Reaction to Washington’s Turmoil— from Wisconsin to Wall Street
http://thedianerehmshow.org/shows/2011-08-10/reaction-washington%E2%80%99s-turmoil%E2%80%94-wisconsin-wall-street
Wisconsin voters turned out in record numbers yesterday. They recalled two state senators; four held on to their seats. Whether the high turnout was fueled by dissatisfaction with the Governor’s policies or Washington’s gridlock, it captured the attention of the country. In the week since the debt ceiling deal, the U.S. has been in turmoil. The country saw its first ever credit downgrade and witnessed a turbulent stock market. Yesterday afternoon the Federal Reserve reacted to it all by downgrading its assessment of the U.S. economy. We take a look at reaction to Washington’s turmoil -- from Wisconsin to Wall Street.
Guests
Norman Ornstein
resident scholar at the American Enterprise Institute and coauthor of "The Broken Branch: How Congress Is Failing America and How to Get It Back on Track."
Gretchen Morgenson
Pulitzer Prize-winning business reporter and columnist for The New York Times; co-author of the book, “Reckless Endangerment”
Stuart Rothenberg
editor and publisher of the Rothenberg Political Report and a twice a week columnist for Roll Call
James Fallows
national correspondent for the "Atlantic Monthly."
Comments
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So the court 'neutral' and the lawyers just want(more) money.
(Insert name of YOUR bank) just wants money too.
Even if McDonald's hires US(guess two(hee) olde and broken veteran) but looks like NO call coming...
IF employed EV3R again delinquent mortgage will prohibit any refinancing or allow continuation of my low interest(lower than renting) mortgage payment. Not to mention ruining credit and adding burden to being employed or being able to rent shelter in our name. 0ops just did.
When sold at foreclosure(Well's Fargo been buying MOST) at much lower amount then actual valuation by government and taking tax credits 'for loss' AND then renting at twice OUR old mortgage payment...
Hand US a brick- we'll give IT to the kids/ grankidz as they seem to be struggling too at the ONLY available chance at surviving.
Would BE angry if (insert name of bank again) had ANY thing to do with OUR ec0n0mic collapse OR had received any bailout(we need less than $10000) from taxpayers(like WE USed to be).
AND YOU would not like US angry. So lay back, relax, and try to enjoy IT( as before, once again, as you were WE are told).
At least Congress currently doing what best for their-er- OUR national interest.
Cannot afford ANY new 'help'. Any chance they stay on VACATION?
In Wisconsin the republicans despite the millions of dollars (31 million) in outside the state union money spent to overthrow the will of the people will keep control of the state senate. We here in Wisconsin have thrown away millions of dollars on unnecessary recounts, unnecessary recall elections because the state democrats will not except the results of an election. Their true colors have shown themselves and we know which party is the real party of corruption.
The Wisconsin State Fair last week had what is known as a "flash riot" this is where hundreds of white hating black youths using text messaging descend on a public event or just random attacks and beat up white people. This is obviously the effect of the welfare state and the blame can directly be laid at the feet of the democrat party. Generations of subsidised immoral behavior has produced in mass young people who have no moral compass and certainly no work ethic.
http://www.liveleak.com/view?i=632_1312609529
Mr. Semi-Anonymous above is an example of the kind of democrat I speak of, he is so lazy to put anything original in his posts he just copies and pastes the same blather everyday.
monte-
This quote is from Bloomberg yesterday at 4PM:
“I’ve heard the Republicans saying the Democrats have radically outspent them, and the other way around,” Buelow said. “Don’t buy it. As best as we can tell, they are running neck and neck on spending.”
accountant, I live here and can tell you the commercials in favor of the dems was running five to two. I do not know how much was spent by the republicans defending their legitimate gains in the 2010 election. I do know the democrats had no concern as usual for the tax payers.
I do not agree with S & P because I believe their decision was more political than factual. But I also think the outlook for the U.S. is bleak because so much money has nearly completely corrupted the political system. Also the republicans hate Obama more than they love their country.
The voters I know are not trying to suborn the legitimate election process, as stated on your program. My fellow teachers (in Ohio, but same sort of conflict going on), for example, are saying "Can I take back my [Kasich] vote?" One teacher's husband is out of work, and "[Kasich] ran on a jobs creation platform, and now I am going to lose my job!" They want to literally "recall" their votes.
Fear not, union people. We're getting very close to that tipping point: As soon as 51% of the population is dependent on their union jobs, then they will dictate everything.
And, with Obama growing the government -- with its millions of unionized jobs, we'll be there in no time!
This recent downturn has sealed the President's fate. Unfortunately, there is no way he will overcome this and I predict a landslide victory for whoever runs against him in November 2012.
