Deficit Attention Disorder

By Annaly Capital Management Senator Rand Paul is on the tape promising to unveil a budget with $500 billion in expense cuts in one year, and that he will not spare any government program or agency from his scythe, including the Defense Department, the Education Department (he would eliminate it altogether) and entitlement programs. As

US Military Spending Is No Longer A Sacred Cow

Word is out all around Washington that the Obama Administration plans to cut US defense programs by $78 billion and 70,000 troops by 2015. Defense Secretary Robert Gates, a holdover from the Bush Administration with credibility within the military community, is spearheading the administration’s press on this issue. Separately, Eric Cantor, the new majority leader

Former US Treasury Secretary Paul O’Neill Calls George W. Bush a Liar on Bloomberg

Paul O’Neill disputes claims by George W. Bush in his book that O’Neill never advised Bush against cutting taxes as he did twice early in his term after the Internet and Technology bubble crashed. O’Neill also says that the “day of reckoning” is coming for the US on budgetary issues. In essence, O’Neill said that he told George W. Bush not to cut taxes in 2001. Bush went ahead and cut taxes anyway – twice. And he added an unfunded Medicare prescription giveaway while overseeing two wars in Afghanistan and Iraq. Now Bush is acting like O’Neill never said anything about the tax cuts. In Bush’s book “Decision Points”, he claims never to have spoken to O’Neill about the matter. Videos attached

Obama in his own words on the proposed tax cut deal

Heckuva Job, Larry

On Comedy Central, the joke was on President Obama Wednesday night. The president had come, on the eve of what will almost certainly be the loss of his governing majority, to plead his case before Jon Stewart, gatekeeper of the disillusioned left. But instead of displaying the sizzle that won him an army of youthful

Video: Ex-president of Argentina Néstor Kirchner dies

News coverage: Argentina ‘in shock’ at former President Kirchner death – BBC Argentine assets rise on death of ex-President Kirchner – Reuters Kirchner’s death may mark end of an era in Argentina – Miami Herald Consternación por la muerte del ex presidente Néstor Kirchner – La Nacion MURIÓ NÉSTOR KIRCHNER – Ambito "Seguiré luchando por

Do Most Members of the US Congress Deserve Re-Election?

I thought this chart on the upcoming US midterm elections was interesting because independents are tracking Republicans very closely while Democrats are living in a different world regarding Congress. Here is what Gallup says: Democrats currently control the House of Representatives, so it follows that Democratic registered voters are more likely than Republican voters to

Scarface: “Say Good Night To The Bad Guy”

Is Al Pacino a great actor or what?  Inspired by Paul Krugman’s comments about China. I hope Dr. Krugman appreciates the humour. Source: Tony Montana, Scarface (1983)

Flashback: Jimmy Carter’s 1979 Malaise Speech

"Malaise" speech When the energy market exploded — an occurrence Carter tried to avoid during his term — he was planning on delivering his fifth major speech on energy; however, he felt that the American people were no longer listening. Carter left for the presidential retreat of Camp David. For more than a week, a

Summers is out

Via Bloomberg: White House officials expect Lawrence Summers to leave his job as the president’s National Economic Council director after November’s congressional elections, according to three people familiar with the matter. His departure would leave Treasury Secretary Timothy Geithner as the only member of President Barack Obama’s original top-tier economic team. Summers, 55, and the

Taiwanese Animation: Primer on Australian Election

Exit polls show Gillard as the winner. Here is the Taiwanese animated version of recent Australian politics. Enjoy.

Full Statement of UK Prime Minister Gordon Brown on Decision to Step Down

Below is the transcript of Brown’s remarks. "We have a parliamentary and not presidential system in this country and as I said on Friday, with no party able to command a parliamentary majority arising from the general election, my constitutional duty as prime minister is to ensure that government continues while parties explore options for