Wall Street Regulation a Major Concern in this Election

JPMorgan makes Wall Street regulation a campaign issue again: Article By Ashley Killough, CNN

Daniel Cimon - Blog

Wall Street Regulation a Major Concern in this Election

                  With the election battle setting its stage with President Obama and republican candidate Mitt Romney at the center, the major issues at debate are starting to present themselves. One of these issues is Wall Street regulation. Americans are furious over the recent ‘bailout’ of Wall Street. The debate between the republicans and democrats on the way Wall Street should be regulated has been roaring since 2008 when the Emergency Economic Stabilization Act of 2008 aka the Bailout, was passed. One thing is clear; this issue will be on the minds of the American public come election time.

                  One issue is going to be where the candidates stand on the ‘Bailout Bill’. Obama as a senator voted to pass the 2008 act. The Democrats will call for even stricter regulation and “tout the formation of the Consumer Financial Protection Bureau and the passage of the 2010 financial reform bill, both of which occurred under Obama's presidency.” While Romney will highlight the continuing struggles of the economy and Wall Street as an example of failed policy due to Obama’s administration.

                  Another issue Americans will focus on is where the candidates are getting their election funds. They will want to know who is going to fight for them or whom is being sponsored and (in the publics eyes) therefor working for the firms on Wall Street. This year so far, Obama’s campaign has raised $7.8 million from the financial sector compared to Mitt Romney’s 15.8. This may be strategy by the Obama administration so that he can claim to be less influenced and entangled in Wall Street than his competition, although in the 2008 election he raised a historic $15.8 million dollars in this sector. Many will accredit Romney’s success in fundraising in this aspect to his time as a Wall Street capitalist.

                  Although Romney is seen as an insider in Wall Street and many will view him as part of the problem, he must (in my opinion) use this to his advantage. He must make it clear that there is no one better to fix the problems of Wall Street then someone whom was part of it, and knows its workings well. Obama will have great success at exposing Romney’s background in Wall Street and trying to connect him to the reason Wall Street needed a bailout in the first place.

                  Wall Street will be a major topic in the upcoming election and could make or break the candidates. Both candidates have history with the topic and will have to defend their positions and previous actions. Whichever candidate can convince the public that they are the right choice to deal with the Wall Street problem will have a great advantage in the election. 

Full Article Found Here

Republican Rule By Fear

CNN - Fear fueling Republican extremism - Article By: David Frum

Republican Rule By Fear - Daniel Cimon

            In a CNN article by David Frum, he reviews a new claim by Thomas Mann and Norman Ornstein that to be blatant “The Republicans are the problem”.  Now personally as a democrat, I’ve been saying this for years! But what gives this claim merit is Mann and Ornstein’s reputation. They have studied congress for over 40 years and have built a reputation for their “non- ideological independence”. These are some of the most veteran congressional watchers whom are know for their objectivity saying that the Republican extremism is the root of much of the congressional problems we face today.

            In the article they argue: "The GOP has become an insurgent outlier in American politics. It is ideologically extreme; scornful of compromise; unmoved by conventional understanding of facts, evidence and science; and dismissive of the legitimacy of its political opposition.” This extremism and distance from the mainstream makes efficient politics almost impossible. Constructive and progressive policies are almost impossible to reach because compromise cannot be achieved because of the GOP’s lack of respecting the legitimacy of its opposition. For example when George Bush proposed his nominations in 2002, by Memorial Day only 13 waited for approval. But for Obama’s administration there were 108 waiting for approval. This was due to the GOP’s refusal to accept the legitimacy of the Democratic Presidency, and their stall tactics. This kind of action does not belong in politics.

            According to the article The GOP feeds off the fear of the elderly that in today's economy, any enhanced social programs will greatly hurt the support that they receive through programs like Medicare. They are also supported by the wealthy whom have an inherent fear of tax increase. The use of this fear has built a strong base for the GOP motivated by fear, which is a very powerful motivator.

            The article basically has said what I’ve been thinking for years, except these people saying it actually gives it some legitimacy. It raises some questions, like how can we change socially so that the base of the GOP becomes more sympathetic and understanding of the plight of poverty and lack of employment that faces many Americans today? Why does the democratic party not become more aggressive in calling out of the GOP’s fear tactics? One thing I know, is that it was nice for me(personally) to see this coming from an official voice rather than in my own thoughts. 

