People speak, again, on Bush tax cuts. Will WaPo listen?
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Political analyst Charlie Cook writes that, unless there’s divine intervention, McCain is probably going down to defeat. “Say what you will about the campaign he has waged and the running mate he picked, but the collapse in credit markets and the stock market may very well have ended his chances of victory, notwithstanding anything he could have said or done differently. The senator from Arizona is a good man, who served his country admirably. And many would say that he deserved a better chance than he got.”Why? Why did he deserve a better chance? Did we force McCain to pick a blithering idiot as his running mate? Did we force him to go all Karl Rove and destroy his own brand he spent decades building? Did we force John McCain to flash his anger one too many times? Did we make John McCain erratic?
“I mean, talk about my wardrobe and never talking about the male candidate's wardrobe. Or the questions posed to me of how I will be able to serve in office and still raise a family. I've never heard that asked of a male candidate,” she said.Show of hands: How many male candidates bought $150,000 in clothes in one month? Come on, keep those hands up. Also, the Republicans had a field day with Bill Clinton's and John Edwards' supposedly expensive haircuts. So spare us the victim lecture. (Oh, and John McCain has had his $500 Italian shoes mocked too.) Read More......
With just four days before the election and Alaska Sen. Ted Stevens insisting he's not a felon, the U.S. Senate race is white hot.But wait, I thought Ted Stevens was convicted and even Republicans were asking him to resign? Seems that the Anchorage Daily News is living in the same world I am:
"I've not been convicted yet," Stevens said Thursday in a meeting with the editorial board of the Fairbanks Daily News-Miner. "There's not a black mark by my name yet, until the appeal is over and I am finally convicted, if that happens. If that happens, of course I'll do what's right for Alaska and for the Senate. ... I don't anticipate it happening, and until it happens I do not have a black mark."
Stevens reiterated that position during a televised debate late Thursday night, declaring early in the give-and-take with Anchorage Mayor Mark Begich, "I have not been convicted of anything."
A Washington, D.C., jury Monday convicted Stevens of seven felony counts of lying on financial disclosure forms about thousands of dollars of gifts and home renovations from Veco Corp.Ted Stevens has completely lost it. How can anyone in Alaska vote for a convicted felon? Help Mark Begich defeat Stevens and bring Alaska back into reality.
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Senate Republicans including minority leader McConnell have said Stevens should resign. So has Alaska Gov. Sarah Palin, the Republican vice presidential nominee, and her running mate, John McCain.
This morning's Field Poll carries news that Prop 8 is narrowly losing, 44 to 49%.We really want Prop 8 to lose. And, right now, any contribution will be matched, meaning its value is doubled. So, if you've been thinking about donating, do it now. Keep the very powerful new ad running.
This initiative battle is razor thin. We know that 7 to 10% of voters are still up for grabs.
And Tim Gill and Scott Miller will match your donation up to $100,000 if you respond NOW.
On his radio show today, Focus on the Family's James Dobson announced that he would be on hand at The Call in San Diego's Qualcomm Stadium on Saturday as part of the last drive by anti-gay activists to rally support for California's Proposition 8, which, if passed, would amend the state's constitution to take away the right of same-sex couples to marry.Really make him cry. Make those tears real. Help defeat the hateful Prop 8. Read More......
Dobson lives in Colorado, of course, but he believes the rejection of Proposition 8 will lead to the downfall of Western civilization, as he tearfully laid out on his radio program today.
Former Reagan chief of staff Ken Duberstein told CNN's Fareed Zakaria this week he intends to vote for Democrat Barack Obama on Tuesday.And, Duberstein was brutal -- just brutal -- about McCain's pick of Palin on MSNBC. For example, a job at McDonald's requires more interviews than Palin had:
Duberstein said he was influenced by another prominent Reagan official - Colin Powell - in his decision.
"Well let's put it this way - I think Colin Powell's decision is in fact the good housekeeping seal of approval on Barack Obama."
