Friday, August 29, 2008
Who is Sarah Palin?
I was asked what I thought about Sarah Palin, John McCains surprising choice for Vice Presedential running mate. I'm not really sure because I don't know that much about her, I replied. But I think Paris Hilton is more qualified and made a better campaign video.
July incomes drop by largest amount in 3 years
By MARTIN CRUTSINGER, AP Economics Writer
Fri Aug 29, 9:00 AM ET
Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.
The Commerce Department reported Friday that personal incomes fell by 0.7 percent in July, the biggest drop in nearly three years and a far larger decline than the 0.1 percent decrease analysts expected.
Consumer spending edged up a modest 0.2 percent, in line with expectations, but far below June's 0.6 percent rise. When the impact of rising prices was factored in, spending actually dropped by 0.4 percent in July, the weakest showing for inflation-adjusted spending in more than four years.
The July performance for incomes and spending reinforced worries that the economy, which posted better-than-expected growth in the spring because of the rebate checks, could stumble in coming months as their impact fades.
Some economists worry that overall economic growth, which rose at a 3.3 percent annual rate from April-June, could come in at less than half that pace in the current quarter, and could actually dip into negative territory in the final three months of this year and the first quarter of 2009.
Back-to-back declines in the gross domestic product, which measures the value of all goods and services produced within the U.S. and is the best barometer of the country's economic health, would meet one rule of thumb for a recession.
A gauge of inflation closely watched by the Federal Reserve remained elevated in July, rising by 0.6 percent. Over the past 12 months, this inflation gauge tied to consumer spending was up 4.5 percent, the biggest year-over-year increase in more than 17 years.
The surge reflected the big increases that have occurred this year in food and energy costs. Excluding food and energy, inflation by this measure was up 0.3 percent in July, and 2.4 percent over the past 12 months, still above the Fed's comfort zone. The central bank is caught in a bind between a sluggish economy and rising inflation pressures.
The 0.7 percent drop in personal incomes followed a 0.1 percent rise in June and a 1.8 percent surge in May. After-tax incomes dropped by an even bigger 1.1 percent in July, following a 1.9 percent decline in June and a 5.7 percent surge in May. All the income figures were heavily influenced by the rebate checks.
Democrats, including presidential nominee Barack Obama, are calling for the government to pass a second stimulus package to guard against the economy slumping into a deep recession.
But President Bush, concerned about the impact the stimulus payments will have on the budget deficit, has resisted those calls, insisting that the rebate payments will continue to support the economy in coming months. The administration is already forecasting that the federal budget deficit for the budget year that begins on Oct. 1 will soar to an all-time high in dollar terms of $482 billion.
The report on consumer spending also showed that personal savings totaled 1.2 percent of after-tax incomes in July, down from a rate of 2.5 percent in June.
Copyright © 2008 The Associated Press
http://news.yahoo.com/s/ap/20080829/ap_on_bi_go_ec_fi/economy&printer=1;_ylt=AkJ8Pf4F37xLIgNcUDNGbtFv24cA
Fri Aug 29, 9:00 AM ET
Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.
The Commerce Department reported Friday that personal incomes fell by 0.7 percent in July, the biggest drop in nearly three years and a far larger decline than the 0.1 percent decrease analysts expected.
Consumer spending edged up a modest 0.2 percent, in line with expectations, but far below June's 0.6 percent rise. When the impact of rising prices was factored in, spending actually dropped by 0.4 percent in July, the weakest showing for inflation-adjusted spending in more than four years.
The July performance for incomes and spending reinforced worries that the economy, which posted better-than-expected growth in the spring because of the rebate checks, could stumble in coming months as their impact fades.
Some economists worry that overall economic growth, which rose at a 3.3 percent annual rate from April-June, could come in at less than half that pace in the current quarter, and could actually dip into negative territory in the final three months of this year and the first quarter of 2009.
Back-to-back declines in the gross domestic product, which measures the value of all goods and services produced within the U.S. and is the best barometer of the country's economic health, would meet one rule of thumb for a recession.
A gauge of inflation closely watched by the Federal Reserve remained elevated in July, rising by 0.6 percent. Over the past 12 months, this inflation gauge tied to consumer spending was up 4.5 percent, the biggest year-over-year increase in more than 17 years.
The surge reflected the big increases that have occurred this year in food and energy costs. Excluding food and energy, inflation by this measure was up 0.3 percent in July, and 2.4 percent over the past 12 months, still above the Fed's comfort zone. The central bank is caught in a bind between a sluggish economy and rising inflation pressures.
The 0.7 percent drop in personal incomes followed a 0.1 percent rise in June and a 1.8 percent surge in May. After-tax incomes dropped by an even bigger 1.1 percent in July, following a 1.9 percent decline in June and a 5.7 percent surge in May. All the income figures were heavily influenced by the rebate checks.
Democrats, including presidential nominee Barack Obama, are calling for the government to pass a second stimulus package to guard against the economy slumping into a deep recession.
But President Bush, concerned about the impact the stimulus payments will have on the budget deficit, has resisted those calls, insisting that the rebate payments will continue to support the economy in coming months. The administration is already forecasting that the federal budget deficit for the budget year that begins on Oct. 1 will soar to an all-time high in dollar terms of $482 billion.
The report on consumer spending also showed that personal savings totaled 1.2 percent of after-tax incomes in July, down from a rate of 2.5 percent in June.
Copyright © 2008 The Associated Press
http://news.yahoo.com/s/ap/20080829/ap_on_bi_go_ec_fi/economy&printer=1;_ylt=AkJ8Pf4F37xLIgNcUDNGbtFv24cA
Thursday, August 28, 2008
2008 Dallas Morning News Voters Guide
Biographical Information
Name: Thomas Perry Love
Street Address: 132 E Main St, Ste 110
City/Town: Grand Prairie
State: TX 75050
Education/Degrees: BA in Government from the school of Social & Behaviorial Sciences @ The University of Texas at Austin
Date of Birth: March 5, 1950
Work or Campaign Office Phone Number: 972-263-5630
Fax Number: 972-282-9989
E-mail Address: TomLoveforTexas@att.net
Campaign Web Site Address: TomLoveforTexas.com
Youtube: http://www.youtube.com/watch?v=cd4kAtTIQyQ&eurl=http://www.thevoterguide.org/a-dallas/index.do?i=2
Length of residency in this district:
Tom Love: 30 years Occupation/main so
urce of income:
Tom Love: Supervisor of Financial Services
Current civic involvement/accomplishment highlights:
Tom Love: Member of First Methodist Church in Grand Prairie where I and my wife of 32 years, Marilyn sing in the choir. I have frequently helped in fund raising drives for National and Local organizations such as The March of Dimes, Jerry Lewis' Muscular Dystrophy, American Heart Association, American Lung Association, and American Cancer Society
Previous civic involvement/accomplishment highlights:
Tom Love: Former Optimist Youth Football Coach and Former Cub Scout leader
Previous public offices sought/held:
Tom Love: Election Judge and Tarrant County Precinct Chair
How much funding have you raised for your campaign?
Tom Love: $15,000.00 and much more promised Who are your top three contributors?
Tom Love: Steven Dunston, Thomas Love, and Susan Culp
Have you ever been arrested? If so, explain:
Tom Love: No, I Have never been arrested
Who should take the lead in expanding access to health care: Washington or the states? If Washington, should the federal government require employers to provide insurance for workers? Or should Washington require individuals to buy it for themselves? In return for everyone buying insurance, must insurers offer coverage to all people regardless of preexisting conditions?
Tom Love: Washington should take the lead by setting up an affordable plan of universal coverage with a national health insurance exchange that is a mix of employer and employee contributions. Those that are not employed should be able to buy into a system similar to the German plan of coverage that has existed for over 150 years and spends only 8% per person versus a much higher cost in the US of roughly 16%.
We need to emphasize preventative medicine and provide an adequate supply of General Practitioners graduate from our medical schools to cure chronic disease, minimize much more expensive crisis medicine, and prevent epidemics from untreated medical problems infecting otherwise healthy individuals.
What next steps should Congress take to reform immigration laws?
Tom Love: Congress should secure our borders and have stiffer penalties for employers who hire undocumented workers. We should keep immigrant families together and meet the demands for jobs employers cannot fill. We should allow the issuance of work visas for seasonal employees. We should have a system to allow people who have been productive members of society to become integrated into the American mainstream, but those who have consistently broken our criminal laws should be deported and barred from a pathway to citizenship.
How should Congress deal with climate change? Please be specific. For example, should it pursue a cap-and-trade system to control emissions?
Tom Love: Congress should recognize that a cap and trade system is usually temporary and shoves the problem off somewhere else. Congress should demand that pollution control objectives be met by all manufacturers. We should foster the development of green technologies that more efficiently utilize our existing renewable resources.
If you were charged with writing the nation’s energy strategy, in what order would you place your priorities?
Tom Love: We need CAFE standards similar to those in use in the European Union and Japan. We should develop and research alternative renewable energy systems. We should focus on multi-dimensional types of energy systems instead of relying on one major source of energy, for example fossil fuel.
Do you think Medicare and Social Security need reforming? If so, please be specific about which reforms you favor and how would you pay for them if necessry. Which program deserves attention first?
Tom Love: If we implement the healthcare insurance exchange system then Medicare and Social Security would function as supplemental insurance for those that qualify. This should bring down the debt burden of Medicare.
How would you guarantee schools have demanding standards? How would you make sure children are doing math and reading at grade level?
Tom Love: The current system of No Child Left Behind has helped to plunge public education in Texas to the bottom of the academic levels among all fifty states. Rewarding only those schools that improve annually, assures that ultimately there will be no schools able to consistently improve every year since the students change annually. Thus all public schools will be punished with reduced finances.
Studies indicate that standardized tests need to be adapted -- in both language and life relevant experiences -- to the actual students taking the tests, not to some imagined "ideal" student. That being said, however, a general ideal can be posited. Such tests should be generated from the bottom to the top, from the local educators and not from Washington Legislators.
We recognize that math and sciences are needed for the future. We should help those teachers have the necessary resources for their classrooms. We must emphasize the use of computers in every classroom where such is appropriate. We should encourage curriculum diversity so that every student remains motivated to learn. We should encourage higher education for those students who have the drive to pursue such, and encourage technological education for those students who wish that course.
What specific steps should Washington take to reduce the national debt?
Tom Love: In 1980 Ronald Reagan said that our national debt of $3 trillion was large enough to stretch from the earth to the moon and Republicans were going to do something about it and they did. Under the last 3 Republican Presidents the national debt has grown to $9.3 trillion with 70% of that under those 3 Presidents or a better than tripling of this debt. With a population of 300 million, Americans owe better than $30 thousand per ever man, woman, and child. Only a Democrat, Bill Clinton showd a budget surplus since Lyndon Johnson's last budget surplus in 1969.
Our largest debt to date might of 2008's $482 billion dollar defict, well be the current operation in Iraq. The cost of the Iraq invasion alone could have covered the vast majority of our country's needed infrastructure improvements to our highways, bridges and railway systems -- which would have increased our national productivity. Ill-advised, poorly planned and executed operations abroad will not help to solve our national debt burden.
