A "Decisive Defeat" But Is Anyone Winning?

On the eve of Election 2010, most pollsters and pundits are predicting a decisive defeat for Democrats with most claiming this is a referendum of the Obama administration. But, what, exactly does this vote mean for the economy and U.S. middle class?

Reading the tea leaves, pun intended, one must wonder how the media can be so disconnected with what is really going on in America.

What are people so pissed about? Is it bi-partisanship, Obamacare, the Stimulus, taxes? Is it elected officials are not liberal, moderate, conservative, work across the aisle enough?

All of that is wrong.

As a site which has daily written about the United States economy, I can definitely say it's about jobs.

Wall Street got a bail out and bonuses, Americans got laid off and made poor. Special interests and even China got Stimulus, Americans got more jobs offshore outsourced and foreclosed upon. High frequency traders made billions, regular Americans lost their meager retirement.

Now there is pressure for Obama to shed himself of his advisers.

Among the complaints: Mr. Obama conveyed an incoherent message that didn't express what Democrats would do over the next two years if they retain power; he focused more on his own image than helping Democratic candidates; and the White House picked the wrong battle when it attacked Republicans for using "outside" money to pay for campaigns, an issue disconnected from voters' real-world anxieties.

The Keys to the Kingdom - Congressman Peter DeFazio on the Bailout

It's a Bunch of B.S.

You heard it. He said it.  Representative Peter DeFazio called Treasury Secretary Paulson's Bail Out Bill a bunch of B.S.....


The Reaction?    Damn straight Congressman DeFazio!

If only we had more of you to represent us!

Anyone not familiar with Congress Representative Peter DeFazio of Oregon, you should be.  This is one guy who cannot be bought and speaks some obvious truth and votes accordingly!  Pander?   Not this guy and he sure as hell isn't pandering in this speech.

Tax and Spend Democrats

Republicans have successfully equated “Tax and Spend” and the “Democratic Party” for as long as I can remember. They have been extremely successful in throwing out this phrase to scare tax payers into believing that Democrats want to take their hard earned money and squander it on things that the Republicans feel are unnecessary. Every time a Republican is running for office, or just talking about Democrats in general, the term is used as an insult, without a rebuttal from Democrats.

I don’t understand why Democrats haven’t embraced this term and used it to their own advantage. “Tax and Spend” actually equates to “fiscal responsibility”. It has nothing to do with over taxing citizens or wasteful spending. It simply means that we should pay for what we spend rather than borrowing the money from our children and grand children.

Friday Movie Night - It's all about the Money

hot buttered popcorn

It's Friday Night! Party Time!

Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

This weeks video clip theme is Corruption and Conventions, brought to you by Corporate Lobbyists (and now a word from our sponsors):

ABC News aptly called this spectacle Lobbyists Gone Wild:

Democratic Convention - Energy & Healthcare, What about Manufacturing? - Open Thread

Just out of curiosity, tonight I just started watching today's DNC, missed the first hour (6pm CST).  So far I've heard a ton about healthcare, and Steny Hoyer has said something about jobs. Well, actually, right now, Michigan Governor Jennifer Granholm, who is doing a question and answer session using a panel. She's actually specifically mentioned industrial jobs. The theme so far in the questioning is that clean energy will equal more jobs.

Tidbits from the Democratic Policy Platform

This is a first review the Democratic Policy Platform Draft in terms of trade, economic and labor reforms, focus on US workers. I'll let you click on the original and decide for yourselves.

What I see is a lot of problem description and a whole lot of vague rhetoric that implies more of the same. We know more of the same is not dramatic policy change in favor of US national economic interests or US workers interests.

Parsing through the pages and pages of rhetoric which describe various problems, I managed to pull out a few hints of actual policy agenda and frankly it's not good.

Treasury Trouble: Is the government giving bad TIPS?

A little story passed by the radar of most folks this past week. A piece of news that really shows the US reaching a watershed moment. What is this oh so awesome thing? Well it isn't awesome, in fact, it isn't good at all. Investors are starting to reject government securities.

Treasury Inflation Protected Securities (TIPS) has been a staple investment for a long time, finding a home in portfolios big and small. So what are TIPS, and why should I care?

So what's the deal on TIPS?

Manufacturing Forum - Obama and Clinton

Today a manufacturing forum was held with both Presidential candidates for the Democratic primary.

What is amazing is this seemingly was not broadcast on CNN, or on CSPAN. Trade and manufacturing policy area is critical to the US economy, so not covering such a forum is ....well, par for the course? Anything important is obscured, anything divisive is sure to be played over and over.

Guess who didn't even bother to show up? John McCain.

Of course the bitter tit for tat rhetoric is ongoing, with Obama in retaliation commenting others surrounding Hillary support bad trade deals which ignores Hillary's position statements or the lack of his own. Yet again, policy positions are obscured.

In my opinion, there are only two things that matter:

  1. The actual policy proposals and positions