DFW RCC
Tuesday, October 21, 2008
DFWRCC ENDORSES THREE CANDIDATES IN GENERAL ELECTION
By Faith Chatham - DFWRCC- Oct. 21, 2008
DFWRCC rarely endorses candidates. However this year all three co-founders of DFWRCC voted to endorse three candidates. These individuals have been selected because of their comprehension of the complexities of public private partnership toll roads and the averse impact these project will have in the near future and for years in the future to the North Texas economy.
TOM LOVE FOR U.S. HOUSE DISTRICT 24
Tom Love is challenging incumbent Representative Kenny Marchant for U.S. House seat 24. Rep. Marchant, low on the house senority list, is tired and discouraged. He has written few bills and gotten little accomplished. His staff has not been exceptional in serving his constituents. At best, his tenure in the house can only be described as lack-luster. Rep. Marchant's "No" vote on regulating the sub-prime mortage industry contributed to the current financial melt-down. In 2007 he voted against allowing stockholder to vote on executive compensation. He voted "no" on protecting whistleblowers from employer recrimination.
Rep. Marchant has not supported mass transit despite this region's poor air quality and transportation gridlock. In 2006 he voted "no" on adding $214M to $900M AMTRAK to previous year's funding.
In 2005 he voted "yes" on implementing CAFTA (Central American Free Trade). He also voted to make the Patriot Act permanent.
On healthcare, Rep. Marchant voted "no" on adding 2 to 4 million children to the SCHIP eligibility and voted "no" on requiring negotation for prescription prices on Medicare Part D.
Tom Love differs with Senator Marchant on all these votes. It is time to give another Texan opportunity to serve in the U.S. Congress.
All three founders of DFWRCC know challenger Tom Love. We know that his campaign rhetoric about representing the ordinary working man and woman is genuine. We know that his support for Universal Health Care predates his declaration for office. He is passionate about combating the trend of moving American manufacturing offshore. He will fight to reverse policies which reward companies for registering their businesses in off-shore tax sheltered companies.
Tom Love also understand the negative impact of tolling public highways. He will fight to bring adequate funding to the DFW Region so that we can maintain existing federally funded highways and bridges and expand capacity without tolls. We urge voters to give Tom Love opportunity to serve them in the U.S. Congress.
JERRY LEE PHILLIPS FOR TARRANT COUNTY COMMISSIONER, PCT. 3
In Tarrant County, civic activist Jerry Lee Phillips is challenging Gary Fickes for County Commissioner. The northern part of Tarrant County suffers from discrimination by TxDOT and transportation planners at the RTC in appropriating their fair share of gas tax dollars and other public transporation financing to keeping pace with the escalation of population in that region. One of the newer members of the Tarrant County Commissioners' Court, Mr. Fickes understands the importance of combatting gridlock, but has not fought vigorously to demand cost effective public solutions to that region's transportation needs. We endorse challenger Jerry Lee Phillips because he grasps the impact of State and Tarrant County officials decisions to abandon traditional infrastructure financing for the more costly tolled alternatives.
The tolled HOV expansion of existing roads in that region will not solve the transportation problems confronting that district. The current plans are merely a bandaide -- and a very costly one to the pocketbooks of citizens who depend on state highways for commuting. Jerry Lee Phillips is one of the more intelligent candidates who has run for the Tarrant County Commissioners Court in decades. He brings business skill, educational training, and a solid grasp of public administration. He is not a "court house insider" and brings a fresh perspective to county administration. He will demand more accountability by the JPS Hospital system. Jerry Lee Phillips says: “It’s time that tough questions be asked in relationship to the stewardship of taxpayer dollars. The Commissioners Court must seize the moment and ask why JPS executives are getting richer while JPS hospital staff are underpaid in relation to their dedication to patient care. Why are JPS executives getting richer while JPS hospital is in desperate need of upgrades and refurbishing?”
Jerry Lee Phillips is running one of the more vigorous challenger campaigns for public office in the DFW metroplex.
He is a sound voice who will represent residents of the district in confronting "the good ole boy engrained and entrenched fraternity" of contractors, road planners and bought and paid for politicans.
RAIN MIMMS FOR STATE SENATE
Attorney Rain Mimms is challenging Senator John Carona for Texas Senate Seat 16. Senator Carona, as chair of the Senate Transportation and Homeland Security Committee, allowed citizens to speak out against the Trans Texas Corridor. Without his support, it would have been much more difficult for Texans to confront the powerful Texas Transportation Commission and TxDOT. However, he did not act to defeat the exemption on the 2-year moratorium on toll roads in the DFW metroplex. Like most incumbents, he caved to Governor Perry when the "going got really tough."
His involvement with home mortgages during the financial crisis creates conflicts of interest.
Rain Mimms brings an intelligent, responsive, educated alternative for State Senate District Voters. With a few exceptions (such as Senator Lois Kolkhorst and Senator Florence Shapiro) Republican incubent Texas Senators from this region refused to represent the people's best interest by rejecting the market value priced public private toll state highway give-away promoted by Rick Perry and his Texas Transportation Commission. Some incumbent Democrats joined with Perry in the great Texas infrastructure give-away and deserve to be booted out of the Senate also. In this region, the race where there is a highly qualified challenger who sincerely represents the welfare of ordinary working men and women in this district and state is Senate District 16.
Senator Carona deserves to be thanked for the postive things he has brought to this State. Rain Mimms deserves the opportunity to serve the people. We urge voters in Senate District 16 to vote for challenger Rain Mimms.
Friday, October 31, 2008
Thursday, October 30, 2008
Women Buying Health Policies Pay a Penalty
By ROBERT PEAR
WASHINGTON — Striking new evidence has emerged of a widespread gap in the cost of health insurance, as women pay much more than men of the same age for individual insurance policies providing identical coverage, according to new data from insurance companies and online brokers.
Some insurance executives expressed surprise at the size and prevalence of the disparities, which can make a woman’s insurance cost hundreds of dollars a year more than a man’s. Women’s advocacy groups have raised concerns about the differences, and members of Congress have begun to question the justification for them.
The new findings, which are not easily explained away, come amid anxiety about the declining economy. More and more people are shopping for individual health insurance policies because they have lost jobs that provided coverage. Politicians of both parties have offered proposals that would expand the role of the individual market, giving people tax credits or other assistance to buy coverage on their own.
“Women often fare worse than men in the individual insurance market,” said Senator Max Baucus, Democrat of Montana and chairman of the Finance Committee.
Insurers say they have a sound reason for charging different premiums: Women ages 19 to 55 tend to cost more than men because they typically use more health care, especially in the childbearing years.
But women still pay more than men for insurance that does not cover maternity care. In the individual market, maternity coverage may be offered as an optional benefit, or rider, for a hefty additional premium.
Crystal D. Kilpatrick, a healthy 33-year-old real estate agent in Austin, Tex., said: “I’ve delayed having a baby because my insurance policy does not cover maternity care. If I have a baby, I’ll have to pay at least $8,000 out of pocket.”
In general, insurers say, they charge women more than men of the same age because claims experience shows that women use more health care services. They are more likely to visit doctors, to get regular checkups, to take prescription medications and to have certain chronic illnesses.
Marcia D. Greenberger, co-president of the National Women’s Law Center, an advocacy group that has examined hundreds of individual policies, said: “The wide variation in premiums could not possibly be justified by actuarial principles. We should not tolerate women having to pay more for health insurance, just as we do not tolerate the practice of using race as a factor in setting rates.”
Without substantial changes in the individual market, Ms. Greenberger said, tax credits for the purchase of insurance will be worth less to women because they face higher premiums.
The disparities are evident in premiums charged by major insurers like Humana, UnitedHealth, Aetna and Anthem, a unit of WellPoint; in prices quoted by eHealth, a leading online source of health insurance; and in rate tables published by state high-risk pools, which offer coverage to people who cannot obtain private insurance.
Humana, for example, says its Portrait plan offers “ideal coverage for people who want benefits like those provided by big employers.” For a Portrait plan with a $2,500 deductible, a 30-year-old woman pays 31 percent more than a man of the same age in Denver or Chicago and 32 percent more in Tallahassee, Fla.
In Columbus, Ohio, a 30-year-old woman pays 49 percent more than a man of the same age for Anthem’s Blue Access Economy plan. The woman’s monthly premium is $92.87, while a man pays $62.30. At age 40, the gap is somewhat smaller, with Anthem charging women 38 percent more than men for that policy.
Todd A. Siesky, a spokesman for WellPoint, declined to comment on the Anthem rates.
Thomas T. Noland Jr., a senior vice president of Humana, said: “Premiums for our individual health insurance plans reflect claims experience — the use of medical services — which varies by gender and age. Females use more medical services than males, and this difference is most pronounced in young adults.”
In addition, Mr. Noland said, “Bearing children increases other health risks later in life, such as urinary incontinence, which may require treatment with medication or surgery.”
Most state insurance pools, for high-risk individuals, also use sex as a factor in setting rates.
Thus, for example, in Dallas or Houston, women ages 25 to 29 pay 39 percent more than men of the same age when they buy coverage from the Texas Health Insurance Risk Pool.
In Nebraska, a 35-year-old woman pays 32 percent more than a man of the same age for coverage from the state insurance pool.
Representative Xavier Becerra, Democrat of California, said that “if men could have kids,” such disparities would probably not exist.
Elizabeth J. Leif, a health insurance actuary in Denver who helps calculate rates for Nebraska and other states, said: “Under the age of 55, women tend to be higher utilizers of health care than men. I am more conscious of my health than my husband, who will avoid going to the doctor at all costs.”
“Many state insurance laws require insurance policies to cover complications of pregnancy, even if they do not cover maternity care,” Ms. Leif said. Insurers say those complications generate significant costs.
Representative Lloyd Doggett, Democrat of Texas, asked, “How can insurers in the individual market claim to meet the needs of women if maternity coverage is so difficult to get, so inadequate and expensive?”
Cecil D. Bykerk, president of the Society of Actuaries, a professional organization, said that if male and female premiums were equalized, women would pay less but “rates for men would go up.”
Mr. Bykerk, a former executive vice president of Mutual of Omaha, said, “If maternity care is included as a benefit, it drives up rates for everybody, making the whole policy less affordable.”
The individual insurance market is notoriously unstable. Adults often find it difficult or impossible to get affordable coverage in this market. In most states, insurers can charge higher premiums or deny coverage to people with health problems.
In job-based coverage, civil rights laws prohibit sex discrimination. The Equal Employment Opportunity Commission says employers cannot charge higher premiums to women than to men for the same benefits, even if women as a class are more expensive. Some states, including Maine, Montana and New York, have also prohibited sex-based rates in the individual insurance market.
Mila Kofman, the insurance superintendent in Maine, said: “There’s a strong public policy reason to prohibit gender-based rates. Only women can bear children. There’s an expense to that. But having babies benefits communities and society as a whole. Women should not have to bear the entire expense.”
And that expense can be substantial.
In Iowa, a 30-year-old woman pays $49 a month more than a man of the same age for one of Wellmark’s Select Enhanced plans. Her premium, at $151, is 48 percent higher than the man’s.
http://www.nytimes.com/2008/10/30/us/30insure.html?em&exprod=myyahoo
Copyright 2008 The New York Times Company
WASHINGTON — Striking new evidence has emerged of a widespread gap in the cost of health insurance, as women pay much more than men of the same age for individual insurance policies providing identical coverage, according to new data from insurance companies and online brokers.
Some insurance executives expressed surprise at the size and prevalence of the disparities, which can make a woman’s insurance cost hundreds of dollars a year more than a man’s. Women’s advocacy groups have raised concerns about the differences, and members of Congress have begun to question the justification for them.
The new findings, which are not easily explained away, come amid anxiety about the declining economy. More and more people are shopping for individual health insurance policies because they have lost jobs that provided coverage. Politicians of both parties have offered proposals that would expand the role of the individual market, giving people tax credits or other assistance to buy coverage on their own.
“Women often fare worse than men in the individual insurance market,” said Senator Max Baucus, Democrat of Montana and chairman of the Finance Committee.
Insurers say they have a sound reason for charging different premiums: Women ages 19 to 55 tend to cost more than men because they typically use more health care, especially in the childbearing years.
But women still pay more than men for insurance that does not cover maternity care. In the individual market, maternity coverage may be offered as an optional benefit, or rider, for a hefty additional premium.
Crystal D. Kilpatrick, a healthy 33-year-old real estate agent in Austin, Tex., said: “I’ve delayed having a baby because my insurance policy does not cover maternity care. If I have a baby, I’ll have to pay at least $8,000 out of pocket.”
In general, insurers say, they charge women more than men of the same age because claims experience shows that women use more health care services. They are more likely to visit doctors, to get regular checkups, to take prescription medications and to have certain chronic illnesses.
Marcia D. Greenberger, co-president of the National Women’s Law Center, an advocacy group that has examined hundreds of individual policies, said: “The wide variation in premiums could not possibly be justified by actuarial principles. We should not tolerate women having to pay more for health insurance, just as we do not tolerate the practice of using race as a factor in setting rates.”
Without substantial changes in the individual market, Ms. Greenberger said, tax credits for the purchase of insurance will be worth less to women because they face higher premiums.
The disparities are evident in premiums charged by major insurers like Humana, UnitedHealth, Aetna and Anthem, a unit of WellPoint; in prices quoted by eHealth, a leading online source of health insurance; and in rate tables published by state high-risk pools, which offer coverage to people who cannot obtain private insurance.
Humana, for example, says its Portrait plan offers “ideal coverage for people who want benefits like those provided by big employers.” For a Portrait plan with a $2,500 deductible, a 30-year-old woman pays 31 percent more than a man of the same age in Denver or Chicago and 32 percent more in Tallahassee, Fla.
In Columbus, Ohio, a 30-year-old woman pays 49 percent more than a man of the same age for Anthem’s Blue Access Economy plan. The woman’s monthly premium is $92.87, while a man pays $62.30. At age 40, the gap is somewhat smaller, with Anthem charging women 38 percent more than men for that policy.
Todd A. Siesky, a spokesman for WellPoint, declined to comment on the Anthem rates.
Thomas T. Noland Jr., a senior vice president of Humana, said: “Premiums for our individual health insurance plans reflect claims experience — the use of medical services — which varies by gender and age. Females use more medical services than males, and this difference is most pronounced in young adults.”
In addition, Mr. Noland said, “Bearing children increases other health risks later in life, such as urinary incontinence, which may require treatment with medication or surgery.”
Most state insurance pools, for high-risk individuals, also use sex as a factor in setting rates.
Thus, for example, in Dallas or Houston, women ages 25 to 29 pay 39 percent more than men of the same age when they buy coverage from the Texas Health Insurance Risk Pool.
In Nebraska, a 35-year-old woman pays 32 percent more than a man of the same age for coverage from the state insurance pool.
Representative Xavier Becerra, Democrat of California, said that “if men could have kids,” such disparities would probably not exist.
Elizabeth J. Leif, a health insurance actuary in Denver who helps calculate rates for Nebraska and other states, said: “Under the age of 55, women tend to be higher utilizers of health care than men. I am more conscious of my health than my husband, who will avoid going to the doctor at all costs.”
“Many state insurance laws require insurance policies to cover complications of pregnancy, even if they do not cover maternity care,” Ms. Leif said. Insurers say those complications generate significant costs.
Representative Lloyd Doggett, Democrat of Texas, asked, “How can insurers in the individual market claim to meet the needs of women if maternity coverage is so difficult to get, so inadequate and expensive?”
Cecil D. Bykerk, president of the Society of Actuaries, a professional organization, said that if male and female premiums were equalized, women would pay less but “rates for men would go up.”
Mr. Bykerk, a former executive vice president of Mutual of Omaha, said, “If maternity care is included as a benefit, it drives up rates for everybody, making the whole policy less affordable.”
The individual insurance market is notoriously unstable. Adults often find it difficult or impossible to get affordable coverage in this market. In most states, insurers can charge higher premiums or deny coverage to people with health problems.
In job-based coverage, civil rights laws prohibit sex discrimination. The Equal Employment Opportunity Commission says employers cannot charge higher premiums to women than to men for the same benefits, even if women as a class are more expensive. Some states, including Maine, Montana and New York, have also prohibited sex-based rates in the individual insurance market.
Mila Kofman, the insurance superintendent in Maine, said: “There’s a strong public policy reason to prohibit gender-based rates. Only women can bear children. There’s an expense to that. But having babies benefits communities and society as a whole. Women should not have to bear the entire expense.”
And that expense can be substantial.
In Iowa, a 30-year-old woman pays $49 a month more than a man of the same age for one of Wellmark’s Select Enhanced plans. Her premium, at $151, is 48 percent higher than the man’s.
http://www.nytimes.com/2008/10/30/us/30insure.html?em&exprod=myyahoo
Copyright 2008 The New York Times Company
Tuesday, October 28, 2008
North Texas candidates for U.S. House focus on bailout, energy, health care
US Congress District 24
Kenny Marchant, ending his second term in Congress after 18 years in the Texas Legislature, faces two first-time political candidates, Democrat Tom Love of Grand Prairie and Libertarian David Casey of Bedford, for the District 24 seat.
Mr. Love, 58, said health care and the energy crisis are among his top issues.
He looks at Germany as a model for inexpensive universal health care. He advocates prevention, periodic medical screening, development of more vaccines, and encouragement for more doctors to go into general practice.
On the energy front, he said the U.S. needs to get away from foreign oil and develop green technology.
"It was harder in 1960 to put a man on the moon than it is for us to have energy independence," he said, noting he supports biofuel development.
Mr. Marchant, 57, R-Coppell, could not be reached for comment.
But he said on his Web site he believes economic growth is spurred by tax cuts for families and businesses, not on higher taxes or increased regulation by the federal government.
He also supports expanding the college student loan program; improving access to, but not controlling, the health-care system; working with the international community to stabilize Iraq; and having a long-term energy plan to reduce dependence on foreign oil. He has said he supports promoting wind, solar and nuclear energy.
Mr. Casey, 29, a legal clerk and student, said he decided to go into politics after spending almost nine years in nuclear propulsion, both in the military and as a defense contractor.
"It became this culture of waste," he said, comparing putting a ship in for maintenance and repairs to taking a car in for an oil change and having the transmission fall off on the way out of the shop.
"My priority would be to return to responsible spending and not just this culture of, 'We'll throw more money at every problem until it goes away,' " he said, adding that the bailout was an example of that.
The district includes part or all of Carrollton, Farmers Branch, Grapevine, Colleyville, Lewisville, Coppell, Southlake, Hurst, Euless, Bedford, Irving, Grand Prairie, Duncanville and Cedar Hill.
http://www.wfaa.com/sharedcontent/dws/news/localnews/tv/stories/102808dnpolushousecandidates.4a3eb49.html
Kenny Marchant, ending his second term in Congress after 18 years in the Texas Legislature, faces two first-time political candidates, Democrat Tom Love of Grand Prairie and Libertarian David Casey of Bedford, for the District 24 seat.
Mr. Love, 58, said health care and the energy crisis are among his top issues.
He looks at Germany as a model for inexpensive universal health care. He advocates prevention, periodic medical screening, development of more vaccines, and encouragement for more doctors to go into general practice.
On the energy front, he said the U.S. needs to get away from foreign oil and develop green technology.
"It was harder in 1960 to put a man on the moon than it is for us to have energy independence," he said, noting he supports biofuel development.
Mr. Marchant, 57, R-Coppell, could not be reached for comment.
