Politics for Moms

Monday, March 30

The Minds that Move the World

If you would enjoy hearing Anderson Cooper, Charlie Rose, Karl Rove, Bill Maher or Ann Coulter (and many others) speak in person, then you need to check out the 2009 Speaker Series: The Minds That Move The World.”

This is a timely series of events that will provide attendees with a unique framework for understanding America’s current political landscape and place in world politics, through the insights of some of the most prominent political figures of our time.

They are in New York City tomorrow with Anderson Cooper interviewing Mike Huckabee, Arianna Huffington and D.L. Hughley. If you are in the New York area, you can catch this event at Radio City Music Hall. And, since you are a P4M reader you can buy tickets for 50% off for this New York date only. Just use the code MEDIA.

For all their other events, you can still get $10 off selected tickets. Go to www.speakerseries2009.com and use the following codes for each city.

New York – use code SPIN

Boston – use code SS09SPIN
3/30: Al Gore
5/27: Charlie Rose interviewing James Carville and Karl Rove

Chicago – use code SPIN
4/1: Al Gore
4/22: Chris Matthews interviewing Tucker Carlson, Arianna Huffington and Paul Begala
5/28: Charlie Rose interviewing James Carville and Karl Rove

And this is something additional just in case you are interested: there is a trivia quiz about the speakers on http://www.msg.com/speakerseries/.

If you happen to attend any of them, let me know so I can be appropriately jealous!

When Will it Stop?

Well, if this wasn't enough...

The government has instructed Chrysler to form a partnership with Fiat as a condition for new aid.

Really, what are they thinking?

Dow Dives 200+ Points

Saw this on the news ticker just now:

Dow Dives 200+ Points on News of Obama Administration's Actions on Auto Industry.

Wow, that's a shocker! I can't believe the market would react poorly to news that the government had kicked out the CEO of a private American corporation. I mean, doesn't the market know that government is the answer to this messy economy. At least that's what Opie Geitner told us over the weekend. And he should know. I've been told he's very smart. The smartest, in fact.

Hey folks, you wanted change. Well, this is what change looks like.

Simple Economics

I've been looking everywhere for a simple explanation of our current economic situation. The problem is that it is a very complex and multi-layered issue that can't be easily broken down, but I think this piece by Weakenomics.com that was posted at Simple Mom this week is about as good as I've seen.

It's well worth a read if you want to try and understand where we are at today. Here's a little tidbit to get you started...

The media has tried to explain the current economic crisis. But many of them don’t fully understand it themselves, so elements and details are lost in translation. The ultimate failure is trying to explain it in a matter of minutes - and this is impossible. You have to keep it simple, and then add layers of complexity as each level is understood.

So let me tell you a story.
Meet Ivan. Ivan is an investor. After a recession in the early 2000s, Ivan pulled his money out of the stock market. He wanted a safe investment, but interest rates were very low and because of this, government bonds offered a low return.

You can continue reading here...

Sunday, March 29

Obama Announces His Plan for Afghanistan

The U.S. presence in Afghanistan will not "be an open-ended commitment of infinite resources, President Obama said in an interview aired Sunday.

Obama said security is tenuous in that nation in part because of
neglect in the last U.S. administration. He said he inherited the war and tried to suggest that it was not his war now that he has announce a new strategy for bringing stability to Afghanistan.

"I think it's America's war. And it's the same war that we
initiated after 9/11 as a consequence of those attacks," Obama told CBS' "Face the Nation" on Friday, the day he announced his new plan. "The focus over the last seven years I think has been lost. ... Unless we get a handle on it now, we're gonna be in trouble."

(You can read the rest of the story here.)

Once again, President Obama wants us to know that he "inherited" the problem in Afghanistan. Does anybody else getting tired of his whining? All presidents "inherit" the situations, problems, and missteps of the prior administration. Get over it!

If you read on in the story, Obama's plan calls for increasing the number of troops, increasing aid and there is no exit plan. Sounds vaguely like a plan a guy named George W. Bush had eight years ago for Iran---a plan that he has been widely criticized for.

