Friday, August 5, 2011

Roseanne Barr: Palin’s stealing my act

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posted at 12:50 pm on August 5, 2011 by Tina Korbe
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Looks like somebody is jealous. Former sitcom star Roseanne Barr, who has never betrayed any political ambition beyond supporting President Barack Obama, now sarcastically says she wants to run for president — and cites former Alaska Gov. Sarah Palin as her inspiration:

    “That’s kind of what got me to thinking that I too should run for president if she can,” Barr told host Jay Leno [last night on "The Tonight Show"]. “I wanted to edge her out because I feel like she’s stealing my act anyway.”

    Barr said Palin, who is flirting with a White House bid, was also her motivation for appearing in a reality show. Her Lifetime show “Roseanne’s Nuts,” premiered a few weeks ago and follows the former sitcom star running a Hawaiian nut farm.

    Barr, a former supporter of President Barack Obama, claimed she is “totally serious” about a bid and said she will run as a candidate from the Green Tea Party. No taxes, the forgiveness of student loans and all debts and the use of vegetables instead of money will be the cornerstones of her campaign, she said.

Barr must not have gotten the memo that Palin hasn’t yet declared presidential candidacy (and might not at all). Barr also said she assumes all you have to do to be president is “show up and give a speech.” No, Roseanne, that’s what you have to do to be a sitcom star. Obama is Exhibit A: Charisma and eloquence do not a competent president make.

All of which reminds me: Why, in all of his talk of taxing the rich, does Obama never add “Hollywood entertainers” to his oh-so-redundant list of “corporate jet owners, hedge fund managers and oil company executives”? Seems to me they could pitch in more than a few dimes to reduce the debt and deficit.

Obama: Hey, my “singular focus” is on jobs!

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posted at 12:10 pm on August 5, 2011 by Ed Morrissey
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Barack Obama has given a response to the jobs report this morning while speaking at the Washington Navy Yard.  I’ll bet most people have already guessed how the President sought to reassure Americans that “things will get better“:

    “We are going to get through this. Things will get better. We’re going to get there together,” Obama told a crowd of veterans at the Washington Navy Yard Friday, where he was speaking about lowering unemployment among the nation’s veterans. Neither he nor any member of the administration commented after the Dow plunged over 500 points Thursday, and Obama avoided addressing the market crash directly.

    “There is no doubt this has been a tumultuous year,” said Obama. “My singular focus is the American people. Getting the unemployed back on the job.”

First, it’s interesting that Obama didn’t attempt to sell the jobs report this morning as good news.  Wall Street wasn’t impressed by it; after yesterday’s selloff, the Dow Jones was off another 150 points by noon today.  European stocks had a 3-year drubbing this week as well.

But even Obama’s allies aren’t buying the “singular focus” line any longer. Arianna Huffington told Lawrence O’Donnell earlier this week that no one believes Obama when he claims that jobs are his highest priority, but rather think it’s one job in particular, emphasis mine:
But the point is that the most important number going into 2012 is going to be the unemployment number. And there is absolutely no prospect at the moment that would make us believe that unemployment number is going to be below nine percent. Now that is really the greatest fear for the White House. And of course Mitt Romney again and again is talking about the failure of the President to produce jobs, and he doesn’t have to tell us how he would have done it. He just has to point out to that failure. And when the President again and again talks about how, I mean, I went through and looked since 2009 how many times he has said, “Jobs priority number one,” “The sustained focus of this administration,” “The relentless focus of this administration,” “We’re pivoting to jobs.” Nobody believes it any more.

For all of this focus, Obama has yet to put forward his own plan to promote massive job growth, or any kind of private-sector growth at all. If that sounds familiar, it should; Obama failed to put forward any specific plan to deal with deficit reduction and the debt ceiling, and the only specific demand he made — tax hikes — would have stunted job growth. In fact, he’s still talking about tax hikes, which is a highly strange way to claim that job creation is one’s “singular focus.”

As long as Obama’s actual “singular” focus remains on expanding regulation and raising taxes, things won’t get better until he leaves office … hopefully in 2013.

