Barack Obama’s new TV ad attacks John McCain for a trip to Bermuda, and Bermuda off-shore tax shelters.
** BUFFETT HELPS GOLDMAN SACHS AFTER MITSUBISHI PITCHES IN WITH MORGAN STANLEY. A day after Japan’s Mitsubishi Bank bought nearly a quarter of Morgan Stanley, one of only two remaining Big 5 independent investment banks starting out the year on Wall Street, Warren Buffett’s Berkshire Hathaway will invest $5 billion in the other, Goldman Sachs, to help shore up its position. Goldman Sachs has a major presence in California, via managing director Kathleen Brown, the former state treasurer. And Buffett is a great friend of Governor Arnold Schwarzenegger.
Who’s going to shore up Las Vegas, to refer to a major item earlier today?
** COLORADO POLL: OBAMA BY 7. The new Public Policy Polling survey of battleground Colorado, newer than the numbers below, has Barack Obama leading John McCain, 51% to 44%. Two weeks ago, Obama had only a one-point edge. The difference? Independents shifting to Obama in the wake of the Sarah Palin selection.
** NORTH CAROLINA POLL: DEAD EVEN. The new Civitas poll of battleground North Carolina, long a red state, shows Barack Obama and John McCain each with 45%. McCain had held a slight lead. The difference? Moderates and independents shifting to Obama in the wake of the Sarah Palin selection.
** FLORIDA POLL: OBAMA BY 2. The new Mason-Dixon poll for NBC of battleground Florida has Barack Obama barely ahead of John McCain, 47% to 45%. There’s a reason he’s doing debate prep in Tampa.
** VIVA LAS VEGAS? The Western icon of endless growth, global icon of glitzy materialist aspiration, Las Vegas, is having a major downturn. More than expected. Casions are laying off thousands. Tourists are still coming to Sin City, but they’re bargain hunting and spending less. And Nevada, along with Florida, is the hardest hit in the country by the housing and mortgage crisis. At least half of Vegas tourists arrive by car or bus, so high gasoline prices are impacting things as well. It’s no surprise that the Silver State is looking like prime territory for a red-to-blue pick-up by Barack Obama. Ironically, it’s John McCain who has much the stronger ties to Nevada. McCain loves to gamble, and his son was on the board of a Nevada bank. Which recently went under.
The old Vegas advertising slogan? “What Happens In Vegas, Stays In Vegas.” The new Vegas slogan? “Crazy Times Call For Crazy Fun.” I’m not sure Don Draper would have come up with that one …
** FINANCIAL CRISIS POLL: SELLING THE FRAME. While the US Senate Banking Committee chews through the massive Wall Street bailout proposed by the Bush/Cheney Administration, here is something interesting to consider. The Hotline national tracking poll, which has Barack Obama leading John McCain, 47% to 43%, also asked respondents about their view of the origins of this epic financial crisis.
Respondents were read statements by each of the candidates spelling out what they see as the cause of the crisis. Neither candidate was identified as the source of either statement of responsiblity. Then respondents were asked which they most agreed with.
46% of likely voters agreed with this statement: “The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren’t minding the store. [Eight] Years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.”
31% agreed with this statement: “The financial crisis we’re living through today started with the corruption and manipulation of our home mortgage system. At the center of the problem were the lobbyists, politicians, and bureaucrats who succeeded in persuading Congress and the administration to ignore the festering problems at Fannie Mae and Freddie Mac.”
The first statement, which 46% agreed with, is by Obama. The second statement, agreed with by 31%, is by McCain. This indicates that Obama’s framing of the issue is much stronger than McCain’s, despite the notable populist tropes in how the Arizonan apportions blame. If Obama drives home his message, and the contrast with McCain’s, he will increase his lead.
** QUINNIPIAC BATTLEGROUND POLLS: OBAMA LEADS IN COLORADO, MICHIGAN, MINNESOTA, AND WISCONSIN. The new Quinnipiac poll of four battleground states for the Wall Street Journal and Washington Post finds Barack Obama running ahead based on his big edge — from 20 to 24 points in each state — over John McCain as the “candidate of change.”