We need to plan wisely and use adequate analysis of what costs are possible versus benefits in advance of any major military undertaking. We need to utilize diplomacy first as a national policy and not make up facts to fit predetermined situations, and we need to quit wholesale spending that increases unnecessary red ink.
What tax policies would you favor in the next Congress?
Tom Love: Reform the tax code by eliminating the alternative minimum tax. We need to eliminate loop holes and have a fair and equitable tax that applies to all citizens impartially.
Do you believe the alternative minimum tax should be reformed? If so, what are your ideas for overhauling it? Should Congress replace any revenues lost from the reform? If so, how?
Tom Love: Yes, it must be eliminated to prevent middle class taxpayers from using deductions to reduce the tax meant originally to prevent millionaires from avoiding paying any taxes. Millionaires were long ago exempted from its provisions while middle class workers are facing a mandatory tax burden that will be detrimental to the American economy.
By the time you take office, we will still be working our way through the mortgage crisis. How did we get into this fix? What more can Congress do to get us out of this mess?
Tom Love: Greedy lenders took advantage of inadequately enforced lending practices to earn large bonuses. They also lied to often unsophisticated buyers to qualify them for loans they could not afford when the payments went up and the economy went down. This was further complicated by the packaging of subprime loans into seemingly gilt-edged securities that required the issuing lender to repurchase in case of default. Also adding to the problem was the credit crunch created by tightening the available refinancing funds and a falling housing market caused by excessive foreclosures.
We need to properly regulate the lending practices of mortgage lenders. We need to protect the ability of homeowners to stay in their homes and enable them to refinance out of loans that they cannot afford. We need to insure that there is an adequate supply of capital to help good credit borrowers from defaulting on bad loans and greatly curtail income stated loans.
We need to help homeowners keep their homes and insure all our home values retain their true worth. In short, we need responsible government with responsible oversight.
How should the U.S. deal with Iran?
Tom Love: We should pursue diplomacy to achieve common goals and objectives. We should discuss differences and forge alliances , but most of all we need to avoid military engagement. Improper planning got us into a mess in Iraq and proper planning will get us out. We must doordinate any actions with our allies in the region to bring Iran back into the family of nations and eliminate the need to develop nuclear weapons as an alternative to possible US invasion or attack.
If the White House fails to pressure a country that egregiously violates international human rights treaties, trade accords or environmental norms, should Congress require the government to take action? Why or why not?
Tom Love: We should pursue diplomacy to achieve common goals and objectives. We should discuss differences and forge alliances , but most of all we need to avoid military engagement. Congress should insist that a formal declaration of war be passed prior to any military activity other than protection of our troops, American citizens or our allies.
What policies should the next president and Congress pursue to resolve the situation in Iraq?
Tom Love: We should pusue all diplomatic options available to resolve the situation in Iraq. We should discuss the differences that have helped create the situation and forge strong and lasting alliances that will help to promote peace. It is ludicrous that a nation that has 7000 years of recorded history should be unable to govern itself without foreign intervention. We must help Iraq rebuild their economic and transportation infrastructures. We must respect the wishes of their government and be prepared to help them that the lead in their own security.
What policies should the next president and Congress pursue to improve the conditions in Afghanistan?
Tom Love: We need to pursue a policy that will remove the growing of opium as a cash crop. The people of Afghanistan must be helped to develop a stable and productive economy. Afghanistan must be brought back into the family of nations.
Afghanis deserve a economic livelyhood and the option to achieve their place as a nation that controlls their own destiny. We need to help rebuild their internal security and let them deside their own governmental path.
What is Congress’ oversight responsibility when it comes to foreign policy? Where has it fallen short or overstepped its bounds?
Tom Love: The Constitution is very explicit, the Executive branch is to initiate actions dealing with foreign relations. The Senate is to approve or deny those actions. The House is to initiate funding of those actions.
Congress has been woefully negligent in responsible oversight over the Executive branch in these matters. In the previous few years there has been an overt attempt to usurp these powers on behalf of the Executive branch. Congress must reassert it's Constitutionally defined role in government in relation to foreign relations. This election is considered an election about change. How does your party need to change?
Tom Love: We need to be able to identify more with the needs and aspirations of all working Americans. We need to represent a positive force for restoration of the American dream and to present a pathway for our children's future.
The true bottom line is not measured in dollars, but in the success and health of our children. We need to recreate the American Dream and remember education is expensive, but ignorance costs so very much more.
Please be specific about where you have moved a team towards the achievement of a goal.
Tom Love: I daily move to advance my team toward group goals and individual goals. As a small business owner, as a Social Worker, and as in financial services to goal is always to achieve person and group goals.
As a Supervisor, the main intent is to evaluate, train and hold our employees responsible for meeting stated goals. Team work is dependent upon each worker knowing and performing their job to the best of their ability. The supervisor's job is to help with the training of each to help them reach their maximum potential.
strong>Name: David A. Casey
Street Address: P.O. Box 1122
City/Town: Bedford
State: TX
Education/Degrees: Political Science, Law-Emphasis, University of Texas at Arlington
Date of Birth: 08/26/1979
Work or Campaign Office Phone Number: (817) 571-3824
E-mail Address: mail@caseyforcongress.org
Campaign Web Site Address: www.caseyforcongress.org
David A. Casey: Legal Clerk
David A. Casey: Candidate response is not yet available.
David A. Casey: United States Navy Veteran (1998-2004) Machinist Mate, Second Class (Surface Warfare Specialist) Enlisted Nuclear Operator on-board an at-sea nuclear propulsion plant. Served in Operation Enduring Freedom and Operation Iraqi Freedom.
David A. Casey: Candidate response is not yet available.
David A. Casey: $2,000
David A. Casey: Individual donors
David A. Casey: No
David A. Casey: This question implies that the government is the only source of relief from the current health care issues we face. I posit that the health care problems are caused by the system. Remove government from the business of meddling in health care, which was far more affordable and accessible before government got involved. We've had managed care for 35 years. It's not working. Both doctors and patients are unhappy. Nobody seems to be happy--except the corporations, the drug companies and the HMOs. For the immediate future, allow consumers and doctors to get out of the system using medical savings accounts.
David A. Casey: The immigration ‘problem’ is simply market forces at work, despite the government’s attempts to stop it. Agri-business and small businesses need employees to work jobs; but not all of these jobs are ‘worth’ government’s artificial wages. Bottom line is, no matter what you legislate, black-market employment will always happen so long as there is a demand for it. Americans cannot compete for these jobs, because federal laws prevent them from doing so.
David A. Casey: Cap-and-trade does little to solve pollution problems overall, as groups that do not pollute can sell their conservation to the highest bidder. The last thing our weak economy needs is another un-elected regulatory agency with its fingers in the pie.
Ethanol, an inefficient and costly "solution" to this issue is a waste of our time, and our tax-payers hard earned money. All it has done is drive up global prices of food, made some farmers richer, and millions of people poorer.
Right now, the market for efficient, reliable green products is growing exponentially. Every industry is beginning to see it is in their best interest to provide a competitive product, and the best thing that Congress can do is to stop picking sides. We as tax payers would prefer not to be artificially propping up one product over another, as the weaker product will go away in time on its own.
David A. Casey: Private industry. Without any outside forces, people have embraced and advanced technology to counter our energy problems. Programs such as the Automotive X Prize, which delivers a sum of millions to any company that can produce the best, most efficient 100mpg+ car, are beyond anything government could demand. What I object to are government subsidies to big corporations to give them R&D money. Small companies can’t compete against subsidies, and competition fosters innovation.
David A. Casey: To fund all of Social Security's future deficits, we would need to set aside $12.8 trillion in an interest-bearing account today. Fully funding Medicare's future deficits would require a whopping $68.4 trillion.
Social Security reform should be the priority, as reform is already further along than with Medicare.
I would propose we allow the citizens to use personal retirement accounts within Social Security itself, not unlike what the members of Congress have. If it's good enough for them, it's good enough for the public. This would allow the families of deceased workers to collect on their hard earned savings, rather than being lost to time.
Research suggests the federal Medicare program spends as much as $100 billion per year on medical care that makes seniors no healthier or happier. Its payment system continues to reward low-quality and even harmful medical care.
Every retiree should be free to use his share of Medicare funds to purchase private health insurance. In addition, every worker should be free to put his Medicare taxes into a personal health savings account rather than the Medicare program, using the accumulated funds to pay for health care and health insurance during retirement. Because of the high returns that result from investing in private capital markets, those privately invested accounts would be able to pay significantly higher benefits than Medicare.
David A. Casey: Again, the question is worded to imply that Congress has the only solution to our failing school systems. Yet, chronologically, we as a nation have become significantly less competitive globally in education since the 1970s, when the federal government took control away from the states.
For the first 200 years of our countries existence, the states held control over their own education, as the people of Texas clearly knew how best to educate Texans. As Congressman of this district, I would turn the tide away from a distant bureaucracy dictating how the children of Texas learn.
I would also work to ensure that the parents have limitless options on how their children are educated. Ready access to private schools, charter schools, home schooling, vouchers, tax credits, whatever they desire.
David A. Casey: Americans are faced with a weaker economy, and therefore their own budgets are stretched to the breaking point. At the same time, Congress has been totally irresponsible with spending, and is facing a record deficit nearing half a trillion dollars. The only responsible action is to do the right thing: reduce spending, and cut taxes for all citizens, not just the poor or the rich, but for everyone.
David A. Casey: A graduated reduction in spending, coupled with a reduction in taxes. The current budget is significantly higher than it was just six years ago, and continues to increase at an exponential rate without a marked increase in services to the public. Congress has a duty to have some fiscal responsibility, along with that, ensure that the impact of their spending is minimized on the public, who feel the crunch of rising costs every day.
David A. Casey: The alternative minimum tax was a tax whose sole purpose was to tax a specific number of households that the government determined were not paying enough taxes compared to their income. However, many tax loopholes the AMT was designed to address have since been closed.
As needless as that is, it was not tied to inflation, so every year an increasing number of our citizens are under its umbrella. Companies and individuals have to do twice as much tax preparation because of the AMT, which only serves to increases their compliance costs every year. The IRS already costs our companies and tax-payers billions in compliance costs every spring. The AMT is needlessly complex and burdensome to taxpayers.
The solution is not to reform, but to repeal the AMT.
David A. Casey: What specifically caused the crisis is hard to narrow down to one or two culprits. An environment of reckless lending, coupled by an artificially propped up system of federally funded lenders, and the repeal of the Glass-Steagall Act certainly didn't help.
Ultimately, the idea that a government-sponsored enterprise is needed to provide liquidity is at best obsolete. Global financial markets provide liquidity, except when impeded by the effects of bad, government-directed policies. Credit allocation and easy money created a housing mess that now threatens the viability of even government-sponsored enterprises.
Congress can get us out of this mess, so long as very specific steps are taken not to just patch the holes in Fannie Mae and Freddie Mac, but to overhaul the system, and get the federal government out of the business of home loans.
