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