The contents of these articles are based on Fact and Truth. Challenges are invited.
The day’s top political news:
The ObamaCare Writedowns—II Democrats blame a vast CEO conspiracy.
The wave of corporate writedowns—led by AT&T's $1 billion—isn't caused by ObamaCare after all. The White House claims CEOs are reducing the value of their companies and returns for shareholders merely out of political pique.
A White House staffer told the American Spectator that "These are Republican CEOs who are trying to embarrass the President and Democrats in general. Where do you hear about this stuff? The Wall Street Journal editorial page and conservative Web sites. No one else picked up on this but you guys. It's BS." (We called the White House for elaboration but got no response.)
In other words, CEOs who must abide by U.S. accounting laws under pain of SEC sanction, and who warned about such writedowns for months, are merely trying to ruin President Obama's moment of glory. Sure. Presumably the White House is familiar with the Financial Standard Accounting Board's 1990 statement No. 106, which requires businesses to immediately restate their earnings in light of their expected future retiree health liabilities. AT&T, Deere & Co., AK Steel, Prudential and Caterpillar, among others, are simply reporting the corporate costs of the Democratic decision to raise taxes on retiree drug benefits to finance ObamaCare.
ADP Says U.S. Companies
Companies are still hesitant to add workers until they see sustained sales gains and are convinced the economic recovery has taken hold. Economists surveyed by Bloomberg News anticipate the government’s report April 2 will show payrolls increased by 184,000, in part due to temporary hiring by the federal government to conduct the 2010 census and because of better weather compared with February.
Companies in the U.S. unexpectedly cut payrolls in March, according to data from a private report based on payrolls.
The 23,000 decline was the smallest in two years and followed a revised 24,000 drop the prior month, data from ADP Employer Services showed today. Over the previous six months, ADP’s initial figures have overstated the Labor Department’s first estimate of private payroll losses by as little as 2,000 in February to as much as 151,000 in November.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aSfp5pL7BSTM&pos=2
Feds Investigate Death Threats to IRS Employees After Health Bill Approval
The health care law has sparked protests on radical anti-tax and anti-government Web sites and within their private, password-protected e-mail lists and message boards. Some writers have labeled March 21 -- the day the House passed the bill – "Bloody Sunday," and they see it as a call to violent action against IRS workers.
In the days following the House vote, animosity toward the IRS intensified, and many heated online protests included specific discussions about the best way to go about killing tax agents.
Hundreds of comments were posted in response to an incendiary story on infowars.com, the radical far-right Web site owned by radio host Alex Jones. The story, entitled, "The Cost Of Defying Obamacare: $2,250 a Month And IRS Goons Pointing Guns At Your Family," focused on the “increasing militarization of the IRS” and its expansion of powers under the new health care law.
http://www.foxnews.com/us/2010/03/30/irs-investigates-death-threats-employees-health-approval/
Opinion:
“Home for the Holidays” Congress returns for Easter
Congress is at home for the Easter recess. When will shoes start dropping?
Don’t expect Democrats to be very big on town hall meetings during this recess. They remember their experiences a year ago.
This time last year, demonstrations against Democrat actions on Capitol Hill were beginning to dawn. They would ultimately be dubbed “Tea Party” protests, and they spread very quickly…nationwide.
Meanwhile, in London, left wing protesters brought 4000 scruffy rioters into the street to shout their displeasure with worldwide financial matters. The British demonstrations dominated news coverage for several days.
Not so demonstrations in Orlando. Orlando saw 4000 Americans crowd its streets protesting what they saw as unrestrained spending by the federal government. No windows were broken in Orlando, and there was no violence. However, the dissent expressed was intense. The demonstration included dozens of people who had never before been politically active. The national media ignored Orlando even as they highlighted London.
Other such demonstrations arose elsewhere. In Bay County, Florida, Blue Dog Democrat Allen Boyd was ambushed by more than 300 protesters angry over his vote for the high taxes included in the Democrat Cap and Trade scheme. Boyd had to sneak out a back door.
Within the week, Democrat Senator Arlen Specter was ambushed too – his constituents demanding truthful answers to questions they had about the Obama health care scheme.
Across the country, Democrat denizens of Capitol Hill faced crowds of voters increasingly outraged at what they see as the Obama administration’s veer to the far left.