Obama leads in Colorado, 49-45. Obama leads in Michigan, 48-44. Obama leads in Minnesota, 47-45. Obama leads in Wisconsin, 49-42. Obama leads amongst women voters by double digits in every state except Minnesota.
President Bush’s approval ratings in the four states range between 24% and 26%.
** DISTRACT AND DETRACT: TEAM MCCAIN FOLLOWS FORM IN CRISIS. On Monday in the midst of the biggest financial crisis since the 1930s, John McCain’s campaign wanted to talk about the Chicago political machine, the New York Times, Bill Ayers (who?), and Hugo Chavez. … From my new Huffington Post column.
John McCain’s new TV ad says he has “tough new rules for Wall Street” while Barack Obama is “mum,” aside from wanting more taxes for Americans.
** WHERE THEY ARE TODAY.
Barack Obama is in Tampa, Florida for debate prep. He appeared this morning on The Today Show.
Joe Biden is in Woodbridge, Virginia and Washington, DC.
John McCain is in Strongsville and Middleburg, Ohio and Freeland, Michigan.
Sarah Palin is in New York City, for the United Nations. Today is the first day in which she will have met a foreign head of government.
** FROM THE ARNOLD FILE. Governor Arnold Schwarzenegger signs the California budget this morning after a record impasse, sans ceremony, then appears on the East Steps of the Capitol with leaders of Common Cause, the League of Women Voters, the NAACP, the California Chamber of Commerce, and AARP to promote his redistricting reform initiative, Proposition 11 on the November ballot.
Schwarzeneger then spends the remainder of the day in private meetings and discussions and study of the nearly one thousand legislative bills awaiting his decision, along with a half-billion in line item budget vetoes.
A Russian naval squadron is en route to the Caribbean for the first time since the Cold War to conduct maneuvers.
** 24/7 LIVE TV NEWS FEED FROM RUSSIA TODAY. Russia has re-emerged as one of the world’s great powers. Click here for a live TV news feed on your computer, bringing you English-language, jargon-free, fast-paced coverage of global and Russian news from the new Russia Today channel. You probably already know about CNN International, BBC World, and Al Jazeera. Russia Today, which also features culture, entertainment, and sports, is based in Moscow and is owned and operated by the TV Novosti division of Russia’s state news agency, RIA Novosti.
While it’s quite foolish to expect to see, say, criticism of Vladimir Putin on Russia Today, which I know as a former DemRussia advisor, the channel is very interesting nonetheless. With U.S. cable news chattering away as it does, this sort of respite can be informative. The NWN live link to RT does not constitute an endorsement of the channel’s views. It’s presented as an otherwise unavailable new media window.
** SCHWARZENEGGER’S CALIFORNIA. Here is my series of five columns for the Los Angeles Times in debate with Pulitzer Prize-winning former Times reporter/editor Bill Boyarsky, author of biographies of Ronald Reagan and Jesse Unruh.
Among them is what I’m sure is the first piece examining Schwarzenegger’s legacy as governor of California. Since he will actually be governor of California until 2011. No technology known to be disruptive to the space/time continuum was used in its preparation.
** TRACK GLOBAL AND U.S. ENERGY PRICES IN NEAR REAL TIME VIA BLOOMBERG ENERGY MARKET WATCH. After crashing over $147 for yet another record on July 11th, crude oil is trading around $109 per barrel. That’s over $4 more than the Friday close, but over $7 under yesterday’s close. The global oil market is reacting to the proposed massive American move to stabilize Wall Street.
The drop of over $38 per barrel since the record high two months ago comes on acknowledgement that the weak US economy will cut future demand and the easing of geopolitical tensions in the Middle East. The Russian war with Georgia, confounding much speculation and reporting to the contrary, actually decreased the geopolitical risk premium in the oil market.
Your posts are welcome in the Forum.
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| Comments (58) |
That’s a pretty big cruiser the Russians are sending to the Caribbean.
John McCain is suddenly pushing “tough new rules on Wall Street.” Yeah.
I’m watching the bailout hearings on CSPAN…statement of the day goes to Jim Bunning, who some of you may remember as a wonderful major league baseball pitcher. According the Mr. Bunning, the plan outlined by Mr. Paulson is “economic socialist” and “un-American”…
Is it too early to begin drinking???