David A. Casey: The United States is under no obligation to "deal" with Iran. We have meddled in the Middle Eastern countries for well over 20 years now, and we have no right to. Iran poses no military threat to our nation, or our citizens. With the continuing evolution of technology, our dependence on oil will dissipate significantly over the next few years, and Iran will pose no economic threat to our nation either.
David A. Casey: Congress does not have the constitutional power to dictate world policy. If the Senate does approve a treaty, and another country violates it, then that matter would be brought to discussion.
To suggest that another country violates "environmental norms" should come under the purvey of one countries legislature is a laughable, if not outright arrogant, presumption.
David A. Casey: As a veteran of this conflict, I know we cannot remain there indefinitely; having our forces spread as thin as they are globally makes this nation harder to defend against a real aggressor. The Iraqi people have their economy back together, a stable government, and a trained police force. Giving them a specific timetable to reassert control over their own sovereignty is the only sensible thing to do.
David A. Casey: The military is painfully overstretched, fighting two situations in two different countries. If the President and Congress see fit to continue to fight the Taliban without the help of the Pakistanis, it cannot happen unless there is an immediate and significant troop draw-down in Iraq.
David A. Casey: Only Congress holds the constitutional power to declare war, and treat with other nations. While the President is a very visible figurehead, he cannot declare wars or sign treaties.
Congress has the very tangible ability to restrain the 'War on Terror', but has made no real efforts to do so.
David A. Casey: The Libertarian Party needs to emphasize the power in the American people to embrace the ideals of freedom; both economic and personal. The other two parties suggest only one of each, whereas the Libertarian Party can promote the idea that we are the only party that puts the people first and foremost.
David A. Casey: I was in command of a seven man repair/testing team onboard the USS Enterprise (CVN-65) during the overhaul of the ship after we returned from Afghanistan. My 6 man team was responsible for re-building and repairing the pumps, valves and piping systems of a nuclear-powered engine room. Along with the physical repair, we then tested the equipment during a rotating shift once the ship had left the dry dock.
Street Address: 2125 North Josey Lane, #200
City/Town: Carrollton
State: TX
Education/Degrees: BA and Honorary Doctorate from Southern Nazarene University
Date of Birth: 2/23/51
Work or Campaign Office Phone Number: 972-242-7211
Home Phone Number: 972-462-0790
Mobile Phone Number: 214-918-1445
Fax Number: 972-242-7233
E-mail Address: campaign@kennymarchant.com
Campaign Web Site Address: www.kennymarchant.com
Kenny E. Marchant: 44 years
Kenny E. Marchant: Investor/Rancher
Kenny E. Marchant: I am a two-term United States Congressman for the 24th District of Texas who serves on the Financial Services, Education and Labor, and Oversight and Government Reform Committees. Recent awards include: "Spirit of Enterprise" by the U.S. Chamber of Commerce for leading the way to create jobs and spur economic growth; "Hero of the Taxpayer" by Americans for Tax Reform; "True Blue Member of Congress" by the Family Research Council for strong family values; and "Thomas Jefferson Award" by the IFDA for a sound fiscal voting record. As for civic involvement, I am the founder and director of a local non-profit that assists church-related and humanitarian aid projects across the world. I am also a member of several Chambers of Commerce (Cedar Hill, Coppell, Colleyville, Duncanville, Farmers Branch, Grand Prairie, Grapevine, Hurst-Euless-Bedford, Metrocrest, Southlake).
Kenny E. Marchant: I have been in public service for 28 years having served as City Councilman, Mayor, Texas State Legislator (nine terms), and also as the two-term U.S. Congressman of the 24th District of Texas. I was the former Chairman of the Texas House Republican Caucus, the Texas House Committee on Financial Institutions, and the House State Affairs Committee. I was also on the Advisory Board of the Children's Medical Center. Past awards include: "Top Ten Texas Legislator" by Texas Monthly, "Top Pro-Family Texas Legislator of the Year" by the American Family Association, "Legislator of the Year" by the Texas Municipal League, "Citizen of the Year" by Metrocrest Chamber of Commerce and "Leader of Excellence" award by the Free Market Committee.
Kenny E. Marchant: State Representative (18 years), Mayor of Carrollton, City Council Member of Carrollton
Kenny E. Marchant: $427,134.40
Kenny E. Marchant: FAA Manager's Association, Realtor's Political Association Committee, National Automobile Dealers Association
Kenny E. Marchant: No.
Kenny E. Marchant: It is certain our health care system needs significant improvement. In my opinion, the federal government should help improve but not control the American health care system. Individuals and families should be in charge of their health care dollars, not a Washington bureaucrat. The quality of health care should not be compromised as we lower costs by promoting competition and opening the health care market (medicine, clinics, hospitals, doctors, insurance). To achieve this goal, the tax code must be reformed to promote individuals and families refundable tax credits similar to employer-sponsored health insurance. I would also consider supporting a high-risk pool as most states have done.
Kenny E. Marchant: I support and encourage legal immigration. I firmly oppose, however, amnesty for illegal immigrants. I support “American Employment First” requirements that insist American businesses make jobs available to qualified American workers before legal immigration applicants from “Guest Worker Programs” can be considered. On illegal immigration, I feel taxpaying Americans deserve and demand the enforcement of our laws and increased and effective border security.
Kenny E. Marchant: I consider climate change a serious concern, not only for our generation, but also for future generations. As a rancher, I take great pride in being a steward of the natural resources upon which our quality of life as Americans depends. The issue of climate change is inextricably tied to our energy policy and national security. In the absence of a secure energy policy, Americans have little to ease their plight as they deal with rising gas prices, more importantly, American citizens face a dire energy security threat with our reliance on oil front the Persian Gulf and other foreign countries. The U.S. remains vulnerable because we operate in an oil monoculture – that is, we rely almost exclusively on oil to power our economy. When gas prices go up or when a political crisis cripples the global oil system, we have nowhere else to go. Whether we are talking about stocks or ecosystems, the key to security is diversity. Opposed to cap-and-trade, I believe diverse tax incentives and private enterprise are the most cost effective and efficient means to reach lower emissions and greater innovation. We have to give ourselves choices so we don’t depend only on oil to run our economy and quality of life.
Kenny E. Marchant: My top priority would be passing comprehensive energy legislation that ensures America’s long-term economic health and security and also improves the environment. I strongly support exploring our domestic energy resources and increasing production, investing in smart alternative fuels and renewable energy research, promoting wind, solar, nuclear, and also providing incentives for conservation.
Kenny E. Marchant: Absolutely. Unsustainable growth of federal entitlements represents the most pressing long-term fiscal challenge of the 21st century. Inevitably, issues such as Medicare and Social Security also play significant roles in the deficit discussion. The march of demographic destiny requires us to reform and modernize the current system. On January 1, 2008, 77 million baby boomers reached the early retirement age, at which point they became eligible for Social Security. Most of these boomers will become eligible for Medicare in the coming years. My goal is to ensure that Medicare and Social Security remain available not only to current retirees and those approaching retirement, but to those of future generations as well. To do that, however, will require reform of both programs. As it stands today, roughly half of federal spending goes to Social Security and Medicare. The combined cost of these two programs is projected to double in three decades. Pay-as-you-go entitlements cannot simply be solved by tax cuts and economic growth. Social security personal account systems must have increased ownership and diverse portfolios and Medicare must offer greater (more simplified and coherent) choices for seniors and competition among private providers. In addition, extended age and extended income levels subject to taxes must also be considered. In my view, the inseparable issues of Medicare and Social Security must be given an equal amount of determined analysis and action.
Kenny E. Marchant: I firmly support accountability in our schools. We should reward our outstanding educators and encourage and provide incentives for underachieving schools. A proper accountability system should not be controlled by those held accountable; instead, schools should be held accountable for their own cognitive output relative to federal input. As the 2007 Nation’s Report Card indicates, there has been an across-the-board improvement in the 4th and 8th grades (standard scoring grades) for literacy and math nationwide and we should continue to track the progress made.
Kenny E. Marchant: To reduce the national debt, I support reducing national expenditures on discretionary or “pork barrel” spending. Specifically, where there is waste, duplication, or inefficiency, we should accordingly cut the federal government’s budget. I firmly believe in fiscal prudence and being the taxpayer’s watchdog. As a member of the House Committee on Financial Services, I am constantly working to eliminate bureaucratic red tape in order to streamline the government, stimulate the economy and reduce the debt. I also support increasing domestic saving relative to investment and strengthening our monetary currency in order to shore in tax revenue and decrease the national debt. Congress should eliminate all earmarks and pass a balanced budget.
Kenny E. Marchant: Economic growth and free enterprise thrive on tax cuts, not higher taxes and increased regulation by the federal government. I support tax policies that put money where it belongs: with those who earned the money. By keeping taxes low and simplifying the tax code, our economy can further grow and remain competitive in the global marketplace.
Kenny E. Marchant: Yes, I support a complete overhaul of the alternative minimum tax (AMT). Over the next 10 years, the AMT’s scope is expected to impose $841 billion in higher taxes, mostly on middle-income families. As a co-sponsor of H.R. 3838, the Taxpayer Choice Act of 2007, I support repealing the non-indexed and outdated AMT on individuals and giving the taxpayers the choice between two parallel, but simplified, tax systems. This comprehensive reform would keep the federal tax revenue near its historical level as a share of the overall economy. Furthermore, under this proposal taxpayers can choose either to pay their taxes under the Simplified Tax or continue to pay under the existing code. The advantages of a simplified tax system lie in its coherency and transparency: it has just two income tax rates (10 and 25 percent, a generous standard exemption amount, no special tax preferences, has no special advantages of higher income earners, and eliminated the $841 billion tax increase as a result of the AMT. In addition, I support making the capital gains and dividend tax relief of 2003 permanent.
Kenny E. Marchant: Congress has gone too far in its intervention in the mortgage crisis. In my opinion, the investors and Wall Street bankers who originated and invested in subprime mortgages should have held more responsibility and taken the brunt of their actions instead of the American taxpayers.
Kenny E. Marchant: The U.S. must operate from a position of strength and keep all options on the table -- including the use of force as a last resort. As a matter of principle, I encourage a muscular form of diplomacy while also using other channels of influence (such as engagement through third party countries and/or economic sanctions) when appropriate.
Kenny E. Marchant: Congress is very cautious when acting in direct opposition to the President, especially if the President is of the same party. Nevertheless, Congress does have the legislative power to respond in a variety of ways to blatant violations of human rights treaties, trade accords, or environmental norms. For example, Congress has the ability to modify or repeal treaties with legislative action if a partnering country violates pre-existing treaty conditions.
Kenny E. Marchant: The recent surge has been an unequivocal success resulting in increased security and decrease violence. What our troops have accomplished has been outstanding and deserves praise. With the improved political and security climate, the U.S. can continue the current troop withdrawals as our military leaders seem fit. Time horizons are a viable option to consider so long as the U.S. and Iraq cautiously guard the progress that has been made. As our military leaders will best advise on troop numbers, the U.S. must continue to strengthen our relationships with local Iraqi communities and neighboring countries to enhance long-term stability in the region.