Full Article Found Here

Is Obama's Support of Gay Marriage the Right Move?

Obama spoke out on Wednesday of his support of gay marriage, solidifying the fact that it would be an issue in the upcoming election against Romney, who is opposed. Although personally I agree with Obama, and I am glad he is in support, I don't think it was the right thing to do politically. Obama will clearly be the choice for the far left during this election, and all of the people who are celebrating Obama's stance would have most likely already been planning on voting for Obama. All this does is make it an easy decision for voters that are on the fence and are not in support of gay marriage. This came after Joe Biden, and other Obama officials spoke in favor of same sex marriages, so it is clear which way the administration is leaning to. Obama should have waited after the election to display his support, he would have proved the same point, without any political implications. I think it is only a matter of time before same sex marriages are recognized, and if Romney, and other republicans are backing themselves against the wall on this increasingly significant issue.Obama Supports Gay Marriage

Romney taking credit for saving the automobile industry

Romney surprised the political world this week, when he said in Ohio that he deserved some credit for saving the auto industry. He said:"My own view, by the way, was that the auto companies needed to go through bankruptcy before government help. And frankly, that's finally what the president did. He finally took them through bankruptcy. That was the right course I argued for from the very beginning. It was the UAW and the president that delayed the idea of bankruptcy. I pushed the idea of a managed bankruptcy. And finally when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back." At first I thought it was a joke, but then I found out he was actually serious. He claims this based on an article published in the New York Times back when the automakers started having cash flow money. Romney suggested them going to bankruptcy, and re-structure their operations. This was a very risky option if we take into consideration that private lenders were not going to invest money in a company with very low liquidity, and with declining sales. It also didn't take into consideration that if these big automakers go down, the whole industry would go down as well. That's why the Bush, and Obama administration bailed them out, they were more pragmatic, and less ideological. I hope we can see a Romney that is less hypocrite, and more honest. He keeps saying things that are not exactly true( Like saying his dad marched with Martin Luther King), or that do not represent his views before the presidential campaign( Like healthcare) sources:http://www.latimes.com/news/opinion/opinion-la/la-ol-mitt-romney-auto-bailout-20120508,0,3673445.story http://news.yahoo.com/romney-taking-credit-auto-industry-success-031025566.html

Gingrich Campaign Over

     According to an article on BBC News posted today, Republican Presidential candidate Newt Gingrich has formally ended his campaign. At this point in the race, it is almost assured that Mitt Romney will hold the Republican ticket in the general election, so I think it was wise of Gingrich to bow out now. His efforts were strong and he knew how to rally support for sure, but unfortunately the cost was too high. As indicated within this article, Gingrich closed out his project nearly $4 million dollars in debt.
      Gingrich argues that the Fall election will surely be between Romney and Obama, whom he personally refers to as "the most radical, leftist president in American history". However, we must not forget about Ron Paul who has been a steady competitor for the party's nomination.
     Despite Gingrich's previous comments that he wishes not to see our current president complete a second term, he has yet to formally endorse the work of Romney since leaving the race. Despite the troubles that Gingrich's campaign felt along the way, I think he worked hard to make it the best finish that was possible.
     Now with the majority of primaries and caucuses out of the way, we are in the final stretch before the party conventions this summer. While it is almost impossible to predict the outcome of November's election at this point, it is assuring to see that the American people are narrowing their choices down to the key candidates and showing their support as necessary.

Link to article: http://www.bbc.co.uk/news/world-us-canada-17927048

1 Year After Bin Ladens Death

With the 1 year anniversary of the death of Osama Bin Laden coming up The Obama campaign has been (according to this article) using is as a way to gain popularity with voters. In a video released by the White House President Obama gave an interview in the Situation Room about his decision to send special forces. The video aslo questioned whether Romney would have done the same thing. Critics of the president are saying that is was inappropriate to use the Situation Room as the location for the interview and Senator John McCain said that Obama was “turning the one decision he got right into a pathetic, political act of self-congratulation...Shame on Barack Obama for diminishing the memory of September 11th and the killing of Osama bin Laden by turning it into a cheap political attack ad.” He was also criticized for using his "celebrity" by going on late night talk shows and it was said that american elected the "biggest celebrity in the world...But after four years of a celebrity president, is your life any better?” 