Obama’s new ad is funny. I like it.
Barack’s ad is good. It looks like they are finally doing what “Team McCain’s” been doing, tripping up the enemy.
I think McCain’s ad is much weaker than Obama’s.
If McCain says the media is in the pocket of Obama, why does he keep going back to them for his ads?
Oh, and McCain better not miss the vote on the bailout package if he’s going to critique Obama and the Dems for “doing nothing.” If he doesn’t like it that much, he should at least come home to D.C. to vote “no.”
Bush has screwed this country up so bad the Russian Navy is in the Caribbean. It’s unbelievable how incompetent Bush and Cheney turned out to be.
McCain’s ad is ridiculous. His staff are all lobbyists for Wall Street! Who does he think he’s kidding?
Obama’s ad is much better than McCain’s, for a change. I guess Team Mac doesn’t do substance so good.
If you read nothing else today, read Steve Lopez’s piece on Wassila AK. I’m not a big Lopez fan, but this was really good.
http://www.latimes.com/news/local/la-me-lopez23-2008sep23,0,5598058.column
Here is the text of the proposed bailout plan
http://blogs.wsj.com/economics/2008/09/20/treasurys-financial-bailout-proposal-to-congress/
And just as the columnist at HuffPost said, section 8 is outrageous and DOA. In fact I am sure this plan will not be rubber stamped. Bush will have no choice but compromise although to him that is a dirty word–because his credibility is about zero (his approval rating in one poll has slid to 19%). Even many Republicans are balking at drinking this Flavor-Aide…
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Via the blog of Mark Evanier here is a link to a parody making its way around the net skewering the bailout plan as a faux Nigerian spam e-mail. You’ll laught until you realize this is our money and no joke:
http://www.newsfromme.com/archives/2008_09_22.html#015880
I actually just called the White House and after a a minute or so of waiting told the nice young lady who answered:
1) I oppose the bailout plan
2) the President should resign, given this latest failure of leadership
[yeah, I forgot to mention Chaney stepping aside too, but I hope it is obvious that is what I meant]
Up until now I suffered in silence basically as this incompetent has done great damage to our country. But this blank check approach to the meltdown he helped create is the last straw. And McCain as Bush redux makes me ill.
The White House comment line is 202-456-1111.
Dana,
So, if no bailout, what would you did? Let the whole thing fall asunder?
Excellent analysis in the Huffington Post column. I don’t think McCain’s tactics, Schmidt’s tactics, are going to work this time.
Thanks.
Right, the miniser of the Republic of America …
>Dana:
Via the blog of Mark Evanier here is a link to a parody making its way around the net skewering the bailout plan as a faux Nigerian spam e-mail. You’ll laught until you realize this is our money and no joke:
http://www.newsfromme.com/archives/2008_09_22.html#015880
Sep 23, 2008 – 9:32 am
Fittingly, it is Section 8.
>Dana:
Here is the text of the proposed bailout plan
http://blogs.wsj.com/economics/2008/09/20/treasurys-financial-bailout-proposal-to-congress/
And just as the columnist at HuffPost said, section 8 is outrageous and DOA. In fact I am
I’m surprised Lopez couldn’t find the meth labs. It is also, after all, the meth capital of Alaska.
>Brasky:
If you read nothing else today, read Steve Lopez’s piece on Wassila AK. I’m not a big Lopez fan, but this was really good.
http://www.latimes.com/news/local/la-me-lopez23-2008sep23,0,5598058.column
Sep 23, 2008 – 9:23 am
It’s been a stunning display.
>Capitol Boy:
Bush has screwed this country up so bad the Russian Navy is in the Caribbean. It’s unbelievable how incompetent Bush and Cheney turned out to be.
Sep 23, 2008 – 9:07 am
The Obama ad is much better than the McCain ad.
>Brasky:
I think McCain’s ad is much weaker than Obama’s.
If McCain says the media is in the pocket of Obama, why does he keep going back to them for his ads?
Oh, and McCain better not miss the vote on the bailout package if he’s going to critique Obama and the Dems for “doing nothing.” If he doesn’t like it that much, he should at least come home to D.C. to vote “no.”
