Hunter S. Thompson Anything Politics |
11-18-2008 3:07 PM |
| Anything Politics Lets Post |
CoRkY A POSITIVE OUTLOOK |
11-18-2008 4:05 PM |
HOW TO START EACH DAY WITH A POSITIVE OUTLOOK
1. Open a new file on your Desktop.
2. Name it 'Barack Obama'.
3. Send it to the Recycle Bin.
4. Empty the Recycle Bin.
5. Your PC will ask you: 'Do you really want to get rid of 'Barack Obama?'
6. Firmly Click 'Yes.'
7. Feel better?
8. Forward to ten people on your contacts
GOOD!
Tomorrow we'll do Nancy Pelosi
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Chairman Tom Cole website@nrcc.org |
11-20-2008 12:39 PM |
As a strong supporter of our Party and Republicans in Congress, I wanted to email you with this important information.
There are still 3 Congressional races that haven’t been decided. And, these last races in California, Ohio, and Louisiana could mean the difference on the kind of policies that are passed in Congress next year.
Votes are still being counted in Ohio and California. And on December 6th, we have an election in Louisiana and an opportunity to elect another conservative Republican to Congress. We need to have Republicans in those seats so we can help stop the Obama-driven liberal legislation that is being promoted in Congress.
As I am sure you have seen, Nancy Pelosi and her Democrat colleagues are already pushing for more of your hard-earned money being spent on their liberal agendas and to pay back their special interest groups that supported Democrats.
These remaining races and the December 6th election in Louisiana are critical to having more conservatives in Congress to stop the liberal agenda of Obama and Pelosi. We must ensure our Republican candidates in Ohio and California keep these seats in Republican hands. And we must win Louisiana where John Fleming, our conservative candidate, is in a tough race to also keep that seat in Republican hands, too.
John Fleming is a strong conservative who has vocally opposed the federal financial bailouts. His voice in Congress is needed as we prepare to enter a legislative session where Barack Obama, Nancy Pelosi and Harry Reid are pushing for more federal bailouts, national health care, secret union ballots and amnesty for illegal immigrants.
Help us make a final stand this year by contributing today to elect conservative Republicans to Congress.
Your contribution of $100, $75, $50, or even $25 will be used immediately to ensure these last seats are protected and remain in Republican hands.
Barack Obama, Nancy Pelosi and Harry Reid believe they have a manadate to push their liberal agenda that includes higher taxes. Every vote in Congress counts and that is why we need to make sure the outstanding races aren't taken away from us and that John Fleming – a conservative Republican – is elected in this last election of 2008!
Thank you for your unwavering support.
Sincerely,
Tom Cole, M.C.
Chairman
P.S. We need more conservative voices in Congress as we prepare to enter a legislative session where Barack Obama, Nancy Pelosi and Harry Reid are pushing for more liberal programs that are bad for our country.
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
www.NRCC.org
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Chairman Tom Cole website@nrcc.org |
11-26-2008 11:45 AM |
Happy Thanksgiving!
As I head home to Oklahoma to celebrate Thanksgiving with family and friends, I wanted to send you an email to wish each of you and your families a safe and wonderful Thanksgiving holiday.
As we approach this very special time of year, I can't help but reflect on how blessed we are, and what a privilege it is to be an American. There are many things to be thankful for, not the least of which includes life, liberty, and the pursuit of happiness. These are concepts that the original Pilgrims set out to establish, the founding fathers enshrined in our Constitution, and what thousands of American men and women are doing overseas while fighting for freedom and democracy. The sacrifices of these people cannot be understated.
I also want to thank you again for your continued loyalty and support of the NRCC and our candidates this year. I know that all of our Republican Members of Congress and our Candidates appreciate that support.
Thanks again for all you do, and I wish you the best for a happy and safe Thanksgiving.
Sincerely,
Tom Cole, M.C.
Chairman
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
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Chairman Tom Cole website@nrcc.org |
12-2-2008 7:32 PM |
The first item of the Democrats' liberal agenda is upon us and we must stop it today!