But he said on his Web site he believes economic growth is spurred by tax cuts for families and businesses, not on higher taxes or increased regulation by the federal government.
He also supports expanding the college student loan program; improving access to, but not controlling, the health-care system; working with the international community to stabilize Iraq; and having a long-term energy plan to reduce dependence on foreign oil. He has said he supports promoting wind, solar and nuclear energy.
Mr. Casey, 29, a legal clerk and student, said he decided to go into politics after spending almost nine years in nuclear propulsion, both in the military and as a defense contractor.
"It became this culture of waste," he said, comparing putting a ship in for maintenance and repairs to taking a car in for an oil change and having the transmission fall off on the way out of the shop.
"My priority would be to return to responsible spending and not just this culture of, 'We'll throw more money at every problem until it goes away,' " he said, adding that the bailout was an example of that.
The district includes part or all of Carrollton, Farmers Branch, Grapevine, Colleyville, Lewisville, Coppell, Southlake, Hurst, Euless, Bedford, Irving, Grand Prairie, Duncanville and Cedar Hill.
http://www.wfaa.com/sharedcontent/dws/news/localnews/tv/stories/102808dnpolushousecandidates.4a3eb49.html
Sunday, October 26, 2008
Tom Love gets Endorsement from Esquire Magazine
Election 2008: Who People in Texas Should Vote For
Texas District 24
Kenny Marchant (R)
Tom Love (D)
Not only did Kenny Marchant sit on the committee that redistricted Texas, but his own district just happened to be redrawn in such a way that only death or retirement will remove him from office. We suggest the latter.
Esquire endorses: Love
Tom Love Democratic Candidate for US Congress TX 24www.TomLoveforTexas.com Ph#972-263-5630Office Address:132 E Main St, Ste 110, Grand Prairie, TX 75050Mailing Address:PO Box 7231,Arlington, TX 76005-7231
http://www.esquire.com/features/esquire-endorsements-2008/texas-1108
Texas District 24
Kenny Marchant (R)
Tom Love (D)
Not only did Kenny Marchant sit on the committee that redistricted Texas, but his own district just happened to be redrawn in such a way that only death or retirement will remove him from office. We suggest the latter.
Esquire endorses: Love
Tom Love Democratic Candidate for US Congress TX 24www.TomLoveforTexas.com Ph#972-263-5630Office Address:132 E Main St, Ste 110, Grand Prairie, TX 75050Mailing Address:PO Box 7231,Arlington, TX 76005-7231
http://www.esquire.com/features/esquire-endorsements-2008/texas-1108
Votes from Congress / Kenny Marchant
Kenny Marchant on the Issues
Kenny Marchant has never passed a bill he authored in 2 Congressional Terms.
Statistics: Kenny Marchant has sponsored 8 bills since Jan 4, 2005, of which 7 haven't made it out of committee and 0 were successfully enacted. These numbers do not include resolutions. In addition, the count of enacted bills considers only bills actually sponsored by Marchant and companion bills identified that were themselves enacted, but not if they were incorporated into other bills, as that information is not readily available.
Kenny Marchant missed 209 (7%) of 3081 votes since Jan 4, 2005.
Kenny Marchant on Abortion
Voted NO on expanding research to more embryonic stem cell lines. (Jan 2007)
Voted NO on allowing human embryonic stem cell research. (May 2005)
Kenny Marchant on Budget & Economy
Voted NO on defining "energy emergency" on federal gas prices. (Jun 2008)
Voted NO on revitalizing severely distressed public housing. (Jan 2008)
Voted NO on regulating the subprime mortgage industry. (Nov 2007)
Kenny Marchant on Civil Rights
Voted NO on prohibiting job discrimination based on sexual orientation. (Nov 2007)
Voted YES on making the PATRIOT Act permanent. (Dec 2005)
Rated 0% by the HRC, indicating an anti-gay-rights stance. (Dec 2006)
Rated 22% by the NAACP, indicating an anti-affirmative-action stance. (Dec 2006)
Kenny Marchant on Corporations
Voted NO on allowing stockholder voting on executive compensation. (Apr 2007)
Kenny Marchant on Crime
Voted NO on expanding services for offendors' re-entry into society. (Nov 2007)
Kenny Marchant on Education
Voted NO on additional $10.2B for federal education & HHS projects. (Nov 2007
Voted NO on allowing Courts to decide on "God" in Pledge of Allegiance. (Jul 2006)
Voted NO on $84 million in grants for Black and Hispanic colleges. (Mar 2006)
Kenny Marchant on Energy & Oil
Voted NO on tax incentives for energy production and conservation. (May 2008)
Voted NO on tax incentives for renewable energy. (Feb 2008)
Voted NO on investing in homegrown biofuel. (Aug 2007)
Voted NO on criminalizing oil cartels like OPEC. (May 2007)
Voted NO on removing oil & gas exploration subsidies. (Jan 2007)
Voted NO on keeping moratorium on drilling for oil offshore. (Jun 2006)
Voted YES on scheduling permitting for new oil refinieries. (Jun 2006)
Voted YES on authorizing construction of new oil refineries. (Oct 2005)
Rated 0% by the CAF, indicating opposition to energy independence. (Dec 2006)
Kenny Marchant on Environment
Voted NO on $9.7B for Amtrak improvements and operation thru 2013. (Jun 2008)
Voted NO on increasing AMTRAK funding by adding $214M to $900M. (Jun 2006)
Voted NO on barring website promoting Yucca Mountain nuclear waste dump. (May 2006)
Voted YES on deauthorizing "critical habitat" for endangered species. (Sep 2005)
Kenny Marchant on Foreign Policy
Voted NO on deterring foreign arms transfers to China. (Jul 2005)
Voted YES on reforming the UN by restricting US funding. (Jun 2005)
Kenny Marchant on Free Trade
Voted YES on promoting free trade with Peru. (Nov 2007)
Voted NO on assisting workers who lose jobs due to globalization. (Oct 2007)
Voted YES on implementing CAFTA, Central America Free Trade. (Jul 2005)
Block NAFTA Superhighway & North American Union. (Jan 2007)
Kenny Marchant on Government Reform
Voted NO on granting Washington DC an Electoral vote & vote in Congress. (Apr 2007)
Voted NO on protecting whistleblowers from employer recrimination. (Mar 2007)
Voted YES on requiring photo ID for voting in federal elections. (Sep 2006)
Voted YES on restricting independent grassroots political committees. (Apr 2006)
Voted YES on prohibiting lawsuits about obesity against food providers. (Oct 2005)
Voted YES on limiting attorney's fees in class action lawsuits. (Feb 2005)
Kenny Marchant on Health Care
Voted NO on giving mental health full equity with physical health. (Mar 2008)
Voted NO on Veto override: Extend SCHIP to cover 6M more kids. (Jan 2008)
Voted NO on adding 2 to 4 million children to SCHIP eligibility. (Oct 2007)
Voted NO on requiring negotiated Rx prices for Medicare part D. (Jan 2007)
Voted YES on denying non-emergency treatment for lack of Medicare co-pay. (Feb 2006)
Kenny Marchant on Homeland Security
Voted NO on requiring FISA warrants for wiretaps in US, but not abroad. (Mar 2008)
Voted NO on Veto override: Congressional oversight of CIA interrogations. (Mar 2008)
Voted YES on removing need for FISA warrant for wiretapping abroad. (Aug 2007)
Voted NO on restricting no-bid defense contracts. (Mar 2007)
Voted YES on allowing electronic surveillance without a warrant. (Sep 2006)
Voted YES on continuing intelligence gathering without civil oversight. (Apr 2006)
Voted YES on federalizing rules for driver licenses to hinder terrorists. (Feb 2005)
Voted YES on continuing military recruitment on college campuses. (Feb 2005)
Appoint chiropractors as commissioned officers. (Apr 2008)
Kenny Marchant on Immigration
Voted YES on building a fence along the Mexican border. (Sep 2006)
Kenny Marchant on Jobs
Voted NO on overriding presidential veto of Farm Bill. (Jun 2008)
Voted NO on restricting employer interference in union organizing. (Mar 2007)
Kenny Marchant on Principles & Values
Rated 0% by the AU, indicating opposition to church-state separation. (Dec 2006)
Kenny Marchant on Tax Reform
Make Bush's tax cuts permanent. (Nov 2004)
Voted NO on extending AMT exemptions to avoid hitting middle-income. (Jun 2008)
Voted NO on paying for AMT relief by closing offshore business loopholes. (Dec 2007)
Voted YES on retaining reduced taxes on capital gains & dividends. (Dec 2005)
Rated 0% by the CTJ, indicating opposition to progressive taxation. (Dec 2006)
Kenny Marchant on War & Peace
Voted NO on investigating Bush impeachment for lying about Iraq. (Jun 2008)
Voted NO on redeploying US troops out of Iraq starting in 90 days. (May 2007)
Voted YES on declaring Iraq part of War on Terror with no exit date. (Jun 2006)
Kenny Marchant on Welfare & Poverty
Voted NO on providing $70 million for Section 8 Housing vouchers. (Jun 2006)
http://www.ontheissues.org/AVA/House/Kenny_Marchant.htm
Kenny Marchant sits on the following committees:
Member, House Committee on Education and Labor
Member, Subcommittee on Health, Employment, Labor and Pensions
Member, Subcommittee on Healthy Families and Communities
Member, House Committee on Financial Services
Member, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Member, Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
Member, House Committee on Oversight and Government Reform
Ranking Member, Subcommittee on Federal Workforce, Postal Service, and the District of Columbia
Member, Subcommittee on National Security and Foreign Affairs
Kenny Marchant has never passed a bill he authored in 2 Congressional Terms
Kenny Marchant has never passed a bill he authored in 2 Congressional Terms.
Statistics: Kenny Marchant has sponsored 8 bills since Jan 4, 2005, of which 7 haven't made it out of committee and 0 were successfully enacted. These numbers do not include resolutions. In addition, the count of enacted bills considers only bills actually sponsored by Marchant and companion bills identified that were themselves enacted, but not if they were incorporated into other bills, as that information is not readily available.
Kenny Marchant missed 209 (7%) of 3081 votes since Jan 4, 2005.
Kenny Marchant on Abortion
Voted NO on expanding research to more embryonic stem cell lines. (Jan 2007)
Voted NO on allowing human embryonic stem cell research. (May 2005)
Kenny Marchant on Budget & Economy
Voted NO on defining "energy emergency" on federal gas prices. (Jun 2008)
Voted NO on revitalizing severely distressed public housing. (Jan 2008)
Voted NO on regulating the subprime mortgage industry. (Nov 2007)
Kenny Marchant on Civil Rights
Voted NO on prohibiting job discrimination based on sexual orientation. (Nov 2007)
Voted YES on making the PATRIOT Act permanent. (Dec 2005)
Rated 0% by the HRC, indicating an anti-gay-rights stance. (Dec 2006)
Rated 22% by the NAACP, indicating an anti-affirmative-action stance. (Dec 2006)
Kenny Marchant on Corporations
Voted NO on allowing stockholder voting on executive compensation. (Apr 2007)
Kenny Marchant on Crime
Voted NO on expanding services for offendors' re-entry into society. (Nov 2007)
Kenny Marchant on Education
Voted NO on additional $10.2B for federal education & HHS projects. (Nov 2007
Voted NO on allowing Courts to decide on "God" in Pledge of Allegiance. (Jul 2006)
Voted NO on $84 million in grants for Black and Hispanic colleges. (Mar 2006)
Kenny Marchant on Energy & Oil
Voted NO on tax incentives for energy production and conservation. (May 2008)
Voted NO on tax incentives for renewable energy. (Feb 2008)
Voted NO on investing in homegrown biofuel. (Aug 2007)
Voted NO on criminalizing oil cartels like OPEC. (May 2007)
Voted NO on removing oil & gas exploration subsidies. (Jan 2007)
Voted NO on keeping moratorium on drilling for oil offshore. (Jun 2006)
Voted YES on scheduling permitting for new oil refinieries. (Jun 2006)
Voted YES on authorizing construction of new oil refineries. (Oct 2005)
Rated 0% by the CAF, indicating opposition to energy independence. (Dec 2006)
Kenny Marchant on Environment
Voted NO on $9.7B for Amtrak improvements and operation thru 2013. (Jun 2008)
Voted NO on increasing AMTRAK funding by adding $214M to $900M. (Jun 2006)
Voted NO on barring website promoting Yucca Mountain nuclear waste dump. (May 2006)
Voted YES on deauthorizing "critical habitat" for endangered species. (Sep 2005)
Kenny Marchant on Foreign Policy
Voted NO on deterring foreign arms transfers to China. (Jul 2005)
Voted YES on reforming the UN by restricting US funding. (Jun 2005)
Kenny Marchant on Free Trade
Voted YES on promoting free trade with Peru. (Nov 2007)
Voted NO on assisting workers who lose jobs due to globalization. (Oct 2007)
Voted YES on implementing CAFTA, Central America Free Trade. (Jul 2005)
Block NAFTA Superhighway & North American Union. (Jan 2007)
Kenny Marchant on Government Reform
Voted NO on granting Washington DC an Electoral vote & vote in Congress. (Apr 2007)
Voted NO on protecting whistleblowers from employer recrimination. (Mar 2007)
Voted YES on requiring photo ID for voting in federal elections. (Sep 2006)
Voted YES on restricting independent grassroots political committees. (Apr 2006)
Voted YES on prohibiting lawsuits about obesity against food providers. (Oct 2005)
Voted YES on limiting attorney's fees in class action lawsuits. (Feb 2005)
Kenny Marchant on Health Care
Voted NO on giving mental health full equity with physical health. (Mar 2008)
Voted NO on Veto override: Extend SCHIP to cover 6M more kids. (Jan 2008)
Voted NO on adding 2 to 4 million children to SCHIP eligibility. (Oct 2007)
Voted NO on requiring negotiated Rx prices for Medicare part D. (Jan 2007)
Voted YES on denying non-emergency treatment for lack of Medicare co-pay. (Feb 2006)
Kenny Marchant on Homeland Security
Voted NO on requiring FISA warrants for wiretaps in US, but not abroad. (Mar 2008)
Voted NO on Veto override: Congressional oversight of CIA interrogations. (Mar 2008)
Voted YES on removing need for FISA warrant for wiretapping abroad. (Aug 2007)
Voted NO on restricting no-bid defense contracts. (Mar 2007)
Voted YES on allowing electronic surveillance without a warrant. (Sep 2006)
Voted YES on continuing intelligence gathering without civil oversight. (Apr 2006)
Voted YES on federalizing rules for driver licenses to hinder terrorists. (Feb 2005)
Voted YES on continuing military recruitment on college campuses. (Feb 2005)
Appoint chiropractors as commissioned officers. (Apr 2008)
Kenny Marchant on Immigration
Voted YES on building a fence along the Mexican border. (Sep 2006)
Kenny Marchant on Jobs
Voted NO on overriding presidential veto of Farm Bill. (Jun 2008)
Voted NO on restricting employer interference in union organizing. (Mar 2007)
Kenny Marchant on Principles & Values
Rated 0% by the AU, indicating opposition to church-state separation. (Dec 2006)
Kenny Marchant on Tax Reform
Make Bush's tax cuts permanent. (Nov 2004)
Voted NO on extending AMT exemptions to avoid hitting middle-income. (Jun 2008)
Voted NO on paying for AMT relief by closing offshore business loopholes. (Dec 2007)
Voted YES on retaining reduced taxes on capital gains & dividends. (Dec 2005)
Rated 0% by the CTJ, indicating opposition to progressive taxation. (Dec 2006)
Kenny Marchant on War & Peace
Voted NO on investigating Bush impeachment for lying about Iraq. (Jun 2008)
Voted NO on redeploying US troops out of Iraq starting in 90 days. (May 2007)
Voted YES on declaring Iraq part of War on Terror with no exit date. (Jun 2006)
Kenny Marchant on Welfare & Poverty
Voted NO on providing $70 million for Section 8 Housing vouchers. (Jun 2006)
http://www.ontheissues.org/AVA/House/Kenny_Marchant.htm
Kenny Marchant sits on the following committees:
Member, House Committee on Education and Labor
Member, Subcommittee on Health, Employment, Labor and Pensions
Member, Subcommittee on Healthy Families and Communities
Member, House Committee on Financial Services
Member, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Member, Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
Member, House Committee on Oversight and Government Reform
Ranking Member, Subcommittee on Federal Workforce, Postal Service, and the District of Columbia
Member, Subcommittee on National Security and Foreign Affairs
Kenny Marchant has never passed a bill he authored in 2 Congressional Terms
Endorcement from The Anchorage Daily News
Obama for president
Palin's rise captivates us but nation needs a steady hand
Published: October 25th, 2008 07:37 PM
Alaska enters its 50th-anniversary year in the glow of an improbable and highly memorable event: the nomination of Gov. Sarah Palin as the Republican vice presidential candidate. For the first time ever, an Alaskan is making a serious bid for national office, and in doing so she brings broad attention and recognition not only to herself, but also to the state she leads.
Alaska's founders were optimistic people, but even the most farsighted might have been stretched to imagine this scenario. No matter the outcome in November, this election will mark a signal moment in the history of the 49th state. Many Alaskans are proud to see their governor, and their state, so prominent on the national stage.
Gov. Palin's nomination clearly alters the landscape for Alaskans as we survey this race for the presidency -- but it does not overwhelm all other judgment. The election, after all is said and done, is not about Sarah Palin, and our sober view is that her running mate, Sen. John McCain, is the wrong choice for president at this critical time for our nation.
Sen. Barack Obama, the Democratic nominee, brings far more promise to the office. In a time of grave economic crisis, he displays thoughtful analysis, enlists wise counsel and operates with a cool, steady hand. The same cannot be said of Sen. McCain.
Since his early acknowledgement that economic policy is not his strong suit, Sen. McCain has stumbled and fumbled badly in dealing with the accelerating crisis as it emerged. He declared that "the fundamentals of our economy are strong" at 9 a.m. one day and by 11 a.m. was describing an economy in crisis. He is both a longtime advocate of less market regulation and a supporter of the huge taxpayer-funded Wall Street bailout. His behavior in this crisis -- erratic is a kind description -- shows him to be ill-equipped to lead the essential effort of reining in a runaway financial system and setting an anxious nation on course to economic recovery.
Sen. Obama warned regulators and the nation 19 months ago that the subprime lending crisis was a disaster in the making. Sen. McCain backed tighter rules for Fannie Mae and Freddie Mac, but didn't do much to advance that legislation. Of the two candidates, Sen. Obama better understands the mortgage meltdown's root causes and has the judgment and intelligence to shape a solution, as well as the leadership to rally the country behind it. It is easy to look at Sen. Obama and see a return to the smart, bipartisan economic policies of the last Democratic administration in Washington, which left the country with the momentum of growth and a budget surplus that President George Bush has squandered.
On the most important issue of the day, Sen. Obama is a clear choice.
Sen. McCain describes himself as a maverick, by which he seems to mean that he spent 25 years trying unsuccessfully to persuade his own party to follow his bipartisan, centrist lead. Sadly, maverick John McCain didn't show up for the campaign. Instead we have candidate McCain, who embraces the extreme Republican orthodoxy he once resisted and cynically asks Americans to buy for another four years.