Hmmm, I hope that works out for O.

GM CEO Steps Down at Request of White House

I always thought that at some point the heads of the automakers might resign, but I never thought they'd retire at the request of the White House. Now we are definitely in uncharted territory.

DETROIT – General Motors Corp. Chairman and CEO Rick
Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

via Associated Press

What You're Getting Served

A pastor of a church in Indiana wrote this interesting look at what can happen when government gets involved in private business.

Think about regulation before you ask for it. Consider carefully the laws you enact. You may get more than you bargain for….

Suppose you legislate against high risk/high reward endeavors. What then?

The brilliant researcher is asked to, “Join our firm. Cancer is destroying thousands of lives and we’re investing everything to find the cure. We need your genius leveraged against this great need. Of course, if we fail – after you’ve invested a decade of your life in our cause – you’ll receive minimal compensation for your effort.”

The courageous physician is asked to, “Come quickly! This patient coded and you are the one we’re counting on to save her life. We need your skill. None of us can do what you can do. Please help us save her! Of course, you should bear in mind that if she dies, you’ll have your salary capped, we’ll publically blame you for the loss and the ensuing lawsuits will take everything you own.”

The remarkable business leader is asked to, “Fix this mess. The company has negotiated some bad deals. Toxic assets are killing us. Not many people could fix this problem; truth is, not many people even understand this problem. Few would even attempt what we’re asking you do to. Of course, you’d do well to remember that if you fail to rescue this industry, fail to deliver seventy-hour-work-weeks for the handsome compensation of $1 per year or fail to make everyone happy, you’ll have your name drug through the mud, your address publicized, your children exposed to angry protestors and your assets taxed into oblivion.”

Do we really want to reduce the reward for risk?

Do we really want to incentivize safety-first, low-level, risk-averse living?

Do we really want to give high-capacity people little reason to produce more and lots of reasons to produce less?

Better pay attention friends. That’s what’s on the table… and it’s about to be served.

Proverbs 28:2 When a nation sins, it will have one ruler after another. But a nation will be strong and endure when it has intelligent, sensible leaders.

Saturday, March 28

Change We Can Believe In?

Thursday, March 26

A History of Toxicity

In response to this post, I found this short Q&A from the Associated Press which I thought gave a little more explanation about what toxic assets are and how Geitner's plan will remove them from bank balance sheets.

What are toxic assets?
Toxic assets are, mostly, the investments backed by risky subprime mortgages that are held by the larger US banks and that have lost value. They hang like shackles from the banks' feet, dragging down their balance sheets and their fortunes.

It started in early 2007, when the mortgage crisis hit and defaults on subprime home loans, those made to borrowers with tarnished credit histories, began to climb. That gutted the value of the mortgage-backed securities---subprime mortgages bundled and sold on Wall Street to investors---held on the books of the big banks.

When the banks---such as Citigroup Iinc., Bank of America Corp, and JPMorgan Chase and Co.---started writing down the value of the securities, they reported billions of dollars of losses. Their capital eroded and they didn't have the money to make loans. Credit dried up. Banks large and small foundered and failed. The crisis was in full throttle.

There now is an estimated $2 trillion in bad assets on banks' books.

How will the new plan for getting toxic assets off banks' balance sheets work?
It's what the government calls a public-private investment partnership, with the goal of scooping up about $500 billion, and eventually $1 trillion, in toxic assets. The government will put in $75 billion to $100 billion taken from its $700 billion financial bailout program.

For every $100 in bad assets being purchased, private investors would put up $7, to be matched by $7 from the government. The remaining $86 would be covered by a government loan, provided in many cases by the Federal Deposit Insurance Corp.---the same folks who provide insurance to make sure depositors don't lose all their money when a bank fails.

Dear A.I.G., I Quit!

An A.I.G. executive printed his resignation in the New York Times yesterday. It's a great perspective from the other side of the story.

It's a shame what these employees have had to endure for simply doing their job. I applaud Mr. DeSantis for taking the money and giving it to charity, however, I wouldn't have blamed him for keeping it either.