Bachmann: President created twice as many donors as jobs in the second quarter

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posted at 11:30 am on August 5, 2011 by Tina Korbe
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This morning’s predictably dejecting jobs report provided the GOP presidential candidates with an apt opportunity to cast the president in an unflattering light — and to contrast his approach with what their own would be.

Memorably, former Massachusetts Gov. Mitt Romney framed his statement in a way that leaves voters displeased with the economy little choice but to vote Obama out of office.

“When you see what this president has done to the economy in just three years, you know why America doesn’t want to find out what he can do in eight,” former Massachusetts Gov. Mitt Romney said.

Importantly, Romney is not the only person who has said Obama should be a one-term president if the economy doesn’t turn around by the end of his first term. Who was it who also said that again? Oh, yes, Obama himself.

Michele Bachmann noted a fact that’s telling about Obama’s priorities and forwarded her own solutions, as well.

“The President created twice as many donors for his campaign as he created jobs in the second quarter,” she said in a statement. “This week the President announced that he would again pivot to focus his attention on jobs. We can only hope he will pivot away from his failed economic policies that have killed growth and put millions of Americans out of work. What the markets want and what the country needs is a fundamental restructuring in the way Washington spends taxpayers dollars that reins in unprecedented spending, gets our debt under control and encourages pro-growth economic policies.”

Former Minnesota Gov. Tim Pawlenty called out the president’s lack of plan to good effect.

“Today’s dismal jobs report is a far cry from the hope and change that President Obama promised on the campaign trail,” Pawlenty said. “Since the president took office, unemployment has risen 17%, the federal debt has increased 37% and gas prices have doubled.  In the last week, the stock market suffered its worst day in years, economic growth was revised down and consumer confidence dropped.  Despite these clear and abundant signs that our economy is floundering, President Obama has still failed to deliver a concrete plan to create jobs and promote growth.”

Pawlenty also emphasized that he is the only candidate so far to have put forward a concrete plan for job creation and economic growth.

Like Bachmann, former Utah Gov. Jon Huntsman observed a priority of the president’s that has distracted from jobs growth.

“When President Obama should have been focused on creating jobs, he focused on a government-mandated health care system that the American people didn’t ask for and can’t afford,” Huntsman said. “What we can’t afford now is to waste any more time. … This country will never realize its true economic potential until we enact tax cuts, implement regulatory reform and move toward energy independence.”

The websites of former Pennsylvania Sen. Rick Santorum, Rep. Ron Paul (R-Tex.), Herman Cain, former Speaker of the House Newt Gingrich and Rep. Thaddeus McCotter (R-Mich.) didn’t feature ready reactions to the jobs report (at least at the time I was writing).

How about a government shutdown to make those Tea Partiers fear Obama?

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posted at 10:45 am on August 5, 2011 by Ed Morrissey
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If you want an example of how out of touch media commentators can be with American politics, look no farther than the Washington Post’s Jonathan Capehart.  Barack Obama’s cave on tax hikes in the debt deal clearly annoyed Capehart, who criticized the President for his lack of “aggressiveness” that resulted in a deal that doesn’t reflect “the will of the people” — at least as Capehart sees it.  Calling the Tea Party-backed Congressmen “carjackers,” Capehart called on Obama to be “Keyser Söze.”  But that’s not the only place where Capehart’s perspective departs from reality:

    If you’ve seen the brilliant movie “The Usual Suspects,” you know who this diabolical character is and what he did to gain mythical status. Suffice it to say that Söze so out-crazied the crazies that he became a person not to be messed with — a symbol of fear and grudging respect.

    In the coming fights over the next budget, unemployment benefits and payroll tax cuts, I want Obama to show the Republican Party in general and the Tea Party in particular that he isn’t afraid to out-crazy the crazies. If that means vetoing bills, taking the fight to individual districts, shutting down the government, so be it.

