Economy

Legislators’ Alert: Wall Street, Obama & Dems – BFF 

The Wall Street Democrats

Rep. McCotter, I'm a manager at an automotive supplier (and an old friend of yours from high school) whose business is threatened by a loophole in the Tread Act, which passed in 1999. This Act is meant to protect motorists from the dangers of driving under conditions that could result in tire tread separation and rollovers. A loophole in the Tread Act allows for unsafe tire pressure monitoring systems to be used to detect a low tire condition.

"Beset by great challenges, Americans must determine freedom's future. In this crucible of liberty, America's salvation remains her free people" (Congressman McCotter, Wide Awake Pamphlet) Congressman McCotter's Pamphlet is a beacon for conservative values. I recommend it to those who are looking for answers in this difficult time. It reminds us where we come from, but also where our country needs to go. Today, we are acting like scared little children that are afraid of a thunder storm. America is wrapped up in a blanket of socialism and apathy. We are cowering in the corner hoping that our problems will just go away. Obama continues to blindly throw taxpayers money at bridges to no where and studies of the mating patterns of field mice.

I thought that a vote for Mr. O'bama was a vote for much needed change in America? I guess we got that... Except the change wasn't good! See, instead of creating millions of new jobs, like he said he would, jobs in my state of Michigan continued to go away. All of the "roads" work that was supposed to create ample employment...well, it didn't. I have a wife and a son, (age 12), and for me to support my family, instead of living off unemployment, the food bank, a local charities provided by community churches; I had to leave the United States, and take a job in Canada. Now, don't get me wrong, Edmonton Alberta is a nice place. The folks are friendly, and the position I have is a good one with excellent benefits but, its not home. It isn't where I should be.

The Issue could just as easily have been "The Environment" Why is it that we pass EPA and OSHA rules to protect the environment and Industrial workers which place extreme cost penalties on Domestic Manufacturing and allow foreign competition to import products without penalty from countries that have no safety or environmental controls. Everyone slams US manufacturers for being inefficient and producing products that cost more than foreign products. Now the idiot administration is pushing Cap and Trade legislation that will finish destroying what is left of our manufacturing industry. Imports should be required to produce products in facilities that meet Domestic regulations.

Where is the outrage that President Obama continues to appoint czars that do not have to be vetted or have a security clearance? These czars are radical, communist, and thugs that have been a part of President Obama's life as a community organizer. Where is the outrage that President Obama is ruining the United States of America by running the country as the Chief, Community Organizer, and, continuing to intertwine, ACORN, Apollo Alliance, SEIU, Gamaliel Network, etc. etc. etc. How is President Obama allowed to circumvent the checks and balances of our great Nation to push his socialist agenda that enriches him as well as his radical friends and their businesses.

Senator Levin sent me an email, apparently proud of his outrage. Here was my response: Senator Levin, I find your disgust over the payment of bonuses to AIG executives to be nothing more than a sham to cover up your failure to read the "bail out" bill before you voted for it. If you and every other senator had read the bill before approving it this may not have occurred. Go ahead and tell me you read the 1100+ page bill in less than a day and I'll tell you I how I can single handedly solve the energy crisis. By the way, where is the outrage concerning the $2+billion in bonuses that Merrill Lynch payed to their executives after being "bailed out" by the taxpayers.

Rural America will have to get the checkbook out, for generations, to pay for a stimulus package they have been left out of from the start. I don't blame the Democrats for being democrats, but I do blame my republican representatives for abstaining from the decision making process that could have at least brought the benefits of the stimulus package down home. Having only the mayors of cities provide "shovel ready" projects for jobs creation leaves the rest of rural America in the cold. This ideological temper tantrum was not only futile, it was self destructive.

Thank you for standing united against that ridiculous spending bill. The President has the audacity to hope and claim this "stimulus" package is an investment in the future financial and economic well-being of the nation, however he does not realize that the nation is not the state; the nation is the taxpaying and voting citizens who will be harmed by this. This is not an investment, this is a liability.