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''[The Wall Street Journal's John Fund] was supposed to spend Thanksgiving with me and didn't,'' she recalls. ''I questioned him when he got home and he beat me up. I was cowering in the corner. He was screaming. He said, 'Get out, bitch,' and he left, and I called the police. He came back and beat me up again. When the police arrived, I was shaking and crying and very upset. He was very calm. A lady officer walked in and asked me if I was on drugs. John told me that none of the charges would stick.'' In mid January, the mainstream media first reported on Fund's alleged abuse.SF Chronicle:
Around that time, Pillbury says, she moved out and Fund agreed to give her money to help pay her bills. He watched her write checks from his account and deposit them in her account. Soon after, she says, ''I found out that my accounts were frozen and he told me that they were going to stay frozen until I contacted these members of the media and gave them papers saying that I had lied about the abuse.'' She says the bank did not return her calls. Says Pillsbury-Foster, ''This is obviously part of a pattern of abuse and attempted control, and yet the D.A. refused to listen to her.''
The California Federation of Republican Women holds its big two-day conference down in Ontario (San Bernardino County) over the weekend -- but the private buzz isn't about President Bush, it's about John Fund. If the name escapes you, he's the Wall Street Journal's online columnist who -- after taking aim at Bill Clinton's sexual exploits -- wound up with his own tabloid troubles. Fund's fun in the sun began with an affair with Melinda Pillsbury-Foster some two decades ago. It ended in 1998 when Fund took up with Pillsbury-Foster's grown daughter, who accused him of getting her pregnant and then asking her to have an abortion -- all of which he's denied. Fund was later charged with domestic abuse, but a judge dismissed the case in December.Read More......
Research 2000 for Daily Kos. 10/28-30. Likely voters. MoE 4% (No trend lines)Read More......
McCain (R) 48
Obama (D) 47
Early voters (17 percent of sample)
McCain (R) 42
Obama (D) 54
I can't believe we may actually win Arizona. And I have a bonus treat for you guys:
If the 2010 election for U.S. Senate were held today for whom would you vote for if the choices were between Janet Napolitano the Democrat and John McCain the Republican?
McCain (R) 45
Napolitano (D) 53
McCain is asked to respond to Eagleburger's remarks during an appearance on Good Morning America Friday. And... he's not troubled by them.McCain's starting to sound like that girlfriend of yours who's dating a guy you know - and all your friends know - is bad news. And everyone who meets him thinks he's a nightmare, but she keeps insisting you just don't know him like she does. It's pathetic. Read More......
"Larry has never had a chance to meet Sarah," he says.
The latest polls show the Obama-McCain race to be neck-and-neck —- one poll showed McCain ahead by 1 point, another had him up by 5 but yet another had him down by 3. And while the race for Georgia’s 15 electoral votes is tight, neither side appears to be investing significant cash or resources to win it in the final days. Neither campaign has announced visits by the candidates or their top surrogates. As of Thursday, neither had bought last-minute television advertising here.If it's that simple, then the Obama campaign is making a very important move. Also, this can really help Jim Martin defeat that nasty Saxby Chambliss in the Georgia Senate race. So, it's doubly beneficial. In Georgia, the Obama campaign has a strong organization and, according to Plouffe, "early vote is going extremely well."
And that, Matt Towery believes, is a real mistake for the Obama campaign.
“If the Obama campaign goes on the air with television advertising in this city, in this state, beginning this week to Election Day, Barack Obama will win Georgia,” said Towery, the former Republican state lawmaker and CEO of Atlanta-based InsiderAdvantage. “If he doesn’t go on TV, Obama will lose Georgia. It’s that simple.”
Earlier this week, the McCain campaign and the Republican National Committee paid for negative robo-calls in the state, telling voters Obama’s election “invites a major international crisis he will be unprepared to handle alone.Now, the campaign stop:
Sen. John McCain will be in Prescott on election eve, according to the Yavapai County Republican Party.Presidential candidates don't go events in their home state before election day unless it's absolutely necessary. Bush and Kerry were still out in battleground states stumping on Election Day in 2004. But, for McCain, it sounds like it is absolutely necessary to campaign in Arizona.
