Election Night Thread #31
8 minutes ago
Hope has turned to doubt and disenchantment for almost half of President Barack Obama’s supporters.
More than 4 of 10 likely voters who say they once considered themselves Obama backers now are either less supportive or say they no longer support him at all, according to a Bloomberg National Poll conducted Oct. 7-10.
Obama’s deteriorating job-approval numbers are balanced by continuing regard for him personally: 53 percent of voters have a positive view of the president in the October poll, up from 49 percent in a July survey.Read More......
Big US cities could be squeezed by unfunded public pensions as they and counties face a $574 billion funding gap, a study to be released on Tuesday shows.Read More......
The gap at the municipal level would be in addition to $3,000 billion in unfunded liabilities already estimated for state-run pensions, according to research from the Kellogg School of Management at Northwestern University and the University of Rochester.
“What is yet to be seen is how this burden will be distributed between state and local governments and whether the federal government will be called upon for bail-outs,” said Joshua Rauh of the Kellogg School.
Pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal.Read More......
About three dozen of the top publicly held securities and investment-services firms—which include banks, investment banks, hedge funds, money-management firms and securities exchanges—are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms.
The data showed that revenue was expected to rise at 29 of the 35 firms surveyed, but at a slower pace than pay. Wall Street revenue is expected to rise 3%, to $448 billion from $433 billion, despite a slowdown in some high-profile activities like stock and bond trading.
With the exception of core Obama Administration loyalists, most politically engaged elites have reached the same conclusions: the White House is in over its head, isolated, insular, arrogant and clueless about how to get along with or persuade members of Congress, the media, the business community or working-class voters. This view is held by Fox News pundits, executives and anchors at the major old-media outlets, reporters who cover the White House, Democratic and Republican congressional leaders and governors, many Democratic business people and lawyers who raised big money for Obama in 2008, and even some members of the Administration just beyond the inner circle.I think this is spot on, and I think the perception is reality.
But Obama has exacerbated his political problems not just by failing to enact policies that would have actually turned the economy around, but also by authorizing a series of tactical moves intended to demonize Republicans and distract from the problems at hand. He has wasted time lambasting his foes when he should have been putting forth his agenda in a clear, optimistic fashion, defending the benefits of his key decisions during the past two years (health care and the Troubled Asset Relief Program, for example) and explaining what he would do with a re-elected Democratic majority to spur growth.If anything, Obama hasn't been partisan enough. Well, not partisan, but tough - he's been unwilling to take on the Republicans directly, and thus their lies become truth. Death panels comes to mind. Or the "Obama is a socialist" meme. Yes, sometimes the President has to stay above the fray, but sometimes above becomes aloof. And it permits lies to stick. Read More......
"And –You know- again, we have the media here tonight, and it’s never smart to pick up-I guess- the fight with those who buy ink by the barrelful but what-the-heck. When the Lamestream Media just doesn’t get it and when they don’t believe what-perhaps- your message is, so they want to belittle you and mock you and treat you with much disdain- you know, I think-oh-they can do it to me-that’s fine-because I know truth and I am fine with political shots that they take and what, I have said about this recently at Glenn Beck rally on steps of Lincoln Memorial, I said you know what - You can say whatever you want to about to say about me but I raised a combat vet and you can’t take that away from me."(The post title is an homage to Avenue Q.) Read More......
Not only has Murdoch sought and received political favours: most of the critical steps in the transmutation of News Limited, his inherited business, into present-day Newscorp were dependent on such things. Nor is there essential change in his operations as the new century gets under way, and he prepares his sons to extend the dynasty.There's not enough space here to detail the growth of News Corp in the U.K. and the U.S. But every step depended on the hand-shaking noted above — get into a market, sell propaganda favors to politicians (often, but not always, right-wing ones), get those pols elected, then extract further monopoly concessions. Repeat until his insatiable hunger is satisfied.
