60 Minutes blows the lid off how members of Congress are legally allowed to use the inside knowledge to which only they have access to make money on the stock market and in other deals. This is why so many of them leave Congress as multi-millionaires.

How is this legal? Because in making the insider trading laws, Congress exempted themselves from the laws that apply to everyone else.

Notice how much bipartisan harmony there is on matters like this?

Even disgraced lobbyist Jack Abramoff, who went to prison for his role in political corruption, says in an interview about his new book Capitol Punishment: The Hard Truth About Washington Corruption From America’s Most Notorious Lobbyist that “I think the great tragedy in American politics is what is legal, not what is illegal.”

In the second part of the interview he talks about what needs to be done to clean up the bipartisan corrupt rot that has set in, and which he once took full advantage of. He says the so-called reforms that Congress enacts are a joke. He provides a good way to address the problem, which is the list of reforms that he, as a lobbyist, would have hated to see enacted because they would have made his job so much harder.

First, he says that once you are in Congress or are a staffer on Capitol Hill, you should face a permanent ban on working as a lobbyist. (Elsewhere, he described how lobbyists get our ‘public’ servants working for them. Once they see a Congressperson or a Congressional staffer who could be helpful to them and who is also hardworking and efficient, they tell him or her, “We would like you to consider working for us once you leave here.” That person usually is hooked and then willing to work on their behalf on legislation even while still working for Congress so that they don’t jeopardize their chances of a lucrative career if they should leave or be forced out of government.) Second, he says that, “If you’re a lobbyist or you hire a lobbyist or you’re at the public trough getting government grants or contracts or whatever, you can’t give one dollar politically, federally. If you make the choice yourself to do that, then you have given up the choice to give politically.” Third, he recommends term limits so that lobbyists would be forced to go through the tedious process of cultivating and eventually ‘buying’ new members on a regular basis. Finally, Congress should not be allowed to exempt themselves from the laws they pass for others.

I think that while many people suspect that Congress is corrupt, they do not realize how deeply the rot has spread. We are not talking about a few bad apples here and there, though once in a while there will be an uproar over one or two egregious examples of corruption and someone will face a ritual punishment. Those are the equivalents of the sacrificial virgins of earlier times, designed to protest the others from wrath. In this case, what they fear is the wrath of the people not of gods.

My prediction that the point of the supercommittee was a way to gets cuts in social programs passed in Congress was wrong. Although that may have been the plan all along, it seems like the devotion of the Republicans to enriching the already superrich was too strong to overcome their desire to inflict pain on the poor, and so no deal was reached.

So what about the automatic triggers of $600 billion each in defense and non-defense spending that are supposed to go into effect automatically, and the prospect of which was supposed to be so dire that it would force the supercommittee to come up with a plan? The $600 billion is social spending will cause severe pain to ordinary people but the oligarchs and their agents in Congress do not care about that. It is the $600 billion in defense cuts that is the cause of Congressional angst.

It looks like since those cuts only go into effect in 2013, Congress thinks that it has time to find a way to avoid it. It will not be easy. The legislation that created the deal will have to be repealed by a new law passed by Congress and president Obama has promised to veto any such measure, though Obama’s promises cannot be taken seriously.

I frankly do not know how this will play out now. There are too many variables at play. But expect to see a lot of posturing and grandstanding and finger pointing. In other words, the normal working of Congress.

Herman Cain is continuing in full gaffe form suggesting, in response to a question about the anti-gay Defense of Marriage Act, that he thinks the president can overturn US Supreme Court rulings.

Elsewhere, Cain said that the Taliban are in the new Libyan government, perhaps because he thinks that Libya and Afghanistan share a common border.

In some sports one has the ‘mercy rule’ in which teams, once they are sure of victory, deliberately hold back from further scoring in order to avoid embarrassing their opponents. It is time to for me to do that for Herman Cain. He has become such an easy target, such a laughing stock, and so obviously inept that it seems no longer worthwhile to comment on any more of his absurdities.

So Herman, gaffe away. I am done with you. Unless it is really, really funny.

Here is another view of the long silent walk of UC Davis chancellor Linda Katehi to her car after the contentious press conference on Friday after the pepper-spraying atrocity.

I have to hand it to the students. This was one of the most effective strategies they could have adopted. The dead silence with which they watch her walk was far more effective at showing her impotence than her being jeered or yelled at.

A rally is being planned at noon today (Pacific time) on the UC Davis campus.