Susan Collins says that she won't support final bill if it's bloated up

Maine Senator Susan Collins, one of the moderate Republicans to craft the stimulus compromise in the Senate, just said on Fox News that if the bill balloons above $800 billion or contains more spending projects in it in its final form, she won't support it (which would mean that Reid would have to maneuver politically to break a filibuster).

Interesting...

Back from hibernation...and a thought on the stimulus

So, I'm back to blogging after a hiatus...been a long time, sorry I was gone, yadda, yadda yadda.

On the stimulus, I really have one thought...does anyone actually think senators have thoroughly studied this bill? I don't have a problem with spending the money on the face of it, but it makes me very nervous to pass a huge spending/stimulus bill with so little time to actually go over it, to make sure the bill will actually do what it's intended to do, in the most efficient way possible.

It's kind of like buying a used car...when someone tells me I have to act now, and there's no time to analyze it or think it over, I tend to reach for my wallet.

One of the basic tenets of being a blue-dog Democrat is fiscal responsibility. This doesn't mean not spending money...it means spending it wisely. I hope this bill does that, but I remain unconvinced.

Fight on the Right - George Will lashes out against McCain

This is why some thoughtful conservatives have grave doubts about his ability to be president.

That's the reaction of conservative columnist George Will to John McCain's recent call for SEC Chairman Christopher Cox to be fired. Will spoke yesterday to a business group in Michigan, and McCain was definitely a topic. Will, a friend of Cox, clearly wasn't in a friendly mood when it came to McCain. Here is more from the article:

In his speech, Will said McCain worries conservatives because he is someone who "can so polarize every argument into a kind of moral melodrama. You can't have honest difference of opinion with John McCain. This is very difficult because to disagree with he who is honor personified is inherently dishonorable."

SEC Chairman responds to McCain

Christopher Cox, SEC Chairman, responded to McCain's call earlier today for him to be fired:

"While I have great respect for Sen. McCain, we have sometimes disagreed, and
this is one such occasion. The SEC has made plain that we have zero tolerance
for naked short selling. In this market crisis, the men and women of the SEC
have responded valiantly as they always do -- with the utmost dedication and
professionalism. Addressing the extraordinary challenges facing our markets, the
independent and bipartisan SEC has taken the following decisive actions."

My take:
It seems to me that Cox is treating McCain like a senile old uncle...with the appearance of deference and respect, but with a knowing wink.

From Politico - McCain wants SEC Commissioner fired

Wow...talk about sticking your neck out. McCain said today that SEC Commissioner Christopher Cox, a Republican who spent 17 years as a Congressman from California, should be fired:

"The Chairman of the SEC serves at the appointment of the President and has betrayed the public's trust," McCain said, reading deliberately from set remarks at a rally in Cedar Rapids. "If I were President today, I would fire him."

McCain...will put an end to greed?

In a sweeping statement, Senator McCain said yesterday at a townhall meeting:

"We're going to reform how Wall Street does business and put an end to the greed that has driven our markets into chaos."

My take:
Whoa. Put an end to greed? While he's at it, why doesn't he end pride, envy and covetousness? I know he probably didn't mean what he said...but still...not the best use of the language I've ever seen.

Big Ticket Buyouts...Thoughts and Questions

• FNMA (Fannie Mae) and FHLMC (Freddie Mac) were essentially taken over by the federal government. They process about 50% of all the mortgages taken out in the United States ($5.3 trillion). What used to be these companies will now be a Federal Agency under the Treasury Department. Stockholders in these companies essentially lost their entire investment.
• AIG, the largest insurance company in the United States, with 20 million customers worldwide, has reached an agreement with the Federal Government where AIG will have access to $85 billion worth of credit, to be paid back at 11%+ (a VERY high rate). The Federal Government will own 80% of AIG.

A Question
What the heck happened to letting the market sort things out? This seems like a HUGE government takeover of business. So far, I've heard almost no objections from conservatives to this massive government involvement. They're strangely silent when I would expect them to be squealing.

An Answer
The truth is, the feds simply had to act. As bad as it is to gobble up these entities into the federal government, both these entities, had they been allowed to fail, could have thrust the world economy (not just the U.S.) into a 1930s-style depression. So, even though the medicine doesn't taste good (surely it will cost us taxpayers plenty), it has to be done.