Kenny E. Marchant: The U.S. must continue to weaken the stronghold of al Qaeda in the region but will need increased contribution from partnering countries, specifically NATO and Pakistan. The U.S. will continue to help train the Afghan army and assist with necessary infrastructure, but we must also direct more of our efforts to alleviating the narco-trafficking that plagues the country. The Afghan government needs to create greater confidence for their own people with a more transparent government, fair judiciary, and - with the assistance of the U.S. -- improved security forces.
Kenny E. Marchant: The Constitution grants Congress significant responsibility when it comes to oversight of foreign policy. As a member of the Oversight and Government Reform Committee, it is my duty to make sure written laws are faithfully executed. Oversight enables the government to cut waste, prevent policy mistakes, streamline processes, punish fraud or scandal, and serve as a general safeguard or “check” to governmental activities. Due to the overlapping powers of the executive and legislative braches in foreign policy, the process often seems combative. However, our Founding Fathers designed this constitutional balance in order to prevent abuse of power by each respective branch, its agencies, and personnel. Congressional oversight always has room for improvement. In my opinion, such oversight has fallen short in relation to the humanitarian crises in Darfur and other African countries.
Kenny E. Marchant: The Republican Party needs to once again prove that we are the party of fiscal discipline, strong national security, and solid family values. Focusing on these core principles, we can regain the confidence of the American people.
Kenny E. Marchant: I played a key role in the DFW/Love-Field Airport Resolution. I also continue to support the Congressional Members of North Texas in pushing for Trinity Commons and the Trinity project and consider myself to be a team player in improving regional transit in the area.
Name: Thomas Perry Love
Street Address: 132 E Main St, Ste 110
City/Town: Grand Prairie
State: TX 75050
Education/Degrees: BA in Government from the school of Social & Behaviorial Sciences @ The University of Texas at Austin
Date of Birth: March 5, 1950
Work or Campaign Office Phone Number: 972-263-5630
Fax Number: 972-282-9989
E-mail Address: TomLoveforTexas@att.net
Campaign Web Site Address: TomLoveforTexas.com
Youtube: http://www.youtube.com/watch?v=cd4kAtTIQyQ&eurl=http://www.thevoterguide.org/a-dallas/index.do?i=2
Length of residency in this district:
Tom Love: 30 years Occupation/main so
urce of income:
Tom Love: Supervisor of Financial Services
Current civic involvement/accomplishment highlights:
Tom Love: Member of First Methodist Church in Grand Prairie where I and my wife of 32 years, Marilyn sing in the choir. I have frequently helped in fund raising drives for National and Local organizations such as The March of Dimes, Jerry Lewis' Muscular Dystrophy, American Heart Association, American Lung Association, and American Cancer Society
Previous civic involvement/accomplishment highlights:
Tom Love: Former Optimist Youth Football Coach and Former Cub Scout leader
Previous public offices sought/held:
Tom Love: Election Judge and Tarrant County Precinct Chair
How much funding have you raised for your campaign?
Tom Love: $15,000.00 and much more promised Who are your top three contributors?
Tom Love: Steven Dunston, Thomas Love, and Susan Culp
Have you ever been arrested? If so, explain:
Tom Love: No, I Have never been arrested
Who should take the lead in expanding access to health care: Washington or the states? If Washington, should the federal government require employers to provide insurance for workers? Or should Washington require individuals to buy it for themselves? In return for everyone buying insurance, must insurers offer coverage to all people regardless of preexisting conditions?
Tom Love: Washington should take the lead by setting up an affordable plan of universal coverage with a national health insurance exchange that is a mix of employer and employee contributions. Those that are not employed should be able to buy into a system similar to the German plan of coverage that has existed for over 150 years and spends only 8% per person versus a much higher cost in the US of roughly 16%.
We need to emphasize preventative medicine and provide an adequate supply of General Practitioners graduate from our medical schools to cure chronic disease, minimize much more expensive crisis medicine, and prevent epidemics from untreated medical problems infecting otherwise healthy individuals.
What next steps should Congress take to reform immigration laws?
Tom Love: Congress should secure our borders and have stiffer penalties for employers who hire undocumented workers. We should keep immigrant families together and meet the demands for jobs employers cannot fill. We should allow the issuance of work visas for seasonal employees. We should have a system to allow people who have been productive members of society to become integrated into the American mainstream, but those who have consistently broken our criminal laws should be deported and barred from a pathway to citizenship.
How should Congress deal with climate change? Please be specific. For example, should it pursue a cap-and-trade system to control emissions?
Tom Love: Congress should recognize that a cap and trade system is usually temporary and shoves the problem off somewhere else. Congress should demand that pollution control objectives be met by all manufacturers. We should foster the development of green technologies that more efficiently utilize our existing renewable resources.
If you were charged with writing the nation’s energy strategy, in what order would you place your priorities?
Tom Love: We need CAFE standards similar to those in use in the European Union and Japan. We should develop and research alternative renewable energy systems. We should focus on multi-dimensional types of energy systems instead of relying on one major source of energy, for example fossil fuel.
Do you think Medicare and Social Security need reforming? If so, please be specific about which reforms you favor and how would you pay for them if necessry. Which program deserves attention first?
Tom Love: If we implement the healthcare insurance exchange system then Medicare and Social Security would function as supplemental insurance for those that qualify. This should bring down the debt burden of Medicare.
How would you guarantee schools have demanding standards? How would you make sure children are doing math and reading at grade level?
Tom Love: The current system of No Child Left Behind has helped to plunge public education in Texas to the bottom of the academic levels among all fifty states. Rewarding only those schools that improve annually, assures that ultimately there will be no schools able to consistently improve every year since the students change annually. Thus all public schools will be punished with reduced finances.
Studies indicate that standardized tests need to be adapted -- in both language and life relevant experiences -- to the actual students taking the tests, not to some imagined "ideal" student. That being said, however, a general ideal can be posited. Such tests should be generated from the bottom to the top, from the local educators and not from Washington Legislators.
We recognize that math and sciences are needed for the future. We should help those teachers have the necessary resources for their classrooms. We must emphasize the use of computers in every classroom where such is appropriate. We should encourage curriculum diversity so that every student remains motivated to learn. We should encourage higher education for those students who have the drive to pursue such, and encourage technological education for those students who wish that course.
What specific steps should Washington take to reduce the national debt?
Tom Love: In 1980 Ronald Reagan said that our national debt of $3 trillion was large enough to stretch from the earth to the moon and Republicans were going to do something about it and they did. Under the last 3 Republican Presidents the national debt has grown to $9.3 trillion with 70% of that under those 3 Presidents or a better than tripling of this debt. With a population of 300 million, Americans owe better than $30 thousand per ever man, woman, and child. Only a Democrat, Bill Clinton showd a budget surplus since Lyndon Johnson's last budget surplus in 1969.
Our largest debt to date might of 2008's $482 billion dollar defict, well be the current operation in Iraq. The cost of the Iraq invasion alone could have covered the vast majority of our country's needed infrastructure improvements to our highways, bridges and railway systems -- which would have increased our national productivity. Ill-advised, poorly planned and executed operations abroad will not help to solve our national debt burden.
We need to plan wisely and use adequate analysis of what costs are possible versus benefits in advance of any major military undertaking. We need to utilize diplomacy first as a national policy and not make up facts to fit predetermined situations, and we need to quit wholesale spending that increases unnecessary red ink.
What tax policies would you favor in the next Congress?
Tom Love: Reform the tax code by eliminating the alternative minimum tax. We need to eliminate loop holes and have a fair and equitable tax that applies to all citizens impartially.
Do you believe the alternative minimum tax should be reformed? If so, what are your ideas for overhauling it? Should Congress replace any revenues lost from the reform? If so, how?
Tom Love: Yes, it must be eliminated to prevent middle class taxpayers from using deductions to reduce the tax meant originally to prevent millionaires from avoiding paying any taxes. Millionaires were long ago exempted from its provisions while middle class workers are facing a mandatory tax burden that will be detrimental to the American economy.
By the time you take office, we will still be working our way through the mortgage crisis. How did we get into this fix? What more can Congress do to get us out of this mess?
Tom Love: Greedy lenders took advantage of inadequately enforced lending practices to earn large bonuses. They also lied to often unsophisticated buyers to qualify them for loans they could not afford when the payments went up and the economy went down. This was further complicated by the packaging of subprime loans into seemingly gilt-edged securities that required the issuing lender to repurchase in case of default. Also adding to the problem was the credit crunch created by tightening the available refinancing funds and a falling housing market caused by excessive foreclosures.
We need to properly regulate the lending practices of mortgage lenders. We need to protect the ability of homeowners to stay in their homes and enable them to refinance out of loans that they cannot afford. We need to insure that there is an adequate supply of capital to help good credit borrowers from defaulting on bad loans and greatly curtail income stated loans.
We need to help homeowners keep their homes and insure all our home values retain their true worth. In short, we need responsible government with responsible oversight.
How should the U.S. deal with Iran?
Tom Love: We should pursue diplomacy to achieve common goals and objectives. We should discuss differences and forge alliances , but most of all we need to avoid military engagement. Improper planning got us into a mess in Iraq and proper planning will get us out. We must doordinate any actions with our allies in the region to bring Iran back into the family of nations and eliminate the need to develop nuclear weapons as an alternative to possible US invasion or attack.
If the White House fails to pressure a country that egregiously violates international human rights treaties, trade accords or environmental norms, should Congress require the government to take action? Why or why not?
Tom Love: We should pursue diplomacy to achieve common goals and objectives. We should discuss differences and forge alliances , but most of all we need to avoid military engagement. Congress should insist that a formal declaration of war be passed prior to any military activity other than protection of our troops, American citizens or our allies.
What policies should the next president and Congress pursue to resolve the situation in Iraq?
Tom Love: We should pusue all diplomatic options available to resolve the situation in Iraq. We should discuss the differences that have helped create the situation and forge strong and lasting alliances that will help to promote peace. It is ludicrous that a nation that has 7000 years of recorded history should be unable to govern itself without foreign intervention. We must help Iraq rebuild their economic and transportation infrastructures. We must respect the wishes of their government and be prepared to help them that the lead in their own security.
What policies should the next president and Congress pursue to improve the conditions in Afghanistan?
Tom Love: We need to pursue a policy that will remove the growing of opium as a cash crop. The people of Afghanistan must be helped to develop a stable and productive economy. Afghanistan must be brought back into the family of nations.
Afghanis deserve a economic livelyhood and the option to achieve their place as a nation that controlls their own destiny. We need to help rebuild their internal security and let them deside their own governmental path.
What is Congress’ oversight responsibility when it comes to foreign policy? Where has it fallen short or overstepped its bounds?
Tom Love: The Constitution is very explicit, the Executive branch is to initiate actions dealing with foreign relations. The Senate is to approve or deny those actions. The House is to initiate funding of those actions.
Congress has been woefully negligent in responsible oversight over the Executive branch in these matters. In the previous few years there has been an overt attempt to usurp these powers on behalf of the Executive branch. Congress must reassert it's Constitutionally defined role in government in relation to foreign relations. This election is considered an election about change. How does your party need to change?
