"Five pages into Goldman's earnings report this week, Bloomberg News noticed Goldman's very subtle announcement that the firm's effective tax rate this year was 1 percent," Maddow said. "One percent - they paid 1 percent in taxes. Even though they were down this last quarter, they made $2.3 billion in profit this year."
"You can see that even in Europe, some of the climate concerns, given this, this once in a lifetime recession, John - to put someone that, an advocate of such strong measures," Kernen said on "Squawk Box" Dec. 11. "Really I've seen her called Brownies or Brownistas. Um. That's a little scary with what's happening right now."
Earlier Kernen was discussing cabinet appoints with CNBC Washington correspondent John Harwood and pointed to new regulations Browner could institute:
During an interview on CNN’s “No Bias, No Bull” program on Tuesday, New York Times columnist Thomas Friedman expressed his confidence in President-Elect Obama’s “vision” for environmental policy and urged that the future executive be given “means...that are as radical as its ends” to carry out this policy: “...[I]t’s great to say we’re going to have green jobs and green homes and green-collared jobs to re-insulate people’s homes, install solar panels. Those jobs won’t get taken up unless you change building codes around the country. So...I think, the challenge for President-elect Obama will be to have the standards, regulations, the means that are as radical as its ends so we can really achieve those ends.”
Host Campbell Brown devoted two segments to her interview of Friedman. During the second segment, Brown brought up “Obama’s attempt to take on the enormous environmental challenges facing the country and the world.” She first asked the Pulitzer Prize-winning journalist if the president-elect’s plan for creating green jobs was “visionary” enough and if he has “the leadership ability to get this done.”
The Washington Post is directing a December 8 plea to the incoming Obama administration. The Post wants to raise the federal gas tax so high that it will stop people from driving. The Post thinks this will serve our national security purposes and add more money to rebuild our nation's roads. Apparently, the Washington Post has the foolishly mistaken notion that federal gas tax receipts actually go where our Congress initially claimed it was going to go; our nation's roads. In fact, nearly half of the federal gas tax receipts goes to pork instead of roads and infrastructure.
But, despite the waste by government, here is the Washington Post trying to soak America's drivers even more by suggesting Congress raise the federal gas tax by 46 cents a gallon. The Post thinks that recently falling gas prices offers a "golden opportunity" for the government to emulate Europe and pile taxes high on each gallon purchased. The Post is obviously unaware that the US did not become the greatest nation on earth by emulating Europe!
"Stingy," was what the UN deputy Secretary General called Americans for our response to the Asian tsunami a few years ago. His comparison conveniently ignored our private contributions, which dwarf anything governments have to offer, especially in Red States. (It also ignored the fact that the US Navy was the only instrument delivering anything approaching actual aid, as opposed to notional aid, which consists of meetings about aid rather than aid itself.)
So it should be a matter of concern when the Colorado Non-Profit Association issues a report claiming large declines in Colorado's charitable giving between 2005 and 2006. The average family's charitable giving declined from $4075 to $4046.
The failure of American media to properly vet the political beliefs of Barack Obama during the just concluded presidential campaign was on full display Sunday when the president-elect made clear just how much of a socialist he really is, and did so with nary a challenge from "Meet the Press" moderator Tom Brokaw.
Makes you wonder what the results might have been on November 4 if the press had done its job in exposing Obama's radical economic beliefs rather than attacking Joe the Plumber for suggesting he had them, and how much differently his appearance on "Meet the Press" would have gone Sunday if the moderator wasn't completely on board with these left-leaning philosophies.
Such is important when considering Obama's comments previously reported by NewsBusters here and here as well as a truly telling statement by the president-elect that working for your own financial benefit is "not good for anybody" (video available here):
Given the flap that ensued when he famously told Joe the Plumber that he wanted to "spread the wealth," I figured Barack Obama wouldn't be making such a suggestion again anytime soon. I figured wrong.
Pres.-elect Obama to Tom Brokaw on today's Meet The Press:
I think the important principle, because sometimes when we start talking about taxes, and I say I want a more balanced tax code, people think, well, that's class warfare. No. It turns out that our economy grows best when the benefits of the economy are most widely spread. And that has been true historically.
"Talk about too big to fail," said managing editor of Time Richard Stengel on MSNBC's "Morning Joe" Dec. 4, who was on the program promoting the latest cover story for the magazine entitled, "The Case for Saving Detroit." Stengel:
"I find the fact that so many Americans are unsympathetic to Detroit to be kind of amazing," Stengel said:
We make the case that in fact the, you know, the Big Three have adapted in a lot of ways ... They haven't managed things well, they have too much capacity, but I mean, talk about being too big to fail in a way, right?