The big unions went all out to elect Barack Obama President and to strengthen Democrat majorities in both Houses of Congress. And now, Nancy Pelosi is attempting to push through their top legislative priority known as “Card Check.”
Card Check legislation will make it easier for unions to organize while doing away with decades of experience that carefully balances the interests of employees, unions and the employers.
Card Check legislation will also do away with secret ballots and instead employees would have to voice their vote in front of union organizers.
The Democrat-led Congress worked tirelessly over the past two years to deliver paybacks to Big Labor bosses who helped get Democrats elected. Now, it comes as no surprise that Democrat Leader Steny Hoyer said they would work on the card-check bill “early on” in the next Congress to strip union workers of their right to a secret ballot in union elections.
We elect our President, Congressmen, Governors, State Legislators, Mayors, School Board Members, and even our local Dog Catchers through secret ballots. So why do unions want to do away with it for their elections?
Why would they want to open up the election process to intimidation and coercion?
With the decline in union membership continuing, we know the real answer to why big unions want to change the election process.
Peter, we cannot let the big unions and their liberal friends in Congress pass Card Check. That is why I need you to make an immediate contribution to our Republican Stop Card Check campaign.
Make no mistake, big unions will spend millions of dollars trying to pass Card Check legislation in order to increase their “membership.” That is why we need your support now to stop them.
During these tough economic times the last thing our country needs to worry about is a union boss pushing his agenda on the American worker.
Help us keep the voting process secret and free from intimidation and coercion.
Thank you in advance for standing with us as we stand up to the big union bosses and their liberal friends in Washington, D.C.
Sincerely,
Tom Cole, M.C.
Chairman
P.S. Peter, please make your contribution as soon as possible so we can put together a winning Republican coalition to stop the Democrat’s first liberal agenda item.
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
www.NRCC.org
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redrum Obamas looking more like a figurehead |
12-4-2008 6:41 PM |
It's looking more and more to me like they elected Clinton again.
Obama's looking more like a figurehead than president.
Time will tell. |
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Chairman Tom Cole website@nrcc.org |
12-10-2008 5:19 PM |
I have great news to report to you from this past weekend.
The National Republican Congressional Committee helped to elect two more Republicans to Congress!
Let me start by saying thank you for your help. Your financial support allowed us to win these two Congressional Districts -- one of the districts had been held by the Democrats for decades.
What does this mean?
First, I believe it is a great momentum builder going in 2009.Remember when the “mainstream media” was predicting 35 to as many as 40 losses by Republicans? Together, we stopped their “predictions” from becoming a reality.
Second, it is just more evidence to rebuke the Democrats’ “mandate” for their liberal legislative agenda.
Their legislative agenda includes more taxes, new government programs such as mandated national health care, amnesty for immigrants who entered our country illegally, and card check that would take away secret ballots to make it easier for unions to organize.
These are just a few of the issues we'll debate early next year. You can only imagine what is going to happen when the Obama, Reid and Pelosi liberal trifecta is officially sworn in.
Finally, these two wins mean that even though Barack Obama and the Democrat Congressional Campaign Committee poured millions of dollars into these special elections, conservative Republican principles were able to win at the ballot box.
This is especially important because it is a clear message that when we have the resources to compete -- conservatism wins over liberalism.
To win these elections we faced an uphill battle and had to put it all on the line, but we won!
We knew the Democrats and their liberal special interests would heavily fund these races and that is why we spent the necessary resources needed to win. However, in order to make sure we elected Republicans, it required us to go into debt. While we didn’t like doing so, it was crucially important that we did in order to win as many Republican seats as possible and hold the line against the Democrats.
Peter, I know you will agree that it is important for us to have as many Republicans in Congress who will stand up to Barack Obama, Nancy Pelosi an Harry Reid. That is why we need to keep the momentum building into 2009, pay down our debt and prepare for the legislative battles that are coming.
