Full Text: Fed Chairman Bernanke Testimony to Senate Banking Committee – Feb. 24 – Monetary Policy Report to Congress
Filed under: Ben Bernanke, U.S. Economy, U.S. Financial Crisis
(Source: Board of Governors of the Federal Reserve)
Chairman Dodd, Senator Shelby, and members of the Committee, I appreciate the opportunity to discuss monetary policy and the economic situation and to present the Federal Reserve’s Monetary Policy Report to the Congress.
Recent Economic and Financial Developments and the Policy Responses
As you are aware, the U.S. economy is undergoing a severe contraction. Employment has fallen steeply since last autumn, and the unemployment rate has moved up to 7.6 percent. The deteriorating job market, considerable losses of equity and housing wealth, and tight lending conditions have weighed down consumer sentiment and spending.
Full Text: Senate Stimulus Bill – February 8, 2008
Update, February 13: Click Here for the Final Text after House-Senate Conference
Click Here for Full Text of Senate Stimulus Bill (PDF)
Senator David Vitter’s Ungrateful Political Act
Sen. David Vitter, R-LA
Just tune in to CSPAN2 for the debate on the economic stimulus bill and you’ll see that Republicans aren’t merely engaging in philosophical arguments against the bill, they’re still taking drive-by political shots at Dems and progressives.
Last night, Sen. David Vitter, R-LA, offered an amendment to the bill which would have precluded any stimulus dollars from going to a community activist group located in over 100 U.S. cities, ACORN. Honestly, I don’t know that much about ACORN because the only time I hear about them it’s coming out of the mouth of a right-wing talk show host or one of the ultra pols in Washington. I know they work on inner city issues, especially things like affordable housing. They also register people to vote, and have been in some hot water somewhere over their registration methods. End of my knowledge of ACORN.
This was a bad amendment for two reasons. First, United States Senators do not lower themselves to exclude single American groups or organizations from legislation while on the floor of the Senate. Those actions are for the relative safety of committee. Vitter looked like a punk.
Second, Vitter proved he was a punk by singling out ACORN. The group is the whipping boy of every “Barack was born in Kenya” right wing nut job. The group also, according to Sen. Dick Durbin, D-IL, was responsible or partially responsible for the rehabilitation of 3,500 New Orleans area homes after Hurricane Katrina. That’s the same NOLA which Vitter under represents in the Senate. David Vitter is an ungrateful punk.
Sherrod Brown Skips Geithner Vote, Glad He Did
When you watch the issues that Sherrod Brown fights for on behalf of Ohioans and all Americans in the U.S. Senate, and you consider how damn smart the guy is, is it any wonder he’d miss the vote confirming our new Secretary of the Treasury?
Here’s what I know about Timothy Geithner. He was talked about as one of the primary architect’s of former SecTreas Henry Paulson’s $700 billion Wall Street bailout. $350 billion of that Congressionally approved money is spent, seemingly up in smoke, and not much of it seems to have untroubled any assets which needed relief. National City Bank, formerly of Cleveland, is now part of the PNC Bank Corp. courtesy of some of those TARP funds.
The TARP is an ongoing FAIL of massive proportions and those who designed it, demanded its rush through Congress and created the climate of fear under which it was passed should be precluded from further public service. Oh, that would be accountability.
Geithner was also an undersecretary at Treasury during the Clinton years, involved with international affairs. How much you want to bet Brown and Geithner have some “free” trade disagreements?
I keep hearing what a financial genius Geithner is – I just hope his smarts are to put to use for the average taxpayer in this country, it’s obvious he can carry the water for the BoAs, Citis and PNCs of the world.
Who knows what was up with Sherrod today? Could’ve been otherwise engaged, family issue, stuck in an airport, etc. Perhaps he didn’t want to slight the new President, but just couldn’t hold his nose and vote for Geithner. Maybe he’s like me and wants Paul Krugman in charge of Treasury.
Prediction: Caroline will end up finishing up Teddy’s term
New York’s Kennedy sideshow is over – albeit in some amount of confusion.