It is Sen. Obama who truly promises fundamental change in Washington. You need look no further than the guilt-by-association lies and sound-bite distortions of the degenerating McCain campaign to see how readily he embraces the divisive, fear-mongering tactics of Karl Rove. And while Sen. McCain points to the fragile success of the troop surge in stabilizing conditions in Iraq, it is also plain that he was fundamentally wrong about the more crucial early decisions. Contrary to his assurances, we were not greeted as liberators; it was not a short, easy war; and Americans -- not Iraqi oil -- have had to pay for it. It was Sen. Obama who more clearly saw the danger ahead.
The unqualified endorsement of Sen. Obama by a seasoned, respected soldier and diplomat like Gen. Colin Powell, a Republican icon, should reassure all Americans that the Democratic candidate will pass muster as commander in chief.
On a matter of parochial interest, Sen. Obama opposes the opening of the Arctic National Wildlife Refuge, but so does Sen. McCain. We think both are wrong, and hope a President Obama can be convinced to support environmentally responsible development of that resource.
Gov. Palin has shown the country why she has been so successful in her young political career. Passionate, charismatic and indefatigable, she draws huge crowds and sows excitement in her wake. She has made it clear she's a force to be reckoned with, and you can be sure politicians and political professionals across the country have taken note. Her future, in Alaska and on the national stage, seems certain to be played out in the limelight.
Yet despite her formidable gifts, few who have worked closely with the governor would argue she is truly ready to assume command of the most important, powerful nation on earth. To step in and juggle the demands of an economic meltdown, two deadly wars and a deteriorating climate crisis would stretch the governor beyond her range. Like picking Sen. McCain for president, putting her one 72-year-old heartbeat from the leadership of the free world is just too risky at this time.
http://www.adn.com/opinion/story/567867.html
Palin's rise captivates us but nation needs a steady hand
Published: October 25th, 2008 07:37 PM
Alaska enters its 50th-anniversary year in the glow of an improbable and highly memorable event: the nomination of Gov. Sarah Palin as the Republican vice presidential candidate. For the first time ever, an Alaskan is making a serious bid for national office, and in doing so she brings broad attention and recognition not only to herself, but also to the state she leads.
Alaska's founders were optimistic people, but even the most farsighted might have been stretched to imagine this scenario. No matter the outcome in November, this election will mark a signal moment in the history of the 49th state. Many Alaskans are proud to see their governor, and their state, so prominent on the national stage.
Gov. Palin's nomination clearly alters the landscape for Alaskans as we survey this race for the presidency -- but it does not overwhelm all other judgment. The election, after all is said and done, is not about Sarah Palin, and our sober view is that her running mate, Sen. John McCain, is the wrong choice for president at this critical time for our nation.
Sen. Barack Obama, the Democratic nominee, brings far more promise to the office. In a time of grave economic crisis, he displays thoughtful analysis, enlists wise counsel and operates with a cool, steady hand. The same cannot be said of Sen. McCain.
Since his early acknowledgement that economic policy is not his strong suit, Sen. McCain has stumbled and fumbled badly in dealing with the accelerating crisis as it emerged. He declared that "the fundamentals of our economy are strong" at 9 a.m. one day and by 11 a.m. was describing an economy in crisis. He is both a longtime advocate of less market regulation and a supporter of the huge taxpayer-funded Wall Street bailout. His behavior in this crisis -- erratic is a kind description -- shows him to be ill-equipped to lead the essential effort of reining in a runaway financial system and setting an anxious nation on course to economic recovery.
Sen. Obama warned regulators and the nation 19 months ago that the subprime lending crisis was a disaster in the making. Sen. McCain backed tighter rules for Fannie Mae and Freddie Mac, but didn't do much to advance that legislation. Of the two candidates, Sen. Obama better understands the mortgage meltdown's root causes and has the judgment and intelligence to shape a solution, as well as the leadership to rally the country behind it. It is easy to look at Sen. Obama and see a return to the smart, bipartisan economic policies of the last Democratic administration in Washington, which left the country with the momentum of growth and a budget surplus that President George Bush has squandered.
On the most important issue of the day, Sen. Obama is a clear choice.
Sen. McCain describes himself as a maverick, by which he seems to mean that he spent 25 years trying unsuccessfully to persuade his own party to follow his bipartisan, centrist lead. Sadly, maverick John McCain didn't show up for the campaign. Instead we have candidate McCain, who embraces the extreme Republican orthodoxy he once resisted and cynically asks Americans to buy for another four years.
It is Sen. Obama who truly promises fundamental change in Washington. You need look no further than the guilt-by-association lies and sound-bite distortions of the degenerating McCain campaign to see how readily he embraces the divisive, fear-mongering tactics of Karl Rove. And while Sen. McCain points to the fragile success of the troop surge in stabilizing conditions in Iraq, it is also plain that he was fundamentally wrong about the more crucial early decisions. Contrary to his assurances, we were not greeted as liberators; it was not a short, easy war; and Americans -- not Iraqi oil -- have had to pay for it. It was Sen. Obama who more clearly saw the danger ahead.
The unqualified endorsement of Sen. Obama by a seasoned, respected soldier and diplomat like Gen. Colin Powell, a Republican icon, should reassure all Americans that the Democratic candidate will pass muster as commander in chief.
On a matter of parochial interest, Sen. Obama opposes the opening of the Arctic National Wildlife Refuge, but so does Sen. McCain. We think both are wrong, and hope a President Obama can be convinced to support environmentally responsible development of that resource.
Gov. Palin has shown the country why she has been so successful in her young political career. Passionate, charismatic and indefatigable, she draws huge crowds and sows excitement in her wake. She has made it clear she's a force to be reckoned with, and you can be sure politicians and political professionals across the country have taken note. Her future, in Alaska and on the national stage, seems certain to be played out in the limelight.
Yet despite her formidable gifts, few who have worked closely with the governor would argue she is truly ready to assume command of the most important, powerful nation on earth. To step in and juggle the demands of an economic meltdown, two deadly wars and a deteriorating climate crisis would stretch the governor beyond her range. Like picking Sen. McCain for president, putting her one 72-year-old heartbeat from the leadership of the free world is just too risky at this time.
http://www.adn.com/opinion/story/567867.html
Tuesday, October 21, 2008
Krugman Wins Nobel Prize for Economics
By THE ASSOCIATED PRESS
STOCKHOLM, Sweden — The American economist Paul R. Krugman won the Nobel economics prize on Monday October 13 2008, for his analysis of trade patterns and location of economic activity.
Mr. Krugman, 55, a professor at Princeton University in New Jersey and a columnist for The New York Times, formulated a new theory to answer questions about free trade, the Royal Swedish Academy of Sciences said.
“What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions,” the academy said in its citation.
“He has thereby integrated the previously disparate research fields of international trade and economic geography,” it said.
Mr. Krugman was the lone of winner of the 10 million kronor ($1.4 million) award, the latest in a string of American researchers to be honored.
The award, known as the Nobel Memorial Prize in Economic Sciences, is the last of the six Nobel prizes announced this year and is not one of the original Nobels. It was created in 1968 by the Swedish central bank in Nobel’s memory.
http://www.nytimes.com/2008/10/14/business/14nobel.html?sq=paul%20krugman%20wins%20nobel%20prize&st=cse&scp=4&pagewanted=print
Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed Page and continues as professor of Economics and International Affairs at Princeton University.
Mr. Krugman received his B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics.
Mr. Krugman is the author or editor of 20 books and more than 200 papers in professional journals and edited volumes. His professional reputation rests largely on work in international trade and finance; he is one of the founders of the "new trade theory," a major rethinking of the theory of international trade. In recognition of that work, in 1991 the American Economic Association awarded him its John Bates Clark medal, a prize given every two years to "that economist under forty who is adjudged to have made a significant contribution to economic knowledge." Mr. Krugman's current academic research is focused on economic and currency crises.
At the same time, Mr. Krugman has written extensively for a broader public audience. Some of his recent articles on economic issues, originally published in Foreign Affairs, Harvard Business Review, Scientific American and other journals, are reprinted in Pop Internationalism and The Accidental Theorist.
Copyright 2008 The New York Times Company
------------------------------------------
For the past several years it has been my privilege to read and post articles written by Paul Krugman on my blogs. Much of my economic information has come from Paul Krugman and Robert Reich. This is the 11th post on this blog by or about Paul Krugman.
Tom
Nobel Prize-Related Articles and Highlights From the Archive
The Great Illusion
By PAUL KRUGMAN
The conflict in the Caucasus may be an omen. Will nationalism kill globalization — again?
August 15, 2008OpinionOp-EdFuels on the Hill
By PAUL KRUGMAN
Why are politicians so eager to pin the blame for oil prices on speculators? Because it lets them believe that we don’t have to adapt to a world of expensive gas.
June 27, 2008OpinionOp-EdStranded in Suburbia
By PAUL KRUGMAN
With rising oil prices leaving many Americans stranded in suburbia, it’s starting to look as if Berlin, a city of trains, buses and bikes, had the better idea.
May 19, 2008OpinionOp-EdRunning Out of Planet to Exploit
By PAUL KRUGMAN
Will limited supplies of natural resources pose an obstacle to future world economic growth?
April 21, 2008OpinionOp-EdDon’t Cry for Me, America
By PAUL KRUGMAN
Although we won’t have the kind of financial death spiral Argentina experienced, the next year or two could be quite unpleasant.
January 18, 2008OpinionOp-EdThe Comeback Continent
By PAUL KRUGMAN
The next time a politician tries to scare you with the European bogeyman, bear this in mind: Europe’s economy is doing O.K.
January 11, 2008OpinionOp-EdTrouble With Trade
By PAUL KRUGMAN
For the sake of the world as a whole, I hope that we respond to the trouble with trade not by shutting trade down, but by doing things like strengthening the social safety net.
December 28, 2007OpinionOp-EdColumns
Newest First | Oldest First
Page: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Next >>
Franklin Delano Obama?
Barack Obama’s chances of leading a new New Deal depend largely on whether his short-run economic plans are bold enough. Progressives can only hope that he has the necessary audacity.
November 10, 2008The Obama Agenda
Right now many commentators are urging Barack Obama to think small. Let’s hope he has the good sense to ignore their advice.
November 7, 2008The Republican Rump
The Republicans’ long transformation into the party of the unreasonable right seems likely to accelerate as a result of the impending defeat.
November 3, 2008When Consumers Capitulate
Sooner or later, American consumers were going to have to pull in their belts. But the timing of the new sobriety is deeply unfortunate.
October 31, 2008The Widening Gyre
The troubles in the banking system, hedge funds and emerging markets are mutually reinforcing. Bad news begets bad news, and the circle of pain just keeps getting wider.
October 27, 2008Desperately Seeking Seriousness
As the economic scene has darkened, Americans have rediscovered the virtue of seriousness. And this has worked to Barack Obama’s advantage.
October 26, 2008Let’s Get Fiscal
To get out of the economic slump, the next president should increase government spending and put the concerns about the budget deficit on hold.
October 17, 2008Gordon Does Good
With stunning speed, the British government defined the character of the worldwide rescue effort. Now other wealthy nations have to catch-up.
October 13, 2008Moment of Truth
If a new rescue plan is not announced this weekend, the world economy may experience its worst slump since the Great Depression.
October 10, 2008Health Care Destruction
Republicans still hate Medicare and have not been able to kill it. Since that is out, John McCain is going after insurance of nonelderly Americans instead.
October 6, 2008
STOCKHOLM, Sweden — The American economist Paul R. Krugman won the Nobel economics prize on Monday October 13 2008, for his analysis of trade patterns and location of economic activity.
Mr. Krugman, 55, a professor at Princeton University in New Jersey and a columnist for The New York Times, formulated a new theory to answer questions about free trade, the Royal Swedish Academy of Sciences said.
“What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions,” the academy said in its citation.
“He has thereby integrated the previously disparate research fields of international trade and economic geography,” it said.
Mr. Krugman was the lone of winner of the 10 million kronor ($1.4 million) award, the latest in a string of American researchers to be honored.
The award, known as the Nobel Memorial Prize in Economic Sciences, is the last of the six Nobel prizes announced this year and is not one of the original Nobels. It was created in 1968 by the Swedish central bank in Nobel’s memory.
http://www.nytimes.com/2008/10/14/business/14nobel.html?sq=paul%20krugman%20wins%20nobel%20prize&st=cse&scp=4&pagewanted=print
Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed Page and continues as professor of Economics and International Affairs at Princeton University.
Mr. Krugman received his B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics.
Mr. Krugman is the author or editor of 20 books and more than 200 papers in professional journals and edited volumes. His professional reputation rests largely on work in international trade and finance; he is one of the founders of the "new trade theory," a major rethinking of the theory of international trade. In recognition of that work, in 1991 the American Economic Association awarded him its John Bates Clark medal, a prize given every two years to "that economist under forty who is adjudged to have made a significant contribution to economic knowledge." Mr. Krugman's current academic research is focused on economic and currency crises.
At the same time, Mr. Krugman has written extensively for a broader public audience. Some of his recent articles on economic issues, originally published in Foreign Affairs, Harvard Business Review, Scientific American and other journals, are reprinted in Pop Internationalism and The Accidental Theorist.
Copyright 2008 The New York Times Company
------------------------------------------
For the past several years it has been my privilege to read and post articles written by Paul Krugman on my blogs. Much of my economic information has come from Paul Krugman and Robert Reich. This is the 11th post on this blog by or about Paul Krugman.
Tom
Nobel Prize-Related Articles and Highlights From the Archive
The Great Illusion
By PAUL KRUGMAN
The conflict in the Caucasus may be an omen. Will nationalism kill globalization — again?
August 15, 2008OpinionOp-EdFuels on the Hill
By PAUL KRUGMAN
Why are politicians so eager to pin the blame for oil prices on speculators? Because it lets them believe that we don’t have to adapt to a world of expensive gas.
June 27, 2008OpinionOp-EdStranded in Suburbia
By PAUL KRUGMAN
With rising oil prices leaving many Americans stranded in suburbia, it’s starting to look as if Berlin, a city of trains, buses and bikes, had the better idea.
May 19, 2008OpinionOp-EdRunning Out of Planet to Exploit
By PAUL KRUGMAN
Will limited supplies of natural resources pose an obstacle to future world economic growth?
April 21, 2008OpinionOp-EdDon’t Cry for Me, America
By PAUL KRUGMAN
Although we won’t have the kind of financial death spiral Argentina experienced, the next year or two could be quite unpleasant.
January 18, 2008OpinionOp-EdThe Comeback Continent
By PAUL KRUGMAN
The next time a politician tries to scare you with the European bogeyman, bear this in mind: Europe’s economy is doing O.K.
January 11, 2008OpinionOp-EdTrouble With Trade
By PAUL KRUGMAN
For the sake of the world as a whole, I hope that we respond to the trouble with trade not by shutting trade down, but by doing things like strengthening the social safety net.
December 28, 2007OpinionOp-EdColumns
Newest First | Oldest First
Page: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Next >>
Franklin Delano Obama?
Barack Obama’s chances of leading a new New Deal depend largely on whether his short-run economic plans are bold enough. Progressives can only hope that he has the necessary audacity.
November 10, 2008The Obama Agenda
Right now many commentators are urging Barack Obama to think small. Let’s hope he has the good sense to ignore their advice.
November 7, 2008The Republican Rump
The Republicans’ long transformation into the party of the unreasonable right seems likely to accelerate as a result of the impending defeat.
November 3, 2008When Consumers Capitulate
Sooner or later, American consumers were going to have to pull in their belts. But the timing of the new sobriety is deeply unfortunate.
October 31, 2008The Widening Gyre
The troubles in the banking system, hedge funds and emerging markets are mutually reinforcing. Bad news begets bad news, and the circle of pain just keeps getting wider.
October 27, 2008Desperately Seeking Seriousness
As the economic scene has darkened, Americans have rediscovered the virtue of seriousness. And this has worked to Barack Obama’s advantage.
October 26, 2008Let’s Get Fiscal
To get out of the economic slump, the next president should increase government spending and put the concerns about the budget deficit on hold.
October 17, 2008Gordon Does Good
With stunning speed, the British government defined the character of the worldwide rescue effort. Now other wealthy nations have to catch-up.
October 13, 2008Moment of Truth
If a new rescue plan is not announced this weekend, the world economy may experience its worst slump since the Great Depression.
October 10, 2008Health Care Destruction
Republicans still hate Medicare and have not been able to kill it. Since that is out, John McCain is going after insurance of nonelderly Americans instead.
October 6, 2008
The Real Plumbers of Ohio by: Paul Krugman, The New York Times
Forty years ago, Richard Nixon made a remarkable marketing discovery. By exploiting America's divisions - divisions over Vietnam, divisions over cultural change and, above all, racial divisions - he was able to reinvent the Republican brand. The party of plutocrats was repackaged as the party of the "silent majority," the regular guys - white guys, it went without saying - who didn't like the social changes taking place.
It was a winning formula. And the great thing was that the new packaging didn't require any change in the product's actual contents - in fact, the G.O.P. was able to keep winning elections even as its actual policies became more pro-plutocrat, and less favorable to working Americans, than ever.
John McCain's strategy, in this final stretch, is based on the belief that the old formula still has life in it.
Thus we have Sarah Palin expressing her joy at visiting the "pro-America" parts of the country - yep, we're all traitors here in central New Jersey. Meanwhile we've got Mr. McCain making Samuel J. Wurzelbacher, a k a Joe the Plumber - who had confronted Barack Obama on the campaign trail, alleging that the Democratic candidate would raise his taxes - the centerpiece of his attack on Mr. Obama's economic proposals.
And when it turned out that the right's new icon had a few issues, like not being licensed and comparing Mr. Obama to Sammy Davis Jr., conservatives played victim: see how much those snooty elitists hate the common man?
But what's really happening to the plumbers of Ohio, and to working Americans in general?
First of all, they aren't making a lot of money. You may recall that in one of the early Democratic debates Charles Gibson of ABC suggested that $200,000 a year was a middle-class income. Tell that to Ohio plumbers: according to the May 2007 occupational earnings report from the Bureau of Labor Statistics, the average annual income of "plumbers, pipefitters and steamfitters" in Ohio was $47,930.
Second, their real incomes have stagnated or fallen, even in supposedly good years. The Bush administration assured us that the economy was booming in 2007 - but the average Ohio plumber's income in that 2007 report was only 15.5 percent higher than in the 2000 report, not enough to keep up with the 17.7 percent rise in consumer prices in the Midwest. As Ohio plumbers went, so went the nation: median household income, adjusted for inflation, was lower in 2007 than it had been in 2000.
Third, Ohio plumbers have been having growing trouble getting health insurance, especially if, like many craftsmen, they work for small firms. According to the Kaiser Family Foundation, in 2007 only 45 percent of companies with fewer than 10 employees offered health benefits, down from 57 percent in 2000.
And bear in mind that all these data pertain to 2007 - which was as good as it got in recent years. Now that the "Bush boom," such as it was, is over, we can see that it achieved a dismal distinction: for the first time on record, an economic expansion failed to raise most Americans' incomes above their previous peak.
Since then, of course, things have gone rapidly downhill, as millions of working Americans have lost their jobs and their homes. And all indicators suggest that things will get much worse in the months and years ahead.
So what does all this say about the candidates? Who's really standing up for Ohio's plumbers?
Mr. McCain claims that Mr. Obama's policies would lead to economic disaster. But President Bush's policies have already led to disaster - and whatever he may say, Mr. McCain proposes continuing Mr. Bush's policies in all essential respects, and he shares Mr. Bush's anti-government, anti-regulation philosophy.