Opie Asks for More Power

Opie Geitner was on Capitol Hill this week asking for congress to grant Treasury and the Federal Reserve new powers to regulate troubled non-bank financial institutions that are deemed to be "too big to fail."

Their plan — if approved by Congress — will give the government new powers to seize and re-organize institutions like insurance companies, investment banks, and hedge funds whose collapse might have significant systemic effects.

Am I the only person who just doesn't like the sound of that?

Wednesday, March 25

Obama Press Conference Recap

I have two confessions to make. First I have been working on this post all day, and at 11pm, it's still not done. That's what happens when the field in front of your neighbor's house catches on fire and you have to watch their kids while four fire trucks take care of business. Despite the fact that the world revolves around Washington politics, life happens.

Second, I have to confess that I was helping kids with homework and completely missed about 75 percent of the press conference. But what I did see assured me that I probably didn't miss much.

If you were also doing homework with your kids last night, then you can read the transcript of the press conference here. I personally like to read the transcripts more than watch the event because then I'm not swayed by O's boyish good looks, suave mannerisms, and smooth talking. That's why I'm not an official member of the White House press corp, they would never fall prey to such amateurish antics.

But since you come here for summary and analysis, let me sum it up for you in three words: Yada, yada, yada. And here's my analysis: Yada, yada, yada.

You know it's a bust when the only thing the "professionals" can point to as the BIG MOMENT was when Ed Henry from CNN had the gall to ask the President why "he didn't spew outrage as soon as he learned about the AIG bonuses. The president, with an icy stare, responded that he 'likes to know what he's talking about' before he speaks."

The big moment. That was it.

But for what it's worth, here are a few of my lingering observations.

Biggest Non-Story: I'm not bothered that O used a teleprompter for his prepared remarks. And neither is Robert. So move on people. What would've been odd is if he used the teleprompter to respond to the questions with prepared answers.

Obligatory Compliment: I like how orderly his press conferences are and how he calls on a variety of different news outlets. Although I think the NYT and Washington Post are feeling a little slighted today.

Biggest shock of the night: That 1 in 5 kids in America are living on the street. Wow, I'd love to see the source on that stat because I just don't believe it at all. But if it's true, I hope they didn't hear O's answer to the previous question about taxing charitable giving.

The lamest question of the night: Ann Compton from ABC Radio asked that if during his 64 days in office, have any decisions been made because of race? Or have any foreign leaders treated him differently because he is the nation’s first African-American president? Really? We have an economic crisis, two wars, education in a mess, the world burning to a crisp and Ann wants to know if he has had his feelings hurt by other world leaders because of his skin color.

Most Noticeable Absence: Not one question about Iraq and Afghanistan. None. Zilch. There was a question about peace in the Middle East, but nothing about the two countries that dominated the political agenda and news for the last 7 years. I guess it really is about the economy, stupid.

The Best Reassuring Moment: It wasn’t so many tax days ago – five years – that Mr. Obama was in a far lower tax bracket. Now, he is in the highest, so he seemed to speak for the rest of the wealthiest Americans. “It’s not going to cripple them,” Mr. Obama said. “They’ll still be well-to-do." From Jeff Zeleny at the NYT.

That's my take. What's yours?

Tuesday, March 24

Obama on The Tonight Show

I watched President Obama on the Tonight Show last week. He shines in that type of setting. He's one of the guys. The neighbor next door. The dad in the carpool lane.

However, I find it ironic that the forum the President used to speak to the American people is the show that brings us Jaywalking, a popular bit where Jay Leno asks random people on the street questions about current events. What makes the bit work is that the people are usually clueless about what's going on in the world. At times it's down right frightening when they don't know who the current vice president is or the words to the Pledge of Allegiance.

Unfortunately for the President, his laborious and mind numbing explanation of the economy didn't make the news. It was a quick, off the cuff remark he made about Special Olympics that topped the headlines.

Before kids, I worked for Special Olympics for five years as the director of public relations for the PA chapter. So this little problem would've landed on my desk.

