Hidden among the flurry of activity of the last few weeks is the Congressional Budget Office estimate that future deficits will be a cumulative whopping $9 trillion. The number itself is almost staggering; astounding; outrageous.
The same day this figure was announced, President Obama announced that he is renominating Ben Bernanke to a second term as Chairman of the Federal Reserve. Two days later, Senator Edward Kennedy passed away. This was fortuitous for the President, because no one has been able to hold him accountable for this number.
The cumulative future deficits are irresponsible. And, it makes for an easy campaign for any Conservative worth his or her salt. President Obama is a typical “tax and spend” liberal. Anyone who voted for these deficits can be tagged …
James Joyner at OTB, this morning brings news abot the latest action of Eric Holder’s Justice Dept:
Attorney General Eric Holder has dropped the case against Ted Stevens, NPR’s Nina Toalatenberg reports.
A jury convicted Stevens last fall of seven counts of lying on his Senate disclosure form in order to conceal $250,000 in gifts from an oil industry executive and other friends. Stevens was the longest-serving Republican in the Senate, however, he lost his bid for an eighth full term in office just days after he was convicted. Since then, charges of prosecutorial misconduct have delayed his sentencing and prompted defense motions for a new trial.
According to Justice Department officials, U.S. Attorney General Eric Holder has decided to drop the case against
We are thinking heavily here about how to present a systematic approach to understanding what we call “Conservatism”. Just this week, a fellow Iowa blogger Albert Bregar penned his thoughts at Red County Polk County and Iowa Defense Alliance.
Albert provides an excellent start with a view to how many of us think about defining the way conservatives see the world today (okay, such a view would include “Ronald Reagan came back for more”). We will certainly start looking around blogdom and start collecting a list of such statements as “Smaller Government” and build them into a resource.
But in stating the conservative view of today’s world, we do limit ourselves to more of a statement of “how does conservative thinking apply to today’s issues”. …
I am not surprised at the guilty verdict handed down against US Senator Ted Stevens (R-Alaska) on seven counts of making false statements. And nor should anyone else. I stated earlier in the year that Alaskan Republicans needed to find another candidate, but they failed. It amazes me that people like Ted can imagine that they are not only above the law, but that in the midst of failure they should continue on with their struggle for power when they should be focusing on dealing with the issue at hand… planning a appeal. From The Hill:
The senator vowed to “fight this unjust verdict with every ounce of energy I have” and said he would return home to defend his seat.
“I am innocent. This
Filed Under: Economy, TAXES
On Sunday I shared some initial thoughts about the Fed take-over of Fannie Mae and Freddie Mac. If you read it, you know I’m not exactly happy about the outcome. My friend Bithead shared some great thoughts Monday, and I don’t disagree that something needed to be done. He and I both agree dumping the CEOs was necessary.
And on Monday the Stock Market reacted very favorably to the news, with a huge rise in the Dow (500 points, settling up 289), with a strong positive impact to the banking industry.
But I’m still convinced that the solution divides the interests of those in the government now set to manage the affairs of these companies. Everyone who looks at this right now is breathing …
Crude oil dropped to $105/bbl Monday, down $1.26. After hours the price continued to fall, as of midnight it was hanging around $102/bbl.
Since hitting it’s high at 147.27 on July 11 (that’s still less than 2 months ago), the price has fallen almost 30%. According to most Democrats, this would only be possible if actual cheaper domestically drilled oil were available to put into the system immediately, not some years into the future. Strange as it may seem, it looks like other factors, such as the continued growth in the public pressure on Congress to act and open up domestic drilling, may also influence prices.
Of course, you aren’t required to be an economist to be a member of Congress. The problem appears …
Today US Treasury Secretary Henry Paulson announced plans for the new Federal Housing Finance Agency (FHFA) to take Freddie Mac and Fannie Mae into conservatorship. The power to do this was provided in HR 3221 which was passed in July.
The move includes replacement of the CEO of both organizations, and an infusion of about $200 billion. In return, the Treasury gets $1 billion in preferred stock from each company without providing the cash for it up front (I’m assuming this will work like a stock option).
From the Wall Street Journal:
It is unclear how much the government’s intervention will ultimately cost taxpayers. In exchange for agreeing to provide as much capital as needed to the companies as they cope with heavy losses on
In this weekend’s Wall Street Journal, there is a report of an investment made by Nancy Pelosi and her husband.
They put somewhere between $50,000 and $100,000 into T. Boone Picken’s company, Clean Energy Fuels Corp.
At first blush, the relatively small amount (compared to millions of dollars in assets held by the Pelosis) would make most consider this to be a non-issue. And by House Rules this is evidently not a conflict of interest. And besides, everyone can see that Natural Gas and Wind Energy are the future of America, right?
That shows you how well our politicians police themselves.
$50,000, $100,000, these are not small sums of money. Mrs. Pelosi may bandy about billions of our tax dollars with little thought, and …
Two big hits on prominant families this week.
One is Morgan Freeman. You may recall he was in an automobile accident earlier this week and was in serious condition. He was released later in the week after surgery with shoulder damage and a broken arm and elbow. According to Fox News, Freeman and his wife Myrna Colley-Lee have been separated since last December.
As far as I know, this was a huge surpise to most of the world. Of course, being in an accident with a lady friend in the car can lead to speculation, but I don’t anyone was ready to start accusing Freeman of infidelity. It seems she was a friend that had simply offered him a ride home.
Although we may all support the notion that one is innocent until proven guilty, we (and Stevens) have a responsibility to ensure that we not only keep our noses clean, we do all we can to avoid the appearance of impropriaty. The fact that Ted managed to get himself in a situation where the FBI and prosecutors are ready to bring him down means that either Ted is guilty, or exceptionally stupid.
The opportunity we have now in Alaska is that there is a primary scheduled in August for the Republican Senatorial Seat, which Stevens’ has held longer than any other sitting Senator, and frankly the Republican voters of Alaska need to make a statement to the entire country that Republicans will not tolerate unethical …