Earmarks + Google Maps = Cool
Andrew Roth
Here are all the FY08 earmarks in Washington state laid out on a map.
Posted at 4:26 PM,
October 15, 2008 | Trackback (0)
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SAVE THE DATE: The Club for Growth Annual Winter Economic Conference
Blog Coverage of the Bailout
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October 15, 2008
Personal Accounts for Social Security
Andrew Roth
Congrats to Ryan Lynch and the rest of the students at S4 for fighting the good fight on the Fox Business Channel. Everybody deserves a piece of the rock!
Posted at 4:18 PM,
October 15, 2008 | Trackback (0)
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A New Blog
Andrew Roth
Who says you have to lose your sense of humor during a financial crisis?
Posted at 2:01 PM,
October 15, 2008 | Trackback (0)
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Great Depression vs. Now
Andrew Roth
Things aren't as bad as they seem.
Posted at 12:02 PM,
October 15, 2008 | Trackback (0)
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What Does 'Pressed' Mean?
Andrew Roth
Under the Washington Post headline, Smaller Banks Resist Federal Cash Infusions, comes this gem [emphasis mine]:
Community banking executives around the country responded with anger yesterday to the Bush administration's strategy of investing $250 billion in financial firms, saying they don't need the money, resent the intrusion and feel it's unfair to rescue companies from their own mistakes.
But regulators said some banks will be pressed to take the taxpayer dollars anyway.
Posted at 11:51 AM,
October 15, 2008 | Trackback (0)
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Obama's Robin Hood Tax Plan
Andrew Roth
I dropped a couple of bombs on Obama's tax plan in this article.
Writing for the Examiner, Trevor Bothwell adds, "Obama's an unapologetic thief."
Posted at 10:53 AM,
October 15, 2008 | Trackback (0)
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Wednesday's Daily News
Andrew Roth
THE DAILY NEWS
Obama’s Tax Plan Will Do More Harm Than Good - Andy Roth, The Hill
Good Little Stuff from Big Mac - Larry Kudlow, Money Politics
White House Abandons Reagan Legacy - Matt Benjamin, Bloomberg
Banks Move Splits GOP, Right Wing - Alexander Bolton, The Hill
Obama Tells the Tax Truth - New York Post Editorial
Obama’s Tax-Plan Disaster - Cesar Conda, National Review
Drama Behind a $250 Billion Banking Deal - Landler & Dash, NYT
Deregulation Was Not the Problem - John Stossel, Real Clear Politics
Unions v. Workers - Wall Street Journal Editorial
The Ideal Candidate for Free Trade - Lohman & Hammond-Chambers, Heritage
Posted at 10:23 AM,
October 15, 2008 | Trackback (0)
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Quote of the Day
Andrew Roth
From the New York Times [Emphasis mine]:
The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, then Treasury Secretary Henry M. Paulson Jr. said they must sign it before they left.
[...]“It was a take it or take it offer,” said one person who was briefed on the meeting, speaking on condition of anonymity because the discussions were private.
Posted at 10:14 AM,
October 15, 2008 | Trackback (0)
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Stats on NRCC vs DCCC
Andrew Roth
From The Politico:
At the end of August, House Democrats had nearly $54 million in cash, according to the Federal Election Commission. By contrast, Republicans had only $14.3 million to spend down the stretch.
As of Sunday, the DCCC had spent money in 47 congressional districts. Of those, 34 are seats held by Republicans.
In contrast, the NRCC has spent money in 13 districts — 10 of which it is trying to defend.
As of this past weekend, Democrats have spent nearly $24.7 million, while Republicans have spent less than $2 million.
Posted at 9:20 AM,
October 15, 2008 | Trackback (0)
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Competitive House and Senate Races
Andrew Roth
Here's the latest Cook Report on House races and Senate races.
Posted at 9:09 AM,
October 15, 2008 | Trackback (0)
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A Free Trade Deal with Broad Support?
Andrew Roth
Two Heritage scholars suggest we move quickly on a trade deal with Taiwan. It has broad support in Congress and it would be a boon for economic growth and stability between our two countries.
Posted at 9:02 AM,
October 15, 2008 | Trackback (0)
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The Socialist Brain of a Liberal Democrat
Andrew Roth
From Frank Lasee:
Posted at 8:26 AM,
October 15, 2008 | Trackback (0)
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October 14, 2008
'Your Poverty Makes Me Uncomfortable'
Andrew Roth
Karol Sheinin links to a startling letter to the New York Times.
Posted at 2:40 PM,
October 14, 2008 | Trackback (0)
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Tuesday's Daily News
Andrew Roth
THE DAILY NEWS
The Shocking Cost of the Housing Boom - Louis Woodhill, Real Clear Markets
Bush Announces Plan to Buy Stakes in Largest Banks - Staff, WSJ
We're Laying the Groundwork for Recovery - Ben Bernanke, WSJ
Paul Krugman: Political Economist - Peter Boettke, Forbes.com
Krugman’s Posthumous Nobel - Donald Luskin, National Review
Pity The Nobel Prize - IBD Editorial
Negative Advertising - Thomas Sowell, Townhall.com
GOP Ditches Recruits to Save Incumbents - O'Connor & Kraushaar, Politico
This Pill Will Change Your Life - Stuart Fox, PopSci.com
Can a Rational Person Believe in Miracles? - P. Talwalkar, Mind Your Decisions
Posted at 10:35 AM,
October 14, 2008 | Trackback (0)
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GM vs. Phillip Morris
Andrew Roth
My friend Adam Zimmerman sent me this interesting factoid last week after General Motors announced that it was trying to avoid bankruptcy:
In 1958 you flip a coin to decide whether to invest $10,000 in GM or Phillip Morris and hold it 50 years.
