Public Policy Polling and CNN/Opinion Research both find that the Republicans hurt themselves much worse in the polls during the debt ceiling fight than they hurt the Democrats or the president. Of course, politics is not a game of winning polling battles in August of an off-year. In the bigger picture, the Republicans are making progress in their quest to murder the federal government in Grover Norquist’s bathtub. They’re also making the president look ineffectual. It would be nice if we had some good news from Wisconsin tonight. That would provide some hope that the people are in a mood to punish the Republicans severely for their bad behavior. That’s what we need tonight, and that’s what we need next year.
About The Author
BooMan
Martin Longman a contributing editor at the Washington Monthly. He is also the founder of Booman Tribune and Progress Pond. He has a degree in philosophy from Western Michigan University.
36 Comments
Recent Posts
- Day 14: Louisiana Senator Approvingly Compares Trump to Stalin
- Day 13: Elon Musk Flexes His Muscles
- Day 12: While Elon Musk Takes Over, We Podcast With Driftglass and Blue Gal
- Day 11: Harm of Fascist Regime’s Foreign Aid Freeze Comes Into View
- Day 10: The Fascist Regime Blames a Plane Crash on Nonwhite People
What Obama could be doing for the economy:
http://www.washingtonpost.com/blogs/plum-line/post/time-for-liberals-to-crank-up-pressure-on-obama-a
nd-federal-reserve/2011/03/28/gIQA9D544I_blog.html
I don’t like politicizing monetary policy, but they are not doing their jobs because of endless Republican appointees.
The Fed just announced that they are keeping interest rates at 0 for the next two years.
But it’s interesting: you have an argument about how the Fed isn’t doing enough: ok. So, it’s actually about Obama?
It’s about both of them: because he has not filled two chair seats, and they’ve been empty for a long time.
Oh, and that’s good…they won’t tighten monetary policy and will continue chugging along. I’m so glad. As Yglesias has said, they whiffed.
Anyway, people keep saying he can’t do anything, and these are clearly things he can influence. But he’s not. I praised his Fed choices — in case anyone remembers my post from that long ago — but he’s just let the best choice (Diamond) die. Not to mention the other empty seat.
So let me understand what you’re saying:
Obama nominated Diamond, an excellent choice, and the GOP refused to let the nom go to a vote, not ever till the heat death of the universe.
Any other appointee to the left of Attila the Hun will also be blocked — hell, maybe the Hunster himself would be blocked just to spite the O-man.
Obama can’t recess-appoint anyone because the GOP is using a technicality to keep Congress in permanent session, so no recesses are available in which to make an appointment.
And so the empty seats are…… Ding ding ding! Obama’s fault! All his fault! Because he’s weak and he caves and he’s an empty suit and primary him!
Is that about it?
Read the link for fucksake. It was even written by someone whom was linked on every topic regarding Drew Westen.
Which goes to my point about what I said in the Westen thread about Bernstein. He’s been infected with Village-itis. People on the left were apoplectic that Obama would reappoint “B-52” Ben. What the hell has he been reading the past 3 years?
Meh, I supported Ben’s reappointment; there’s a reason he’s been known as Helicopter Ben! I certainly didn’t want it to go down in flames after Obama nominated him. There were spots where Obama could have went out of left-field. I loved all of his other nominations, but they weren’t lefties or non-traditional by any means. But they could counter the endless influence Republicans have had on the process…thus my support.
But nope…we can just pretend he has no influence and can’t do anything.
I, for one, thought Stiglitz was and is a better choice. And he’s probably over qualified. But can’t have anyone who might say bad things about the banksters, can we?
Meh, I supported Ben’s reappointment; there’s a reason he’s been known as Helicopter Ben!
And the reason he’s “Helicopter Ben” is because he does things like put the interest rate at zero for years on end, and then announce that it’s going to stay at zero for two more years.
Who*
yes, that seems to be the point. ppl forget that there is no recess (due to the Get Obama Party shenanigans) and clamor for him to recess appoint to various positions.