To help us do this, I ask that you make a special year-end contribution of $100, $75, $50 or $25.
These two recent victories are great indicators that when we have strong candidates and have the resources to compete on an even field, our conservative message wins.
Americans still want tax cuts, smaller government, victory in Iraq and Afghanistan, and our borders secured. With your help today, we can build on the momentum from this weekend and make sure we have the resources needed to fight the upcoming legislative battles for the future of America.
Thank you in advance for your support of our efforts.May God Bless you and your family this holiday season.
Sincerely,
Tom Cole, M.C.
Chairman
P.S. Peter, help us build on the momentum from the victories this past weekend! Click here now to make your immediate contribution of $100, $75, $50 or $25 to keep conservative Republican principles alive!
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
www.NRCC.org
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Chairman Tom Cole website@nrcc.org |
12-24-2008 2:23 PM |
| Season's Greetings |
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Chairman Pete Sessions website@nrcc.org |
1-8-2009 2:41 PM |
Dear Friend:
Happy New Year!
I would like to take a moment to introduce myself as the new Chairman of the National Republican Congressional Committee (NRCC). I am blessed to be returning to Congress for my seventh term to continue representing the good people of the 32nd District of Texas. In addition to this great privilege, I was elected to head the NRCC this cycle.
My goal...win at least 218 seats on November 2, 2010.
How, you may ask, do I intend to do this? My plan is simple. But, I cannot do this alone. I need you. The Republican Party needs you. And most importantly America needs you.
Friend, a donation of $25, $50 or $100 will help us lay the groundwork to take back the House of Representatives and give power back to the people. It is with your contribution of time and money that we can expose the Democrat majority's hypocrisy and educate the public about their activities, both legislatively and politically.
Will you stand with me to end Pelosi's reign as Speaker?
Nancy Pelosi's first act of the 111th Congress removed term-limits for Committee Chairman and abolished the rights of the minority party to have any voice in crafting legislation. These rules were instituted by Republicans to guard against unchecked power by Committee Chairman and to ensure the rights of the minority party.
Will you stand with me? Together we can win back the House.
Democrats came to power promising bipartisanship and an open, honest and ethical Congress. Yet, their new plans allow Members such as Charlie Rangel to remain the Chairman of the Committee on Ways and Means – even as he battles his own tax problems, while Chairman George Miller continues to push for the elimination of the secret ballot for union workers as the head of the Education and Labor Committee. And don’t even get me started on Chairmen Frank and Conyers.
Will you stand with me against unchecked power?
Stripping the minority party of its ability to affect legislation will disenfranchise millions of Americans who are represented by Republicans...their voices will be silenced. Plain and simple, this is taxation without representation...the very reason for our country's foundation.
Will you stand with me to champion American values and protect the rights of those represented by Republicans?
We cannot stand for this!
Friend, that is why your contribution is imperative to taking back our country and ensuring your voice is heard in the legislative process. A donation of $25, $50 or $100 is a contribution for your future. It will help me recruit top-tier candidates to take the fight to the Democrats. It will allow us to alert the country to the Democrats' backroom dealings. But most importantly, it will help us restore American values and traditions to the House of Representatives.
Please donate today. Together we can take back the House.
Thank you for your support.
Sincerely,
Pete Session, M.C.
Chairman
P.S. Two years ago, newly minted Speaker Nancy Pelosi promised to take America in a "New Direction" and said she would work across the aisle "for fiscal responsibility, with the highest ethical standards and with civility and bipartisanship" - let's hold her accountable for her broken promises.
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
www.NRCC.org
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Guy Harrison website@nrcc.org |
1-13-2009 8:25 PM |
Dear Friend,
Last week our new Chairman, Pete Sessions, emailed you to introduce himself and outline our number one goal this election cycle: End Speaker Pelosi's reign and hold her accountable for all her broken promises.
