With President Obama's nomination of U.S. Circuit Court judge Sonia Sotomayor to the vacancy being created by U.S. Supreme Court Justice David Souter's impending retirement, Mychal Massie, chairman of the Project 21 black leadership network, is urging senators to take a very close look at her record before commenting on her fitness for the job.
"Of all the possible nominees suggested over the past few weeks, it appears Obama selected the most radical one," said Massie. "The U.S. Senate has a duty to scrutinize Judge Sotomayor's record to ensure she has the demeanor and aptitude to be elevated to such a solemn post."
Massie continued: "During the Bush Administration, it was common for liberal senators to demand a consensus nominee with broad political appeal. By selecting an avowed liberal in Sotomayor, it would appear Obama is not following the stipulation he and his former colleagues sought to impose upon his predecessor. This should open up the nomination to the scrutiny it justly deserves."
The Sotomayor nomination, Massie notes, is the perfect catalyst to begin a national debate on the appropriateness of "judicial activism" - when judges essentially cut lawmakers out of the legislative process and try to rule from the bench. For example, in a 2001 speech at the University of California at Berkeley School of Law, Sotomayor said it was appropriate for a judge such as herself to use her "experiences as women and people of color" to "affect our decisions." In 2005, she told a crowd at the Duke University Law School that the "Court of Appeals is where policy is made" - rather than by lawmakers beholden to voters.
Massie commented: "Considering Justice Souter's record, Sotomayor will not change the balance of the Supreme Court. But she will likely dramatically alter the temperament of the Court and the way in which it operates. Senators must keep this in mind as they take on the very solemn process of vetting her fitness."
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Showing posts with label monetary policy. Show all posts
Showing posts with label monetary policy. Show all posts
Thursday, May 28, 2009
Thursday, April 2, 2009
Bipartisan Senators Introduce 'National Energy Security Act'
PRNewswire / -- Senator Byron Dorgan (D-ND), Senator George Voinovich (R-OH), and key members of the Energy Security Leadership Council (ESLC), a project of Securing America's Future Energy (SAFE), unveiled The National Energy Security Act of 2009 Wednesday. The bill presents a comprehensive plan to reduce our nation's dangerous dependence on oil, primarily through the electrification of the short-haul ground transportation fleet.
"For too long, our national security and our economy have been dependent on a global oil market that we cannot control," ESLC Co-Chairmen Frederick W. Smith, Chairman, President, and CEO of FedEx Corporation, and General P.X. Kelley (Ret.), 28th Commandant of the U.S. Marine Corps, said. "We can no longer remain at the mercy of terrorists, anti-American regimes, or even hurricanes in the Gulf of Mexico. Today, we are offering a new way forward. This bill has the potential to finally defeat the energy policy gridlock by offering a bipartisan, achievable, comprehensive solution that will end our dangerous dependence on petroleum and leave a stronger, safer America in its place."
"America's energy security will continue to be at risk until we can move away from our dependence on foreign oil, much of which is located in dangerous regions of the world," Dorgan said. "Breaking this dependence on foreign oil requires a long-term commitment, and now is the time to make the investments that will improve our security and create jobs in the process. This legislation is a road map for our energy future. The problem with reducing our dependence on foreign sources oil is that many have seen where we want to go, but don't know how to get there. This legislation provides a road map, and will strengthen our energy security for generations to come."
"For years I have called for a Second Declaration of Independence from foreign sources of energy," Voinovich said. "Alleviating our reliance on foreign energy sources is a key to strengthening both our national and economic security. Too many of our energy resources come from politically unstable regions of the world, which often support ideologies in opposition to our own national interests. Our economic interests are then affected by this political and military unrest, causing energy costs to rise, hindering our ability to compete in the global marketplace and bringing our national security into question. It is about time we work on a bipartisan basis to solve this crisis."
In September, the ESLC - a distinguished group of business executives and national security leaders led by Smith and General Kelley - released A National Strategy for Energy Security. The National Strategy offered a comprehensive plan to reduce U.S. oil dependence, primarily through electrification of the short-haul ground transportation fleet, along with crucial measures - including expanded domestic production of oil and natural gas - to keep our nation safe and secure in the interim.
The legislation introduced today by Senators Dorgan and Voinovich largely mirrors the policies laid out in the National Strategy. The bill would:
-- Promote the development and production of an electrified
transportation fleet, creating a transportation system that will be
powered by a wide array of mostly domestic fuels instead of one solely
dependent on oil.
