Oct/090
Congress Fights Transparency
What a joke! What are these guys scared of when posting bills online. Even this won’t help too much but why not allow the American people who are interested in seeing what their government is pushing on them by simply posting the bills online?
And wasn’t this one of Obama’s campaign promises to post bills and agenda’s online before voting on takes place? Why is Obama not out there excoriating these people and letting them know that this is what he wants them to do?
Bringing trancpericy to our federal government is going to take a lot of hard work and spine. These people know that allowing the American public to see what they are doing and what they are voting on will lead to backlash and possibly the end of their terms.
Follow the Jump to read the Source article:
What you don’t know can hurt you:
» House energy and global warming bill, passed June 26, 2009. 1,200 pages. Available online 15 hours before vote.
» $789 billion stimulus bill, passed Feb. 14, 2009. 1,100 pages. Available online 13 hours before debate.
» $700 billion financial sector rescue package, passed Oct. 3, 2008. 169 pages. Available online 29 hours before vote.
» USA Patriot domestic surveillance bill, passed Oct. 23, 2001. Unavailable to the public before debate.
Sep/091
Santorum may challenge ‘injurious’ Obama
September 15, 2009
By Ben Smith 12:59 PM
http://www.politico.com/blogs/bensmith/0909/Santorum_may_challenge_injurious_Obama.html
Rick Santorum affirmed on an RNC conference call — aimed at attacking Arlen Specter — that he’s considering a run for president in 2012 — because, he said, the Obama presidency is “injurious to America.”
“The dynamic has changed,” Santorum said. “A lot of folks who might not have thought about running against an incumbent president” are now considering it.
He cited Obama’s lower poll numbers and his failure to “transform” and unify the country.
“A lot of people are going to take a look and see wht they can do to try to confront this presidency, which many of us — as you’re seeing from the tea parties and the like — which many of us believe is injurious to America,” Santorum said, saying the 2012 race is “something that I think I would consider.”
Santorum also elaborated on his opposition to the use of reconciliation to pass health care legislation; the parliamentary procedure was used, with his support, in the Bush years to pass the controversial 2003 tax cuts and a range of other measures, including opening the Arctic National Wildlife Refuge to oil drilling.
Santorum called ANWR drilling “fairly minor” in its impact on the land and on the economy
“You’re talking about drilling holes, as opposed to rejiggering and reconstructing the entire health care system of this country,” the former Pennsylvania senator said.
“A tax bill is by definition a revenue bill – it affects the budget. That’s what reconciliation is for,” he said.
“This is a major policy initiative in an area that goes beyond the federal government’s balance sheets — that to me makes it an abomination.”
He warned that the procedure would turn the bill into a “Rube Goldberg machine.”
UPDATE: A Democrat notes that Santorum didn’t always consider ANWR a minor matter of a few holes: “I believe that ANWR has the potential to play a significant role in reducing our dependence on foreign oil, and I support exploring this area in a safe and environmentally sound way,” he wrote in 2006.
Sep/091
No, Mr. President
SUNDAY, SEPTEMBER 13, 2009
Posted by William Kristol
http://www.weeklystandard.com/Weblogs/TWSFP/TWSFPView.asp#13172
In his 60 Minutes interview to be aired tonight, President Obama apparently says, “I intend to be president for a while and once this bill passes, I own it….I’m the one who’s going to be held responsible. So I have every incentive to get this right.”
No, Mr. President. It’s not about you. If legislation passes, you don’t own it.
We all own it. Any health care bill will become part of the U.S. Code, not simply an item on the Obama White House web site. We will all feel its effects. We are all responsible for the future of our country. Here the people rule.
Which is why it is wrong to jam through a 1,000+ page legislative act in such a rush that its defenders can’t even give a coherent account of what it will and won’t do, and in order to deal with a situation that the president himself acknowledged Wednesday night is not a crisis (“But we did not come here just to clean up crises. We came to build a future. So tonight, I return to speak to all of you about an issue that is central to that future — and that is the issue of health care.”).
