• Pinboard Links,  The Morning Flap

    The Morning Flap: January 7, 2013

    January 7, 2013 /

    Drudge Screencap Democrats Eye Tax Increase

    These are my links for January 4th through January 7th:

    • Democrats look for up to $1 trillion in new tax revenues this year – Democrats say they want to raise as much as $1 trillion in new revenues through tax reform later this year to balance Republican demands to slash mandatory spending.Democratic leaders have had little time to craft a new position for their party since passing a tax deal Tuesday that will raise $620 billion in revenue over the next ten years.The emerging consensus, however, is that the next installment of deficit reduction should reach $2 trillion and about half of it should come from higher taxes.
    • Despite New Health Law, Some See Sharp Rise in Premiums – Health insurance companies across the country are seeking and winning double-digit increases in premiums for some customers, even though one of the biggest objectives of the Obama administration’s health care law was to stem the rapid rise in insurance costs for consumers.
    • Red state Senate Dems face tough early votes – “I think you need to put everything on the table,” Sen. Heidi Heitkamp, D-N.D, told ABC News ‘ George Stephanopoulos this past Sunday, “but what I hear from the administration – and if the Washington Post is to be believed – that’s way, way in extreme of what I think is necessary or even should be talked about. And it’s not going to pass.”The Washington Post article Heitkamp was referring to, reported that President Obama would soon seek to pass legislation “that would require universal background checks for firearm buyers, track the movement and sale of weapons through a national database, strengthen mental health checks, and stiffen penalties for carrying guns near schools or giving them to minors.” And Obama wants all of this “by the end of January” according to The Boston Herald.While this ambition agenda and timing may be music to blue state Democrat ears, it can only be a headache for red state Democrats like Heitkamp … and she isn’t even up for reelection this cycle. A total of seven Democratic Senators from states that Mitt Romney carried in 2012 are up for election in 2014. And six of those Senators (Sens. Mark Begich, D-Alaska, Mark Pryor, D-Ark., Mary Landrieu, D-La., Max Baucus, D-Mont., Tim Johnson, D-S.D., and Jay Rockefeler, D-W.V.) hail from states that Romney carried by double-digits. Only North Carolina’s Kay Hagan will face an electorate that Obama even came close to winning in 2012 (Romney +2) … and the only other Democrat on the ballot statewide in North Carolina in 2012 lost by 11.
    • Hagel’s Mideast blunder–not on Israel – Does Kaplan really think there is any case that the situation after Petraeus’ surge isn’t much better than the situation that would have existed if there had been no surge? I doubt it. And remember, Hagel didn’t just oppose the surge. He declared that it was “the most dangerous foreign policy blunder in this country since Vietnam”– the sort of emotionalized MSM-pleasing misjudgment that seems to have endeared him to so many GOP colleagues (who, as Marc Ambinder notes, ”think he’s a showboat and turncoat”).Can’t Obama find a “anti-Israel” … Likud-skeptical figure who didn’t flamboyantly and self-righteously get wrong the most important military decision since the original 2003 Iraq invasion (which Hagel, by the way, voted to authorize)? Sure, Hillary and Kerry opposed the surge too. But not everyone did–not even everyone who opposed the war. Gen. Anthony Zinni, for example, isn’t someone likely to please Bill Kristol and AIPAC–but after opposing Bush’s invasion he had the balls to say that a surge was worth trying.
    • Six Reasons Obama Chose Chuck Hagel – Back at the 2004 Republican convention, when then-Sen. Chuck Hagel was weighing whether to run for president, he paid a call on the Iowa delegation. His obligatory joke about his devotion to ethanol went over well. But then, to the puzzlement of some in the room, he started talking to his conservative breakfast audience about the United Nations and the need for multilateralism in tackling world problems.Needless to say, that wasn’t quite what we were hearing from the convention stage, or for that matter from anyone else in the GOP. Hagel didn’t run for president. But as it turns out, his remarks ended up laying groundwork for a different kind of future – as a potential defense secretary in the Obama administration.There are well known controversies associated with Hagel’s expected nomination, involving everything from climate change and gay rights to Israel, Iraq and Iran. But unlike the case of U.N. ambassador Susan Rice, who withdrew as a potential secretary of state nominee amid criticism from Republicans, President Obama is pressing forward with Hagel.
    • LA Times – Critics slam Chuck Hagel’s likely nomination as Defense secretary #tcot
    • Bill Kristol’s big plans start with Hagel nomination – Kenneth P. Vogel – POLITICO.com – RT @DHBerman Bill Kristol-linked group planning a “substantial” paid-media campaign opposing the Hagel DOD nomination
    • Video – Fla. Governor Jeb Bush Considering Run for President – Video – Fla. Governor Jeb Bush Considering Run for President #tcot
    • Bill Kristol’s big plans start with Hagel nomination – Bill Kristol’s big plans start with Hagel nomination #tcot
