The Great Debate UK
from The Great Debate:
Lately, Mitt Romney has been so consumed with fundraising that his aides have had to defend his absence from the stump. Like his foe, the Republican nominee is in the midst of a frenzied financial arms race. But one hugely wealthy individual has not yet been persuaded to part with much cash to support the Republican cause: Mitt Romney himself.
Mitt Romney is hardly the first wealthy individual to seek the White House. John F. Kennedy once quipped he had received a telegram from his father: “Don’t buy another vote. I won’t pay for a landslide.” But Romney, for whatever reason, has failed to use his personal wealth to pay his campaign’s bills. His refusal to self-finance is one of the mysteries of this campaign.
After all, if Romney were to help fund his own bid, he would have ample company. In 1976, the U.S. Supreme Court ruled that it would violate the First Amendment to limit what candidates can spend on their own behalf. Ever since, wealthy office-seekers commonly have ponied up. John Kerry lent more than $6 million to fund his Iowa caucus drive in 2003. Hillary Clinton lent her campaign over $11 million four years later. Steve Forbes gave his 1996 campaign $32 million, and spent nearly $37 million four years after that. Ross Perot spent $63 million to finish strongly in 1992, back when that was real money.
In fact, four years ago the former governor gave his own campaign nearly $45 million. He even donated a Winnebago trailer. “I'm not beholden to any particular group for getting me into this race or for getting me elected," ABC News quoted him as saying. "My family, that's the only one I'm really beholden to — they're the ones who let their inheritance slip away, dollar by dollar."
from The Great Debate:
It is possible to forgive it as a congenital trait. After all, his Dad, the genial George Romney, successful head of the American Motor Corp and governor of Michigan (1963-69), lost his bid for the Republican nomination for the presidency in 1968 by setting a world record for the mass manufacture of gaffes. He had such a penchant for saying one thing and then retracting it, the reporter Jack Germond announced he was fixing his keyboard so that one keystroke produced “Romney later explained…” It was charming for a time to hear what George had said lately, but when he came back from a look at the Vietnam War, he announced he’d had “the greatest brainwashing anyone could get.” His rival Eugene McCarthy cracked that a light rinse would have been enough to relieve George’s neurological condition, but this time George had gone a gaffe too far. Some American prisoners released by the Chinese had renounced their U.S. citizenship, saying they’d been brainwashed, and primary voters had no enthusiasm for electing a president who might turn out to have been the Manchurian candidate. So we got Nixon and Agnew instead. Thanks, George.
Mitt was on a similar jag through the nomination process. “I like being able to fire people who provide services to me… My wife drives a couple of Cadillacs… I’m not concerned about the very poor, we have a safety net…” Men and women who’ve been looking for work for a year are supposed to appreciate the irony when he opens up: “I should tell my story. I’m also unemployed.”
By Laurence Copeland. The opinions expressed are his own.
As I write this blog, it looks as though the U.S. Congress is going to pass a bill raising the debt ceiling and making modest cuts in Federal Government spending over the coming years. Although it is, quite rightly, being presented as a somewhat hollow victory for the forces of reason, there is one extremely puzzling aspect of the crisis.
It is being reported on all sides that the credit rating agencies may well downgrade U.S. sovereign debt in spite of this “happy ending” – indeed, Egan-Jones, one of the smaller agencies, cut its rating of U.S. debt some weeks ago, and there is much talk of Moody’s and S&P following suit in the very near future.
U.S. midterm elections brought a degree of sweet payback for banks miffed about financial reform and President Barack Obama's populist rhetoric. Their campaign dollars helped fund huge Republican gains. But the new Tea Party-infused GOP will present as many challenges as opportunities.
Wall Street certainly made its displeasure clear to Democrats. During the 2008 campaign, Goldman Sachs -- through individuals and its political action committees -- gave 25 percent of campaign cash to Republicans. This time around, it was 59 percent. JPMorgan went from 40 percent to 52 percent and it was the same story, more or less, for Citigroup and Bank of America Merrill Lynch.
from Tales from the Trail:
President Barack Obama is not up for re-election this week, but the outcome of congressional elections will be seen as a referendum on his policies.
from The Great Debate:
Four days before Barack Obama was sworn into office, a prominent radio talk show host, Rush Limbaugh, told his conservative listeners that a major American publication had asked him to write 400 words on his hopes for the Obama presidency.
There's something scary about big numbers. It's one reason we in the media often like to put the biggest number we can find into a headline.
So it was no surprise that most media outlets went gaga over the Obama administration's projection that the nation's debt will grow by $9 trillion over the next decade. And sure enough, critics of the administration's efforts to reform healthcare were quick to seize on that scary number as another reason to advocate doing nothing.