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Report: 2M jobs lost if automatic cuts kick in | Fox News: "The study, obtained by The Associated Press, was conducted for the Aerospace Industries Association, but it examined the shared pain for defense and domestic programs from the across-the-board reductions slated to kick in Jan. 2. The cuts would reduce the nation's gross domestic product by $215 billion next year while consumer confidence would plummet, said the report by Dr. Stephen Fuller of George Mason University and Chmura Economics and Analytics."
Sweet! There are no costs to the government spending money! That makes so much sense!
And of course the Aerospace Industries Association has no incentive to say that we should keep government spending -- they don't get any extra benefits from government spending so they can be trusted!
Tuesday, July 17, 2012
Monday, July 16, 2012
Calif. cities eye plan to seize mortgages | Fox News
Calif. cities eye plan to seize mortgages | Fox News: "The idea was broached by a group of West Coast financiers who suggest using the power of eminent domain, which lets the government seize private property for public use. In this case, they would condemn troubled mortgages so they could seize them from the investors who own them. Then the mortgages would be rewritten so the borrowers would have significantly lower monthly payments."
"In this case, supporters say, the public purpose is served because communities battered by foreclosures have seen tax rolls decimated and services gutted and have suffered economic blight."
"Here's how it would work for a hypothetical city:
— The city goes to court and argues that the public purpose is served by having the county own, and ultimately refinance, the mortgage.
— The city pays fair market value to the owner of the mortgage. That is usually a securitization trust, an otherwise passive financial entity used to bundle mortgages and sell pieces to investors that became a bigger part of the mortgage market during the 2000s housing boom.
— The city, the new owner of the mortgage, encourages and helps the homeowner to find refinancing. Now the principal is lower, and interest rates are at historic lows, so the homeowner winds up with easier monthly payments.
— Mortgage Resolution Partners collects a flat fee, $4,500 per loan, for helping the city find homeowners who can be helped and for handling the other mechanics of the process."
The problem is that people owe more than the house is worth, so a company thinks the government should take the loan an refinance it to lower the payments. So it doesn't solve the problem and the company makes *only* $4,500 per house!
"In this case, supporters say, the public purpose is served because communities battered by foreclosures have seen tax rolls decimated and services gutted and have suffered economic blight."
"Here's how it would work for a hypothetical city:
— The city goes to court and argues that the public purpose is served by having the county own, and ultimately refinance, the mortgage.
— The city pays fair market value to the owner of the mortgage. That is usually a securitization trust, an otherwise passive financial entity used to bundle mortgages and sell pieces to investors that became a bigger part of the mortgage market during the 2000s housing boom.
— The city, the new owner of the mortgage, encourages and helps the homeowner to find refinancing. Now the principal is lower, and interest rates are at historic lows, so the homeowner winds up with easier monthly payments.
— Mortgage Resolution Partners collects a flat fee, $4,500 per loan, for helping the city find homeowners who can be helped and for handling the other mechanics of the process."
The problem is that people owe more than the house is worth, so a company thinks the government should take the loan an refinance it to lower the payments. So it doesn't solve the problem and the company makes *only* $4,500 per house!
Friday, July 13, 2012
Obama Policy Is Positive Step, But Could Delay Real Reform | Alex Nowrasteh | Cato Institute: Commentary
Obama Policy Is Positive Step, But Could Delay Real Reform | Alex Nowrasteh | Cato Institute: Commentary: "The last time Obama used his prosecutorial discretion to review deportation cases, his administration promised to stop the deportations of unauthorized immigrants with strong American family ties and no criminal records. Since that policy went into effect in November 2011, Department of Homeland Security officials stopped deportations in a bare 2 percent of the 411,000 cases reviewed. Last week's memo could be just a repeat of that."
Obama's Executive Unilateralism | Gene Healy | Cato Institute: Commentary
Obama's Executive Unilateralism | Gene Healy | Cato Institute: Commentary: "In an interview with a panel of Latino journalists last fall, the president had a different take: "This notion that somehow I can just change the laws unilaterally is just not true. We live in a democracy," he insisted. "You have to pass bills through the legislature and then I can sign it." That's why, despite the urging of immigration activists, he could not implement the Dream Act via executive diktat."
"The University of Chicago's Richard Epstein warns that "government by waiver" is "among the most serious challenges to the rule of law in our time." The growth of the administrative state has concentrated enormous discretionary power in the president's hands, and he can use that power to reward political allies and legislate by decree without the inconvenience of democratic deliberation.
Consider the conditional waivers the administration has granted to 10 states, freeing them from the strictures of the No Child Left Behind Act — but only if they adopt certain reforms, nowhere to be found in the law."
"the president's union allies were suspiciously overrepresented in Obamacare waivers granted by Health and Human Services Secretary Kathleen Sebelius, loosening administrative cost limits in employer health plans."
"The University of Chicago's Richard Epstein warns that "government by waiver" is "among the most serious challenges to the rule of law in our time." The growth of the administrative state has concentrated enormous discretionary power in the president's hands, and he can use that power to reward political allies and legislate by decree without the inconvenience of democratic deliberation.
Consider the conditional waivers the administration has granted to 10 states, freeing them from the strictures of the No Child Left Behind Act — but only if they adopt certain reforms, nowhere to be found in the law."
"the president's union allies were suspiciously overrepresented in Obamacare waivers granted by Health and Human Services Secretary Kathleen Sebelius, loosening administrative cost limits in employer health plans."
