Greed You Can Believe In, My Friends

The Tax Policy Center, a non-profit organization, points out that two-thirds of McAngry's capital gains tax cuts would benefit millionaires. Two-thirds. Well, yes, they are in McAngry's base, but it seems idiotic to propose during a time when the MIDDLE CLASS is hurting for relief. It would also provide an incentive for rich investors to cash in their investments to take advantage of the lower capital gains tax rates, thereby taking capital out of the market when the market needs capital. Here's hoping this comes up at tonight's debate, and that McAngry tries to defend it.

A Funny Smell

Sen. Maverick McPanic's desire to suspend the campaign, postpone Friday's debate, and rush to Washington to save the day, as only he can, has a funny smell. Negotiations in Congress have been going relatively well, with some conservative House Rethugs digging in their heels against any bailout. The egomania of McPanic is striking, as is the sudden grandstanding of someone who has not been to the Senate to vote since last April. Of course, for McPanic, it's all about "looking like he's Presidential" and in charge. But what he's doing is injecting his political campaign and ego into these complex negotiations. Here's someone who, in 26 years in the Senate, voted nearly 100% to de-regulate commerce, including the banking and financial industries.

Here an open letter to Congress signed by dozens of economists and business academics, including 3 Nobel laureates, that says in a nutshell, "Let's do this bailout/rescue right, and not be stampeded into something that taxpayers will regret."

Obama Rises in the Polls

A new Washington Post/ABC News poll shows Sen. Obama with a 52 to 43 point lead among likely voters over Sen. Maverick McSame. Voter concerns over the economic crisis is clearly moving some formerly undecideds over to Obama, as McSame is seen as flailing around in his response. McSame's conversion to a market regulator came only 10 days ago, with the collapse of Lehmann Brothers, AIG, and the stock market. Prior to that, he supported every piece of deregulation legislation that came up for a vote in the Senate. Now, the public's beginning to notice, and to assign responsibility. May this expand to a 15 point lead from which McSame won't recover.

George Will Applies A 2 by 4 To McPanic's Head

Sen. Maverick McPanic is not having a good week. The polls are showing Obama either maintaining his lead, or increasing it. The public is blaming the Rethugs by a 2 to 1 margin for the financial meltdown. And now this morning, George "Quill Pen" Will is letting McPanic have it for his intemperate reaction to last week's crisis. A few phrases capture the mood:

"McCain Loses His Head" (headline of article)
"childish reflex"
"McCain's shallowness"
"McCain's smear"
"McCain's Queen of Hearts intervention" (ref. to Alice in Wonderland)
"substituting vehemence for coherence"
"boiling moralism and bottomless reservoir of certitudes"
"a dismaying temperament"

Ah, fresh air coming from the conservative side for a change.

Quote of the Day

"Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation." -- Sen. St. John McMaverick, writing in the Sept./Oct. 2008 issue of Contingencies magazine, published by the American Association of Actuaries.

Don't you feel good that McMaverick wants to put health insurance on the same footing as our banking industry? As is should, this is getting wide play on the blogosphere, and in some major outlets (TIME, etc.).

So Mavericky!

As the Washington Post reports today, Sen. St. John McMaverick has long opposed regulation of the banking and insurance industries, which are now going through the throes of bankruptcy - - AIG being the latest to get a Federal bailout of $85 billion. A decade ago, McMaverick supported legislation to gut regulations for these industries, and is now trying to recast himself as a "reformer" and proponent of stronger regulation. Sort of like, "Yes I committed a serious crime, but if you let me go, I won't do it again." Because Mavericks don't believe in accountability.

Figures

A convergence of bad economic figures over the past 24 hours:

1. GM loses $15.5 billion in the past quarter, as consumers turn away from gas-guzzlers.

2. The unemployment rate hits 5.7%, the highest in 4 years, as employers trim jobs for the seventh consecutive month.

Well, it's not bad everywhere:

Exxon posts a record $11.7 billion in profits in the past quarter.

And St. John McBush's take? Open up millions of new acres offshore (beyond the 68 million acres on U.S. soil that have been leased for oil drilling, but are not being used) because the oil "bidness" needs help in lowering our gasoline prices.

Quote of the Day

Another McSame theme bites the dust:

"I used to say that Barack Obama raises taxes and John McCain cuts them. I was convinced. I stand corrected." McSame domestic policy advisor Douglas Holtz-Eakin. Via the Atlantic's Marc Ambinder.

Ouch! Dissention in the McMavericky campaign? Why not? Everything else is going so well.

McSame's Gas Production

As noted in today's earlier post, John McBush has been the beneficiary of a cash infusion from oil company executives who LOVE his mavericky position to let them drill wherever the hell they want offshore, and to expand their huge profits even more (exploration cost pass-throughs and tax write-offs) without producing an additional drop of oil for years.

But a little something called "supply and demand" has intruded on McBush's magical straight-talk world: gas prices are down below $4.00 per gallon, and we haven't drilled a single offshore well in the past month or so. Imagine that! Well, this may explain it for McEconomist.

McSame-o-nomics

Sen. St. John Barbeque McSame has said in the past that he doesn't have a good grasp on economics. That was evident when he recently declared that Preznit Chimpy was responsible for the $10 drop in oil prices after he lifted the ban on offshore drilling a few days ago.

Not so fast, McMaverick. It takes more than a few days to determine the most promising field for exploration, to construct and tow the massive drilling platform out to sea and erect it, to then get crude out of the crust (assuming you're drilling in the right place), to transfer the crude to on-shore refineries, to ship the refined product to market, and for the market to reflect the meager increase. It's more like several years, at best.

Actually, McSame, gasoline consumption is also down by 2% over last year, which may account for the drop in prices. But then, you thought Iraq and Pakistan shared a border, and that Social Security is "a disgrace." Keep embracing Dumbya, however. That's a smart move.

Where's The McLovin'?

Fred Hiatt must have been on a break: quote from today's WaPo editorial (no link), "McCainAnd Math":

"Sen. John McCain says that President McCain would balance the federal budget by 2013. It's not credible."

Looks like the "Straight Talk Express" has a flat.