In a turnabout from a campaign pledge, Republican senatorial candidate Rand Paul is getting help raising campaign money by GOP senators who voted for the 2008 Wall Street bailout.
According to an Associated Press report, Paul is holding a fundraiser Thursday night in Washington, D.C. Although Paul earlier had said he wouldn't seek money from any politician who voted for the $700 billion bailout, nine of the 12 senators listed on the event's host committee were bailout supporters.
A national coalition of community groups, including two Cincinnati organizations, are urging President Obama to push big Wall Street banks into writing down all “underwater mortgages” to market value. The groups said the action would pump up to $1.6 billion into Ohio's economy and create more than 24,000 jobs statewide.
Josh Mandel avoided directly answering a question about the auto bailout for five straight minutes during a recent meeting with the Youngstown Vindicator editorial board.
In a video released today by Democrats, Mandel, the Republican opponent to Democratic Sen. Sherrod Brown for Ohio's U.S. senate seat, says he would have “trouble” voting in favor of the federal bailout of Chrysler and General Motors. He cites the case of Delphi workers, who lost part of their pensions as part of the deal auto companies made with workers after the federal bailout.
But Mandel, who is also Ohio's treasurer, refused to give a straight answer on whether he would vote for or against the bailout. After five minutes of phrasing the question in different ways, the Vindicator editorial board gave up in clear exasperation.
Mandel had a similar encounter with a WDTN reporter in August. In that encounter, Mandel refused to give a straight answer to the same question. After the reporter pressed the question, Mandel smiled and quipped, “Great seeing you.”
But the dodgy encounters are not Mandel's only problem with the media. Media outlets, including CityBeat, have also criticized Mandel for his dishonest campaign tactics. Cleveland's The Plain Dealer gave Mandel the “Pants on Fire” crown for Mandel's consistently poor scoring on PolitiFact Ohio.
Mandel is currently down in aggregate polling by 4.8 points.
The video of Mandel dodging the Vindicator editorial board's questions can be seen here:
City Council is considering increasing cab fares prior to the World Choir Games in July as part of an overhaul of the city’s taxi industry. During a Rules and Government Operations Committee meeting Monday, Councilman Wendell Young described the industry as having little regulation and often undesirable experiences, The Enquirer reports. Council last spring removed a city rule that made it illegal to hail a cab. Among the recommendations expected to be made are the standardization of rates, an increase in the number of permanent taxi stands and the visible display of a Customer Bill of Rights.
The two men hired to beat a Columbia Tusculum man over a property dispute admitted in court yesterday to having been paid by Robert Fritzsch to whoop on Tom Nies Jr. The beaters will avoid jail time in exchange for testifying against Fritzsch. The beating was allegedly a retaliation after a court ordered the removal of Fritzsch's addition to his home that blocked the river view of Nies' house.
Robert Chase is a member of Ohio’s oil and gas commission, in addition to operating a private consulting firm that deals with many of the private companies interested in making mass money off the state’s drilling leases. The Ohio Ethics Commission this week warned Chase that such consulting work could present a conflict of interest, though Chase says he’s not surprised and that he knows what his ethical responsibilities are.
NBC has picked up a
sitcom set in Cincinnati starring Anne Heche, who reportedly plays an
Indian Hill housewife who believes she can channel God after
surviving an accident involving nearly choking on a sandwich (with
humorous results?). The show, which will have a 13-episode first season, is titled Save Me.
The Obama administration might be hinting at considering same-sex marriage rights during a second term, but the folks down in North Carolina are having none of it: A state constitutional amendment to ban gay marriage and civil unions is on today’s ballot, despite the existence of a state statute that already outlaws it.
Meanwhile, the Obama administration is busting Mitt Romney up for choosing not to address a woman’s suggestion that Obama should be tried for treason.
During an event near Cleveland yesterday, a woman asked Romney if he thinks President Obama is "operating outside the structure of our Constitution," and "should be tried for treason."
Romney did not respond to the treason comment, but instead criticized Obama's recent comments on the Supreme Court -- drawing a rebuke from the Obama campaign.
Romney says he doesn’t correct all the questions that are asked of him and that he obviously doesn’t believe Obama should be tried for treason. USA Today pointed out that the incident is similar to one that occurred during the 2008 election, which John McCain handled quite differently:
It was one of the defining moments of the 2008 presidential campaign: A woman at a rally for Republican John McCain, while asking McCain a question, called Democratic contender Barack Obama "an Arab" who couldn't be trusted.