Well guess what...we're not the only ones who have noticed her deception. The Washington Post – not the most conservative news outlet – took speaker Pelosi to task yesterday for trampling on minority rights and shutting out Republicans from the legislative process.
You can read the whole editorial but let me share with you just the opening paragraph of the editorial:
"'BILLS SHOULD generally come to the floor under a procedure that allows open, full and fair debate consisting of a full amendment process that grants the minority the right to offer its alternatives, including a substitute.' So promised Nancy Pelosi, now House speaker, before her party regained control of Congress two years ago. That fairness, it turned out, was easier to preach than practice."
Pelosi's unprecedented power grab is simply unacceptable, and we cannot stand for it.
Your response to Pete's email was great...let's keep it up and together we can bring an end to Pelosi's reign.
Thanks again for your support.
Guy
Guy Harrison
Executive Director
National Republican Congressional Committee
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House GOP Leader John Boehner website@nrcc.org |
1-20-2009 8:52 PM |
Dear Friend:
Today is an historic day. The inauguration of a new President has become one of our most recognizable national ceremonies - a moment that binds the American republic together in observance of the peaceful transition of power from one Administration to the next.
This inauguration also marks a new beginning for the Republican Party.
I think most Americans are ready for solutions that work -- not taxpayer-funded bailouts and pork-barrel spending.
President Barack Obama's election symbolizes that hunger for change, and I look forward to working with him when he extends his hand across the aisle.
But there's no escaping the fact that more voters agree with you and me - not Democrats - on key issues like how we get our economy moving again.
For example, we believe the best way to help our economy would be to tax less and spend less. As I told reporters last week, we can't borrow and spend our way back to prosperity.
"On the other hand, Congressional Democrats want more than half-a-trillion dollars in new government spending and one top Democrat thinks that might not be enough." Speaker Nancy Pelosi (D-CA) even told reporters she'd like to raise taxes "as soon as possible."
That's why when President-elect Obama asked for Republican input on economic recovery legislation, we quickly put together a working group tasked with crafting constructive policy solutions.
Republicans will need to work with President Obama on areas where we have common ground, such as on the need for tax relief to help create new jobs. Americans expect it.
And it's why we will stand and defend our shared principles against an emboldened Liberal Democrat Majority in Congress. Americans deserve it.
We'll promote freedom, security, and a smaller, more accountable government. And we'll protect secret ballots for workers, keep talk radio free from government regulation, and unlock more American energy to reduce our dependence on foreign dictators.
But I need your help, Friend. Your support for the National Republican Congressional Committee (NRCC) has been critical in the past and I ask that you consider continuing our relationship in order to help us succeed in the future.
Sincerely,
House Republican Leader John Boehner
P.S. This is an opportunity for us to promote bold, positive, and substantive reforms rooted in our core principles; and opportunity to be more than the party of "no." On this historic day, let's pledge to seize these opportunities together.
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
www.NRCC.org
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The Cow Bill Clintons inaugural speech |
1-21-2009 7:40 PM |
Bill Clinton's inaugural speech actually started with "Four whores and seven
beers ago..."
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Chairman Pete Sessions website@nrcc.org |
1-29-2009 1:42 PM |
Dear Friend,
Last night Nancy Pelosi asked Republicans to join her in maxing out the country's credit card - Republicans said "NO!"
House Republicans are standing up to Pelosi, will you stand with us?
Under Pelosi's reign, Democrat crafting of this legislation was autocratic and well left of center. The $825 billion Economic Stimulus package was a grab bag of spending increases on programs long favored by liberals. Despite her claims, Speaker Pelosi never constructively brought Republicans into the process of drafting this legislation.
Instead, Pelosi chose to force through a TRILLION-dollar spending bill - little of which will immediately stimulate our economy. In fact, her proposal was so bad, every Republican in the House, along with several Democrats, opposed this boondoggle.
A donation of $5, $10 or $25 will help us fight for you.