    • Critics slam Chuck Hagel’s likely nomination as Defense secretary – With former Sen. Chuck Hagel’s nomination as Defense secretary imminent, conservatives denounced his views on Israel and Iran as out of step with mainstream foreign policy, underscoring the difficulty he is likely to face winning Senate confirmation.An administration official said Sunday that Hagel — a decorated Vietnam veteran, a Republican and a former two-term senator from Nebraska — would be nominated Monday to succeed Leon E. Panetta. The official spoke on the condition of anonymity to discuss internal White House planning.
    • Obama Expected to Pick Chuck Hagel for Defense Post – When President Obama nominates Chuck Hagel, the maverick Republican and former senator from Nebraska, to be his next secretary of defense, he will be turning to a trusted ally whose willingness to defy party loyalty and conventional wisdom won his admiration both in the Senate and on a 2008 tour of war zones in Iraq and Afghanistan.
    • JOHN BRENNAN TAPPED TO LEAD CIA – President Barack Obama will announce Monday that he’s nominating the White House’s point person on counterterrorism, John Brennan, to be the next director of the Central Intelligence Agency, White House officials told POLITICO.Brennan, a 25-year veteran of the CIA, currently holds the title of Deputy National Security Adviser for Homeland Security and Counterterrorism. He’s expected to appear with Obama later Monday at a White House event where the president will also announce his nomination of former Sen. Chuck Hagel (R-Neb.) to be the next defense secretary.
    • Flap’s California Blog @ Flap Twitter Digest for 2013-01-06 – Flap’s California Blog – Flap’s California Blog @ Flap Twitter Digest for 2013-01-06
    • My Daily Twitter Digest for 2013-01-06 – Locum Tenens (Temporary) Dentist – Gregory Cole, D.D.S. – My Daily Twitter Digest for 2013-01-06
    • Boehner Coup Attempt Larger Than First Thought – A concerted effort to unseat Speaker John A. Boehner was under way the day of his re-election to the position, but participants called it off 30 minutes before the House floor vote, CQ Roll Call has learned.A group of disaffected conservatives had agreed to vote against the Ohio lawmaker if they could get at least 25 members to join the effort. But one member, whose identity could not be verified, rescinded his or her participation the morning of the vote, leaving the group one person short of its self-imposed 25-member threshold. Only 17 votes against Boehner were required to force a second ballot, but the group wanted to have insurance.
    • Poll: Few people know obesity can cause more harm to health than just heart disease, diabetes – The Washington Post – Poll: Few people know obesity can cause more harm to health than just heart disease, diabetes #tcot
    • Flap’s Dentistry Blog: Parents of Marissa Kingery Sue Others in Dental Procedure Death – Parents of Marissa Kingery Sue Others in Dental Procedure Death
    • Mexican drug gangs dig into mining industry – On October 7, Mexican marines swooped in on one of the most powerful men in organised crime. But as the navy triumphantly announced the death of Heriberto Lazcano, leader of the Zetas gang, there was puzzlement over where he had been found. Far from the Zeta’s strongholds and practically unprotected, he had been watching a baseball game in the small mining village of Progreso.Theories abounded as to what exactly Lazcano had been doing in Progreso, a one horse town in the wide open spaces of the sorthern state of Coahuila. Humberto Moreira, ex-governor of Coahuila says that he has the answer: “Heriberto Lazcano changed from being a killer, kidnapper and drug dealer to something still more lucrative: mining coal. That’s why he lived in the coal region, in a little village called Progreso.”Speaking to Al Jazeera, Moreira says that the Zetas gang is fast discovering that illegal mining is an even more lucrative venture than drug running.
    • White House to Go on Offense for Hagel Pick – WSJ.com – So what? Hagel’s Done RT @ZekeJMiller: White House to Go on Offense for Hagel Pick – via @WSJ
    • Sen. Ted Cruz: “I’m A Conservative Because Conservative Policies Work” – SEN. TED CRUZ (R-TEXAS): The reason why I’m a conservative is because conservative policies work and they improve opportunities. They are the avenue for climbing the economic dream. And what I have been talking about for many years is opportunity conservatism, that every policy should focus like a laser on easing the means of ascent up the economic ladder. That we should be championing the 47%, to take that now infamous comment.Look, the great thing about Americans — Americans don’t want to be dependent upon government. Dependency saps the spirit, it doesn’t work. Americans want to stand on their own two feet and the best way to do that is to have policies that allow entrepreneurs and small business to thrive and to create jobs and advance the American dream.
    • Social Security – It’s Worse Than You Think – CONGRESS and President Obama have pushed through a relatively modest stopgap measure to avoid the “fiscal cliff,” but over the coming years, the United States will confront another huge cliff: Social Security.In the first presidential debate, Mr. Obama described Social Security as “structurally sound,” and Mitt Romney said that “neither the president nor I are proposing any changes” to the program. It was a rare issue on which both men agreed — and both were utterly wrong. For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its trust funds to cover the shortfall.Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects. Those facts are widely known.

