidential campaign between two phony one percenters -- one of whom flagellates himself with a flimsy overcooked piece of angel hair pasta, and the other who has already admitted that he relishes firing people --  sure has me wanting to sing J.B.'s "Why Don't We All Get Drunk."

But since I don't sing well, I wrote this little nursery rhyme instead. If anyone is offended, then I thank you kindly.

The rule they call Buffett,
I'd just as soon stuff it
Right up their political ass.

They'll poop out their speeches,
Those corporate leeches --
Nothing solid -- just more corrupt gas.

Barry and the Bobbleheads (photo by AP)

Populist Pablum and Two-Tiered Justice

Anybody noticing that President Obama is running a really bland re-election campaign? The Buffett Rule, under which millionaires would pay a flat tax of 30%, is so weak as to be laughable. Not only does it have no chance of passing and is thus just a sideshow in political Kabuki Theater, it would only raise about $40 billion in revenue over the course of a decade. Contrast this with the loss of more than a trillion in revenue because of the Bush tax cuts.


Nothing at all has been said lately about non-renewal of the so-called Bush tax cuts, nothing about taxing high-speed Wall Street trades. As a matter of fact, W himself came out of the woodwork yesterday to complain they are still called the Bush Tax Cuts, when they should be "another body's tax cuts." His heh-heh-heh appearance and still-untreated language disability reminds us why people were once so enthusiastic about Barack.


The public policy center Demos says a financial-speculation tax is not only long overdue, but would garner billions more revenue than the small ball Buffett Rule. The Eurozone is in favor of such a tax. But, wouldn't you know -- Obama and his bank-friendly Treasury Secretary Timothy Geithner don't like it so much. It would cost the donors on whom they so heavily depend to remain in The White House. Writes Wallace Turbeville of The American Prospect:

The Obama administration has voiced doubts about the enforceability of an FST as well fears that the costs would be passed along to ordinary investors and the overall effect would be to raise the costs of capital and hurt growth. These objections are groundless. Enforcement has not proved to be a major problem in the U.K. as just discussed. And ordinary investors may actually benefit from an FST as fund managers have fewer incentives to engage in excessive trading that increases fees for investors. As Ian Salisbury has pointed out, “Excessive trading can be a drag on fund performance because funds' brokerage commissions and other costs are deducted from investors' returns. Trading can also pump up capital-gains taxes that investors pay.” 

Ironically, Obama made his Buffett Rule pitch in Florida, in a public speech crammed amidst several million-dollar fundraisers hosted by the very same wealthy anti-regulation people he is asking to contribute "just a bit more." It was one of those G-droppin' harangues in which his voice frequently strained against the fakery of his own words. Lots of folksy, incredulous stammerin' that rich folks get away with such an outrage. Which is pretty outrageous, considering just last week he signed into law that hilariously-named JOBS Act, which brings deregulation and fraud back to Wall Street. Obama disingenuously called it an opportunity for small investors to cash in on job-creatin' IPOs via that so-trustworthy and anonymous Internet. But in the words of Matt Taibbi, "it couldn't suck worse."


Come to think of it, the de facto campaign slogan of Barack Obama is "I Suck Less." In actuality, though, it should be "I Suck, Romney Sucks. We Both Suck Up to Capitalist Cronies, and You're All Just a Bunch of Suckers."


Not one word, moreover, from Obama on how that much-vaunted 55-member Financial Crime Task Force he announced during his State of the Union address is coming along. The fact is, it is non-existent. If you haven't yet signed the CREDO petition demanding answers from Dear Leader, here is where you can find it. Such petitions usually roll off his tefloned back like water off a duck. But it's fun to imagine that just one infinitesimal droplet of sweat might mar his brow during this election year, give him one nano-second of pause.  


CREDO points out that even were Obama to fill all 55 slots, the effort would still be but a hollow emphysemic wheeze aimed at the criminal conflagration. During the Savings and Loan Scandal of the 80s, more than 1,000 FBI agents were dispatched to investigate those crimes, which pale in comparison to the extent of the still-ongoing Big Bank cataclysm of conspiracy. And Obama's typical passive aggression is deliberate to the extreme. Time (read: statute of limitations) is starting to run out:

President Obama’s record on Wall Street accountability is abysmal. But because of enormous grassroots pressure from activists like you and polling that suggests he needs to take on Wall Street as a part of his election campaign, we have a real opportunity to move President Obama to meaningful action on Wall Street accountability. Time, however, is running out.

President Obama’s first task force at the Department of Justice did little if anything to prosecute Wall Street for crimes that led to the financial crisis. But because of your activism, he announced a new task force and named progressive champion and New York Attorney General Eric Schneiderman one of its five co-chairs.

Schneiderman, you may recall, was widely accused of selling out to the Obama Administration when he dropped his serious investigation of the mortgage fraudsters and reached a very bank-friendly settlement. You may also remember that he promised to walk away from the Task Force if it turned out to be a big fat sham. Well -- it has been three months. We are still waiting.


Actually, Schneiderman may be just a little slow on the uptake. Two years after my local newspaper broke the story of a scam involving a Bridezilla who faked terminal cancer in order to score a free wedding and honeymoon, our Attorney General has finally had the woman arrested, charged with fraud and grand larceny, and thrown in the slammer. (H/T Valerie)

"By pretending to have a terminal illness, Vega inexcusably took advantage of the community's hearts and minds, and profited off of their generosity," said Attorney General Eric Schneiderman. "Our office will hold this individual accountable for fleecing the public through lies and deception."

Ironically -- perhaps just humanely -- the cancer bride's alleged victims think she should be receiving mental help instead of jail time. But Eric the Dread has to show that he is strong on Law and Order as it affects the lesser people. Crooks like Jon Corzine and Angelo Mozilo who deceived and fleeced the public are rich and free, because they are VIPs. Punishing them might give the Stock Market the jitters. As President Obama put it in his Buffett fluff-puffer of a speech Monday, "I believe the free market is the greatest force for economic progress in human history."


There you have it. Capitalists rule, working people drool. Straight from Boca Raton (the Mouth of the Rat*), Florida, USA, home of corporate Disneyworld fantasies and Stand Your Ground.

*Reader Jay informs me the literal Spanish translation of Boca Raton is Mouth of the Mouse. Its original name was Boca de Ratones, which would translate into Rat's Mouth. In any event, this pricey Florida resort town was named after a rodent's maw of some sort. According to "Urban Dictionary", Boca Raton is defined this way:

1) Are you from Long Island?
2) Nah, I'm from Boca
1) Same shit
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(Photo Courtesy of CREDO)