Here are some of the goodies from Pelosi's Liberal grab bag:
$600 Million to Buy New Cars for Government Workers
$335 Million for STD Education and Prevention
$50 Million for the National Endowment for the Arts
We cannot spend and borrow our way to prosperity, a notion even some Democrats realized yesterday when they joined the entire Republican Conference in opposing this insult to fiscal common-sense.
Please support us as we stand up for you - the American taxpayer - and against Nancy Pelosi and her liberal allies.
Thank you,
Pete Sessions
Chairman
P.S. I cannot help but agree with The Wall Street Journal's assessment of this special legislation: "This is supposed to be a new era of bipartisanship, but this bill was written based on the wish list of every living -- or dead -- Democratic interest group."
Please support Republican efforts to fight for our shared values.
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
www.NRCC.org
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Guy Harrison website@nrcc.org |
2-5-2009 1:50 PM |
Dear Friend:
Last week, our Chairman sent you an email letting you know Republicans stood-up to Speaker Pelosi's fiscal irresponsibility. The response was great and I want to personally thank you for your support.
Continue to help us fight Democrat fiscal irresponsibility.
Now, Democrats are striking back with radio ads aimed at 28 Republicans across the country. Democrats are attacking our Members for doing the right thing, which is not always politically popular. These Republicans stood on principle and are now under attack for being responsible with the taxpayers' (YOUR) money
We cannot not stand for this. We need your support to counter-strike with our own radio ads. But we need your help - help us continue to fight for you.
Ironically, these ads attack Republicans for opposing what Speaker Pelosi's own spokesman admitted was a fiscally irresponsible piece of legislation. During an interview about the 11 Democrats who joined every House Republican in opposition to this trillion-dollar liberal grab bag, her spokesman had this to say:
"The speaker has said many times that the members are representative of their district," said Brendan Daly, a spokesman for House Speaker Nancy Pelosi. "Many of the districts are more conservative, and they campaigned on fiscal responsibility, and we understand that." (Politico)
A contribution of $5, $15 or $25 will help us stand against fiscal irresponsibility.
Democrats cannot compete when the battle is over ideas, so they are desperately trying to change the subject. Don't let them, together we can fight fiscal irresponsibility.
We cannot fight Democrats alone - we need you! With your support we can continue to oppose trillion-dollar, special interests paybacks, while offering constructive, responsible alternatives that actually help the middle class.
Thank you,
Guy Harrison
Executive Director
P.S. - The Democrats tactics are so abhorrent that even The Washington Post has editorialized against Nancy Pelosi and her crew's actions, asking, "...why is the Democratic Congressional Campaign Committee taking cheap shots at Republicans."
Show the Democrats that you are standing with us. Every contribution we receive makes a Democrat in Congress think twice about participating in his or her party's ridiculous claims against our own fiscal conservatives. You can help make an impact on Congress with your donation. Please contribute today and join us in the fight.
Paid for by the National Republican Congressional Committee and not authorized by any candidate or candidate's committee
www.NRCC.org
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Olipticle Mike Huckabee is a lucky guy |
2-7-2009 6:35 PM |
Watching the Mike Huckabee show on Fox News and I've noticed he always has sweet looking girls on his show.
he's a average looking older guy who tried running for President, republican party
but my point is right now he has 3 gorgeous model QVC type and former Mrs. Americans women on who are talking about how
gorgeous model QVC type women should be taken seriously because of there smarts.
this may have something to do with Sarah Palin who's great looking but not taken seriously due to her model looks.
Mike Huckabee is a lucky guy |
Philosophical Barack Obama just gave his first |
2-9-2009 7:38 PM |
Barack Obama just gave his first address to the nation.
It lasted approximately one hour with the majority covering
the economic crises.
His feeling with the stimulus package of $838 billion dollars
will increase work for the American people roughly 4 million jobs.
He spoke precise and to the point and urged the stimulus package to
be approved ASAP.
He also mentioned A Rods steroid use which puts another stain on the
game of major league baseball.