Tom Love: We need to be able to identify more with the needs and aspirations of all working Americans. We need to represent a positive force for restoration of the American dream and to present a pathway for our children's future.
The true bottom line is not measured in dollars, but in the success and health of our children. We need to recreate the American Dream and remember education is expensive, but ignorance costs so very much more.
Please be specific about where you have moved a team towards the achievement of a goal.
Tom Love: I daily move to advance my team toward group goals and individual goals. As a small business owner, as a Social Worker, and as in financial services to goal is always to achieve person and group goals.
As a Supervisor, the main intent is to evaluate, train and hold our employees responsible for meeting stated goals. Team work is dependent upon each worker knowing and performing their job to the best of their ability. The supervisor's job is to help with the training of each to help them reach their maximum potential.
strong>Name: David A. Casey
Street Address: P.O. Box 1122
City/Town: Bedford
State: TX
Education/Degrees: Political Science, Law-Emphasis, University of Texas at Arlington
Date of Birth: 08/26/1979
Work or Campaign Office Phone Number: (817) 571-3824
E-mail Address: mail@caseyforcongress.org
Campaign Web Site Address: www.caseyforcongress.org
David A. Casey: Legal Clerk
David A. Casey: Candidate response is not yet available.
David A. Casey: United States Navy Veteran (1998-2004) Machinist Mate, Second Class (Surface Warfare Specialist) Enlisted Nuclear Operator on-board an at-sea nuclear propulsion plant. Served in Operation Enduring Freedom and Operation Iraqi Freedom.
David A. Casey: Candidate response is not yet available.
David A. Casey: $2,000
David A. Casey: Individual donors
David A. Casey: No
David A. Casey: This question implies that the government is the only source of relief from the current health care issues we face. I posit that the health care problems are caused by the system. Remove government from the business of meddling in health care, which was far more affordable and accessible before government got involved. We've had managed care for 35 years. It's not working. Both doctors and patients are unhappy. Nobody seems to be happy--except the corporations, the drug companies and the HMOs. For the immediate future, allow consumers and doctors to get out of the system using medical savings accounts.
David A. Casey: The immigration ‘problem’ is simply market forces at work, despite the government’s attempts to stop it. Agri-business and small businesses need employees to work jobs; but not all of these jobs are ‘worth’ government’s artificial wages. Bottom line is, no matter what you legislate, black-market employment will always happen so long as there is a demand for it. Americans cannot compete for these jobs, because federal laws prevent them from doing so.
David A. Casey: Cap-and-trade does little to solve pollution problems overall, as groups that do not pollute can sell their conservation to the highest bidder. The last thing our weak economy needs is another un-elected regulatory agency with its fingers in the pie.
Ethanol, an inefficient and costly "solution" to this issue is a waste of our time, and our tax-payers hard earned money. All it has done is drive up global prices of food, made some farmers richer, and millions of people poorer.
Right now, the market for efficient, reliable green products is growing exponentially. Every industry is beginning to see it is in their best interest to provide a competitive product, and the best thing that Congress can do is to stop picking sides. We as tax payers would prefer not to be artificially propping up one product over another, as the weaker product will go away in time on its own.
David A. Casey: Private industry. Without any outside forces, people have embraced and advanced technology to counter our energy problems. Programs such as the Automotive X Prize, which delivers a sum of millions to any company that can produce the best, most efficient 100mpg+ car, are beyond anything government could demand. What I object to are government subsidies to big corporations to give them R&D money. Small companies can’t compete against subsidies, and competition fosters innovation.
David A. Casey: To fund all of Social Security's future deficits, we would need to set aside $12.8 trillion in an interest-bearing account today. Fully funding Medicare's future deficits would require a whopping $68.4 trillion.
Social Security reform should be the priority, as reform is already further along than with Medicare.
I would propose we allow the citizens to use personal retirement accounts within Social Security itself, not unlike what the members of Congress have. If it's good enough for them, it's good enough for the public. This would allow the families of deceased workers to collect on their hard earned savings, rather than being lost to time.
Research suggests the federal Medicare program spends as much as $100 billion per year on medical care that makes seniors no healthier or happier. Its payment system continues to reward low-quality and even harmful medical care.
Every retiree should be free to use his share of Medicare funds to purchase private health insurance. In addition, every worker should be free to put his Medicare taxes into a personal health savings account rather than the Medicare program, using the accumulated funds to pay for health care and health insurance during retirement. Because of the high returns that result from investing in private capital markets, those privately invested accounts would be able to pay significantly higher benefits than Medicare.
David A. Casey: Again, the question is worded to imply that Congress has the only solution to our failing school systems. Yet, chronologically, we as a nation have become significantly less competitive globally in education since the 1970s, when the federal government took control away from the states.
For the first 200 years of our countries existence, the states held control over their own education, as the people of Texas clearly knew how best to educate Texans. As Congressman of this district, I would turn the tide away from a distant bureaucracy dictating how the children of Texas learn.
I would also work to ensure that the parents have limitless options on how their children are educated. Ready access to private schools, charter schools, home schooling, vouchers, tax credits, whatever they desire.
David A. Casey: Americans are faced with a weaker economy, and therefore their own budgets are stretched to the breaking point. At the same time, Congress has been totally irresponsible with spending, and is facing a record deficit nearing half a trillion dollars. The only responsible action is to do the right thing: reduce spending, and cut taxes for all citizens, not just the poor or the rich, but for everyone.
David A. Casey: A graduated reduction in spending, coupled with a reduction in taxes. The current budget is significantly higher than it was just six years ago, and continues to increase at an exponential rate without a marked increase in services to the public. Congress has a duty to have some fiscal responsibility, along with that, ensure that the impact of their spending is minimized on the public, who feel the crunch of rising costs every day.
David A. Casey: The alternative minimum tax was a tax whose sole purpose was to tax a specific number of households that the government determined were not paying enough taxes compared to their income. However, many tax loopholes the AMT was designed to address have since been closed.
As needless as that is, it was not tied to inflation, so every year an increasing number of our citizens are under its umbrella. Companies and individuals have to do twice as much tax preparation because of the AMT, which only serves to increases their compliance costs every year. The IRS already costs our companies and tax-payers billions in compliance costs every spring. The AMT is needlessly complex and burdensome to taxpayers.
The solution is not to reform, but to repeal the AMT.
David A. Casey: What specifically caused the crisis is hard to narrow down to one or two culprits. An environment of reckless lending, coupled by an artificially propped up system of federally funded lenders, and the repeal of the Glass-Steagall Act certainly didn't help.
Ultimately, the idea that a government-sponsored enterprise is needed to provide liquidity is at best obsolete. Global financial markets provide liquidity, except when impeded by the effects of bad, government-directed policies. Credit allocation and easy money created a housing mess that now threatens the viability of even government-sponsored enterprises.
Congress can get us out of this mess, so long as very specific steps are taken not to just patch the holes in Fannie Mae and Freddie Mac, but to overhaul the system, and get the federal government out of the business of home loans.
David A. Casey: The United States is under no obligation to "deal" with Iran. We have meddled in the Middle Eastern countries for well over 20 years now, and we have no right to. Iran poses no military threat to our nation, or our citizens. With the continuing evolution of technology, our dependence on oil will dissipate significantly over the next few years, and Iran will pose no economic threat to our nation either.
David A. Casey: Congress does not have the constitutional power to dictate world policy. If the Senate does approve a treaty, and another country violates it, then that matter would be brought to discussion.
To suggest that another country violates "environmental norms" should come under the purvey of one countries legislature is a laughable, if not outright arrogant, presumption.
David A. Casey: As a veteran of this conflict, I know we cannot remain there indefinitely; having our forces spread as thin as they are globally makes this nation harder to defend against a real aggressor. The Iraqi people have their economy back together, a stable government, and a trained police force. Giving them a specific timetable to reassert control over their own sovereignty is the only sensible thing to do.
David A. Casey: The military is painfully overstretched, fighting two situations in two different countries. If the President and Congress see fit to continue to fight the Taliban without the help of the Pakistanis, it cannot happen unless there is an immediate and significant troop draw-down in Iraq.
David A. Casey: Only Congress holds the constitutional power to declare war, and treat with other nations. While the President is a very visible figurehead, he cannot declare wars or sign treaties.
Congress has the very tangible ability to restrain the 'War on Terror', but has made no real efforts to do so.
David A. Casey: The Libertarian Party needs to emphasize the power in the American people to embrace the ideals of freedom; both economic and personal. The other two parties suggest only one of each, whereas the Libertarian Party can promote the idea that we are the only party that puts the people first and foremost.
David A. Casey: I was in command of a seven man repair/testing team onboard the USS Enterprise (CVN-65) during the overhaul of the ship after we returned from Afghanistan. My 6 man team was responsible for re-building and repairing the pumps, valves and piping systems of a nuclear-powered engine room. Along with the physical repair, we then tested the equipment during a rotating shift once the ship had left the dry dock.
Street Address: 2125 North Josey Lane, #200
City/Town: Carrollton
State: TX
Education/Degrees: BA and Honorary Doctorate from Southern Nazarene University
Date of Birth: 2/23/51
Work or Campaign Office Phone Number: 972-242-7211
Home Phone Number: 972-462-0790
Mobile Phone Number: 214-918-1445
Fax Number: 972-242-7233
E-mail Address: campaign@kennymarchant.com
Campaign Web Site Address: www.kennymarchant.com
Kenny E. Marchant: 44 years
Kenny E. Marchant: Investor/Rancher
Kenny E. Marchant: I am a two-term United States Congressman for the 24th District of Texas who serves on the Financial Services, Education and Labor, and Oversight and Government Reform Committees. Recent awards include: "Spirit of Enterprise" by the U.S. Chamber of Commerce for leading the way to create jobs and spur economic growth; "Hero of the Taxpayer" by Americans for Tax Reform; "True Blue Member of Congress" by the Family Research Council for strong family values; and "Thomas Jefferson Award" by the IFDA for a sound fiscal voting record. As for civic involvement, I am the founder and director of a local non-profit that assists church-related and humanitarian aid projects across the world. I am also a member of several Chambers of Commerce (Cedar Hill, Coppell, Colleyville, Duncanville, Farmers Branch, Grand Prairie, Grapevine, Hurst-Euless-Bedford, Metrocrest, Southlake).
Kenny E. Marchant: I have been in public service for 28 years having served as City Councilman, Mayor, Texas State Legislator (nine terms), and also as the two-term U.S. Congressman of the 24th District of Texas. I was the former Chairman of the Texas House Republican Caucus, the Texas House Committee on Financial Institutions, and the House State Affairs Committee. I was also on the Advisory Board of the Children's Medical Center. Past awards include: "Top Ten Texas Legislator" by Texas Monthly, "Top Pro-Family Texas Legislator of the Year" by the American Family Association, "Legislator of the Year" by the Texas Municipal League, "Citizen of the Year" by Metrocrest Chamber of Commerce and "Leader of Excellence" award by the Free Market Committee.
