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Now What?
Author: BobR    Date: 08/03/2011 12:52:14

Yesterday, President Barack Obama signed the bill passed by the House and Senate to raise the debt limit and begin to get a handle on the increasing deficit and federal debt. The news and pundit cycles have talked of nearly nothing else, and the armchair quarterbacking and second-guessing and hypotheticals will likely continue for several days. So much has been written about it that adding more words to the pile seems like a waste of time at this point. Now that it's done, what's next?

The President HAS to use some creativity for job creation. That seems to be his focus now:
"While Washington has been absorbed in this debate about deficits," he said, "people across the country are asking what we can do to help the father looking for work" and "the single mom who's seen her hours cut back at the hospital."

Obama listed several of his stalled proposals, including "patent reform," a payroll tax cut extension and an "infrastructure bank," which would provide loans for companies repairing bridges and roads. But with the economic recovery appearing to lose what little steam it once had, and the 2009 stimulus plan ended and politically unpopular, the president seems to have few effective tools at his disposal.

Congress, meanwhile, has decided to take the rest of the month off. The House is shut down completely. They left town without ever voting to reauthorize the FAA. This means they'll be enjoying their paid vacations while thousands of workers are forced into unpaid furloughs:
The government is likely to lose more than $1 billion in airline ticket taxes because lawmakers have left town for a month without resolving a partisan standoff over a bill to end the partial shutdown of the Federal Aviation Administration.

The government already has lost more than $200 million since airlines are unable to collect taxes on ticket sales because the FAA's operating authority has expired.

The Senate recessed on Tuesday until September, erasing any possibility for quickly resolving the issue. The House left Monday night.

Caught up in the partisan acrimony are nearly 4,000 FAA employees who have been furloughed. The FAA also has issued stop work orders on more than 200 construction projects, threatening the jobs of thousands of other workers. Air traffic controllers, however, remain on the job.

How many of these Congresspeople are flying home? I hope airline workers give them all a big finger for caring so little about their fellow countrymen and the tax revenue that their work generates.

Of course - Republicans have some priorities still in place. The Senate isn't completely shut down. They are maintaining a skeleton crew so that President Obama can't make any recess appointments; specifically, so he can't appoint a head to the Consumer Protection Agency. The Republicans have vowed to prevent that agency from actually doing anything. It's nice to know they care more about protecting business than protecting the people. That's not really surprising, I know.

Besides FAA workers and consumers being cast aside in favor of business, another casualty of this protracted battle over the debt ceiling is our country's good credit rating. Moody's maintained our triple-A rating, but added a negative outlook because economic growth looks weak in the future. The Chinese were not so kind, downgrading us from A+ to A. Their rationale?
Still, China's Dagong Global Credit Rating Co. said Wednesday that the deal doesn't change the fact that U.S. debt growth has outpaced its economy and fiscal revenue.

Nice, coming from the country that has the largest chunk of our public debt. They buy tons of bonds from us, then tell us we're over-extended? Are they hoping to get a higher interest rate on their bond holdings (or future holdings)?

This is all strangely reminiscent of the Carter administration, considering we have problems in the Middle East, a great foreign policy but discord at home, economic malaise... I just hope that President Obama can make things happen over the next 15 months.
 

77 comments (Latest Comment: 08/04/2011 04:02:06 by Raine)
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Comment by BobR on 08/03/2011 12:58:41
Comment by Mondobubba on 08/03/2011 12:58:47
Am I the only one that thinks this? The Republicans for the most part know their economic polcies are bullshit, but since they have a stated goal of making Obama a one-term president they don't care if the economy tanks. Hence this horseshit with the debt limit, dumping useless tax cuts into the stimulus bill etc?

Comment by Raine on 08/03/2011 12:59:59
Good Morning.

I hope so too. We don;t even have a Commerce Secretary, thanks to the Senate.

Comment by Mondobubba on 08/03/2011 13:03:53
Quote by BobR:
Wow - Fish-lipped Frum gets it right


I think the Fish-Lipped Weasel and I are on the same page.