Time will tell |
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Hunter S. Thompson Senate passes 838 billion stimulus bill |
2-10-2009 1:38 PM |
http://www.msnbc.msn.com/id/29119293
Senate passes $838 billion stimulus bill
Democratic leaders vow to deliver legislation to president within days
Senate Majority Leader Harry Reid arrives for a cloture vote on the pending economic stimulus package on Monday on Capitol Hill.
Win McNamee / Getty Images
Video: Capitol Hill
Florida congressman defends GOP
Feb. 10: Rep. Connie Mack responds to President Barack Obama's allegations that the Republican party got the U.S. into this financial mess.
Lieberman: 'Help is on the way'
Gov. Kaine: 'Bipartisanship... is working'
Gibbs: Obama 'our best weapon'
Track President Barack Obama's promises
Explore and track the president's campaign pledges. See if Obama keeps his word, and vote on his progress during the first 100 days.
NBC News
Discuss the latest political news
Get political at Newsvine. Read, rate and discuss the latest developments.
The Week in Political Cartoons
Msnbc.com’s political cartoonists take a look back at the past week.
more photos
Stimulus clears hurdle
Feb. 9: Sen. Kay Bailey Hutchinson, R-Texas, discusses the Senate’s decision to end the debate on President Barack Obama’s economic recovery plan and vote on the stimulus bill Tuesday.
1600 Pennsylvania Avenue
updated 1 hour, 54 minutes ago
President Barack Obama's economic recovery plan has passed the Senate and is on its way to difficult House-Senate negotiations.
Just three Republicans helped pass the plan on a 61-37 vote and they're already signaling they'll play hardball to preserve more than $108 billion in spending cuts made last week in Senate dealmaking. Obama wants to restore cuts in funds for school construction jobs and help for cash-starved states.
Those cuts are among the major differences between the $819 billion House version of Obama's plan and a Senate bill costing $838 billion. Obama has warned of a deepening economic crisis if Congress fails to act. He wants a bill completed by the weekend.
The bill backed by the White House survived a key test vote in the Senate Monday despite strong Republican opposition, and Democratic leaders vowed to deliver legislation for President Barack Obama's signature within a few days.
Monday's vote was 61-36, one more than the 60 needed to advance the measure toward Senate passage on Tuesday. That in turn, will set the stage for possibly contentious negotiations with the House on a final compromise on legislation the president says is desperately needed to tackle the worst economic crisis in more than a generation.
The Senate vote occurred as the Obama administration moved ahead on another key component of its economic recovery plan. Officials said Treasury Secretary Timothy Geithner would outline rules on Tuesday for $350 billion in bailout funds designed to help the financial industry as well as homeowners facing foreclosure.
Monday's vote was close but scarcely in doubt once the White House and Democratic leaders agreed to trim about $100 billion on Friday.
As a result, Republican Sens. Susan Collins and Olympia Snowe of Maine and Arlen Specter of Pennsylvania broke ranks to cast their votes to advance the bill.
Sen. Edward M. Kennedy, D-Mass., battling a brain tumor, made his first appearance in the Capitol since suffering a seizure on Inauguration Day, and he joined all other Democrats in support of the measure.
"There is no reason we can't do this by the end of the week," said Majority Leader Harry Reid of Nevada. He said he was prepared to hold the Senate in session into the Presidents Day weekend if necessary, and cautioned Republicans not to try and delay final progress.
He said passage would mark "the first step on the long road to recovery."
Moments before the vote, the Congressional Budget Office issued a new estimate that put the cost at $838 billion, an increase from the $827 billion figure from last week.
"This bill has the votes to pass. We know that," conceded Sen. John Thune, a South Dakota Republican who has spoken daily in the Senate against the legislation.
As if to underscore its prospects for passage, the U.S. Chamber of Commerce, a prominent and powerful business group, issued a statement calling on the Senate to advance the measure.
Even so, in the hours before Monday's vote, Republican opponents attacked it as too costly and unlikely to have the desired effect on the economy. "This is a spending bill, not a stimulus bill," said Sen. Lamar Alexander, R-Tenn.