      What’s not is that the Social Security Administration underestimates how long Americans will live and how much the trust funds will need to pay out — to the tune of $800 billion by 2031, more than the current annual defense budget — and that the trust funds will run out, if nothing is done, two years earlier than the government has predicted.

    • Feud over Obama health care reforms to intensify in coming months – The spotlight on President Obama’s health care overhaul will intensify in coming months as states and businesses gear up for sweeping changes that could determine whether the public embraces the president’s signature legislative achievement or decries it as government overreach.After the U.S. Supreme Court upheld the new health care law, the politics evolved from arguments over the reforms’ constitutionality to a debate over whether the massive system can be implemented effectively.The president has long assured critics that once the reforms are fully enacted, the public will embrace them. Yet, while voters gave Obama a second term in November, polls show they are wary of the looming changes. A Rasmussen poll last month showed that nearly half of the respondents expect the health care system “to get worse over the next couple of years.”
    • The Education of John Boehner – GOP willingness to let the spending sequester take effect – What stunned House Speaker John Boehner more than anything else during his prolonged closed-door budget negotiations with Barack Obama was this revelation: “At one point several weeks ago,” Mr. Boehner says, “the president said to me, ‘We don’t have a spending problem.’ “I am talking to Mr. Boehner in his office on the second floor of the Capitol, 72 hours after the historic House vote to take America off the so-called fiscal cliff by making permanent the Bush tax cuts on most Americans, but also to raise taxes on high earners. In the interim, Mr. Boehner had been elected to serve his second term as speaker of the House. Throughout our hourlong conversation, as is his custom, he takes long drags on one cigarette after another.Mr. Boehner looks battle weary from five weeks of grappling with the White House. He’s frustrated that the final deal failed to make progress toward his primary goal of “making a down payment on solving the debt crisis and setting a path to get real entitlement reform.” At one point he grimly says: “I need this job like I need a hole in the head.”
    • McConnell: Any gun proposals will take back seat to solving country’s financial problems – The Washington Post – RT @washingtonpost: McConnell: Any gun proposals will take back seat to solving country’s financial problems
    • Getting around Prop. 13 | prop, tax, percent – Opinion – The Orange County Register – Getting around California Proposition 13
    • Video: Pelosi: More tax revenues must be part of next deficit deal – Pushing back against the Republicans’ deficit-reduction strategy, House Minority Leader Nancy Pelosi (D-Calif.) said this weekend that more tax revenues – not just spending cuts – must be a part of Congress’s effort to rein in deficits.Pelosi said the tax hikes in the recent “fiscal-cliff” deal are a start, but don’t go far enough to generate the revenues the government needs to run the country effectively.
    • Video: There Would Be A Revolution in this Country If the Government Confiscated Guns – Video: There Would Be A Revolution in this Country If the Government Confiscated Guns #tcot
    • Day By Day January 6, 2013 – The Law: Bend it like Becket – Day By Day January 6, 2013 – The Law: Bend it like Becket #tcot
    • Flap’s California Blog @ Flap Twitter Digest for 2013-01-05 – Flap’s California Blog – Flap’s California Blog @ Flap Twitter Digest for 2013-01-05
    • Flap’s California Blog @ Flap Twitter Digest for 2013-01-04 – Flap’s California Blog – Flap’s California Blog @ Flap Twitter Digest for 2013-01-04
    • Flap’s Blog @ Flap Twitter Daily Digest for 2013-01-05 – Flap’s Blog – FullosseousFlap’s Dental Blog – Flap’s Blog @ Flap Twitter Daily Digest for 2013-01-05 #tcot
    • My Daily Twitter Digest for 2013-01-05 – Locum Tenens (Temporary) Dentist – Gregory Cole, D.D.S. – My Daily Twitter Digest for 2013-01-05
    • @ToddKincannon/TwitterGulagDefNet4 on Twitter – RT @ToddKincannon: #TGDN Please follow ALL: | | | | …
    • @ToddKincannon/TwitterGulagDefNet3 on Twitter – RT @ToddKincannon: #TGDN Please follow ALL: | | | | …
    • @ToddKincannon/TwitterGulagDefNet2 on Twitter – RT @ToddKincannon: #TGDN Please follow ALL: | | | | …
    • @ToddKincannon/TwitterGulagDefNet5 on Twitter – RT @ToddKincannon: #TGDN Please follow ALL: | | | | …
    • What is #TGDN ? « Foolish Reporter’s Foolish Thoughts on the Foolish State of Things – RT @ToddKincannon: Hey #TGDN, read this please! RT @FoolishReporter
    • Todd Kincannon (ToddKincannon) on Twitter – @gkenn99 Follow and check it out….
    • The Twitter Gulag Defense Network #TGDN – the New TCOT?  | Iron Mill News Service – RT @Politisite: the New #TCOT ? The Twitter Gulag Defense Network #TGDN
    • @ToddKincannon/TwitterGulagDefNet1 on Twitter – Click these 4 links & follow ALL #TGDN members: & & &
    • Gregory Flap @ Ronnie’s Diner – 15. 4 miles finished for marathon training. Now, some carbs! (@ Ronnie’s Diner w/ 2 others)
    • Flap’s Blog @ Flap Twitter Daily Digest for 2013-01-04 – Flap’s Blog – FullosseousFlap’s Dental Blog – Flap’s Blog @ Flap Twitter Daily Digest for 2013-01-04 #tcot
    • My Daily Twitter Digest for 2013-01-04 – Locum Tenens (Temporary) Dentist – Gregory Cole, D.D.S. – My Daily Twitter Digest for 2013-01-04
    • Genetically modified food labeling measure to qualify for Washington state ballot – A measure to require special labeling of genetically modified foods appeared virtually certain to qualify for the ballot in Washington state on Friday, two months after voters in California rejected a similar initiative.Sponsors of the measure turned in petitions signed by an estimated 350,000 registered voters – at least 100,000 more signatures than required – on Thursday, a day ahead of deadline, said David Ammons, a spokesman for the Washington secretary of state.The submission all but assures that the GMO-labeling initiative would be certified by the secretary and sent on to the state legislature, which could adopt the measure or leave it to a popular vote on the November 2013 election ballot, Ammons said.
    • Early flu season accelerates; no peak yet, CDC says – Vitals – Early flu season accelerates; no peak yet, CDC says #tcot
    • Video: Arnold on Chris Christie and his Water Retention Problem – Flap’s Blog – FullosseousFlap’s Dental Blog – Video: Arnold on Chris Christie and his Water Retention Problem #tcot
  • Pinboard Links