McCain took the microphone and said, "No ma'am. He's a decent family man ... who I just happen to have disagreements with on fundamental issues." McCain's response symbolized his discomfort with the volatile crowds he was seeing as his campaign faded during the final days of the 2008 race.
A study suggests that fighting obesity will necessitate a broader approach than blaming the individual, likely involving schools, workplaces, health care providers and fast-food restaurants.
Yahoo CEO Scott Thompson has apologized for pretending to have a degree in computer science. Thompson says he’ll update his resume but has no plans to step down.
The U.S. could make a $1.5 billion profit on its bailout of insurance company American International Group, Inc. At least that’s what the Government Accountability Office says.
Google’s driverless
cars have received their permits in Nevada. What's next? Drive down every single street in America and photographing it?
For a full hour Thursday night, Democratic incumbent Sherrod Brown and Republican challenger Josh Mandel continued their feisty fight for Ohio’s U.S. Senate seat. For the most part, the debate centered on the candidates’ records and personal attacks, with policy specifics spewing out in between.
Apparently, the barrage of attacks is not what the candidates had in mind before the debate started. Throughout the debate, both candidates asked for substance, not attacks. At one point, Brown said, “I appreciate this clash of ideas. That’s what this debate should be about.” At another point, Mandel said, “We need less attacking, and we need more policy ideas to put people back to work.”
These comments came well into the debate. By that time, Mandel had criticized Brown for “Washington speak” so many times that an exasperated Brown quipped, “I don’t get this. Every answer is about Washington speak.”
Brown also launched his own attacks, which focused on Mandel’s dishonesty on the campaign trail, which previously earned Mandel a “Pants on Fire” crown from Cleveland’s The Plain Dealer, and Mandel, who is also Ohio’s treasurer, missing state treasurer meetings to run for political office.
But Ohioans have seen enough of the attacks in the hundreds of campaign ads that have bombarded the state in the past year. Voters probably want to hear more about how each candidate will affect them, and the candidates gave enough details to get some idea of where each of them will go.
On economic issues, Brown established the key difference between the two candidates’ economic policies: Mandel, like most of his Republican colleagues, believes in the trickle-down theory. The economic theory says when the rich grow, they can create jobs by hiring more employees and expanding businesses. In other words, proponents of the theory believe the success of the rich “trickles down” to the middle class and poor through more job opportunities. Belief in this theory is also why most Republicans call the wealthy “job creators.” Under the trickle-down theory, the wealthy are deregulated and get tax cuts so it’s easier for them to create jobs.
On the other hand, Brown says he supports a middle-out approach, which focuses on policies that target the middle class. That is how sustainable employment and growth are attained, according to Brown. Under the middle-out approach, tax cuts and spending policies target the middle class, and the wealthy own a higher tax burden to support government programs.
Some economists, like left-leaning Nobel laureate Paul Krugman, say the trickle-down theory should have been put to rest with the financial crisis of 2008. After all, deregulation is now credited with being the primary cause of 2008’s economic crisis. In that context, more deregulation seems like a bad idea.
Still, Brown’s contrast to Mandel holds true. Brown has
repeatedly called for higher taxes on the rich. In the debate, he touted his
support for the auto bailout and once again mocked Mandel’s promise to not
raise any taxes. These are policies that do end up benefiting the middle class
more than the wealthy. The auto bailout in particular has been credited with
saving thousands of middle-class jobs.
On the other side, Mandel told debate watchers to go to his website and then offered some quick talking points: simplify the tax code, end Wall Street bailouts and use Ohio’s natural gas and oil resources “in a responsible way.” How Mandel wants to simplify the tax code is the issue. On his website, Mandel says he supports “a flatter, fairer income tax with only one or two brackets, eliminating almost all of the credits, exemptions and loopholes.” A study by five leading economists suggests a flat tax model would greatly benefit the wealthy and actually hurt the well-being of the middle class and poor. That matches with the trickle-down economic theory.
Another suggestion on Mandel’s website says, “Help job creators. Reduce capital gains and corporate taxes, and allow for a small business income deduction.” The small business portion would help some in the middle class, but an analysis from The Washington Post found 80 percent of capital gains incomes benefit 5 percent of Americans and half of all capital gains have gone to the top 0.1 percent of Americans. So a capital gains tax cut would, again, match the trickle-down economic theory.
What all this means is on economic issues the choice of candidates depends mostly on what economic theory a voter believes. Brown believes in focusing economic policies that target the middle class, while Mandel mostly supports policies that generally support what he calls “job creators” — or the wealthy.
