The Political Bear

Are Lobbyists the new cowboy?  In a recent poll Lobbyists ranked low when polled for honesty and ethics. Oh well, I guess that is deserved. However, I would point out that most lobbyists, there are always bad actors, are truthful and ethical. In fact, if lobbyists aren’t ethical or truthful they usually don’t last too long because word travels fast in DC and reputation is one of a lobbyists primary assets.

Gallup periodically does polls measuring how the public rates various professions for honesty and ethics, and taking a look at the results for its Nov. 7-9 survey, this is not a good time to be a lobbyist, telemarketer or car salesman.

Over half the public give low marks to car salesmen, with telemarketers and lobbyists being panned by 60 percent and 64 percent respectively. That perhaps is some consolation for congressman who shine by contrast, with 46 percent – a plurality – not having much regard for them.

Journalists, bankers, building contractors and real estate agents are viewed neutrally although the reputations of bankers – no surprise, given current events – who were rated very highly by 41 percent in 2005, now only get those marks from 23 percent.

Who came out best?

Nurses. Eight-four percent rated their honesty and ethical standards as high or very high. Link to Story

So, who should have the bad rap? Politicians! Lobbyists aren’t the decision makers. Lobbyists, aren’t doing the actual negotiations. Most importantly, lobbyists can’t actually vote for the legislation.

Here is an Op-ed by Secretary Paulson regarding the Bailout. This is a load of bull dung designed to shirk responsibility.

In Case You Missed It:
“Fighting the Financial Crisis, One Challenge at a Time”

By Secretary Henry M. Paulson, Jr.
The New York Times
November 18, 2008

We are going through a financial crisis more severe and unpredictable than any in our lifetimes. We have seen the failures, or the equivalent of failures, of Bear Stearns, IndyMac, Lehman Brothers, Washington Mutual, Wachovia, Fannie Mae, Freddie Mac and the American International Group. Each of these failures would be tremendously consequential in its own right. But we faced them in succession, as our financial system seized up and severely damaged the economy.

By September, the government faced a systemwide crisis. After months of making the most of the authority we already had, we asked Congress for a comprehensive rescue package so we could stabilize our financial system and minimize further damage to our economy.

By the time the legislation had passed on Oct. 3, the global market crisis was so broad and so severe that we needed to move quickly and take powerful steps to stabilize our financial system and to get credit flowing again. Our initial intent was to strengthen the banking system by purchasing illiquid mortgages and mortgage-related securities. But the severity and magnitude of the situation had worsened to such an extent that an asset purchase program would not be effective enough, quickly enough. Therefore, exercising the authority granted by Congress in this legislation, we quickly deployed a $250 billion capital injection program, fully anticipating we would follow that with a program for buying troubled assets.

There is no playbook for responding to turmoil we have never faced. We adjusted our strategy to reflect the facts of a severe market crisis, always keeping focused on our goal: to stabilize a financial system that is integral to the everyday lives of all Americans. By mid-October, our actions, in combination with the Federal Deposit Insurance Corporation’s guarantee of certain debt issued by financial institutions, helped us to accomplish the first major priority, which was to immediately stabilize the financial system.

As we assessed how best to use the remaining money for the Troubled Asset Relief Program, we carefully considered the uncertainties around the deteriorating economic situation in the United States and globally. The latest economic reports underscore the challenges we are facing. The gross domestic product for the third quarter (which ended Sept. 30, three days before the bill passed) shrank by 0.3 percent. The unemployment rate rose in October to a level not seen since the mid-1990s. Home prices in 10 major cities have fallen 18 percent over the previous year. Auto sales numbers plummeted in October and were more than a third lower than one year ago. The slowing of European economies has been even more drastic.

I have always said that the decline in the housing market is at the root of the economic downturn and our financial market stress. And the economy, as it slows further, threatens to prolong this decline, as well as the stress on our financial institutions and financial markets.

A troubled-asset purchase program, to be effective, would require a huge commitment of money. In mid-September, before economic conditions worsened, $700 billion in troubled asset purchases would have had a significant impact. But half of that sum, in a worse economy, simply isn’t enough firepower.

If we have learned anything throughout this year, we have learned that this financial crisis is unpredictable and difficult to counteract. We decided it was prudent to reserve our TARP money, maintaining not only our flexibility, but also that of the next administration.

The current $250 billion capital purchase program is strong medicine for our financial institutions. More capital enables banks to take losses as they write down or sell troubled assets. And stronger capitalization is essential to increasing lending, which is vital to economic recovery.

Recently I’ve been asked two questions. First, Congress gave you the authority you requested, and the economy has only become worse. What went wrong? Second, if housing and mortgages are at the root of our economic difficulties, why aren’t you addressing those problems?

