Home » doubts

Monday Evening News Roundup

Monday Evening News Roundup

Israeli Prime Minister Benjamin Netanyahu has leverage from now until November 2nd. After the election, his leverage with the United States President is significantly lessened. So, look for him to continue to ratchet up the pressure to try to push, cajole and/or coerce Barack Obama into taking some offensive action against Iran.

I really don’t like replacement refs. If a quarterback gets a forearm to the head, one would think that would be an easy call. Not for the replacement refs. They missed it.

Today marks the one-year anniversary of the Occupy Wall Street protests. Some feel that the Occupy Wall Street protests haven’t been successful. Others have argued that we have focused too much attention on these protests. First of all, The Occupy Wall Street protests have been successful just in the fact that here we are, talking about Wall Street and their shenanigans. Occupy Wall Street garnered media attention and the attention of politicians (both right and left). They have indeed been successful. Yet, I would argue that they need to do more. We need more than simple recognition. We need to morph into the next stage. We need to start combating some of the problems the protesters have identified. The excesses of Wall Street continue.

Joe Scarborough from MSNBC has reinforced the idea that all Americans are stupid by stating that Muslims hate us because of their religion. Completely moronic. I’m sure it has nothing to do with the fact that we have supported ruthless dictators.

More News Roundup After the Break (more…)

By |2013-11-03T18:13:35-04:00September 17th, 2012|Elections, Healthcare, Iran, Israel, NFL, Occupy Wall Street|Comments Off on Monday Evening News Roundup

Exactly what is Tim Geithner proposing?

Paul Krugman, Nobel prize-winning economist, doesn’t like what he hears. Over the weekend, many news outlets have leaked portions of the “new” bank plan. Here are Krugman’s thoughts.

Over the weekend The Times and other newspapers reported leaked details about the Obama administration’s bank rescue plan, which is to be officially released this week. If the reports are correct, Tim Geithner, the Treasury secretary, has persuaded President Obama to recycle Bush administration policy — specifically, the “cash for trash” plan proposed, then abandoned, six months ago by then-Treasury Secretary Henry Paulson.

This is more than disappointing. In fact, it fills me with a sense of despair.

After all, we’ve just been through the firestorm over the A.I.G. bonuses, during which administration officials claimed that they knew nothing, couldn’t do anything, and anyway it was someone else’s fault. Meanwhile, the administration has failed to quell the public’s doubts about what banks are doing with taxpayer money.

And now Mr. Obama has apparently settled on a financial plan that, in essence, assumes that banks are fundamentally sound and that bankers know what they’re doing.

It’s as if the president were determined to confirm the growing perception that he and his economic team are out of touch, that their economic vision is clouded by excessively close ties to Wall Street. And by the time Mr. Obama realizes that he needs to change course, his political capital may be gone.

Let’s talk for a moment about the economics of the situation.

Right now, our economy is being dragged down by our dysfunctional financial system, which has been crippled by huge losses on mortgage-backed securities and other assets.

As economic historians can tell you, this is an old story, not that different from dozens of similar crises over the centuries. And there’s a time-honored procedure for dealing with the aftermath of widespread financial failure. It goes like this: the government secures confidence in the system by guaranteeing many (though not necessarily all) bank debts. At the same time, it takes temporary control of truly insolvent banks, in order to clean up their books.

That’s what Sweden did in the early 1990s. It’s also what we ourselves did after the savings and loan debacle of the Reagan years. And there’s no reason we can’t do the same thing now. (more… )

I think that I’m going to have to agree with Mr. Krugman. I think the fact that Wall Street is happy can’t be good for the rest of us. How does shoveling money at Wall Street help us? We have to the “right” thing with regard to the banks. I’m not sure what that is, but I know it shouldn’t be throwing my money at the problem. Some of these banks may need to go under.

My two cents.

By |2009-03-23T13:15:15-04:00March 23rd, 2009|Economy|Comments Off on Exactly what is Tim Geithner proposing?

What's Going On: Evening News Round-up

  • Robert Novak, the Chicago Sun-Times columnist who published Valarie Plame’s name, is retiring suddenly. It appears that he has been diagnosed with a brain tumor. I although I disagree with Novak’s politics, no one deserves a brain tumor. I hope that he is able to get well soon.
  • The House Republicans were trying to make a big deal of the House adjourning without passing some energy legislation. They were hoping that the White House would go along with their game. The White House balked.
  • A new national poll shows that low-wage workers support Senator Barack Obama two to one over Senator John McCain. Now, all Obama has to do is get these folks out to the polls.
  • A grenade killed 16 policemen in China. This raises doubts on how well China can protect the Olympic athletes.
  • Former Senate Majority Leader Tom Dashcle, whose office received one of the anthrax letters says that the death of a primary suspect does not mean that the investigation is over. There are plenty of unanswered questions. Senator Dashcle was interviewed for NPR.
  • The great reporter Helen Thomas turned 88 today!!! Congratulations Ms. Thomas. Please keep asking those questions, I, for one, appreciate it.
By |2008-08-04T20:03:06-04:00August 4th, 2008|Bush Administration, Domestic Issues, Election 2008, House of Representatives|Comments Off on What's Going On: Evening News Round-up
Go to Top