    Flap’s Links and Comments for August 26th through August 29th

    August 29, 2011 /

    These are my links for August 26th through August 29th:

  • Pinboard Links

    Flap’s Links and Comments for August 2nd through August 4th

    August 4, 2011 /

    These are my links for August 2nd through August 4th:

  • Pinboard Links

    Flap’s Links and Comments for July 28th on 20:53

    July 28, 2011 /

    These are my links for July 28th from 20:53 to 20:57:

    • Ron Paul: "Default Is Coming" – Rep. Ron Paul (R-TX) explains why default by inflation is worse than default by not raising the debt ceiling.

      Rep. Paul also talks about how the devaluing of the U.S. has led to record prices in gold bullion.

      "Default is coming. The only argument that's going on now is how to default, not send the checks out or just print the money. In all countries our size, they always print the money," Paul said.

      "They're going to raise the debt limit, and then they're going to print the money, and then they'll default by inflation, and that's much more dangerous than facing up to the facts of what's happening today."

      ======

      Go and watch the video.

    • We’ve Been Played for Saps, Folks: Boehner Bill Will Become Reid Bill – So Dingy Harry can take the Boehner bill and tweak it and rewrite it, make additions to it, take some things out of it, play with it however he wants, and get enough votes from Democrats since it becomes the Reid bill, and then it gets sent back to Boehner in the House looking nothing like his bill, but the rationale for passing the Boehner bill in the House is we've got to do this, the time is up, we're not going to get blamed. So if Reid monkeys around with the bill that he gets from Boehner, and it passes in the Senate, with whatever changes that are not favorable to us, of course, they throw it back in Boehner's lap, and then the pressure is going to be back on Boehner. Okay, do you sign the Reid bill? Do you pass it? Do you get your guys to vote for it and send it to Obama, basically a Democrat bill. That is what a lot of people — and I sign on to the theory, too — this is one of the traps that's being set. The Boehner bill is essentially being used to be a foundation for a nonexistent as of yet Reid bill. And thereby the Boehner bill becomes the Reid bill, therefore Democrat bill all in the absence of an Obama plan. No Obama plan at all in this.
      There's no Obama bill. There's nothing set down on paper. So the Reid bill will become the Obama bill.

      ======

      Rush is correct.

