MI Morning Update 10-14-2008
Comrade Obama's Socialism, McCain Within Striking Distance, Government to buy more of nation's largest banks
21 Days Until Election Day
October 14, 2008
COMRADE OBAMA’S SOCIALISM…OUT IN THE LIGHT OF DAY!!!…to a plumber in Ohio on Sunday who told the senator his economic plan would raise his taxes…Here is what Obama said…“My attitude is that if the economy’s good for folks from the bottom up, it’s gonna be good for everybody … I think when you spread the wealth around, it’s good for everybody." If that doesn’t send a shiver down the spines of every hard-working American, I don’t know what will. You can view the exchange with Obama here.
McCAIN READY FOR COMEBACK…as John McCain prepares for his debate on Wednesday, he and his policy advisors are preparing some new proposals to stimulate the economy and has said he is ready to “kick some you know what”! Let John McCain be John McCain and America will vote for him over the potential “risk” that an Obama presidency might bring, someone requiring on the job training.
DETROIT NEWS ENDORSESES TAYLOR… after securing endorsements from the Fraternal Order of Police, the police officers association and the National Rifle Association, Michigan Supreme Court Justice Cliff Taylor picked up the endorsement of The Detroit News. Read the News’ editorial here.
ROMNEY COMES IN FOR WALBERG… Governor Mitt Romney was in town campaigning on behalf of Congressman Tim Walberg. They had a great event at the Capitol Harley dealership just south of Lansing. See the clips here.
LOTTO COMMISSIONER GARY PETERS QUESTIONED…while Gary Peters was the Michigan Lottery Commissioner administrative costs went up and the percentage of revenues that actually made it to schools decreased to 33.1%. Gary Peters pushed for the expansion of casinos, supported 18,000 new slot machines for bars and restaurants and supported 90% of the profits from Lottery slots to go back to the gaming industry and general fund instead of schools…that would have diverted $360 million from schools to date! That’s a whole LOTTO reasons to say no to Gary Peters.
HOOGENDYK v LEVIN DEBATE… Sunday, October 19, at 7pm.Hosted by WGVU and Grand Valley State University, moderated by Peter Ross. Scheduled to be broadcast live by all seven of Michigan’s PBS stations: WGVU-TV Grand Rapids/Kalamazoo, WCMU-TV Mt. Pleasant, WDCQ-TV University Center, WFUM-TV Flint/Ann Arbor, WDET-TV Detroit, WKAR-TV East Lansing, and WNMU-TV Marquette. It will also be streamed live on www.wgvu.com. A second debate will be held by the Detroit Economic Club on Monday, October 20, at noon at the Detroit Marriott. For more information contact Jack’s campaign at www.jackformichigan.com.
ENGLER BACK IN MICHIGAN WITH LAND…former Governor John Engler joined Secretary of State Terri Lynn Land and scores of Republicans at an event last evening at the Rock Financial Showplace in Novi. Governor Engler discussed the importance of the election and helped fire up our grassroots as we head into the last weeks of the campaign. SOS Land organized this event to raise money for House Republican candidates running across Michigan.
OBAMA SUPPORTERS REACT TO PRO-MCCAIN MARCH IN NY…you’ve heard how some McCain supporters are expressing their frustration, or holding up signs and in some cases saying inappropriate things at rallies, but nothing about how Obama supporters act…well see it here.
OBAMA, CLINTON & ACORN FORCED THIS CRISIS…A MUST SEE…Watch as Andrew Cuomo, Clinton’s Secretary of Housing and Urban Development, admits the Clinton administration forced banks to make risky loans to families would otherwise would not have qualified. And see how ACORN’s "community organizers" and the Democrats’ community organizer in chief, Barack Obama, helped bring us this financial crisis.
And here is a short, but excellent analysis from Investor Business Daily of why we are where we are…please look at the graph in the attached article as well.