Bo Jones
Here's the reality:
Union Membership in U.S. Fell to a 70-Year Low Last Year
By STEVEN GREENHOUSE (New York Times)
Published: January 21, 2011
The number of American workers in unions declined sharply last year, the Bureau of Labor Statistics reported on Friday, with the percentage slipping to 11.9 percent, the lowest rate in more than 70 years.
The report found that the number of workers in unions fell by 612,000 last year to 14.7 million, an even larger decrease than the overall 417,000 decline in the total number of Americans working.
“It was a very tough year for unionized workers,” said John Schmitt, a senior economist with the Center for Economic and Policy Research in Washington. “We’re seeing declines in the private sector, and we’re seeing declines in the public sector.”
The number of private sector workers in unions fell by 339,000, to 7.1 million, while the number of public sector union members fell by 273,000, to 7.6 million.
The percentage of private sector workers in unions fell to 6.9 percent, down from 7.2 percent, the lowest rate for private sector workers in more than a century, labor historians said.
You don't have to worry about a union tipping point.
Theresa, that is why there are election cycles. You like everyone else should wait for the next election. You are not special and to think that state governments should be in constant turmoil because you do not like the results of an election is just stupid. Recalls should only be used for malfeasance, like leaving the state to stop a legal binding obligation to govern.
As a moderate, I'm frustrated with what I see as the breakdown of the two-party system. As the parties pander more and more to the "true believers," the partisan primaries churn out more and more extremists.
I think of myself as an independent, but I'm registered as a Democrat because I live in what would be called a "solidly Democratic district"; the Republicans won't even put up serious competition for Congress, the state House, or the state Senate -- if I want any voice at all, it has to be in the primary.
If there were a moderate third-party option, I'd take it in a heartbeat. Parliamentary democracy is looking better all the time.
Exactly, monte.
Theresa in Ohio asked:
"Can I take back my [Kasich] vote?"
The answer is, "No". All you can do is cast a vote differently next time. Except in the case of fraud, elections don't have "do-overs".
Do not use facts or real examples... it just confuses them- 'except' IT.
Sorry to obsess on losing what we worked half century for to up and comers with a radical religious bent on armageddon.
REPUBLICAN last two decades- but when Reagan became too radical left party(GBjr and McCain flip did not help- McCain back saying torture bad idea- we agree seems, maybe, unAmerican?)
Fact rules unchanged AND same players now reaping profits on their destroying world economy...
yes IT makes US straight ticket democrats(which we NEVER were).
Cannot wait for, amazingly, results as we copy the 'new' age 'winning' British model of recovery.
PS Believe if numbers unfudged would show we NEVER recovered from 'last' recession/ depression for most. Wally world 'new' low prices $1 per piece of fruit or vegetable?
Mudbutt from 'surviving' off land. Tastes like sh#t but you can almost live on IT.
monte, I would classify what these politicians are doing now as malfeasance -- many of them have turned so far from their campaign positions as to have breached the public trust, and they seem determined to betray the public interest to further their partisan interests. It's gone beyond the usual lying and cheating.
Yes we will vote for people who destroyed world.
Good news- German saves Europe, Britain burns(and US), and then we unite to save the world...
Shocking ! Gasp.
Criminals taking advantage of societal breakdown. Who knew?
Spin IT- they're stealing HDTVs!
Silly consumer- er- criminal- utilyzing tech allowed HD WAY before HDTV. Good use of Twitter and mobile phone(there are apps for societal breakdown- BOTH for targets AND escape routes).
Reaping the whirlwind. Or devious plan by police unions to get members rehired! Liberal fascists you know.
Nice to see the monied classes reuniting for THEIR society...
In the most recent Atlantic monthly in the article "Can the middle class survive" Mr. Peck writes that the top 1% makes more than the lower 60% of those in the American economy. And Norm can you explain why the hell you do not want more Americans to vote? You have stated that a national holiday for voters as they have in Australia as well as a fine if you do not vote is not advisable. Why?
Hope you have Peck on to discuss his article. In it he says that the top 1% in the US make what the bottom 60% make combined. Clearly the gap between rich and poor has expanded. So much so that the middle class can barely survive let alone jump to the other side of that gap. He also writes that most who make over 90,ooo will come out of this recession much better off than they were before because they can buy assets during this time of struggle for most.
Can your guest discuss the 2.5 trillion that the banks are sitting on. Is that taxpayers money that they were given during the Treasury coup in 2008? If that 2.5 trillion is the taxpayers loan why is it that congress does not demand that the banks feed this back into the US economy.
Philadelphia WINS last week for curtailing further optional liberties for those possibly underserved amd criminal. (Apartment bombs in reserve). To 'prevent' disorder curfews. Who is next?
Could moral compasses go astray?
Poor stockholders rushing Wall St.- yet?
Standby for further fires at 11.
Questioning limited government may NOT be such a bad idea... when the rioters are outside your door.