What about the claim, based on Joe the Plumber's complaint, that ordinary working Americans would face higher taxes under Mr. Obama? Well, Mr. Obama proposes raising rates on only the top two income tax brackets - and the second-highest bracket for a head of household starts at an income, after deductions, of $182,400 a year.
Maybe there are plumbers out there who earn that much, or who would end up suffering from Mr. Obama's proposed modest increases in taxes on dividends and capital gains - America is a big country, and there's probably a high-income plumber with a huge stock market portfolio out there somewhere. But the typical plumber would pay lower, not higher, taxes under an Obama administration, and would have a much better chance of getting health insurance.
I don't want to suggest that everyone would be better off under the Obama tax plan. Joe the plumber would almost certainly be better off, but Richie the hedge fund manager would take a serious hit.
But that's the point. Whatever today's G.O.P. is, it isn't the party of working Americans.
http://www.nytimes.com/2008/10/20/opinion/20krugman.html?hp
It was a winning formula. And the great thing was that the new packaging didn't require any change in the product's actual contents - in fact, the G.O.P. was able to keep winning elections even as its actual policies became more pro-plutocrat, and less favorable to working Americans, than ever.
John McCain's strategy, in this final stretch, is based on the belief that the old formula still has life in it.
Thus we have Sarah Palin expressing her joy at visiting the "pro-America" parts of the country - yep, we're all traitors here in central New Jersey. Meanwhile we've got Mr. McCain making Samuel J. Wurzelbacher, a k a Joe the Plumber - who had confronted Barack Obama on the campaign trail, alleging that the Democratic candidate would raise his taxes - the centerpiece of his attack on Mr. Obama's economic proposals.
And when it turned out that the right's new icon had a few issues, like not being licensed and comparing Mr. Obama to Sammy Davis Jr., conservatives played victim: see how much those snooty elitists hate the common man?
But what's really happening to the plumbers of Ohio, and to working Americans in general?
First of all, they aren't making a lot of money. You may recall that in one of the early Democratic debates Charles Gibson of ABC suggested that $200,000 a year was a middle-class income. Tell that to Ohio plumbers: according to the May 2007 occupational earnings report from the Bureau of Labor Statistics, the average annual income of "plumbers, pipefitters and steamfitters" in Ohio was $47,930.
Second, their real incomes have stagnated or fallen, even in supposedly good years. The Bush administration assured us that the economy was booming in 2007 - but the average Ohio plumber's income in that 2007 report was only 15.5 percent higher than in the 2000 report, not enough to keep up with the 17.7 percent rise in consumer prices in the Midwest. As Ohio plumbers went, so went the nation: median household income, adjusted for inflation, was lower in 2007 than it had been in 2000.
Third, Ohio plumbers have been having growing trouble getting health insurance, especially if, like many craftsmen, they work for small firms. According to the Kaiser Family Foundation, in 2007 only 45 percent of companies with fewer than 10 employees offered health benefits, down from 57 percent in 2000.
And bear in mind that all these data pertain to 2007 - which was as good as it got in recent years. Now that the "Bush boom," such as it was, is over, we can see that it achieved a dismal distinction: for the first time on record, an economic expansion failed to raise most Americans' incomes above their previous peak.
Since then, of course, things have gone rapidly downhill, as millions of working Americans have lost their jobs and their homes. And all indicators suggest that things will get much worse in the months and years ahead.
So what does all this say about the candidates? Who's really standing up for Ohio's plumbers?
Mr. McCain claims that Mr. Obama's policies would lead to economic disaster. But President Bush's policies have already led to disaster - and whatever he may say, Mr. McCain proposes continuing Mr. Bush's policies in all essential respects, and he shares Mr. Bush's anti-government, anti-regulation philosophy.
What about the claim, based on Joe the Plumber's complaint, that ordinary working Americans would face higher taxes under Mr. Obama? Well, Mr. Obama proposes raising rates on only the top two income tax brackets - and the second-highest bracket for a head of household starts at an income, after deductions, of $182,400 a year.
Maybe there are plumbers out there who earn that much, or who would end up suffering from Mr. Obama's proposed modest increases in taxes on dividends and capital gains - America is a big country, and there's probably a high-income plumber with a huge stock market portfolio out there somewhere. But the typical plumber would pay lower, not higher, taxes under an Obama administration, and would have a much better chance of getting health insurance.
I don't want to suggest that everyone would be better off under the Obama tax plan. Joe the plumber would almost certainly be better off, but Richie the hedge fund manager would take a serious hit.
But that's the point. Whatever today's G.O.P. is, it isn't the party of working Americans.
http://www.nytimes.com/2008/10/20/opinion/20krugman.html?hp
Do You Support Health Coverage for All Children?
From: Melisa Smith
Subject: Do You Support Health Coverage for All Children?
To: "Tom Love"
Date: Tuesday, October 21, 2008, 11:50 AM
October 21, 2008
Tom Love
PO Box 7231
Arlington, TX 76005-7231
Dear Mr. Love:
Nearly nine million children in America do not have health coverage and
millions more are underinsured. The majority of uninsured children live in
two-parent families; almost 90 percent have one working parent; and almost
90 percent are U.S. citizens. When working parents can't afford to take
their children to a doctor, it's clear the current system is not working.
This is why I am asking you to step forward and support comprehensive
health coverage for every child and pregnant woman in America in your
campaign and, if elected, in the 111th Congress.
We must act now. Health coverage is financially out of reach for too many
American families who are struggling to meet health care expenses that are
growing faster than wages and inflation. At the same time, health benefits
offered by employers are eroding. And the annual premium for group
coverage for a family of four is more than $12,000 per year.
To guarantee access to affordable health coverage for all children in
America for a year - including vision, dental, and mental health services
- would cost every American less than $1 per week. Business leaders and
national education organizations have joined this campaign, recognizing
that healthy children are tomorrow's graduates and our nation's future
workforce. America cannot afford to wait. Poor health negatively affects
children's educational achievement, which in turn prevents some children
from reaching their full potential and ultimately reduces America's
competitiveness.
Additionally, families without health coverage may postpone a doctor visit
for a sick child, hoping the child will get better without treatment. Some
of these families end up relying on emergency rooms for health care, which
may result in worse health outcomes for the child and higher costs to
local communities. Taxpayers subsidize these costs through higher premiums
and higher tax dollars.
Americans overwhelmingly support expanding health coverage for children.
National polls reveal that 90 percent of Americans believe every child in
the United States has the right to health care; 80 percent support
expanding eligibility for enrolling in government health insurance
programs to middle-class, uninsured children; and 70 percent are willing
to pay more taxes to make this happen.
As a child advocate and a supporter of the Children's Defense Fund Action
Council, I hope you will work to ensure that ALL children have access to
all the health care services they need by signing the Children's Defense
Fund Action Council® Pledge signifying your support for inclusion of the
following critical principles in any child health coverage legislation
considered in the 111th Congress: >> Ensuring every child and pregnant
woman has access to affordable health coverage and health services. >>
Guarantee all children and pregnant women comprehensive benefits, which
must include all medically necessary services. >> Simplify the
application
and enrollment process to make it easy for all children to get covered and
stay covered.
Please download this pledge today at www.childrensdefense.org/pledge. Your
commitment to children is a condition of my vote in November. Every step
we take to provide health coverage for all children, improves the lives of
all of us.
Sincerely,
Melisa Smith
----------------------------------------------
Reply
I sent this pledge in over a month ago. I believe Health Care is an essential service that all nations should enable their citizens to have. Please see my endocement of HealthCare in December 2007 as one of my main reasons for running
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
Subject: Do You Support Health Coverage for All Children?
To: "Tom Love"
Date: Tuesday, October 21, 2008, 11:50 AM
October 21, 2008
Tom Love
PO Box 7231
Arlington, TX 76005-7231
Dear Mr. Love:
Nearly nine million children in America do not have health coverage and
millions more are underinsured. The majority of uninsured children live in
two-parent families; almost 90 percent have one working parent; and almost
90 percent are U.S. citizens. When working parents can't afford to take
their children to a doctor, it's clear the current system is not working.
This is why I am asking you to step forward and support comprehensive
health coverage for every child and pregnant woman in America in your
campaign and, if elected, in the 111th Congress.
We must act now. Health coverage is financially out of reach for too many
American families who are struggling to meet health care expenses that are
growing faster than wages and inflation. At the same time, health benefits
offered by employers are eroding. And the annual premium for group
coverage for a family of four is more than $12,000 per year.
To guarantee access to affordable health coverage for all children in
America for a year - including vision, dental, and mental health services
- would cost every American less than $1 per week. Business leaders and
national education organizations have joined this campaign, recognizing
that healthy children are tomorrow's graduates and our nation's future
workforce. America cannot afford to wait. Poor health negatively affects
children's educational achievement, which in turn prevents some children
from reaching their full potential and ultimately reduces America's
competitiveness.
Additionally, families without health coverage may postpone a doctor visit
for a sick child, hoping the child will get better without treatment. Some
of these families end up relying on emergency rooms for health care, which
may result in worse health outcomes for the child and higher costs to
local communities. Taxpayers subsidize these costs through higher premiums
and higher tax dollars.
Americans overwhelmingly support expanding health coverage for children.
National polls reveal that 90 percent of Americans believe every child in
the United States has the right to health care; 80 percent support
expanding eligibility for enrolling in government health insurance
programs to middle-class, uninsured children; and 70 percent are willing
to pay more taxes to make this happen.
As a child advocate and a supporter of the Children's Defense Fund Action
Council, I hope you will work to ensure that ALL children have access to
all the health care services they need by signing the Children's Defense
Fund Action Council® Pledge signifying your support for inclusion of the
following critical principles in any child health coverage legislation
considered in the 111th Congress: >> Ensuring every child and pregnant
woman has access to affordable health coverage and health services. >>
Guarantee all children and pregnant women comprehensive benefits, which
must include all medically necessary services. >> Simplify the
application
and enrollment process to make it easy for all children to get covered and
stay covered.
Please download this pledge today at www.childrensdefense.org/pledge. Your
commitment to children is a condition of my vote in November. Every step
we take to provide health coverage for all children, improves the lives of
all of us.
Sincerely,
Melisa Smith
----------------------------------------------
Reply
I sent this pledge in over a month ago. I believe Health Care is an essential service that all nations should enable their citizens to have. Please see my endocement of HealthCare in December 2007 as one of my main reasons for running
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
HEALTH CARE :Fact Checking-The Progress Report
Fact-checking FactCheck.org
Sen. John McCain's (R-AZ) first health care plan released in 2007 was supposed to be financed by exposing health benefits to income and payroll taxes. But analysts argued that doing so would result in a massive tax increase on the middle class, so the campaign flip-flopped earlier this month and said that McCain would finance the plan by making major reductions to Medicare and Medicaid. Independent analysts estimated that the reductions "could result in cuts of $1.3 trillion over 10 years to the government programs." Last week, Sen. Barack Obama's (D-IL) presidential campaign released a television ad criticizing McCain for his proposal to pay for his health care plan with "major reductions to Medicare and Medicaid." The ad's assertion of potential benefit cuts was based on an analysis by the Center for American Progress Action Fund (CAPAF), which found that in order for McCain to close his $1.3 trillion budget gap, he would have to "cut Medicare by 13 percent over 10 years" as well as slash "Medicaid spending by 13 percent over 10 years." CAPAF calculated that neither McCain's Medicare and Medicaid spending would keep pace with medical inflation growth and enrollment increases, so his proposal would require "cuts in benefits, eligibility, or both."
FACTCHECK GIVES McCAIN A PASS: In an article yesterday, FactCheck.org argued that the CAPAF is "twisting facts to scare seniors" about McCain's proposal to cut $1.3 trillion from Medicare and Medicaid to finance his health care tax credits. But FactCheck.org's argument is flawed, as it relies solely on the denials of McCain senior policy adviser Douglas Holtz-Eakin, instead of conducting a thorough analysis of the implications of McCain's proposals. In the same interview in which he revealed that McCain "would pay for his health plan with major reductions to Medicare and Medicaid," Holtz-Eakin claimed that McCain's plan would still provide "the benefit package that has been promised." Since this level of cuts would reduce spending growth below inflation and population growth, CAPAF concluded that McCain could make up the budget shortfall by cutting "benefits, eligibility or both." FactCheck.org is taking the McCain campaign's explanations at face value without examining the conflicting assertions the campaign is making, namely that their proposal is budget neutral, does not raise taxes for most or all taxpayers, and does not cut Medicare or Medicaid benefits. It is a rank distortion for FactCheck.org to claim that CAPAF's analysis twists McCain's plan, when all it does is try to analyze the consequences of $1.3 trillion in cuts to Medicare and Medicaid.
McCAIN'S MATH DOESN'T WORK: CAPAF's analysis was based on the McCain campaign's repeated assertions that its health care plan is budget neutral. During the vice presidential debate, for instance, Alaska Gov. Sarah Palin (R) explained McCain's health care plan as being "budget neutral. That doesn't cost the government anything. ... But a $5,000 health care credit through our income tax that's budget neutral." The McCain campaign, which estimated that his health care tax credits will cost $3.6 trillion over the decade, initially said it would pay for the plan by taxing workers' health benefits, which are largely tax-free today. But, as CAPAF has previously argued, this would result in either a tax increase of $1,100 on the average family or a $1.3 trillion budget shortfall. Earlier this month, Holtz-Eakin told the Wall Street Journal that McCain would rely on "major reductions to Medicare and Medicaid" to fill the budget gap. Examining the consequences of McCain's newfound funding mechanism, CAPAF calculated that McCain's reduction does not keep up with medical inflation and enrollment rates and would require McCain to cut benefits, eligibility or both. Additionally, the McCain campaign has overstated the potential for pain-free Medicare and Medicaid "savings" that are not really "cuts." For instance, in July, McCain opposed cutting subsidies to insurers through Medicare Advantage, but now his campaign is wildly overstating the savings that such cuts would provide. The McCain campaign says the cuts would save $1 trillion over 10 years, which is more than six times the actual projected savings of $149 billion.
McCAIN HAS ALWAYS WANTED TO CUT MEDICARE SPENDING: Speaking to the Wall Street Journal this month, Holtz-Eakin claimed that "the campaign has always planned to fund the tax credits, in part, with savings from Medicare and Medicaid." Though Holtz-Eakin's revelation was new, it was not out of line with past statements from the McCain campaign. After its health care plan was released, the McCain campaign said that it planned to "reduce the growth in Medicare spending." McCain advisers reiterated the goal this past weekend, saying that the senator would force Congress to "control the growth" of Medicare spending. In fact, throughout his career, h has regularly supported slashing Medicare benefits and limiting eligibility. He has voted to cut, restrict or underfund Medicare at least 28 times while voting to restrict access to Medicare at least two times. In 1997, McCain voted in favor of raising the eligibility age for receiving Medicare from 65 to 67 with the change being phased in between 2003 and 2027. McCain has also voted against Medicare's future by opposing efforts to extend its solvency at least nine times.
RADICAL RIGHT -- CONSERVATIVE LAWMAKER SAYS 'LIBERALS HATE REAL AMERICANS': On Saturday, Rep. Robin Hayes (R-NC) warmed up the crowd at a political rally for Sen. John McCain (R-AZ). Hayes gave an incendiary speech, claiming that liberals hate "real Americans." "[L]iberals hate real Americans that work and achieve and believe in God," Hayes said. Other conservatives have recently been blasting progressive ideas as "socialist" or "Marxist." These memes have been picking up steam in the right wing in recent weeks. Most prominently, Rep. Michele Bachmann (R-MN) exploded on Friday and said that liberals were "anti-American." Hayes is the same congressman who, in 2006, said, "Stability in Iraq ultimately depends on spreading the message of Jesus Christ, the message of peace on earth, good-will towards men." Politico spoke with Hayes's spokesperson, who denied that the congressman ever made the statements. New York Observer reporter Jason Horowitz, who originally reported on Hayes's comments, stands behind his story: "I was there. That's what I heard. I was taking notes while he was talking."
ECONOMY -- INHOFE PUSHES TAX CUTS FOR THE RICH TO FIX AILING ECONOMY: Yesterday, Sen. James Inhofe (R-OK) outlined his new "six-point economic plan" that he claimed will "get our economy back on track." Yet it turns out that his six point plan is actually a list of multiple ways to propose cutting more taxes for the wealthy. InHofe wants to make President Bush's 2001 and 2003 tax cuts permanent, but as the Center on Budget and Policy Priorities (CBPP) notes, much of that tax break would go to those making over $1 million a year and to the top 1 percent of households, while the bottom 60 percent of taxpayers would see only 12 percent of the benefit. Inhofe also proposed relaxing limits on Individual Retirement Account (IRA) contributions to promote savings, but CBPP notes that such a move would do "little or nothing to assist low- and moderate-income households to save more for retirement." Inhofe also wants to eliminate capital gains rate and repatriate foreign earnings but the benefits from such a cut go overwhelmingly to millionaires. For conservatives like Inhofe, it seems, there's nothing that a tax cut for the rich won't fix.
ENERGY -- CALIFORNIA'S GREEN ECONOMY HAS CREATED 1.5 MILLION JOBS, $45 BILLION: A major new study by economist David Roland-Holst shows that -- contrary to conservative assertions that progressive energy policies would "ravage the countryside" with "huge economic costs" -- a green economy can restore the middle class, lift people out of poverty, and protect the planet. The study, "Energy Efficiency, Innovation, and Job Creation in California," reveals that "California's energy-efficiency policies created nearly 1.5 million jobs from 1977 to 2007, while eliminating fewer than 25,000." This job growth "has contributed approximately $45 billion to the California economy since 1972." Today, California's per-capita electricity demand is 40 percent below the national average. "Consumers were able to reduce energy spending," the study said, and "when consumers shift one dollar of demand from electricity to groceries," they create jobs among retailers and other businesses. The New York Times noted that the study "comes as state and regional initiatives on climate-change policies have been gathering momentum." The Center for American Progress has found that a $100 billion investment in a green economy can create two million new jobs nationwide.
After watching conservatives usher in the biggest expansion of government since FDR, the Washington Times asks, "Is limited government passe?" The concern for some conservatives "is that America may no longer care about the government’s size, scope and role."
Yesterday, U.S. Special Counsel Scott Bloch announced his intention to resign when his term ends in January. Bloch, tasked with protecting federal whistle-blowers, is currently under investigation for retaliating against "employees who opposed his policies." The FBI raided his home and office last year "amid allegations that he destroyed evidence and potentially lied to Congress."
"Despite his stated desire to close the American prison at Guantánamo Bay, Cuba, President Bush has decided not to do so, and never considered proposals drafted in the State Department and the Pentagon that outlined options for transferring the detainees elsewhere." Bush is assuming that Guantánamo will remain open not only for the rest of his presidency, "but also well beyond."
"More families with children are becoming homeless as they face mounting economic pressures, including mortgage foreclosures, according to a USA TODAY survey of a dozen of the largest cities in the nation." Local authorities report an increase in families needing help in Atlanta, Boston, Denver, Minneapolis, and New York, among others.
Sen. Ted Stevens (R-AK) "admitted during his corruption trial that he used his Senate staff for personal duties, a possible violation of ethics rules according to experts." Stevens and his wife Catherine said that one of his aides "coordinated the couple's finances, paid their bills and helped monitor the home remodeling project central to the charges against him."
