FRIGHTENING: Pelosi could own your house
By Tim Albrecht on July 01, 2009The 1,400-page cap-and-trade legislation pushed through by House Democrats contains a new federal policy that residential, commercial, and government buildings be retrofitted to increase energy efficiency, leaving it up to the states to figure out exactly how to do that. This means that homeowners, for example, could be required to retrofit their homes to meet federal “green” guidelines in order to sell their homes, if the cap-and-trade bill becomes law. FULL FOX NEWS STORY HERE.
SHOCKER: Small Hawaii bank gets aid after call from U.S. senator
By Tim Albrecht on July 01, 2009Sen. Daniel K. Inouye’s staff contacted federal regulators last fall to ask about the bailout application of an ailing Hawaii bank that he had helped to establish and where he has invested the bulk of his personal wealth.
The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm’s losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn’t meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal cases, according to agency documents.
Two weeks after the inquiry from Inouye’s office, Central Pacific announced that the Treasury would inject $135 million. Full Washington Post story here.
CLIVE CROOK WRITES: Obama choosing to be weak
By Tim Albrecht on June 29, 2009As he promised last year, Barack Obama has brought climate change and healthcare reform to the centre of the nation’s attention. As well as evangelising, he is pressing Congress to act. Last week the House of Representatives passed the Waxman-Markey cap-and-trade bill to curb carbon emissions, a measure that, if enacted, would touch every part of the US economy. Both House and Senate have drafted far-reaching healthcare bills, with stunning price tags.
Mr Obama aims to keep his promises, which is admirable. Unfortunately, there is a problem. This is not, as many Republicans argue, that neither issue requires forthright action. Both do. The problem is that the bills emerging from Congress are bad and Mr Obama does not seem to mind.
Full story found here at the FINANCIAL TIMES.
Unions would avoid taxes under Senate health plan
By Tim Albrecht on June 27, 2009June 26 (Bloomberg) — The U.S. Senate proposal to impose taxes for the first time on “gold-plated” health plans may bypass generous employee benefits negotiated by unions.
Senate Finance Committee Chairman Max Baucus, the chief congressional advocate of taxing some employer-provided benefits to help pay for an overhaul of the U.S. health system, says any change should exempt perks secured in existing collective- bargaining agreements, which can be in place for as long as five years.
The exception, which could make the proposal more politically palatable to Democrats from heavily unionized states such as Michigan, is adding controversy to an already contentious debate. FULL STORY.
URGENT: Cap and Tax vote TODAY! Call your member of Congress NOW! (202) 224-3121
By Tim Albrecht on June 26, 2009WASHINGTON (AP) - House Democrats narrowly won a key test vote Friday on sweeping legislation to combat global warming and usher in a new era of cleaner energy. Republicans said the bill included “the largest tax increase in American history.”
The vote was 217-205 to advance the White House-backed legislation to the floor, and 30 Democrats defected, a reflection of the controversy the bill sparked.
The legislation would impose limits for the first time on carbon dioxide and other greenhouse gas pollution from power plants, factories and refineries. It also would force a shift from coal and other fossil fuels to renewable and more efficient forms of energy. Supporters and opponents agreed the result would be higher energy costs, but disagreed widely on the impact on consumers. Full AP story HERE.