Sep 23, 2008 – 9:02 am
Actually, I think the bailout plan is more Eurocommunist …
>Sacramento Solon:
I’m watching the bailout hearings on CSPAN…statement of the day goes to Jim Bunning, who some of you may remember as a wonderful major league baseball pitcher. According the Mr. Bunning, the plan outlined by Mr. Paulson is “economic socialist” and “un-American”…
Is it too early to begin drinking???
Sep 23, 2008 – 8:35 am
It’s a new day.
>Jonas Blane:
John McCain is suddenly pushing “tough new rules on Wall Street.” Yeah.
Sep 23, 2008 – 8:10 am
Is there any information out there on how the Wall Street crisis is going to impact the State’s budget? Has anyone estimated the losses incurred by CalPERS and the amount of contribution increase that will be required to offset any CalPERS fund losses? I tried to look at the budget home page but could not find information on the estimated contribution. The budget always over estimates tax income during downturns and the PERS bill could be very large. A double whammy for Arnold and the R’s moving into the next election cycle.
Team Bush needs to be sent to the showers and the best minds this country has (which isn’t what the Bush people even remotely qualify for) be brought to bear on this debacle of greed. I am against this bailout’s blank check approach. Robert Kuttner I think brings up good points about the need for accountability and seizing the ill gotten gains of those who helped engineer this meltdown. I though personally responsibility is the mantra of the far right–so shouldn’t it apply when our money is to be spent? And steps be taken to make sure a repeat doesn’t occur. Consequences have a powerful way of making people not repeat their wrong behavior.
http://www.prospect.org/cs/articles?article=paulsons_folly
>Sacramento Solon:
Dana,
So, if no bailout, what would you did? Let the whole thing fall asunder?
This is a very interesting poll by Hotline. A real opportunity for Obama. These new ads play into it, I think.
Many Americans have a hazy grasp on what Fannie Mae and Freddie Mac are (including Palin).
Also, by blaming only the lenders, it puts him in the tenuous position of coming awfully close to blaming the foreclosure victims for the collapse of Wall Street. That seems like a major problem in winning over the heartland.
Lastly, he still has his own connections to those failed institutions
I think Congress should not in a rush take action. Sit back and make it clear to Wall Street there is some quid pro quo involved. If we act hastily the bad guys who created this mess have too much leverage–let them sweat. Their poker-like gambit to make us believe the economy will collapse tomorrow unless the blank check is handed over PDQ has to be shown to be a bluff. Once they blink we can start work on a fair deal. It is time the pompous master of Wall Street get a lesson in good old American street fighting. And get a come-uppance!
BTW, if Bush had undertaken a project of Hillary Care style socialized medicine, we probably could have gotten about 7-10 years worth just with the AIG bailout money.
I believe the midline estimate of single payer national health care is $70-$100 billion.
To put the bailout in perspective, here’s a graphic the NYT when the Iraq war’s total cost was estimated at $1.2 trillion: http://www.nytimes.com/imagepages/2007/01/17/business/20070117_LEONHARDT_GRAPHIC.html
Brasky, also the mortgages are just the symptom of a corrupt and broken system. Which is what Obama is describing and that is what is resonating with voters.
Any plan I support includes a cadre of foresnic accountants descending on Wall Street to get at the truth of what happened and why. Boy, I bet that is an idea that makes the big boys shiver, and puncture the bluster of the miracle of the market.
Ok, here’s where to put the price of the Wall Street bailout into perspective. It’s a lefty anti-war website, but it’s pretty funny: http://3trillion.org/
You can purchase a cure for cancer, a secret island fortress, clothing for all the homeless, US energy independence, a Mars colony or just a bunch of HDTVs for all of China.
“Any plan I support includes a cadre of foresnic accountants descending on Wall Street to get at the truth of what happened and why. Boy, I bet that is an idea that makes the big boys shiver, and puncture the bluster of the miracle of the market.”
I think we should just buy-out the actual firms, and put the workforce on salary+commission for any wrong doings they uncover working for taxpayers.
Bill Bradley:
Actually, I think the bailout plan is more Eurocommunist …
—-
I now understand why you never pitcheda no-hitter in the major leagues!