It is March 2015, a couple of months before the general election. One media company bestrides British politics – spanning television, newspapers and the internet. It is more than twice the size of the BBC, with a turnover of £9bn. Controlled by Rupert Murdoch, it is called News Corporation.And that's the decision before Cameron's government. At present, News Corp owns 39.1% of the company. Murdoch wants to spend £8 billion to buy the rest. Will Cameron's government, which owes Murdoch huge favors for recent election support, block this or not?
Bound by none of the BBC's tradition of impartiality, the Murdoch family is deciding whether to endorse David Cameron for a second term. They meet in the knowledge that behind them lies the support of a company whose Sun and Times titles account for two-fifths of all newspapers sold in Britain and whose broadcasting operation is larger than the BBC, ITV and Channel 4 combined. This vision of financial and political power has so terrified rivals that they are already ganging up in alarm. From the Daily Telegraph to the Daily Mirror, from the Guardian to the Daily Mail, a joint letter has been prepared for the business secretary, Vince Cable. Sent today, the purpose of the memo is simple – to persuade Cable to block News Corp's proposed £8bn bid to take full control of BSkyB. ... What so frightens Britain's newspaper owners today is what would happen when the profits of Sky are aligned to the power of the Sun and the Times, creating a media company whose size and scale is unheard of in British history.
Sky is already larger than the BBC today, with a turnover of £5.9bn, while News International turns over £1.7bn.
[I]n Britain, a reporter at one of Mr. Murdoch’s papers, News of the World, was caught hacking into the voice mail of prominent citizens, including members of the royal family. But Scotland Yard showed little interest in getting to the bottom of the story. Now the editor who ran the paper when the hacking was taking place is chief of communications for the Conservative government — and that government is talking about slashing the budget of the BBC, which competes with the News Corporation.Which takes us back to Sky. Note that the BBC is the only real remaining competitor to Sky for satellite TV services in the U.K., the rest having been eliminated. Say goodbye BBC if this plays out as usual.
If there were a “party of food stamps,” however, it would certainly have bipartisan membership — including Gingrich himself. In 2002, the Bush administration sought to expand the food stamp program to all legal immigrants, who had previously been excluded by Congressional Republicans during the 1996 welfare reforms. The Bush proposal extended food stamps to 363,000 more people. The New York Times reported that the move was likely intended to curry favor with Hispanic voters, and while it wasn’t popular with many conservatives, Bush did find a strong supporter in Newt Gingrich:Read More......In an interview today, Newt Gingrich, the House speaker in 1996, said: “I strongly support the president’s initiative. In a law that has reduced welfare by more than 50 percent, this is one of the provisions that went too far. In retrospect, it was wrong. President Bush’s instincts are exactly right.”
Universities should be allowed to decide what they charge students under a radical shake-up of higher education which would see the existing cap on tuition fees lifted.Read More......
A new system of financing universities will allow for a 10% increase in student places to meet rising demand for a degree-level education, the Browne review proposes.
Graduates will start repaying the cost of their degrees when they start earning £21,000 a year, up from £15,000 under the current system, the review recommends.
French unions are staging a national day of strikes and demonstrations in opposition to the government's pension reforms - the third in a month.Read More......
Ministers want to raise the minimum retirement age from 60 to 62, and the state pension age from 65 to 67.
The civil aviation authority says up to half of flights to and from France have been cancelled because of walkouts.
Meanwhile, public transport and energy sector workers are set to vote on whether to begin open-ended strikes.
The rolling strikes would be organised by serving notice of 24-hour stoppages and renewed each day before they expired. Members of the union would need to be balloted at the end of the strike day on Tuesday.
Hungarian police have detained the director of the aluminum company responsible for a flood of caustic red sludge that killed eight people when it burst from its reservoir last week, the prime minister said Monday.Read More......
Police said they were questioning managing director Zoltan Bakonyi on suspicion of public endangerment causing multiple deaths and environmental damage.
Prime Minister Viktor Orban told parliament that the government wanted to take over MAL Rt., the Hungarian Aluminum Production and Trade Company, because the safe restart of production at the alumina plant was needed to save the jobs of thousands of workers.
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