We’ve already seen this strategy play out twice.  Here in Minnesota, Gov. Mark Dayton reneged on his pledge not to shut down the government over his demand for tax hikes, refusing to negotiate a “lights on” bill with the Republican-controlled legislature to avoid the shutdown.  How did that work out for Dayton?  He rushed back to the capital to cut a deal without tax hikes when his own allies gave him a blast of disapproval in town-hall meetings around the state, while most Minnesotans barely noticed the difference.  The shutdown only hurt Dayton’s voter base of unions and the poor.  Instead of Keyser Söze, Dayton turned into Eric von Zipper.

Next, Harry Reid tried doing the same thing with the FAA.  Unfortunately for Reid, his ploy was rather obvious; he had failed to move an authorization bill in the Senate and hoped that the prospect of putting thousands of government bureaucrats out of work would embarrass conservatives.  After the media started grilling Reid on why he hadn’t done anything to move a Senate version of the bill, as well as realizing that putting bureaucrats out of work wasn’t exactly causing Tea Party activists to weep into their pillows at night, and especially after it became obvious that the system ran pretty well without them, Reid ended up quickly surrendering.  Instead of Keyser Söze, Reid turned into Jeffrey Goines.

If Capehart doesn’t realize that the Tea Party activists in Congress want to shut down large portions of the federal government, what has he been doing the last two years?  A partial government shutdown would please the Tea Party to no end.  The only people it would hurt will be Obama’s own constituencies, especially since the entitlement checks would still have to go out to recipients, as those are mandated by statute and not budgeted annually by Congress.  The biggest loser in an Obama-triggered shutdown would be Obama himself.

Maybe Capehart should spend some time talking with actual Tea Party activists before coming up with grand strategies like this.

Addendum: To answer Capehart’s question, Söze got the advantage over his competitors by murdering his own family, murdering all of his competitors afterward, and then disappearing.  I’m not sure what relation that has to American governance — or to carjackers, for that matter, since The Usual Suspects didn’t have any of either.  This analogy leaves a lot to be desired, including taste and the “civility” that Democrats spent the last six months demanding not just of Republican politicians but also conservative commentators.
Thursday, August 4, 2011

Yen Slumps on BoJ Intervention

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Japanese yenThe Japanese yen dropped heavily against everything on the Forex market today, following the currency intervention by the country’s central bank.

The yen declined most notably against the US dollar, demonstrating the biggest daily drop since October 2008. It also fell to the lowest rate against the euro since July 11 and reached the price minimum against the Great Britain pound since July 5.

The Bank of Japan followed the footsteps of the Swiss National Bank and intervened the currency market today, increasing the amounts of yen it purchases in order to hold down the currency appreciation:

    …to enhance monetary easing by increasing the total size of the Asset Purchase Program by about 10 trillion yen2 from about 40 trillion yen to about 50 trillion yen.

The market analysts believe that the success of this measure will depend on how persistent the country’s central bank will be. To keep the yen down, they’ll have to continue with similar measures. One-time event just won’t do it for something as bullish as the Japanese yen.

USD/JPY rose from 76.97 to 79.78 as of 12:37 GMT today, reaching as high as 80.23 (the maximum since July 12) earlier. EUR/JPY went up from 110.54 to 113.09. GBP/JPY advanced from 126.54 to 130.21 today.

If you have any questions, comments or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

Earlier News About the Japanese Yen:

    Yen Gains on Greece & US Debt Problems (2011-07-28)
    EU Summit Eases Need for Safety, Yen Drops (2011-07-22)
    Second Week of Gains for Yen, Will BOJ Intervene? (2011-07-16)
    Yen Declines as Chinese Economy Grows (2011-07-13)
    Growing China's Economy Saps Demand for Safety of Yen (2011-06-14)


This entry was posted on TopForexNews on Thursday, August 4th, 2011 at 12:39 pm and is filed under Japanese Yen. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allo

Carney: Yeah, taxpayers will fund the Obama Midwest Jobs Tour

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posted at 11:30 am on August 4, 2011 by Ed Morrissey
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As I mentioned in the OOTD today, Barack Obama promised a new focus on jobs for about the 15th time in less than three years, shortly after the conclusion of the debt-ceiling deal. As part of that new focus, Obama plans a bus tour — an unusual mode of travel for an American President, but SOP for a presidential candidate working the crowds to bolster support. But when White House reporters quizzed press secretary Jay Carney about whether Obama or taxpayers would foot the bill for this whirlwind tour, Carney responded that “the air of cynicism is quite thick,” as CNS News reports:


    CNSNews.com asked Carney, “Is that a campaign event or a presidential event?