A federal appeals court Monday blocked the release of 17 Chinese Muslims from Guantanamo Bay into the United States, saying it needed to hear further arguments. On Oct. 7, a federal judge had ordered the immediate release of the detainees, who the Bush administration no longer considers to be enemy combatants, and who have been held at the prison for seven years.
Even though the new GI Bill passed by Congress is called the "Post-9/11 GI Bill," the new legislation "won't take effect until Aug. 1, 2009 -- eight years after" the 9/11 attacks. By that time, some who served in Iraq or Afghanistan will have already graduated from college. "And because the bill is not retroactive, it won't help [them] at all."
And finally: In recent weeks, conservatives have been aggressively attacking the Association of Community Organizations for Reform Now (ACORN), saying that it is "destroying the fabric of democracy." However, Roll Call notes that "the effects of those attacks have been spilling over to other similarly named groups." Five local papers near Los Angeles, known as the "Acorn newspapers" after the oak tree nut, "even had to write an editorial clarifying that they're not THAT Acorn."
"The U.S. Department of Energy says 84 military bases have shifted from traditional incandescent light to the use of compact fluorescent light bulbs."
CALIFORNIA: Study finds that Los Angeles police stop more blacks than whites.
EDUCATION: "Eco-friendly schools" is a concept catching on in schools around the nation.
ENVIRONMENT: Nineteen states face the decision of whether or not to allow offshore drilling for oil and natural gas.
THINK PROGRESS: The Heritage Foundation's presidential-election-year ritual.
WONK ROOM: Sen. James Inhofe (R-OK) proposes tax cuts for the wealthy to "get our economy back on track."
YGLESIAS: National Review's Jay Nordlinger asks why the press won't start covering fictitious fraud.
FEMINISTING: Anti-choice website tells teenagers that being a teen mom is easy.
"This is a big and strong economy."
-- Secretary of State Condoleezza Rice, 10/20/08
VERSUS
"[T]he nation is in recession. The recession is coast to coast."
-- Mark Zandi of Moody's Economy.com, 10/21/08
The research team that brings you The Progress Report and ThinkProgress.org needs fall interns! Click here for more information.
The Progress Report"View contact details
thinkprogress.org
Sen. John McCain's (R-AZ) first health care plan released in 2007 was supposed to be financed by exposing health benefits to income and payroll taxes. But analysts argued that doing so would result in a massive tax increase on the middle class, so the campaign flip-flopped earlier this month and said that McCain would finance the plan by making major reductions to Medicare and Medicaid. Independent analysts estimated that the reductions "could result in cuts of $1.3 trillion over 10 years to the government programs." Last week, Sen. Barack Obama's (D-IL) presidential campaign released a television ad criticizing McCain for his proposal to pay for his health care plan with "major reductions to Medicare and Medicaid." The ad's assertion of potential benefit cuts was based on an analysis by the Center for American Progress Action Fund (CAPAF), which found that in order for McCain to close his $1.3 trillion budget gap, he would have to "cut Medicare by 13 percent over 10 years" as well as slash "Medicaid spending by 13 percent over 10 years." CAPAF calculated that neither McCain's Medicare and Medicaid spending would keep pace with medical inflation growth and enrollment increases, so his proposal would require "cuts in benefits, eligibility, or both."
FACTCHECK GIVES McCAIN A PASS: In an article yesterday, FactCheck.org argued that the CAPAF is "twisting facts to scare seniors" about McCain's proposal to cut $1.3 trillion from Medicare and Medicaid to finance his health care tax credits. But FactCheck.org's argument is flawed, as it relies solely on the denials of McCain senior policy adviser Douglas Holtz-Eakin, instead of conducting a thorough analysis of the implications of McCain's proposals. In the same interview in which he revealed that McCain "would pay for his health plan with major reductions to Medicare and Medicaid," Holtz-Eakin claimed that McCain's plan would still provide "the benefit package that has been promised." Since this level of cuts would reduce spending growth below inflation and population growth, CAPAF concluded that McCain could make up the budget shortfall by cutting "benefits, eligibility or both." FactCheck.org is taking the McCain campaign's explanations at face value without examining the conflicting assertions the campaign is making, namely that their proposal is budget neutral, does not raise taxes for most or all taxpayers, and does not cut Medicare or Medicaid benefits. It is a rank distortion for FactCheck.org to claim that CAPAF's analysis twists McCain's plan, when all it does is try to analyze the consequences of $1.3 trillion in cuts to Medicare and Medicaid.
McCAIN'S MATH DOESN'T WORK: CAPAF's analysis was based on the McCain campaign's repeated assertions that its health care plan is budget neutral. During the vice presidential debate, for instance, Alaska Gov. Sarah Palin (R) explained McCain's health care plan as being "budget neutral. That doesn't cost the government anything. ... But a $5,000 health care credit through our income tax that's budget neutral." The McCain campaign, which estimated that his health care tax credits will cost $3.6 trillion over the decade, initially said it would pay for the plan by taxing workers' health benefits, which are largely tax-free today. But, as CAPAF has previously argued, this would result in either a tax increase of $1,100 on the average family or a $1.3 trillion budget shortfall. Earlier this month, Holtz-Eakin told the Wall Street Journal that McCain would rely on "major reductions to Medicare and Medicaid" to fill the budget gap. Examining the consequences of McCain's newfound funding mechanism, CAPAF calculated that McCain's reduction does not keep up with medical inflation and enrollment rates and would require McCain to cut benefits, eligibility or both. Additionally, the McCain campaign has overstated the potential for pain-free Medicare and Medicaid "savings" that are not really "cuts." For instance, in July, McCain opposed cutting subsidies to insurers through Medicare Advantage, but now his campaign is wildly overstating the savings that such cuts would provide. The McCain campaign says the cuts would save $1 trillion over 10 years, which is more than six times the actual projected savings of $149 billion.
McCAIN HAS ALWAYS WANTED TO CUT MEDICARE SPENDING: Speaking to the Wall Street Journal this month, Holtz-Eakin claimed that "the campaign has always planned to fund the tax credits, in part, with savings from Medicare and Medicaid." Though Holtz-Eakin's revelation was new, it was not out of line with past statements from the McCain campaign. After its health care plan was released, the McCain campaign said that it planned to "reduce the growth in Medicare spending." McCain advisers reiterated the goal this past weekend, saying that the senator would force Congress to "control the growth" of Medicare spending. In fact, throughout his career, h has regularly supported slashing Medicare benefits and limiting eligibility. He has voted to cut, restrict or underfund Medicare at least 28 times while voting to restrict access to Medicare at least two times. In 1997, McCain voted in favor of raising the eligibility age for receiving Medicare from 65 to 67 with the change being phased in between 2003 and 2027. McCain has also voted against Medicare's future by opposing efforts to extend its solvency at least nine times.
RADICAL RIGHT -- CONSERVATIVE LAWMAKER SAYS 'LIBERALS HATE REAL AMERICANS': On Saturday, Rep. Robin Hayes (R-NC) warmed up the crowd at a political rally for Sen. John McCain (R-AZ). Hayes gave an incendiary speech, claiming that liberals hate "real Americans." "[L]iberals hate real Americans that work and achieve and believe in God," Hayes said. Other conservatives have recently been blasting progressive ideas as "socialist" or "Marxist." These memes have been picking up steam in the right wing in recent weeks. Most prominently, Rep. Michele Bachmann (R-MN) exploded on Friday and said that liberals were "anti-American." Hayes is the same congressman who, in 2006, said, "Stability in Iraq ultimately depends on spreading the message of Jesus Christ, the message of peace on earth, good-will towards men." Politico spoke with Hayes's spokesperson, who denied that the congressman ever made the statements. New York Observer reporter Jason Horowitz, who originally reported on Hayes's comments, stands behind his story: "I was there. That's what I heard. I was taking notes while he was talking."
ECONOMY -- INHOFE PUSHES TAX CUTS FOR THE RICH TO FIX AILING ECONOMY: Yesterday, Sen. James Inhofe (R-OK) outlined his new "six-point economic plan" that he claimed will "get our economy back on track." Yet it turns out that his six point plan is actually a list of multiple ways to propose cutting more taxes for the wealthy. InHofe wants to make President Bush's 2001 and 2003 tax cuts permanent, but as the Center on Budget and Policy Priorities (CBPP) notes, much of that tax break would go to those making over $1 million a year and to the top 1 percent of households, while the bottom 60 percent of taxpayers would see only 12 percent of the benefit. Inhofe also proposed relaxing limits on Individual Retirement Account (IRA) contributions to promote savings, but CBPP notes that such a move would do "little or nothing to assist low- and moderate-income households to save more for retirement." Inhofe also wants to eliminate capital gains rate and repatriate foreign earnings but the benefits from such a cut go overwhelmingly to millionaires. For conservatives like Inhofe, it seems, there's nothing that a tax cut for the rich won't fix.
ENERGY -- CALIFORNIA'S GREEN ECONOMY HAS CREATED 1.5 MILLION JOBS, $45 BILLION: A major new study by economist David Roland-Holst shows that -- contrary to conservative assertions that progressive energy policies would "ravage the countryside" with "huge economic costs" -- a green economy can restore the middle class, lift people out of poverty, and protect the planet. The study, "Energy Efficiency, Innovation, and Job Creation in California," reveals that "California's energy-efficiency policies created nearly 1.5 million jobs from 1977 to 2007, while eliminating fewer than 25,000." This job growth "has contributed approximately $45 billion to the California economy since 1972." Today, California's per-capita electricity demand is 40 percent below the national average. "Consumers were able to reduce energy spending," the study said, and "when consumers shift one dollar of demand from electricity to groceries," they create jobs among retailers and other businesses. The New York Times noted that the study "comes as state and regional initiatives on climate-change policies have been gathering momentum." The Center for American Progress has found that a $100 billion investment in a green economy can create two million new jobs nationwide.
After watching conservatives usher in the biggest expansion of government since FDR, the Washington Times asks, "Is limited government passe?" The concern for some conservatives "is that America may no longer care about the government’s size, scope and role."
Yesterday, U.S. Special Counsel Scott Bloch announced his intention to resign when his term ends in January. Bloch, tasked with protecting federal whistle-blowers, is currently under investigation for retaliating against "employees who opposed his policies." The FBI raided his home and office last year "amid allegations that he destroyed evidence and potentially lied to Congress."
"Despite his stated desire to close the American prison at Guantánamo Bay, Cuba, President Bush has decided not to do so, and never considered proposals drafted in the State Department and the Pentagon that outlined options for transferring the detainees elsewhere." Bush is assuming that Guantánamo will remain open not only for the rest of his presidency, "but also well beyond."
"More families with children are becoming homeless as they face mounting economic pressures, including mortgage foreclosures, according to a USA TODAY survey of a dozen of the largest cities in the nation." Local authorities report an increase in families needing help in Atlanta, Boston, Denver, Minneapolis, and New York, among others.
Sen. Ted Stevens (R-AK) "admitted during his corruption trial that he used his Senate staff for personal duties, a possible violation of ethics rules according to experts." Stevens and his wife Catherine said that one of his aides "coordinated the couple's finances, paid their bills and helped monitor the home remodeling project central to the charges against him."
A federal appeals court Monday blocked the release of 17 Chinese Muslims from Guantanamo Bay into the United States, saying it needed to hear further arguments. On Oct. 7, a federal judge had ordered the immediate release of the detainees, who the Bush administration no longer considers to be enemy combatants, and who have been held at the prison for seven years.
Even though the new GI Bill passed by Congress is called the "Post-9/11 GI Bill," the new legislation "won't take effect until Aug. 1, 2009 -- eight years after" the 9/11 attacks. By that time, some who served in Iraq or Afghanistan will have already graduated from college. "And because the bill is not retroactive, it won't help [them] at all."
And finally: In recent weeks, conservatives have been aggressively attacking the Association of Community Organizations for Reform Now (ACORN), saying that it is "destroying the fabric of democracy." However, Roll Call notes that "the effects of those attacks have been spilling over to other similarly named groups." Five local papers near Los Angeles, known as the "Acorn newspapers" after the oak tree nut, "even had to write an editorial clarifying that they're not THAT Acorn."
"The U.S. Department of Energy says 84 military bases have shifted from traditional incandescent light to the use of compact fluorescent light bulbs."
CALIFORNIA: Study finds that Los Angeles police stop more blacks than whites.
EDUCATION: "Eco-friendly schools" is a concept catching on in schools around the nation.
ENVIRONMENT: Nineteen states face the decision of whether or not to allow offshore drilling for oil and natural gas.
THINK PROGRESS: The Heritage Foundation's presidential-election-year ritual.
WONK ROOM: Sen. James Inhofe (R-OK) proposes tax cuts for the wealthy to "get our economy back on track."
YGLESIAS: National Review's Jay Nordlinger asks why the press won't start covering fictitious fraud.
FEMINISTING: Anti-choice website tells teenagers that being a teen mom is easy.
"This is a big and strong economy."
-- Secretary of State Condoleezza Rice, 10/20/08
VERSUS
"[T]he nation is in recession. The recession is coast to coast."
-- Mark Zandi of Moody's Economy.com, 10/21/08
The research team that brings you The Progress Report and ThinkProgress.org needs fall interns! Click here for more information.
The Progress Report"
thinkprogress.org
Monday, October 20, 2008
Pegasus News 2008 candidate survey
NAME: Thomas P. Love
OFFICE/DISTRICT: United States House of Representatives, Texas, District 24
POLITICAL AFFILIATION: Democratic Party
OPPONENT: Kenny Marchant
Education: BA College of Social & Behavioral Sciences -Government- UT Austin
Background: Financial Services Supervisor
Hobbies: Golf, Racquetball, Fishing, Boating
Family: Married 32 years to wife Marilyn, Daughter, 2 Step Sons, 2 Grandchildren
Pegasus: What drew you to run for office?
Love: When I see people losing their jobs, when I see people losing their homes, when I see people losing hope in the American Dream, I cannot help but feel repulsion towards what has been done to my home state and my country. I believe in the hopes outlined in our Constitution, and I believe in our need to have people who truly represent the People our Constitution has always protected. I want to help to bring back those hopes and dreams upon which our country was born from and our country should truly represent.
Pegasus: What are the platforms of your campaign?
Love: Economic solidity and security. We should never have been brought to the point of bailing out lending institutions. What caused our current problem should have been seen from the bail out of the Savings and Loans, by George Herbert Walker Bush. Bad mortgage loans brought the Savings and Loans and the current crisis to a head. There was a belief that no regulations over such loans should be followed. Clearly, we should have learned from the past, and is emphasized by the present -- minimum regulations are needed. By "minimum" I do not mean the least amount of regulations. I mean there should be floor of minimum requirements for such loans, and those minimum levels should be watched carefully. The failure of such has brought us to the point that even the Wall Street Journal calls as almost as desperate as what precipitated the Great Depression. To do less is irresponsible.
Health Care. With over 47 million people without any insurance, and with over 50 million more people with less than minimal health care coverage, and with America ranking at the bottom of the list of industrialized nations in health care, there is a major problem. Every American deserves the right to necessary health care, whether it be medical procedures or necessary prescriptions. To do less is immoral.
Energy independence. We have the current technology to make America free from oil imports. Why have our Representatives not enforced such items as increased miles per hour for new vehicles? Why have our representatives not supported alternative energy resources which are both clean and renewable? We should leave our country free of debt to other countries. To do less is bad stewardship.
Public Education. We need to teach our children how to use data, rather than just regurgitate data without comprehension. No Child Left Behind demands all school children regurgitate data. We need to return our public schools to the basics of reading, writing, and arithmetic -- with comprehension. To do less is to betray the hopes of our parents, the dreams of our children. To do less is immoral.
There are numerous other areas that need to be addressed. Please feel free to go to my web-site to see my ideas about these. www.tomlovefortexas .com
Pegasus: What are the concerns of the people in your community that you represent?
Love:The major concern of the working people of my community is that they want job security, the realistic potential to own their own homes, the education of their children that will make them competitive, and that a major health care problem will not make them lose everything.
Pegasus: What are the sources of conflict in your election contest?
Love: Conflict denotes response from two sides. My opponent will not debate me on any issue since he knows that his record of rubber stamping anything George W. Bush and Carl Rove concoct can not stand the test of day light. But he cannot hide within the shadows from the voters. He may have the money, but I have the truth.
Pegasus: How do you differ from your opponent?
Love: I do not have a multi-million dollar campaign war chest. I have to believe that the truth will set us all free. I believe that voters will see through flowery rhetoric the emptiness of campaign slogans promised then forgotten once the election is over. I believe, growing up in east Texas, that the value of a person is the truth of his word.
Pegasus: Do you have a favorite Presidential candidate?
Love: My selection is Barack Obama. And my prayers are with him.
Pegasus: How do you feel about the following newsy issues from the area?
*Convention center hotel.
Love: This is a local issue. Dallas residents. However, I do not approve of the local government operating an operation that private corporations already cover.
*Switching freeways from free to toll-based.
Love: If the revenues go back to the maintenance of freeways, then maybe. Each case should be considered singularly. If the revenues go to a private corporation -- never. Public funds built the freeways, and that should mean the revenues should go back to the public.
*HOV lanes
Love:Past due. New highway constructions should incorporate such when possible.
*DART rail
Love: I am for public transportation. Such would be a better expenditure of Federal funds than many others currently employed.
*Barnett Shell drilling
Love: The current limits of 300 to 600 feet between the gas well and existing structures (like day care center and schools) seem far too short. Also the current technology of only being able to recover 70 % of the water used to "frac" a well is not acceptable in a region prone to draught. The issue needs to be revisited.
*Cell phone use in cars
Love: Accident statistics show that cell phone use and driving while intoxicated are roughly comparable. I would prefer for local governmental entities to handle this issue since they will be charged enforcement.
*Open internet access in Public Libraries
Love: The crucial term is "Public." We need for now filters that allow adults to research such topics as they desire, for example "breast cancer" rather than filters that would exclude sites that contain the word "breast." Ultimately, "Adult Only" sites should be tagged with a suffix address, such as Dot Adult.
*"Green" buildings
Love: How nice it would be to believe that the current Cowboy Stadium being built in Arlington would be 100 % "green."! Concrete from kilns that are pollution free would be a health benefit to all of North Texas. However, such has not been the truth. I would propose that all public buildings be as "green" as possible, or they would not receive any Federal funds.
Pegasus: How do you feel about the following national issues:
*War in Iraq
Love: We should never have gone into Iraq under the spurious arguments offered by the Bush White House; however, we find ourselves involved within a sectarian conflict there. First, we need to return our National Guard home. Then we need to make the current elected Iraqi officials understand there is no free lunch. They either get up and do what is necessary -- like providing for their own police and military forces -- or they suffer the consequences.
*Immigration
Love: We must first understand one fundamental principle. All of us are immigrants. Either our ancestors or we came here for freedom. We came for freedom from debt or oppression. We came for freedom from religious persecution or economic enslavement. Those who have come illegally should have to pay a price. A fine would be acceptable, since such is used for other offenses against the law. Yet those undocumented refugees who have established themselves within our culture, by either forming family units or creating businesses, should be given a second chance. They should have a possible pathway to full citizenship.
*Energy sources (oil vs. wind or solar)
Love: Texas could become a member of OPEC with its solar energy capacity alone. Add to that the potential of wind and bio-mass, and Texas could perhaps lead the world as an energy exporter. What amazes me is how reticent Texas has been to fulfill its rightful destiny in these areas. We definitely need a change.
--------------------------------------------------------------------------------
League of Women Voters 2008 candidate survey
LWV: Please describe the training and experience that qualify you for this office.
