The vice-presidential debate is October 2nd.
While aggressive evictions are reducing the number of rent-stabilized apartments in New York, Representative Charles B. Rangel is enjoying four of them, including three adjacent units on the 16th floor overlooking Upper Manhattan in a building owned by one of New York’s premier real estate developers.
While the villa was rented to paying guests for the past two years, for instance, Rangel reported no income from it in 2006 and 2007, The Post has learned. As a congressman, failure to fully list all income and investments can result in civil penalties or criminal charges.Reports like this don't come out by accident. Somebody that is very powerful is after Rangel.
Progressiveness is the additional share we capture when oil prices and profits are high. I chose to set the progressiveness knob [i.e., the windfall profits tax] at a relatively low level in exchange for more security when prices are low. We accomplished this through a gross tax floor at our legacy fields. If the Legislature chooses to discard that floor, then the knob on progressiveness needs to be set higher — to make sure we capture a more equitable share when prices are high and profits extraordinary.
Keep in mind that the original oil tax rate recommendation was 25 percent. That's the same rate we are recommending in ACES. It has been reviewed by numerous economists with worldwide oil and gas experience. There is no dissension -- 25 percent is the right number.
JUNEAU -- Gov. Sarah Palin shocked and awed just about everybody around the Capitol on Wednesday when she announced she's expecting her fifth child.
The governor, who recently turned 44, told a handful of reporters as she was leaving work to expect a new member of the first family, then headed to a reception at the Baranof Hotel to feast on king crab.
Palin said she's already about seven months along, with the baby due to arrive in mid-May.
That the pregnancy is so advanced astonished all who heard the news. The governor, a runner who's always been trim, simply doesn't look pregnant.
Even close members of her staff said they only learned this week their boss was expecting.
Apparently her teenage daughter was out of school, unseen, for months, because she "had mono".You really have to blame John McCain for this. He plucked a woman, literally out of the wilderness, to be his running mate, without properly vetting her. Supposedly, the McCain camp didn't even know that Palin was under investigation for ethics violations for trying to get her former brother-in-law fired as a state trooper. Though she has high, albeit declining, approval ratings in Alaska, my guess is she was almost in over her head in Alaska, never mind a heartbeat away from the presidency.
Our beautiful daughter Bristol came to us with news that as parents we knew would make her grow up faster than we had ever planned.
We're proud of Bristol's decision to have her baby and even prouder to become grandparents. As Bristol faces the responsibilities of adulthood, she knows she has our unconditional love and support.
Palin is a fighter and is has an amazing way of filling a room with her presence. During the gubernatorial race in 2006, it was an amazing sight to behold at every debate. No matter what she said, if anything, people would just gush at her optimism and her compelling story.
While I and others criticized her glittering generalities during the campaign, the more she spoke them the more people fell in love. That is the significant power she has of making voters forget about the policy and focus on the person.
Palin should never, ever be underestimated. Far too many seasoned politicians have doubted her ability due to her appearance that she lacks any grasp or vision about public policy challenges.
I recall during a late night flight back from a Fairbanks campaign event in 2006, sitting next to former Governor and Democratic opponent Tony Knowles on the plane, talking about Palin's uncanny popularity.
I remember Knowles saying that what was most surprising to him regarding his polling was that Palin scored off the charts with well educated moderate and liberal women. This seemed counter intuative given Palin's inability to articulate public policies and her very conservative postion on issues such as abortion...
Another weakness is Palin's habit of tailoring the facts of a situation to meet her political needs.
Yesterday in her Dayton acceptance speech, Palin stated, "...I championed reform to end the abuses of earmark spending by Congress. In fact, I told Congress -- I told Congress, 'Thanks, but no thanks,' on that bridge to nowhere. If our state wanted a bridge, I said we'd build it ourselves."
This was not true.
Not only did the state keep the money that was earmarked for the bridge to be used on other transportation projects, but Palin had been a strong supporter of the bridge during her gubernatorial run in 2006, claiming Alaska needed to seize upon the seniority of its congressional delegation...