    Carney answered, “Negative. That is an official event.”

    CNSNews.com followed, “So it is being funded by taxpayers in battleground states?”

    Carney responded, “He’s the president of the United States.”

    Another reporter followed up about whether there was a political nature to the trip.

    “The air of cynicism is quite thick,” Carney shot back. “The idea that the president of the United States should not venture forth into the country is ridiculous.”

    The reporter said, “I didn’t say that.”

    Carney said, “No, but you implied it in your question. It is absolutely important for the president – whoever that person is, in the past or in the future – to get out and hear from people in different communities.”

Something’s getting thick, but it’s not the air of cynicism.  Presidents do make appearances throughout the country during their terms; it’s one of the perks of the office, and one reason why incumbent Presidents are so hard to beat in an election.  However, they don’t usually travel by bus.  They normally use Air Force One, which has a standard security profile as well as the capacity to allow a President to perform his job while away from the White House.  In order to accomplish this three-day bus tour of the Midwest, the taxpayers will have to foot the bill for re-inventing the wheel as well as the rest of the costs.

Last year, this wouldn’t have been as big an issue.  That’s because Obama hadn’t officially launched his re-election campaign.  The campaign raised $49 million for itself in the first quarter and another $38 million for the DNC.  Getting in a bus on a jobs tour sounds a lot like preparing the ground for later fundraisers more than a job-related duty.  This is the reason that most incumbents wait for as long as possible to launch re-election campaigns, but Obama and his team wanted to make a run at a billion-dollar haul for this election … and this from the candidate who sang hosannas about public funding of presidential campaigns, too.

Rick Perry: I support constitutional amendments to ban gay marriage and abortion

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posted at 5:25 pm on August 3, 2011 by Allahpundit
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Two caveats to his otherwise strict support for the Tenth Amendment, both of which happen to serve the agenda of social conservatives whose votes he’s depending on. He backed away from his “states’ rights” defense of legalizing gay marriage last week; here’s the inevitable climbdown on abortion too, which he described as a states’ rights issue a few days ago. Follow that last link and re-read the post to see why it was predictable. I’m surprised he didn’t anticipate the tension his Tenther rhetoric on these issues would cause with his base, which he could have defused by mentioning his support for the amendments straightaway. There’s nothing necessarily inconsistent in that position: You can be a strong federalist and still condone federal solutions for exceptionally grave evils like slavery which the states, for various reasons, can’t be trusted to police as diligently as they should. That’s the core of the pro-life argument for an anti-abortion amendment — it’s a matter, literally, of life and death. What’s Perry’s argument, though, for why gay marriage qualifies as an “exceptionally grave evil” warranting a nationwide ban? Is smoking, say, an evil sufficiently grave to require a constitutional amendment outlawing it? (Don’t answer that, liberals.) He’s not in a legal trap here but he is in a philosophical one. And a political one, of course, as the press will use this to throw him off his economic message. Specify, please, which behaviors are so pernicious that we can’t risk letting parochial state legislatures deal with them.

Incidentally, as with Fred Thompson four years ago, the media’s “Perry as GOP savior?” hype is already being replaced by the “Perry as overhyped flop?” counter-narrative. Here’s Politico’s new piece wondering whether a tea-party-flavored Bush soundalike can get traction with the current conservative base. (One state Republican chairman compares Perry to “Will Ferrell doing a George W. Bush imitation.”) And here’s CNN noting that Perry’s upcoming prayer event, which can accommodate 71,000 people, has had just 8,000 registrants thus far. I doubt Perry cares — the real audience for that event is in Iowa, not Texas — but they’ll build that counter-narrative with any available brick. Exit question via Democratic pollster PPP: Does the GOP need Romney to win?