The fact is Americans don't understand what collateralized debt obligations are, yet they sort of said, ‘Okay, let's bailout all of these banks and AIG' and yet people feel like, ‘Hmm what about the big car manufacturers?
In the interview for Wednesday’s Barbara Walters Special on ABC with Barack and Michelle Obama, excerpts of which were also shown on Wednesday’s World News with Charles Gibson, Walters asked few questions that put the Obamas on the defensive, in contrast with her January 2001 interview, aired on 20/20, with then-President-elect Bush in which she challenged him on a number of fronts. Most notably, she seemed to chide Bush for choosing John Ashcroft as Attorney General because he "openly opposes abortion," and claimed that Ashcroft was "not considered a friend to civil rights." She asked Bush about reports that, as governor of Texas, he "spent relatively little time studying specific issues," and "only does a few hours of work" a day. The ABC host also challenged Bush from the left on the trade embargo against Cuba, and even asked Laura Bush if her more "traditional" plans for her time as First Lady would be a "setback for women." It is also noteworthy that Walters asked Bush about his plans for dealing with Saddam Hussein and cited "people in the know" who contended that the Iraqi dictator was "stronger than ever."
Have you noticed that whenever a liberal media member discusses budget deficits he or she always blames tax cuts and the wars in Iraq and Afghanistan?
Yet, spending on items referred to under the broad category of Human Resources -- which, by the way, represents 64 percent of our current expenditures!!! -- is always completely ignored.
Such was the case Tuesday when the Associated Press published an article placing all the blame for our current budget deficits on the Bush tax cuts as well as the wars our nation is waging (h/t Jeff Poor):
Neil Cavuto and Ben Stein had quite an argument about bailouts on FNC's "Cavuto on Business" Saturday morning that nicely covered the issues people on both sides of this contentious debate will likely be discussing around dinner tables this Thanksgiving, though hopefully with less screaming:
Remember the years of media flak President George W. Bush received for his alleged use for political gain of first the terrorist attacks of September 11, 2001 and then the related Afghanistan and Iraq Wars?
Will the press be as vociferous now? Incoming Obama Administration Chief of Staff Rahm Emanuel, speaking on Wednesday on and to the Wall Street Journal Digital Network, stated outright his desire to make political hay with the ongoing travails of the U.S. and global economy:
"You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before."
Wonder why President-elect Obama resigned from the Senate so early (while Vice President-elect Joe Biden remains an active member) and is hanging back, not wading into the debate over bailouts etc, and naming candidates for nearly every Cabinet post save Treasury (the man or woman who will have $350 billion to dispense when he/she walks through the door)?
It appears being bestowed a Nobel Prize for economics doesn't improve one's economic acumen, for in the course of roughly 60 seconds Sunday, Paul Krugman said Franklin D. Roosevelt's decision to raise taxes in 1937 deepened the Depression, but it's okay to raise taxes 70-plus years later when the economy is in trouble.
Interesting contradiction, wouldn't you agree?
What precipitated this bizarre, almost instantaneous economic flipflop on Sunday's "This Week" was ABC's George Will bringing up a little history by stating that net investment was negative throughout most of the 1930s because of the uncertainties about the economy and government's activist role during that period.
Nobel Laureate Krugman took issue with this premise (video embedded below the fold, relevant section at 6:57):
So what exactly is the government doing with your money? Fox Business Network's Alexis Glick would like to know.
Treasury Secretary Henry Paulson announced Nov. 12 he would be redirecting the $700 billion bailout to focus on propping up financial institutions instead of buying troubled mortgage assets, which was the original intent of the rescue plan.
Glick, the host of FBN's "Money for Breakfast," told the CBS's "The Early Show" Nov 13 that the Treasury Department's move away from the original plan to buy up troubled mortgages "does not make sense" and was "actually pretty outrageous":
[T]he markets responded to that yesterday ... Look, the original intent of this Troubled Asset Relief Program was to purchase troubled assets. And I think the marketplace started to adjust several weeks ago when we started to see the size and magnitude of the capital injections.
Can I have permission to utter the S-word ("socialism")?
Ken Thomas's Associated Press report today (link is dynamic, subject to change, and will probably be gone in a week) on auto industry bailout ideas emanating from Washington includes these items, all of which expand soc- ... soc- ... socialism:
Legislation proposed by Barney Frank involves the government taking ownership stakes in the companies.
Lawmakers want to use funds that were meant only for the financial sector bailout.