As a close observer of her administration, Palin has had a habit of holding press conferences surrounded by the crutch of her staff.
When questions get too detailed, she anxiously looks around the room for someone to save her...
She has also exhibited a quick temper with those who question her...
In April of 2006, Palin and I shared a cup of coffee together in the Captain Cook coffee shop. We had just been at a debate up at the University of Fairbanks the night before and she said although the was impressed with my ability to state policies and figures, when looking out over the audience, she wondered to herself if having a grasp of that really mattered.
In October of 2006, at a health care debate at UAA late in the campaign, while Tony Knowles and I waited backstage to go on, Palin sat in the corner with two of her aides trying to force feed her health care information. She ended up walking on stage with an arm load of health care reports.
The fact was that having a grasp of policies and figures didn't matter. Because at the end of the day, policies and figures didn't win the election; Palin won the election by being the candidate that people liked the most, not the candidate that knew the most.
As you know, I do have my own jet, but I've been having to fly back and forth to L.A. pursuing my acting career.Now, if I'm flying back and forth twice a month, that's like $200,000, $250,00 round trip. I'm back on American Airlines...Give a shout out to all my Saudi Arabia brothers and sisters and all the brothers and sisters in all the countries that have oil... if you could please send me some oil for my jet, I would truly appreciate it...
Alaska Business Monthly: We've lost a lot of Alaska's military members to the war in Iraq. How do you feel about sending more troops into battle, as President Bush is suggesting?I haven't really focused much on the war in Iraq. I heard on the news about the new deployments... WTF?
Palin: I've been so focused on state government, I haven't really focused much on the war in Iraq. I heard on the news about the new deployments, and while I support our president, Condoleezza Rice and the administration, I want to know that we have an exit plan in place; I want assurances that we are doing all we can to keep our troops safe. Every life lost is such a tragedy. I am very, very proud of the troops we have in Alaska, those fighting overseas for our freedoms, and the families here who are making so many sacrifices.
Seven months into the surge, she still either had not formed any opinion on the surge or the war or just wasn't sharing. "I'm not here to judge the idea of withdrawing, or the timeline," she said in a teleconference interview with reporters during a July 2007 visit with Alaska National Guard troops stationed in Kuwait. "I'm not going to judge even the surge. I'm here to find out what Alaskans need of me as their governor."
That's a little weird, since Fort Richardson, near Anchorage, has dispatched countless soldiers to Iraq, including many who did not make it back. And Palin's own son, Track, is an infantry soldier who could go there any time.
Pat Buchanan brought his conservative message of a smaller government and an America First foreign policy to Fairbanks and Wasilla on Friday as he continued a campaign swing through Alaska. Buchanan's strong message championing states rights resonated with the roughly 85 people gathe.red for an Interior Republican luncheon in Fairbanks. … Among those sporting Buchanan buttons were Wasilla Mayor Sarah Palin and state Sen. Jerry Ward, R-Anchorage.Buchanan on Hardball also said of Palin and her husband that "They were at a fundraiser for me." He called her a "terrific gal" and a "rebel reformer."
...if McCain had made his selection six months ago, the squeaky-clean governor meme would have made a little more sense. But, Sarah Palin is currently under an ethics investigation by the Alaska state legislature. The details of this investigation read like a trashy novel, and I suspect that the players will soon have newfound celebrity on the national stage. I’ll try to explain for all you non-Alaskans who suddenly have good reason to want to know more about Sarah Palin. For those of you not interested in trashy novels, feel free to skip ahead. Here it is…what we in Alaska call “TrooperGate”.