The national debate on health care has just begun. Much of the popular anger of this past summer came from a feeling — a justified one — that if Obama has his way, we, the people, won’t have an opportunity to debate this issue as it deserves. The August recess seemed to be citizens’ one chance to force a reconsideration by their elected representatives before Obama succeeded in rushing the Congress to judgment.
This is a moment of truth for the two political parties.
Will enough Congressional Democrats refuse to be herded like sheep and stampeded like cattle? Will they do what is right, and insist, for the sake of the political health of the country, on an open and measured and deliberative process?
And if there are not enough such Democrats — if the Democratic party simply yields to Barack Obama and his assurance that, hey, he has every incentive to get it right, so everyone else should just get out of the way — if the Democratic Congress jams this legislation down the people’s throat — then the Republican party will have to say: We do not yield. We do not acquiesce. And we will take this issue to the country in 2010 and 2012, with the purpose of repealing this dangerous and damaging legislation.
Sep/091
Summers: Unemployment Will Remain ‘Unacceptably High’ for Years
September 11, 2009 6:30 PM
In preparation for President Obama’s speech on regulatory reform on Monday — the one-year anniversary of the collapse of Lehman Bros. — Dr. Larry Summers, the chair of President Obama’s National Economic Council, today briefed reporters on the state of the economy and the administration’s policies.
“As the president has said and (Treasury Secretary) Tim Geithner and I have said many times, these problems were not made in a week or a month or a year; they will not be fixed in a week or a month or a year,” Summers said. “The level of unemployment is unacceptably high and will on all forecasts remain unacceptably high for a number of, for a number of years.”
Summers said that while there has been substantial normalization in the economy, financial conditions in commercial real estate continue to struggle, and “the availability of capital to small businesses remain very tight and credit is in short supply.”
In news that the financial markets will no doubt find interesting, Summers said that the Obama administration officials have no interest in “prematurely withdrawing public support for credit flow” — tax dollars to encourage financial institution loans to citizens and businesses. The former Treasury Secretary for President Bill Clinton argued withdrawing support too quickly would repeat mistakes made by Japan during its fabled “Lost Decade” and the U.S. in 1937 and 1938.
There remains much work to be done, Summers said.
“Any institution too large and interconnected” to break down without causing serious economic hardship to the nation needs to be regulated, he said, adding that the same is true with any market too larger and interconnected to fail, such as derivatives.
“We will not be failsafe until it’s safe for failure,” he said.
Summers argued that it makes no sense for financial sectors to be able to pick which government agency regulates them.
“Stability is not attainable if institutions can choose their regulators,” he said, explaining that the president continues to believe what President Obama outlined in June, that it makes sense for the Federal Reserve to supervise all large, inter-connected financial firms that could pose a systemic risk to the overall system, institutions that would be subject to stricter capital requirements.
Has Wall Street learned its lesson?
Paraphrasing former President Reagan, Summers said his motto is “trust but verify – and regulate.”
He said one of the reasons greater regulation is needed is because the “imprudent put enormous pressure on the prudent” — that bad actors in the financial sector are able to generate wealth by behaving inappropriately which cause “pressure that makes it impossible for the prudent to function properly.”
But some analysts have criticized the administration’s reform proposals as weak and watered down.
“The proposals that they’re considering are very weak,” Simon Johnson, a professor at MIT and senior fellow at the Peterson Institute, told ABC News’ Matt Jaffe earlier today. “There’s nothing in the administration’s proposed legislation before Congress to which the industry objects except for the consumer protection agency.”
“The reform process to fix the underlying problems has only just begun,” Peterson said. “It’s not an impossible task. It will take a long time and a lot of effort, but this administration is not focused on that. Hopefully they’ll change their mind soon and we can really get down to business, but in this political cycle it’s not happening.”
The administration’s financial regulatory reform proposals have also taken a back seat to healthcare reform, causing even more doubts about the administration’s – and the Hill’s – drive to change to system.
Summers said that rumors that the administration was seeking to “interfere with Main Street retailers” are untrue. “That argument is to the financial debate what ‘death panels’ is to the debate over health insurance.”
Summers said that the Obama administration was doing everything it could to revitalize the economy, and was doing it well.
“We have moved back from the brink of financial catastrophe,” he said. He argued that never before in history has “as profound an economic crisis been addressed so forcefully and so quickly.”