Love: I am a UT Alumnus with a BA in Government. As a Small Business owner, a Social Services Worker with the State of Texas, and as a Financial Services Supervisor, I have experienced firsthand the problems and difficulties of Texans who struggle to maintain their lifestyle and raise their children, in uncertain times.
LWV: What reforms would you propose to the U.S. healthcare system to control costs, improve the quality of care and expand access to healthcare to uninsured Americans?
Love: Washington should take the initiative in health care providing and management. We need a health insurance exchange available to all citizens, from which payments are made to health care providers at uniform rates negotiated annually. Rates should be based upon the ability to pay and could include co-payments as an incentive to avoid over-utilization by some individuals. Further, the statute not allowing American pharmaceutical companies from recovering research and development costs from sells abroad should be annulled.
LWV: Do you support a timetable for the withdrawal of American forces from Iraq?
Love: America needs a flexible timetable for withdrawal from Iraq, based upon the stability of the government and the security of the people. However, Iraq must understand that such a timetable will have limits and punitive measures to help insure forward progress. The proposal of 16 months maximum seems reasonable, and direct funding to the Iraqi government should be immediately curtailed. Humanitarian and reconstruction funds should be handled by internationally recognized charities.
LWV: How do you propose to reduce the number of undocumented immigrants currently living in the U.S., while also meeting the increased need of American agriculture and small business for workers?
Love: We should enforce stronger penalties against employers who hire undocumented workers. We should have temporary work visas for seasonal workers. Those who entered this country and who have broken laws since being here should be deported. Those who entered clandestinely but have established themselves as responsible workers should have a path toward integration within the society, but should be fined for having broken the law. Each case would need to be handled individually.
LWV: The U.S. Highway Trust Fund is expected to go into deficit next year. Congress is reluctant to raise the federal gas tax. How should America pay for its massive infrastructure needs related to roads and bridges?
Love: The invasion of Iraq could have paid for the necessary refurbishing of our highways and bridges. Now we must demand a surcharge tax to be levied upon the petrochemical industries and their massive windfall profits. Additionally, we must begin to redistribute funds from a massively swelled military machine sent abroad to cover our needs domestically. The growth of tax revenues from an improved transportation infrastructure could recover all needed funds for improvements in time.
LWV: What source do you think represents the greatest opportunity to achieve energy independence? How can the federal government best advance its development?
Love: America cannot depend upon a single source of energy, we need to develop all renewable sources. We need to simultaneously decrease inefficiency in using energy. Our CAFÉ standards should equal those of Europe and Japan, making American automobiles more competitive. We need to improve storage of energy, like battery technology, making electric vehicles practical. Dependence upon fossil fuels must eventually end, so we need a wide variety of new sources integrated into a whole.
LWV: What other issue do you believe will be most pressing in the next session of Congress, and what is your position on this issue?
Love: The evolving Mortgage Crisis might be the hardest problem for Congress to tackle. Responsible lending practices must be legislated and enforced, not allowing the continuance of predatory lending practices. Full transparency of loan details should be mandatory, including responsible projections of true costs and penalties. Minimum requirements for securing loans must be maintained.
Comments
thomasplove Anonymous
Questionnaire for Pegasus News
NAME: Thomas P. Love OFFICE/DISTRICT: United States House of Representatives, Texas, District 24 POLITICAL AFFILIATION: Democratic Party OPPONENT: Kenny Marchant
Education: BA College of Social & Behavioral Sciences -Government- UT Austin Background:Financia l Services Supervisor Hobbies:Golf, Racquetball, Fishing, Boating Family:Married 32 years to wife Marilyn, Daughter, 2 Step Sons, 3 Grandchildren
What drew you to run for office? When I see people losing their jobs, when I see people losing their homes, when I see people losing hope in the American Dream, I cannot help but feel repulsion towards what has been done to my home state and my country. I believe in the hopes outlined in our Constitution, and I believe in our need to have people who truly represent the People our Constitution has always protected. I want to help to bring back those hopes and dreams upon which our country was born from and our country should truly represent.
What are the platforms of your campaign?
Economic solidity and security. We should never have been brought to the point of bailing out lending institutions. What caused our current problem should have been seen from the bail out of the Savings and Loans, by George Herbert Walker Bush. Bad mortgage loans brought the Savings and Loans and the current crisis to a head. There was a belief that no regulations over such loans should be followed. Clearly, we should have learned from the past, and is emphasized by the present -- minimum regulations are needed. By "minimum" I do not mean the least amount of regulations. I mean there should be floor of minimum requirements for such loans, and those minimum levels should be watched carefully. The failure of such has brought us to the point that even the Wall Street Journal calls as almost as desperate as what precipitated the Great Depression. To do less is irresponsible.
Health Care. With over 45 million people without any insurance, and with over 45 million more people with less than minimal health care coverage, and with America ranking at the bottom of the list of industrialized nations in health care, there is a major problem. Every American deserves the right to necessary health care, whether it be medical procedures or necessary prescriptions. To do less is immoral.
Energy independence. We have the current technology to make America free from oil imports. Why have our Representatives not enforced such items as increased miles per hour for new vehicles? Why have our representatives not supported alternative energy resources which are both clean and renewable? We should leave our country free of debt to other countries. To do less is bad stewardship.
Public Education. We need to teach our children how to use data, rather than just regurgitate data without comprehension. No Child Left Behind demands all school children regurgitate data. We need to return our public schools to the basics of reading, writing, and arithmetic -- with comprehension. To do less is to betray the hopes of our parents, the dreams of our children. To do less is immoral.
There are numerous other areas that need to be addressed. Please feel free to go to my web-site to see my ideas about these. http://www.tomlovef ortexas.com
What are the concerns of the people in your community that you represent? The major concern of the working people of my community is that they want job security, the realistic potential to own their own homes, the education of their children that will make them competitive, and that a major health care problem will not make them lose everything.
What are the sources of conflict in your election contest? Conflict denotes response from two sides. My opponent will not debate me on any issue since he knows that his record of rubber stamping anything George W. Bush and Carl Rove concoct can not stand the test of day light. But he cannot hide within the shadows from the voters. He may have the money, but I have the truth.
How do you differ from your opponent? I do not have a multi-million dollar campaign war chest. I have to believe that the truth will set us all free. I believe that voters will see through flowery rhetoric the emptiness of campaign slogans promised then forgotten once the election is over. I believe, growing up in east Texas, that the value of a person is the truth of his word.
Do you have a favorite Presidential candidate? My selection is Barack Obama. And my prayers are with him.
How do you feel about the following newsy issues from the area? Convention center hotel. This is a local issue. Dallas residents. However, I do not approve of the local government operating an operation that private corporations already cover.
Switching freeways from free to toll-based. If the revenues go back to the maintenance of freeways, then maybe. Each case should be considered singularly. If the revenues go to a private corporation -- never. Public funds built the freeways, and that should mean the revenues should go back to the public.
HOV lanes -- Past due. New highway constructions should incorporate such when possible.
DART rail -- I am for public transportation. Such would be a better expenditure of Federal funds than many others currently employed.
Barnett Shell drilling -- The current limits of 300 to 600 feet between the gas well and existing structures (like day care center and schools) seem far too short. Also the current technology of only being able to recover 70 % of the water used to "frac" a well is not acceptable in a region prone to draught. The issue needs to be revisited.
Cell phone use in cars -- Accident statistics show that cell phone use and driving while intoxicated are roughly comparable. I would prefer for local governmental entities to handle this issue since they will be charged enforcement.
Open internet access in Public Libraries -- The crucial term is "Public." We need for now filters that allow adults to research such topics as they desire, for example "breast cancer" rather than filters that would exclude sites that contain the word "breast." Ultimately, "Adult Only" sites should be tagged with a suffix address, such as Dot Adult.
"Green" buildings -- How nice it would be to believe that the current Cowboy Stadium being built in Arlington would be 100 % "green."! Concrete from kilns that are pollution free would be a health benefit to all of North Texas. However, such has not been the truth. I would propose that all public buildings be as "green" as possible, or they would not receive any Federal funds.
How do you feel about the following national issues: War in Iraq -- We should never have gone into Iraq under the spurious arguments offered by the Bush White House; however, we find ourselves involved within a sectarian conflict there. First, we need to return our National Guard home. Then we need to make the current elected Iraqi officials understand there is no free lunch. They either get up and do what is necessary -- like providing for their own police and military forces -- or they suffer the consequences.
Immigration -- We must first understand one fundamental principle. All of us are immigrants. Either our ancestors or we came here for freedom. We came for freedom from debt or oppression. We came for freedom from religious persecution or economic enslavement. Those who have come illegally should have to pay a price. A fine would be acceptable, since such is used for other offenses against the law. Yet those undocumented refugees who have established themselves within our culture, by either forming family units or creating businesses, should be given a second chance. They should have a possible pathway to full citizenship.
Energy sources (oil vs. wind or solar) -- Texas could become a member of OPEC with its solar energy capacity alone. Add to that the potential of wind and bio-mass, and Texas could perhaps lead the world as an energy exporter. What amazes me is how reticent Texas has been to fulfill its rightful destiny in these areas. We definitely need a change. Tom Love Democratic Candidate for US Congress TX 24 http://www.TomLovef orTexas.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
http://www.pegasusn ews.com/people/ tom-love/
OFFICE/DISTRICT: United States House of Representatives, Texas, District 24
POLITICAL AFFILIATION: Democratic Party
OPPONENT: Kenny Marchant
Education: BA College of Social & Behavioral Sciences -Government- UT Austin
Background: Financial Services Supervisor
Hobbies: Golf, Racquetball, Fishing, Boating
Family: Married 32 years to wife Marilyn, Daughter, 2 Step Sons, 2 Grandchildren
Pegasus: What drew you to run for office?
Love: When I see people losing their jobs, when I see people losing their homes, when I see people losing hope in the American Dream, I cannot help but feel repulsion towards what has been done to my home state and my country. I believe in the hopes outlined in our Constitution, and I believe in our need to have people who truly represent the People our Constitution has always protected. I want to help to bring back those hopes and dreams upon which our country was born from and our country should truly represent.
Pegasus: What are the platforms of your campaign?
Love: Economic solidity and security. We should never have been brought to the point of bailing out lending institutions. What caused our current problem should have been seen from the bail out of the Savings and Loans, by George Herbert Walker Bush. Bad mortgage loans brought the Savings and Loans and the current crisis to a head. There was a belief that no regulations over such loans should be followed. Clearly, we should have learned from the past, and is emphasized by the present -- minimum regulations are needed. By "minimum" I do not mean the least amount of regulations. I mean there should be floor of minimum requirements for such loans, and those minimum levels should be watched carefully. The failure of such has brought us to the point that even the Wall Street Journal calls as almost as desperate as what precipitated the Great Depression. To do less is irresponsible.
Health Care. With over 47 million people without any insurance, and with over 50 million more people with less than minimal health care coverage, and with America ranking at the bottom of the list of industrialized nations in health care, there is a major problem. Every American deserves the right to necessary health care, whether it be medical procedures or necessary prescriptions. To do less is immoral.
Energy independence. We have the current technology to make America free from oil imports. Why have our Representatives not enforced such items as increased miles per hour for new vehicles? Why have our representatives not supported alternative energy resources which are both clean and renewable? We should leave our country free of debt to other countries. To do less is bad stewardship.
Public Education. We need to teach our children how to use data, rather than just regurgitate data without comprehension. No Child Left Behind demands all school children regurgitate data. We need to return our public schools to the basics of reading, writing, and arithmetic -- with comprehension. To do less is to betray the hopes of our parents, the dreams of our children. To do less is immoral.
There are numerous other areas that need to be addressed. Please feel free to go to my web-site to see my ideas about these. www.tomlovefortexas .com
Pegasus: What are the concerns of the people in your community that you represent?
Love:The major concern of the working people of my community is that they want job security, the realistic potential to own their own homes, the education of their children that will make them competitive, and that a major health care problem will not make them lose everything.
Pegasus: What are the sources of conflict in your election contest?
Love: Conflict denotes response from two sides. My opponent will not debate me on any issue since he knows that his record of rubber stamping anything George W. Bush and Carl Rove concoct can not stand the test of day light. But he cannot hide within the shadows from the voters. He may have the money, but I have the truth.
Pegasus: How do you differ from your opponent?
Love: I do not have a multi-million dollar campaign war chest. I have to believe that the truth will set us all free. I believe that voters will see through flowery rhetoric the emptiness of campaign slogans promised then forgotten once the election is over. I believe, growing up in east Texas, that the value of a person is the truth of his word.
Pegasus: Do you have a favorite Presidential candidate?
Love: My selection is Barack Obama. And my prayers are with him.
Pegasus: How do you feel about the following newsy issues from the area?
*Convention center hotel.
Love: This is a local issue. Dallas residents. However, I do not approve of the local government operating an operation that private corporations already cover.
*Switching freeways from free to toll-based.
Love: If the revenues go back to the maintenance of freeways, then maybe. Each case should be considered singularly. If the revenues go to a private corporation -- never. Public funds built the freeways, and that should mean the revenues should go back to the public.
*HOV lanes
Love:Past due. New highway constructions should incorporate such when possible.
*DART rail
Love: I am for public transportation. Such would be a better expenditure of Federal funds than many others currently employed.
*Barnett Shell drilling
Love: The current limits of 300 to 600 feet between the gas well and existing structures (like day care center and schools) seem far too short. Also the current technology of only being able to recover 70 % of the water used to "frac" a well is not acceptable in a region prone to draught. The issue needs to be revisited.
*Cell phone use in cars
Love: Accident statistics show that cell phone use and driving while intoxicated are roughly comparable. I would prefer for local governmental entities to handle this issue since they will be charged enforcement.
*Open internet access in Public Libraries
Love: The crucial term is "Public." We need for now filters that allow adults to research such topics as they desire, for example "breast cancer" rather than filters that would exclude sites that contain the word "breast." Ultimately, "Adult Only" sites should be tagged with a suffix address, such as Dot Adult.
*"Green" buildings
Love: How nice it would be to believe that the current Cowboy Stadium being built in Arlington would be 100 % "green."! Concrete from kilns that are pollution free would be a health benefit to all of North Texas. However, such has not been the truth. I would propose that all public buildings be as "green" as possible, or they would not receive any Federal funds.
Pegasus: How do you feel about the following national issues:
*War in Iraq
Love: We should never have gone into Iraq under the spurious arguments offered by the Bush White House; however, we find ourselves involved within a sectarian conflict there. First, we need to return our National Guard home. Then we need to make the current elected Iraqi officials understand there is no free lunch. They either get up and do what is necessary -- like providing for their own police and military forces -- or they suffer the consequences.
*Immigration
Love: We must first understand one fundamental principle. All of us are immigrants. Either our ancestors or we came here for freedom. We came for freedom from debt or oppression. We came for freedom from religious persecution or economic enslavement. Those who have come illegally should have to pay a price. A fine would be acceptable, since such is used for other offenses against the law. Yet those undocumented refugees who have established themselves within our culture, by either forming family units or creating businesses, should be given a second chance. They should have a possible pathway to full citizenship.
*Energy sources (oil vs. wind or solar)
Love: Texas could become a member of OPEC with its solar energy capacity alone. Add to that the potential of wind and bio-mass, and Texas could perhaps lead the world as an energy exporter. What amazes me is how reticent Texas has been to fulfill its rightful destiny in these areas. We definitely need a change.
--------------------------------------------------------------------------------
League of Women Voters 2008 candidate survey
LWV: Please describe the training and experience that qualify you for this office.
Love: I am a UT Alumnus with a BA in Government. As a Small Business owner, a Social Services Worker with the State of Texas, and as a Financial Services Supervisor, I have experienced firsthand the problems and difficulties of Texans who struggle to maintain their lifestyle and raise their children, in uncertain times.
LWV: What reforms would you propose to the U.S. healthcare system to control costs, improve the quality of care and expand access to healthcare to uninsured Americans?
Love: Washington should take the initiative in health care providing and management. We need a health insurance exchange available to all citizens, from which payments are made to health care providers at uniform rates negotiated annually. Rates should be based upon the ability to pay and could include co-payments as an incentive to avoid over-utilization by some individuals. Further, the statute not allowing American pharmaceutical companies from recovering research and development costs from sells abroad should be annulled.
LWV: Do you support a timetable for the withdrawal of American forces from Iraq?
Love: America needs a flexible timetable for withdrawal from Iraq, based upon the stability of the government and the security of the people. However, Iraq must understand that such a timetable will have limits and punitive measures to help insure forward progress. The proposal of 16 months maximum seems reasonable, and direct funding to the Iraqi government should be immediately curtailed. Humanitarian and reconstruction funds should be handled by internationally recognized charities.
LWV: How do you propose to reduce the number of undocumented immigrants currently living in the U.S., while also meeting the increased need of American agriculture and small business for workers?
Love: We should enforce stronger penalties against employers who hire undocumented workers. We should have temporary work visas for seasonal workers. Those who entered this country and who have broken laws since being here should be deported. Those who entered clandestinely but have established themselves as responsible workers should have a path toward integration within the society, but should be fined for having broken the law. Each case would need to be handled individually.
LWV: The U.S. Highway Trust Fund is expected to go into deficit next year. Congress is reluctant to raise the federal gas tax. How should America pay for its massive infrastructure needs related to roads and bridges?
Love: The invasion of Iraq could have paid for the necessary refurbishing of our highways and bridges. Now we must demand a surcharge tax to be levied upon the petrochemical industries and their massive windfall profits. Additionally, we must begin to redistribute funds from a massively swelled military machine sent abroad to cover our needs domestically. The growth of tax revenues from an improved transportation infrastructure could recover all needed funds for improvements in time.
LWV: What source do you think represents the greatest opportunity to achieve energy independence? How can the federal government best advance its development?
Love: America cannot depend upon a single source of energy, we need to develop all renewable sources. We need to simultaneously decrease inefficiency in using energy. Our CAFÉ standards should equal those of Europe and Japan, making American automobiles more competitive. We need to improve storage of energy, like battery technology, making electric vehicles practical. Dependence upon fossil fuels must eventually end, so we need a wide variety of new sources integrated into a whole.
LWV: What other issue do you believe will be most pressing in the next session of Congress, and what is your position on this issue?
Love: The evolving Mortgage Crisis might be the hardest problem for Congress to tackle. Responsible lending practices must be legislated and enforced, not allowing the continuance of predatory lending practices. Full transparency of loan details should be mandatory, including responsible projections of true costs and penalties. Minimum requirements for securing loans must be maintained.
Comments
thomasplove Anonymous
Questionnaire for Pegasus News
NAME: Thomas P. Love OFFICE/DISTRICT: United States House of Representatives, Texas, District 24 POLITICAL AFFILIATION: Democratic Party OPPONENT: Kenny Marchant
Education: BA College of Social & Behavioral Sciences -Government- UT Austin Background:Financia l Services Supervisor Hobbies:Golf, Racquetball, Fishing, Boating Family:Married 32 years to wife Marilyn, Daughter, 2 Step Sons, 3 Grandchildren
What drew you to run for office? When I see people losing their jobs, when I see people losing their homes, when I see people losing hope in the American Dream, I cannot help but feel repulsion towards what has been done to my home state and my country. I believe in the hopes outlined in our Constitution, and I believe in our need to have people who truly represent the People our Constitution has always protected. I want to help to bring back those hopes and dreams upon which our country was born from and our country should truly represent.