I think at first folks were scared. This bailout is turning it into righteous indignation. Years of condescending right-wing politicos, business bigwigs and opinion-laden gasbags sneered at us unwashed masses in appearances on the sunday shows, Wall Street friendly economic chatfests, etc. while extolling the miracle of the market. Now that their brilliant boat has sprunk a leak they are begging for help from we who before they barely deigned to aknowledge as being of the same species. And we rightly expect that help to come at a price–they need our money more than we need them. That had better be our stance or they’ll try to rob us blind. We should measure twice and cut once when dealing with this crowd.
Dana,
Thanks for your response. Think we need to move quickly on the issue or we are going to facing the 1930′s all over. We can concern ourselves with how we got here, assess blame and make the necessary adjustments and whatever later. However, is the time to act.
But, then again, disagreements of policy direction hopefully will get us to find the proper path.
Enjoy the day.
Agree we should act quickly, but I want to know if I’m buying and renting and what the property in question really is.
As a tax payer, I’m I paying for mortgage-based investments, mortgages, or the firms needing bailing out.
I’d prefer the later – if you’re going to be a socialist, you might as well have the assets to go along with it.
Solon, I think we agree this thing needs some teeth. However quickly we need to act giving Paulson carte blanche is a non-starter. We can start the process moving but while injecting funds work out details that put those teeth in it if we don’t sign away our rights at the start. The Bush sign a blank check and trust us approach isn’t viable. I bet if Wall Street realizes Bush can’t deliver their idea of a bailout (“thanks for the money, see you at Vegas kids”) they will signal support for compromise quickly, once their bluff is called.
What I would love to have happen is that everbody remember who got us here and vote accordingly come November.
And trust me, I’m not concerned if the big guys get kicked below the belt in this one, it’s the little folks I’m concerned about. The folks who are losing their jobs because of the economic turndown…and the thousands of others who will be on the streets if this truly becomes a recession or worse.
Now, need to start reading “Freedom from Fear” by David Kennedy. It’s a wonderful write on U.S. history from 1929 to 1945. Somehow seems fitting!
Dana,
I must defer to brighter minds than mine on this one. Hopefully they will sit at the table and play the cards properly. In the meantime, and just to be on the safe side, I shall carry forward with my reading plan mentioned in my response to Mr. Brasky.
So, I shall now depart for a few hours leaving you all only with a thought that should scare you all…the Chicago Cubs are coming!
That Hotline poll makes sense. Most people know that Wall Street is out to make money out of thin air, for them at least.
I would have done something along the lines of: “Unlike Wall Street, in Vegas, you know how much the Blue Chips are worth.”
“Crazy Times Call For Crazy Fun.” I’m not sure Don Draper would have come up with that one …
BLECH!
(i won’t venture an offering of my own; pimping for LV is not my thing.)
re: framing the crisis (without quoting all of the text)…
duh!!!
(no attribution necessary. it was glaringly obvious.)
“I think McCain’s ad is much weaker than Obama’s.”
ya know its gotta be hard when you’re frame is working to distance yourself from your own policies… and trying to tie your legacy on the neck of the other guy — leaves very few options (even if your idea of honesty hinges on a narrative and not the actual facts).
lol
Really, how can Bush’s approval rating be so high? 9/11, Katrina, Two Wars and a financial meltdown followed by the socialization of the markets. He should be in single digits.
On a brighter note, my dear old Southern Lady mama says she’s voting for Obama. Let’s say that’s a big step for her. Apparently, she found McCain’s choice of Palin insulting. She was a Hillary backer who once threatened to vote Mac.
Pat Skipper — if Obama wins Florida by one vote, we’ll know who to thank!
“Really, how can Bush’s approval rating be so high?”
6% of Americans believe the moon landings were faked
14% of Americans said they’ve seen a UFO
19% of Americans believe in witchcraft
I think that puts his approval in context.
http://www.gallup.com/poll/1993/Did-Men-Really-Land-Moon.aspx
http://www.usatoday.com/news/offbeat/2007-10-25-ghosts-poll_N.htm
NC, CO, FL?! Wow, that’s big news.
What are the crosstabs on Jewish voters in Florida post and pre-Palin?