Tea Party won the first skirmish of a long, long fight

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posted at 2:05 pm on August 3, 2011 by Ed Morrissey
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Did anyone win in the recently concluded deal that reduced the upward trajectory of federal spending?  In my column for The Week, I argue that Barack Obama certainly was the big loser, having blown an opportunity that he himself cultivated for months to demonstrate leadership.  While the deal doesn’t feel like a win to Tea Party activists at the moment, I argue that they won an important opening skirmish:

    Reid gave up on tax hikes, not because he got tired of talking about them, but because there isn’t any appetite for tax hikes on Capitol Hill — thanks to the power and influence of the Tea Party. The cuts mandated in this compromise might be paltry, especially at first, but they represent a step in the right direction. For the first time in perhaps decades, Congress will approach budget shortfalls by looking at where spending can actually be reduced rather than where revenue can be raised.

    That is a remarkable paradigm shift, and one worthy of celebration after a decade of exploding deficits from Congresses controlled by both parties. Without the Tea Party, that paradigm shift would never have occurred. Indeed, without the Tea Party and their victorious candidates, the debt-ceiling increase would have been a routine vote noted only by a few bloggers and the back pages of most newspapers.

    Understandably, most Tea Party activists see this as business as usual and not the kind of transformative, instant change they envisioned. But just as Rome wasn’t built in a day, it will take much more than one vote or one budget to build the kind of limited, fiscally responsible America that these activists desire. The expansion of the federal government has gone on for decades, and it will take many battles and victories, small and large, to reverse it. This is a long journey, and the Tea Party helped push the nation into taking a step in the right direction.

There are two dangers in incremental victories, which are closely related to one another.  The first is that they tend to discourage activists who want big, unmistakable, validating victories.  However, those will only come with big, unmistakable majorities in Congress and a different President in the White House.  Given the relative weight of the Tea Party caucus on Capitol Hill in this Congressional session makes the win here even more remarkable. It’s very important to remember that our political system is heavily weighted against radical change in the short term, and that lasting change takes patience and long-term planning.

The second danger is that the activists will turn on each other and on their nominal allies.  If that happens, they will lose the ability to grow their standing in Congress.  Worse, they will alienate those who want to work towards the same general goals but who may differ on tactics and time lines.  That will bring incremental progress to a halt, while at the same time pushing activists into giving up altogether.  We need to avoid a “Mission Accomplished” mentality, but more importantly recognize that incremental progress is not futile.

Meanwhile, on the other end of the ledger, Barack Obama comes out as the biggest loser in this fight.  I give an explanation for that in my column, but two media reports today confirm this as a consensus position.  First, The Hill takes us inside the negotiations, where John Boehner apparently ordered the President out of negotiations at one point:

    GOP aides and lawmakers, speaking on background, portrayed Boehner as the calm negotiator who repeatedly exasperated President Obama.

    Boehner last month asked the networks to televise his response to Obama’s address to the nation, a request which infuriated the White House, Republican sources said.

    On July 23, they claim, the White House called Minority Leader Nancy Pelosi (D-Calif.), telling her not to participate on a call with Boehner, Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.). Pelosi informed Reid, who declined to participate, and the call was canceled, the Republican sources said. (A Pelosi spokesman could not be reached for comment.)

    Later that day, the four leaders met with Obama at the White House. At one point, GOP officials said, the Democratic and Republican leaders asked Obama and his aides to leave the room to let them negotiate.