At least those shot dead will not be clogging the justice system or draining our publick coffers.
Should we hospitilize the wounded? They have no health insurance like GOOD people...
Just draining society- there may be unintended consequences.
Any idea if exhausted police perform any differently? We worry and foresee unnecessarily.
LOL guess US monitoring of communication and detention without charges IS good for our nation(at least for the ones NOT being shot, tortured or lynched).
We should attack the S and P for problems caused... but being Poor is Standard nowadaze.
Fiscal reality, new paradigm, rethinking our systems. Translation- we've sucked ALL the blood from available ston00es NUT them populace has awakened.
Quick we need Lady Gaga to reveal she is father of some politicos baby. Or some other diversive media smokescreen.
'Closing time, you have no home, may be hungry, BUT you cannot stay here...'
'Move along, your presence here makes US nervous so leave before we hurt you in self- defense...'(sung to Closing Time(guess Marx correct- no wonder China nervous).
AND our neighbors paranoid about ANY government now.
Chris Matthews has been pushing a jobs jobs jobs government program for two years. Why is it taking the Obama administration so long?
This statement sure applies right now "it's the economy stupid"
I just met a former GM worker who lost his job applying for a job at Wal Mart where his 18 year old daughter works. That tells the story of where things are at
Last decade caused mess. Both fiscally and morally. Define 'sex' or 'torture'. Lying about either bad BUT know which one scares US(we have been blownup, shot at, and redacted).
That was NOT business as normal. Unless extreme defined as 'normal'.
I hear often that business will not employ people, if consumers lack purchasing power. However there is plenty of global demand, so there is certainly a need for skilled labor. It is clear that businesses do not lack capital. Can they not take on the responsibility of training workers, who in turn will create demand? Stimulating the economy here needs business input here, as never before. More pressure should be placed on corporation to enter this environment in a creative and yes, patriotic way. I do not want to be cynical, but it seems that there is a resistance on the part of largest corporations to contribute in a helpful way.
Will the committee of 12's meetings be transparent. Will the public be able to access which lobbyist they are meeting with?
Wally world closed all smaller competitors- and then raised prices.
Only hire less then parttime here to avoid pesky benefits etc.
And too used up to be hired. What Army said.
If Anonymous decides you are entitled to information, correct or not, you will be informed.
Please standby- your cries are important to US.
The whole S&P downgrade smacks of a classic Carl Rove behind the sceens manipulation. The flawed numbers and the fact only one of the rating agents came to the downgrade conclusion, has the Carl Rove mode of operandi finger prints all over it. Do you think an investigation is in order.
One MSM pundit after the next keeps bringing up the 2.5 trillion that the banks are sitting on. Is that 2.5 trillion part of the loan/coup that the treasury forwarded to the banks who ended up socializing their losses while they continue to privatize their profits while using taxpayers money.
If that 2.5 trillion is originally taxpayers money why is it that congress can not demand that they feed that money back into the US economy?
Amount due(fill in your bankname) $5230- other $3770 for fees(onsite collector makes $7/hour WE billed $120 for that'service'. Multiple times!
Same deal for 'photo' or inspections. Add paying for their attorney(NONE for US) AND we arrive at $10000. Good work if you have IT- that average 4 per hour fee- $480 - $7 dollar minion-er- contractor per hour = ALOT ROI!!!
They do use the profits to fund two 'bank' employees processing ALL requests from ALL mortgages= Loss and Mitigation Department(of 2 ! nLOL).
After mailing, faxing and calling MANY months have recieved two call backs inquiring what I needed... AND please call again on progress!
(Plus so many scams to 'help'- send money first of course(info gleaned from public record))
Judge hands 'tied'. Can complain to state attorney- currently laying off and unfunded... yea smaller government.
With all the abuse of tax loopholes, I have to wonder if there might be a way to better use the tax code to create incentives for American-made products. What if Congress set a standard for what products can be called "Made in America" (e.g., at least 80% of labor comes from US taxpayers, 70% of parts come from companies that pay US taxes, and at least 60% of profits go to US tax-paying businesses)? What if Congress created a hefty tax break for any business or individual who bought a certified "Made in America" product that costs more than $200? You would still have the "freedom" to buy a car or refrigerator made in Korea, but you wouldn't get the tax break. Currently, you cannot even find an American-made computer or television. With the right tax incentives, market-driven computer and appliance manufacturers would open facilities in the US and there would be lots of new jobs here. If a local or state govt (or agency) receives federal funding, they would have to buy certified American products or explain why they didn't. I'm not talking about the old school protectionist tariffs that raise prices and would only lead to retaliatory tariffs and trade wars with foreign countries. Other nations subsidize their own industries, so why can't we?
Note: the percentages cited in my example above are just arbitrary for the purpose of demonstration - actual numbers would vary.