On partisanship, both sides once again threw out different ideas. Although he was asked for three ideas, Brown only gave one: fix the filibuster. The filibuster is a U.S. Senate procedure that allows 41 out of 100 senators to indefinitely halt any laws. The only way to break the filibuster is by having a supermajority of 60 senators — a rarity in American politics. Brown said if this rule was removed, a lot more could get done in Congress.
Mandel had different ideas for stopping partisan gridlock in Washington, D.C. He touted his support for No Budget, No Pay, which would require members of Congress to pass a budget in order to get paid. He also expressed his support for term limits, saying lifelong politicians only add to the partisanship in Congress. Then, in a strange twist, Mandel’s last suggestion was to stop bailouts, which has nothing to do with partisanship or gridlock in Congress.
Then came Obamacare. Brown said he was “proud” of his vote and continued supporting the law, citing the millions of Americans it will insure. Meanwhile, Mandel responded to the Obamacare question by saying, “The federal government takeover of health care is not the answer.”
The fact of the matter is Obamacare is not a “government
takeover of health care.” Far from it. The plan doesn’t even have a public
option that would allow Americans to buy into a public, nonprofit insurance
pool — an idea that actually has majority support in the U.S. Instead,
Obamacare is a series of complicated reforms to the health insurance industry.
There are way too many reforms to list, but the most basic
effect of Obamacare is that more people will be insured. That’s right, in the
supposed “government takeover of health care,” insurance companies actually gain
more customers. That’s the whole point of the individual mandate and the many
subsidies in Obamacare that try to make insurance affordable for all Americans.
Mandel made another misleading claim when he said Obamacare “stole” from Medicare, with the implication that the cuts hurt seniors utilizing the program. It is true Obamacare cuts Medicare spending, but the cuts target waste and payments to hospitals and insurers. It does not directly cut benefits.
The one area with little disagreement also happened to be the one area with the most misleading: China. It’s not a new trend for politicians to attack China. The Asian country has become the scapegoat for all economic problems in the U.S. But in this election cycle, politicians have brandished a new line to attack China: currency manipulation. This, as Ohioans have likely heard dozens of times, is why jobs are leaving Ohio and why the amount of manufacturing jobs has dropped in the U.S. In fact, if politicians are taken at their word, it’s probably the entire reason the U.S. economy is in a bad spot.
In the Brown-Mandel debate, Brown repeatedly pointed to his currency manipulation bill, which he claims would put an end to Chinese currency manipulation. Mandel also made references to getting tough on China’s currency manipulation.
One problem: China is no longer manipulating its currency. There is no doubt China greatly massaged its currency in the past to gain an unfair advantage, but those days are over, says Joseph Gagnon, an economist focused on trade and currency manipulation. Gagnon argues the problem with currency manipulation is no longer a problem with China; it’s a problem with Malaysia, the Philippines, Singapore, South Korea, Switzerland and Saudi Arabia. If the U.S. wants to crack down on currency manipulation, those countries should be the targets, not China, he argues.
In other words, if currency manipulation is a problem, Mandel was right when he said that countries other than China need to be targeted. To Brown’s credit, his currency manipulation bill targets any country engaging in currency manipulation, not just China. The problem seems to be the misleading campaign rhetoric, not proposed policy.
The debate went on to cover many more issues. Just like the first debate, Brown typically took the liberal position and Mandel typically took the conservative position on social issues like gay rights and abortion. Both touted vague support for small businesses. Each candidate claimed to support military bases in Ohio, although Mandel specified he wants bases in Europe closed down to save money. As far as debates go, the contrast could not be any clearer, and the candidates disagreed on nearly every issue.
The final debate between the two U.S. Senate candidates will take place in Cincinnati on Oct. 25.
Before it went down to a crushing defeat, top officials at the Treasury Department and Federal Reserve were describing the $700 billion bailout plan that failed Monday in starkly different terms during private conversations with Wall Street investors.
As most people know, the proposed bailout failed yesterday in a surprising 205-228 vote, defying the wishes of President Bush as well as Democratic and Republican party leaders. Overall, there were 140 Democrats in favor of the plan and 95 opposed, with 65 Republicans in support and 133 opposed.
Progressive bloggers were tipped off that Treasury officials were holding a secret conference call with Wall Street executives Monday before the vote and managed to access the call and listen in. What they heard reveals a lot about who really wields power in the U.S. political system, and how Congress — both Democrats and Republicans — shade the truth for constitutients.
Treasury officials reportedly told the executives that provisions calling for the $700 billion to be given in phased payments were a formality and the entire amount could be accessed at once, if needed. Also, provisions limiting executive pay at failed firms were mostly symbolic and would have little actual effect, as they didn’t affect existing contracts.