He plans to attend the party's annual Victory Rally at approximately 9 p.m. Monday on the historic courthouse plaza. The rally starts at 6 p.m. and typically attracts Republican elected officials from around the state.
MoveOn.org said Thursday it was launching its ‘Obamacan’ ad statewide on broadcast and cable in response. The ad features a life-long Republican who supports Obama.This is a major development in the presidential race. McCain's state has become very competitive. But, remember, yesterday on the TODAY Show, NBC's Chuck Todd said Arizona would be a battleground -- in four years. The pundits have to focus on Pennsylvania because the McCain campaign told them to focus on Pennsylvania. Read More......
The Obama campaign sent its supporters in the state a message from national field director Jon Carson calling for volunteers, and pointing to reports McCain was "struggling in his own backyard."
“Supporters like you have put us within striking distance. Now it's time to pull off what no one expected,” said Carson.
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Shares in Asia and Europe fell on Friday, heading for their worst month ever, while the low-yielding yen surged as Japan's interest rate cut failed to erase concerns about the deteriorating global economic outlook.Read More......
The Bank of Japan joined a global easing cycle by trimming interest rates by 20 basis points to 0.3 percent, but disappointed many who had expected a bigger quarter point cut.
The move followed the Federal Reserve's decision to cut interest rates to 1 percent -- its lowest level since June 2004 -- to stave off a prolonged recession. China, Hong Kong and Taiwan also lowered the cost of borrowing this week, with the euro zone, Australia and Britain seen following suit next week.
However, investors feared a round of rate cuts was not enough to stem the flow of worsening corporate earnings and bolster consumer consumption in major economies which might be already in recession.
Big banks have formed an unusual alliance with consumer advocates to urge the government to allow huge portions of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy.Read More......
The new pilot program — which the banks hope will become permanent — could involve as many as 50,000 people struggling with credit card debt. On an individual basis, the amount of debt to be forgiven would rise according to the severity of the borrower's financial situation, up to a maximum of 40 percent.
Lazear and other officials also sought to defend their handling of the bailout so far, responding to reports in The Washington Post that banks receiving money from the Treasury will be allowed to make dividend payments to shareholders and that officials are considering federal guarantees for as much as $600 billion in distressed mortgages.Making money remains to be seen but the bigger problem here is not what is legal, but what is acceptable. Giving taxpayer cash to fund dividends is rubbish. That is hardly the reason why we're injecting the cash so to throw legal BS out there does nothing to address the already simmering hostility to the rescue plan. Read More......
During a media briefing, Lazear emphasized that the bailout legislation does not bar participating banks from continuing to pay dividends at current levels.
"The law was quite specific on what rules to follow," Lazear said. ". . . We're going to follow the law and make sure there are not abuses, but we want to make sure we get the economy going."
On the overall $700 billion bailout plan, Lazear said: "Taxpayers will not lose significantly on this and may make some money."
Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.Read More......
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
Exxon's prior record was $11.68 billion in the second quarter of 2008.
The company said its revenue totaled $137.7 billion in the third quarter.
The American International Group is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September could have developed such a big hole by October. Some analysts say at least part of the shortfall must have been there all along, hidden by irregular accounting.Read More......
“You don’t just suddenly lose $120 billion overnight,” said Donn Vickrey of Gradient Analytics, an independent securities research firm in Scottsdale, Ariz.
Mr. Vickrey says he believes A.I.G. must have already accumulated tens of billions of dollars worth of losses by mid-September, when it came close to collapse and received an $85 billion emergency line of credit by the Fed. That loan was later supplemented by a $38 billion lending facility.
But losses on that scale do not show up in the company’s financial filings. Instead, A.I.G. replenished its capital by issuing $20 billion in stock and debt in May and reassured investors that it had an ample cushion. It also said that it was making its accounting more precise.
Mr. Vickery and other analysts are examining the company’s disclosures for clues that the cushion was threadbare and that company officials knew they had major losses months before the bailout.