-- Support building the crucial infrastructure necessary to power that
fleet, including recharging stations and vital steps needed to create
a robust, reliable national grid.
-- Strengthen transmission, including giving FERC the power to site
transmission lines, to ensure that the grid is sufficiently robust to
meet the growing demand of an electrified transportation system.
-- Promote the expanded development of domestic oil and natural gas by
conducting an inventory of the most promising areas of the Outer
Continental Shelf (OCS), opening new areas of the Gulf of Mexico, and
ensuring the expeditious leasing of certain areas of the OCS for all
forms of energy, while strengthening environmental safeguards.
-- Support low-carbon electricity, including from nuclear and advanced
coal, through loan guarantees.
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"For too long, our national security and our economy have been dependent on a global oil market that we cannot control," ESLC Co-Chairmen Frederick W. Smith, Chairman, President, and CEO of FedEx Corporation, and General P.X. Kelley (Ret.), 28th Commandant of the U.S. Marine Corps, said. "We can no longer remain at the mercy of terrorists, anti-American regimes, or even hurricanes in the Gulf of Mexico. Today, we are offering a new way forward. This bill has the potential to finally defeat the energy policy gridlock by offering a bipartisan, achievable, comprehensive solution that will end our dangerous dependence on petroleum and leave a stronger, safer America in its place."
"America's energy security will continue to be at risk until we can move away from our dependence on foreign oil, much of which is located in dangerous regions of the world," Dorgan said. "Breaking this dependence on foreign oil requires a long-term commitment, and now is the time to make the investments that will improve our security and create jobs in the process. This legislation is a road map for our energy future. The problem with reducing our dependence on foreign sources oil is that many have seen where we want to go, but don't know how to get there. This legislation provides a road map, and will strengthen our energy security for generations to come."
"For years I have called for a Second Declaration of Independence from foreign sources of energy," Voinovich said. "Alleviating our reliance on foreign energy sources is a key to strengthening both our national and economic security. Too many of our energy resources come from politically unstable regions of the world, which often support ideologies in opposition to our own national interests. Our economic interests are then affected by this political and military unrest, causing energy costs to rise, hindering our ability to compete in the global marketplace and bringing our national security into question. It is about time we work on a bipartisan basis to solve this crisis."
In September, the ESLC - a distinguished group of business executives and national security leaders led by Smith and General Kelley - released A National Strategy for Energy Security. The National Strategy offered a comprehensive plan to reduce U.S. oil dependence, primarily through electrification of the short-haul ground transportation fleet, along with crucial measures - including expanded domestic production of oil and natural gas - to keep our nation safe and secure in the interim.
The legislation introduced today by Senators Dorgan and Voinovich largely mirrors the policies laid out in the National Strategy. The bill would:
-- Promote the development and production of an electrified
transportation fleet, creating a transportation system that will be
powered by a wide array of mostly domestic fuels instead of one solely
dependent on oil.
-- Support building the crucial infrastructure necessary to power that
fleet, including recharging stations and vital steps needed to create
a robust, reliable national grid.
-- Strengthen transmission, including giving FERC the power to site
transmission lines, to ensure that the grid is sufficiently robust to
meet the growing demand of an electrified transportation system.
-- Promote the expanded development of domestic oil and natural gas by
conducting an inventory of the most promising areas of the Outer
Continental Shelf (OCS), opening new areas of the Gulf of Mexico, and
ensuring the expeditious leasing of certain areas of the OCS for all
forms of energy, while strengthening environmental safeguards.
-- Support low-carbon electricity, including from nuclear and advanced
coal, through loan guarantees.
-----
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Wednesday, March 4, 2009
Libertarian poll: What is Obama trying to distract us from?
America’s third largest party is asking Americans to vote on what they think the White House’s ongoing war with conservative radio host Rush Limbaugh is intended to distract attention from, Libertarian National Committee (LNC) Communications Director Donny Ferguson announced Wednesday.
The LNC has posted a poll at www.lp.org asking Americans to cast their vote for one of five harmful Obama policies the White House hopes their spat with Limbaugh will distract attention from.
“Every time Obama announces higher taxes on unemployment, the market tanks. Economic research shows his spending plan causes long-term economic damage. He’s keeping 50,000 troops in Iraq and breaking his promise to end earmarks,” said Ferguson. “Now, with polls showing more and more Americans oppose his agenda, Barack Obama needs a distraction. He gets it by having his operatives pick a fight with a colorful radio personality.”