The Fed is irrelevant except to keep things from getting worse because of the paper money games on Wall Street. Nothing happens until that money gets into more consumption than a CEO’s wife can spend buying fashions and jewelry and the CEO can spend buying another house or a bigger yacht. Swapping paper is not really investment; it contributes nothing to production until it is embodied in some real plant, equipment, and jobs. Which at least creates demand,
So, if Obama fills those slots, he should fill them with some Main Street sort of folks. It would be interesting to see if Warren Buffett failed to be confirmed to one of the seats; Buffett has transportation infrastructure and manufacturing in his portfolio at Berkshire Hathaway. Another interesting pick would be Eric Schmidt of Google. I think we are suffering from too much banking and academic expertise at the Fed.
good suggestions and maybe they would be confirmed after all.
it’s not just “swapping paper” that’s the problem. companies, corporations, investment bankers, et al, are sitting on huge stockpiles of cash. hell, look on the bright side tarheel…apple has more cash than the fedsApple has more cash than the federal government… it makes some decent $$$ for all those custodial banks like BoNY… and… it keeps t-bill yields at zero…just doing their part for deficit reduction….it’s a win/win dude.
what’s not to like?
The Fed is irrelevant except to keep things from getting worse because of the paper money games on Wall Street.
Exactly; the Fed is at the limit of its stimulatory powers.
These people bitching about the empty seats understand, in every other context, that corporate America is already sitting on record amounts of cash, and that inadequate access to financing on the part of lenders is not even on the list of what is wrong with the economy.
But when there’s a chance to blame Obama for their Aunt Marie’s gout, they turn around a pretend that some vaporware looser monetary policy could be saving the economy, if only the Green Lantern were President.
the Fed is at the limit of its stimulatory powers.
I should have said, at the limits of its stimulatory powers through pushing money on “lenders.”
It can still work to set expectations in such a way that those oh-so-flush “lenders” actually decide to start lending.
Such as, by announcing that interest rates will remain at zero for two years, no matter what happens.
because he has not filled two chair seats, and they’ve been empty for a long time.
And interest rates are at zero, and will remain there for the next two years.
and will continue chugging along
At zero. You don’t seem to understand this point. It’s zero.
They stand pat. Why?
BECAUSE THEY’RE AT ZERO!
these are clearly things he can influence
You know, like invent a number. Do you even have the slightest shred of evidence that the most liberal prospective board member in the country would be more activist than this Fed?
OK, here’s what’s actually happening on Planet Earth:
Stocks Soar After Fed Pledges Low Rates Into ’13
WASHINGTON–The Federal Reserve offered super-low interest rates for two more years Tuesday — an unprecedented step to arrest an economic free fall that dragged down the stock market. Wall Street roared its approval and finished a wild day with a 429-point gain.
Oh, if only Barack Obama appointed highly-political people and had big fights with Congress that made internet progressives feel awesome, we might have the most activist Fed in American history, breaking new ground in its handling of monetary policy to promote stimulus.
OH, WAIT!
“Standing pat?!?” You know so little about how the Fed works that you’re describing this statement as “standing pat,” – an uprecedented move, something that has never before been done in Fed history, but you’re still bashing Obama for appointing Bernanke?
Gee, maybe you can imagine some action the Fed could take beyond today’s announcement that would have happened, beyond merely – ahem – “standing pat…”
OH, WAIT!
The central bank left open the possibility of a third round of bond purchases designed to hold interest rates down and push stock prices up…Some analysts also attributed the late-day rally to wording in the Fed’s statement suggesting it might take further steps to stimulate the economy in the future.
Geez, that Obama and his do-nothing Fed!
he can’t recess appoint anyone because there’s no recess.
Hurrah!! Go Clap!!!
Reid has picked his Super Committee people: Kerry, Baucus, Murray. At least there’s no Manchin, Warner or Conrad. Baucus could be a problem. All they need is one…
http://twitter.com/#!/search/kerry%20murray%20baucus
Less popular, and more Crazy (or Crazy-making)
Wish my wife hadn’t run off–I’d have liked to retire to the Philippines. Government’s corrupt, but at least it’s honestly corrupt…they might hide it, but they don’t really lie (or lie to themselves) about it like we do here in the States…
I’ve become rather disillusioned about the quality of my nation’s government…
I was wondering if you were gonna get back on the STD kick, Booman. Been awhile.