What are the platforms of your campaign?
Economic solidity and security. We should never have been brought to the point of bailing out lending institutions. What caused our current problem should have been seen from the bail out of the Savings and Loans, by George Herbert Walker Bush. Bad mortgage loans brought the Savings and Loans and the current crisis to a head. There was a belief that no regulations over such loans should be followed. Clearly, we should have learned from the past, and is emphasized by the present -- minimum regulations are needed. By "minimum" I do not mean the least amount of regulations. I mean there should be floor of minimum requirements for such loans, and those minimum levels should be watched carefully. The failure of such has brought us to the point that even the Wall Street Journal calls as almost as desperate as what precipitated the Great Depression. To do less is irresponsible.
Health Care. With over 45 million people without any insurance, and with over 45 million more people with less than minimal health care coverage, and with America ranking at the bottom of the list of industrialized nations in health care, there is a major problem. Every American deserves the right to necessary health care, whether it be medical procedures or necessary prescriptions. To do less is immoral.
Energy independence. We have the current technology to make America free from oil imports. Why have our Representatives not enforced such items as increased miles per hour for new vehicles? Why have our representatives not supported alternative energy resources which are both clean and renewable? We should leave our country free of debt to other countries. To do less is bad stewardship.
Public Education. We need to teach our children how to use data, rather than just regurgitate data without comprehension. No Child Left Behind demands all school children regurgitate data. We need to return our public schools to the basics of reading, writing, and arithmetic -- with comprehension. To do less is to betray the hopes of our parents, the dreams of our children. To do less is immoral.
There are numerous other areas that need to be addressed. Please feel free to go to my web-site to see my ideas about these. http://www.tomlovef ortexas.com
What are the concerns of the people in your community that you represent? The major concern of the working people of my community is that they want job security, the realistic potential to own their own homes, the education of their children that will make them competitive, and that a major health care problem will not make them lose everything.
What are the sources of conflict in your election contest? Conflict denotes response from two sides. My opponent will not debate me on any issue since he knows that his record of rubber stamping anything George W. Bush and Carl Rove concoct can not stand the test of day light. But he cannot hide within the shadows from the voters. He may have the money, but I have the truth.
How do you differ from your opponent? I do not have a multi-million dollar campaign war chest. I have to believe that the truth will set us all free. I believe that voters will see through flowery rhetoric the emptiness of campaign slogans promised then forgotten once the election is over. I believe, growing up in east Texas, that the value of a person is the truth of his word.
Do you have a favorite Presidential candidate? My selection is Barack Obama. And my prayers are with him.
How do you feel about the following newsy issues from the area? Convention center hotel. This is a local issue. Dallas residents. However, I do not approve of the local government operating an operation that private corporations already cover.
Switching freeways from free to toll-based. If the revenues go back to the maintenance of freeways, then maybe. Each case should be considered singularly. If the revenues go to a private corporation -- never. Public funds built the freeways, and that should mean the revenues should go back to the public.
HOV lanes -- Past due. New highway constructions should incorporate such when possible.
DART rail -- I am for public transportation. Such would be a better expenditure of Federal funds than many others currently employed.
Barnett Shell drilling -- The current limits of 300 to 600 feet between the gas well and existing structures (like day care center and schools) seem far too short. Also the current technology of only being able to recover 70 % of the water used to "frac" a well is not acceptable in a region prone to draught. The issue needs to be revisited.
Cell phone use in cars -- Accident statistics show that cell phone use and driving while intoxicated are roughly comparable. I would prefer for local governmental entities to handle this issue since they will be charged enforcement.
Open internet access in Public Libraries -- The crucial term is "Public." We need for now filters that allow adults to research such topics as they desire, for example "breast cancer" rather than filters that would exclude sites that contain the word "breast." Ultimately, "Adult Only" sites should be tagged with a suffix address, such as Dot Adult.
"Green" buildings -- How nice it would be to believe that the current Cowboy Stadium being built in Arlington would be 100 % "green."! Concrete from kilns that are pollution free would be a health benefit to all of North Texas. However, such has not been the truth. I would propose that all public buildings be as "green" as possible, or they would not receive any Federal funds.
How do you feel about the following national issues: War in Iraq -- We should never have gone into Iraq under the spurious arguments offered by the Bush White House; however, we find ourselves involved within a sectarian conflict there. First, we need to return our National Guard home. Then we need to make the current elected Iraqi officials understand there is no free lunch. They either get up and do what is necessary -- like providing for their own police and military forces -- or they suffer the consequences.
Immigration -- We must first understand one fundamental principle. All of us are immigrants. Either our ancestors or we came here for freedom. We came for freedom from debt or oppression. We came for freedom from religious persecution or economic enslavement. Those who have come illegally should have to pay a price. A fine would be acceptable, since such is used for other offenses against the law. Yet those undocumented refugees who have established themselves within our culture, by either forming family units or creating businesses, should be given a second chance. They should have a possible pathway to full citizenship.
Energy sources (oil vs. wind or solar) -- Texas could become a member of OPEC with its solar energy capacity alone. Add to that the potential of wind and bio-mass, and Texas could perhaps lead the world as an energy exporter. What amazes me is how reticent Texas has been to fulfill its rightful destiny in these areas. We definitely need a change. Tom Love Democratic Candidate for US Congress TX 24 http://www.TomLovef orTexas.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
http://www.pegasusn ews.com/people/ tom-love/
Friday, October 17, 2008
Buffett says he's buying U.S. stocks: report
October 17, 7:57 am ET
(Reuters) - Billionaire investor Warren Buffett is buying U.S. stocks, he wrote in an opinion column in the New York Times.
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful," Buffett wrote in the paper.
Buffett acknowledged the economic news was bad, with the financial world in a mess, unemployment rising and business activity faltering.
"What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up," he said. "So if you wait for the robins, spring will be over."
Buffett, who made his money by building his company Berkshire Hathaway Inc (NYSE:BRK-A - News; NYSE:BRK-B - News) into a $199 billion conglomerate, wrote that investors were right to be wary of highly leveraged entities or businesses in weak competitive positions.
"But fears regarding the long-term prosperity of the nation's many sound companies make no sense," he said.
Buffett said major companies would suffer earnings hiccups, but added they "will be setting new profit records five, 10 and 20 years from now."
(Reporting by Ajay Kamalakaran in Bangalore; editing by Sue Thomas)
http://biz.yahoo.com/rb/081017/business_us_buffett.html?.v=1
(Reuters) - Billionaire investor Warren Buffett is buying U.S. stocks, he wrote in an opinion column in the New York Times.
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful," Buffett wrote in the paper.
Buffett acknowledged the economic news was bad, with the financial world in a mess, unemployment rising and business activity faltering.
"What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up," he said. "So if you wait for the robins, spring will be over."
Buffett, who made his money by building his company Berkshire Hathaway Inc (NYSE:BRK-A - News; NYSE:BRK-B - News) into a $199 billion conglomerate, wrote that investors were right to be wary of highly leveraged entities or businesses in weak competitive positions.
"But fears regarding the long-term prosperity of the nation's many sound companies make no sense," he said.
Buffett said major companies would suffer earnings hiccups, but added they "will be setting new profit records five, 10 and 20 years from now."
(Reporting by Ajay Kamalakaran in Bangalore; editing by Sue Thomas)
http://biz.yahoo.com/rb/081017/business_us_buffett.html?.v=1
Monday, October 13, 2008
U.S. to buy bank stakes; markets soar 936 points
By TIM PARADIS, AP Business Writer
Wall Street stormed back after its worst week ever and staged the biggest single-day stock rally since the Great Depression on Monday, catapulting the Dow Jones industrials to a 936-point gain and finally offering relief from eight consecutive days of stock market carnage.
While no one was saying the worst was over for the staggering financial system or troubled economy, buyers returned to the stock market with gusto, with some saying stocks had been driven down to fire-sale prices.
The surge came as executives from leading banks were summoned by the Bush administration to Washington to work out a plan to get loans, the lifeblood of the economy, moving again. And it followed signals that European governments would put nearly $2.3 trillion on the line to protect their own banks.
The Dow gained more than 11 percent, its biggest one-day rally since 1933, and by points it shattered the previous record for a one-day gain of 499, during during the waning days of the technology boom in 2000.
"My screen is completely green, and I love that," said John Lynch, chief market analyst for Evergreen Investments in Charlotte, N.C. "But I'm not doing any backflips yet. We still have many challenges up ahead."
Stocks opened sharply higher and never looked back. The Dow was up more than 400 points in the opening minutes of trading, and by lunch hour had crossed back through the same 9,000 level it crashed below last week.
The rally intensified in the final hour of trading. In the moments before the closing bell rang, boisterous traders sounded horns on the floor of the New York Stock Exchange, and raucous applause broke out.
"I would say this is closer to the bottom. I can't say this is the bottom," said Bill Schultz, chief investment officer at McQueen, Ball & Associates in Bethlehem, Pa. "I think it's more relief, the rally today."
For Wall Street, it came not a moment too soon. The dismal week before wiped out about $2.4 trillion in shareholder wealth. The eight-day losing streak drained 2,400 points from the Dow, or 22 percent — roughly equal to the 1987 crash and enough to establish a bear market all on its own.
U.S. stock market paper gains totaled $1.2 trillion Monday, according to the Dow Jones Wilshire 5000 Composite Index, which represents nearly all stocks traded in America.
The massive rebound also pushed the Nasdaq composite index higher by 195 points, or nearly 12 percent, its second-biggest gain in percentage terms. The Standard and Poor's 500, rose 104 points, its biggest point gain ever and an 11.5 percent gain, its greatest since 1933.
About 3,030 stocks advanced on the New York Stock Exchange, while only about 160 declined — a reversal from last week, when declining stocks overwhelmed the gainers. But the trading volume of 1.82 billion shares was lighter than it had been last week, suggesting there was less conviction in the buying than during last week's selling.
At the close, the Dow stood at 9,387.61. That's still a far cry from its peak of 14,165, set a little more than a year ago — and history suggests Wall Street could have a long climb back to the top of the mountain.
After the Black Monday crash of October 1987, it took the Dow until August 1989 to set a new all-time closing high, almost two years after its previous peak. The 1987 crash took stocks down 36 percent from their pick — comparable to the 40 percent decline in this round of turmoil.
The Bush administration said it was moving quickly to implement its financial rescue package, including consulting with law firms about the mechanics of buying ownership shares in a broad number of banks to help get lending going again.
Neel Kashkari, the assistant Treasury secretary in charge of the program, said Monday officials were also developing guidelines to govern the purchase of soured mortgage-related assets. He gave few details about how the program will actually buy bad assets and bank stock.
And Wall Street still has a lot to worry about, including a housing market that is still groping for a low point in prices and shoppers who are spooked by job losses and other ominous economic signs and are cutting back on their spending.
"I think we had enough negatives last week that if the government steps in we could have a pretty nice run," said Denis Amato, chief investment officer at Ancora Advisors. "Is it off to the races? No, I don't think so. We have a lot of stuff to work through."
It was also too soon to say for sure whether lending was finally loosening up. The sell-off on Wall Street last week was driven by fear that mistrustful banks were choking off the everyday loans that businesses use to buy supplies and pay their workers.
Monday was the Columbus Day holiday, and the U.S. bond markets and banks were closed, making it difficult to gauge the reaction of the credit markets to the measures taken by world governments.
The Bank of England said it would use up to $63 billion to help the three largest British banks strengthen their balance sheets. The Bank of England, the European Central Bank and the Swiss National Bank also jointly announced plans to work together to provide as much short-term money as necessary to help revive lending.
The heads of the five biggest U.S. banks — Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan Chase and Bank of America — were meeting at the Treasury Department with officials from Treasury and the Federal Reserve. The discussions are aimed at finalizing details on the rescue package Congress passed Oct. 3.
That package started with the idea that the government would buy the bad mortgage-related debt off the books of banks. It now includes provisions for the government to buy ownership stakes in banks, among other steps.
It is coming together against the backdrop of a presidential election that has focused squarely on the economy. Sens. Barack Obama and John McCain are to meet for a final debate Wednesday night on Long Island, with the state of the nation's finances sure to be at the top of the list.
Consolidated volume on the New York Stock Exchange hit 7.1 billion shares, down from 11.2 billion during Friday's session but still very heavy.
___
AP Business Writers Joe Bel Bruno and Stevenson Jacobs in New York contributed to this report.
Copyright © 2008 The Associated Press
------------------------------------------------
U.S. to buy bank stakes; markets soar
By Eddie Evans
The U.S. government agreed on Monday to take $25 billion stakes in several big banks in a bid to shore up the banking system and arrest the financial crisis, sources familiar with the situation said.
The move follows pledges by the governments of Britain, Germany, France and other European countries of more than 1 trillion euros ($1.36 trillion) to bolster their own banks.
U.S. officials will announce details of the U.S. plan at 8:30 a.m. on Tuesday, the Treasury Department said.As Asian markets opened on Tuesday, Japan's Nikkei average soared 9 percent.
That followed the biggest one-day gain ever in the Dow Jones industrial average and the S&P 500 index, both up 11 percent on Monday. Wall Street recorded its worst week in history last week amid panic over collapsing banks and fears that major economies were headed toward recession.
Stocks worldwide added more than $1.7 trillion in value on Monday, based on a record 9.3 percent gain in the MSCI world equity index.
"Sometime last week it seemed like we faced Armageddon, so to have a coordinated plan on stabilizing banks is huge progress," Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said on Monday.
After talks with Wall Street bankers on Monday, Treasury Secretary Henry Paulson agreed to spend $250 billion on equity stakes in U.S. banks and to a three-year guarantee of bank-to-bank lending, sources familiar with the meeting said.
The government would take $25 billion in preferred stock in Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley and Bank of New York, the sources said.
All except Bank of America would have to raise $10 billion in matching capital to qualify, a source said.
This was an about-face from a previous U.S. focus on buying bad debt from banks, after world finance ministers coalesced around a British proposal at weekend meetings in Washington.
Britain's bank plan called for 37 billion pounds ($64 billion) of taxpayers' cash to bail out three major banks in a move that would likely make the government their main shareholder.
Germany, France, Italy and other European governments also announced rescue packages totaling hundreds of billions of dollars.
Also on Monday, investment bank Morgan Stanley reached a financing deal with Mitsubishi UFJ Financial Group Inc (MUFG), possibly with U.S. government support. Morgan shares soared 87 percent, after losing 58 percent last week.
And Banco Santander said it would acquire the remaining 75 percent stake in Sovereign Bancorp Inc it does not already own, as the euro zone's biggest bank hunted for bargains in the beaten-down financial sector.
In addition to the bank bailouts, the U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank said they would lend commercial banks as much U.S. dollar liquidity they needed.
That had an instant impact on bank-to-bank lending rates, which eased, but there was still no clear evidence of funds cascading from banks to companies.
U.S. bond markets were closed on Monday for the Columbus Day holiday.
The euro and sterling gained strength on the European plans.
Oil rose more than $4 to $82 a barrel.
BROWN PROFILE RISES
British Prime Minister Gordon Brown called on world leaders to create a new financial architecture to replace the current system, which was set up at a conference in Bretton Woods, New Hampshire, in 1944.
"Sometimes it does take a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed," Brown said in a speech at the London offices of Thomson Reuters.
Iceland -- forced over the past week to take over three big banks, shut down its stock market and abandon attempts to defend its currency -- officially requested financing from the International Monetary Fund, an IMF official said.
"I'm slightly less terrified today than I was on Friday," Princeton University economist Paul Krugman said after he was named the winner of the Nobel prize in economics on Monday. "We're going to have a recession and perhaps a prolonged one but perhaps not a collapse.
Japan said on Monday it was considering whether to guarantee all bank deposits, while the central bank said it might join further global efforts to boost dollar funding to strained money markets.
The two men vying to succeed U.S. President George W. Bush after the November 4 election were formulating their own plans.
Democrat Barack Obama, leading in public opinion polls, proposed a 90-day moratorium on home foreclosures and other measures aimed at creating jobs.
Republican John McCain was also considering rolling out a new economic package.
($1=.5786 Pound)
($1=.7287 Euro)
(Reporting by Reuters bureaus around the world; Editing by Gary Hill)
Copyright © 2008 Reuters Limite
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Dow futures climb almost 350 after horrible week
Wall Street headed for huge rebound Monday with the Dow Jones industrial average futures up 348, or 4.2 percent, to 8,718. Standard & Poor's 500 index futures rose 42.90, or 4.81 percent, to 933.90. Nasdaq 100 index futures rose 56.50, or 4.41 percent, to 1,339.00.
Investors, hoping that the stock market is finding some footing after eight sessions of devastating losses, sent stock futures sharply higher.
The market appeared relieved by pledges of further coordinated actions by European and U.S. authorities to aid the crippled banking system, including plans by the Treasury to buy U.S. bank stocks.
Investors in Asia and later Europe were already buying, grabbing stocks after last week's rout and action by major governments over the weekend to bolster investor confidence.
Overseas, Hong Kong's Hang Seng index surged 10.2 percent. Markets in Japan were closed for a holiday. In afternoon trading, Britain's FTSE 100 jumped 3.83 percent, Germany's DAX index rose 6.84 percent, and France's CAC-40 jumped 4.37 percent.
Still, while the markets were upbeat early Monday, they were also well aware that there is much to be done to heal the banking system and the credit markets that have come to a virtual halt. Moreover, even if there is heavy buying when trading opens Monday, Wall Street can expect to see back-and-forth trading in the coming days and weeks as investors remain nervous.
Investors awaited details of the U.S. plan to resuscitate the financial system following word from the Bank of England that it would use up to $63 billion to the three largest British banks to help shore up their balance sheets.
The Bush administration is working on implementing its $700 billion financial rescue plan. The White House is consulting with six private law firms to determine the best way to buy ownership stakes in a broad number of banks. The plan to buy shares of banks is aimed at getting capital to financial institutions faster than purchasing their soured mortgage-backed assets.
Neel Kashkari, the assistant Treasury secretary who is interim head of the program, said officials have been developing rule to govern the purchase of soured assets.
The Federal Reserve also said it would make enough U.S. dollar funds were available to meet demand.
The Bank of England, the European Central Bank and the Swiss National Bank jointly announced plans to work together to provide as much short-term funding as necessary to help revive lending. The Bank of Japan said it was considering taking similar steps.
After a series of weekend meetings in Washington of heads of the Group of Seven nations, strong gains in markets in Asia and Europe signaled that investors found comfort from the actions and pledges coming from government officials.
Bond markets are closed for the Columbus Day holiday. The dollar was mixed against other major currencies.
The surge in stock futures comes after a dismal week on Wall Street that erased an estimated $2.4 trillion in shareholder wealth. The Dow, after eight consecutive daily losses that totaled just under 2,400, or 22.1 percent, finished at its lowest level since April 2003, and also suffered its worst weekly percentage loss ever, a fall of 18.2 percent.
Meanwhile, the S&P 500 lost 15.3 percent and the Nasdaq composite index fell 15.3 percent.
Investors worried that banks' reluctance to lend to one another would imperil economic activity by making it harder and more expensive for businesses and consumers to get a loan.
http://news.yahoo.com/s/ap/wall_street
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Copyright © 2008 The Associated Press
------------------------------------------------------------------------------
World stock markets soar after historic sell-off
By DAVID JOLLY and BETTINA WASSENER
PARIS — Banking stocks led equity markets higher Monday in Europe and Asia after European leaders announced plans to inject new capital into troubled financial institutions and guarantee interbank lending, and central banks announced new measures aimed at restarting frozen credit markets.