A note that the current bailout is over and above the $25 billion in government-guaranteed loans that has already been approved for "development of fuel-efficient vehicles."
News that auto industry suppliers want in on the bailout action
The United Auto Workers wants a separate $25 billion "to help cover future health care obligations for retirees and their dependents."
British premier Gordon Brown, a former chancellor of the Exchequer -- analogous to the U.S. Secretary of the Treasury -- delivered a thinly-veiled entreaty to President-elect Barack Obama to eschew trade protectionism in a November 10 speech, reports Kevin Sullivan of the Washington Post Foreign Service. Post editors buried Sullivan's 18-paragraph article on page A15:
LONDON, Nov. 10 -- Prime Minister Gordon Brown on Monday warned that trade protectionism would worsen the global financial crisis, a remark widely perceived as aimed at U.S. President-elect Barack Obama.
In a speech lauding the "global power of nations working together," Brown called for "rejection of beggar-thy-neighbor protectionism that has been a feature in transforming past crises into deep recessions."
Obama's campaign rhetoric struck some allies as protectionist, particularly his calls for tax incentives to discourage companies from relocating jobs away from the United States.
Showing once again that its opinion pieces serve a dual purpose as a news source, a Monday Wall Street Journal editorial noted that Democrats have quietly dropped a central plank of their successful 2006 effort to gain a congressional majority (HT Hot Air):
Late last week the leader of the House Blue Dog Coalition, Tennessee Democrat Jim Cooper, announced that with Barack Obama about to enter the White House, "I'm not sure the old rules are relevant anymore." Why not? Because, Mr. Cooper said, "It would be unfair to the new President to put him in a budget straitjacket."
Democrats ran on "paygo" in 2006, promising to offset any new spending increases or tax cuts with comparable tax increases or spending cuts. Once in charge on Capitol Hill they quickly made exceptions, waiving paygo no fewer than 12 times to accommodate some $398 billion in new deficit spending -- not that the press corps bothered to notice.
The Journal then goes on to explain what Paygo was really all about:
Talk about "change." The latest version of president-elect Barack Obama's ever-evolving ideas for "community service" promises to pass out quite a bit of it to America's college students.
The "America Serves" (link is to Google cache) and "Service" sections of Team Obama's Change.gov site have, uh, changed quite a bit over the past day or so after many, including Kerry Picket of Newsbusters, noted that the "service" proposals require youth conscription, i.e., a non-military draft.
As of 8 AM this morning, Team Obama's cleanup operation is nearly complete, with almost all coercive language purged.
But one item noted last night by Charles Johnson of Little Green Footballs remains in the "Service" section (a copy for future reference is here if/when the existing link changes), with a stunning quantitative modification:
The first term of President Barack Obama will bring nationalized health care, attacks on the coal industry, higher government spending and higher taxes, according to Business & Media Institute Vice President Dan Gainor.
On “Fox & Friends” Nov. 6, Gainor highlighted BMI’s most recent Special Report, America 2012, a look at what some of Obama’s major policies proposals will do to the American economy and to Americans’ wallets. The report also examines how the media promoted liberal, big-government proposals throughout the 2008 presidential campaign.
Gainor told viewers the commonly reported number of some 47 million uninsured Americans is “wildly wrong. They [both presidential candidates and the media] were claming 47 million people without insurance, the number probably closer to eight to 15. You don’t have as much of a problem if you’re pushing that.”
Obama will “try to put forth the plan for nationalized health care that the media have been supporting throughout the campaign,” Gainor said. But during the campaign, the media failed to examine the cost of Obama’s proposal, which some estimates put as high as $452 billion, Gainor added.
Who's going to be the leader of the financial world in the role of Treasury Secretary under President Obama? It may be Democratic New Jersey Gov. Jon Corzine, who has pushed for an additional economic stimulus package to the tune of $300 billion to support infrastructure projects.
CNBC's Carl Quintanilla asked Corzine outright on "Squawk Box" if he would accept a job in the Obama administration as Treasury Secretary. "If it's offered, governor, will you say no?" Quintanilla asked.
"Squawk Box" co-host Joe Kernan encouraged Corzine to consider accepting the job if offered, even as the former U.S. senator expressed his contentment as governor. "You could save the world" as Treasury Secretary, Kernan said.
As election results rolled in, the hosts on CNBC's election coverage speculated what a win by Democratic presidential nominee Sen. Barack Obama might mean.
CNBC "Kudlow & Company" host Larry Kudlow warned Obama shouldn't misinterpret the election results to unleash an attack on vital parts of the economy.