Honestly, it was a passing comment and a stupid slip on his part. I don't believe he really understood what he was saying. But what a gold mine of an opportunity for Special Olympics. I know that they last few years have been tough financially for all non-profits and Special Olympics has not been immune from the decline in donations.

I would've had Special Olympics CEO Tim Shriver on every news program forgiving the President and then touting the incredible stories of Special Olympics athletes and their achievements in bowling and the other 30 sports they can compete in year-round.

I also would've challenged the President to a bowling game with several of Special Olympics' best bowlers. I'm afraid the President will need a better score than 127 to even compete. These are true athletes who train and compete seriously.

So don't feel bad for Special Olympics athletes. The President actually did them a favor by drawing attention to a fantastic organization that has impacted millions of lives world wide.

***If you are from the media and reading this, please don't call them "the Special Olympics" or "Special Olympians." Both or those are like nails on a chalkboard to Special Olympics athletes, parents, fans and former PR directors. It is simply "Special Olympics" and they are "athletes" or "Special Olympics athletes."

Monday, March 23

"The 4th Time is a Charm"

That was a quote from an economist I heard on a news show tonight. It only took six months, one boy genius and about 958 trillion dollars, but those who understand this mess seem to think that the plan to buy up the toxic assets is a winner.

Apparently the market agreed since it went up almost 500 points today. I guess Opie Geitner finally proved his worth.

All kidding aside, I wish I could explain this entire mess to you in lay terms but I just don't understand it. I have no idea why anybody would willingly buy bad assets but apparently someone is willing and it is suppose to help us get out from under this mess.

So I'm not going to pretend like I know what is going on with the economy. Instead, I'm going to steer you toward some articles that will provide a better framework and narrative for you.

Then once you understand it, please come back and explain it to me!

My Plan for Bad Bank Assets, Wall Street Journal

Treasury Unveils Details of Plan to Relieve Banks of Toxic Assets, The Washington Post

Will the Geitner Plan Work? David Gergen, CNN

Inside Obama's Economic Brain Trust, NY Mag

Saturday, March 21

Life Happens

I took an unscheduled bloggy break. Life happens and then you realize your last post was a week ago. Ouch.

I'll be back Monday and there is no shortage of topics to discuss:

Obama on Leno
AIG
Omnibus Bill
Timothy "Opie" Geitner
The teleprompter
Congress Passing 90% tax on executive bonuses

What else is on your mind?

Thursday, March 12

Good Reads

New Chairman Boos G.O.P When He's Not Cheerleading, New York Times

The D-word: Will recession become something worse?, Forbes.com

Wealthy Idiots Meet Idiot Reporter, The New Republic

Mr. President, Time to Rein in the Chaos, The Washington Post

Obama's Clumsy, Smirky Staff is Sinking Him, Salon

Thanks to everyone who submitted links!

Wednesday, March 11

Let Your Voice be Heard: Card Check

Since I posted about card check yesterday, I thought you'd be interested to know that opposition to this labor law is not only from Republicans. This week, President Obama's economic advisor Warren Buffet said he opposed card check while making an appearance on CNBC. Democrat Presidential candidate and former U.S. Senator George McGovern has also come out against this bill.

If you would like your voice heard on this issue, Newt Gingrich, along with Saul Anuzis, is organizing nationwide campaign to stop Congress.

"We are collecting thousands of signatures online to turn into members of Congress and to encourage voters/activists to let their members of Congress know they oppose this reckless legislation, particularly during these tough economic times. Our goal is to protect freedom in the workforce and not encourage fear through intimidation."

You can go to this site to sign the petition! It's quick and easy and lets your voice be heard.

Tuesday, March 10

Employee Free Choice Act or "Card Check"

Today, the Employee Free Choice Act is being introduced in the Senate. This labor-backed bill, also known as “card check”, is designed to make it easier for employees to vote in a union at their workplace.

Let's Look at What We Have Now

Today, the system for forming unions allows employees to vote by secret ballot whether or not a union should be organized within their company. This method allows privacy for employees to make their own choices without outside influences or potential consequences.