Sarah Palin’s sister Molly married a guy named Mike Wooten who is an Alaska State Trooper. Mike and Molly had a rocky marriage. When the marriage broke up, there was a bitter custody fight that is still ongoing. During the custody investigation, all sorts of things were brought up about Wooten including the fact that he had illegally shot a moose (yes folks this is Alaska), driven drunk, and used a taser (on the test setting, he reminds us) on his 11-year old stepson, who supposedly had asked to see what it felt like. While Wooten has turned out to be a less than stellar figure, the fact that Palin’s father accompanied him on the infamous moose hunt, and that many of the dozens of charges brought up by the Palin family happened long before they were ever reported smacked of desperate custody fight. Wooten’s story is that he was basically stalked by the family.
After all this, Wooten was investigated and disciplined on two counts and allowed to kept his position with the troopers. Enter Walt Monegan, Palin’s appointed new chief of the Department of Public Safety and head of the troopers. Monegan was beloved by the troopers, did a bang-up job with minimal funding and suddenly got axed. Palin was out of town and Monegan got “offered another job” (aka fired) with no explanation to Alaskans. Pressure was put on the governor to give details, because rumors started to swirl around the fact that the highly respected Monegan was fired because he refused to fire the aforementioned Mike Wooten. Palin vehemently denied ever talking to Monegan or pressuring Monegan in any way to fire Wooten, or that anyone on her staff did. Over the weeks it has come out that not only was pressure applied, there were literally dozens of conversations in which pressure was applied to fire him. Monegan has testified to this fact, spurring an ongoing investigation by the Alaska state legislature. But, before this investigation got underway, Palin sent the Alaska State Attorney General out to do some investigative work of his own so she could find out in advance what the real investigation was going to find. (No, I’m not making this up). The AG interviewed several people, unbeknownst to the actual appointed investigator or the Legislature! Palin’s investigation of herself uncovered a recorded phone call retained by the Alaska State Troopers from Frank Bailey, a Palin underling, putting pressure on a trooper about the Wooten non-firing. Todd Palin (governor’s husband) even talked to Monegan himself in Palin’s office while she was away. Bailey is now on paid administrative leave.
As if this weren’t enough, Monegan’s appointed replacement Chuck Kopp, turns out to have been the center of his own little scandal. He received a letter of reprimand and was reassigned after sexual harrassment allegations by a former coworker who didn’t like all the unwanted kissing and hugging in the office. Was he vetted? Obviously not. When he was questioned about all this, his comment was that no one had asked him and he thought they all knew. Kopp, defiant, still claimed to have done nothing wrong and said to the press that there was no way he was stepping down from his new position. Twenty four hours later, he stepped down. Later it was uncovered that he received a $10,000 severance package for his two weeks on the job from Palin. Monegan got nothing.
After extensive news coverage about all this nasty behind-the-scenes scandal, which is definitely NOT squeaky clean, Palin’s approval ratings fell to 67%, still high, but a far cry from the 90% number that’s being thrown around so glibly by the Republicans today. Alaskans are quickly becoming disillusioned once again.
Brickley has never been to Alaska or met Palin. But while researching potential vice presidents, he stumbled on Palin and thought she would be a good No. 2 to just about all of the major Republican candidates in the race at the time. …The "Draft Palin" movement picked up momentum in more mainstream media, including a column last summer by Fred Barnes of the Weekly Standard.
Others followed, including talk over the past couple weeks from conservative radio talk show host Rush Limbaugh.
Just so that you all know, I did receive a brief phone call tonight from Todd and Sarah Palin. Thanks to them for being so kind.
John McCain needs what Kinky Friedman calls "a checkup from the neck up."
In choosing Alaska Gov. Sarah Palin to be his running mate he is not tinking "outside the box," as some have said. More like out of his mind.
Palin a first-term governor of a state with more reindeer than people, will have to put on a few pounds just to be a lightweight. Her personal story is impressive: former fisherman, mother of five. But that hardly qualifies her to be a heartbeat away from the presidency.
For a man who is 72 years old and has had four bouts with cancer to have chosen someone so completely unqualified to become president is shockingly irresponsible. Suddenly, McCain's age and health become central issues in the campaign, as does his judgment.