Obamacare was blocked from meeting the Democrat deadlines, It was stalled until a couple of weeks ago. With dominating majorities, Democrats imposed the legislation and expected that would be the end of it. Democrats fully expected the landmark victory would give Obama and other Democrats a big surge in popularity among voters.
A small blip was recorded in polling right after the vote, but increasingly, the numbers are heading again into negative territory for Democrats. Obama himself is losing popularity rather rapidly.
Polling collapse will not likely change anytime soon. Especially since Obama signals an intention to push forward with more of his far left agenda. He threatens to resume pressures to gain Senate Passage of Cap and Trade legislation – in truth a massive tax increase for all American families – and an even more emotional issue – immigration “reform”. Expect whatever immigration bill Obama proposes to be a thinly disguised plot to provide amnesty for illegal aliens.
Democrats don’t oppose illegal immigration. Once again he is pitting Democrats against public opinion. A few years back, public opinion shouted down another immigration bill – despite its backing by the US Senate, the Bush White House, and the mainstream media.
Illegal immigration took a back seat in political concerns while the Obama health scheme was being debated. Opposition to the health bill hasn’t abated, and when Obama brings forth an amnesty bill, those fires will be relit as well.
Just as this issue begins to re-emerge, an American rancher – someone said to have often helped illegal aliens who found themselves in difficulties – shot to death. Evidence to date suggests an illegal alien is the murderer. The story is getting increasing coverage, and the story will help further inflame anti illegal immigration sentiment..
Amnesty, however, begins with a bit of Republican support – South Carolina Senator Lindsey Graham is pairing with ultra liberal Democrat Senator Charles Shumer to back an immigration bill that has Obama’s support.
Senator Graham is certainly a Republican, but not one who has support from many grass root Republicans. Quite the contrary. Graham’s support of an immigration bill wont do much to increase the popularity of the bill, and it certainly wont help Senator Graham’s personal popularity either.
Buddy
The day’s top blogs:
1.
Experts shocked as Jamie Gorelick executes another massive fail
Let me get this straight: your company wants to prevent an out-of-control federal government from nationalizing your sector of the economy. So you hire a key lobbyist to represent your case. And -- of the thousands of connected lobbyists in DC -- you hire "the Mistress of Disaster:
When President Obama signed the Student Lending and Fiscal Responsibility Act today, it dealt an enormous blow to Wall Street banks...
Sallie Mae spent $3 million on lobbyists last year, and got none of what they wanted. Zero, zip, nada (largely because lobbyists like Tony Podesta and Jamie Gorelick screwed up...).
Long before this debacle, Gorelick earned her nomme de guerre by playing key roles in two massive disasters.
In 2004, observers were "astonished" to discover that a key member of the 9/11 Commission had a fatal conflict-of-interest. Jamie Gorelick had served as a Deputy Attorney General under Bill Clinton from 1994 to 1997.
It was later revealed that Gorelick had established a pre-Patriot Act "wall" that prevented the foreign intelligence and criminal investigative communities from collaborating.
Her 1995 memo, entitled "Instructions on Separation of Certain Foreign Counterintelligence and Criminal Investigations", stated explicitly that they would "go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation."
The result: shortly before 9/11, Gorelick's wall "specifically impeded the investigation into Zacarias Moussaoui", the so-called "20th hijacker."
At the time, an enraged FBI investigator wrote a memo to headquarters which included the sentence, 'Whatever has happened to this -- someday someone will die -- and wall or not -- the public will not understand why we were not more effective..."
The 2004 disclosure that Gorelick's service as a 9/11 Commissioner was the archetypical conflict-of-interest should have triggered a cacophony of complaints and demands for a new investigation. Instead, the mainstream media turned deaf and dumb and the controversy faded into the background.
Gorelick's "wall" wrapped a blindfold around America just when it needed its vision to stop the attacks that killed thousands and which sucked a half a trillion dollars out of the economy.
Where did Gorelick turn up next?
Though she had no training or experience in finance, Gorelick was appointed the Vice Chairman of Fannie Mae and served in the role from 1997 to 2003. During that six-year period, she earned over $26 million.
During Gorelick's tenure, FNMA suffered a $10 billion accounting scandal, an ominous harbinger of the firm's looming troubles. One of the falsified transactions helped FNMA hit earnings targets for 1998, which triggered bonuses for top executives including nearly $800,000 to Gorelick.
Put simply "Jamie Gorelick was one of the Fannie executives who benefited from inflated bonuses based on Enron-style accounting."
