Ken Lewis, a progressive candidate running for the Democratic nomination to defeat Sen. Richard Burr, has called upon the members of the North Carolina Banking Commission to be accountable for their approval of bank bonuses in 2009.
As our economy collapsed, in large part due to the irresponsibility of banks and bank regulators, the NC Banking Commission approved massive cash bonuses for industry executives. Only because of leadership from the North Carolina General Assembly were those who lead our economy off a cliff not rewarded for doing so.
Cal Cunningham has sought to escape accountability for his vote to approve bonuses for bankers. Both he and his senior strategist Scott Falmlen are members of the NC Banking Commission. Not only was Cunningham present on the call, his senior strategist was the first to move for approval of the bonuses.
Politico reports Heath Shuler and the rest of the Blue Dogs are ready to kill the jobs bill because it requires a waver of the pay-go rules and would slightly increase the deficit. I guess Heath thinks that a decade of double digit unemployment is better than growing the deficit. He must have flunked Macro Econ in college. The Blue Dogs and the rest of the neo-Hooverites are determined to replay the Great Depression.
P.S. There are plenty of economist who are saying that a short term increase of the deficit by a jobs bill will actually decrease the deficit in the long run, by putting people back to work and returning tax revenues back to normal. Don't forget that 1/3 to 1/2 of the existing deficit is from decreased tax revenues caused by the economy cratering.
Submitted by Anonymous on Tue, 02/09/2010 - 7:27pm
Okay, here is something I saw on an email. With the majority of the lawyers in either house of congress being democrats and the majority of the businesspeople in either house of congress being republicans, why should we not get the two together.
SAW IT ON EMAIL so take it for what it is worth. PLEASE do not go berserk trashing me for it.
Worth thinking about. I am sure there will be adequate disagreement about it.
Submitted by Pam Spaulding on Thu, 12/10/2009 - 11:56am
I was surprised to receive a phone call from the Kenneth Lewis campaign a couple of weeks ago; I knew a few things about the Durham attorney, who has jumped into the U.S. Senate race to dislodge Richard "Bank Run" Burr from his seat -- 1) he has little name recognition; 2) he has not held public office before and 3) he has worked behind the scenes in politics for a long time, fundraising and organizing on several campaigns, including the U.S. Senate campaigns of Harvey Gantt and Erskine Bowles. In 2008, he was part of the finance team in North Carolina for the Obama campaign.
Submitted by repbradmiller on Tue, 06/02/2009 - 11:53am
Serious economists are now arguing that we should not reflexively celebrate “innovation” in the financial sector as we do innovation in the real economy. I was ahead of my time. I said the same thing almost two years ago, and people laughed at me.
Okay, that may have had something to do with how I said it.
When the House debated predatory mortgage lending legislation on November 15, 2007, I responded in an extemporaneous floor speech to Republican arguments that the legislation would throttle innovation in the financial sector, using an example of innovation in the real economy that was within my reach:
Submitted by fake consultant on Wed, 05/20/2009 - 1:05am
So there’s a lot of conversation out there about car dealerships being told they won’t be selling cars for Chrysler and GM any more.
The idea, we are told, is to save the auto manufacturers money by reducing the number of dealerships with whom they do business.
I don’t really know that much about the car business; and I really didn’t understand where these cost savings would come from, but I was able to have a conversation with the one person I do know who actually could offer some useful insight.
Follow along, Gentle Reader, and you’ll get a bit of an education at a time when we all need to know a bit more about these companies we suddenly seem to own…and about the closure of thousands of local businesses that will make the news about our bad job market worse.
Submitted by Cook for Good on Wed, 05/06/2009 - 9:59am
Organic food prices continue to drop to an average of $1.65 per meal per person since the high of $1.88 in February, using the Cook for Good menu plan. Regular meals are up a penny to $1.16. You can go green for $0.52 a meal or 44% more total for the month.
See more details below, plus learn why splurging on strawberry shortcake is an affordable indulgence after all.
I thought I'd start this forum as a place for folks to post their ideas and thoughts about how to save some cash during the downturn. I lived through this as a kid in Pennsylvania back when Steel and Coal disappeared. It was pretty much like it is now, except at the time it was only Pennsylvania that was suffering the pain. So, here are some thoughts about how to survive the downturn. Please add your own in the space below and I'll keep adding more as they come to me.
Start buying generic groceries, which in this day and age means buying store brands. Yes, you'll be jacked up with chemicals and preservatives and artificial colors - but you'll save some money in the process.
As the reality of the recession sinks in, consumer confidence has reached frightening lows. People all across the income spectrum here in North Carolina are hunkering down – and worse. With job losses reaching record levels, the global economy has become a literal death spiral. People in my neighborhood are foregoing medical treatment to pay for food and shelter. People in other countries are simply starving.
As President Obama said last night, this precipitous decline has come on the heels of the greatest transfer of wealth – from the middle class to the super rich – in modern history. It is time for the wealthy to do their part. And not just by paying higher taxes.
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