While most polls show Democrat Barack Obama with a lead against Republican John McCain nationally, that's not the case in Louisiana, according to our poll. It shows the race is a dead heat in Louisiana, with 43% of voters saying they'll vote for McCain and 40% supporting Obama. With our poll's margin of error of plus or minus four-point-five percent, the results show a statistical dead heat.That's also pretty high undecided for five days out. There hasn't been a lot of polling in the state, but other earlier polls haven't shown the race this close (or with that many undecideds.)
PRESIDENTIAL ELECTION (LOUISIANA)
MCCAIN: 43%
OBAMA: 40%
UNDECIDED/WON'T SAY: 17%
MARGIN OF ERROR: +/- 4.5%
The poll shows 93 percent of African American voters in Louisiana have a favorable opinion of Obama. "93 percent is almost total. It's unbelievable," Renwick said. "It's one of the highest percentages I've ever seen."
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The Concord Monitor of New Hampshire recently interviewed local 8th grader Elizabeth Conway, who is a Scholastic Kid Reporter. Conway, who has met John McCain several times, said, "I interviewed McCain so many times he starts to notice my red shirt, because I have a uniform, and says 'I've answered her questions before.' It's almost like he's a little grumpy with me now."Read More......
One question is whether these early voters are just people who ordinarily would have voted on election day. Republicans have suggested that's the case. But there are some pieces of evidence to the contrary. The high percentage of African Americans voting early in Georgia undercuts the GOP argument.That is very good news.
McDonald has compared the list of early voters in North Carolina with the voter registration files. North Carolina allows, in essence, same day registration for early voters. What McDonald has discovered is that there are about 100,000 people who have voted early who were not previously on the voter lists.
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Obama leads McCain among likely voters by 51% to 47% in Ohio, a four point margin that has not budged since last week's TIME's survey. But he now leads McCain 52% to 45% in Nevada and by 52% to 46% in North Carolina, margins which are both slightly larger than those reported by TIME in its surveys a week earlier.The key now is turnout. That's all that matters. Getting these voters to the polls.
The new statewide surveys also show Obama leading McCain in Pennsylvania, the key blue state in which McCain is making a last-ditch, major push to score an upset, by a comfortable 12 point margin of 55% to 43%. But he still trails his Republican rival in McCain's home state of Arizona by a seven-point margin of 46% to 53%.
The Muhlenberg daily tracking poll, which has surveyed likely Pennsylvania voters since late September, shows McCain with an uphill climb to victory in Pennsylvania, an outcome the campaign views as essential to his chances of winning the White House.Chuck Todd finally found a Pennsylvania poll that confirms the McCain spin about Pennsylvania. Coincidentally, it is NBC's poll, by Mason-Dixon, showing a 4-point race: 47% - 43%. On the Today Show this morning, Todd also reported that NBC's poll of Arizona showed a 4 point lead for McCain: 48% - 44%. According to Todd, that means Pennsylvania is a "winnable" for McCain and a battleground. But, Arizona, with a 4-point lead for McCain (his home state where he's not breaking 50%, which is considered deadly for an incumbent running state-wide at this point in the cycle), will be a "battleground state in four years." Got that?
Obama leads McCain 53 percent to 42 percent in the state, a margin that has remained steady since the candidates' last debate two weeks ago.
The U.S. economy shrank at a 0.3 percent annual rate in the third quarter, its sharpest contraction in seven years as consumers cut spending and businesses reduced investment in the face of rising fears that recession was setting in.Read More......
Meanwhile, a separate report showed jobless claims were unchanged, staying at levels that signal a weak jobs market as the credit crisis hits hiring.
The Commerce Department said the third-quarter contraction in gross domestic product was the steepest since the corresponding quarter in 2001 though it was slightly less than the 0.5 percent rate of reduction that Wall Street economists surveyed by Reuters had forecast.