This is my first post to two cents. From the dates on other posts this site does not seem too active but I've searched the web for a republican forum that gets through to the policy makers. Just today Obama announced a new web site to gather suggestions. We need one too, if there is another than this please advise. I have been searching for details of the Republican Plan in vain, plenty of references to the PLAN but what is it?? The economy is in the can! Never in my 76 years have I seen things so desperate. The middle class needs help.

Saw this on Mankiw's blog and had to share it: Fiscal Policy Puzzles As a student of Alan Blinder, Larry Summers, and Stanley Fischer, I was trained to view the short-run effects of fiscal policy through the lens of Keynesian macroeconomic theory. I am sure that many of the economists in the new Obama administration share that intellectual framework. After all, they are being drawn from my teachers (Larry Summers), my fellow students (Christina Romer), and my own students (Jason Furman). Many macroeconomists, however, are skeptical of the Keynesian model. And even among modern Keynesians, there is disagreement about specifics. I think it is fair to say that short-run business cycle theory remains one of the least settled parts of economics.

The "Big Three" automakers are some of the worst-run businesses out there. I've long said that if any business ran like the federal government, it would fail... well, those three get awfully close to the cronyism, careerism, and nepotism that the fed is known for (elected or bureaucratic). And they're failing under their own weight.

Now they're asking the fed to float them my cash and your cash so they can continue to operate as bloated, irresponsible organizations.

Absolutely not.

The economy is in bad shape. Bankruptcy by any of them would be a bad thing.

Instead of bailing out the auto industry, how about a tax credit of $8,000 to citizens who buy an American car between now and December 31st, with the auto industry being required to offer automobiles at the lowest price they have ever forwarded? How many cars would be sold this way, and what would the impact be for the auto industry? Also, the government could buy back old gas-guzzlers for $3,000 a piece, regardless of shape or age, as long as they are registered.

Imagine the millions of jobs that could be created if college graduates didn't have to pay back all those loans they took on? Rather than sending so much of their money to big banks who already got a government bailout, they could spend their salaries in pubs and amusement parks, on cars and houses, and so many other things that would result directly in jobs for hard-working (or currently not working) Americans. There is a great swath of Americans who have to send anywhere from $150 to $500 every month to banks. That's millions of dollars NOT going into the American economy.

Well that hurt last night...
But it certainly frees you guys up to be gadflies. You no longer have to pretend to be something you're not and never win by being -- liberals.
Perhaps now the GOP will undo its collective anal-cranial impaction and rail against rampant spending, hmm?
I applaud people like Congressman McCotter who have already been beating this drum -- no anal-cranial impaction there. Let's get some more of that, please.

Ben Bernanke is asking for another stimulus package?!!??

The first one, which was massive public takeover of private debt, has barely had time to percolate through the economy and have its intended and -- perhaps more importantly -- unintended effects!

As Timmahh discussed yesterday, if a tad coarsely, the new stimulus package the House Democrats appear eager to pass will not address what ails the economy. We now have Pelosi on record with some possible details rather than educated speculation.

Apparently Nancy Pelosi now wants to send out another "stimulus package" in a move to get the economy going again gesture designed to make people like her and her ACORN-coddling, Fannie/Freddie-supporting, regulation-blocking, let-them-eat-cake Democrat colleagues just a little bit more just before the election. Of course, any resistance by Republicans trying to be responsible by calling for a real stimulus package -- i.e., one that will actually address the problem in the economy -- will be blasted by the Democrats' lapdogs in the press as coldhearted jerks who eat the children of factory workers and laugh maniacally. But I digress...

Regardless of who the next President is, the federal government should not feel compelled to enact all sorts of public works projects a-la FDR in the misguided hope that government spending will get us out of a financial crisis. The New Deal prolonged the Great Depression, though it was a PR coup for FDR and Congressional Democrats. Lucky for them WWII came along to truly bring the nation out of the Depression.

House Republicans need to pay attention to the obvious. When the market goes down, the dollar goes up. SO! What is equally important? Yes, a strong dollar. A strong dollar helps main street quicker than a strong wall street.