“Instead of solving our economic problems by reducing spending during a recession and granting tax relief to job creators, Obama has instead chosen to kick mud at a radio entertainer,” said Ferguson. “That’s not change or hope. It’s a tired old political trick pulled out when you’re making problems worse.”
“Libertarians may not always agree with Limbaugh, but you don’t have to agree with him to see the White House is latching onto his celebrity hoping Americans will pay attention to that and not the economic damage Obama is causing,” said Ferguson.
“While the White House is busying whining about an entertainer and Republicans are busy inserting their wasteful earmarks into the budget, Libertarians are busy cutting spending and creating jobs in their private businesses. It’s clear the Libertarian Party is the only party with an agenda for renewal, not waste or petty spats,” said Ferguson.
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The LNC has posted a poll at www.lp.org asking Americans to cast their vote for one of five harmful Obama policies the White House hopes their spat with Limbaugh will distract attention from.
“Every time Obama announces higher taxes on unemployment, the market tanks. Economic research shows his spending plan causes long-term economic damage. He’s keeping 50,000 troops in Iraq and breaking his promise to end earmarks,” said Ferguson. “Now, with polls showing more and more Americans oppose his agenda, Barack Obama needs a distraction. He gets it by having his operatives pick a fight with a colorful radio personality.”
“Instead of solving our economic problems by reducing spending during a recession and granting tax relief to job creators, Obama has instead chosen to kick mud at a radio entertainer,” said Ferguson. “That’s not change or hope. It’s a tired old political trick pulled out when you’re making problems worse.”
“Libertarians may not always agree with Limbaugh, but you don’t have to agree with him to see the White House is latching onto his celebrity hoping Americans will pay attention to that and not the economic damage Obama is causing,” said Ferguson.
“While the White House is busying whining about an entertainer and Republicans are busy inserting their wasteful earmarks into the budget, Libertarians are busy cutting spending and creating jobs in their private businesses. It’s clear the Libertarian Party is the only party with an agenda for renewal, not waste or petty spats,” said Ferguson.
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Wednesday, January 14, 2009
New Chairman of House Oversight and Government Reform Committee Will Prioritize Oversight of Bailout Funds, Executive Compensation
/PRNewswire-FirstCall/ -- U.S. Rep. Edolphus "Ed" Towns, recently named Chairman of the Committee on Oversight and Government Reform today outlined his plans on government oversight and investigations during a keynote address in Washington, DC. The panel discussion, sponsored by FTI Consulting, Inc. (NYSE:FCN) and its public affairs arm FD Dittus, also included the Honorable Richard A. Gephardt; The Honorable Roel C. Campos; Elizabeth Williamson of The Wall Street Journal; Allen D. Applbaum of FTI Consulting. The panel was moderated by Gloria Dittus, President and CEO of FD Dittus.
During Wednesday's event at the The Willard InterContinental Hotel, the distinguished panel offered their observations on the role the new administration and 111th Congress will take in corporate oversight, investigation and regulation, including the importance of government transparency, an issue that President-elect Barack Obama stressed during his Senate tenure.
In his address, Chairman Towns announced that as the new chairman of the House's chief investigative panel, he plans to make oversight of Wall Street one of his top priorities, emphasizing that he wants a full accounting of how the first half of the $700 billion in federal bailout funding was spent before the second half is released. Specifically, he plans to investigate how firms have spent federal bailout funds and whether any of the funds have been used for executive bonuses.
"We cannot continue to give money away and not hold somebody accountable for that money," said Chairman Towns. "It is an abomination that so many firms who are receiving government funds continue to reward poor performance."
In addition, he stated that he intends to further investigate government procurement and contracting processes, with a particular emphasis on ensuring that contractors delinquent on their taxes are not awarded new federal contracts.
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During Wednesday's event at the The Willard InterContinental Hotel, the distinguished panel offered their observations on the role the new administration and 111th Congress will take in corporate oversight, investigation and regulation, including the importance of government transparency, an issue that President-elect Barack Obama stressed during his Senate tenure.
In his address, Chairman Towns announced that as the new chairman of the House's chief investigative panel, he plans to make oversight of Wall Street one of his top priorities, emphasizing that he wants a full accounting of how the first half of the $700 billion in federal bailout funding was spent before the second half is released. Specifically, he plans to investigate how firms have spent federal bailout funds and whether any of the funds have been used for executive bonuses.