Comment by wickedpam on 08/03/2011 13:06:08
Morning


Seems that my disgust for the Repub party grows daily

Comment by Mondobubba on 08/03/2011 13:06:19
I totally blame Newt Gingrich and his accolytes for the current conture of the GOP. He is the guy who pretty much developed the oppose everything playbook, which totally blew up in his face. I mean don't these gmokes learn from their mistakes?


Comment by Raine on 08/03/2011 13:07:22
Quote by BobR:
Wow - Fish-lipped Frum gets it right
That was really good.

You know with a few tweaks, that could have been written by a NON conservative!


Comment by Mondobubba on 08/03/2011 13:08:38
Comment by Mondobubba on 08/03/2011 13:09:25
Quote by Raine:
Quote by BobR:
Wow - Fish-lipped Frum gets it right
That was really good.

You know with a few tweaks, that could have been written by a NON conservative!



Or the kind of conservative my granddad was.

Comment by Raine on 08/03/2011 13:17:22
I could understand Harry Staying in Session to pass the FAA bill, but according to this article it is just too unacceptable -- even for Kay Bailey Hutchinson.


I say at this point they should close it and let the POTUS do recess appointments.




Comment by Raine on 08/03/2011 13:20:45
Altho I suppose that Had HArry Reid called for the Senate to officials go into Recess, there would have been an objection, followed by Obstructionist BS.

Comment by wickedpam on 08/03/2011 13:40:58
But doesn't Anne Archer shot her in the end?

Comment by Raine on 08/03/2011 13:42:24
Quote by wickedpam:
But doesn't Anne Archer shot her in the end?

Yes.

Comment by wickedpam on 08/03/2011 13:43:08
Thanks! I haven't seen that season of Dexter yet.

Comment by Raine on 08/03/2011 13:47:09
These are some AWESOME photos from the Debt Ceiling negations. There are a few that took my breath away.

Comment by wickedpam on 08/03/2011 13:47:21
Quote by Raine:
Quote by wickedpam:
But doesn't Anne Archer shot her in the end?

Yes.


so who's Anne Archer in this scenerio? And who's Glen Close? Does that make America Michael Douglas or the daught who get her rabbit boiled


Comment by wickedpam on 08/03/2011 13:51:53
Quote by Raine:
These are some AWESOME photos from the Debt Ceiling negations. There are a few that took my breath away.


Those are pretty cool - I think Nancy Pelosi wanted to hit Cantor in that one pix and the Prez looked ticked off at him in another. Also loved the one with the Prez, Biden hugging Pelosi. Oh and the one with Biden looking out the window kinda cracked me up


Comment by wickedpam on 08/03/2011 13:58:50
Chris, they are only "mistakes" if you don't agree with them

Comment by TriSec on 08/03/2011 14:06:09
Morning, folks.

Some snippets of the budget debate to share from the retail world. (No, really.)

This past weekend, I observed a youngish couple headed for a kayak rental on the opposite dock; the young man was rather agitated and was screaming at his companion, "It has nothing to do with budget cuts...we need more revenue!".

Last night at the store, a young mother was there with two kids arguing over bookpacks. I left them alone for a while, but had to go back to check on them. Being cheeky, I asked "How's the debt-ceiling negotiation going?" Out of the blue, the mother volunteered "Better than Obama's. I think he should have raised taxes."

So....I think the rank and file probably thinks this was a bad deal, or at least the wrong approach. Based on my observation of .00000000000000000000000000001% of the population, that is.


Comment by Raine on 08/03/2011 14:10:42
Maybe Jim should pay attention to the Firebaggers who kinda verbally suppressed the damn vote.

Comment by Raine on 08/03/2011 14:12:10
Quote by TriSec:
Morning, folks.

Some snippets of the budget debate to share from the retail world. (No, really.)

This past weekend, I observed a youngish couple headed for a kayak rental on the opposite dock; the young man was rather agitated and was screaming at his companion, "It has nothing to do with budget cuts...we need more revenue!".

