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‘American Dream’ Summit in Washington
Austin has sent back some pictures from the summit in Washington, D.C., despite the extremely spotty internet service. This is like getting pictures back from a Mars lander…I had no idea what it looked like until now. Actually it’s just hotel meeting rooms, of course. By the way, Americans for Prosperity has been extraordinary at getting [...]
Continue reading...SNL actually does something that’s funny
7. October 2008
I haven’t been a particularly big fan of Saturday Night Live lately, but I think they hit a rare homerun with their “bailout” sketch this week…
Continue reading...In Keating, Ethics Committee primarily went after Cranston
7. October 2008
It’s a bit surreal to see an article from 1991 about the Keating Five scandal next to an ad for the Toyota Prius. Apparently the Chicago Tribune decided to digitally archive the now-relevant piece for old times’ sake. The Ethics Committee made clear that Alan Cranston was the senator who was most at fault, and [...]
Continue reading...McCain has been honest about Keating Five mistake
6. October 2008
Amidst the new Obama attacks over the Keating Five scandal, McCain’s campaign has been quick to counterattack, pointing out that McCain was mostly dragged into the situation. Cases about to be referred to Justice are not public information; there’s no way that the average legislator would have known the gravity of the situation. Here, Robert [...]
Continue reading...Neel Kashkari to run bailout
6. October 2008
Apparently the White House will soon appoint Neel Kashkari to head the Treasury Department’s Office of Financial Stability. Kashkari is currently the assistant secretary for international affairs for the Treasury Department. He is a former VP at Goldman Sachs. Neel is referred to as an “Indian-American” - no idea if he himself is from India, [...]
Continue reading...McCain acted correctly in Keating Five scandal
6. October 2008
Starting Monday, Barack Obama’s campaign will be pushing to voters the idea that John McCain was somehow an instrumental part of the “Keating Five” incident that led to the Savings & Loan crisis of the later 1980s - which will then, albeit erroneously, be linked to the current crisis because of the terrible evils of [...]
Continue reading...The reality of Jimmy Carter’s CRA
5. October 2008
The Community Reinvestment Act was designed to help lower income folks and people with bad credit buy homes. It required banks and other financial institutions to make credit available to the entire marketplace, not just those “safe bets” with substantial income. The result, a run on housing that caused a building boom of [...]
Continue reading...O’Reilly slams Barney Frank
3. October 2008
Bill O’Reilly laid into Barney Frank on his show. They were talking about the destruction of Fannie Mae and Frank’s statements about it when O’Reilly got extremely angry and shouted down the Congressman… Interestingly, Congressman Frank is “involved” with a man who has ties to Fannie Mae… Unqualified home buyers were not the only ones who [...]
Continue reading...Rum tax break? Not quite…but it’s still $192 million!
3. October 2008
Lisa Hawkins with the Distilled Spirits Council contacted me regarding the rum tax break issue that we earlier mentioned as among the earmarks in the $800 bailout. Apparently it’s not actually a “tax break” for manufacturers, but an extension of a Federal Excise Tax refund deal we have had with Puerto Rico and the Virgin [...]
Continue reading...Bailout bill gets $100B worse
3. October 2008
The bailout bill that the House rejected on Monday has been reformulated - now with $100 billion more largely unrelated spending! None of this is really relevant to the actual bailout effort, and it’s unfortunate that we’re going to get charged $800 billion for the supposed benefit of $700 billion. All this, just to fire [...]
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