The answer to the first question is that the purpose of the financial rescue legislation was to stabilize our financial system and to strengthen it. It is not a panacea for all our economic difficulties. The crisis in our financial system had already spilled over into the overall economy. But recovery will happen much, much faster than it would have had we not used TARP to stabilize our system. If Congress had not given us the authority for TARP and the capital purchase program and our financial system had continued to shut down, our economic situation would be far worse today.

The answer to the second question is that more access to lower-cost mortgage lending is the No. 1 thing we can do to slow the decline in the housing market and reduce the number of foreclosures. Together with our bank capital program, the moves we have made to stabilize and strengthen Fannie Mae and Freddie Mac, and through them to increase the flow of mortgage credit, will promote mortgage lending. We are also working with the Department of Housing and Urban Development, the F.D.I.C. and others to reduce preventable foreclosures.

I am very proud of the decisive actions by the Treasury Department, the Federal Reserve and the F.D.I.C. to stabilize our financial system. We have done what was necessary as facts and conditions in the market and economy have changed, adjusting our strategy to most effectively address the crisis. We have preserved the flexibility of President-elect Barack Obama and the new secretary of the Treasury to address the challenges in the economy and capital markets they will face.

As policymakers face the difficult challenges ahead, they will begin with two considerable advantages: a significantly more stable banking system, one where the failure of a major bank is no longer a pressing concern; and the resources, authority and potential programs available to deal with the future capital and liquidity needs of credit providers.

Deploying these new tools and programs to restore our financial institutions, financial markets and the flow of lending and credit will determine, to a large extent, the speed and trajectory of our economic recovery. I am confident of success, because our economy is flexible and resilient, rooted in the entrepreneurial spirit and productivity of the American people.

I will insert some commentary later.

I haven’t written in awhile, I think that I am still in partial recovery mode from the election. However, this time I saw it coming, so it wasn’t nearly as bad as in 2006.  Additionally, I believe that I have talked about this before, but once I heard the interviews of the people celebrating the Obama victory I wasn’t as disheartened either.

Obama supporters, at least the ones interviewed, seemed to be voting for social change instead of policy change. While that is upsetting to a policy wonk (nerd) like me, McCain couldn’t beat that.  The only way Obama could have stopped the wave of support that he rode in on was by making a large mistake, but alas he is a polished politician.  Amazingly, while I do hate his policies, let me stall here for a moment just to let that sink in….. I hate his policies, his politics are unmatched and for such a young inexperienced politician this is amazing.  So yes. as I said before, I support him as our President, and he is better than John Edwards would have been……not Hillary, but that is because she is more of a centrist (that is only because Barack is so far left).

So what does this have to do for next week? Lame Duck!!!!!!!! Congress is coming back, lefties emboldened, righties with nothing to lose.  This is a week to gird your loins and keep your hand on your wallet.  I will be spending the week on Capitol Hill walking the Halls of Congress and trying to reinforce the strengths of capitalism even in hard times. I might even slip in a couple of reasons that the auto industry should be left to crumble……..urrrr get bought out.

Jobs are good, unless they are innefficient jobs, then they are effectively stopping more jobs from being created, and while I haven’t seen it done it seems that this would be easy to prove in the automobile market. Most of my time will be spent encouraging people, and looking towards next Congress.  Next year the free market and everything that it stands for will be under attack from day one.

I just hope the Republicans show up to the fight.

President Obama,

You ran an amazing campaign. You took two almost common words and used them to electrify the nation. You inspired a new generation of voters. You reinvigorated older voters. You were able to bring generations together. Most importantly, you were able to win the highest office in the nation, by a clear majority.

I know you will, but treat our country with the respect and care that she deserves. She is all of ours, and while I didn’t vote for you respecting our country is the only thing that I ask of you. I know you will.

Good luck.

What will happen if the Democrats control the House, the Senate, and the Presidency? According to Speaker Pelosi it will be more bipartisian.

“Elect us, hold us accountable, and make a judgment and then go from there. But I do tell you that if the Democrats win, and have substantial majorities, Congress of the United States will be more bipartisan,” Link

This is a little hard to believe however, because although the Democrats ran on running the Congress openly and fairly during the 2006 elections, they haven’t followed through in the slightest.

What really happened:

• More than 50 major bills were considered outside regular order with no hearings, no markups, and often less than 24 hours between their introduction and floor consideration.
• More bills were considered under closed rules, 64, than in the previous Congress, 49.
• Fewer bills were considered under open rules, 10, than in the previous Congress, 22.
• Fewer amendments were allowed per bill, 7.68, than in the previous Congress, 9.22.
• Fewer conference committees were held, 24, than in the previous Congress, 31.
• Procedures to deliberately deny the Minority its guaranteed right to a Motion to Recommit (MTR) were used 25 times.  The previous Congress never denied an MTR.

Link

I don’t know what is going to happen in the elections tomorrow, but I am sure of the fact that if the Democrats have the type of day that the polls seem to indicate, then the Congress that we have to look forward too will not only be partisan but manipulative.

Pelosi Lies