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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I don't think so. The S and P basically said congressional unwillingness to raise revenues through taxes on the wealthy does not reflect a realistic view
Mom_in_the_middle wrote, everything that has been enacted into law can be changed in the next election. If all that was done is legal thats all that's matters. To subvert the process is wrong no matter who does it. Not even willing to let the new laws show any results with time is contrary to the whole process and intent of elections. Here in Wisconsin the people chose once again to let the republicans stay in control. You are not special, deal with it!
Great program! Very topical and needed during this political turmoil. I would echo many sentiments - that our system is currently broken! When one parties strategy is "hostage taking" in order to not allow for any success, the country is the loser - and we are in a political War of the Roses.
Time for change.
System working fine... for corporations, whose 'free' speech, much more valuable then broke(and broken) plain olde vets; 0r the monied class who can afford 'justice'...
Junior- give Granma back that brick.
Just wanted to say good show before phone turned off. Got to practice bow and arrow NOW(as bullets too expensive). Spotted a stray- WE eat MEAT tonight!
Will work for food(cat only lasts so long- birds crunchy but takes TOO many to fill kids tummies- AND ever try to hit squirrel or bird with an arrow?).
Apologies- did not mean to whine.
Or go on and on... do not wish to injure our reputation of being short and to the point(s).
Thanks again ALL. And for the few, you're welcome, for our US service(joined after Lebanon fiasco- back when terrorists criminals and GIs benefitless(but rebuilding after Fayettenam-er- Vietnam still). One and half year training... four and a half years overseas... NOTHING compared to the five or six back to back COMBAT tours today most have now... we lost friends to 'criminals' BUT more to shoddy 'illegal' parts sold to military(rotors flying off helos etc due to failure and falsification of part strength- GREAT money maker).
Wall Street and big business are flush with cash, but will not hire until they see the economy moving solidly in a positive direction. Small business entrepreneurs are the only ones who can lead us out of this recession and they can't get the low interest loans they need to do it. Obama needs to understand that he will be judged by independent voters by what is happening with the economy and not how much he compromised to the right.
kathleen wrote:
"Chris Matthews has been pushing a jobs jobs jobs government program for two years. Why is it taking the Obama administration so long? "
kathleen, you haven't been paying attention. The Obama administration has been "pivoting" to jobs for the past 2 1/2 years so much that they're dizzy. The reason it is taking so long to actually "create" jobs is that they have no clue how to do it.
monte, recall elections ARE part of the process -- deal with it yourself!
Any word of fraud, oops typing error, cause of misleading absentee ballots for democrats to republican funded PO box???
And missing election by 2 days...
Hey guys- seize PO box and 'count' them. Just saying if anyone REALLY cared. Do not expect any further information...
Probably 'legally' not a crime.
bc0001 wrote:
"When one parties strategy is "hostage taking" in order to not allow for any success"
You've been watching too much MSNBC, bc. You're infected.
Chris Everett
I like your idea. However, it is not practical. As a tax accountnat, I can tell you that one of the most contentious areas of taxation is transfer pricing. Transfer pricing is the amount that an international company charges it's various subsidiaries to try to move profits to low cost countries. It would be just one more area to play with profits.
I am unsure how tax reform is always equated with a tax increase. Currently people making 2/3 less than me are paying taxes at a higher rate and 51% of the people pay nothing at all while many of the the .5% above me pay at a lower rate. Is this fair?
SA wrote:
"Any word of fraud, oops typing error, cause of misleading absentee ballots for democrats to republican funded PO box???
And missing election by 2 days...
Hey guys- seize PO box and 'count' them. Just saying if anyone REALLY cared. Do not expect any further information...
Probably 'legally' not a crime."
Hey nothing like a little rumor mongering to stir up the mob!
File under "Al Franken elected in Minnesota."!