Kenny E. Marchant: State Representative (18 years), Mayor of Carrollton, City Council Member of Carrollton
Kenny E. Marchant: $427,134.40
Kenny E. Marchant: FAA Manager's Association, Realtor's Political Association Committee, National Automobile Dealers Association
Kenny E. Marchant: No.
Kenny E. Marchant: It is certain our health care system needs significant improvement. In my opinion, the federal government should help improve but not control the American health care system. Individuals and families should be in charge of their health care dollars, not a Washington bureaucrat. The quality of health care should not be compromised as we lower costs by promoting competition and opening the health care market (medicine, clinics, hospitals, doctors, insurance). To achieve this goal, the tax code must be reformed to promote individuals and families refundable tax credits similar to employer-sponsored health insurance. I would also consider supporting a high-risk pool as most states have done.
Kenny E. Marchant: I support and encourage legal immigration. I firmly oppose, however, amnesty for illegal immigrants. I support “American Employment First” requirements that insist American businesses make jobs available to qualified American workers before legal immigration applicants from “Guest Worker Programs” can be considered. On illegal immigration, I feel taxpaying Americans deserve and demand the enforcement of our laws and increased and effective border security.
Kenny E. Marchant: I consider climate change a serious concern, not only for our generation, but also for future generations. As a rancher, I take great pride in being a steward of the natural resources upon which our quality of life as Americans depends. The issue of climate change is inextricably tied to our energy policy and national security. In the absence of a secure energy policy, Americans have little to ease their plight as they deal with rising gas prices, more importantly, American citizens face a dire energy security threat with our reliance on oil front the Persian Gulf and other foreign countries. The U.S. remains vulnerable because we operate in an oil monoculture – that is, we rely almost exclusively on oil to power our economy. When gas prices go up or when a political crisis cripples the global oil system, we have nowhere else to go. Whether we are talking about stocks or ecosystems, the key to security is diversity. Opposed to cap-and-trade, I believe diverse tax incentives and private enterprise are the most cost effective and efficient means to reach lower emissions and greater innovation. We have to give ourselves choices so we don’t depend only on oil to run our economy and quality of life.
Kenny E. Marchant: My top priority would be passing comprehensive energy legislation that ensures America’s long-term economic health and security and also improves the environment. I strongly support exploring our domestic energy resources and increasing production, investing in smart alternative fuels and renewable energy research, promoting wind, solar, nuclear, and also providing incentives for conservation.
Kenny E. Marchant: Absolutely. Unsustainable growth of federal entitlements represents the most pressing long-term fiscal challenge of the 21st century. Inevitably, issues such as Medicare and Social Security also play significant roles in the deficit discussion. The march of demographic destiny requires us to reform and modernize the current system. On January 1, 2008, 77 million baby boomers reached the early retirement age, at which point they became eligible for Social Security. Most of these boomers will become eligible for Medicare in the coming years. My goal is to ensure that Medicare and Social Security remain available not only to current retirees and those approaching retirement, but to those of future generations as well. To do that, however, will require reform of both programs. As it stands today, roughly half of federal spending goes to Social Security and Medicare. The combined cost of these two programs is projected to double in three decades. Pay-as-you-go entitlements cannot simply be solved by tax cuts and economic growth. Social security personal account systems must have increased ownership and diverse portfolios and Medicare must offer greater (more simplified and coherent) choices for seniors and competition among private providers. In addition, extended age and extended income levels subject to taxes must also be considered. In my view, the inseparable issues of Medicare and Social Security must be given an equal amount of determined analysis and action.
Kenny E. Marchant: I firmly support accountability in our schools. We should reward our outstanding educators and encourage and provide incentives for underachieving schools. A proper accountability system should not be controlled by those held accountable; instead, schools should be held accountable for their own cognitive output relative to federal input. As the 2007 Nation’s Report Card indicates, there has been an across-the-board improvement in the 4th and 8th grades (standard scoring grades) for literacy and math nationwide and we should continue to track the progress made.
Kenny E. Marchant: To reduce the national debt, I support reducing national expenditures on discretionary or “pork barrel” spending. Specifically, where there is waste, duplication, or inefficiency, we should accordingly cut the federal government’s budget. I firmly believe in fiscal prudence and being the taxpayer’s watchdog. As a member of the House Committee on Financial Services, I am constantly working to eliminate bureaucratic red tape in order to streamline the government, stimulate the economy and reduce the debt. I also support increasing domestic saving relative to investment and strengthening our monetary currency in order to shore in tax revenue and decrease the national debt. Congress should eliminate all earmarks and pass a balanced budget.
Kenny E. Marchant: Economic growth and free enterprise thrive on tax cuts, not higher taxes and increased regulation by the federal government. I support tax policies that put money where it belongs: with those who earned the money. By keeping taxes low and simplifying the tax code, our economy can further grow and remain competitive in the global marketplace.
Kenny E. Marchant: Yes, I support a complete overhaul of the alternative minimum tax (AMT). Over the next 10 years, the AMT’s scope is expected to impose $841 billion in higher taxes, mostly on middle-income families. As a co-sponsor of H.R. 3838, the Taxpayer Choice Act of 2007, I support repealing the non-indexed and outdated AMT on individuals and giving the taxpayers the choice between two parallel, but simplified, tax systems. This comprehensive reform would keep the federal tax revenue near its historical level as a share of the overall economy. Furthermore, under this proposal taxpayers can choose either to pay their taxes under the Simplified Tax or continue to pay under the existing code. The advantages of a simplified tax system lie in its coherency and transparency: it has just two income tax rates (10 and 25 percent, a generous standard exemption amount, no special tax preferences, has no special advantages of higher income earners, and eliminated the $841 billion tax increase as a result of the AMT. In addition, I support making the capital gains and dividend tax relief of 2003 permanent.
Kenny E. Marchant: Congress has gone too far in its intervention in the mortgage crisis. In my opinion, the investors and Wall Street bankers who originated and invested in subprime mortgages should have held more responsibility and taken the brunt of their actions instead of the American taxpayers.
Kenny E. Marchant: The U.S. must operate from a position of strength and keep all options on the table -- including the use of force as a last resort. As a matter of principle, I encourage a muscular form of diplomacy while also using other channels of influence (such as engagement through third party countries and/or economic sanctions) when appropriate.
Kenny E. Marchant: Congress is very cautious when acting in direct opposition to the President, especially if the President is of the same party. Nevertheless, Congress does have the legislative power to respond in a variety of ways to blatant violations of human rights treaties, trade accords, or environmental norms. For example, Congress has the ability to modify or repeal treaties with legislative action if a partnering country violates pre-existing treaty conditions.
Kenny E. Marchant: The recent surge has been an unequivocal success resulting in increased security and decrease violence. What our troops have accomplished has been outstanding and deserves praise. With the improved political and security climate, the U.S. can continue the current troop withdrawals as our military leaders seem fit. Time horizons are a viable option to consider so long as the U.S. and Iraq cautiously guard the progress that has been made. As our military leaders will best advise on troop numbers, the U.S. must continue to strengthen our relationships with local Iraqi communities and neighboring countries to enhance long-term stability in the region.
Kenny E. Marchant: The U.S. must continue to weaken the stronghold of al Qaeda in the region but will need increased contribution from partnering countries, specifically NATO and Pakistan. The U.S. will continue to help train the Afghan army and assist with necessary infrastructure, but we must also direct more of our efforts to alleviating the narco-trafficking that plagues the country. The Afghan government needs to create greater confidence for their own people with a more transparent government, fair judiciary, and - with the assistance of the U.S. -- improved security forces.
Kenny E. Marchant: The Constitution grants Congress significant responsibility when it comes to oversight of foreign policy. As a member of the Oversight and Government Reform Committee, it is my duty to make sure written laws are faithfully executed. Oversight enables the government to cut waste, prevent policy mistakes, streamline processes, punish fraud or scandal, and serve as a general safeguard or “check” to governmental activities. Due to the overlapping powers of the executive and legislative braches in foreign policy, the process often seems combative. However, our Founding Fathers designed this constitutional balance in order to prevent abuse of power by each respective branch, its agencies, and personnel. Congressional oversight always has room for improvement. In my opinion, such oversight has fallen short in relation to the humanitarian crises in Darfur and other African countries.
Kenny E. Marchant: The Republican Party needs to once again prove that we are the party of fiscal discipline, strong national security, and solid family values. Focusing on these core principles, we can regain the confidence of the American people.
Kenny E. Marchant: I played a key role in the DFW/Love-Field Airport Resolution. I also continue to support the Congressional Members of North Texas in pushing for Trinity Commons and the Trinity project and consider myself to be a team player in improving regional transit in the area.
Thursday, August 21, 2008
Energy for the future is a complex problem
For the short term, I favor regulation in the commodes market to prevent the abuse of the London Loopholes and the Enron Loopholes. These caused the speculation because there was no real risk to bidding up the prices om the futures market and that led to high gas prices that only subsided with Chinese rationing for the Olympics. The Olympics will soon be over and so 1.4 billion consumers will be back in the demand for petroleum. So short term fixes are not likely and get ready to pay more at the pump and soon.
Additional drilling will take 7-10 years, but many wells in the US have been capped off the last 25 years.There are 10,000 capped American wells mostly on federal land that should either be in production or exploration. I favor use it or lose it legislation that will tell us if there is oil there, like I suspect there is. We must end foreign dependence on petroleum. Petroleum is really too valuable to burn up. Oil is a major plastic source and primary source for other by products that cannot be easily replaced from other avenues and for less cost.
For the long term, we need to explore all options and have a real energy policy that emphasizes conservation, alternative fuel, and energy independence. There is real promise in bio mass options such as switch grass & blue-green algae. These are are better US solutions than Brazilian sugar cane. Bio mass can be produced cheaper than petroleum and use the entire plant for production. Corn ethanol has shown to be not an efficient solution and has raise food prices dramatically, so it should be phased out as fuel.
Wind, solar, and geothermal are especially suited for large scale fuel sources for utility power plants in our state and we need a program such as some European countries do that pay the consumer more for excess power put back into the system than the rate charged for consumption. This has worked especially well in Germany.
Natural gas is a far cleaner burning fuel for hydrogen cars, but gas extraction can produce millions of gallons of waste water and endanger our underground aquifers and that could make clean water dangerously low in Texas. Hydrogen extraction from water itself is a much better solution, but not yet refined.
Also just the simple act of changing our light bulbs to more energy efficient types will pay big dividends in less power plan consumption. It can be the equivalent to taking millions of cars off the road worldwide.
All options need to be looked at. We need to commit to the goal of a true national bipartisan consensus to achieve real results not temporary changes that are ineffective. It is time to have real cooperation, not slogans on energy. We must also redefine the engines of our cars to insure greater conservation and explore new ways of mass transit to offer alternatives and solutions to end the energy crisis once and for all.