Heads = GM
With GM that $10,000 investment would be worth $2,500Tails = PM
With PM that $10,000 investment would be worth $80,000,000
Posted at 9:22 AM,
October 14, 2008 | Trackback (0)
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Breathtaking...
Andrew Roth
I think we’re witnessing something extraordinarily dire with Treasury's plan to buy up bank stock. It’s breath-taking how dumb this idea is. Worse, the government says that the new plan is not “voluntary”.
It truly is amazing. Cutting cap gains taxes and/or corporate income taxes could achieve the exact same result (banks getting injected with capital), but a Republican administration is choosing socialism over its own party’s bedrock issue – tax cuts.
This is sad, sad stuff.
Posted at 8:54 AM,
October 14, 2008 | Trackback (0)
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Latest Rothenberg House Report
Andrew Roth
It still doesn't look good for Republicans.
Posted at 8:31 AM,
October 14, 2008 | Trackback (0)
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October 13, 2008
The Most Discouraging Headline I've Read in Years
Andrew Roth
U.S. Set to Buy Preferred Stock in Nine Top Banks - Wall Street Journal
Posted at 6:45 PM,
October 13, 2008 | Trackback (0)
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Gas Shortages in the Southeast
Andrew Roth
Are the gasoline shortages in the Southeast due to irrational consumer behavior or actions made by the government? Economist Robert Prechter explains.
Posted at 5:10 PM,
October 13, 2008 | Trackback (0)
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Quote of the Day
Andrew Roth
I've been so frustrated with our leaders in Washington lately because nobody is really pushing for tax cuts. This economy needs more capital to stop the hemorrhaging caused by the financial crisis. The quickest, most pro-growth solution is also the simplest - TAX CUTS, TAX CUTS, TAX CUTS.
And Larry Kudlow is just as anxious as I am for something to happen:
John McCain should be yelling at the top of his lungs for permanently lower tax rates across-the-board. Let people keep their own money instead of hanging on the dole from government.
C’mon, Big Mac. Get moving. The clock is ticking.
Yes, get moving! For every $1 in corporate income taxes cut, there will be ~$12 in new equity added to the economy. That's $12 that can be used to buy up weak banks, expand production, increase innovative research, or raise wages. Why aren't we doing this???
Posted at 4:41 PM,
October 13, 2008 | Trackback (0)
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Nothing Funny About the Amusement Tax
Andrew Roth
Chicago Mayor Richard Daley is proposing an increase in the amusement tax to cover a budget shortfall. Cubs fans are still grieving over their team's loss in the playoffs and now this?
Posted at 3:38 PM,
October 13, 2008 | Trackback (0)
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Obama’s New Economic Plan
Press Release
Obama’s New Economic Plan – The Opposite of What We Need
Washington – Barack Obama’s new economic plan is exactly the opposite of what the country needs right now.
First, the Democratic senator called for a 90-day moratorium on bank foreclosures. There are several problems with this plan:
- Senator Obama opposed such a moratorium during the Democratic primary when Hillary Clinton proposed it. In fact, an Obama advisor told the Wall Street Journal, “A mandatory moratorium [on foreclosures] and rate freeze … could deter them [banks] from re-entering the market and would delay the return of liquidity.” We couldn’t have said it better ourselves.
- Obama’s plan will forbid banks from foreclosing on defaulted mortgages for 90 days, thereby forcing them to incur losses in interest income and possibly sell the home at lower prices than they might otherwise get for it. The moratorium harms banks precisely at a time when American banks need help.
- The plan also has a powerful chilling effect on the issuance of new mortgages. If banks know the government stands ready to suspend their right to foreclose, they will be less inclined to issue mortgages. New home buyers will be forced to pay higher mortgages to compensate banks for the additional risk Obama wants to impose on them. There could not be a worse time to impose higher home ownership costs on credit worthy borrowers.
Second, Obama’s plan to implement a $3,000 tax credit for each additional full-time job a business creates will do little to actually create new jobs. For starters, the tax credit is temporary and scheduled to end in 2010, while creating new jobs is a long-term endeavor. Additionally, the government shouldn’t be in the business of picking particular activities to subsidize—whether we are talking about creating new jobs, or investing in research and development, or any other activity. Instead, the obvious rational thing to do is lower the tax burden for businesses so the business can decide for itself which of these activities will help it to grow.
“Senator Obama’s plan may sound good on television, but the truth is, he is offering the American people tax gimmicks and new, costly burdens,” said Club for Growth President Pat Toomey. “Gimmicks won’t help the economy grow and imposing new costs will only weaken it further. The American economy needs broad tax cuts and the freedom to make independent business decisions—not top-down dictates from politicians.”
Posted at 3:06 PM,
October 13, 2008 | Trackback (0)
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Piggies
Andrew Roth
While the Beatles pre-date the massive explosion in earmarks over the last eight years, you have to believe that the Fab Four had Congress in mind when they wrote this song. Check out the lyrics below the audio player. Hat tip to Craig Kirchoff, who originally told me about this song.
Piggies - The Beatles
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their sties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.
Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.
Posted at 2:17 PM,
October 13, 2008 | Trackback (0)
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