Last night at the store, a young mother was there with two kids arguing over bookpacks. I left them alone for a while, but had to go back to check on them. Being cheeky, I asked "How's the debt-ceiling negotiation going?" Out of the blue, the mother volunteered "Better than Obama's. I think he should have raised taxes."

So....I think the rank and file probably thinks this was a bad deal, or at least the wrong approach. Based on my observation of .00000000000000000000000000001% of the population, that is.
I think this was the LAST least best deal.




Comment by BobR on 08/03/2011 14:14:04
Charlie Pierce is upset because he heard a rumor that Max Baucus is going to be on the "super congress" committee? There is no way they are going to put him on there.

Comment by Raine on 08/03/2011 14:14:27
I'm getting as frustrated as Steph is right now.



Comment by Raine on 08/03/2011 14:15:53
Quote by BobR:
Charlie Pierce is upset because he heard a rumor that Max Baucus is going to be on the "super congress" committee? There is no way they are going to put him on there.
The key words here are *rumor*


He's busy saying he has no patience with Steph for asking what HE would have done, and yet he is basing his outrage on Rumour and what he thinks can possibly happen based on his opinions of the President.


I don't like that.


Comment by Raine on 08/03/2011 14:17:55
Talk about false Dichotomy. <-<

Comment by Raine on 08/03/2011 14:19:32
YOu know there are a lot of people that are really upset -- it would be nice if Jim would settle down on his intellectual superiority because he's really not listening to people.

It's rather dismissive?

Comment by Raine on 08/03/2011 14:28:59
It's not like he's the ONLY one who reads.

Comment by BobR on 08/03/2011 14:30:12
Once more - considering spending bills must originate in the House, what do people like Jim think they were going to get with the Republicans in control?

Comment by Raine on 08/03/2011 14:32:29
I'm Sorry, Jim. If you are reading this, I am angry at you today.

Comment by Scoopster on 08/03/2011 14:38:38
Morning all & Happy Hump Day!

The teabaggers are going nuts over this one.

Comment by Raine on 08/03/2011 14:42:37
Quote by Scoopster:
Morning all & Happy Hump Day!

The teabaggers are going nuts over this one.


OY!


Comment by Raine on 08/03/2011 14:43:18
Hell, there was COMPROMISE is crafting our constitution.

Comment by Raine on 08/03/2011 14:45:51
OH CHRIST. JIM! Stop with the STRAWMAN! This caller DID NOT SAY THAT.



Comment by Raine on 08/03/2011 14:48:36
I think I need a 70's music ditch.

Comment by Scoopster on 08/03/2011 14:48:51
Some of the headlines on that "New American" magazine website are priceless..

Redefining "poverty" to Benefit the Welfare State
Licensing and Permitting Laws: Barriers to Upward Mobility
DOE Uses Cartoon Icons to Promote Environmentalist Agenda With Children


Comment by Raine on 08/03/2011 14:53:20
Def Leppard works too, Chris!

Comment by Scoopster on 08/03/2011 14:53:42
Quote by Raine:
I think I need a 70's music ditch.



Comment by TriSec on 08/03/2011 14:54:31
Quote by Scoopster:
Morning all & Happy Hump Day!

The teabaggers are going nuts over this one.


Grunt.

I'm still waiting for the discovery that Pork Rinds and Ho-Hos have magical healing properties. Especially when eaten in combination with a frozen cocktail or something.




Comment by Raine on 08/03/2011 14:56:51
Tom and Randi seem to totally disagree on Section 401 and 402 --

and Stephanie is reading the SAME thing that I have about those sections.

Comment by Raine on 08/03/2011 14:57:27
Quote by Scoopster:
Quote by Raine:
I think I need a 70's music ditch.

I you, Scoop.


Comment by Raine on 08/03/2011 14:58:48
But the committee is the one that send the legislation to the house.

That is kinda the way things have always worked.

Comment by BobR on 08/03/2011 15:02:27
Comment by Raine on 08/03/2011 15:07:36
I need a copy of this Bill. STAT.

