Contrite executives of eight major banking institutions pledged thanks to a series of Congressional hearing panels Wednesday in what amounted to little more than a dog and pony show. The bankers said they used $118 billion of the $350 billion Troubled Asset Relief Funds to increase consumer loans and said they are eager to help ease growing public rage over how they are … [Read more...] about The Trillion Dollar Dog And Pony Show: Act II
The Crash: Time for a New Superlative? – Financial Times Deutschland
Is the current financial crisis worse, as bad, or not as bad, as the Great Depression of the 1930s? That seems to be the meme-question of our economic times. According to Wolfgang Munchau of Germany's Financial Times Deutschland, the situation may not only be worse than the Great Depression, we might have to come up with a new word to describe its severity. In this sobering … [Read more...] about The Crash: Time for a New Superlative? – Financial Times Deutschland
Agreement Announced on Economic Stimulus…What Now?
As numerous news media are doing at this hour, the Seattle Times just announced that an agreement has been reached between the Senate and the House on a $789 billion economic stimulus package: Senate Majority Leader Harry Reid has announced agreement on stimulus bill. Moving with remarkable speed, key lawmakers and the White House were working on a $789 billion economic … [Read more...] about Agreement Announced on Economic Stimulus…What Now?
How Tax Cuts Could Backfire
For a little light on the hot topic of the day, the final shape of the stimulus bill, here is an expert view under the title of "Can Tax Cuts Deepen the Recession?" A new paper by Gauti Eggertsson of the New York Fed argues that tax cuts will lead to increases in both supply and demand, failing to close the gap between the two. "Under normal circumstances," notes the … [Read more...] about How Tax Cuts Could Backfire
Schooling the Lunatic Fringe
In a post billed as a defense of Obama's Treasury Secretary and his "revised financial bailout plan," Nate Silver freestyles an argument on the merits of restraining ideology and moderating our respective tendencies to believe that (i) we each know what we're talking about, regardless of the subject, and (ii) we each have a corner on absolute rightness. Money quote: I'm … [Read more...] about Schooling the Lunatic Fringe
Alaska Attorney General Exits Stage Right – The Wages of Cronyism
Talis Colberg, the Attorney General of Alaska appointed by Governor Sarah Palin, has resigned his position. He was already in deep water over advising a number of his "clients" (including Todd "The First Dude" Palin) not to bother showing up when they were issued subpoenas to appear before the legislature to testify over Troopergate. Said clients have since been found in … [Read more...] about Alaska Attorney General Exits Stage Right – The Wages of Cronyism
‘Dems’ Ethical Troubles’
The first three weeks of the Obama administration have not gone very smoothly, especially when it comes to the all-too-many failures to adequately vet several of the Obama nominees for high level positions in his administration. Just as Mr. Bush promised in 2000 to "restore honor and dignity to the White House," President Obama pledged to bring ethics back to … [Read more...] about ‘Dems’ Ethical Troubles’
Live-blog: Biden’s Chief Economist, Jared Bernstein, on Recovery & Reinvestment Act (aka stimulus bill)
I've got permission to do a live-blog of a call this afternoon described as follows: On Wednesday, February 11, at 4:00 p.m. ET Jared Bernstein, Chief Economist for the Vice President, will discuss the American Recovery and Reinvestment Plan on a press conference call with progressive media and bloggers. Bernstein will discuss the impacts of the American Recovery and … [Read more...] about Live-blog: Biden’s Chief Economist, Jared Bernstein, on Recovery & Reinvestment Act (aka stimulus bill)
“Welcoming” the New Administration
Certainly instability born of the disconnect between the Afghan government and its people to which President Obama alluded in his news conference several days ago is at play in a suicide attack on the Ministry of Justice in Kabul. But there's another factor as well. The Taliban and their allies obviously also are welcoming the new administration in Washington, testing the … [Read more...] about “Welcoming” the New Administration
Specter’s Magic Bullet
It has been confirmed that there are several conservative PACs who are threatening to find primary challengers to the Republican Senators who dare to vote for the stimulus package that is being pushed by President Barack Obama. Two of the three G.O.P. traitors, Olympia Snowe and Susan Collins (both from Maine), do not face an election in 2010. However, that does leave Arlen … [Read more...] about Specter’s Magic Bullet
It’s Time to Nationalize the Banks
In what I think was President Obama's first substantive error (not including the easily fixed nominee battles), his Treasury Secretary Tim Geithner offered an outline of a financial plan that skirts around the main problem facing the financial system. Geithner's plan is based on three parts: 1) Give $50 billion to homeowners struggling with foreclosure. Details on this will … [Read more...] about It’s Time to Nationalize the Banks
Tone Deaf Congress to give Stimulus Money to ACORN?