Romney's Needs in the Upcoming Election

With Rick Santorum finally pulling out of the Presidential race and an almost guaranteed Romney spot on the GOP ballot, Mitt has some work to do if he wants any hope of beating President Obama in November. While many conservatives are backing Romney only as a means to remove Obama from the White House, he is starting to work to gain popularity among independents and women. Past Romney policies have come across some voters as hurtful to women and his lack of a solid stance on the Lilly Ledbetter Fair Pay Act (makes it easier for women to sue in equal pay cases) have many questioning if he could be a quality President. The Romney campaign has responded by declaring that it's in favor of pay equity (The Lilly Ledbetter Fair Pay Act is opposed by many conservatives) and has focused on how women have actually suffered under the Obama administration. Romney's advisors argue that women are the voter group most outraged by the failures of the Obama Administration on the economy. This should be an interesting arguement, but it doesn't look to good for the Romney campaign currently. It seems like it's going to be a tough job to convince the people he angered with issues like contraception and Planned Parenthood. Plus he could see himself angering his conservative followers with his fuzzy view on pay equity.
http://www.nytimes.com/2012/04/12/us/politics/romney-taking-steps-to-narrow-his-gender-gap.html?_r=1&ref=politics#

Only Obama

Obama made news again, not to support his healthcare or tax reform, but instead because of remarks he made at about a rapper during a fundraiser in NYC. Obama was responding to a question about calling Kanye West a jackass in 2010, after West stole the spotlight from songwriter Taylor Swift while she won her first MTV Award. Last week, Obama was talking about how he liked Kanye, mentioning their similar Chicago background when the journalist asked, "Even though you called him a Jackass?" to Obama's response "He is a Jackass, but he's talented." spoken 'in his likable and perfectly balanced modern-professorial voice'.
This is one of many instances where Barrack shows he is different from any President in recent memory. Although not everybody may agree with his politics, most people have found that he is a likable guy. Here is just another instance where you have to just thank a politician for just being honest and answering somebodies question with a real opinion because its pretty rare these days. You got to wonder why you don't see too many men unaffected by the political game, the political correctness of it, robots like Romney who have every sentence calculated, more 'good time Charlie' bulldogs.  
While Obama wins the likability with average men, sharing, and comparing his NCAA March Madness bracket, Michelle wins over the women who can relate to her relationship with her husband and kids. There hasn't been young kids in the White house since I've been alive and it definitely brings some freshness to the White House.
This is why the 2012 election will be interesting, because Romney is not the most likable guy and hes going up against Barrack who is very likable. Heck, I'm planning on voting for Romney and I can say with certainty I'm not really sure if I like him. I respect him as the business man that I think this country need, but I don't know if i really like him yet, and he was my Governor for some time, I think I should have formed an opinion by now. He should pick a likable Vice President if he wants a chance against Obama.
http://www.huffingtonpost.com/2012/04/12/obama-kanye-west-jackass-_n_1420578.html
azine/print/2012/05/american-mozart/8931/

"Hilary 2016!": What is Bill talking about?

After a recent discussion in our class regarding the political future of Hillary Clinton I was humored to come across a current relative article on CNN's website this afternoon. The title says it all, "Bill Clinton weighs a Hillary Clinton presidential bid". There is certainly no doubt that former President Clinton enjoys his fair share of campaigns, even when they are not necessarily for him.

Secretary of State Hillary Clinton has made several indications that she has no interest in pursuing the honorable position of Commander in Chief in the future. In fact, she stated that after her current position comes to an end that she would like to leave the political scene and relax at home for some time. She has held numerous roles in public service and her dedication to American politics cannot be matched by many other women in the country.

Former President Bill Clinton jokes a bit in the interview with the reporter saying that he would find happiness if she either came home and worked on the foundation for a bit or if she chose to run for president.

In the same article, it is interesting to note that Bill's political agenda of supporting President Obama's re-election was mentioned. He claims that the work of Obama thus far in 'fixing' our nation's economic troubles must be continued by the same person. He believes that the win will be easy for Obama in this election; a thought he has had for a while now.

For more information, check out the article: http://politicalticker.blogs.cnn.com/2012/04/02/bill-clinton-weighs-a-hillary-clinton-presidential-bid/

"Primary Turnout Could Signal Trouble for G.O.P"

Looking at recent data and polls some experts believe that voters are not as excited about the Republican campaign as the republicans think. Republicans voters are more excited about the elections than democrats seeing as polls show that 40% of republican voters say they are more excited compared to the 29% of democrats.