Tom
Tom Love Democratic Candidate for US Congress TX 24
www.TomLoveforTexas.com Ph#972-263-5630
Office Address:132 E Main St, Ste 110, Grand Prairie, TX 75050
Mailing Address:PO Box 7231,Arlington, TX 76005-7231
----------------------------------------------------------
Jacqueline Carter wrote:
Jacqueline Carter
1207 Mackie
Carrollton, TX 75007-4836
August 21, 2008
Tom Love
PO Box 7231
Arlington, TX 76005-7231
Mr. Love:
Too many of our leaders are responding to rising gas prices with short
term fixes to lower the cost of gas rather than with sustainable proposals
that would lead the nation to conserve energy, improve energy efficiency
and increase renewable energy production.
Also, this "clean coal" solution will not work. There is no such thing as
"clean" coal. Wind is a good chunk of the key. It works without pollutting
already over-polluted air.
Green house gas emissions were being reversed until 2001 and now it's
worse than it was before. This is unacceptable.
Sincerely,
Jacqueline Carter
Additional drilling will take 7-10 years, but many wells in the US have been capped off the last 25 years.There are 10,000 capped American wells mostly on federal land that should either be in production or exploration. I favor use it or lose it legislation that will tell us if there is oil there, like I suspect there is. We must end foreign dependence on petroleum. Petroleum is really too valuable to burn up. Oil is a major plastic source and primary source for other by products that cannot be easily replaced from other avenues and for less cost.
For the long term, we need to explore all options and have a real energy policy that emphasizes conservation, alternative fuel, and energy independence. There is real promise in bio mass options such as switch grass & blue-green algae. These are are better US solutions than Brazilian sugar cane. Bio mass can be produced cheaper than petroleum and use the entire plant for production. Corn ethanol has shown to be not an efficient solution and has raise food prices dramatically, so it should be phased out as fuel.
Wind, solar, and geothermal are especially suited for large scale fuel sources for utility power plants in our state and we need a program such as some European countries do that pay the consumer more for excess power put back into the system than the rate charged for consumption. This has worked especially well in Germany.
Natural gas is a far cleaner burning fuel for hydrogen cars, but gas extraction can produce millions of gallons of waste water and endanger our underground aquifers and that could make clean water dangerously low in Texas. Hydrogen extraction from water itself is a much better solution, but not yet refined.
Also just the simple act of changing our light bulbs to more energy efficient types will pay big dividends in less power plan consumption. It can be the equivalent to taking millions of cars off the road worldwide.
All options need to be looked at. We need to commit to the goal of a true national bipartisan consensus to achieve real results not temporary changes that are ineffective. It is time to have real cooperation, not slogans on energy. We must also redefine the engines of our cars to insure greater conservation and explore new ways of mass transit to offer alternatives and solutions to end the energy crisis once and for all.
Tom
Tom Love Democratic Candidate for US Congress TX 24
www.TomLoveforTexas.com Ph#972-263-5630
Office Address:132 E Main St, Ste 110, Grand Prairie, TX 75050
Mailing Address:PO Box 7231,Arlington, TX 76005-7231
----------------------------------------------------------
Jacqueline Carter
Jacqueline Carter
1207 Mackie
Carrollton, TX 75007-4836
August 21, 2008
Tom Love
PO Box 7231
Arlington, TX 76005-7231
Mr. Love:
Too many of our leaders are responding to rising gas prices with short
term fixes to lower the cost of gas rather than with sustainable proposals
that would lead the nation to conserve energy, improve energy efficiency
and increase renewable energy production.
Also, this "clean coal" solution will not work. There is no such thing as
"clean" coal. Wind is a good chunk of the key. It works without pollutting
already over-polluted air.
Green house gas emissions were being reversed until 2001 and now it's
worse than it was before. This is unacceptable.
Sincerely,
Jacqueline Carter
Sunday, August 10, 2008
MegaVote for Texas' 24th Congressional District:
In this MegaVote for Texas' 24th Congressional District:August 4, 2008
Recent Congressional Votes -
Senate: College Opportunity and Affordability Act of 2008
House: Paycheck Fairness Act
House: Military Construction and Veterans Affairs Appropriation, FY 2009
--------------------------------------------------------------------------------
Editor's Note: The Senate and House are in recess until September 8.
Recent Senate Votes
College Opportunity and Affordability Act of 2008 - Vote Agreed to (83-8, 1 Present, 8 Not Voting)
The Senate passed this bill to address rising tuition costs and remove obstacles that make it more difficult for students to attend college.
Sen. Kay Bailey Hutchison voted YES......send e-mail or see bio
Sen. John Cornyn voted YES......send e-mail or see bio
--------------------------------------------------------------------------------
Recent House Votes
Paycheck Fairness Act - Vote Passed (247-178, 9 Not Voting)
The House passed this bill to increase penalties for pay discrimination and protect employees who share salary information.
Rep. Kenny Marchant voted NO......send e-mail or see bio
--------------------------------------------------------------------------------
Military Construction and Veterans Affairs Appropriation, FY 2009 - Vote Passed (409-4, 21 Not Voting)
The House passed this $72.7 billion bill funding military construction and veteran care programs.
Rep. Kenny Marchant voted YES......send e-mail or see bio
--------------------------------------------------------------------------------
Edit Subscription | Unsubscribe
MegaVote
c/o Capitol Advantage
2751 Prosperity Ave
Suite 600
Fairfax, VA 22031
Recent Congressional Votes -
Senate: College Opportunity and Affordability Act of 2008
House: Paycheck Fairness Act
House: Military Construction and Veterans Affairs Appropriation, FY 2009
--------------------------------------------------------------------------------
Editor's Note: The Senate and House are in recess until September 8.
Recent Senate Votes
College Opportunity and Affordability Act of 2008 - Vote Agreed to (83-8, 1 Present, 8 Not Voting)
The Senate passed this bill to address rising tuition costs and remove obstacles that make it more difficult for students to attend college.
Sen. Kay Bailey Hutchison voted YES......send e-mail or see bio
Sen. John Cornyn voted YES......send e-mail or see bio
--------------------------------------------------------------------------------
Recent House Votes
Paycheck Fairness Act - Vote Passed (247-178, 9 Not Voting)
The House passed this bill to increase penalties for pay discrimination and protect employees who share salary information.
Rep. Kenny Marchant voted NO......send e-mail or see bio
--------------------------------------------------------------------------------
Military Construction and Veterans Affairs Appropriation, FY 2009 - Vote Passed (409-4, 21 Not Voting)
The House passed this $72.7 billion bill funding military construction and veteran care programs.
Rep. Kenny Marchant voted YES......send e-mail or see bio
--------------------------------------------------------------------------------
Edit Subscription | Unsubscribe
MegaVote
c/o Capitol Advantage
2751 Prosperity Ave
Suite 600
Fairfax, VA 22031
Wednesday, August 6, 2008
Sunday, August 3, 2008
Housing Lenders Fear Bigger Wave of Loan Defaults
By VIKAS BAJAJ
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners’ monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Mr. Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Data on securities backed by subprime mortgages show that 8.41 percent of loans from 2005 were delinquent by 90 days or more or in foreclosure in June, up from 8.35 percent in May, according to CreditSights, a research firm with offices in New York and London. By contrast, 16.6 percent of 2007 loans were troubled in June, up from 15.8 percent.
Some of that reflects basic math. Over the years, some loans will be paid off as homeowners sell or refinance, and some homes will be foreclosed upon and sold. That reduces the number of loans from those earlier years that could default. Also, since the credit market seized up last year, lenders have become much more conservative and have stopped making most subprime loans and cut back on many other popular mortgages.
The resetting of rates on adjustable mortgages, which was a big fear of many analysts in 2006 and 2007, has become less problematic because the short-term interest rates to which many of those loans are tied have fallen significantly as the Federal Reserve has lowered rates. The recent federal tax rebates and efforts to modify more loans have also helped somewhat, analysts say.
What will sting borrowers more than rising interest rates, analysts say, is having to pay interest and principal every month after spending several years paying only interest or sometimes even less than that. Such loan terms were popular during the boom with alt-A and prime borrowers and appeared appealing while home prices were rising and interest rates were low.
But now, some borrowers could see their payments jump 50 percent or more, and they may not be able to sell their properties for as much as they owe.
Prime and alt-A borrowers typically had a five- or seven-year grace period before payments toward principal were required. By contrast, subprime loans had a two-to-three-year introductory period. That difference partly explains the lag in delinquencies between the two types of loans, said David Watts, an analyst with CreditSights.
“More delinquencies look like they are on the horizon because so few of them have reset,” Mr. Watts said about alt-A mortgages.
The wave of foreclosures is still rising in states like California, where many homeowners turned to creative mortgages during the boom. From April to June, mortgage companies filed 121,000 notices of default in California, up nearly 7 percent from the first quarter and more than twice as many as in the second quarter of 2007, according to DataQuick, a real estate data firm based in La Jolla, Calif. The firm said the median age of the loans increased to 26 months from 16 months a year earlier.
The mortgage giants Freddie Mac and Fannie Mae, which own or guarantee nearly half of all mortgages, are trying to stem that tide. Last week, they said they would pay more to the mortgage servicing companies that they hire to modify delinquent loans and avoid foreclosures.
Delinquencies in prime and alt-A loans are particularly challenging for banks because they hold more such loans on their books than they do subprime mortgages. Downey Financial, which owns a savings bank that operates in California and Arizona, recently reported that 11.2 percent of its loans were delinquent at the end of June, a big increase from the 6.1 percent that were past due at the end of last year.
The bank’s troubles stem from its $6.2 billion portfolio of so-called option adjustable-rate mortgages, which allow borrowers to pay less than the interest owed on their mortgage in the early years. The unpaid interest is added to the principal due on the loan, so over time borrowers can owe more than the initial loan amount. Eventually, when loans grow by 10 percent or 15 percent, the borrowers are required to start paying both the interest and principal due.
Many borrowers who got these loans during the boom had good credit scores, but many of them owe more than their homes are worth. Analysts believe that many will not be able to or want to make higher payments.
“The wave on the prime side has lagged the wave on the subprime side,” said Rod Dubitsky, head of asset-backed research at Credit Suisse. “The reset of option ARM loans is a big event that will drive the timing of delinquencies.”
http://www.nytimes.com/2008/08/04/business/04lend.html?_r=1&exprod=myyahoo&pagewanted=print&oref=slogin
Copyright 2008 The New York Times Company
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners’ monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Mr. Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Data on securities backed by subprime mortgages show that 8.41 percent of loans from 2005 were delinquent by 90 days or more or in foreclosure in June, up from 8.35 percent in May, according to CreditSights, a research firm with offices in New York and London. By contrast, 16.6 percent of 2007 loans were troubled in June, up from 15.8 percent.
Some of that reflects basic math. Over the years, some loans will be paid off as homeowners sell or refinance, and some homes will be foreclosed upon and sold. That reduces the number of loans from those earlier years that could default. Also, since the credit market seized up last year, lenders have become much more conservative and have stopped making most subprime loans and cut back on many other popular mortgages.
The resetting of rates on adjustable mortgages, which was a big fear of many analysts in 2006 and 2007, has become less problematic because the short-term interest rates to which many of those loans are tied have fallen significantly as the Federal Reserve has lowered rates. The recent federal tax rebates and efforts to modify more loans have also helped somewhat, analysts say.
