Today, while searching for the latest news on the 2009 Fiscal Suicide Act, I came across two examples of communicating with the GOP, one good and one bad. The good one was when I hopped on Twitter when I got home and my good Twitterfriend @jimdemint had this to say:
“Gained seat on Senate Banking committee. Good place to fight government bailouts.”
He also included a link to the official press release on his Senate website:
“I’m excited about the opportunity to fight on behalf of the millions of Americans who want to maintain a strong, free-market economy. The level of government intrusion in our economy over the past year is alarming, and I intend to do everything I can to stop these failed policies.
“Our economy is in distress, but I do not believe our path to prosperity will be found through increasing government spending, withdrawing from the global marketplace, or making it harder to create jobs and attract investment here at home. We must secure America’s prosperity by promoting a sound dollar, expanding our trading partnerships, and making America the best place in the world to do business.”
I had no idea the Senate was even dishing out the seats today, and at first glance can’t find any other readily available information. DeMint is on of the few senators who has been against all the bailouts/stimuli/handouts from the beginning, and at least right now it’s the one issue we all seem to be universally united against (and apparently really, really need to be). Sen. DeMint, I award you two kudos.
On the other hand, there’s House Leader John Boehner. Apparently, he was handing out a “Top 10 Facts” about the current democrat plan for stimulus. I had seen the article a few days ago, but forgot to save it…and while Boehner’s people apparently gave it out to the heads of the Sunday Morning talk shows, they haven’t posted it ANYWHERE ELSE for those of us who might be interested in it, and might want to…oh, I don’t…write aboot it and get the information out there. You sir…FAIL! FAIL! FAIL!
As for the latest with Tim Geithner, Obama’s nominee for Treasury Secretary…you know, I made the same mistake using Turbo Tax when I was self employed. The difference is, no one wanted me to run the Internal Revenue Service.
Then there’s this point Ed Morrissey made:
… remind us today that Geithner has a few other problems on his resumé, including the fact that he wrote the original TARP program that got tossed aside like yesterday’s news by Henry Paulson as worthless as soon as Paulson got the money. Geithner didn’t exactly cover himself in glory at the New York Fed, either. If this is “uniquely qualified”, it’s small wonder we’re in the trouble we’re in.
While I think the tax issue is embarrassing plus trivial, these issues have a lot more meat to them. And while I’m still on the side of appointing him (out of fear of what we might get next), I’m starting to waver a little.
And then there’s the matter of the stock market yesterday…
In Washington, policy makers were watching share declines and considering moves that would go beyond last fall’s effort to infuse cash into banks in exchange for preferred shares. While the government money helped to stabilize the financial system for a while, the moves haven’t persuaded investors that banks have strong enough financial cushions to absorb further losses. Policy makers are now looking for alternatives to preferred-share investments to help banks build up their equity to give them confidence to begin lending again.
Among other plans under consideration, government officials are weighing the option of buying securities that pay interest like bonds but can be converted into common stock. Such “convertible” securities, typically issued by companies struggling to raise capital, often leave the buyer owning a big chunk of the company. When the securities are converted to common shares, other common stockholders’ shares are diluted, cutting the value of the banks’ shares. Current share prices appear to reflect that low value.
UPDATE: In the “approve Tim Geithner” column is the fear that he might be replaced with people like this.
UPDATE DEUX: Okay, Boehner gets a pass for this one.
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