Polls and data also show that Mitt Romney is having some difficulties getting urban and suburban voters excited about the elections. Voter Turnout is down and only in states where democrats and Independents care allowed to vote are the turnouts up. 

Romney and other Republicans think that once there is a nominee that there will be more excitement about the G.O.P race against President Obama. Some also think that a more conservative candidate will best be able to beat President Obama in the presidential race and as the polls show the voters are more excited about a conservative candidate. With the more moderate Mitt Romney in the lead this is why some are speculating that the G.O.P may have trouble winning the presidential elections. 

http://www.nytimes.com/2012/03/31/us/politics/primary-turnout-could-signal-trouble-for-gop.html?pagewanted=2&_r=1&ref=politics

Election Costs

March 26, 2012

The cost of modern day elections is astronomical but necessary to become a viable candidate. Candidates fund their expensive campaigns through donations which will tally in the millions of dollars. Super PACs capitalize on the relaxed campaign laws to gross millions of dollars for their candidate. Of these super PAC contributors the rich are making a huge splash. The top 100 super PAC donors contribute more than 80% of the total money raised despite being only 3.7% of the total contributors. The top 46 donors alone have contributed $67 million of the $112 million raised this cycle. To be among the top 46 super PAC donors you must make a $500,000 minimum donation! This select group represents members of financial services, energy executives and hoteliers. Almost all are white, conservative men. 

It is possible to track the top super PAC contributors to their candidates as well. Mitt Romney has been receiving large donations from Wall Street which is not surprising considering his back ground with Bain Capital. John Paulson, who received 600% returns by betting against mortgages, has contributed $1 million alone to a Romney super PAC. Donations to Romney’s super PAC peak at about $1 million.

Newt Gingrich, Rick Santorum and Ron Paul have all received even larger donations. For example, Sheldon Adelson, Las Vegas Sands CEO, and his family have donated $15 million to a Gingrich super PAC. Their $5 million contribution in February accounted for 90% of Gingrich’s super PAC contributions for that month. Ron Paul received a $2.6 million donation from PayPal co-founder Peter Thiel which is 70% of all the money that super PAC had raised.

These massive donations have raised questions about election laws. Many worry about how much money is impacting elections. Some feel that elections are being influenced mainly by wealth and a very small number of political interests. For instance, donors could be making contribution purely based on their financial interests not on their political beliefs. These massive donations were made possible with the Supreme Court’s Citizens United ruling which puts individuals and corporations on equal ground when it comes to independent campaign spending. Super PACs are able to raise an unlimited amount from corporations, unions, associations and individuals for the candidate of their choice.

Super PAC contributors are far more conservative and donations for republicans surpass those of democrats. President Obama does draw in strong support and is expected to do so as the election approaches. The super PACs influence does not end stop at the presidential elections. In fact, its strongest impact could be on the Congressional elections because a little money can go a long way. In either case, a strong case for election finance law reform can be made. It is undeniable that economics is playing one of the strongest roles in modern elections. To be a viable candidate you must have the financial means to fund an expensive nationwide campaign. In the modern election process candidates appear to be campaigning for financial support as much as they are for public support. 

http://money.cnn.com/2012/03/26/news/economy/super-pac-donors/index.htm?iid=GM

Things Falling Into Place For Obama Re-election

Following the recent rise of Republican and Tea Party followers, it seems that the Obama campaign is starting to regain momentum again. President Obama couldn't ask for better timing as he soon will begin to campaign for re-election. Until recently, many Republicans as well as Democrats weren't very enthusiastic on the job of President Obama, but now many Democratic candidates have been publicly backing his decisions. Due to a recent surge of social issues being pursued by the Republicans (instead of fixing our economic problems) and also to the economy showing some positive signs of improvement, Obama looks to be gaining momentum back for the Democrats. Add this to Obamas unbelievable campaigning skills and the uncertainty of the Republican party's representation and we could see him another four years. For the Republicans, it appears that either Santorum or Gingrich would need to drop out to have any chance of catching Romney. Regardless, this should be an interesting election.

http://www.nytimes.com/2012/03/09/us/politics/democrats-warm-to-obama-as-a-campaign-ally.html?_r=1&ref=us

Iran's Nuclear Program

Iran is still enriching its uranium in its facilities, and in some cases without in international organizations making sure it is all for civil purposes. It is very interesting to see how people argue in both ways. Some people may say that Iran having nuclear weapons is not acceptable. It would be a threat to Israel, and to other countries in the region. It would also start an arm race in the region, with countries arguing self-defense for this arm race. Some others could argue that Iran is a sovereign country, and they could take any decision they want within their territory. No one should tell them what to do. Iran did not intervene in US, or Israel’s decision of having a nuclear program, so why should us intervene in theirs. The international community seems to be leaning on not doing anything without UN approval, or international consensus. My opinion in this matter, is very different from the opinion of people up here. I was born in Venezuela, and we tend to have a different approach to foreign issues. What’s your opinion this?