Now let's hope we get to the bottom of how it happened, and how to prevent it next time.

Interesting quote...given how the campaign has been going...

The great enemy of the truth is very often not the lie -- deliberate, contrived
and dishonest, but the myth, persistent, persuasive, and unrealistic. Belief in
myths allows the comfort of opinion without the discomfort of thought.

- John F. Kennedy, 35th president of US 1961-1963 (1917 - 1963)

Speak Up! Alert - Public Hearings on Taxes

The Oregonian is reporting that there will be public hearings on proposed changes to the tax system in Oregon. Here is the skinny:

The Task Force on Comprehensive Revenue Restructuring has been meeting for
months, examining a variety of alternative approaches such as eliminating
residential property taxes while establishing a sales tax, reducing personal
income taxes while creating a sales tax, and replacing the corporate income tax
with a gross receipts tax. Oregon is one of only a few states with no sales tax,
and personal income taxes provide the bulk of the funding for schools and state
government services.

Chairman Lane Shetterly, a former legislator and state Land Conservation
and Development Commission director, said the group plans to produce a draft
report by late October, then collect public comment at the six hearings. The
panel will send its final report to the Oregon Legislature before the 2009
legislative session begins in January.

Check out the schedule and lend your voice to the process...I'll be there in Tigard on Dec 17.

The Service Forum...oh, that campaigns could be run this way

At the forum centered on public service yesterday, the candidates seemed more in sync than they've ever been. Some of the areas of simpatico:

• Both criticized Columbia University (where Obama graduated from and McCain's daughter graduated from) for not allowing ROTC on campus. This is significant for Obama, as it signifies a move towards the center and a point of disagreement with his party's left wing.
• Both candidates praised serving the country and being involved in the community and other causes...they differed however on the approach. Obama strongly favored enhancing groups such as the Peace Corps and Americorps, whereas McCain wanted to stress private groups and churches.

Overall, I think this event was good for Obama. It allowed his team to take a deep breath and gather itself campaign-wise, and Obama was clearly the favorite among the crowd. He also was much more direct, much less academic than he was at the Saddleback Forum. McCain also did fine...he was thoughtful, strong without being strident, and funny.

Final Grade

Obama - A
McCain - B

What Obama needs to do

It would seem obvious to me that for the next 53 days, Obama needs to, every single day, release a major speech, ad or press release talking in-depth about one of the following topics:

• Education
• The economy
• Afghanistan ("the forgotten war")
• Health care
• Middle-class tax cut

He should have specific proposals, and call out McCain daily for the fact that McCain talks in generalities and vague concepts, whereas he has solutions that will work. But he needs to start every day with a communication designed to control the topic for that day...even if the McCain camp responds, they'll be reacting to Obama. Of course, Obama also needs to play "defense", aggressively responding to every charge.

Nobody ever said it would be easy. Well, OK, a few people did...but they were dumb.

Disappointment and rebuttal

As an independent-minded Democrat who really liked John McCain in 2000, I'm disappointed by the negative, nasty tone his campaign has taken. Yes, I'm an Obama supporter, so take this for what it's worth. But two things strike me as interesting:

• The McCain campaigns almost complete unwillingness to actually talk about their own proposals, and their almost complete focus on Obama. For example, this morning on CNN's"Late Edition" McCain Economic Advisor Nancy Pfotenhauer was asked if McCain and Obama were in fact moving closer together on the drilling issue. She basically started out her answer with "Well, what's important is that Barack Obama has...". In other words, she totally ignored his question about McCain in order to maintain complete focus on Obama. This, to me, is just wrong. It's OK to talk about the other guy, but you should talk at least as much about your guy. Otherwise, you just look like a hack. Especially when you are asked a direct question about your guy.
• The "Celebrity" ad. Here's the thing about this ad that strikes me as really offensive. There are lots of big celebrities, some of them arguably even better-known than Paris Hilton and Britney Spears. There's Bono, Paul McCartney, Elton John, Madonna, Tom Hanks, Johnny Depp, etc. But the McCain team chose Britney Spears and Paris Hilton. Why? Is it a coincidence that they are two young, white girls who are known for being promiscuous? Maybe it is just a coincidence...but it smells. Bad.

I just think the John McCain of 2000 would not have behaved this way. I admired that John McCain. This one...not so much.