Reid has announced the Senate Dems on the “Joint Committee on the Deficit”. They are:
Patty Murray
John Kerry
Max Baucus
Kerry has progressives bent out of shape by muttering something about putting a $4T plan on the table or more than a $4T plan.
Here is such a thought experiment:
FY2012 Deficit $2.5T mostly from sending money to backfill state budgets and on infrastructure projects (deferred maintainence, for example).
FY 2013 Deficit $1.5T mostly for continued repair of infrastructure.
FY 2014 Balance budget as end of Bush tax cuts start to accumulate revenue.
FY 2015 $200B surplus
FY 2016 $500B surpus
FY 2017 $2T surplus
FY 2018 $4T surplus
FY 2019 $8T surplus
FY 2020 $4T surplus
FY 2021 0 national debt.
I sure Republicans would love to continue this plan if a Republican was elected President in 2016.
Now what would the economy have to look like to generate an $8T surplus? A $28T with a 35% average tax rate would do it. That is almost double current output.
This plan not only cuts $4T in 10 years, it eliminates the national debt in 10 years. And the current average tax rate for all – federal, state, and local – taxes is in the neighborhood of 26% of GDP. So you are talking about taking an additional 9% of GDP in federal tax revenues. Prudence would dictate that that be earmarked specifically to pay down the debt in the years after FY2016.
Obama is now leading against Mr “Generic Republican” for the first time
http://tpmdc.talkingpointsmemo.com/2011/08/obama-surges-to-lead-against-generic-republican.php#more
In other words, Republicans would be best off to nominate someone secretly, have them campaign in a brown paper bag printed with the GOP logo and the label “Republican candidate”, announcing who that person is only after the election–than the would be running any of the current names.
Pretty much, yeah.
Heh, well put. Isn’t that exactly what happens in most state and local elections? You don’t know the candidates from Adam and vote for the (R) or the (D). The GOP has always gotten away with running weaker candidates because their brand is strong.
The title of the post is somewhat misleading, because from the data I’ve read the clap is rising in popularity, at least if one looks at raw numbers of those who have a favorable opinion of the clap, and not at the percentage of the population which views the clap favorably, which has remained more or less static since polling began in the mid-1950’s.
My sis just texted me that the polls in Orange County CA are showing that Obama is outpolling all the Rep’s, ha!
The OC! The unfortunate truth that we are all aware of is the extent to which the GOP has come to solely rely on racialized motivation of white paranoia to get people to the polls. The effect on our politics has been awful, if predictable. The OC is much less white than it was when I was a kid, though, and even back then it was less white than its voting patters indicated.
Race is the fundamental variable in our politics, not because it’s the only issue at hand but because GOP discourse has made it increasingly difficult for people of color to vote GOP, regardless of the diversity of people of color’s political opinion. The rhetoric is too much to ignore. They motivate white voters with racialized fear, but at a cost. The obvious rejoinder, though, is how soon will the inevitable (given current dynamics) demographic shift will turn toward Democrats and either extinguish the GOP as a concern to make room for a right of center party (as opposed to the jackbooted operation we have now) or the GOP changes its tune. The latter is less likely, I think, because it would entail a period in the wilderness, which the current crop can’t imagine as a possibility.
I saw this segment…ugh freakin’ Tweety!
That Didn’t Take Long
by John Cole
And then the willing assist from the true progressives willing to do whatever is necessary to get someone (ANYONE) to listen to them.
Can you name those “true progressives”? Most I’ve seen on Twitter don’t trust Drudgico.
I’m not surprised that is the part you decided to comment on, but here ya go:
Obama’s 2008 Hope Morphs Into 2012 Slash-and-Burn
By: Jane Hamsher
Not sure Jane is truly anything but nasty and vindictive…and funny how the woman who teams up with Grover Norquist is carrying on about someone’s ability to activate true grassroots support and delivering what Wall street oligarchs want.
I’m sure she’d be delighted to see the Republicans hold ll 3 branches of government again – all outrage, all the time, and more teevee appearances as the self-styled representative of the one true left. blech.
How can two Congressional parties, between which there is no difference, differ by 12% (SEUU/Kos) or 14% (CNN) in their disapproval.
One explanation is that there is actually a difference between the parties, but I think any inveterate reader of liberal and progressive web sites can reject that one out of hand.