Sources:http://www.washingtonpost.com/national/on-leadership/from-the-atom-bomb-to-attacking-iran-a-leadership-lesson-for-obama-from-our-nuclear-history/2012/03/07/gIQA7Pu2wR_story.html

http://news.yahoo.com/blogs/envoy/un-weigh-legality-iran-strike-brazil-foreign-minister-170354507.html
http://www.guardian.co.uk/world/shortcuts/2012/mar/07/israel-picking-on-ducks?INTCMP=SRC

Corporate Tax Reform Plan

February 22, 2012
In the upcoming election the current state of the economy is set to be a huge debate issue. It has already been a grueling race for the republican nomination and the presidential election will be much of the same. President Obama will be judged by the productivity of the country since he has gotten into office. This is one reason why the Obama administration’s corporate tax reform plan is highly anticipated. President Obama would certainly like to have this tax reform plan  as evidence that he is steering the United States in the right direction.

“Our tax system should not give companies an incentive to locate production overseas or engage in accounting games to shift profits abroad, eroding the U.S. tax base,” said a senior administration official. This is the aim of the corporate tax reform plan that the Obama administration is unveiling today. The plan will lower the top income tax rate from 35 percent to 28 percent. The plan will also give new tax benefits to companies that manufacture in the U.S. while oil and gas companies will see greater tax and lose large deductions and subsidies. The plan allegedly will raise $250 billion over the next 10 years. This will be the first time in 25 years that the overall corporate tax rate will be lowered and its current 35 percent is among the highest in the world.

One of the major issues being addressed in the bill is American companies staying in America and investing in America. The bill aims to “create more incentives for corporations to invest in the United States.” As it stands now many corporations shy away from investing overseas profits into the U.S. because they will face a 35 percent tax rate. Getting companies and their money back to America has been a major concern and will be a hot issue in the upcoming election.

Another aspect of the bill is to provide “fairness and simplicity.” The current system has many loopholes which President Obama addressed in his State of the Union speech saying, “Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world (35%).” By simplifying the system and lowering the tax the bill should be able to ensure taxes are being paid while encouraging American business.

This does come at a crucial time for President Obama as he faces reelection which is why “administration officials insisted the president is behind the plan and the Treasury Department is merely filling in the details.” This does appear to be an effective plan that has bipartisan support as “many members of both parties have said they favor overhauling the nation’s individual and corporate tax systems.” Currently all candidates seeking the republican nomination have called for a reduction in corporate tax. Mitt Romney wanted to see corporate tax as low as 25 percent and Newt Gingrich who said he would chop the rate by 12.5 percent. Rick Santorum went as far as wanting to exempt “domestic manufacturers from the corporate tax and halve the top rate for other businesses.”

http://www.foxnews.com/politics/2012/02/21/obama-administration-to-unveil-corporate-tax-reform-plan/

http://whitehouse.blogs.cnn.com/2012/02/22/obama-to-offer-corporate-tax-reform-plan/?iref=allsearch

Blog Schedule

Week of 2/20
Kevin
Nicolas

Week of 2/27
Brett
Garrett
Edgar

Week of 3/5
Dave

Week of 3/12
Kevin
Nicolas

Week of 3/26
Brett
Ben
Sam

Week of 4/2
Garrett
Chris
Kathleen

Week of 4/9
Dave
Patrick
Dan

Week of 4/16
Ben
Patrick
Edgar

Week of 4/23
Sam
Kathleen
Dan

Week of 4/30
Chris

Welcome to our Spring 2012 Blog!

Welcome to our Presidency class blog! The first step for class members is to set up an account with Blogger.com so I can add you to this blog so you can get started posting! Look for an email from me, if you do not receive one, let me know. I will send a sign up sheet around and publish the posting schedule.


(I took this photo when then Senator Obama spoke to us here at PSU).



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