In choosing this featherweight, McCain passed over Tom Ridge, a decorated combat hero, a Cabinet secretary and the former two-term governor of the large, complex state of Pennsylvania. iReport.com: 'McCain pick might be a gimmick'
He passed over Mitt Romney, who ran a big state, Massachusetts; a big company, Bain Capital; and a big event, the Olympics.
He passed over Kay Bailey Hutchison, the Texas senator who is knowledgeable about the military, good on television, and -- obviously -- a woman.
He passed over Joe Lieberman, his best friend in the Senate and fellow Iraq Kool-Aid drinker.
He passed over former congressman, trade negotiator and budget director Rob Portman.
And he also passed over Mike Huckabee, the governor of Arkansas.
For months, the McCainiacs have said they will run on his judgment and experience. In his first presidential decision, John McCain has shown he is willing to endanger his country, potentially leaving it in the hands of someone who simply has no business being a heartbeat away from the most powerful, complicated, difficult job in human history.
The vice president is a heartbeat away from becoming president, so to choose someone with not one hour’s worth of experience on national issues is a dangerous choice.
If John McCain thought that choosing Sarah Palin would attract Hillary Clinton voters, he is badly mistaken.
The only similarity between her and Hillary Clinton is that they are both women. On the issues, they could not be further apart.
Sen. McCain had so many other options if he wanted to put a woman on his ticket, such as Sen. Kay Bailey Hutchison or Sen. Olympia Snowe -– they would have been an appropriate choice compared to this dangerous choice.
In addition, Sarah Palin is under investigation by the Alaska state legislature, which makes this more incomprehensible.
Outdoorsmen should recognize the difference between black bear and grizzly bear dung.
Black bear dung is smaller and contains lots of berries and squirrel fur. Grizzly bear dung has little bells in it and smells like pepper.
The progressive personal income tax, the corporate income tax, the inheritance tax, and the capital-gains tax are all paid with funds that otherwise would have been saved and invested. All of them reduce the demand for labor by business firms in comparison with what it would otherwise have been, and thus either the wage rates or the volume of employment that business firms can offer. For they deprive business firms of the funds with which to pay wages.
By the same token, they deprive business firms of the funds with which to buy capital goods. This, together with the greater spending for consumers' goods emanating from the government, as it spends the tax proceeds, causes the production of capital goods to drop relative to the production of consumers' goods. This implies a reduction in the degree of capital intensiveness in the economic system and thus its ability to implement technological advances. The individual and corporate income taxes, and the capital-gains tax, of course, also powerfully reduce the incentive to introduce new products and improve methods of production. In all these ways, these taxes undermine capital accumulation and the rise in the productivity of labor and real wages, and thus the standard of living of everyone, not just of those on whom the taxes are levied.
Private equity firms have been eyeing troubled banks and thrifts as investment opportunities as the credit crisis has taken a toll on share prices.Interesting situation, we have a very smart guy in Quarles ready to take the plunge in bank stocks, while we have Bernanke about to the torpedo the entire economy (see Crashing Money Supply Numbers Signal Depression). If Bernanke doesn't start pumping M2 money and if Quarles starts buying without that M2 money pumping, Quarles is going to have his ass handed to him, courtesy of Bernanke.
Randal Quarles, managing director at Carlyle Group CYL.UL, one of the world's largest buyout firms with $83 billion under management, forecasts that many of the investments will be minority stakes -- which can be accomplished without dramatic changes in the Fed's rules. Quarles, previously undersecretary of the U.S. Treasury, said there could be an uptick in investment activity before the end of the year.
"It is going to be hard to raise (capital) in the public markets, particularly for depository institutions," he said. "I think that's going to drive a lot of private equity deals."
