By Grant Smith, RP Staff, on Fri Sep 30, 2011 at 3:00 PM ET
The Federal Reserve wants to be your Facebook friend. Creepy, right? [CNBC]
Bank of America’s new $5 debit card fee. Is Dodd-Frank to blame? [Forbes]
Which major new product announcement is more important: Amazon’s new tablet, or Amazon’s new browser? [Fortune]
Who generates more revenue: Apple or Microsoft? [CNN Money]
China launches the first experimental module for a future space station. [Washington Post]
By Patrick Derocher, on Thu Sep 29, 2011 at 9:15 AM ET Pictured here at Davos in 2009, Coca-Cola CEO Muhtar Kent has been highly critical of the American business climate and political in-fighting.
At the Clinton Global Initiative conference in New York, Coca-Cola CEO and Chairman Muhtar Kent remarked that China is becoming more hospitable to business than the United States. “You have a one-stop shop in terms of the Chinese foreign investment agency and local governments are fighting for investment with each other,” he said, noting that an arcane tax structure and political in-fighting were hurting the US’s business climate. [Atlanta Journal-Constitution]
By Grant Smith, RP Staff, on Tue Sep 27, 2011 at 9:15 AM ET
The drama in the United States Senate on Monday evening may pave the way for an agreement that will fund the Federal government until the end of the current fiscal year. [Washington Post]
By Rod Jetton, on Mon Sep 26, 2011 at 8:30 AM ET Being out of politics is such a peaceful life. Reading the press reports about the debt ceiling debate, special election campaigns and overall fight between the President and Republicans in Congress makes me chuckle.
Watching the Republicans and the Democrats tear each other apart would be a lot more funny if their decisions did not have such serious consequences on us poor average citizens. What is so infuriatingly funny is the hypocrisy.
Let’s start by looking at the debt ceiling debate.
Normally, raising the debt limit or borrowing money is a no-brainer for elected officials. Politicians are heroes when they spend money. They are given awards, trips and plaques, for just spending your money. Sometimes they even get buildings and bridges named after them, even before they die all because they spent someone else’s money. I still have a few of my old plaques hanging on the wall.
It doesn’t take long for even a stupid politician to learn that spending money, not cutting budgets, is the path to admiration, love and that most important priority of all, winning re-election.
There are two ways to get the money everyone wants them to spend. They can raise taxes (not a very popular option), or borrow the money. As you can imagine, borrowing the money is very popular because most citizens don’t care or understand borrowing or deficits, and the majority of elected officials are more worried about the next election than the future re-payment plan.
Usually, raising the debt limit happens quietly with little fanfare or press attention. With the exception of a few “hardcore fiscal conservatives,” the President’s party always supports raising the limit, and the other party opposes it. Apart from a few campaign mailers sent out in freshmen legislators re-election campaigns, it is never even used as a campaign attack. (It’s hard to attack an opponent for voting the same way you have voted)
But this year was different. With deficit spending exploding faster than anyone thought possible, along with Republicans throwing out the Democrats in November, the stage was set for a showdown. Normally, the President could have cut a deal to increase military spending or throw a few key projects in big highway bill, and they would have increased the debt limit; but because these pesky tea party “crazies” have the general population stoked up over deficit spending, the Republicans were forced to play hardball.
Read the rest of… Rod Jetton: Hypocrisy Abounds, But Jobs Can’t Be Found
By Grant Smith, RP Staff, on Fri Sep 23, 2011 at 3:00 PM ET
Are we entering the age of inherited wealth? [The Wall Street Journal]
Mad Money’s Jim Cramer explains how you should invest in a market full of contradictions. [CNBC]
Stories of what happens when really rich people do really stupid things. [Forbes]
Apple’s lead over Exxon Mobil swells to $35.87 billion dollars. [Fortune]
By Artur Davis, on Fri Sep 23, 2011 at 8:30 AM ET As a political instrument, the speech was effective and will pull Obama’s polling numbers back to an even approval/disapproval split: each element of the plan was poll-tested to cover the right bases, and the relatively non-conciliatory, “pass this now” tone will energize disaffected liberals. As economic policy, it is the 09 stimulus cut in half, and the parts of it that pass (extension of the payroll tax cuts, tax credits for new hires) will have a predictably mild stimulative effect.
But congressional Republicans have the votes to exact a price, and they will push Obama toward spending cuts that he does not want to make. They will not yield on taxes any more in the future than they have in the past because, frankly, they don’t need to: Obama has to have a jobs bill and will give ground on taxes to get it. Republicans know this.
Read the rest of… Artur Davis: Will Obama’s Jobs Plan Work?
By Grant Smith, RP Staff, on Tue Sep 20, 2011 at 9:15 AM ET The Politics of Postage Stamps
President Obama endorses cutting one day of mail delivery to save the U.S. Postal Service. [Associated Press]
By Grant Smith, RP Staff, on Fri Sep 16, 2011 at 3:00 PM ET
How Texas Governor Rick Perry supplemented his wealth with profitable (and perhaps political) deals. [Associated Press]
Business news highlights for this week. [New York Times]
Fortune Magazine releases their list of the 100 fastest growing companies. [Fortune]
This blackberry is starting to taste sour: RIM’s quarterly profits turn out to be even lower than analysts’ paltry predictions thought. [Forbes]
By Patrick Derocher, on Thu Sep 15, 2011 at 9:15 AM ET Rep. Gohmert in a less interesting moment.
Well, you can’t fault him for not having a sense of humor. Rep. Louie Gohmert (R-TX) has introduced a prank jobs bill that consists solely of repealing the corporate income tax. The catch? Like President Obama’s jobs bill, it is called the American Jobs Act of 2011. The President’s bill has yet to be introduced, owing to protest from both sides of the aisle, and will now have to be given a different name. Gohmert, known as a Tea Party provacateur, is considered one of the chamber’s more fiery conservatives. [Slate]
By RP Staff, on Tue Sep 13, 2011 at 8:30 AM ET Contributing RP Evan Bayh is leading an effort to promote regulatory reform in Washington. Check out coverage of his mission in the Charleston Daily Mail:
Former Indiana Sen. Evan Bayh and former White House Chief of Staff Andrew Card told a friendly audience at the Business Summit that some layers of federal regulation need peeled back and the Obama administration needs to also review all of the regulations currently in the works.
Bayh, Card, U.S. Rep. Shelley Moore Capito and U.S. Sen. Joe Manchin all spoke about the need to reduce government regulations on Friday during the Business Summit at The Greenbrier Resort.
Bayh and Card have teamed up as U.S. Chamber of Commerce spokesmen on the topic.
“In the short term, we need a moratorium on new burdens on business,” Bayh said. “We’re close to tipping back into a downturn. We don’t need more burdens on business.”
Bayh said a proposed law that would require a Congressional vote on any rules or regulations that would cost more than $100 million a year makes sense.
“Look at some of the rules and regulations that are coming down the pike,” he said. “The ozone issue could be a trillion dollars of additional cost. My home state, Indiana, is a 95 percent coal state. Our electric rates are modest, which is one reason we have the largest number of manufacturing jobs of any state. The last thing we need is an increase in the price of production when we’re competing with China, India, and others who don’t have these rules. There are 300 more rules and regulations proposed this year at a potential cost of $65 billion.”
Click here to read the rest of the article.
|
The Recovering Politician Bookstore
|