      Read it all

    • Debt ceiling vote postponed by Boehner, who will try again Friday – Speaker John Boehner postponed the planned House vote on a debt-limit increase late Thursday night, casting new doubt on Congress’ ability to avert a default and further exposing a deep philosophical divide in the Republican Conference.

      Four-and-a-half hours after the vote was supposed to begin on the House floor, Republicans announced they would start again in the morning, but the end game remains unclear on this trillion-dollar package. The House Rules Committee was expected to meet later Thursday night to issue a rule that would allow the GOP to bring a new bill to the floor quickly on Friday if the final votes can be secured.

      ======

      I understand there will be a sweetener added tomorrow, the Balance Budget Amendment in some form.

      It might be best to just let the Boehner Plan die, so that Reid will not be able to gut it and return it to the House.

  • American Debt Linit,  American Economy,  Harry Reid,  John Boehner

    Senate Democrats Send Speaker Boehner a Letter Favoring an American Debt Default?

    July 27, 2011 /

    Senate Majority Leader Harry Reid is pictured as he speaks to the press following more U.S. debt reduction talks on Capitol Hill, July 26, 2011

    Well, something like that because their letter promises to reject Boehner’s Debt-Limit Plan.

    Fifty-three Democratic senators have signed a letter to House Speaker John A. Boehner saying they intend to vote against his plan for an increase in the debt ceiling, virtually assuring its defeat in the Senate even as the speaker lines up Republican votes to pass it in the House on Thursday.

    Votes are not final until they are cast. But if the Democrats hold to their promise in the letter, Mr. Boehner’s plan for a six-month increase in borrowing authority will not make it to President Obama’s desk.

    “We heard that in your caucus you said the Senate will support your bill,” the senators say in the letter. “We are writing to tell you that we will not support it, and give you the reasons why.”

    In the letter, the senators argue that a short-term extension of the debt ceiling would “put America at risk” and “could be nearly as disastrous as a default.”

    Some compromise there, eh?

    I say the House GOP and whatever Democrats who dare, pass the bill anyway and dare Dingy Harry to hold it up for defeat in the Senate.

    To the Democrats then, you voted twice against House passed plans, so if it breaks the American economy, you own it baby – House/Senate Democrats and President Obama.

    Here is the double dare letter to Boehner:

    Dear Speaker Boehner,

    With five days until our nation faces an unprecedented financial crisis, we need to work together to ensure that our nation does not default on our obligations for the first time in our history. We heard that in your caucus you said the Senate will support your bill. We are writing to tell you that we will not support it, and give you the reasons why.

    A short-term extension like the one in your bill would put America at risk, along with every family and business in it. Your approach would force us once again to face the threat of default in five or six short months. Every day, another expert warns us that your short-term approach could be nearly as disastrous as a default and would lead to a downgrade in our credit rating. If our credit is downgraded, it would cost us billions of dollars more in interest payments on our existing debt and drive up our deficit. Even more worrisome, a downgrade would spike interest rates, making everything from mortgages, car loans and credit cards more expensive for families and businesses nationwide.

    In addition to risking a downgrade and catastrophic default, we are concerned that in five or six months, the House will once again hold the economy captive and refuse to avoid another default unless we accept unbalanced, deep cuts to programs like Medicare and Social Security, without asking anything of the wealthiest Americans.

    We now have only five days left to act. The entire world is watching Congress. We need to do the right thing to solve this problem. We must work together to avoid a default the responsible way – not in a way that will do America more harm than good.

    And, here I thought Dingy Harry “The Iraq War is Lost” Reid was a deal maker?

    Default, here we come….

  • Pinboard Links

    Flap’s Links and Comments for July 27th on 13:51

    July 27, 2011 /

    These are my links for July 27th from 13:51 to 13:59:

    • Carney makes an accusation – The Obama administration has never been backward about leaning forward on Fox News. The network has proven a durable, go-to villain to rally the base and stoke indignation against a perceived antagonist on the right.

      But White House press secretary Jay Carney, going after Ed Henry from Fox News on Wednesday, misfired all over the place by also insulting House Speaker John Boehner for being a "showboat" and exposing a level of secrecy and political calculation in the debt limit negotiations that runs counter to promises President Obama ran on.

      The day after the two tangled over Henry's request for specifics on Obama's plan, Carney and Henry were back at it again. Henry asked at the briefing when Obama's plan might be submitted to the Congressional Budget Office.

      "Ed, I understand, we can do this again, OK?" Carney said. "Has the speaker of the House shown you the positions he took in detail in the negotiations that were designed actually to achieve a compromise, as opposed to having a showboat?"

      "We put forward a budget, we put forward a framework," Carney said.