Reid reneged on the agreement that was reached at that point under pressure from the White House, according to the Hill’s account based on their GOP sources.  Obama had to send Joe Biden into the final negotiations instead.  But it’s not just Republicans who are painting Obama as a bumbling negotiator, as the LA Times reports:

    Moreover, many Democrats — including some ordinarily sympathetic to the president — feel part of the problem is of Obama’s own making. …

    Given the acrimony and the high-stakes deadline, the impasse posed a severe test of Obama’s negotiating skills. On the fly he sought to improve his relationship with Boehner, inviting the speaker to play a round of golf early in the talks. But White House officials believe that personalities aren’t at the root of congressional paralysis. …

    Others are more critical, comparing Obama unfavorably with presidents who made broad use of their executive powers in times of crisis: Harry Truman, who nationalized the steel industry in 1952 in the face of a steel strike, for example, or John F. Kennedy, who denounced steel executives for price increases and threatened them with an antitrust investigation.

    “I am just sorely upset that Obama doesn’t seize the moment,” Sen. Tom Harkin (D-Iowa) said as the final deal was coming together. “That’s what great presidents do in times of crisis. They exert executive leadership. He went wobbly in the knees.”

The White House apparently hopes that the deal will eventually be popular enough for Obama to benefit, but the problem with that idea is that Obama had nothing to do with the eventual deal.  His only stated demand — higher taxes — got taken off the table more than a week before the compromise.  At the end, Obama ended up accepting a Congressional diktat rather than leading the path to a solution.  Obama ended up as little more than a spectator at his own leadership opportunity, and everyone knows it
Wednesday, August 3, 2011

10 dirt-cheap housing markets

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Youngstown, Ohio. Median price: $55,400
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Youngstown, Ohio. Median price: $55,400
A Youngstown mansion costs just $150,000
• Where is America's cheapest real estate?

If you're hunting for a real estate bargain, look no further: Here are 10 cities where the typical home costs less than $82,000.

The nation's cheapest major housing market is the area in and around Youngstown, Ohio. There, the median home price barely breaks $55,000, according to the National Association of Realtors. We're not talking about hovels in slums; these are well-kept homes in nice suburban or city settings priced at levels to make consumers in pricey coastal markets ache with envy.

Want something even nicer. There is a seven bedroom, 4,800 square foot home -- 19 rooms total -- well kept and in the historic district on the market for $150,000. That's not a misprint.

Take your time house hunting: That could save you some dough. Fiserv, the provider of real estate information and analysis, is forecasting a further home price decline in 2011 totaling nearly 12% for the year.

What about us? Responsible homeowners left out in the cold

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Responsible borrowers who have good credit and make their payments on time are being told that the only way they can refinance is if they start defaulting on payments.
No relief for the responsible
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No relief for the responsible

Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven't been able to refinance in order to avoid losing their homes.

Many of today's homeowners purchased their homes during a time of easy credit, when mortgage products, like interest-only loans and option adjustable-rate mortgages were issued to the marginally qualified. And many were told that -- if they made their payments faithfully -- they could easily refinance out of these products into affordable fixed-rate loans once the payments started to balloon.

But that day has never come for some borrowers -- no matter how good their payment record or credit score.

Many lenders are refusing to refinance underwater mortgages -- loans that are higher than the value of the home -- because it would mean big losses for them if the borrower defaults, said Mark Zandi, chief economist for Moody's Analytics.

According to data submitted to federal regulators and analyzed by the Wall Street Journal, nearly 27% of mortgage applicants were denied mortgages in 2010, up from 23.5% a year earlier.

The cruelest twist? Lenders typically wait until a homeowner is in default before they are willing to modify their mortgage.

For some homeowners, the clock is ticking. In 2011, $1 trillion in adjustable rate mortgages are scheduled to reset. And many are scrambling to refinance their mortgages while rates are still low -- to no avail.

"What's breaking my heart is the people making payments every month who can't refinance their mortgages, through no fault of their own," said Senator Barbara Boxer (D-Calif.).

She has co-sponsored a bill, the "Helping Responsible Homeowners Act," for borrowers who want to refinance but are in "negative equity," owing more on their mortgages than their homes are worth.

Boxer's legislation also requires banks to offer interest rates comparable to what they're giving to borrowers who are not underwater. And it bans risk-based fees for mortgages issued by Fannie Mae or Freddie Mac that can be as much as 2% of the loan principal.

Here are four responsible homeowners who are currently trying to refinance their loans.
 
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