Wednesday, September 28, 2011

Mitt, Rick, and….?

Could Perry’s Problems Bring New Faces

Rick Perry’s earned his horrendous political performance last week with a series disastrous debate answers—heard round the world and making him look like an empty vessel--a shocking loss in the Florida Republican straw poll, and a similar albeit not as surprising GOP straw poll setback in Mitt Romney’s birth state of Michigan.

It may have slowed down the Perry express, but it is doubtful—yet—whether his self inflicted wounds are terminal. There is a lot of conservative money behind him.

Despite his gaffs, there still appears to be a lot of GOP backing for the former Al Gore for President supporter (when Rick was a Democrat) and moderate Republican Rudy Giuliani for President (after Rick switched parties).

Perry also is the anti-science, anti/pro immigration (depends on day of the week and audience), and anti-abortion Governor who mandated anti-cancer immunization for young Texan girls in case they chose sexual activity over abstinence.

Woo-who cowboys and cowgirls, that’s a lot of stuff for Republicans to accept before you even get to Governor Rick’s history as a poor student; his desire to consider seceding from the union; his efforts to provide youthful illegal aliens with taxpayer supplied college tuition, get rid of social security because he thinks it may be unconstitutional and a “Ponzi scheme.”

That pistol packing, jogging Rick, he’s a hoot!

The good news for the nation, but the bad news for Perry in his failing support, is that a reasonable Republican (actually I believe Mitt Romney fits that description, but because he’s a Mormon, I don’t think a lot of truly conservative Right does) might come out of the woodwork and seek the GOP nod.

The names that come to mind are New Jersey Governor Chris Christie and his Indiana peer Governor Mitch Daniels. Or, how about urging New York’s Mayor Michael Bloomberg to enter the race?

Maybe ex-Governor Sarah Palin will jump in (please God!!). She claims she will make a decision by the end of this week, so let’s hope!!

FHFA Upset at FHFA

A few weeks ago, I wrote that the Federal Housing Finance Agency’s (FHFA) new Inspector General (IG) was shaking up the troops with his internal inquires and questions.

This week he issued a charge that regulatory staff was asleep when Freddie Mac and Fannie Mae reached deals with Bank of America over the loans involved in the BofA
cash settlement with the two companies.

The IG felt that did examine some 300,000 loans which could have been part of the deal and for which it could have sought a greater return from BoA. And because FHFA personnel failed to examine these loans or Freddie’s methodology either, money which F&F could have been claimed was left on the table and the taxpayer suffered.

Here’s hoping that FHFA Director Ed DeMarco uses the IG’s finding to fire some of the people who weren’t up to the job (as many, for years, have claimed).

Jobs and Job Creation

If the federal government can’t do it, what can?

My thinking probably is off here, but try and follow it and let me know if you believe it is flawed.

Both political parties seem to agree that the most and best jobs are created by the private sector, not the federal government, but the GOP ridicules suggestions that anything short of massive tax cuts for business will spur that hiring.

Here’s where I think the R’s get into real “the Emperor isn’t wearing any clothes” trouble.

Big business—while they want even more tax breaks—already seems to enjoy lots tax benefits, isn't that what the GOP is fighting to save from the Select Deficit Committee's budget axe?

But, with the tax bennies they have, are they massively hiring anyone?

If there are 25 million job seekers and the federal government can’t find it’s behind with both hands to find ways to get them jobs, why aren’t all of those conservative businessmen/women stepping up and hiring people?

Well, despite much record and near record quarterly and annual earnings reports, businesses claim there is no market to justify expanding their work forces.

Well, if a few start hiring, won’t that have something of a snowball ripple effect, when those workers spend their pay checks and create some opportunity for others to get hired in different businesses and industries, or is still all the fault of President Obama and the federal government?

All of those anti-federal government public officials and commentators should stop beating up on the Democrats and the federal government and instead, just exhort “the private sector” to step up and take some job creating risks?

The businesses could benefit and unemployment can get knocked down. After all aren’t those enterprises the best generators of good jobs or do they need more federal tax benefits piled on top of what they have, or is that another speech to a different GOP audience?

What a perfect segue into all of that money, all of those cheap deposits or TARP funds, sitting in bank vaults not being lent to businesses or individuals. (I save you that rant since you’ve all heard me use it before.)

If the federal government is useless for everything but making war then it’s useless. But, the next good GOP idea for businesses (not to mention the banks) to step up and independently shoulder some of the burden to quickly get Americans back to work, will be the first since the GOP won the House of Representatives.

Before ignoring this suggestion you might want to read the Time magazine story on why banks still don’t work, linked below, especially the part how three quarters of all small businesses report they are starved for credit.,9171,2093317,00.html

Bank profits up and bank lending down, who would be surprised by that??

Maybe I shouldn’t give all of these ideas to the Republicans. If business suddenly did become the forge for millions of new jobs, because of GOP prodding, the Party of Lincoln wouldn’t have to sweat beating Barack Obama next year.

The GOP’s biggest problems would be finding committee assignments and subcommittee chairmanships for their huge congressional majorities, come January 2013.

Maloni, 9-28-2011

1 comment:

Bill Maloni said...

My bad.

The Time magazine link teases you with a paragraph or two but then requires that you have a subscription to read the entire article.

The story appeared on Page 40 of the September 26 issue, with Rick Perry on the cover.

I'll see if and how I can get the banking article through my blog.