      Questions about Obama's plan — where is it, what's on it — are proving tricky for the White House, because the omission is suddenly getting traction. Talking about an appealing, detailed plan doesn't work if you don't produce the plan. The lack of disclosure also doesn't track with Obama's pledge on transparency.

      The White House explanation — that any plan must be held close so it won't be instantly politicized and defeated is very backroom, politics-as-usual — a way of doing things that Obama vowed to reject.

      ======

      Read it all

    • Obama’s Towering Inferno – This is a make-or-break week for me with my own deadline — hence the relative radio silence from me around here. I’ve been trying very hard to reserve a few brain cells on the side to follow the debt-ceiling stuff as I wade through more obscure research. Yesterday, I took time out to watch the Jay Carney grilling discussed in the Corner yesterday. I think it may, in a small way, be a watershed moment. No, not for the country. But for the WH press corps. Carney seemed to be providing a real “Hey I guess you’ve just figured out we’re full of shi…nola” moment.

      It is an amazing thing that the press corps has taken this long to really pin the White House down on the simple fact that Obama is the one playing political games here, creating rules for others to follow while not following them himself.  The public explanation for why he doesn’t want to put forward a plan of his own makes as much sense to me as the Korean-language instructions for a photocopy machine.  All I know is that the White House says it doesn’t want to release a plan because it will be held accountable for having a plan, but no one should criticize the White House for not having a plan because they actually offered one verbally that was full of “specifics” nobody will specify and the Republicans are in the dark about. 

      Oh, and even though the president insists that if we don’t raise the debt ceiling on August 2 — cats will sleep with dogs, disco will come back, Carrot Top will move into the apartment over your garage, the Chinese will put saran wrap over our toilet bowls — he insists that he will veto any plan he doesn’t like should it actually pass Congress. Of course, saying he will veto a plan makes it less likely to pass Congress and hence prevent Götterdämmerung. So there’s that.

      =======

      Read it all….

  • Pinboard Links

    Flap’s Links and Comments for July 26th on 13:45

    July 26, 2011 /

    These are my links for July 26th from 13:45 to 14:54:

    • Is US Debt Downgrade Inevitable? – Democrats and Republicans will present their own version of budget cuts later in the day on Monday, but is the estimated $2.7 trillion in cuts being proposed enough to avoid a credit rating downgrade?

      Credit watchdogs at Standard & Poor’s have warned that unless $4 trillion in cuts are made, with long term sustainable fiscal policies to balance the budget, the US will lose its coveted AAA status within 90 days. Moody’s said the same thing this month, only gave the US 12 to 18 months to get its financial house in order before getting dropped from the triple-A list.

      US government debt is considered the safest in the world. A lose to triple A status would cause every money market and Treasury bond fund to change its covenants that, until now, require holding AAA rated debt only.

      “You’ll want to buy stock in a printing press company because if the US loses its triple A status, funds will be printing millions of notices to shareholders explaining the sudden and extraordinary change in its investment profile away from triple A debt and allowing for double A in their portfolios,” says Ron Weiner, president and CEO of RDM Financial Group in Westport, Conn, a $600 million asset manager.

      While the market is not pricing in a default on US debt obligations, it is definitely pricing in the likelihood of a downgrade.

      ======

      Looks like it….

    • Great news: Downgrade could come as soon as Friday – Barack Obama has spent the last several weeks warning that a failure to raise the debt ceiling by the “drop-dead date” of August 2nd would cause a ruinous downgrade of Treasury bonds and an economic disaster for the US.  However, the downgrade may come sooner than that, because the debt ceiling is actually a secondary condition to the ratings agencies.  The problem, as they see it, is not that America can’t pay its debts next month, but that America has grown its debt to such a degree that we can’t pay them in the long run without serious restructuring of the federal government — and this administration refuses to consider it:

      ======

      Read it all

    • Debt-Ceiling Chicken by Thomas Sowell – The big news, as far as the media are concerned, is the political game of debt-ceiling chicken that is being played by Democrats and Republicans in Washington. But, however much the media are focused on what is happening inside the Beltway, there is a whole country outside the Beltway — and the time is long overdue to start thinking about what is best for the rest of the country, not just for right now but for the long haul.

      However the current debt-ceiling crisis turns out, the current economic turmoil in financial markets around the world should cause some serious thoughts about the long run, and about the whole idea of a national-debt ceiling.

      ======

      Read it all

    • Leadership by Default – They used to say that Richard Nixon had a “secret plan” in the 1968 presidential campaign to end the Vietnam War. Pres. Barack Obama outdid Nixon with a secret plan to control the deficit.

      He kept telling us of all the virtues of his plan. It was balanced, responsible, courageous, and fair. It was just very, very secret.