"We cannot continue to give money away and not hold somebody accountable for that money," said Chairman Towns. "It is an abomination that so many firms who are receiving government funds continue to reward poor performance."
In addition, he stated that he intends to further investigate government procurement and contracting processes, with a particular emphasis on ensuring that contractors delinquent on their taxes are not awarded new federal contracts.
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Thursday, January 8, 2009
Financial Reforms Being Neglected by Policy Makers Could Be More Effective Than Emergency Measures
/PRNewswire/ -- RCF, Inc. announces Housing and the Financial Crisis: Overlooked Perspectives, a study calling for more attention to financial fundamentals in combating the nation's economic woes. Time, not government measures, will be needed to work off the excesses of the housing boom. Fiscal policy has become an emergency tool of choice but is blunt and takes time. Non-punitive bank-type regulation of financial intermediaries, and measures to achieve debt transparency, could bring a quicker end to the recession.
"Fears that housing foreclosures will prolong the credit crisis are exaggerated," says Dr. George Tolley, President of RCF and co-author of the study. "Although foreclosures and subprime lending have received media attention, the untold story of the housing problems goes much deeper." The study appears in Economic Insights, a newsletter published on behalf of the Chicago Economic Observatory that analyzes current events affecting the U.S. and Chicago economies.
The study points out that foreclosures have affected less than 1% of all houses in the U.S. Alarmist discussion that mortgage indebtedness exceeds market value for up to one in six homes ignores the fact that most homeowners realize that home values are likely to recover. Many home buyers with questionable credit and speculators who counted on price appreciation are out of the market by now or soon will be.
The housing boom that ended in 2006 has left a bloated housing stock that will be a drag on growth for several years. Overly easy credit led young households to purchase homes at an earlier point in their lives. More than one million first-time home buyers own homes now who would have bought at a later time if it had not been for the housing boom.
Housing is normally one of the main shock absorbers in combating recessions, but this tool is not available for the current downturn. In the past, in combating recessions, Fed monetary policy lowered interest rates as a chief tool. Today, because of past housing excesses, we have too much housing supply and can expect little response from changes in already low interest rates.
Emphasis is shifting from monetary policy to stimulus payments, unemployment benefits, infrastructure projects and green jobs. These are less flexible than monetary policy and require more time to take effect. The moves now being proposed to stimulate the economy could actually lead to inflation as the economy recovers. Once again, attention to long-run financial reform is being neglected as a way of working ourselves out of the present problems.
The co-authors of the study are George Tolley and Ella Revzin, both at RCF Economic and Financial Consulting, Inc., a Chicago-based economic consulting firm. Tolley is also Professor Emeritus of Economics at the University of Chicago.
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"Fears that housing foreclosures will prolong the credit crisis are exaggerated," says Dr. George Tolley, President of RCF and co-author of the study. "Although foreclosures and subprime lending have received media attention, the untold story of the housing problems goes much deeper." The study appears in Economic Insights, a newsletter published on behalf of the Chicago Economic Observatory that analyzes current events affecting the U.S. and Chicago economies.
The study points out that foreclosures have affected less than 1% of all houses in the U.S. Alarmist discussion that mortgage indebtedness exceeds market value for up to one in six homes ignores the fact that most homeowners realize that home values are likely to recover. Many home buyers with questionable credit and speculators who counted on price appreciation are out of the market by now or soon will be.
The housing boom that ended in 2006 has left a bloated housing stock that will be a drag on growth for several years. Overly easy credit led young households to purchase homes at an earlier point in their lives. More than one million first-time home buyers own homes now who would have bought at a later time if it had not been for the housing boom.
Housing is normally one of the main shock absorbers in combating recessions, but this tool is not available for the current downturn. In the past, in combating recessions, Fed monetary policy lowered interest rates as a chief tool. Today, because of past housing excesses, we have too much housing supply and can expect little response from changes in already low interest rates.
Emphasis is shifting from monetary policy to stimulus payments, unemployment benefits, infrastructure projects and green jobs. These are less flexible than monetary policy and require more time to take effect. The moves now being proposed to stimulate the economy could actually lead to inflation as the economy recovers. Once again, attention to long-run financial reform is being neglected as a way of working ourselves out of the present problems.
The co-authors of the study are George Tolley and Ella Revzin, both at RCF Economic and Financial Consulting, Inc., a Chicago-based economic consulting firm. Tolley is also Professor Emeritus of Economics at the University of Chicago.
-----
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