It is a near certainty that the next emperor (President), no matter who he is, will behave just as foolishly, if not more so, than his predecessors in office. He will surround himself with associates who are sycophants, and they will do nothing to puncture the myths he believes in, which include his own greatness and perspicacity. He will believe himself the unique man of the hour who is sent to make good the ills of his society. He will live in the bubble of his own court and entourage. He will be immersed in his own media and their myths. Any new ideas that come his way will be distorted and broken into pieces that fit his own preoccupations and biases. Whatever psychological weaknesses he may have will be amplified and realized in the form of his policy decisions and priorities.
He may play golf, touch football, bed a woman a day in or near the Oval Office, take naps, ride horseback, eat Big Macs, or have barbecues. He may even be a policy wonk and study every option in sight, from wearing sweaters to turning down thermostats. But, in the end, he has only 24 hours a day, he is a limited man, and he will be unable to manage the empire. He will leave most of that to others, and they will not be under his control. The empire’s power will be fractionated and dispersed in unaccountable ways, to be misused and mishandled. The greater the empire is, the larger it is, the more things it attempts to control, the more wealthy it is, the more powerful it is – the more that it will spin out of control, the more that diverse motives of petty and greedy men and women will prevail, and the more rotten and decadent the empire will become.
An empire is a complex piece of organizational machinery. Bureaucracies unaccountable to almost anyone will prevail. Machinations behind the curtains of power will prevail. Money and influence will prevail. Presidents will put in place their own palace bureaucracies in order to attempt to bypass the existing ones. The complexity will multiply, assuring its own eventual demise.
The rise of the power and preeminence of the American Empire contained the seeds of its own fall. They are now maturing.
Steve Jobs, who helped make personal computers as easy to use as telephones, changed the way animated films are made, persuaded consumers to tune into digital music and refashioned the mobile phone, has XXXX. He was TK. Jobs XXXX, TK said XXXXX.
A college dropout who co-founded Apple Inc., Jobs won ardent supporters by ushering "cool'' gadgets to market. He delivered the Macintosh, the first user-friendly computer, and conquered the online music industry with the iPod, making white ear buds fashionable. In 2007, he led Apple into the mobile-phone market with the Web-surfing iPhone. And as chief executive officer of Pixar animation studios, Jobs promoted computer-generated storytelling with movies including "Toy Story.''
"In terms of an inspirational leader, Steve Jobs is really the best I've ever met,'' Microsoft Corp. Co-Chairman Bill Gates said in January 1998 when asked to name the CEOs he most admired. "He's got a belief in the excellence of products. He's able to communicate that."
When Jobs was in the 10th grade at Homestead High School in Cupertino, he assured his then girlfriend Chris-Ann Brennan he was going to become a millionaire, ccording to the "Second Coming of Jobs" by Alan Deutschman.
"Steve had these dreams of becoming one of the great people that has companies and makes products that change the world," Steve Wozniak [with whom Jobs founded Apple] said in August 2008. "One of the few people like the Shakespeare's and Einstein's that get well known - he wanted to be in that group."
Jobs, who made a black turtleneck sweater and blue jeans his trademark,emphasized aesthetics in both the hardware and software used in the computer. The Mac became a fashion statement among graphic artists and students, his biggest customers early on.
In his quest to create what he called "insanely great" products,Jobs earned a reputation for being mercurial, sometimes screaming at his employees, according to biographer Deutschman. "It's painful when you have some people who are not the best people in the world," Jobs said in a 1995 oral history interview with the Smithsonian Institution. "My job has sometimes exactly been that - to get rid of some people who didn't measure up."
At the annual Macworld Expo computer show in January 1998, Jobs finished a 90-minute speech and was about to walk off stage when he paused. "I almost forgot. We're profitable". The crowd of 4,000 people, anxious about whether Apple would survive, roared its approval.
Questions about Jobs's health resurfaced in June 2008 after he appeared at the company's annual developer's conference looking visibly thinner. Jobs had said on Aug 1 2004, he had surgery to remove a cancerous tumor in his pancreas. His form of cancer, called a neuroendocrine tumor, can be cured if diagnosed in time, as his was, he wrote at the time to employees in an e-mail from his hospital bed.
