A selection of public grievances in this first fortnight of the first season of Sequestivus. Motivated by a common desire to moderate or replace some of the sequester cuts, budget proposals are being prepared and presented by Senate Democrats and House Republicans. Unsurprisingly, they look nothing alike. Surprisingly we may actually get a compromise Grand Bargain that puts us on a sustainable fiscal path. The only certainty is that the airing of grievances will continue for the foreseeable future.
Archive for the 'Congress' Category
The “sequester” is not a crisis. The “sequester” is not the problem. The real problem is the massive growth in federal spending creating unsustainable deficits and debt that will be shouldered by generations to come. The “sequester” is a solution to a real problem facing America. That said, the “sequester” is not a great solution.The sequester cuts are not a smart way to address the spending problem. The sequester cuts are not adequate to solve the spending and unfunded liability disaster that looms in our entitlement programs. But the odds of getting anything smart out of this administration or this congress that makes even as little impact as do the sequester cuts are vanishingly small. Since it’s a bad bet to rely on our leaders for smart significant cuts, let us at least bank the cuts they already passed.
Looking back at Jon Corzine’s statements to Congressional committees investigating MF Global’s failure, it is clear that he knew that e-mail was out there. He used the committee hearing to lay the groundwork for a “he said / she said” defense vis-a-vis MF Global treasurer Edith O’Brien. Perhaps O’Brien simply misunderstood JC’s intent. “You gotta fix it” could easily be misinterpreted to mean something like “Raid the client accounts if you have to, but get me the time to sell this piece of crap before the street figures out we’re insolvent.” That kind of misunderstanding happens all the time.
In a recent feature story on 60 Minutes, Steve Kroft detailed how many in Congress use their privileged access to information on pending legislation, investigations and regulations to line their own pockets. Much of the piece was based on research of Hoover Institute fellow Peter Schweizer from his book “Throw Them All Out”. Among the surprising revelations in the book – Congress is exempt from prosecution for the same kind of insider trading that would send the rest of us to jail.
With each passing day, Gabrielle Giffords’ chances for making a recovery get better and better. National Journal shares the details… Rep. Gabrielle Giffords has been “holding her own” as she fights to recover from being shot through the head on Saturday, said Michael Lemole, chief of neurosurgery at University Medical Center in Tucson, Ariz. Lemole [...]
The motives of the coward who shot a bunch of people (including Dem Congresswoman Gabrielle Giffords) down in Arizona earlier today are not known, but I think we can all agree that campaign literature like this certainly doesn’t help… Yes, I’m talking about Sarah Palin. This was the tweet announcing the ridiculous image above… This [...]
I do not believe there is any case to be made for a statistical correlation between market direction and political parties in power that will stand up to rigorous mathematical scrutiny over the long term. However, in the short term, if investors believe that divided government is good for markets, then that expectation can be a self-fulfilling prophecy. That may be what we are seeing in the market now in anticipation of the November results. Apparently the investor class really believes that divided government is good for the market, and we are going to get it in the election.