In 2002 Business Week interviewed Gorelick concerning the health of FNMA. She responded, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions."
Less than a year later regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses."
Today, of course, FNMA is on taxpayer-funded life support, hundreds of billions in the red. And because it was thought to have been "managed safely" (Gorelick's words), many top-flight financial services companies held its stock. That's how Fannie helped take out AIG, Lehman Brothers, and other financial institutions that had assumed the GSE was a sound investment. Put simply, mismanagement at Fannie played an indisputable role in the mortgage meltdown.
Now, given this history, you really have to wonder about Sallie Mae. What were they smoking in the board room that day when someone blurted out, "Get me Gorelick on the phone, stat!"?
2.
Promises? You Mean $104 Trillion in Unfunded Promises?
Washington, DC – President Obama finished up his speech to students at a rally in Iowa yesterday with an unfortunately laughable line.“And it's because of you that we are going to keep on going to make sure that we fulfill every promise to every child in this country for a brighter future.” (President’s Remarks, 3/25/10)
Every promise, huh? Politicians in Washington have made tons of promises to future generations, but unfortunately for “every child in this country,” we don’t have that kind of cash. According to Richard Fisher, President of the Federal Reserve Bank of Dallas, Social Security and Medicare currently have unfunded liabilities of $104 trillion. No, that is not a typo.
“But they largely ignore the severity of the broader problem: accumulated entitlement debt over the infinite horizon. According to our calculations at the Dallas Fed, that unfunded debt of Social Security and Medicare combined has now reached $104 trillion—trillion with a 'T'—in discounted present value.” (Fisher Remarks, 2/10/10)
And, in case the President did not notice, Social Security is already paying out more in benefits than it is taking in. Maybe it would have been smart to make sure we’re keeping promises already made before making new ones.
3.
http://news.yahoo.com/s/cq/20100322/pl_cq_politics/politics3618953
2012 Looks No Better For Democrats
Shira Toeplitz,
Senate Democrats are no doubt bracing for sizeable losses in the fall elections, but an early look at 2012 map shows a rebound for the party could be difficult next cycle, when President Barack Obama will be at the top of the ticket.
Although most analysis is purely speculative at this point, there isn't a lot of guesswork in the numbers: Of the 33 Senate seats up in 2012, 24 are currently held by Democrats or Independents who caucus with them. What's more, all of the first-term Senators in this class were elected in a mid-term cycle and will likely face a different electorate in a presidential year.
"In '06 we were able to eke out victories by riding a very strong national wave that gave us a couple extra points here and there, but we also didn't have a presidential election going on at the same time that will have its own set of dynamics that will play a role," said Phil Singer, the communications director for the Democratic Senatorial Campaign Committee in the 2006 cycle.
When the national mood was in Democrats' favor in 2006, the party picked up six seats and won the majority.
Brian Nick, the communications director for the National Republican Senatorial Committee in 2006, said that if the political environment is anything like it is today, then Republicans will have great opportunities in Senate contests in Virginia, Missouri and Montana during a presidential year.
"Those to me would be clear opportunities to beat freshman incumbents who won in an extremely tumultuous environment for Republicans," Nick said.
Sen. John Tester (D-Mont.) will likely be a top target in 2012 given that he won by about 3,600 votes in 2006 and Sen. John McCain (R-Ariz.) carried the state in the 2008 presidential race. Rep. Denny Rehberg (R-Mont.) is most often mentioned as a possible opponent, although some local sources say he could opt to run in the open-seat gubernatorial race in 2012 instead.
Sen. Jim Webb (D-Va.) will also likely face another tough contest if he runs for re-election after winning his first term with just 50 percent of the vote. Although former Rep. Thomas M. Davis III (R-Va.) has been mentioned as a possible opponent, he eschewed that possibility and instead suggested that the man Webb barely defeated -- former Sen. George Allen (R) is looking at a comeback.
"I know he's interested, and I think he's looking for some vindication," Davis said. "I was pleased to leave Congress undefeated and un-indicted."
Missouri is hosting a competitive Senate race in 2010 and will likely have another one in 2012, when Sen. Claire McCaskill (D-Mo.) is up for re-election. McCaskill narrowly beat then-Sen. Jim Talent (R-Mo.), and according to Talent's 2006 campaign manager, Gregg Keller, he is being encouraged to think about running against her a second time.
