Original headline (as indicated by the URL):
Then, of course, we getObama Praises Indian Chief Who Killed U.S. General
with the new headline
Then, of course, we getObama Praises Indian Chief Who Killed U.S. General
with the new headlineEditor's Note: Headline has been corrected for historical accuracy.
Obama Praises Indian Chief Who Defeated U.S. GeneralNow I don't care about the President's book. But this is some pretty petty stuff. This is referring to Obama's inclusion of Sitting Bull in Of Thee I Sing: A Letter to My Daughters, which is a tribute to 13 Americans presented to children.
“They are not going to want to just obstruct, that they’re going to want to engage constructively,” he said of his Republican adversaries. “And then we’re going to have a whole bunch of time next year for some serious philosophical debates.”There's nothing like "whole bunch of time" for "some serious philosophical debates" to really inspire a belief that any significant legislation will be passed in the 112th Congress.
But it is clear, we believe, that the president has largely lost the consent of the governed. The midterm elections were effectively a referendum on the Obama presidency. And even if it was not an endorsement of a Republican vision for America, the drubbing the Democrats took was certainly a vote of no confidence in Obama and his party. The president has almost no credibility left with Republicans and little with independents.This, by the way, from a former Clinton (both Hillary and Bill) adviser. Now they I don't think Schoen [1] actually believe this. He was an adviser to Bill Clinton, who was also drubbed in the first midterms. It is also beyond ironic for Schoen to write
Obama can and should dispense with the pollsters, the advisers, the consultants and the strategists who dissect all decisions and judgments in terms of their impact on the president's political prospects.This, from the man who insisted that they shouldn't pass health care reform because it would negatively impact the Democrats at the polls. They suggest a national unity government, and claim that "if he is to bring Democrats and Republicans together, the president cannot be seen as an advocate of a particular party, but as somebody who stands above politics, seeking to forge consensus." Now this is standard 'third party' claptrap. Without actually changing the institutions of governance, this would result in a largely ineffective President who had few allies whose fates were tied to him and so could cut him loose at will. We have seen this movie before; Mr. Tyler I am thinking of you.
Forgoing another term would not render Obama a lame duck. Paradoxically, it would grant him much greater leverage with Republicans and would make it harder for opponents such as Senate Minority Leader Mitch McConnell (R-Ky.) - who has flatly asserted that his highest priority is to make Obama a one-term president - to be uncooperative.This is nonsense. They do their best to shuffle away from providing any mechanism by which this supposed increase in leverage would be accomplished. And they ignore the fact that if Obama were to announce that he was not seeking another term it would feed the Republican (and Schoen/Caddell) narrative that Obama's agenda has been repudiated. It is not a paradox that this would strengthen him; it is a lie.
Moreover, if the president were to demonstrate a clear degree of bipartisanship, it would force the Republicans to meet him halfwaymight as well have been written in 2009. Oh wait, they were. But the Republicans stuck to their game plan of 'no' and were handsomely rewarded. Not to say that this will always work, but that it can, especially when the economic factors are favorable. All in all, this is the dumbest article I've read in weeks. There is an argument with shallow explanations and with no mechanism. It lunges across the line from ironic to hypocritical. And it has about as much likelihood of influencing the President as I do of being elected President. But that's not the point. The point is to feed the narrative to achieve policy (and political) objectives, namely, the repudiation of any progressive gains, hardline military stances against Iran, and possibly the re-ascendancy of the Schoens and Caddells of the world in the Democratic party.
The midnight, the morning, or the middle of day,
Is the same to the miner who labors away.
Where the demons of death often come by surprise,
One fall of the slate and you're buried alive.
Set global target for total federal health expenditures after 2020 (Medicare, Medicaid, CHIP, exchange subsidies, employer health exclusion), and review costs every 2 years. Keep growth to GDP+1%.Well hell, if the CBO could just say keep health care inflation to GDP+1%, then we wouldn't need a Deficit Commission in the first place. And their mechanisms for achieving this?