Much of the University of Texas medical school on this island suffered flood damage during Hurricane Ike, except for one gleaming new building, a national biological defense laboratory that will soon house some of the most deadly diseases in the world.That's nice, because hurricanes never get any faster winds. Oh wait, they do. There's more:
How a laboratory where scientists plan to study viruses like Ebola and Marburg ended up on a barrier island where hurricanes regularly wreak havoc puzzles some environmentalists and community leaders...
Built atop concrete pylons driven 120 feet into the ground, the seven-floor laboratory was designed to stand up to 140-mile-an-hour winds. Its backup generators and high-security laboratories are 30 feet above sea level.
The laboratory will do research into some of the nastiest diseases on the planet, among them Ebola, anthrax, tularemia, West Nile virus, drug-resistant tuberculosis, bubonic plague, avian influenza and typhus.Read More......
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Critics, including economists and members of Congress, question why banks should get government money if they already have enough money to pay dividends -- or conversely, why banks that need government money are still spending so much on dividends.Wow. 52% of the bailout for dividends. What was Paulson thinking? Read More......
"The whole purpose of the program is to increase lending and inject capital into Main Street. If the money is used for dividends, it defeats the purpose of the program," said Sen. Charles E. Schumer (D-N.Y.), who has called for the government to require a suspension of dividend payments.
The Treasury plans to invest up to $250 billion in a wide swath of U.S. banks in return for ownership stakes, which the government will relinquish when it is repaid.
Among other restrictions, participating institutions cannot increase dividend payments without government permission. They also are barred from repurchasing stock, which increases the value of outstanding shares.
The 33 banks signed up so far plan to pay shareholders about $7 billion this quarter. Companies generally try to pay consistent dividends and, at the present pace, those dividends will consume 52 percent of the Treasury's investment over the initial three-year term.
New York Attorney General Andrew Cuomo is demanding information about executive compensation and bonuses at nine banks that have received federal funds under TARP, the U.S. Treasury's Troubled Asset Relief Program.This is an excellent start. NY and Washington also need to keep digging on the company-wide bonus money but bringing the CEO pay in line should help open up that discussion. Read More......
In a letter to each institution's Board of Directors, Cuomo warns the bonuses could violate New York's state fraudulent conveyance law.
"Obviously," he writes, "we will have grave concerns if your expected bonus pool has increased in any way as a result of your receipt or expected receipt of taxpayer funds from TARP."
In the letter, Cuomo demands information on how this year's bonus pools were calculated, as well as details on each bank's 2006 and 2007 bonus payments.
For $35, you can order a wood coffin filled with actual shredded money and a plaque of your choice, including "R.I.P. Lehman Bros., 1885-2008", and "R.I.P. Bear Stearns, 1923-2008." For an extra $5, you can customize the plaque. Maybe "R.I.P. Jane's 401k", or "R.I.P. Jane's GE Stock Options with a $28 Strike Price."Read More......
The coffins are made by Jist Enterprises in Westfield, New Jersey. The owner, who describes himself as "a regular working stiff" says on the web site: "As a citizen of the United States, I’m disgusted! I’m disgusted that our financial institutions have failed us so dramatically and that our government has allowed this crisis to evolve...What can I do? I can sell this little Wall Street Coffin and donate 15% of the proceeds to some good charities that help people through difficult times."
Since 1999, Keith and Deborah Krinsky of Magalia, Calif., have seen their health insurance deductible soar from $1,000 to $10,000.Read More......
And their health-care costs have put them in a financial hole.
A combination of Keith's chronic asthma and potential heart problems, Deborah's connective tissue disorder and fallen arches, and their kids' various scrapes and stumbles led them to amass a pile of credit card debt and forced them to refinance the mortgage on their house -- which they now are having trouble paying.
Keith, once a plant manager for a trucking company in Chico, took a $30,000 pay cut to get a job with better health benefits. Deborah, who doesn't work because of her disability, said they are still fighting desperately to stave off foreclosure.
"Right now, we are in the process of losing our home. We will probably go to my mother-in-law," Deborah said Monday.
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