"Everywhere he goes in Missouri, he has activists, donors and longtime friends urging him to seriously consider running for Senate in 2012," Keller said.
Obviously any retirements or vacancies in the Senate between now and 2012 could create a competitive race in states such as West Virginia, Hawaii, Wisconsin and other states.
Given 92-year-old Sen. Robert Byrd's (D-W.Va.) age and recent health problems, there is much speculation about whether he will finish his term -- let alone run for re-election. The race will be competitive without Byrd, although Gov. Joe Manchin (D) would make a formidable Democratic nominee. Rep. Shelly Moore Capito (R-W.Va.) is likely the strongest Republican who would run for the seat, although Manchin would be the early favorite in that race if he decides to run.
Several Republican and Democratic sources mentioned 75-year-old Sen. Herb Kohl (D-Wis.) might look to retire in 2012. Kohl had less than $25,000 in his bank account at the end of 2009, although he is personally wealthy and gave more than $6 million of his own money to his 2006 race against a little-known Republican. What's more, Rep. Paul Ryan (R-Wis.) -- a rising star in the House and ranking member on the Budget Committee -- would be a top-flight candidate if Senate Republicans can recruit him to run.
At the age of 85, Sen. Daniel Akaka (D-Hawaii) could also be a possible candidate for retirement after three terms. He also has one of the smallest campaign war chests of anyone in his Senate class, with only $86,000 cash on hand. Hawaii Gov. Linda Lingle (R), arguably one of the most popular Republicans in the history of the state, has not ruled out running for that Senate seat after she is term-limited out of office in 2010.
Nevada is bound to see another heated Senate battle in 2012, whether or not scandal-tarred Sen. John Ensign (R) decides to run for re-election. Rep. Shelley Berkeley (D-Nev.) is one of the top Democratic names circulating as a possible challenger. And Rep. Dean Heller (R-Nev.) has not ruled out a primary challenge. Republicans would prefer to see Ensign step aside and clear the way for Heller, who was recruited to run against Senate Majority Leader Harry Reid (D-Nev.) in 2010.
Ensign, who is under investigation by both the Justice Department and the Senate Ethics panel for allegedly helping a former aide find lobbying work after having an affair with the aide's wife, may be forced out of office before the end of his term, in which case the governor would appoint someone to serve out the remainder of the term.
In addition to Nevada, Democrats do have the opportunity to play offense in at least a couple states.
Sen. Scott Brown (D-Mass.) will start the cycle with a target on his back given that his state traditional votes overwhelmingly for Democrats. However, Brown also currently has more money in his campaign than any other Senator up for re-election in 2012, with just over $6 million cash on hand as of early February.
At least one Senate Democratic aide also suggested that the party could look to target Sens. Jon Kyl (R-Ariz.) and Bob Corker (R-Tenn.) in 2010.
But with so many Democrats on the ballot, there's no doubt that the party will be playing defense for the most part in 2012. Democratic Sens. Sherrod Brown (Ohio), Maria Cantwell (Wash.), Bob Casey (Pa.), Debbie Stabenow (Mich.), Ben Nelson (Neb.), Bill Nelson (Fla.), Kent Conrad (N.D.) and Amy Klobuchar (Minn.) are all running in competitive or Republican-leaning states.
Finally, Sen. Joseph I. Lieberman (ID-Conn.) could also have a tough re-election battle in the primary and general election for the second cycle in a row. Rep. Chris Murphy (D-Conn.) is often mentioned as a possible candidate for Senate if Lieberman decides to retire.
The last time this class of Senators was up for re-election during a presidential year was 2000, when Democrats picked up six seats in Delaware, Florida, Michigan, Minnesota, Missouri and Washington. Republicans picked up seats in Virginia and Nevada in 2000.
There's also speculation about who might take over as chairman of both the DSCC and NRSC after this cycle.
DSCC Chairman Robert Menendez (N.J.) is up for re-election in 2012, and therefore can't take another turn heading the committee. A leadership source said there was no obvious successor to Menendez.
Provided that NRSC Chairman John Cornyn (Texas) continues to have a strong tenure this cycle, there is speculation that he might run for another term depending on whether or not he can ascend higher up the leadership ladder. If Cornyn decides not to seek the position again, Sen. Richard Burr (R-N.C.) is mentioned as a possible contender to take over in 2012.
Emily Cadei and John McArdle contributed to this report.