If costs have grown faster than targets (on average of previous 5 years), require President to submit and Congress to consider reforms to lower spending, such as:
- Increase premiums (or further increase cost-sharing)
- Overhaul the fee-for-service system
- Develop a premium support system for Medicare
- Add a robust public option and/or all-payer system in the exchange
- Further expand authority of IPAB
Now that's all well and good. I recognize that each of these could in fact lower the health care inflation rate. And I certainly like the "Add a robust public option and/or all-payer system in the exchange," although I suspect that when crunch time came we would have a premium increase, a premium support system for Medicare, and maybe, just maybe, an expansion of the authority of the IPAB.
It's just a draft presentation put together by two guys. Do you know how many deficit reduction proposals are out there that have the backing of two guys? Thousands. Another one just doesn't matter.I disagree on the "just doesn't matter point," largely because I think the Chairmen knew damn well that the headlines were going to be "Examining The Deficit Commission's Proposals" (NPR) and "Examining The Deficit Commission's Proposals" (Examiner.com) and "Factbox: Deficit commission tax cut ideas" (Reuters) and "The President's Deficit Commission Makes Recommendations" (Nightly Business Report) rather than "Two Guys Spew Off."
The venue was the Oval Office. A group of British dignitaries, including Gordon Brown, were paying a visit. It was at the height of the 2008 presidential election campaign, not long after Bush publicly endorsed John McCain as his successor.
Naturally the election came up in conversation. Trying to be even-handed and polite, the Brits said something diplomatic about McCain’s campaign, expecting Bush to express some warm words of support for the Republican candidate.
Not a chance. “I probably won’t even vote for the guy,” Bush told the group, according to two people present.“I had to endorse him. But I’d have endorsed Obama if they’d asked me.”
The way that QE works is that the Fed will publish a schedule of how many Treasury bonds it intends to buy and when. It will then go out and buy those bonds from “the Federal Reserve’s primary dealers through a series of competitive auctions operated through the Desk’s FedTrade system.”... what that means is that the New York Fed has a direct line to the biggest banks in the world (Goldman Sachs, Morgan Stanley, Deutsche Bank, etc — 18 in all). And it gets all those banks to compete with each other, either directly or on behalf of their clients, for who will sell the Fed the Treasury bonds it wants at the lowest price. The winners of the auction get the Fed’s newly-printed cash, and give up Treasury bonds that they own in return. The people selling Treasury bonds to the Fed, then, are big banks, who are told in advance exactly how many Treasury bonds the Fed wants to buy. As a result, they’re likely to buy Treasuries ahead of the auction, with the intent of selling them to the Fed at a profit....Once the banks have made that profit, it’ll get paid out in bonuses to the people on the bank’s Treasury desk, with the rest going to their shareholders. We’re not exactly helping the unemployed here.... [T]he Fed isn’t going to be buying any more bonds than the Treasury is issuing — so it’s not going to be lifting a lot of holders of Treasury bonds out of their long-term investments. But insofar as the Fed is forced to offer such high prices that investors simply can’t say no, those investors are probably just going to take the proceeds and invest them in agency debt instead from Fannie Mae and Freddie Mac. That debt is just as safe as Treasuries, and it even yields more than Treasuries, to boot.What’s emphatically not going to happen is that the people who used to own Treasury bonds will take the Fed’s billions and suddenly turn around and spend them buying croissants at their local family-owned bakery. We’re talking about monetary policy here, not fiscal policy: the aim here is to bid up the price of Treasury bonds, which means that the yield on Treasuries will fall, and that those lower interest rates will somehow feed through into greater economic activity. The aim is not to take $600 billion and spend it on stuff in the real economy. That would be a second stimulus, and the chances of a second stimulus right now are hovering around zero. Which is why Brad DeLong puts the value of buying $600 billion in Treasury bonds at about $7 billion in total, rather than anything near the headline $600 billion figure. The Fed is playing around with interest rates here — that’s its job. It’s not trying to directly stimulate demand.Of course its Congress's job to directly stimulate demand. But that is not going to happen, and so we are dependent on what looks to be pretty weak sauce, which has the wonderful appeal of being another giveaway to the banks.