Florida congressman defends GOP
Feb. 10: Rep. Connie Mack responds to President Barack Obama's allegations that the Republican party got the U.S. into this financial mess.
Morning Joe
All 36 votes in opposition were cast by Republicans.
The two remaining versions of the legislation are relatively close in size — $838 billion in the Senate and $819 billion in the House, and are similar in many respects.
Both include Obama's call for a tax cut for lower-income wage earners, as well as billions for unemployment benefits, food stamps, health care and other programs to help victims of the worst recession in decades. In a bow to the administration, they also include billions for development of new information technology for the health industry, and billions more to lay the groundwork for a new environmentally friendly industry that would help reduce the nation's dependence on foreign oil.
At the same time, the differences are considerable.
The measure nearing approval in the Senate calls for more tax cuts and less spending than the House bill, largely because it includes a $70 billion provision to protect middle-class taxpayers from falling victim to the alternative minimum tax, which was intended to make sure the very wealthy don't avoid paying taxes.
Both houses provide for tax breaks for home buyers, but the Senate's provision is far more generous. The Senate bill also gives a tax break to purchasers of new cars.
Both houses provide $87 billion in additional funds for the Medicaid program, which provides health care to the low income. But the House and Senate differ on the formula to be used in distributing the money, a dispute that pits states against one another rather than Republicans against Democrats.
There are dozens of differences on spending.
Obama puts aside talk of unity
Economic stimulus bill passes Senate hurdle
Dingell to be longest-serving House member
The Senate proposed $450 million for NASA for exploration, for example, $50 million less than the House. It also eliminated the House's call for money to combat a potential flu pandemic.
On the other hand, the Senate bill calls for several billion more in spending for research at the National Institutes of Health, the result of an amendment backed last week by Specter.
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JACK HEALY Stocks Slide as New Bailout Disappoints |
2-10-2009 2:11 PM |
http://www.nytimes.com/2009/02/11/business/11markets.html?ref=business
Stocks Slide as New Bailout Disappoints
By JACK HEALY
Published: February 10, 2009
For jittery investors, the government’s latest plan to stabilize the financial and credit markets with up to $2 trillion in public and private funds provided cold comfort.
Stock prices fell sharply on Tuesday after Treasury Secretary Timothy F. Geithner unveiled the government’s latest tactics to address the troubled banking system. Primary among those was an expanded effort to ease consumer and commercial credit and a new program to buy up hard-to-sell assets that have bogged down banks.
Shortly before the close, the Dow Jones industrial average was down 355 points, or 4.3 percent, dropping below 8,000, after trading down as much as 420 points in the last half hour. The broader Standard & Poor’s 500-stock index was down about 4.6 percent. This is shaping up to be the worst day for stocks since a broad sell-off on Inauguration Day.
Despite the size and scope of the Obama administration’s plans, investors said Mr. Geithner’s proposal raised more questions than it answered. The way out of the financial crisis, analysts said, looked as murky as ever.
“We’re not impressed, and I don’t think the market’s impressed either,” said Ryan Larson, head equity trader at Voyageur Asset Management. “It’s clear the administration is still trying to work on something concrete. I think the market sensed that, too.”
A key measure of market volatility rose, as did prices of safe-haven government debt. The yield on the benchmark 10-year Treasury note, which rose above 3 percent on Monday, fell back to 2.83 percent.
Every sector of the market was trading lower, with the Standard & Poor’s financials index falling by more than 8 percent, reflecting uncertainty about the banking system and how the government’s latest plans would affect major financial companies. Shares of Bank of America slid more than 5 percent, and Goldman Sachs and Morgan Stanley also fell.
Shares of General Motors fell slightly after the automaker announced it would slash 10,000 salaried jobs worldwide and make white-collar pay cuts of up to 10 percent. Stocks got little traction after the Senate approved an $838 billion package of tax cuts and spending on Tuesday afternoon. The House and Senate will now have to reconcile their versions of the stimulus, which has been endorsed by President Obama but opposed by most Republicans.