"My point is Obama can not go far to the left if he is winning states like Ohio and New Mexico and let's say Virginia and the others," Kudlow said. "In other words, these red states that are hotly contested are sending a message to Sen. Obama he must in fact govern as the moderate."
Perhaps this is coming a little late with the election already underway, but the idea the current economy is as threatened as it was during the Great Depression is unfounded, according to the Nov. 4 USA Today.
"Failed banks. Panicked markets. Rising unemployment. For students of history, or people of a certain age, it all has an all-too-familiar ring. Is this another Great Depression? Not yet," John Waggoner wrote for USA Today
Soup lines, Hoovervilles and other Depression-era imagery have become commonplace in the media. Journalists have compared the current downturn to the Great Depression hundreds of times. On the networks (ABC, NBC and CBS) alone, there were 70 comparisons in the first six months of 2008. Since July 1 that number more than doubled to 157. But as Waggoner pointed out - the similarities aren't even close.
If the Republicans had a few more spokesmen like Haley Barbour, the political landscape might look a lot different. The Mississippi governor's down-home good humor and razor-sharp wit are a formidable combination. Barbour's killer combo of skills was on display on this evening's Hardball. When Chris Matthews challenged his criticism of Obama's tax credit plan, Barbour good-naturedly backed him down with an impressive disquisition on New Deal history. When he was through, Matthews had to admit that Haley was right.
I'd encourage people to view the video, not only for the entertainment value, but as a case study of how to defeat a member of the liberal media.
Reporter Clive Crook really likes Barack Obama and in a November 3 op-ed practically endorsed him for president. But, the Financial Times reporter worries, the Illinois senator has some loopy economic ideas.
Yes, your just read that correctly. A reporter for one of the Anglosphere's well-respected financial newspapers admits he'd vote for Obama were he an American citizen -- Crook is a subject of Her Majesty Queen Elizabeth II -- but he hopes his stump speech populism is all a vote-getting gimmick.
As you read this, imagine the clamor, if not outright outrage, if a conservative-leaning foreign journalist like say Mark Steyn endorsed McCain only to question his foreign policy prescriptions (emphases mine):
In the last Conventional Wisdom feature before the election, Newsweek magazine assigned a sideways arrow for the Democratic vice presidential contender while giving the thumbs down to Gov. Sarah Palin for "sink[ing]" the campaign with a "lack of gravitas."
In doing so, the CW feature dismissed the damaging impact of Sen. Joe Biden's "rhetorical flourishes." Yet among Biden's recent foot-in-mouth moments was one that inadvertently broadcast the Democratic ticket's tax-hiking designs by significantly lowering the $250,000-a-year tax bar the Democratic campaign previously had set.
As the Wall Street Journal noted on October 29, the "'tax cut' threshold keeps falling":
It's obvious The Washington Post's "Style" section is broadening it horizons beyond fashion, music, books and other fluff, plus of course - Howard Kurtz's media column and the comics. The editors of that section are tackling important events that changed history by commemorating them as milestones.
Normally such attention is given to anniversaries that fall more under the definition of a landmark: the 25th, 50th, 75th, etc. But with the American public seeing the economy as the top issues in the presidential election - and the media tendency to compare current economic conditions to the Great Depression already well-established - the Post has deemed the 79th anniversary worthy of attention.
Jeff Cohen, founder of FAIR—a self-described progressive media watch group—now a professor of independent media at Ithaca College, invited me to address his class of student bloggers this afternoon. Asked to name some of the fairer MSM journalists, I included David Gregory on my short list. That could understandably come as a surprise to those who remember Gregory from his days as NBC's chief White House correspondent, when he earned the ire of the Bush administration for his often-aggressive style. But I've found that Gregory plays it pretty much down the middle in his new role as host of Race for the White House on MSNBC.
By coincidence, on this evening's show Gregory vindicated my confidence with some tough questioning of an Obama surrogate on the issue of taxes and spending. Gregory went so far as to suggest that Obama's indication that he might not press for immediate implementation of tax increases on higher earners makes McCain's case. Gregory's guest was Rep. Chris Van Hollen (D-Md.), Chair of the Democratic Congressional Campaign Committee. When Van Hollen suggested Obama might postpone his tax-increase plan, Gregory moved in . . .
Bob Shrum has made an addition to the growing list of things you can't say about Obama, because it's racist: don't you dare suggest Obama's never done anything hard.
Dem Shrum issued his diktat while debating Ed Rogers, a veteran of the Reagan and Bush 41 White Houses, on today's Hardball. Shrum seized on and distorted Rogers' statement, manifestly made in the political sense, that Obama had "never done one hard thing," to play the race card.