Wanted: Servants, Not Celebrities | Richard W. Rahn | Cato Institute: Commentary
Wanted: Servants, Not Celebrities | Richard W. Rahn | Cato Institute: Commentary: "The empirical evidence supports the stereotype that the Republicans are somewhat more restrained when it comes to spending than their Democratic colleagues, but that is a low standard. "
"History shows that both Republicans and Democrats usually end up voting for more spending (and taxing) than they promise during their election campaigns. The basic problem is that they are heavily lobbied by those who want specific spending programs, and rewarded with campaign contributions for voting in favor of those programs."
"By 1988, he garnered 71 percent of the vote — the all-time record for any Long Island congressman. He was a model of how a lawmaker can be fiscally responsible, yet get re-elected time and time again in a swing district (after defeating a well-known Democrat)."
"Mr. Lent once told me that he thought the reform that would have the biggest single effect would be to no longer allow the sponsor of a bill or party leadership to name the legislation. "
"History shows that both Republicans and Democrats usually end up voting for more spending (and taxing) than they promise during their election campaigns. The basic problem is that they are heavily lobbied by those who want specific spending programs, and rewarded with campaign contributions for voting in favor of those programs."
"By 1988, he garnered 71 percent of the vote — the all-time record for any Long Island congressman. He was a model of how a lawmaker can be fiscally responsible, yet get re-elected time and time again in a swing district (after defeating a well-known Democrat)."
"Mr. Lent once told me that he thought the reform that would have the biggest single effect would be to no longer allow the sponsor of a bill or party leadership to name the legislation. "
Obama, Romney short on specifics for voters | Fox News
Obama, Romney short on specifics for voters | Fox News: "Romney, for example, has pledged to cap total federal spending at 20 percent of the gross domestic product by the end of his first term, increase defense spending and put the federal budget on track to be balanced within eight to 10 years. But he's offered scant detail about the painful spending cuts that would be necessary to pull off such a trifecta."
Thursday, July 12, 2012
Will the House Block the Farm Bill Pig-Out? | Tad DeHaven and Chris Edwards | Cato Institute: Commentary
Will the House Block the Farm Bill Pig-Out? | Tad DeHaven and Chris Edwards | Cato Institute: Commentary: "Supporters are calling it a "reform" bill because it would trim a measly two percent from projected spending over the period."
"most farm subsidies don't go to small family farms. The largest 10 percent of recipients receive more than two-thirds of all farm subsidies"
"For the passage of the last major Farm Bill in 2008, 100 House Republicans helped the Democrats override President Bush's veto of that spending monstrosity."
"New Zealand abolished virtually all of its farm subsidies, and after an adjustment period, farm productivity, profitability, and output from that country's agriculture industry rose substantially."
"most farm subsidies don't go to small family farms. The largest 10 percent of recipients receive more than two-thirds of all farm subsidies"
"For the passage of the last major Farm Bill in 2008, 100 House Republicans helped the Democrats override President Bush's veto of that spending monstrosity."
"New Zealand abolished virtually all of its farm subsidies, and after an adjustment period, farm productivity, profitability, and output from that country's agriculture industry rose substantially."
Wednesday, July 11, 2012
IPAB, Obamacare's Super-Legislature | Michael F. Cannon and Diane Cohen | Cato Institute: Commentary
IPAB, Obamacare's Super-Legislature | Michael F. Cannon and Diane Cohen | Cato Institute: Commentary: "[ Independent Payment Advisory Boarb] consists of up to 15 unelected government "experts." Its stated purpose is to restrain Medicare spending. If projected spending exceeds certain targets, Obamacare requires IPAB to issue "legislative proposals" to reduce future spending. Those proposals could include drastic cuts that jeopardize seniors' access to care, leading some critics to label IPAB a "death panel.""
"That makes IPAB more than an advisory board. It's a super-legislature whose members are more powerful than members of Congress."
"Under Obamacare, after 2017 Congress could repeal Medicare, but not the board it created to run Medicare. Congress and the states could repeal the Bill of Rights — but not IPAB."
"if Congress fails to repeal IPAB in 2017, the secretary must implement IPAB's edicts even if Congress votes to block them."
"Fortunately, one Congress cannot bind future Congresses by statute."
"That makes IPAB more than an advisory board. It's a super-legislature whose members are more powerful than members of Congress."
"Under Obamacare, after 2017 Congress could repeal Medicare, but not the board it created to run Medicare. Congress and the states could repeal the Bill of Rights — but not IPAB."
"if Congress fails to repeal IPAB in 2017, the secretary must implement IPAB's edicts even if Congress votes to block them."
"Fortunately, one Congress cannot bind future Congresses by statute."
Ky. woman fights porn companies' anti-piracy suits | Fox News
Ky. woman fights porn companies' anti-piracy suits | Fox News: ""It is no more likely that the subscriber to an IP address carried out a particular computer function — here the purported illegal downloading of a single pornographic film — than to say an individual who pays the telephone bill made a specific telephone call.""
Tuesday, July 10, 2012
Witness: Driver of runaway Ohio truck saved others | Fox News
Witness: Driver of runaway Ohio truck saved others | Fox News: "Witnesses praised the driver for maneuvering around a busy intersection, pedestrians and a strip mall. Driver Trista Merendino watched the scene and told the Akron Beacon Journal it was clear that Burgess sacrificed himself to save other people."
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