What will sting borrowers more than rising interest rates, analysts say, is having to pay interest and principal every month after spending several years paying only interest or sometimes even less than that. Such loan terms were popular during the boom with alt-A and prime borrowers and appeared appealing while home prices were rising and interest rates were low.
But now, some borrowers could see their payments jump 50 percent or more, and they may not be able to sell their properties for as much as they owe.
Prime and alt-A borrowers typically had a five- or seven-year grace period before payments toward principal were required. By contrast, subprime loans had a two-to-three-year introductory period. That difference partly explains the lag in delinquencies between the two types of loans, said David Watts, an analyst with CreditSights.
“More delinquencies look like they are on the horizon because so few of them have reset,” Mr. Watts said about alt-A mortgages.
The wave of foreclosures is still rising in states like California, where many homeowners turned to creative mortgages during the boom. From April to June, mortgage companies filed 121,000 notices of default in California, up nearly 7 percent from the first quarter and more than twice as many as in the second quarter of 2007, according to DataQuick, a real estate data firm based in La Jolla, Calif. The firm said the median age of the loans increased to 26 months from 16 months a year earlier.
The mortgage giants Freddie Mac and Fannie Mae, which own or guarantee nearly half of all mortgages, are trying to stem that tide. Last week, they said they would pay more to the mortgage servicing companies that they hire to modify delinquent loans and avoid foreclosures.
Delinquencies in prime and alt-A loans are particularly challenging for banks because they hold more such loans on their books than they do subprime mortgages. Downey Financial, which owns a savings bank that operates in California and Arizona, recently reported that 11.2 percent of its loans were delinquent at the end of June, a big increase from the 6.1 percent that were past due at the end of last year.
The bank’s troubles stem from its $6.2 billion portfolio of so-called option adjustable-rate mortgages, which allow borrowers to pay less than the interest owed on their mortgage in the early years. The unpaid interest is added to the principal due on the loan, so over time borrowers can owe more than the initial loan amount. Eventually, when loans grow by 10 percent or 15 percent, the borrowers are required to start paying both the interest and principal due.
Many borrowers who got these loans during the boom had good credit scores, but many of them owe more than their homes are worth. Analysts believe that many will not be able to or want to make higher payments.
“The wave on the prime side has lagged the wave on the subprime side,” said Rod Dubitsky, head of asset-backed research at Credit Suisse. “The reset of option ARM loans is a big event that will drive the timing of delinquencies.”
http://www.nytimes.com/2008/08/04/business/04lend.html?_r=1&exprod=myyahoo&pagewanted=print&oref=slogin
Copyright 2008 The New York Times Company
Saturday, August 2, 2008
Why I’m A Yellow Dog Democrat
I'm a Yellow Dog Democrat like my Daddy before me. I'm a Native Texan in the land where Davy Crockett and Jim Bowie fought for freedom and died. The land where Sam Houston, Sam Rayburn, Wright Patman, Jim Wright, and all sorts of hard-headed independent-minded individuals once roamed. Once we were so named because we would rather vote for an Ole Yellow Dog before we would ever vote for a Republican. This Texan feels that way now more than ever. I'd like to send every single Bush to Iraq and bring our boys back, safe and sound every last one.
My mother was a Republican who would not recognize George W. Bush's Republican vision of America. Her Republican Party was the party of Abraham Lincoln, Theodore Roosevelt, Chauncey Depew, Henry Clay, and Dwight Eisenhower. Her Republican Party was the party to end slavery because it was wrong and in direct contrast to the ideas proclaiming all men are created equal. It was the party for fair trade, but to create American jobs, not send them overseas. It was the party of respect for the Constitution and especially the Bill of Rights. It was the party to increase voter participation, not to redistrict elected officials out of their jobs.
It was the party to end budget deficits, not to have the largest amount of red ink in history. It was the party that believed in international cooperation and free will. It was the party that respected international law. It was the party that believed innocent until proven guilty. It was the party that believed the separation of church and state because it did not want to create a state church or subject the church to the will of the state, nor legitimize public discrimination. It was the party that believed in supporting our veterans and only fighting wars when we had no choice and making sure we had a purpose and an exit strategy. And it was not a party of Neo Cons.
My father's Democratic Party was the party of Thomas Jefferson, Thomas Woodrow Wilson, John Kennedy, Sam Houston, Lloyd Benson, Lyndon Johnson, and Texas. It was the party of electing a Yellow Dog before they would ever vote Republican (and I used to think that was wrong). It would not recognize the Texan in the White House even from the governor that promised to be a Uniter, but has became the most divisive president in 34 years. It would not believe the partisanship against American values by the Texas Extremist Party (formally the Republican Party). My father's Democratic Party remains, but the Democrats are the best hope for my parents' America by retiring as many Republicans from the as possible this November.
In the Presidential Debate from 1980, I have an indelible image of Ronald Regan looking past Jimmy Carter to the TV monitor. As if he was talking to the American people, he asked, " Are you better of than you were 4 years ago? "Since he was elected, the answer must have been no. He also referred to a Misery Index of inflation, unemployment, and other economic factors and apparently that was not the best for Americans as a whole either.
Well, I just have one thing to say, Are YOU better off than you were 8 years ago? I'm not talking about what Republicans claim about this or that, but is your 401K a 01Z? Are YOU making more money than you were 8 years ago? Is everyone in your family employed? Do you think American is still the most respected country in the world? Do YOU see peace headlines or arguments for more war in Iraq? Is maybe your Income Tax down but your Property Tax, State Tax, Local Tax, User Fees, Local Fines, and whatever fees sky high. Does America have a $235 Billion Dollar Surplus or a $9.3 Trillion Dollar Deficit with more requests for Iraq money and troops surely to come? Do you feel good about your future?
Is you misery index full with Iraq, overseas job outsourcing, rising gasoline prices, no responsible plan for alternative energy, potential loss of overtime pay but not overtime work? Can you look your aged parents in the face and tell them they won't be able to buy Medicare Supplement Insurance at any price soon and that the Prescription Drug Program is in trouble? That No Child Left Behind means every child is getting robbed of quality education? Do you and all your family have good health insurance?
Have you thought about the implications of putting people in prison in a Communist Country (Guantanamo Bay, Cuba) without charges or council? Is there a reason our courts constantly rule against that plan? Are you satisfied you have a President that accepts responsibility for his leadership? Or is The Buck Stops Here replaced with The Buck Passing Starts Here? Is John McCain really just more of the same?
What's your Misery Index? Mine says way over full. Do you want an American Dream or An American Nightmare? I think I'm living the Nightmare, and I for one long for the Dream. When our leaders had a Vision of America that was consistent with our Americans Forefathers from the past. Freedom, liberty, and justice for all were not just an old slogan but also a real idea. Not just for the ones with the money to get the best attorneys. When a retirement plan meant you might be able to retire with it and have insurance to pay for illness. When trade meant creating more jobs not sending them overseas.
Fix your Misery Index, Tell the Republicans to pack and leave. We need to go in a different direction.
http://www.pencilstubs.com/magazine/MagPage.asp?NID=3009
Thomas P. Love
My mother was a Republican who would not recognize George W. Bush's Republican vision of America. Her Republican Party was the party of Abraham Lincoln, Theodore Roosevelt, Chauncey Depew, Henry Clay, and Dwight Eisenhower. Her Republican Party was the party to end slavery because it was wrong and in direct contrast to the ideas proclaiming all men are created equal. It was the party for fair trade, but to create American jobs, not send them overseas. It was the party of respect for the Constitution and especially the Bill of Rights. It was the party to increase voter participation, not to redistrict elected officials out of their jobs.
It was the party to end budget deficits, not to have the largest amount of red ink in history. It was the party that believed in international cooperation and free will. It was the party that respected international law. It was the party that believed innocent until proven guilty. It was the party that believed the separation of church and state because it did not want to create a state church or subject the church to the will of the state, nor legitimize public discrimination. It was the party that believed in supporting our veterans and only fighting wars when we had no choice and making sure we had a purpose and an exit strategy. And it was not a party of Neo Cons.
My father's Democratic Party was the party of Thomas Jefferson, Thomas Woodrow Wilson, John Kennedy, Sam Houston, Lloyd Benson, Lyndon Johnson, and Texas. It was the party of electing a Yellow Dog before they would ever vote Republican (and I used to think that was wrong). It would not recognize the Texan in the White House even from the governor that promised to be a Uniter, but has became the most divisive president in 34 years. It would not believe the partisanship against American values by the Texas Extremist Party (formally the Republican Party). My father's Democratic Party remains, but the Democrats are the best hope for my parents' America by retiring as many Republicans from the as possible this November.
In the Presidential Debate from 1980, I have an indelible image of Ronald Regan looking past Jimmy Carter to the TV monitor. As if he was talking to the American people, he asked, " Are you better of than you were 4 years ago? "Since he was elected, the answer must have been no. He also referred to a Misery Index of inflation, unemployment, and other economic factors and apparently that was not the best for Americans as a whole either.
Well, I just have one thing to say, Are YOU better off than you were 8 years ago? I'm not talking about what Republicans claim about this or that, but is your 401K a 01Z? Are YOU making more money than you were 8 years ago? Is everyone in your family employed? Do you think American is still the most respected country in the world? Do YOU see peace headlines or arguments for more war in Iraq? Is maybe your Income Tax down but your Property Tax, State Tax, Local Tax, User Fees, Local Fines, and whatever fees sky high. Does America have a $235 Billion Dollar Surplus or a $9.3 Trillion Dollar Deficit with more requests for Iraq money and troops surely to come? Do you feel good about your future?
Is you misery index full with Iraq, overseas job outsourcing, rising gasoline prices, no responsible plan for alternative energy, potential loss of overtime pay but not overtime work? Can you look your aged parents in the face and tell them they won't be able to buy Medicare Supplement Insurance at any price soon and that the Prescription Drug Program is in trouble? That No Child Left Behind means every child is getting robbed of quality education? Do you and all your family have good health insurance?
Have you thought about the implications of putting people in prison in a Communist Country (Guantanamo Bay, Cuba) without charges or council? Is there a reason our courts constantly rule against that plan? Are you satisfied you have a President that accepts responsibility for his leadership? Or is The Buck Stops Here replaced with The Buck Passing Starts Here? Is John McCain really just more of the same?
What's your Misery Index? Mine says way over full. Do you want an American Dream or An American Nightmare? I think I'm living the Nightmare, and I for one long for the Dream. When our leaders had a Vision of America that was consistent with our Americans Forefathers from the past. Freedom, liberty, and justice for all were not just an old slogan but also a real idea. Not just for the ones with the money to get the best attorneys. When a retirement plan meant you might be able to retire with it and have insurance to pay for illness. When trade meant creating more jobs not sending them overseas.
Fix your Misery Index, Tell the Republicans to pack and leave. We need to go in a different direction.
http://www.pencilstubs.com/magazine/MagPage.asp?NID=3009
Thomas P. Love
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