Yesterday, Randi Rhodes said the changes were to the unpaid portions of the part D on medicaid that the Republicans passed. <-- I heard that on her show. Someone else in Steph FB page is saying they heard that as well.

Comment by Mondobubba on 08/03/2011 15:08:24
Quote by Scoopster:
Morning all & Happy Hump Day!

The teabaggers are going nuts over this one.



Nice to see the FDA doing one of its jobs correctly. Collaterally it is pissing off teabaggers which is a bonus.

Comment by Raine on 08/03/2011 15:16:23
Oh that Malarkey -- POTUS nominees have proven to be FAR more liberal than people thought, based upon the pundits way of thinking.

Comment by Raine on 08/03/2011 15:17:50
Comment by Mondobubba on 08/03/2011 15:21:26


I was wondering what that low, thunderous rumble that rattled the windows was all about.

When I think about the "Muslim Threat to America" I think of this woman who was a co-worker when I was at Merrill. If a sweet natured, friendly, helpful (and really hot) young woman is threat to America we need more of them

Comment by Mondobubba on 08/03/2011 15:22:24
Oh double posting Mods! Clean up on ailse 1!

Comment by Mondobubba on 08/03/2011 15:23:15
Tri what team is being discussed?

... the Fenway Sports Group, are happy to splash the cash on a player if they get a return for their money and if there is the possibility of good sell-on value.



Comment by Raine on 08/03/2011 15:40:43
That was kinda Shitty of Carlos to ask that question.

Comment by Raine on 08/03/2011 15:46:54
No it's negative.

It's negative.

Comment by TriSec on 08/03/2011 15:48:46
Double-post cleared....Fenway sports Group discussion out of context; not listening.



Comment by Raine on 08/03/2011 16:39:42
Sorry everyone for my grumpiness this morning!

Comment by Raine on 08/03/2011 16:47:35
Christ, over 72 people have been arrested in a international Child porn ring.
The charges stem from an investigation launched in December 2009 that targeted more than 500 individuals around the world allegedly participating in Dreamboard, a private members-only on-line bulletin board operated to promote pedophilia and encourage sexual abuse of very young children, according to the Justice Department.


WTOP is reporting that in order for people to join this bulletin Board, they had to submit pictures of children from 4 -12 years old.

I think this is one going to be far worse than it's being reported.

Comment by wickedpam on 08/03/2011 16:56:04
Quote by Raine:
Sorry everyone for my grumpiness this morning!


Would white trash bunnies help turn that frown upside down

http://www.askmehelpdesk.com/attachments/a/19468d1241629987-cute-bunny-pictures-3bunnies-chercat1.jpg?stc=1


Comment by wickedpam on 08/03/2011 16:57:20
Quote by Raine:
Christ, over 72 people have been arrested in a international Child porn ring.
The charges stem from an investigation launched in December 2009 that targeted more than 500 individuals around the world allegedly participating in Dreamboard, a private members-only on-line bulletin board operated to promote pedophilia and encourage sexual abuse of very young children, according to the Justice Department.


WTOP is reporting that in order for people to join this bulletin Board, they had to submit pictures of children from 4 -12 years old.

I think this is one going to be far worse than it's being reported.



these parasite know how to hide - I hope they catch them all.

Comment by Will in Chicago on 08/03/2011 17:05:29
Quote by Raine:
Christ, over 72 people have been arrested in a international Child porn ring.
The charges stem from an investigation launched in December 2009 that targeted more than 500 individuals around the world allegedly participating in Dreamboard, a private members-only on-line bulletin board operated to promote pedophilia and encourage sexual abuse of very young children, according to the Justice Department.


WTOP is reporting that in order for people to join this bulletin Board, they had to submit pictures of children from 4 -12 years old.

I think this is one going to be far worse than it's being reported.



This is going to be ugly. I oppose the death penalty, but some crimes make me wish that we could bring back impalement.

On another note, I do have something that I wrote to share with the blog.