The right to a private ballot is fundamental to the American democratic system. Under existing law, a private ballot election is guaranteed and administered by the National Labor Relations Board. This proven method prevents workers from being vulnerable to misinformation, intimidation and coercion by union advocates or company management.

What's Card Check?

Proposed card check legislation replaces secret ballots with a signature drive. If 50 percent of a company's workers sign individual authorization cards that waive the employee right to a secret ballot, collective bargaining automatically begins between employers and union officials.

Employee signatures can be collected and organized by anyone, anywhere. Card check opens a company's break room for unions to use while wrangling employee signatures. Company parking lots would serve as a place for union expansion.

Binding Arbitration

Card check contains a provision that mandates compulsory, binding arbitration on the employer and the employees as part of the collective bargaining process. This would require a third party - a government official - making labor contract decisions that are binding upon both parties. This would mean that the business owner would have no real voice in his own business nor would the now unionized employees be provided with the opportunity to vote on their new contract.

Why does Labor Want Card Check

First, to add due-paying members. Union membership has decreased steadily since their heyday in the 1950s when nearly 35% of the American workforce belonged to a union, compared with 7.5% today. Indeed, even as the economy added more than 9.5 million jobs between 1999 and 2006, unions lost more than 1 million members.

Secondly, according to Forbes Magazine, there has been a major shift in the mentality of the modern-day labor movement, which now regards political advocacy as its main role rather than workplace representation. With card check, however, Big Labor will get more money and added flexibility to pursue its political agenda.

In A Nut Shell

Andy Stern, the head of the SEIU, says the simpler procedure is needed to keep companies from intimidating workers who try to unionize.

Glenn Spencer, who heads the Workforce Freedom Initiative, argues that the loss of a secret ballot will simply allow labor organizers to coerce their co-workers into joining a union whether they want one or not.

If Card Check Passes

You can expect organized labor to target small businesses, hospitals, and hotels who are already struggling under this economy. They also have their sights set on big box companies like Wal-Mart and Home Depot. The unionization of those companies would put many small businesses out of business and drive prices higher for the ones who are still standing.

My Two Cents

It's an all around bad idea...just look at the auto makers.

President Unveils New Education Standards Today

This morning, President Obama will announce new standards that he hopes will improve the nation's schools and better educate future generations. Included in his proposal:

The president’s will call today for a merit-pay system for teachers. It would reward with extra compensation teachers who are improving student achievement and taking on new responsibilities, rather than the seniority system that long has been a staple of bargaining agreements with teachers’ unions.
Obama will propose increasing the number of charter schools, which operate independently from the regular public school system while still under the authority of local boards.
The president also wants to pursue a retooling of the No Child Left Behind Act, championed by former President George W. Bush, to set more uniform and rigorous standards for tests on reading and mathematics in elementary schools.
Obama also will reiterate his goal of boosting the number of college graduates. The stimulus package and his fiscal 2010 budget would expand the Pell Grant system, which helps low- income families send children to college.

source: Bloomberg News

President Lift's Restrictions on Stem Cell Research

Pledging that his administration will “make scientific decisions based on facts, not ideology,” President Obama on Monday lifted the Bush administration’s strict limits on human embryonic stem cell research.

At a ceremony in the East Room of the White House, Mr. Obama announced that he was issuing an executive order intended to advance the research. He said he hoped Congress would follow with bipartisan legislation that would ease the existing restrictions even more.

The president acknowledged that studying stem cells extracted from human embryos, which are destroyed in the process, is deeply divisive.

“Many thoughtful and decent people are conflicted about, or strongly oppose, this research,” the president said. “I understand their concerns, and we must respect their point of view.”
But Mr. Obama went on to say that the majority of Americans “have come to a consensus that we should pursue this research; that the potential it offers is great, and with proper guidelines and strict oversight the perils can be avoided.”

In making his announcement, Mr. Obama drew a strict line against human cloning, an issue that over the years has become entangled with the debate over human embryonic stem cell research.
He said that he would ensure that his administration “never opens the door” to cloning for human reproduction, adding, “It is dangerous, profoundly wrong and has no place in our society or any society.”

read more here...

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