Much has been said and continues to speculated on as to whether or not New York Gov. David Paterson was disgusted with Caroline Kennedy and her attempt to serve out Hillary Clinton’s U.S. Senate term; or, rather was he going to annoint her at a press conference later this week. Follow the link above and you can read the latest from the Old Grey Lady.
There are more questions than answers. Was she so stricken by her uncle Sen. Edward M. Kennedy’s seizure on Inauguration Day that she could just not carry on? If so, glad she’s out, we need steel in the Senate right now. Did she have a household worker problem? Who really cares? That’s so Clinton Era. According to the latest numbers about 5% of the U.S. population is undocumented, illegal. Tax problems? Caroline, you could’ve been contrite a la Timothy Geithner. After all, if a financial genius can get away with dodging taxes, surely you could’ve charmed your way out of it.
Here’s what I think. Hillary just had enough. After all, it was Teddy and Caroline that annointed Barack the next Jack. Secretary of State or not, it was just too much for these Obamaniacs to occupy that Senate seat she had carpet bagged so hard for. I think Hillary did her in.
Caroline seems to signal that Uncle Teddy’s health has something to do with her change in plans. Here’s how I think that figures in. Sen. Kennedy will hang as long as he can, but it’s not likely to be another three years. He retires and voila! Gov. Deval Patrick of Massachussetts appoints Caroline – and the legacy continues.
WTF? Senator Strickland? Yes, Says Jerry Austin …
It seems so improbable as to merit a thought – but just one: Gov. Ted Strickland running for U.S. Senate in 2010.
That little scenario was Ohio Democratic political consultant Jerry Austin’s “tell me something I don’t know” moment on WOSU’s Columbus On the Record on Friday. Sometimes political consultants say things that are kooky because they have no filter. Sometimes it’s because they’re trying to start something. Sometimes they’re just bullshitting us. And, one out of four times they say something brilliant. On this one, I think Austin is bullshitting us or trying to start something.
As Democrats, we’ve got great candidates for senator: Fisher and Brunner top the list. Other than Ted Strickland, who would be the executive or leader-type to be Ohio’s next Democratic governor? Strickland is excelling at fulfilling the leader model for a governor and has put a lot of capable managers in the state agencies. We’re facing such enormously tough times I can’t imagine anything other than the steady, calming, righteous influcence of Strickland as governor for a second term.
I don’t want to get into disparaging any of the other Democrats out there, but suffice it to say, I can’t think of a single one who instills the sense of confidence and service as Strickland. I also know that Strickland is concerned about leaving the Democratic Party in Ohio stronger than when he began his term as governor. I think Strickland running for Senate and the ensuing chaos of others – who are not ready – trying to capture a gubernatorial primary is too much drama for an Ohio party that is only two years into a new ascendancy.
Transcript: Sen. Harry Reid on Meet the Press | Israel, Roland Burris, The Economy | Sunday, January 4
Filed under: Barack Obama, Israeli-Palestinian Conflict, Obama Transition, Recession, State Governments, U.S. Congress, U.S. Economy
(Source: NBC’s Meet the Press)
MR. GREGORY: And here with us now, the Senate majority leader, Harry Reid.
Welcome back to MEET THE PRESS and happy New Year.
SEN. HARRY REID (D-NV): Thank you very much.
MR. GREGORY: Let me ask you about the ground invasion into Gaza. Do you think on the part of this Israeli–of the Israelis this was offensive or defensive?
SEN. REID: I spoke to Prime Minister Olmert a couple of days ago. He indicated that they would do the ground activities. Let’s understand the background. For eight years they’ve been firing rockets into Israel. They’ve become more intense the last few months. Israelis have been killed, maimed and injured. Sometimes more than 200 a day coming into Israel. If this were going on in the United States from Vancouver, Canada, into Seattle, would we react? Course we do. We would have to. I think what the Israelis are doing is very important. I think this terrorist organization, Hamas, has got to be put away. They’ve got to come to their senses. The Fatah group, which is–makes up part of Palestinian group, has a peace arrangement with Israel. Hamas should do the same.
