When the Dow Jones Industrial Industrial Average plunged almost a thousand points within a period of 15 minutes on Thursday, May 6, 2010, the credibility of Wall Street should have come into question. Should have because to this point there has been little in the way of hard information to go by in assessing the full extent of the problem. There has been discussion in the media of a “fat finger” trade by a human trader as being the possible source of the problem — something about someone entering the number of shares to be sold in billions instead of millions. Stupid, error prone human. Wasn’t the machines fault.
The Politics of Immigration
Immigration has been a source of political discord since the beginning of our republic – despite the fact that we are a nation of immigrants. As early as the late 1700s, immigration was the subject of legislative action. The very first Congress passed The Naturalization Act of 1790 which read: “That any alien, being a free white person, who shall have resided within the limits and under the jurisdiction of the United States for the term of two years, may be admitted to become a citizen …” Congress subsequently extended the waiting period from two to five years in 1795, and to fourteen years in 1798.
Observations from Mexico
My family just returned from a relaxing week in Riviera Maya on the Yucatan Peninsula in Mexico just south of Cancun. Like many Mexican resorts, the one we stayed at was spectacular, the weather was beautiful, and the only problem with the experience was that it had to end. While there, I found myself taking some mental notes that I’d like to share. First of all, safety at Mexico’s east and west coast resorts is just not a problem. Cancun, Cozumel, Cabos San Lucas, Puerto Vallarta, Mazatlan – in these places one feels quite safe, and much safer than in most large American cities. Even when venturing out into the countryside for shopping or sightseeing, the environment is typically warm and welcoming and the Mexicans you meet along the way are consistently friendly. They don’t demand that you speak Spanish – and among the most successful Mexicans in the tourist trade appear to be those who speak good English.
Posted in American Politics, Economic Policy
Tagged American Politics, Mexico, travel to Mexico
5 Comments
Deficits Not The Problem – They Are The Solution!
Deficits have in the modern era been the only effective tool the federal government has had in its arsenal to fight recessions, and especially serious declines such as during the Great Depression. So are federal deficits the problem today, or the solution? A look at the facts might surprise you. Continue reading
Obama Governing From the Center
The surest sign that a Democrat serving as President of the United States is heading for the center of the American political spectrum is when he plays the foreign policy card. And President Obama has clearly signaled his intention to govern from the foreign policy center since taking office. The troop surge in Afghanistan, and the renewed relationships with India and Pakistan that enable much more aggressive anti-terrorist activity in that part of the world, both signal that this Commander-in-Chief is very much taking the fight to those who would do harm to our homeland. Even the recent nuclear arms agreement with the Russians signals that this President intends to exploit the Presidential advantage in foreign policy.
Feds Take Over Federal Student Loans
As part of health care reconciliation, major changes were enacted into law relating to federal student loan programs. Included in this legislation is what appears to be no less than a federal takeover of federal student loans, along with big increases in Pell Grants.
Helping Americans With Credit Card Debt
Let’s concede up front that the Congress often doesn’t get it right. All the political back and forth, and the back room deals, too often result in sub-optimal policy solutions, and imperfect lawmaking. Today, though, I’d like to highlight the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 — legislation that went into effect on February 22, 2010. Although it was very much a product of compromise and could have contained even stronger consumer protections, it will nonetheless help a lot of people with credit card debt.
Posted in American Politics, Personal Finance
Tagged American Politics, credit card debt, debt relief, Economic Policy
9 Comments
Electoral Nullification
In the world of jurisprudence, the concept of jury nullification raises the spectre of tainted justice – of juries overlooking evidence and the facts to deliver questionable innocent verdicts. Today’s Republican party leadership appears to be working toward something more like electoral nullification – appealing to the emotions of a wary and fearful electorate to nullify the results of the elections of 2006 and 2008. The Democrats won control of the House of Representatives in the election of 2006, and in 2008 emerged with a clear majority in the House, and something just shy of the super-majority needed to prevail in the face of Republican filibusters. The effect of Republican tactics in the Senate since the Democrats won control of the House of Representatives in 2006 has been an attempt at what amounts to electoral nullification.
Republicans Whine About Reconciliation
It’s not surprising that Republicans are this week whining about the impending attempt by the Democrats to use Senate reconciliation rules to pass Health Care Reform legislation. It’s the kind of thing that has become the norm in today’s fractured American political environment. But really, come on. Are we Americans not intelligent enough to see how silly this is? Let’s look at the big picture. Senator Lindsey Graham (R-SC) goes on Fox News, Orrin Hatch (R-UT) writes an op-ed piece for the Washington Post, and the Republican propaganda machine goes into overdrive warning us that the big bad government is about to impose its will on us by a majority vote. Not only that, but the people doing the voting are the elected representatives of the people. Who knew that tyranny could look like democracy is sheep’s clothing?