Jobs, a Buddhist and a vegetarian, kept his cancer a secret for nine months as he sought alternatives to surgery.
Jobs had a personal fortune estimated at $5.4 billion, according to Forbes magazine's annual survey of the world's richest people in March 2008.
"Your work is going to fill a large part of your life and the only way to be truly satisfied is to do what you believe is great work," Jobs told Stanford students in 2005. "The only way to do great work is to love what you do."
Survivors include wife Laurene Powell, children Lisa Brennan-Jobs, Eve, Erin Sienna and Reed Paul, and sister Patti Jobs and Mona Simpson.
Tonight, John McCain will talk directly to his opponent in a television ad his campaign is airing in battleground states, around the time Barack Obama accepts the presidential nomination, McCain's campaign said...Obama is scheduled to speak between 10 p.m. and 11 p.m...
McCain campaign communications director Jill Hazelbaker said in an MSNBC appearance that the battleground spot is "an historic ad — I think this is the first of its kind."
"Sen. McCain is going to have an ad that's going to air in battleground states around the time that Sen. Obama is speaking tonight," Hazelbaker said. "He's going to be talking directly to his opponent. So, I'm going to leave it there. But it's going be very exciting. I think that a lot of people are going to focus on it."
Since Obama wants to provide universal health acre, the thinking goes that the 116 million uninsured will start flocking to medical facilities for every pain. And, it is more likely that the government will expand insurance coverage if Barrack Obama wins the election. As a result, an Obama presidency will be bullish for hospital stocks.
With hospitals trading at a modest discount to historical medians we believe the hospital stocks could rally if the prospects for health reform and expanded coverage are seen as increasing
The run-up to former President Clinton’s proposed health reform initiative saw hospital stocks outperform the market by 35% from 1993-94 supporting our view
What can you say about people who get teary-eyed at a political convention? The TV camera people found a few of these at the Democrats' convention and they will probably find some at the Republicans' convention next week.
Hayek had some things to say about dangerous confusions when we mix up the "micro-cosmos" (he referred to families, tribes, extended families, etc.) and the "macro-cosmos" (he referred to wider civilization). The rules and norms that work in one do not work in the other. The market works for us by harnessing and organizing the incentives of very large numbers of strangers. But this is not how allocations within families work. Likewise, it is futile and dangerous to think of the larger society as a family. At worst, we look for (and find) a pater familius. The history of these quests is ugly...
It seems that [the teary eyed] are confused in ways that Hayek recognized. This is why the political platforms ring with promises to help all of those who are (or feel they are) down and out. Creepy.
The Federal Deposit Insurance Corp said on Tuesday it now expects IndyMac's failure in July to cost its insurance fund $8.9 billion, compared with the previous expected range of $4 billion to $8 billion...
Diane Ellis, the FDIC's associate director of financial-risk management, said IndyMac's expected hit to the fund blossomed because analysts have had more time to value IndyMac's assets and have assigned some higher loss rates.
Also, some deposits that the FDIC originally thought were uninsured are actually insured, Ellis said.
They need about a half a trillion dollars in borrowing authority, and they need a vehicle to own these banks while we triage them and sell them.
It depends on the loss rate. If we are way over 1990s levels, by say the third quarter, then I would tell you there’s going to be some institutions that may not be able to raise private capital and may need a bridge.
[A]n examination of the tiered indices (these show separately the movement of house prices in each city for cheapest third of houses, the middle third, and upper third) indicates a sharp divergence within many markets. In several of the former bubble markets higher end home prices appear to be stabilizing, while prices for homes in the bottom tier continue to fall rapidly.
For example, in Los Angeles prices in the bottom third of the market fell by 3.2 percent in June, while prices in the top third fell by just 0.2 percent. Over the last quarter, prices for homes in the bottom tier fell at a 12.2 percent annual rate, while prices in the top tier dropped at just a 0.8 percent rate.