Maybe Super Prosecutor Fitzgerald Screwed Up
Lots of hand-wringing going on today about whether or not Illinois Gov. Rod Blagojevich’s senate appointment has “standing” or whether the Illinois Secretary of State or Senate Majority Leader will derail the appointment.
The only dispassionate view to be heard was former Illinois Gov. Jim Thompson on NPR’s All Things Considered. He points out that the Governor is still governor, he’s not been impeached and Illinois law states that he has the authority and duty to make the appointment. Thompson also points out that the Secretary of State’s duty to certify the governor’s appointment is only administrative under law – Jesse White, the official in question, doesn’t have discretionary authority. He’s just a pass through. Finally, Thompson – who is an attorney – said that the U.S. Supreme Court decided decades ago that senators may only contest the seating of a new senator under questions of age, citizenship or residency. Any attorneys or jailhouse lawyers out there can comment.
Thompson also made another point. This January will see the 111th Congress considering legislation of greater than usual importance. The country is in two wars and a recession. The financial system is still in intensive care and what’s left of our manufacturing sector is a ship dead in the water. Illinois deserves its full complement in Congress.
Unfortunately, the only way to get there is for the governor of Illinois to make the appointment.
This all got me thinking about what’s made Blago a household name outside of Oak Park and Evansville. Federal prosecutor Patrick Fitzgerald has been investigating the governor by some accounts since 2003. Fitzgerald gets some juicy stuff on tape and makes the arrest, holds the press conference. My question is, did Fitzgerald move too soon?
There’s a lot of unnecessary drama unfolding in Springfield and Chicago if the Illinois governor tried to sell a senate seat. Or, does the Illinois governor just have a big, foul mouth? Should Fitzgerald have waited for a deal to be made? If this was a better movie, the good guys would’ve had the money exchange hands on tape and then G-Men would’ve burst through doors and swung in through the windows on ropes.
But, instead, we’ve got f-bombs on tape and one big-mouth, preening politician being himself – a douche bag. If there was more to Fitzgerald’s case, perhaps the governor would’ve resigned by now or there would be more for the Illinois legislature to work with in impeachment proceedings.
If what they say about Roland Burris is true – that he’s an upstanding public servant not tainted by Chicago’s political cesspool – perhaps the wise thing to do is let the man take his seat unencumbered in the Senate. Just forget that Captain Hairbrush appointed him, put it out of your mind. The people of Illinois do deserve both of their votes in the Senate, don’t they?
Transcript: Rod Blagojevich appoints Roland Burris to U.S. Senate | With Bobby Rush | December 30, 2008
(Source: CNN)
GOV. ROD BLAGOJEVICH (D), ILLINOIS: Thank you very much.
Merry Christmas. Happy holidays. Happy new year. Feliz navidad y prospero ano nuevo.
The people of Illinois are entitled to have two United States senators represent them in Washington, D.C.
As governor, I am required to make this appointment. If I don’t make this appointment, then the people of Illinois will be deprived of their appropriate voice and vote in the United States Senate.
Therefore, I am here to announce my intention to appoint an individual who has unquestioned integrity, extensive experience, and is a wise and distinguished senior statesman of Illinois. This man actually once was an opponent of mine for governor.
(LAUGHTER)
So I’m here today to announce that I am appointing Roland Burris as the next United States senator from the Illinois.
Another Chapter About to be Written in the Kennedy Saga?
New York Senate Seat News
- Caroline Kennedy to seek NY Senate seat – New York Times
- Kennedy will approach Paterson on Senate seat - Washington Post
- Caroline Kennedy wants Senate seat: Official - Bloomberg
Full Text: Senate Bailout Bill – All larded up to 451 pages!
Filed under: Bailout Bill, U.S. Economy, U.S. Financial Crisis
Treasury Secretary Henry Paulson’s original plan was three pages. The House rejected bill had turned into 102 pages. Tonight, the Senate is poised to pass a bill that is 451 pages long. Wonder how much pork the sanctimonious McCain is voting for tonight?