Further, clawback provisions that would attempt to help taxpayers recoup some of the money once assets were sold by the government “would need more congressional and presidential action to implement” and was unlikely to occur.
It’s interesting how Treasury Department appointees — who are supposed to be acting in the public’s interest — give a different description of the bailout in private.
Meanwhile, Democratic and Republican leaders promise to try again with a revised bailout plan when they reconvene Thursday. Already the U.S. Chamber of Commerce and the National Association of Realtors are busy trying to pressure GOP lawmakers into approving a bailout plan, threatening to withhold campaign cash from those who don’t.
Although hometown boy and House Minority Leader John Boehner (R-West Chester) initially tried to blame the bill’s defeat on a fiery floor speech by House Speaker Nancy Pelosi, today’s Washington Post undercuts that position. GOP leaders said later they had been pessimistic about the bill’s chances from the start because many conservative representatives were ideologically opposed to a large, taxpayer-funded intervention. In fact, Boehner and others seriously considered asking Pelosi to delay any vote Monday, The Post reports.
Adhering to simplistic GOP talking points, Hamilton County Republican Party Chairman Alex Triantafilou blasts Pelosi on his blog for the bill’s defeat. Ol’ Alex defends Boehner, adding his stance showed leadership. What, then, does the opposing position taken by Steve Chabot, Jean Schmidt, Geoff Davis and the rest of Greater Cincinnati’s Republican congressional delegation show? The chairman is remaining mum on that one.
Some observers on both the right and the left describe what happened Monday as a modern day Boston Tea Party, with an angry public finally standing up to an out-of-control investor class. Let’s hope the party doesn’t peter out anytime soon.
— Kevin Osborne
Demonstrators filling downtown's Piatt Park on Garfield Place as part of the anti-corporate, Occupy Wall Street protests should take heart: The park's namesakes likely would support your actions.
In an excellent post on The Daily Bellwether blog, writer Bill Sloat looks at the history of the Piatt brothers, Donn and Abram, and the causes they held dear. Abram Piatt was a wealthy farmer and poet who served as a general for the Union Army during the Civil War. Donn Piatt was a staff officer for the Union Army.
The George W. Bush Presidential Library denied a request by a Democratic super PAC for documents related to Sen. Rob Portman’s work in the George W. Bush administration. The library says it is not subject to the Freedom of Information Act and that all are welcome to see the documents in 2014. The super PAC, American Bridge 21st Century, has been researching GOP candidates as Mitt Romney moves closer to choosing a running mate.
“When you look at the roster of V.P. candidates, each of them is significantly flawed,” American Bridge senior adviser Ty Matsdorf said in a statement. “For Portman, it is his calamitous record on fiscal issues while working at the Bush White House. It shouldn’t be a shock that he is going to want to keep that under wraps for as long as possible, but unfortunately it’s pretty hard to hide a record as terrible as that.”
CNN is live blogging from the Supreme Court to see if there are any rulings on the health care law or immigration.
Gay pride celebrations took place in New York, Chicago and San Francisco over the weekend, and Obama organizers were there to recruit volunteers.
Spain formally asked for European aid for its banks.
The sea level is rising faster along the Atlantic Coast than other places in the world.
Facebook has created a new “find friends nearby” function that will allow users to see friends and people they don’t know who are at events or social gatherings. From some Facebook engineer’s comments on the story:
I built Find Friends Nearby with another engineer for a hackathon project. While it was originally called ‘Friendshake’, we settled on ‘Find Friends Nearby’ for launch (the URL was a little bit of a homage to the previous iteration).
For me, the ideal use case for this product is the one where when you’re out with a group of people whom you’ve recently met and want to stay in contact with. Facebook search might be effective, or sharing your vanity addresses or business cards, but this tool provides a really easy way to exchange contact information with multiple people with minimal friction.
HBO’s The Newsroom premiered last night, and this guy at the Toronto Star said it kind of sucked while the New York Times says CNN could learn something from it.
More than 20 Occupy Cincinnati protesters last night received citations for staying at Piatt Park after its official closing time, a process which included warnings by police and then some peaceful ticketing before police left the occupiers to their business. CityBeat has launched a page dedicated to our ongoing coverage of the protests, including a live feed of #occupycincinnati and #occupycincy hashtags.
An organization of retired labor union workers is praising the failure of Congress' so-called “super committee” to agree on a deficit reduction deal as a good development for elderly Americans.
The Ohio chapter of the Alliance for Retired Americans said many politicians, especially Republicans, are unfairly blaming the deficit on Social Security, Medicare and Medicaid. They are using the budget battle as an excuse to dismantle programs they dislike, the group added.