03 Wednesday Mar 2010
Posted in health care, Obama, Politics
Tags
Ugh! Another health care speech?
“Obama plans to unveil his latest proposal Wednesday, starting at 1:45 p.m., at a White House ceremony, an administration official said, speaking anonymously under White House ground rules.”
It’s a good thing all our economic problems are solved and we’re back to full employment.
03 Wednesday Mar 2010
Tags
Democrats, House of Representatives, national debt, President Reagan, Republicans, spending increases, tax cuts
Any time the discussion turns to the national debt, a popular tactic among Democrats is to go back to the origin of exploding debt numbers under President Reagan. They like to point out that when Reagan took office in 1981 the debt was $998 billion and when he left in 1989 it was $2.9 trillion, due mostly to tax cuts and spending increases over that time. That is true, but here’s the rest of the story.
Spending and revenue bills originate in the House of Representatives, and at no time during Reagan’s 8 years did Republicans control the House. In the 4 Congresses during Reagan’s 2 terms, the 97th thru the 100th, the average spread in the House of Representatives was 257 Democrats to 178 Republicans. The Kemp-Roth tax cuts of 1981, for example, passed 323-107 and there were only 191 Republicans in the House at that time. Likewise with spending. Democrats had the numbers to stop any of those proposals but didn’t.
Let’s be honest, when parceling out blame for our massive national debt there’s plenty of blame to go around, and plenty of fingers to be pointed in both directions.
03 Wednesday Mar 2010
Posted in bailout, Wall Street
Wall Street’s return on their Washington investment:
“In fall 2008, after Lehman Brothers collapsed and other Wall Street firms seemed ready to topple, New York appeared to be headed for a brutal recession, one that would rival the worst downturns in the city’s history.
Now city officials and private economists are revising their forecasts with a drastic change in tone. The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared.”
You’re welcome, banksters.
02 Tuesday Mar 2010
Posted in lobbyists, Obama, Politics, special interests, Wall Street
Tags
Barack Obama, Cypress Group, Damon Munchus, ethics pledge, Henry Paulson, Jeb Mason, K Street, revolving door, Treasury Department
This is a recording. Some things never change:
“Barack Obama has made cracking down on K Street a signature cause of his presidency. But a year into his tenure, the executive branch’s revolving door has already started to turn with one senior official making the exodus from administration insider to hired gun.
Munchus will be a test case for Obama’s tightened revolving-door policy, which prohibits former administration officials from lobbying the executive branch for the remainder of his administration.”
Damon Munchus, the principal liaison between the Treasury Department and Congress regarding financial institutions and capital markets, signed on Monday as a managing director with financial services lobbying boutique the Cypress Group, whose clients include some of the nation’s biggest banks [Citigroup, Freddie Mac, and Bank of America to name three].
“President Obama has consistently made clear that he will strive to lead the most open, transparent, and accountable government in history. Whether it is reigning in the influence of lobbyists in Washington, bringing unprecedented accountability to federal spending, opening doors to engagement with the American public, or shutting down the “revolving door” that carries special interest influence in and out of the government, the highest standards will be sought in every thing the federal government does.”
And this portion of the “pledge” all incoming members of the administration, including Mr. Munchus, signed:
“5.Revolving Door Ban — Appointees Leaving Government to Lobby… I also agree, upon leaving Government service, not to lobby any covered executive branch official or non-career Senior Executive Service appointee for the remainder of the Administration.”
Did you catch the loophole? “I agree not to lobby any executive branch official.” No mention of lobbying Congress, which falls into Mr. Munchus’ area of expertise:
“Munchus worked in the Office of Legislative Affairs, which deals directly with the Hill. His position as Deputy Assistant Secretary for Banking and Finance gave him intimate knowledge not just of the process but of key lawmakers…That’s invaluable information to investors.”
But in the spirit of bi-partisanship:
“Munchus’ arrival at Cypress Group comes on the heels of another addition to the firm, Republican Jeb Mason. Mason, former deputy assistant secretary for business affairs under then-Treasury Secretary Henry Paulson, was tasked with business outreach and coalition building in the Bush administration.”
“With the acquisition of Munchus, Cypress can now boast to employ high-level officials from four straight Treasury Secretaries.”
And the band plays on….
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