President Barack Obama on Monday took initial steps to school Congress and the American public on his first budget which includes the goal of cutting the nation's budget deficit in half by the end of his first term. As Yogi Berra is said to have uttered, it's deja vu all over again. Former President George W. Bush promised the same thing with abysmal results. Is Obama … [Read more...] about Cutting Budget Deficit A Shaky Promise
It’s Nice To See The Bailouts Working So Well
Over the course of 48 hours it's come out that Citi needs to be rescued or it'll fail the stress tests, GM/Chrysler need to be given more money or declare bankruptcy and AIG needs more money or cause ruin. Just those four companies will require another $300-$500 billion in my estimation (that's on the low side actually, if you want to be more pessimistic another $750 billion … [Read more...] about It’s Nice To See The Bailouts Working So Well
Jindal the Wonk
JINDAL THE WONK: Listening to Bobby Jindal is different from listening to almost any other Republican. For example, consider Jindal's discussion with David Gregory yesterday on Meet the Press. Jindal consistently tries to win points by demonstrating that he has mastered the details of an issue. When Gregory tried to portray Jindal as inconsistent, Jindal mounted his defense … [Read more...] about Jindal the Wonk
Jindal on the Future of the GOP
Yesterday:MR. [DAVID] GREGORY: What is the state of the Republican Party? GOV. [BOBBY] JINDAL: Look, our Republican Party got fired with cause these last two election cycles. We became the party that defended spending, corruption that we never should've tolerated, and we stopped offering relevant solutions to the problems that Americans care about.Jindal isn't going easy … [Read more...] about Jindal on the Future of the GOP
Bunning Tosses A Spitball
Former Major League pitcher and now U.S. Senator Jim Bunning of Kentucky has thrown a political spitball claiming liberal Supreme Court Justice Ruth Bader Ginsburg could die in less than a year from pancreatic cancer. In the arena of politics, it's one thing to speak the truth about possible events we don't want to hear. It's another to forecast the death of a prominent … [Read more...] about Bunning Tosses A Spitball
Stimulus as GOP Hopefuls’ Iraq
Republican gubernatorial presidential wannabes are facing a dilemma over the Obama stimulus similar to the one that led Senate Democratic hopefuls into voting for George W. Bush's invasion of Iraq in 2001. Just as Hillary Clinton, Joe Biden, John Edwards et al feared retaliation at the polls in 2004 for being soft on terrorism, we now have Bobby Jindal, Sarah Palin and Mark … [Read more...] about Stimulus as GOP Hopefuls’ Iraq
Gallup Poll: Obama At One Month Is Highly Popular But Honeymoon Ending
A new Gallup poll finds that President Barack Obama remains popular -- but not extraordinarily so and that his honeymoon is slowing coming to an end. The big development in the honeymoon drawing to a close: Obama is holding firm on his support from Democrats and independent voters, but he's losing the support of Republicans -- particularly of conservative … [Read more...] about Gallup Poll: Obama At One Month Is Highly Popular But Honeymoon Ending
Economic Potpourri
Well it's going to be another exciting week or two. Something has to be done with GM and Chrysler, not to mention a couple of banks that have more assets than many countries. Barry Ritholtz applauds the option of exploring a prepackaged bankruptcy for autos and asks why not for banks? Yves Smith counters that bankruptcy for autos won't be pretty and could unravel beyond … [Read more...] about Economic Potpourri
Republicans Plan Back To The Future Gingrich Opposition Technique For Obama Agenda
Dust off your old copies of "Back To The Future" because according to The Politico, that's what Republican party strategists have in mind in how they're going to approach President Barack Obama and his emerging agenda. The bottom line: They will do a re-run of former House Speaker Newt Gingrich's highly partisan resist, characterize and block strategy that re-energized … [Read more...] about Republicans Plan Back To The Future Gingrich Opposition Technique For Obama Agenda
Senator Leahy’s “Middle-of-the-Road” Approach to Justice
Now that "Change" has come to the White House, the question that is on every American's mind is what the Obama administration, the new Justice Department, will do about the abuses of the Bush years. Senator Patrick Leahy, a six-term Democratic Senator, a former prosecutor and chairman of the Senate Judiciary Committee, and someone who would be intimately involved in any … [Read more...] about Senator Leahy’s “Middle-of-the-Road” Approach to Justice