It's not quite as bad as the title might imply, but the more we look at the pending stimulus package, the more we see how much Congress needs to slow down and examine this more carefully. One provision tucked away in the bill could result in certain "housing groups and nonprofits" will be able to apply for funding from the package. The Albuquerque Journal has the details. … [Read more...] about Tone Deaf Congress to give Stimulus Money to ACORN?
Note To Dems: Pull Back, Regroup, Counter-Attack
It's a basic military strategy. When you can't hold a given line you withdraw, regroup, strengthen your own forces while your enemy over-extends himself, then counter-attack and win the field. That's what has to be done now with the stimulus bill. The measure now in a conference between the House and Senate isn't big enough to really pull our fast-falling economy out of its … [Read more...] about Note To Dems: Pull Back, Regroup, Counter-Attack
Chavez Seeks End To Democracy In Venezuela
Over the eight years of the Bush administration, many on the far left warned that he was going to bring an end to democracy in the United States, that he was going to end elections, ban dissent, and so on. Such complaints have been raised against most recent adminstrations and in every case they were wholly unfounded. But in Venezuela it looks like things are heading just … [Read more...] about Chavez Seeks End To Democracy In Venezuela
The 2nd Amendment and the Revenge of the Incorporation Doctrine
With a hat tip to Reason.com we find out from the CrimeProf Blog that there's an ill wind blowing for Second Amendment enthusiasts from the Second Circuit Court. It comes in the form of Maloney v. Cuomo and brings the Incorporation Doctrine roaring back on the scene. The Second Amendment guarantee of the right to bear arms does not apply to override state firearms bans, the … [Read more...] about The 2nd Amendment and the Revenge of the Incorporation Doctrine
Deficit Spending
Adam Zyglis, The Buffalo News This cartoon is copyrighted and licensed to appear on TMV. All Rights Reserved. Unauthorized reproduction prohibited. … [Read more...] about Deficit Spending
No Female Senators or Representatives from Congress are on Stimulus Bill Conference Committee
You have got to be kidding me: Senate Democratic leadership has announced who will be serving on the conference committee to iron out differences in the House and Senate versions of the stimulus bill. Majority Leader Harry Reid, D-Nev. Finance Committee Chairman Max Baucus, D-Mont. Appropriations Committee Chairman Daniel Inouye, D-Hawaii Finance Committee Ranking … [Read more...] about No Female Senators or Representatives from Congress are on Stimulus Bill Conference Committee
Get Away from Those Spinning Doors (Guest Voice)
Is President Barack Obama learning a painful lesson? Is he getting crushed by the Washington insider doors? In this Guest Voice post, Michael Winship, senior writer for PBS's Bill Moyers' Journal, looks at the issue -- and pitfalls. Guest Voice posts do not necessarily reflect the opinion of TMV or its writers. Get Away from Those Spinning Doors by Michael Winship Not … [Read more...] about Get Away from Those Spinning Doors (Guest Voice)
Don’t Ask Don’t Tell: We Are Watching and Waiting, Mr. President
When he ran for President, one of the promises Candidate Obama made was that he would lift the current policy of "Don't Ask Don't Tell" in favor of allowing gays to serve openly in the US Military. While there were issues where I disagreed with Mr. Obama, this was not one of them. I have long felt that this 'wink and a nod' policy was idiotic and somewhat insulting to both … [Read more...] about Don’t Ask Don’t Tell: We Are Watching and Waiting, Mr. President
Partisan Love
David Fitzsimmons, The Arizona Star This cartoon is copyrighted and licensed to appear on TMV. All Rights Reserved. Unauthorized reproduction prohibited. … [Read more...] about Partisan Love