In early afternoon trading, the FTSE 100 index in London was up 4.86 percent and the CAC-40 added 6.1 percent in Paris. The DAX in Frankfurt rose 6.9 percent.
Trading in Standard & Poor’s 500 index futures suggested Wall Street stocks would gain as much as 6 percent at the opening. The bond market was closed Monday for the Columbus Day holiday.
Deutsche Bank rose nearly 25 percent in Frankfurt, while BNP Paribas and other major French banks rose more than 6 percent. Royal Bank of Scotland, which is raising billions of pounds worth of new equity with British government backing, rose more than 5 percent.
In Hong Kong, the Hang Seng index bounced 9.6 percent higher. The S&P/ASX 200 index in Sydney closed up 5.6 percent. Tokyo markets, which lost about a quarter of their value last week, were closed Monday for a national holiday.
In Moscow trading, the Micex index rose 4.5 percent.
“We’re extremely cautious,” Philippe Gijsels, senior equity strategist at Fortis Global Markets in Brussels, said. “This looks like the start of a typical bear-market rally.” He said measures Group of 7 countries announced over the weekend had helped banking stocks, but that the market had been due for a rally after major indexes posted some of their worst declines last week.
“To repair the market will take some time,” he said. “The problem is that the financial problem has now become a real economic problem. The damage has been done.”
“The G-7 was responding to a crisis of confidence,” David Thébault, head of derivative sales at Global Equities in Paris, said, comparing the new measures to “a defibrillator applied to a heart attack patient.” “We can see the end of the financial crisis, but at the price of an economic crisis,” he added. “But it’s better to have an economic crisis than to have the entire system endangered.”
Meeting in Paris late Sunday, officials European financial and political leaders agreed late Sunday to a plan that would inject billions of euros into their banks in a bid to restore confidence to the teetering financial system.
Taking their cue from a rescue plan announced last week by Britain, the European countries led by Germany and France pledged to take equity stakes in distressed banks and vowed to guarantee bank lending for periods up to five years. Both France and Germany were planning to unveil national rescue packages on Monday worth hundreds of billions of euros, officials said.
The Federal Reserve said early Monday in Washington that it would create swap lines with the Bank of England, the European Central Bank and the Swiss National Bank “to accommodate whatever quantity of U.S. dollar funding is demanded.”
The Bank of Japan, it said, will consider the introduction of similar measures.
Stocks in Sydney rose a day after Australian and New Zealand governments joined the scramble to calm markets, saying they would guarantee all bank deposits and some interbank lending.
Elsewhere, the Kospi index in South Korea rose 3.8 percent, the Straits Times index in Singapore rose 4.2 percent. In Hong Kong, financial secretary John Tsang warned of an increased risk of recession in 2009 because of the global financial crisis, and PCCW, a leading telecommunications company, on Sunday scrapped the planned partial sale of its HKT unit, citing the market upheaval. The company’s stock slumped nearly 9 percent to its lowest level since 1999.
The dollar lost ground against other major currencies. The euro rose to $1.3637 from $1.3408 late Friday in New York, while the British pound rose to $1.7151 from $1.7042. The dollar slipped to 100.58 yen from 100.68 and fell to 1.1345 Swiss francs from 1.1388.
U.S. crude oil for November delivery rose $3.96, or 3.1 percent, to $80.78 a barrel.
David Jolly reported from Paris and Bettina Wassener from Hong Kong.
http://www.nytimes.com/2008/10/14/business/14markets.html?_r=1&adxnnl=1&oref=slogin&exprod=myyahoo&pagewanted=print&adxnnlx=1223902902-yCzHyX/qycbqwe+cpyV0Lg
Copyright 2008 The New York Times Company
Wall Street stormed back after its worst week ever and staged the biggest single-day stock rally since the Great Depression on Monday, catapulting the Dow Jones industrials to a 936-point gain and finally offering relief from eight consecutive days of stock market carnage.
While no one was saying the worst was over for the staggering financial system or troubled economy, buyers returned to the stock market with gusto, with some saying stocks had been driven down to fire-sale prices.
The surge came as executives from leading banks were summoned by the Bush administration to Washington to work out a plan to get loans, the lifeblood of the economy, moving again. And it followed signals that European governments would put nearly $2.3 trillion on the line to protect their own banks.
The Dow gained more than 11 percent, its biggest one-day rally since 1933, and by points it shattered the previous record for a one-day gain of 499, during during the waning days of the technology boom in 2000.
"My screen is completely green, and I love that," said John Lynch, chief market analyst for Evergreen Investments in Charlotte, N.C. "But I'm not doing any backflips yet. We still have many challenges up ahead."
Stocks opened sharply higher and never looked back. The Dow was up more than 400 points in the opening minutes of trading, and by lunch hour had crossed back through the same 9,000 level it crashed below last week.
The rally intensified in the final hour of trading. In the moments before the closing bell rang, boisterous traders sounded horns on the floor of the New York Stock Exchange, and raucous applause broke out.
"I would say this is closer to the bottom. I can't say this is the bottom," said Bill Schultz, chief investment officer at McQueen, Ball & Associates in Bethlehem, Pa. "I think it's more relief, the rally today."
For Wall Street, it came not a moment too soon. The dismal week before wiped out about $2.4 trillion in shareholder wealth. The eight-day losing streak drained 2,400 points from the Dow, or 22 percent — roughly equal to the 1987 crash and enough to establish a bear market all on its own.
U.S. stock market paper gains totaled $1.2 trillion Monday, according to the Dow Jones Wilshire 5000 Composite Index, which represents nearly all stocks traded in America.
The massive rebound also pushed the Nasdaq composite index higher by 195 points, or nearly 12 percent, its second-biggest gain in percentage terms. The Standard and Poor's 500, rose 104 points, its biggest point gain ever and an 11.5 percent gain, its greatest since 1933.
About 3,030 stocks advanced on the New York Stock Exchange, while only about 160 declined — a reversal from last week, when declining stocks overwhelmed the gainers. But the trading volume of 1.82 billion shares was lighter than it had been last week, suggesting there was less conviction in the buying than during last week's selling.
At the close, the Dow stood at 9,387.61. That's still a far cry from its peak of 14,165, set a little more than a year ago — and history suggests Wall Street could have a long climb back to the top of the mountain.
After the Black Monday crash of October 1987, it took the Dow until August 1989 to set a new all-time closing high, almost two years after its previous peak. The 1987 crash took stocks down 36 percent from their pick — comparable to the 40 percent decline in this round of turmoil.
The Bush administration said it was moving quickly to implement its financial rescue package, including consulting with law firms about the mechanics of buying ownership shares in a broad number of banks to help get lending going again.
Neel Kashkari, the assistant Treasury secretary in charge of the program, said Monday officials were also developing guidelines to govern the purchase of soured mortgage-related assets. He gave few details about how the program will actually buy bad assets and bank stock.
And Wall Street still has a lot to worry about, including a housing market that is still groping for a low point in prices and shoppers who are spooked by job losses and other ominous economic signs and are cutting back on their spending.
"I think we had enough negatives last week that if the government steps in we could have a pretty nice run," said Denis Amato, chief investment officer at Ancora Advisors. "Is it off to the races? No, I don't think so. We have a lot of stuff to work through."
It was also too soon to say for sure whether lending was finally loosening up. The sell-off on Wall Street last week was driven by fear that mistrustful banks were choking off the everyday loans that businesses use to buy supplies and pay their workers.
Monday was the Columbus Day holiday, and the U.S. bond markets and banks were closed, making it difficult to gauge the reaction of the credit markets to the measures taken by world governments.
The Bank of England said it would use up to $63 billion to help the three largest British banks strengthen their balance sheets. The Bank of England, the European Central Bank and the Swiss National Bank also jointly announced plans to work together to provide as much short-term money as necessary to help revive lending.
The heads of the five biggest U.S. banks — Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan Chase and Bank of America — were meeting at the Treasury Department with officials from Treasury and the Federal Reserve. The discussions are aimed at finalizing details on the rescue package Congress passed Oct. 3.
That package started with the idea that the government would buy the bad mortgage-related debt off the books of banks. It now includes provisions for the government to buy ownership stakes in banks, among other steps.
It is coming together against the backdrop of a presidential election that has focused squarely on the economy. Sens. Barack Obama and John McCain are to meet for a final debate Wednesday night on Long Island, with the state of the nation's finances sure to be at the top of the list.
Consolidated volume on the New York Stock Exchange hit 7.1 billion shares, down from 11.2 billion during Friday's session but still very heavy.
___
AP Business Writers Joe Bel Bruno and Stevenson Jacobs in New York contributed to this report.
Copyright © 2008 The Associated Press
------------------------------------------------
U.S. to buy bank stakes; markets soar
By Eddie Evans
The U.S. government agreed on Monday to take $25 billion stakes in several big banks in a bid to shore up the banking system and arrest the financial crisis, sources familiar with the situation said.
The move follows pledges by the governments of Britain, Germany, France and other European countries of more than 1 trillion euros ($1.36 trillion) to bolster their own banks.
U.S. officials will announce details of the U.S. plan at 8:30 a.m. on Tuesday, the Treasury Department said.As Asian markets opened on Tuesday, Japan's Nikkei average soared 9 percent.
That followed the biggest one-day gain ever in the Dow Jones industrial average and the S&P 500 index, both up 11 percent on Monday. Wall Street recorded its worst week in history last week amid panic over collapsing banks and fears that major economies were headed toward recession.
Stocks worldwide added more than $1.7 trillion in value on Monday, based on a record 9.3 percent gain in the MSCI world equity index.
"Sometime last week it seemed like we faced Armageddon, so to have a coordinated plan on stabilizing banks is huge progress," Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said on Monday.
After talks with Wall Street bankers on Monday, Treasury Secretary Henry Paulson agreed to spend $250 billion on equity stakes in U.S. banks and to a three-year guarantee of bank-to-bank lending, sources familiar with the meeting said.
The government would take $25 billion in preferred stock in Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley and Bank of New York, the sources said.
All except Bank of America would have to raise $10 billion in matching capital to qualify, a source said.
This was an about-face from a previous U.S. focus on buying bad debt from banks, after world finance ministers coalesced around a British proposal at weekend meetings in Washington.
Britain's bank plan called for 37 billion pounds ($64 billion) of taxpayers' cash to bail out three major banks in a move that would likely make the government their main shareholder.
Germany, France, Italy and other European governments also announced rescue packages totaling hundreds of billions of dollars.
Also on Monday, investment bank Morgan Stanley reached a financing deal with Mitsubishi UFJ Financial Group Inc (MUFG), possibly with U.S. government support. Morgan shares soared 87 percent, after losing 58 percent last week.
And Banco Santander said it would acquire the remaining 75 percent stake in Sovereign Bancorp Inc it does not already own, as the euro zone's biggest bank hunted for bargains in the beaten-down financial sector.
In addition to the bank bailouts, the U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank said they would lend commercial banks as much U.S. dollar liquidity they needed.
That had an instant impact on bank-to-bank lending rates, which eased, but there was still no clear evidence of funds cascading from banks to companies.
U.S. bond markets were closed on Monday for the Columbus Day holiday.
The euro and sterling gained strength on the European plans.
Oil rose more than $4 to $82 a barrel.
BROWN PROFILE RISES
British Prime Minister Gordon Brown called on world leaders to create a new financial architecture to replace the current system, which was set up at a conference in Bretton Woods, New Hampshire, in 1944.
"Sometimes it does take a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed," Brown said in a speech at the London offices of Thomson Reuters.
Iceland -- forced over the past week to take over three big banks, shut down its stock market and abandon attempts to defend its currency -- officially requested financing from the International Monetary Fund, an IMF official said.
"I'm slightly less terrified today than I was on Friday," Princeton University economist Paul Krugman said after he was named the winner of the Nobel prize in economics on Monday. "We're going to have a recession and perhaps a prolonged one but perhaps not a collapse.
Japan said on Monday it was considering whether to guarantee all bank deposits, while the central bank said it might join further global efforts to boost dollar funding to strained money markets.
The two men vying to succeed U.S. President George W. Bush after the November 4 election were formulating their own plans.
Democrat Barack Obama, leading in public opinion polls, proposed a 90-day moratorium on home foreclosures and other measures aimed at creating jobs.
Republican John McCain was also considering rolling out a new economic package.
($1=.5786 Pound)
($1=.7287 Euro)
(Reporting by Reuters bureaus around the world; Editing by Gary Hill)
Copyright © 2008 Reuters Limite
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Dow futures climb almost 350 after horrible week
Wall Street headed for huge rebound Monday with the Dow Jones industrial average futures up 348, or 4.2 percent, to 8,718. Standard & Poor's 500 index futures rose 42.90, or 4.81 percent, to 933.90. Nasdaq 100 index futures rose 56.50, or 4.41 percent, to 1,339.00.
Investors, hoping that the stock market is finding some footing after eight sessions of devastating losses, sent stock futures sharply higher.
The market appeared relieved by pledges of further coordinated actions by European and U.S. authorities to aid the crippled banking system, including plans by the Treasury to buy U.S. bank stocks.
Investors in Asia and later Europe were already buying, grabbing stocks after last week's rout and action by major governments over the weekend to bolster investor confidence.
Overseas, Hong Kong's Hang Seng index surged 10.2 percent. Markets in Japan were closed for a holiday. In afternoon trading, Britain's FTSE 100 jumped 3.83 percent, Germany's DAX index rose 6.84 percent, and France's CAC-40 jumped 4.37 percent.
Still, while the markets were upbeat early Monday, they were also well aware that there is much to be done to heal the banking system and the credit markets that have come to a virtual halt. Moreover, even if there is heavy buying when trading opens Monday, Wall Street can expect to see back-and-forth trading in the coming days and weeks as investors remain nervous.
Investors awaited details of the U.S. plan to resuscitate the financial system following word from the Bank of England that it would use up to $63 billion to the three largest British banks to help shore up their balance sheets.
The Bush administration is working on implementing its $700 billion financial rescue plan. The White House is consulting with six private law firms to determine the best way to buy ownership stakes in a broad number of banks. The plan to buy shares of banks is aimed at getting capital to financial institutions faster than purchasing their soured mortgage-backed assets.
Neel Kashkari, the assistant Treasury secretary who is interim head of the program, said officials have been developing rule to govern the purchase of soured assets.
The Federal Reserve also said it would make enough U.S. dollar funds were available to meet demand.
The Bank of England, the European Central Bank and the Swiss National Bank jointly announced plans to work together to provide as much short-term funding as necessary to help revive lending. The Bank of Japan said it was considering taking similar steps.
After a series of weekend meetings in Washington of heads of the Group of Seven nations, strong gains in markets in Asia and Europe signaled that investors found comfort from the actions and pledges coming from government officials.
Bond markets are closed for the Columbus Day holiday. The dollar was mixed against other major currencies.
The surge in stock futures comes after a dismal week on Wall Street that erased an estimated $2.4 trillion in shareholder wealth. The Dow, after eight consecutive daily losses that totaled just under 2,400, or 22.1 percent, finished at its lowest level since April 2003, and also suffered its worst weekly percentage loss ever, a fall of 18.2 percent.
Meanwhile, the S&P 500 lost 15.3 percent and the Nasdaq composite index fell 15.3 percent.
Investors worried that banks' reluctance to lend to one another would imperil economic activity by making it harder and more expensive for businesses and consumers to get a loan.
http://news.yahoo.com/s/ap/wall_street
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Copyright © 2008 The Associated Press
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World stock markets soar after historic sell-off
By DAVID JOLLY and BETTINA WASSENER
PARIS — Banking stocks led equity markets higher Monday in Europe and Asia after European leaders announced plans to inject new capital into troubled financial institutions and guarantee interbank lending, and central banks announced new measures aimed at restarting frozen credit markets.
In early afternoon trading, the FTSE 100 index in London was up 4.86 percent and the CAC-40 added 6.1 percent in Paris. The DAX in Frankfurt rose 6.9 percent.
Trading in Standard & Poor’s 500 index futures suggested Wall Street stocks would gain as much as 6 percent at the opening. The bond market was closed Monday for the Columbus Day holiday.
Deutsche Bank rose nearly 25 percent in Frankfurt, while BNP Paribas and other major French banks rose more than 6 percent. Royal Bank of Scotland, which is raising billions of pounds worth of new equity with British government backing, rose more than 5 percent.
In Hong Kong, the Hang Seng index bounced 9.6 percent higher. The S&P/ASX 200 index in Sydney closed up 5.6 percent. Tokyo markets, which lost about a quarter of their value last week, were closed Monday for a national holiday.
In Moscow trading, the Micex index rose 4.5 percent.
“We’re extremely cautious,” Philippe Gijsels, senior equity strategist at Fortis Global Markets in Brussels, said. “This looks like the start of a typical bear-market rally.” He said measures Group of 7 countries announced over the weekend had helped banking stocks, but that the market had been due for a rally after major indexes posted some of their worst declines last week.
“To repair the market will take some time,” he said. “The problem is that the financial problem has now become a real economic problem. The damage has been done.”
“The G-7 was responding to a crisis of confidence,” David Thébault, head of derivative sales at Global Equities in Paris, said, comparing the new measures to “a defibrillator applied to a heart attack patient.” “We can see the end of the financial crisis, but at the price of an economic crisis,” he added. “But it’s better to have an economic crisis than to have the entire system endangered.”
Meeting in Paris late Sunday, officials European financial and political leaders agreed late Sunday to a plan that would inject billions of euros into their banks in a bid to restore confidence to the teetering financial system.
Taking their cue from a rescue plan announced last week by Britain, the European countries led by Germany and France pledged to take equity stakes in distressed banks and vowed to guarantee bank lending for periods up to five years. Both France and Germany were planning to unveil national rescue packages on Monday worth hundreds of billions of euros, officials said.
The Federal Reserve said early Monday in Washington that it would create swap lines with the Bank of England, the European Central Bank and the Swiss National Bank “to accommodate whatever quantity of U.S. dollar funding is demanded.”
The Bank of Japan, it said, will consider the introduction of similar measures.
Stocks in Sydney rose a day after Australian and New Zealand governments joined the scramble to calm markets, saying they would guarantee all bank deposits and some interbank lending.
Elsewhere, the Kospi index in South Korea rose 3.8 percent, the Straits Times index in Singapore rose 4.2 percent. In Hong Kong, financial secretary John Tsang warned of an increased risk of recession in 2009 because of the global financial crisis, and PCCW, a leading telecommunications company, on Sunday scrapped the planned partial sale of its HKT unit, citing the market upheaval. The company’s stock slumped nearly 9 percent to its lowest level since 1999.
The dollar lost ground against other major currencies. The euro rose to $1.3637 from $1.3408 late Friday in New York, while the British pound rose to $1.7151 from $1.7042. The dollar slipped to 100.58 yen from 100.68 and fell to 1.1345 Swiss francs from 1.1388.
U.S. crude oil for November delivery rose $3.96, or 3.1 percent, to $80.78 a barrel.
David Jolly reported from Paris and Bettina Wassener from Hong Kong.
http://www.nytimes.com/2008/10/14/business/14markets.html?_r=1&adxnnl=1&oref=slogin&exprod=myyahoo&pagewanted=print&adxnnlx=1223902902-yCzHyX/qycbqwe+cpyV0Lg
Copyright 2008 The New York Times Company
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