Stock markets had surged last week as investors waited for Mr. Geithner to lay out how the administration would spend the second half of the $700 billion bailout. But by mid-afternoon on Tuesday, that buying spree had reversed starkly.
“It’s this kind of buy-the-hope, sell-the-news mentality that the market’s taken over the last few months,” said Dean Curnutt, president of Macro Risk Advisors. “The administration’s very focused; they’re clearly working around the clock to create a plan. That being said, these are just enormous financial problems.”
Mr. Geithner said the Treasury was creating a public-private investment fund, jointly run with the Federal Reserve with financing from private investors, to buy up hard-to-sell assets that have bogged down banks and financial institutions for the past year. He said the new fund, often described as a “bad bank” for holding toxic assets, would start with $500 billion, with a goal of eventually buying up to $1 trillion in assets.
In addition, the Federal Reserve announced that it was prepared to expand a program intended to ease commercial credit to $1 trillion, from $200 billion. The Fed said that it was also considering expanding the scope of the program, the Term Asset-Backed Securities Loan Facility, to include securities backed by residential and commercial mortgages.
The stock market, which had been trading down all morning, fell sharply as Mr. Geithner began speaking around 11 a.m.
In Europe, shares fell as $6.9 billion loss by the Swiss banking giant UBS and uncertainty about the latest American bank bailout plan kept investors on the sidelines.
“What we are seeing is that the market has settled into a volatile trading range at low levels,” said Christoph Riniker, an equity analyst at Julius Baer in Zurich. “There’s not enough optimism on the outlook for it to push significantly higher in the short term.”
The Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, lost 1.5 percent. The FTSE 100 index in London shed 1 percent and the DAX in Frankfurt dropped 1.6 percent. Futures on the Standard & Poor’s 500 Index futures dropped 1.3 percent.
“The earnings we have seen so far suggest 2009 will be a weak year in most sectors,” Mr. Riniker added. “There’s still a lot of uncertainty.”
Shares in UBS, the European bank with the highest subprime-related losses, were volatile. They advanced by 2 percent in Europe, to 13.15 Swiss francs, but were earlier down as much as 7 percent. Other banks fell. Crédit Agricole was down 2.9 percent, Barclays fell 3.8 percent, Royal Bank of Scotland slipped 4.4 percent and HSBC was down 3.7 percent.
Matthew Saltmarsh contributed reporting.
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Kramer How much pork can you find in the following |
2-12-2009 5:02 PM |
How much pork can you find in the following?
Tax credits of $500 per worker and $1,000 per couple over the next two years
$20 billion tax cut for small business
$400 million for global warming research
$50 million for the National Endowment of Arts
$335 million for sexually transmitted disease prevention
$650 million for digital conversion coupons
$81 billion for Medicaid
$20 billion for food stamps
$30 billion for Cobra insurance extensions
$4.1 billion for neighborhood activist groups like ACORN
$83 billion for the earned income credit to give tax refunds to people who don’t pay income tax
$6 billion to subsidize university building projects
$7 billion to modernize federal buildings
$2 billion for child-care subsidies
$2.4 billion for carbon-capture demonstration projects
$600 million for new government cars
$150 million for the Smithsonian
$54 billion for Economic Development Office and Small Business Administration programs
$25 million for new ATV trails
$30 billion for infrastructure
$40 billion for broadband and electric grid development, airports, and clean water projects
$8 billion for renewable energy
$36 billion for expanded unemployment benefits
$1.1 billion for Amtrak
$8.4 billion for public transit
$5.5 billion for surface transportation
$87 million for a single icebreaker ship to be used in the Arctic
$150 million for honey bee insurance
$20 million for fish barriers |
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Olipticle Senate Approves Stimulus Bill |
2-13-2009 8:50 PM |
| Hope this does not back fire |
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