Showing posts with label Wall Street. Show all posts
Showing posts with label Wall Street. Show all posts

Monday, February 21, 2011

On, Wisconsin!

Paul Krugman's column Sunday, Wisconsin Power Play, detailed the parallels between Cairo and Madison; he concludes that as with Mubarak the real storyline is about power. As the economy continues to struggle with the effects Wall Street deregulation induced on Main Street, the crisis of confidence in Wisconsin Governor Scott Walker's leadership is because his proposal would further accelerate the disturbing trend: redistribution of wealth away from the middle and lower classes.

Of course, logically the proposal flies in the face of the evidence about his spending and budget decisions, but he evidently thought he could slip that by in the current political climate. After all, as Pew research from earlier this month points out, while lots of people favor "cutting spending" when you get down to brass tacks it turns out that the vast majority like what the government is spending the money on:

So that leaves a real problem for those who campaigned on cutting the size of government: just what are people really willing to give up?

Walker's call to remove collective bargaining rights amounts to opening a new front in class warfare, and he's at the pointy end of the stick.

"...it has nothing to do with helping Wisconsin deal with its current fiscal crisis. Nor is it likely to help the state’s budget prospects even in the long run: contrary to what you may have heard, public-sector workers in Wisconsin and elsewhere are paid somewhat less than private-sector workers with comparable qualifications, so there’s not much room for further pay squeezes."
Paul Krugman, 20 Feb 2011

I feel for Governor Walker; new bosses that flex their muscles don't always understand the limits. Less than two months into his term he's learning that ascending to the executive branch doesn't come with absolute power. Voters who liked the sound of lower taxes in November apparently don't expect vague promises of "fiscal discipline" to reduce what's invested in our children's education or the support we guaranteed military veterans. Meanwhile certain of Walker's own spending increases smell of corporate welfare and backroom deals.

The Governor is losing the battle of public opinion. People in Egypt are ordering pizza for demonstrators in Madison, for crying out loud. If moderate Wisconsin Republicans can't mediate his position and broker a deal quickly, irate people in Wisconsin recalling that government bailed out banks and learning more about the Koch's support for their new Governor may just get beyond rumors they're talking about organizing a recall and actually do so -- which will make Walker's current concerns about losing face for reversing a strongly-stated position pale in comparison.
Thomas Hayes is an entrepreneur, former Congressional Campaign Manager, strategist, journalist, and photographer who contributes regularly to a host of web sites on topics ranging from economics and politics to culture and community, who incidentally stands in solidarity with the citizens and workers in Wisconsin refusing to let their Governor's self-created budget "crisis" and new spending priorities be re-cast as a reason to undermine contractual obligations and collective bargaining agreements.
You can follow him as @kabiu on twitter.

Tuesday, December 23, 2008

Thierry de la Villehuchet: Madoff Investor Dies After $1.4 Billion Lost

Did Thierry de la Villehuchet kill himself? - Huff Postt: “Rene-Thierry Magon de la Villehuchet was found sitting at his desk at about 8 a.m. with both wrists slashed, New York Police Department spokesman Paul Browne said. A box cutter was found on the floor along with a bottle of sleeping pills on his desk. No suicide note was found...”

Monday, December 08, 2008

Wall Street extends big rally to 2nd session - Huff Post

Wall Street extends big rally to 2nd session: “NEW YORK — A stock market gaining in confidence shot higher for a second straight session Monday as investors bet that President-elect Barack Obama's plans to increase infrastructure spending will help lift the economy back to health. The major market indexes jumped more than 3 percent, and the Dow Jones industrials' nearly 300 point advance gave the blue chips their highest close in a month.”

Monday, March 19, 2007

Fox News "In Focus" A Love Fest For Barack Obama - Telecast Gives High Marks To Senator

I'm watching Fox News "In Focus" where they ask the question "Will Wall Street Back Barack Obama." What I expected to be a conservative bashing of the Senator was anything but.

All of the panelists, including Steve Forbes, the Editor-in-Chief of Forbes Magazine gave Senator Obama high marks for being a fresh face on the poiltical scene. And at least two of the panelists were quick to bash the idea that Senator Obama would be too liberal for Wall Street. But all believe that it's time for the Senator to address specific economic policies. Steve Forbes thinks that he will have to be more specific here at some point.

They also focused on Hillary Clinton and how she would react to Senator Obama's popularity. The Fox panelists observed that her campaign is "ruthless" and a "machine" and would take its shots at Senator Obama, but one panelist said that Barack was tough enough to take it and keep on going.

But that aside, it was a refreshing Fox newscast. I'm really excited that the Senator can win the Presidency. The campaign should get a clip of this telecast and have it copied.