      Obama favored a $4 trillion “grand bargain” that now looks dead. It allegedly contained $3 trillion in cuts and $1 trillion in new revenues over ten years. But no one could learn with any certainty what the specific new cuts were, or the specific new revenues. They were the great mystery at the heart of the debt-limit debate.
      How extraordinary is the spectacle of the president of a country beset with a debt crisis who claims to have a big, game-changing plan to alleviate it — that he keeps all to himself. He’d whisper it in the ear of House Speaker John Boehner behind closed doors in the White House, but the erstwhile champion of transparency didn’t dare make it public.

      Why was the president who rode into the White House on a wave of overexposure, who wrote two memoirs and is constantly on TV, so shy and retiring about this one matter? Few things would be more galvanizing in the nation’s budgetary politics than a liberal Democrat breaking ranks on entitlements. It would make possible changes heretofore unthinkable, and partly redeem Obama’s promise of post-partisan government.

      =====

      Yeah, pretty ridiculous for the transparency President

  • Pinboard Links

    Flap’s Links and Comments for July 26th on 11:33

    July 26, 2011 /

    These are my links for July 26th from 11:33 to 11:35:

    • New polls confirm Obama’s Democratic base crumbles – With all of the spotlights on the high-stakes debt maneuverings by President Obama and Speaker John Boehner the last few days, few people noticed what Vermont's Sen. Bernie Sanders said:

      "I think it would be a good idea if President Obama faced some primary opposition."

      This is political treason 469 days before a presidential election. Yes, yes, this is just a crusty old New England independent for now, albeit one who caucuses loyally with Harry Reid's Democratic posse.

      But while most of the media focuses on Republican Boehner and the tea party pressures on him to raise the debt limit not one Liberty dime, Sanders' mumblings are a useful reminder that hidden in the shadows of this left-handed presidency are militant progressives like Sanders who don't want to cut one Liberty dime of non-Pentagon spending.

      Closely read the transcript of Obama's Monday statement on the debt talks stalemate. The full transcript is right here. And the full transcript of Boehner's response is right here.

      An Unbalanced Approach to a Balanced Approach

      Using political forensics, notice any clues, perhaps telltale code words that reveal to whom he was really addressing his Monday message? Clearly, it wasn't congressional Republicans — or Democrats, for that matter.

      The nation's top talker uttered 4,526 words in those remarks. He said "balanced approach" seven times, three times in a single paragraph.

      That's the giveaway. Obviously, David Plouffe and the incumbent's strategists have been polling phrases for use in this ongoing debt duel, which is more about 2012 now than 2011. "Balanced approach" is no sweet talk for old Bernie or tea sippers on the other side.

      Obama is running for the center already, aiming for the independents who played such a crucial role in his victorious coalition in 2008. They were the first to start abandoning the good ship Obama back in 2009 when all the ex-state senator could do was talk about healthcare, when jobs and the economy were the peoples' priority.

    • House GOP revolts against Boehner plan – House Republicans do not have enough support to pass their debt-ceiling increase plan on their own, a top conservative said Tuesday as his party’s leaders tried to cobble together a coalition of Republicans and Democrats to put the bill over the top.

      “There are not 218 Republicans in support of this plan,” Rep. Jim Jordan, an Ohio Republican who heads the powerful conservative caucus in the House, told reporters Tuesday morning.

      That means Speaker John A. Boehner will have to rely on Democrats to pass the $1.2 trillion spending cuts plan — support Democrats’ top vote-counter said he’ll be hard-pressed to gain. Minority Whip Steny H. Hoyer said “very few” Democrats will vote for the Boehner plan, though he acknowledged there could be some.

      A vote in the House is expected Wednesday, and Republican leaders are trying to round up enough support to pass their version. They hope that if it can pass the House, that will pressure Senate Democrats to drop their alternative and accept the GOP’s plan.

      ======

      Read it all.

      Going to be a tough vote tomorrow

  • Pinboard Links

    Flap’s Links and Comments for July 25th on 20:38

    July 25, 2011 /

    These are my links for July 25th from 20:38 to 21:24:

    • How Governments Are Using Social Media for Better & for Worse – Social media has become a crucial part of how we interact with our friends, community and even run our cities. Governments are starting to take serious notice and incorporate social media into their own day-to-day actions.

      Governments may not be early adopters but the proliferation of social in national media has ramped up its importance for governments around the world. While this initial stance kept politicians on the defensive, enough time has passed that individual politicians and even entire governments are starting to use social media to connect with their communities in new, open ways.

      We’ve chosen a few examples to illustrate some of the many ways government is embracing social media. Have a read through some of these initiatives and let us know in the comments how your own government or political representative is putting social media to good use. The list is neither exhaustive nor does it try to summarize the entirety of a government’s social outreach. It is instead meant to start a conversation.