2011 -- The Summer of Hate

As a former reporter, I have lived long enough to not be easily shocked. I have covered murders and other crimes. Yet, I was surprised by scale of death and suffering in the bombing in Oslo and the horrific shootings at Utoya in Norway on June 22nd. As of now, the death toll stands at 86 people, eight dead in a bombing in Oslo and perhaps 68 dead at a Labor Party youth camp on the isle of Utoya. This tragedy can be likened to both 9/11 and the Oklahoma City bombing in that fanaticism lead to the lost of innocent life.

Initially, some in the U.S. media attributed the attacks to Muslim terrorists as events unfolded. Conservative blogger Jennifer Rubin initially linked the attacks to Muslim extremists on her blog at the Washington Post as did conservative CNN commentator Erick Erickson. However, the attacks were the work of a man of Norwegian descent, Anders Behring Breivik, who issued a manifesto condemning Muslims, “cultural Marxists, and liberalism in general for creating a Europe that he sees as becoming alien to traditional European cultures. Indeed, many of the phrases in Breivik’s long manifesto were lifted from the manifesto of Ted Kaczynski, the Unabomber, who also opposed many of the changes in modern society.


Comment by livingonli on 08/03/2011 17:05:54
Good day everyone. I was tired this morning and it's sunny right now but we're supposed to get hit by thunderstorms later today.

Comment by TriSec on 08/03/2011 17:12:15
I have brushed up against the underworld of child pornography....we had a parent in my Pack who was picked up for it. The truly sad part is, he was involved in another Pack in town and tranferred. I was about to put the hooks in him to sign up and put on a shirt.

Dodged the bullet, for sure....but his name and photo was in the paper along with the phrase "Scout Volunteer" for quite some time. Scary, indeed.

Alas, the scout quit and the family moved away...he's still in jail.



Comment by Mondobubba on 08/03/2011 17:26:55
Quote by wickedpam:
Quote by Raine:
Sorry everyone for my grumpiness this morning!


Would white trash bunnies help turn that frown upside down

http://www.askmehelpdesk.com/attachments/a/19468d1241629987-cute-bunny-pictures-3bunnies-chercat1.jpg?stc=1


SQUEEEEEEEEEEEEE! Awwwww cute white trash bunnies! Thanks, Mala

Comment by TriSec on 08/03/2011 17:56:19
[baseball geek]

Tim Wakefield turned 45 yesterday. (oldest active player in the majors.)

He goes for win #200 tonight (199 wins most among active pitchers)

He's said this is his last year, but some in this city are starting to call for him to come back next year if he gets a legitimate shot to knock out Roger Clemens (192 career wins for Sox, Wake at 179.)

[/baseball geek]

Personal note: Mr. Wakefield and I are the same age, his birthday coming 6 days before mine. I continue to live vicariously through him.





Comment by Raine on 08/03/2011 18:40:42
Quote by wickedpam:
Quote by Raine:
Sorry everyone for my grumpiness this morning!


Would white trash bunnies help turn that frown upside down

http://www.askmehelpdesk.com/attachments/a/19468d1241629987-cute-bunny-pictures-3bunnies-chercat1.jpg?stc=1
I am reminded of a few bunnies living on the roof of a certain Hotel in the area!

Bunnies ALWAYS HELP!


Comment by wickedpam on 08/03/2011 18:46:11
I thought they might, my guess these bunnies stole the car of the rooftop bunnies.

Comment by livingonli on 08/03/2011 18:59:44
The pool was freezing but the bunnies were cute

Comment by wickedpam on 08/03/2011 19:06:52
Quote by livingonli:
The pool was freezing but the bunnies were cute


that pool was freezing! just sticking my feet in I got the shivers


Comment by TriSec on 08/03/2011 19:07:29


http://www.nndb.com/people/871/000024799/beethoven-2b_2a.jpg


I don't know why listening to the symphony makes me giddy these days. I think there's a blog in there someplace. It's been ten years....I think it still feels like I should be doing something important.



Comment by Raine on 08/03/2011 19:09:26
Quote by TriSec:
I have brushed up against the underworld of child pornography....we had a parent in my Pack who was picked up for it. The truly sad part is, he was involved in another Pack in town and tranferred. I was about to put the hooks in him to sign up and put on a shirt.

