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Archive for October 3rd, 2010

Boss Carl – Paladino Tries to Bully the Media

Posted in Main Blog (All Posts) on October 3rd, 2010 4:41 am by HL

Boss Carl – Paladino Tries to Bully the Media


Corrections And Amplifications: On Andrew Mellon, Sebastian Mallaby, And General Motors

Posted in Main Blog (All Posts) on October 3rd, 2010 4:40 am by HL

Corrections And Amplifications: On Andrew Mellon, Sebastian Mallaby, And General Motors
1. A group calling itself “Stand Up For America” says I took Herbert Hoover’s treasury secretary Andrew Mellon’s words out of context in my post “Republican Economics as Social Darwinism” (September 26); and that, in any event, today’s Republicans who…



Herbert HooverUnited StatesUnited States Secretary of the TreasuryAndrew MellonNext Economy and America

Corrections And Amplifications: On Andrew Mellon, Sebastian Mallaby, And General Motors
1. A group calling itself “Stand Up For America” says I took Herbert Hoover’s treasury secretary Andrew Mellon’s words out of context in my post “Republican Economics as Social Darwinism” (September 26); and that, in any event, today’s Republicans who…


Herbert HooverUnited StatesUnited States Secretary of the TreasuryAndrew MellonNext Economy and America


Cantor Claims $2.8 Trillion In New Debt Is Greater Than $10.6 Trillion In Existing Debt

Posted in Main Blog (All Posts) on October 3rd, 2010 4:39 am by HL

Cantor Claims $2.8 Trillion In New Debt Is Greater Than $10.6 Trillion In Existing Debt

The GOP has been roundly panned for many of its claims in the “Pledge to America”. They declared that it was a grassroots-inspired document, despite being authored by a lobbyist for AIG, Exxon Mobil, and Pfizer. House Republicans maintained that it wasn’t necessary to include an earmark ban because they already had a self-imposed moratorium, despite the fact that the agreement expires before the next Congress even begins.

Now, House GOP Whip Eric Cantor (R-VA) is peddling absurd claims about the Pledge’s fiscal policies. Responding to a question during a conference call with Republican supporters on Thursday, Cantor claimed that next Congress, the GOP would “stop this cycle of” deficit spending because, he alleges, the increase in the national debt we’ve incurred since President Obama took office “has exceeded that which this country has incurred over the last 200″ years.

JAMES: I’ve been very concerned for quite some time about the fact that the national debt just keeps growing, growing and growing. The point being that it’s around $13 trillion now. What makes us different than, say, Greece or Spain, in terms of facing collapse while we’ve already borrowed all the money we can from China. It appears to me that we have the Federal Reserve loaning money to the Treasury, for God’s sake. What’s going to stop this?

CANTOR: Well James, we can stop it, and that’s why we need your help. We’ve got to stop this cycle of spending money we don’t have. This spending and debt we’ve incurred over the last two years has exceeded that which this country has incurred over the last 200. And so, you’re right by issuing the alarm that if we do not stop and arrest this trend, we will become like those European welfare state countries where more and more people are going to be taking more benefits from the government than that which they pay in.

Listen here:

Both assertions are laughable. First, CAP’s analysis found that the GOP’s policy proposals in the Pledge would result in a budget deficit that was $200 billion larger in 2020 than it would be under President Obama’s budget, “and over the next 10 years deficits would be $1.5 trillion higher than under the president’s budget.” Consider the two plans side-by-side:

budgetcomparison.jpg

Second, on the day President Obama took office, the national debt stood at a record $10.6 trillion. Since then, the debt has increased an additional $2.8 trillion. The notion that President Obama incurred more debt over the past year and a half than had been incurred in the two centuries prior is comically false.

It seems that “Young Gun” Cantor — the brains behind the GOP’s “You Cut” website — needs a basic class in accounting.


Obama signals continuity, for now, with staff changes

Posted in Main Blog (All Posts) on October 3rd, 2010 4:38 am by HL

Obama signals continuity, for now, with staff changes
Staff changes at the White House suggest that President Obama prizes continuity and familiarity rather than a desire to shake up his administration. Will that be the case after November?


Barack ObamaPresidentRahm EmanuelUnited StatesHistory

Tens of thousands attend progressive ‘One Nation Working Together’ rally in Washington
A wide array of progressive groups drew tens of thousands of activists to the Lincoln Memorial on Saturday for a rally aimed at firing up their members and showcasing the diversity of their movement.


WashingtonSportsRallyingMotorsportsAuto Racing

Democrat Chet Edwards fights to hold on to his job in one of the most Republican congressional districts in the country
MCGREGOR, TEX. – It’s tough these days for Democratic incumbents all over, but nowhere more so than here, where Rep. Chet Edwards is – once again – fighting for his political life.


Chet EdwardsRepublicanUnited StatesPoliticsGovernment


Wall Street Is Still Mired in Deep Denial

Posted in Main Blog (All Posts) on October 3rd, 2010 4:32 am by HL

Wall Street Is Still Mired in Deep Denial
Joe Nocera, New York Times

The Problem with Extending the School Year

Washington Still Suffers From Economic ADD
Marty Robins, AOL News
Marty Robins ContributorMore Stories »FeedbackSend op-eds or letters to the editor to opinion@aolnews.com.14 days ago15 days ago77 days ago90 days agoPolitics Daily – 15 days agoPolitics Daily – 15 days agoWe aim to encourage productive and lively discussion on AOL News, and we're interested in your thoughts on our coverage. As part of our monitoring system, we are asking that you log on with an AOL or AIM account to join the conversation. If you think a comment is inappropriate, you may click to report it to our monitors for review. For more on…