There’s a similar story in Miami, where prices in the bottom tier fell at a 14.5 percent annual rate over the last quarter, while prices in the top tier fell at just a 4.2 percent rate. Over the last year, prices in the bottom tier have fallen 31.6 percent, which is not much larger than the 25.3 percent decline in prices for houses in the top tier. There’s a similar story in Las Vegas, Phoenix, San Diego, and San Francisco.
The idea that made [Hans] Monderman, who died of cancer in January at the age of 62, most famous is that traditional traffic safety infrastructure—warning signs, traffic lights, metal railings, curbs, painted lines, speed bumps, and so on—is not only often
unnecessary, but can endanger those it is meant to protect...
As I watched the intricate social ballet that occurred as cars and bikes slowed to enter the circle (pedestrians were meant to cross at crosswalks placed a bit before the intersection), Monderman performed a favorite trick. He walked, backward and with eyes closed, into the Laweiplein. The traffic made its way around him. No one honked, he wasn't struck. Instead of a binary, mechanistic process--stop, go--the movement of traffic and pedestrians in the circle felt human and organic.
A year after the change, the results of this "extreme makeover" were striking: Not only had congestion decreased in the intersection-- buses spent less time waiting to get through, for example-- but there were half as many accidents, even though total car traffic was up by a third. Students from a local engineering college who studied the intersection reported that both drivers and, unusually, cyclists were using signals-- of the electronic or hand variety-- more often. They also found, in surveys, that residents, despite the measurable increase in safety, perceived the place to be more dangerous. This was music to Monderman's ears. If they had not felt less secure, he said, he "would have changed it immediately."
Sen. Obama is proposing to use the government to remake economic policies in a way that hasn't been seen in Washington in decades...
If the economy is faltering if and when he takes office...Mr. Obama would push for a stimulus plan with a price tag of $115 billion, his aides say. The plan would include $1,000 rebates for moderate-income and middle-class families, aid to state and local governments and heavy spending on roads, ports and levees and other infrastructure to create jobs.
Sen. Obama, in campaign appearances and discussions with staff, has said that he would start his term in office with three big economic priorities, apart from a possible stimulus plan. One would be a government health-care plan to cover millions without insurance. Another would be a system of tradable pollution permits to reduce emissions and bankroll alternative-energy projects. He'd also push the first increases in income-tax rates since 1993 and in capital-gains taxes since 1986.
In total, his top priorities would cost hundreds of billions of dollars a year, and some of them might require a stiff increase in regulation.
During the years that Senator Joseph R. Biden Jr. was helping the credit card industry win passage of a law making it harder for consumers to file for bankruptcy protection, his son had a consulting agreement that lasted five years with one of the largest companies pushing for the changes, aides to Senator Barack Obama’s presidential campaign acknowledged Sunday
Mr. Biden’s son, Hunter, received consulting fees from the MBNA Corporation from 2001 to 2005 for work on online banking issues. Aides to Mr. Obama, who chose Mr. Biden as his vice-presidential running mate on Saturday, would not say how much the younger Mr. Biden, who works as both a lawyer and lobbyist in Washington, had received, though a company official had once described him as having a $100,000 a year retainer...
The financial services industry began seeking relief from Congress in the mid-1990s from an increase in bankruptcies that was cutting into its profits. Its initial support came from Republican lawmakers, who repeatedly introduced bills to make it more difficult for consumers to erase their debts. During that time, executives at MBNA, which was bought in 2006 by Bank of America, began donating heavily to both major political parties and many national politicians, including Mr. Biden.
In late 1996, the company hired the younger of Mr. Biden’s two sons, Robert Hunter Biden, known as Hunter, who had just graduated from Yale Law School, as a lawyer. The company promoted Mr. Biden to senior vice president by early 1998. And after the younger Mr. Biden worked at the Commerce Department on electronic commerce issues from 1998 to 2001, MBNA hired him back on a monthly consulting
contract to advise it on such issues, aides said.