Let’s Grow Up And Raise Taxes (Guest Voice)
LET’S GROW UP AND RAISE TAXES by Marc Pascal The first of several stimulus packages has just passed but it is just the beginning of our efforts to address our immediate and long-term economic problems. After 2010, the federal operating budget will face trillion-dollar deficits as far as the eye can see. They have to be addressed for the long-term prosperity of our … [Read more...] about Let’s Grow Up And Raise Taxes (Guest Voice)
Eastern Europe is Broke
You think it's bad here in the US of A? Take a look at our friends across the pond - and across France and Germany - where you get to those great "emerging markets" that captured the world's imagination after the fall of Communism. From about 1995 to the early 2000s, the story of growth in places like Poland, Hungary, Czech Republic and the Baltic nations was nothing short … [Read more...] about Eastern Europe is Broke
The California GOP: A Democrat’s Best Friend
In yet another move towards making themselves a narrowly based party in perpetual minority status, the California Republican party today voted to reprimand the six state legislators who voted in favor of the recent budget deal. This move denies the officials financial support from the party in the 2010 campaign. As I stated previously, I am no fan of tax increases and am … [Read more...] about The California GOP: A Democrat’s Best Friend
On Capitol Hill, Money is the Root of All Hypocrisy (Guest Voice)
On Capitol Hill, Money is the Root of All Hypocrisy by Michael Winship The great movie comic and professional curmudgeon W.C. Fields once said, "You can fool some of the people some of the time - and that's enough to make a decent living." Watching the news from Washington unfold this week, the truth of the late comedian's words never seemed more right. The antics of … [Read more...] about On Capitol Hill, Money is the Root of All Hypocrisy (Guest Voice)
Nationalize Banks? Of Course!
Some prominent Democrats and Republicans in Congress along with some leading economists say it's time to nationalize American banks. Some other leading Democrats and Republicans in Congress along with some prominent economists say no. But the argument here is silly. Bank nationalization is already well underway. Twenty-five banks were taken over by the government last year … [Read more...] about Nationalize Banks? Of Course!
A Note Personally Penned, Then Signed “Barack.” Priceless
TIME Magazine this week reported on the somber decisions facing the new President when it comes to Afghanistan. President Obama has already ordered two more U.S. Combat brigades into Afghanistan, and may have to send more of our troops. As he announced the troop movements, Obama said: "There is no more solemn duty as President than the decision to deploy our armed … [Read more...] about A Note Personally Penned, Then Signed “Barack.” Priceless
Egos in Hillaryland
Yes, I know, it's almost as shocking as gambling at Rick's. Here a plum from the article at TNR: The hard-charging [special envoy Richard] Holbrooke remains the biggest question mark. Asked how Holbrooke managed to bargain the bullying Serbian dictator Slobodan Milosevic into a Balkan peace deal, Bill Clinton once replied: "Because he has the same character as Milosevic." … [Read more...] about Egos in Hillaryland
High-Tech Killed Finance – and Media May Be Next: Financial Times Deutschland
In analyzing the economic turmoil roiling the world, have we missed something essential about the causes? According to Thomas Klau of the Financial Times Deutschland, we not only missed the dangers of how IT was transforming the financial sector, we are now standing by as IT has an equally unpredictable and potentially devastating impact on the media - and on how information is … [Read more...] about High-Tech Killed Finance – and Media May Be Next: Financial Times Deutschland
Leithart on China: He Probably Speaks for Many
Peter J. Leithart is a Biblical scholar widely respected and read by people from all camps of the Church, conservative, liberal, and moderate. Few of his blog posts deal with political issues, like this one, where he shows no restraint. There's an argument to be made that his negative reaction Secretary of State Hillary Clinton's statements in China isn't really a … [Read more...] about Leithart on China: He Probably Speaks for Many
Congressional Republicans Say Democrats Are Treating Them Poorly
And they're shocked because they'd never treat Democrats that way... … [Read more...] about Congressional Republicans Say Democrats Are Treating Them Poorly