GRASSROOTS VOLUNTEERS NEEDED…as we reorganize Victory Centers and Call Centers around the state, volunteers continue to make calls, knock on doors and make contributions to fight for Republican candidates up and down the ticket. Please check this link for a Victory Center near you. We need you now, more than ever. http://www.migop.org/inner.asp?z=113
MICHIGAN YOUTH EFFORT GROWS…COLLEGE REPUBLICANS STATEWIDE JUMP IN …our Michigan Youth Counts effort, designed to stop "the brain drain" was in Oakland County this weekend helping 7 key state and local candidates. “Team Brain Drain” to date has made over 12,500 calls, knocked over 4,500 doors, and worked 565 man hours for our Republican candidates. Next week, “Team Brain Drain” will be in Macomb County. For more information please contract Program Director Anthony Markwort at: firstname.lastname@example.org.
GLOBAL WARMING HITS IDAHO…as snow fell in Boise Idaho…scientist and liberals are going nuts. Can’t wait to hear their explanation.
CBS RADIO’S EYE ON MICHIGAN POLITICS…which airs Tuesdays on WWJ.com from 10 a.m. to noon, and again on WWJ radio from 11 p.m. to midnight, will host UAW President Ron Gettelfinger; Wayne Circuit Court Judge Diane Hathaway, who is challenging Michigan Supreme Court Chief Justice Cliff Taylor; Oakland Circuit Court Judge Jessica Cooper, who is running against former state Representative Dave Law for Oakland County Prosecutor; Fritz Wenzel, with Zogby International, to talk about the presidential polls; and Bankole Thompson, political editor for the Michigan Chronicle. Eye on Micigan Politics is hosted by Greg McNeilly, Kerry Ebersole, Todd Cook, and John Truscott.
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By ANDY BARR
John McCain’s chief strategist Steve Schmidt said Monday that the campaign is “well within striking distance” of Barack Obama.
“We are running in a very difficult political environment, that’s not a secret to anybody that’s out there,” Schmidt said during an interview on National Public Radio. “I believe in this race we are approximately six points behind. There’s a lot of the media right now that is writing Senator McCain off for the third or fourth time this year. That means we have ‘em just where we want ‘em in this race.”
“We have an ability to close that distance in the final weeks of the campaign and we’ll be working hard to do that,” Schmidt added. “We feel good about the possibilities of winning the race.”
By DEBORAH SOLOMON, DAMIAN PALETTA, JON HILSENRATH and AARON LUCCHETTI
WASHINGTON — The U.S. government is expected to take stakes in nine of the nation’s top financial institutions as part of a new plan to restore confidence to the battered U.S. banking system, a far-reaching effort that puts the government’s guarantee behind the basic plumbing of financial markets.
To kick off Tuesday’s expected announcement, the government is set to buy preferred equity stakes in Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp. — including the soon-to-be acquired Merrill Lynch — Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon and State Street Corp., according to people familiar with the matter.
Some of the big banks were unhappy about the government taking equity stakes, but acquiesced under pressure from Treasury Secretary Henry Paulson in a meeting Monday. During the financial crisis, the government has steadily increased its involvement in financial markets, culminating with a move that rivals the breadth of the government’s response to the Great Depression. It intertwines the banking sector with the federal government for years to come and gives taxpayers a direct stake in the future of American finance, including any possible losses.
Julie Hirschfeld Davis • Associated Press
WASHINGTON – House Democrats and Republicans pushed dueling economic aid plans Monday as they jockeyed for political advantage on addressing a crisis that is shaping the last weeks of a high-stakes election.
Democrats scheduled hearings to consider a postelection stimulus package that could cost as much as $150 billion. Republicans searched for traction in the debate, calling for more tax cuts and energy exploration to stabilize the economy.
Leaders of both parties appeared eager to pivot, three weeks from Election Day, from backing a $700 billion bailout for Wall Street firms, to advocating more economic aid for their constituents.
By CHARLES SCHUMER
Treasury Secretary Henry Paulson’s decision to make direct capital injections into American financial institutions comes as welcome news. And it is, as some of us argued all along, likely to be the most effective way to deal with the economic crisis.
This crisis is unlike anything we have seen since the Great Depression, and it is rooted in a lack of confidence in American and global financial institutions. As banks have taken huge losses, in part because of the bursting of the housing bubble, confidence has disappeared. Banks now no longer trust each other and have nearly stopped lending altogether. This threatens to bring to a halt our financial system, forcing us to act rapidly, if also wisely.