Consumer advocates say that Senator Biden was one of the first Democratic leaders to support the bankruptcy bill, and he voted for it four times — in 1998, 2000, 2001 and in March 2005, when its final version passed the Senate by a vote of 74 to 25.
Travis Plunkett, legislative director of the Consumer Federation of America, a consumer group that opposed the bill, said that Senator Biden had provided a “veneer of bipartisanship” that eventually helped the credit card companies win over other Democrats. “He provided cover to other Democrats to do what the credit industry was urging them to do,” Mr. Plunkett said.
As I walked toward my room, I noticed that the door was opened with the security bolt blocking the complete closing of the door. I knew immediately that I had not left the door open, and I double checked to make sure it was the right room because, as a frequent traveler, I have been known to forget my room number, but it was the right room.
I was upset at first thinking that housekeeping had made a mistake and left my room open and I was worried that something might be missing. So I walked into my room and bigger than life, there was a man standing by my desk holding the room phone with a screwdriver in his hand!
I immediately said; "What the hell are you doing? Are you putting a bug on my phone?" He looked like he got caught with his hand in the cookie jar and stammered out: "N--no, we are having problems with the phone." I told him to get out of my room because my phone was fine and I called the front desk and the person at the front desk stammered something out about "problems" with some of the phones.
This room was reserved soon after we got to Denver last night because the room we had was inadequate for 3 people. The room was reserved under my campaign manager's name with a CFC debit card. By the time we left for the march, it could have very well been ascertained that I was the one in this room, and the room we did reserve could be bugged, also. I am confident that that's what was happening when I walked in on the "maintenance" man"
Famously averse to publicity, Goldman has said almost nothing about the $2.4 billion headquarters it is building in Battery Park City, cater-corner from the new 1 World Trade Center tower, since the project was announced three years ago. Though the firm will fill the tower from top to bottom, including six vast trading floors, its name will appear nowhere on the building, which will simply be called 200 West Street.
So his policies often involve setting up a government program to address a market failure but then trying to harness the power of the market within that program.
To deal with one example of such myopia, Obama would require companies to automatically set aside a portion of their workers’ salary in a 401(k) plan. Any worker could override the decision — and save nothing at all or save even more — but the default would be to save.
A more controversial version of Obama’s market friendliness came from his health-care proposal, which, unlike Hillary Clinton’s, would not mandate that people have health insurance. Like other Democrats, he was pushing for a big government program to deal with what he saw as market failures in health care and to bring down the price of insurance. Once the program was in place, though, he trusted a market of individuals to make its own decisions; once the government had subsidized health insurance, he thought the vast majority of the uninsured would sign up.
There is, plainly, a big potential conflict between the University of Chicago side of Obama and the regulator side. A regulation that sounds sensible today can end up having nasty unintended consequences. But in Obama’s view, the risks to market-based capitalism now have more to do with too little regulation than too much. He can sound almost righteous on this point.He talked to me about the need for a moral element to capitalism and said that the crony capitalism of recent years should be the nightmare of any market-loving economist. At times, this part of his message can seem to overwhelm his respect for the market.
Economically, he is trying to use the tax code to spread the bounty from the market-based American economy to a far wider group of families.
Obama would raise taxes on this top 0.1 percent by an average of $800,000 a year.
Obama moved the conversation toward a discussion of how the government could improve the nation’s infrastructure — its backbone of bridges, roads, tunnels...
Grand New Party [a book by Douthat and Salam ]...doesn’t mention Obama by name, but it contains one of the best summaries of his economic policy that I have read. The authors describe a new-model liberal consensus that weds “the free-market centrism of the Clinton years to a revived push for European-style social democracy.” This neoliberalism, as they call it, wouldn’t involve the big-government programs of the postwar years, but the government would come to play a larger role in the economy and would redistribute much more income from the rich to everyone else. “This is, in many respects, a deeply un-American solution to the problems facing our country,” the authors write, “one that would emphasize dependence over self-sufficiency and bureaucratic condescension over self-help.”