Dodged the bullet, for sure....but his name and photo was in the paper along with the phrase "Scout Volunteer" for quite some time. Scary, indeed.

Alas, the scout quit and the family moved away...he's still in jail.

Oh Tri, that's horrible. I know th t your Scout group dodged a bullet, but if the dude is in jail, I think it would be safe to assume, some kid's weren't so lucky.

WHAT the hell is wrong with people?


Comment by Raine on 08/03/2011 19:11:15
Quote by wickedpam:
Quote by livingonli:
The pool was freezing but the bunnies were cute


that pool was freezing! just sticking my feet in I got the shivers


They had a Killa pad. That joint was jumpin'


Comment by Raine on 08/03/2011 20:39:27
Mr. Spencer is a member of the board of directors of the Marine Corps Heritage Foundation, VeteransCampaign and StarPound TEchnologies, Inc.


Uhm... gonna do a little research.




Comment by Raine on 08/03/2011 20:50:58
http://www.marineheritage.org/OurMission.asp ok...
The Marine Corps Heritage Foundation directly supports the historical programs of the Marine Corps in ways that might not otherwise be available through appropriated funds. The Foundation’s mission is to preserve and propagate the history, traditions and culture of the Marine Corps as well as to educate all Americans in its virtues. To fulfill this purpose, the Foundation vigorously seeks financial support to complete the National Museum of the Marine Corps and Heritage Center and to promote and endow the Marine Corp’s long term historical research and educational activities.


This disappoints the hell out of me. the Veterans Campaign is a group that encourages Vets to runs for office.

StarPound however --- This makes me want to do EVEN MORE research


Like this.



Comment by Raine on 08/03/2011 20:52:19
Quote by Raine:
http://www.marineheritage.org/OurMission.asp ok...
The Marine Corps Heritage Foundation directly supports the historical programs of the Marine Corps in ways that might not otherwise be available through appropriated funds. The Foundation’s mission is to preserve and propagate the history, traditions and culture of the Marine Corps as well as to educate all Americans in its virtues. To fulfill this purpose, the Foundation vigorously seeks financial support to complete the National Museum of the Marine Corps and Heritage Center and to promote and endow the Marine Corp’s long term historical research and educational activities.


This disappoints the hell out of me. the Veterans Campaign is a group that encourages Vets to runs for office.

StarPound however --- This makes me want to do EVEN MORE research


Like this.



Mr. Richard V. Spencer is the Managing Director of Fall Creek Management LLC. He was the former Vice Chairman and Chief Financial Officer of Intercontinental Exchange, Inc. (NYSE-ICE) the leading electronic commodity futures exchange. He served in that capacity from November 2001 through January 2008. While at ICE he was responsible for the transition of the company from private to public, including recruiting the Board, the initial public offering and the subsequent three secondary offerings, financial reporting, strategy development and implementation, and human resources. Prior to that Richard was the President of Crossroads Investment Management LLC a leading venture capital and private equity fund-of-funds investment firm. He joined Crossroads in 1998 after working on Wall Street for 15 years where his responsibilities centered on investment banking services focusing on strategic advisory services and capital markets underwriting.


Comment by Raine on 08/03/2011 20:53:00
The guy is a hedge fund manager.



Comment by Raine on 08/03/2011 20:55:54
Scoop & Tri: I hope you see my point about this flucker.

Comment by Will in Chicago on 08/03/2011 22:21:16
I talked about my blog entry on Arizona at Work today with Jeff Farias. (I am on at the bottom of the hour after a guest talked about the history of Christian and Muslim relations.) Here is the link to the show.

Comment by Raine on 08/04/2011 04:02:06
Quote by Will in Chicago:
I talked about my blog entry on Arizona at Work today with Jeff Farias. (I am on at the bottom of the hour after a guest talked about the history of Christian and Muslim relations.) Here is the link to the show.
I missed it Will.

I am assuming you talked about this piece, which I found VERy though provoking. Well done sir.

I hope you know, I would love to have you post here when you feel like you have something to say.