But the administration would keep working hard, he said “as long as the unemployment rate is in the 9’s” with millions of foreclosures and tens of millions of people with negative equity in their homes.
The President is not just interested in responding to crises, Summers said, but trying to build a more stable foundation, which includes investments in education, energy. This new foundation includes the regulatory reforms the president will discuss on Monday; this last year was “not the first time,” he said that financial crises disrupted millions of American lives, he said, mentioning the 1987 Wall Street crash, the Savings and Loan scandal, the bursting of the internet bubble, and others.
Earlier today, White House press secretary Robert Gibbs previewed the president’s speech, which will be delivered shortly after noon in Federal Hall.
Gibbs said that the speech will not introduce new policies.
“We’ve outlined a financial plan and are working with Congress to implement it,” he said. “I think we want to demonstrate again why it’s so important, why we need to move forward and why we can’t wait.”
President Obama has forced on ensuring “that we get our stability right, that businesses have access to stable capital and credit they need. And we’ve seen great progress on that, pulling financial insecurity back from the brink of another recession. The speech on Monday will focus on the need to take the next series of steps on financial regulatory reform to insure that what happened a year ago – there are significant safeguards.”
– jpt
Sep/091
U.S. government nervous about stimulus fraud, scams
Thu Sep 10, 2009 6:25pm EDT
[source: http://www.reuters.com/article/marketsNews/idUSN1029818020090910 ]
WASHINGTON, Sept 10 (Reuters) – As billions of dollars from the economic stimulus plan pour through the U.S. economy, members of Congress, the administration and regulatory agencies are increasingly worried about the risks of fraud.
Earl Devaney told Congress on Thursday the Recovery Accountability and Transparency Board he chairs is investigating those who may have misappropriated stimulus money.
His board has “forwarded more than 100 matters to various IGs (inspector generals to ensure heightened scrutiny of specific procurements that board staff has identified as potentially problematic.
“We’ve got about nine cases in various U.S. attorneys offices,” he added. “I know from talking to them that they’re very interested in sending some very loud signals early.”
The Federal Trade Commission, too, has monitored scams where people have misrepresented their connections to the stimulus in order to convince people to hand over money or sensitive financial information.
It has gotten individuals to dismantle websites promising to help people get money from the $787 billion American Recovery and Reinvestment Act for household bills or, even, “leisure travel,” FTC Chairman Jon Leibowitz told the Senate Committee on Homeland Security and Governmental Affairs. He described the individuals as con artists and hucksters.
“The commission is committed to using its law enforcement authority aggressively to bring these schemes to a halt, and to continue deploying public alerts and educational materials,” Leibowitz said.
The FTC cannot criminally prosecute scam artists, such as a telemarketing outfit that he said told Americans they were eligible for $25,000 grants and offered to sell them a $59 book on writing grants, the chairman said, but the agency does refer the cases to state attorneys general, he said.
But some legislators questioned if enough was being done.
“These funds must be disbursed quickly,” said Maine Senator Susan Collins, the highest ranking Republican on the committee. “Striking the right balance between speed and caution has been a challenging task.”
Collins said the Justice Department is training more than 10,000 federal, state and local officials to monitor stimulus contracts for collusion and bid-rigging.
The Government Accountability Office, a federal watchdog, told the panel it is worried the auditing process the federal government requires states to use for stimulus-related programs may not catch misspending.
The “reporting deadline is too late to provide … results in time for the audited entity to take action on deficiencies,” J. Christopher Mihm, the GAO’s managing director of strategic issues, said.
But the Office of Management and Budget’s Deputy Director Robert Nabors, who is monitoring the stimulus dollars for President Barack Obama, said that as of Thursday his office had introduced a process for quicker auditing.
A website where funding recipients post how they have spent money and how many jobs their projects have created is running smoothly, Nabors said. He expects to release a report on how the stimulus has operated on Oct. 10.
That report will differ from the one released on Thursday by the White House’s Council of Economic Advisers because it will only use the data in the system and will not rely on economic projections, he said. (Reporting by Lisa Lambert; Editing by Kenneth Barry)