@accountant
Thanks for your reply. I admit I have no expertise in tax law. My idea was based the successful EnergyStar label that allowed tax credits of 30% up to a max of $1,500 for certified eligible products. To get a similar official "Made in USA" label, an existing govt agency (FTC?) would certify that a product met the appropriate standard. In my example (actual percentages would have to be determined), certification would require 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. It wouldn't be that complicated - a product would either qualify or it wouldn't. "Transfer pricing" and "international companies" would only qualify if they met the standard. A corporation (or subsidiary) would be required to have a manufacturing facility in the US (hiring legal US taxpayers) and the corporation (or subsidiary) would have to pay US taxes on profits from that facility. In our US free market, consumer demand would encourage business to manufacture official "Made in USA" products. I don't understand why "it is not practical." Wouldn't that help create US jobs despite a company's attempt to "play with profits"?
"ecgberht wrote:
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".
August 10, 2011 - 10:40 am"
"monte wrote:
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."
As usual, you Bush Boot Lickers are generous with your half-baked opinions.
What did the California Recall cost the State and the Texas Mafia? The purpose? To recall the Democrat Governor who was screwed by Enron, a wholly owned subsidiary of the Bushes who extorted Billions from the State with a totally illegal conspiracy, then diverted the money to shell companies to hide it.
Then their Boy, Arnie the Wiener, refused to recover one Penny of the stolen money.
FU you both.
Monte Haun mchaun@hotmail.com
mchaun,
I don't think either monte or I had anything to do with what happened in TX or CA.
And as for being a "Bush Boot Licker", you should read some of my posts here which criticize him and his presidency roundly.
Like Grady Lee Coward before you, who called me a racist, and when I charged him to point to ONE racist comment I have made, ran away like a little girl, so I challenge you, mchaun - point to one "Bush Boot Licker" comment or SHUT YOUR ... well, you know.
We are in a liquidity trap, the private sector is unwilling to invest. To overcome this the government needs to spend. What if the government gave to all working age Americans that make below say $150K a $10K check (this could be amended to people making less than that) to be spent for paying their mortgage, rent, healthcare, or purchase of American made products. A quick calculation shows this number to be about 1.5 trillion. Perhaps repeat this for 2-3 years until we are out of this recession. This could almost work as a trickle up i.e. mortgage payment -> bank assets /loans improve, state/local governments keep their tax paying residents, homes are not foreclosed, value of residences stabilizes, real state market picks up etc.
Such a broad diversity of opinion on this panel today...
alex888 wrote:
"We are in a liquidity trap, the private sector is unwilling to invest. To overcome this the government needs to spend. "
WE JUST DID THAT!!! It was called ARRA. It didn't work.
You have the correct analysis, alex, "we are in a liquidity trap". You are also correct when you say, "the private sector is unwilling to invest". Now, ask yourself why that's true. When you can answer that, you will have the CORRECT solution and not just the sos.
"ecgberht wrote:
SA wrote:
"Any word of fraud, oops typing error, cause of misleading absentee ballots for democrats to republican funded PO box???
And missing election by 2 days...
Hey guys- seize PO box and 'count' them. Just saying if anyone REALLY cared. Do not expect any further information...
Probably 'legally' not a crime."
Hey nothing like a little rumor mongering to stir up the mob!
File under "Al Franken elected in Minnesota."!
August 10, 2011 - 11:28 am"
You Koch sucking Boot (or worse) lickers really are lying pieces of Republican Dog crap!
http://restoringtruthiness.org/5299/did-you-get-the-memo-wisconsin-voter...
http://tpmdc.talkingpointsmemo.com/2011/08/koch-group-mails-suspicious-a...
http://www.politico.com/blogs/davidcatanese/0811/AFP_Wisconsin_ballots_h...
Monte Haun mchaun@hotmail.com
"rgoldson wrote:
I am unsure how tax reform is always equated with a tax increase. Currently people making 2/3 less than me are paying taxes at a higher rate and 51% of the people pay nothing at all while many of the the .5% above me pay at a lower rate. Is this fair?"
I think you have to be a little more specific. If that .5% is income not fixed assets they pay a hellava lot more being that they are in the 15% tax bracket.
Accountant might know how this works because I do not know much about taxes.