    • Speaker John Boehner’s solution to the debt-ceiling standoff – A Republican aide aware of the discussions in the House e-mails me the contours of the debt deal the speaker of the House will proceed with:

      Republicans insisted if the President wants his debt ceiling increase, the American people will require serious spending cuts and reforms. This two-step approach meets House Republicans’ criteria by (1) making spending cuts that are larger than any debt ceiling increase; (2) implementing spending caps to restrain future spending; and (3) advancing the cause of the Balanced Budget Amendment — without tax hikes on families and job creators. While this is not the House-passed “Cut, Cap, & Balance,” it is a package that reflects the principles of Cut, Cap, & Balance. Here is more information on the plan:
      ?Cuts That Exceed The Debt Hike. The framework would cut and cap discretionary spending immediately, saving $1.2 trillion over 10 years (subject to CBO confirmation), and raise the debt ceiling by less — up to $1 trillion.
      ?Caps To Control Future Spending. The framework imposes spending caps that would establish clear limits on future spending and serve as a barrier against government expansion while the economy grows. Failure to remain below these caps will trigger automatic across-the-board cuts (otherwise known as sequestration).
      ?Balanced Budget Amendment. The framework advances the cause of the Balanced Budget Amendment by requiring the House and Senate to vote on the measure after October 1, 2011 but before the end of the year, allowing the American people time to build sufficient support for this popular reform.
      ?Entitlement Reforms & Savings. The framework creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years. Each Chamber would consider the proposal of the Joint Committee on an up-or-down basis without any amendments. If the proposal is enacted, then the President would be authorized to request a debt limit increase of $1.6 trillion.
      ?No Tax Hikes. The framework included no tax hikes, a key principle that Republicans have been fighting for since day one.
      Is this the same plan the Senate majority leader and Speaker of the House John Boehner (R-Ohio) presented to the White House? A House senior aide tells me, “The plan we are introducing is essentially the plan that McConnell, Boehner, and Reid agreed to and which Reid presented to President.” A Senate adviser confirms, “If there are any changes, they are minor.”

      =======

      Then what?

      The House bill goes to the Senate and will pass with some changes.

      Then, Obama can either sign it or let America go into default.

      This is what the GOP should have done weeks ago instead of negotiationg with the primma dona who resides in the White House.

  • Pinboard Links

    Flap’s Links and Comments for July 25th on 18:48

    July 25, 2011 /

    These are my links for July 25th from 18:48 to 19:01:

    • Ron Paul thinks defaulting isn’t such a bad thing – Ron Paul, the conservative congressman from Texas, doesn't think the panic about raising the debt ceiling is as serious as some would have us believe. In fact he thinks it might be healhy for the nation in the long run.

      The man affectionately known as "Dr. No" wrote an op-ed for Bloomberg on Friday titled "Default Now, or Suffer a More Expensive Crisis Later" in which he says that the U.S. defaulted three times in the 20th century and the world didn't end.

      "Despite the defaults in 1934, 1968 and 1971, world markets have been only too willing to purchase Treasury debt and thereby fund the government’s deficit spending," wrote Paul, a GOP presidential hopeful.

      "If these major defaults didn’t result in decreased investor appetite for U.S. obligations, I see no reason why defaulting on a small amount of debt this August would cause any major changes," the Republican argued.

      Paul did acknowledge that losing the pristine AAA rating would hurt, but the longtime legislator said the pain would actually be good for a Congress that he thinks spends far too much.

      "If the government defaults on its debt now, the consequences undoubtedly will be painful in the short term. The loss of its AAA rating will raise the cost of issuing new debt, but this is not altogether a bad thing. Higher borrowing costs will ensure that the government cannot continue the same old spending policies. Budgets will have to be brought into balance (as the cost of servicing debt will be so expensive as to preclude future debt financing of government operations), so hopefully, in the long term, the government will return to sound financial footing," wrote Paul, the father of "tea party"-backed Sen. Rand Paul.

    • White House stokes debt-ceiling crisis – A Republican aide e-mails me: “The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan. A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”

      If this is accurate the president is playing with fire. By halting a bipartisan deal he imperils the country’s finances and can rightly be accused of putting partisanship above all else. The ONLY reason to reject a short-term, two-step deal embraced by both the House and Senate is to avoid another approval-killing face-off for President Obama before the election. Next to pulling troops out of Afghanistan to fit the election calendar, this is the most irresponsible and shameful move of his presidency.

      As for the House, why not pass the deal that Sen. Harry Reid agreed to, send it to the Senate and leave town? Enough already.