The administration’s initial approach to the crisis was to propose buying troubled assets from banks. But direct capital injections into financial institutions — modeled on the Depression-era agency, the Reconstruction Finance Corporation (RFC) — always offered a far better prospect of success. The RFC provided fresh capital to banks and restored confidence (and lending) to the U.S. banking system, while making a small profit.
By Henry Payne
Bloomfield Hills, Mich. — How bad is it for Republicans this year? Consider Michigan’s Congressional District 9 in affluent, white-collar Oakland County just north of Detroit, represented for 16 years by Republican Rep. Joe Knollenberg.
Two years ago, Knollenberg survived a tight race as Democrats nationally swept into the House of Representatives to win back the majority they’d lost in 1994. That restored 2006 Democratic majority immediately took aim at the pocketbooks of Knollenberg’s “rich” constituents. Yet, despite Democratic polices that have adversely effected the district’s auto jobs, home values, and taxes, polls blame George W. Bush — not Democrats — for these ills, and the veteran congressman is more vulnerable than ever.
Facing left-wing Democrat Gary Peters, Knollenberg is in the fight of his life just three weeks before Election Day.
A recent Republican campaign ad sarcastically described as Barack Obama’s "one accomplishment" his supporting a bill to promote sex education in kindergarten.
During an interview of a Republican spokesman, Tom Brokaw of NBC News replayed that ad and asked if that was something serious to be discussed in a presidential election campaign.
It was a variation on an old theme about getting back to "the real issues," just as Mr. Brokaw’s question was a variation on an increasingly widespread tendency among journalists to become a squad of Obama avengers, instead of reporters.
By ADAM NAGOURNEY
WASHINGTON — Howard Wolfson, the generally pessimistic Democratic consultant who was a senior adviser to Senator Hillary Rodham Clinton, wrote an item on his blog at The New Republic the other day, declaring without qualification that Senator Barack Obama would defeat Senator John McCain.
“It’s Over,” the headline read.
Interviews with Republican leaders and strategists over the past few days turned up little real resistance to Mr. Wolfson’s pronouncement, though none of those interviewed was prepared to say anything like that for the record.
But is it over? With 23 days, one presidential debate, and countless advertisements, speeches and attacks and counterattacks left to go, could this hugely anticipated race for the White House really be over?
By JAMES PRICHARD
The Associated Press
WYOMING, Mich. (AP) — Despite the long downturn in the domestic automotive industry, Greg Golembiewski said he didn’t see it coming.
The president of United Auto Workers Local 730 said he was stunned when a General Motors Corp. official informed him Monday that the automaker was closing its three-shift metal-stamping plant in Wyoming, a Grand Rapids suburb.
Production will be phased out by the end of next year at the Grand Rapids Metal Center, which manufactures doors, hoods, fenders and other parts of GM vehicles, mostly trucks. The factory, which opened in 1936, has about 180 salaried workers and 1,340 hourly employees whom the union represents.
David Ashenfelter • Lansing State Journal
A federal judge in Detroit ordered state elections officials Monday to halt one of two methods for purging voters from Michigan’s computerized voting rolls.
U.S. District Judge Stephen Murphy III told state officials to immediately stop canceling the registrations of newly registered voters whose voter identification cards are returned as undeliverable by the post office. Murphy said state officials must restore the names of 1,438 people who have been removed from the rolls under this method since Jan. 1.
Murphy said a second practice – removing the names of people who apply for driver’s licenses in other states – also is illegal, but the prospects of restoring the names of about 200,000 people, only a few of whom were wrongly removed, "would risk grave harm to the public interest by permitting a large number of ineligible voters to vote."
Turn on the TV news when John McCain is picking up undecided voters by invoking Barack Obama’s relationship with unrepentant American terrorist William Ayers and, invariably, some liberal talking head will sniff in disgust and say Ayers is no big deal where Obama comes from.
Unfortunately, that’s true. Ayers is a terrorist. But this is Chicago.
Obama and Ayers are neighbors and they worked together on school issues with the same foundation. Obama’s political coming-out party was held in Ayers’ living room when Obama was running for his first political office.
And the boss of Chicago is Mayor Richard Daley. Mayor Shortshanks has thrown his protective embrace around both men. These are facts.