Yes those 2/3 may be paying at a higher percentage but dollar wise you pay a lot more. A question that I am curious about using that .5% of upper income. Would a person in the upper tax bracket want to take S.S. out when he retires because the way current Tax Law is, a single person that get in excess of $34,000 in SS benefits at retirements start paying a tax. Do not know what it is for a couple.
A better question would be how many of those upper income take S.S benefits when they retire?
I just know the basics which is probably not much.
"You Koch sucking Boot (or worse) lickers really are lying pieces of Republican Dog crap!"
You're a class act, mchaun.
Thanks for the "reliable" sources. Too funny. This is what libs call evidence.
Now, let's get serious, shall we. I repeat, As for being a "Bush Boot Licker", you should read some of my posts here which criticize him and his presidency roundly... so point to one "Bush Boot Licker" comment. You wouldn't have lied about that, would you?
(Thanks.) It was nice to hear from at least one panelist, that maybe those
intransigent Republicans are also doing what they think (right or wrong) to
be the best for the country. - Also, it was great to hear the suggestion
that maybe voting should be made mandatory... Or the very least: whoever
didn't vote (one way or another) just should plain shut up. I know, I know,
that's not how democracy works. (Unfortunately one should add: at it's
own peril.)
(Uhm.) This reminds me of my favorite "democracy test". Simple and quite
effective: "In the last ten votes did you cast yours at least three times
_against_ your own personal - financial, etc. - interests because you said:
this would be better for me, but that other one would be better for the
country? If your answer is 'no', sorry, democracy is not for you, you
should find a benevolent dictator." Also, if you yourself did not vote
at least sometimes against your own interests (in order to further the
_common_ good), or against your short-term interests in order to improve
long-term prospects, please stop whining about politicians who are willing
to sacrifice the country in order to get re-elected. They just act as
you yourself do, right? What's your problem?
(Shocking.) Republicans are jerks, Tea Partyers are outright nuts. They
are not willing to compromise, stick to their ideology. Terrible.
Shocking. Politicians, who told their voters during the campaign, what
they are going to do, they were elected, and then - shocking! - they
actually did it, instead of doing immediately something else. Shocking!
Shocking! Shocking! That's not how politics is supposed to work!!!
(Uhm, shouldn't that be the _norm_?)
Btw, if you think I voted Republican you are dead wrong :-)
(Budget cuts.) "The country is in economic turmoil, you cannot afford budget
cuts, particularly not serious ones. Just the opposite: you should increase
government spending. You just cannot do this to American people, to the poor,
you cannot ruin the economy, let the major part of the society down."
(Confused.) I don't quite agree with the sentences above, but unquestionably
they have some merit - worth discussing. That's not, what makes me confused.
What bothers me is thinking back the early 90s. Eastern European countries,
just liberated, almost bankrupt, humongous deficits. Thinking back of our
politicians, economic gurus, businessmen and even plain people walking up
to those people, and righteously pontificating them (like a superpatient
nurse to retarded kindergartners) that "guys, you lived way beyond your
means, money doesn't grow on trees, the party is over, pay up; you must
virtually eliminate your social safety net, get the government out of welfare,
privatize everything - read: sell it deeply under value to us - reduce
your budget, because deficits cannot be tolerated; all right, temporarily
we allow you to run 3% deficit, but that's all; that's the price you have
to pay if you want to be even considered to be taken seriously."
(Suddenly...) a small fraction - repeat, a small fraction! - of _those_
sacrifices we pontificated as the sole solution would be required in the
US. And gee, I see a nation of 300+ million whiners. Whoever advocates
a tiny part of the very same remedy here, is insensitive / unpatriotic /
malevolent / racist / murderer (chose one).
If you wonder why people are watching our decline with schadenfreude
instead of empathy - better stop wondering.
The sign memorializing the birth of the Republican Party in 1854 raises a point that's always bothered me: where do they get off calling themselves the "Grand Old Party"? They're actually the "johnny-come-lately" party. The Democratic-Republican Party was founded by Jefferson, and became the Democratic Party under Andrew Jackson. The Democrats are the real "Grand Old Party"!
I think Wisconsin Democrats should abandon the recall effort against Scott Walker.