2. The first Obama appointee to resign after a scandal in 2009 will be:

Posted: January 4, 2009 | Author: | Filed under: Team Obama, The DNC | 2 Comments

BILL RICHARDSON

We already have the answer for one of the question’s posed by the Dakini’s office pool.  It’s hard to know what to say other than welcome to Scamalot folks where pay-to-play is the  everyday way!  It certainly says a lot that this is the first answer so early and so BEFORE the swear in. 

This just in from the New York Times.

 Gov. Bill Richardson of New Mexico confirmed in a statement released Sunday afternoon that he has withdrawn his name as the commerce secretary nominee, citing a pending “investigation of a company that has done business with New Mexico state government …

On Dec. 19, The Times published an article stating that a federal grand jury in New Mexico was looking into accusations that Governor Richardson’s administration gave lucrative contracts to a California financier because he contributed heavily to the governor’s political action committees.

The article, citing a person familiar with the grand jury proceedings, stated that since August, federal investigators have been examining how CDR Financial Products Inc., of Beverly Hills, Calif., got two consulting contracts in 2004 worth about $1.4 million to advise the state on a large bond issue for building infrastructure, one of Mr. Richardson’s initiatives.

The investigation was first reported in The Albuquerque Journal.”

The Times article also references the Richardson press release as well as Obama’s deep regrets.  Of course, this is not the Bill Richardson Obama knew.

The AP (as paraphrased in the NY Tiimes article) has also announced some of the details of the latest pay-to-play Obama buddy caught in an indictment.

According to The Associated Press, a federal grand jury is investigating how a California company that contributed to Mr. Richardson’s political activities won a lucrative New Mexico state contract:

A person familiar with the proceedings has told The Associated Press that the grand jury is looking into possible “pay-to-play” dealings between CDR Financial Products and someone in a position to push the contract through with the state of New Mexico.

The A.P. also reports that Obama’s transition office said Sunday that the president-elect had accepted Mr. Richardson’s withdrawal.

USA PRESIDENTIAL TRANSITION

Bye Bye Judas!!!   This is coincidently the second of Mr. Obama’s primary supporters/turncoats/opponents to have been caught up in scandal.  Did Mr. Axelrove perhaps find out things that both Judas and John Boy didn’t want out in the open during the primary season.  Inquiring minds want to know.

The Perils Of Prostitution

Posted: January 3, 2009 | Author: | Filed under: Team Obama, U.S. Economy | Tags: , , , , | Comments Off on The Perils Of Prostitution

dilbert

I’m going to give you a glimpse at my current research area without torturing you with models and data.  You’ve probably noticed I’ve been less than consistent with my blogging since the end of semester in mid December.  This will continue awhile as I torture trade theory, exchange rates, and the world financial system in pursuit of a few pubs.  However, I still am, at heart a teacher and I like to answer questions. 

I’ve gotten a lot of questions recently about the current economic stimulus package in terms of increasing the U.S. debt.  Many of my students ask me what would happen if China simply decides one day to stop buying our Treasuries or dump all the ones they own, at once, on the market. The answer is worldwide chaos but unlikely to happen.  However, there are things afoot that could make it likely that the Chinese might not buy further debt and could slowly shed its current portfolio holdings of both dollars and debt.  This could have enormous ramifications for our ability to stimulate the economy via debt financing as well as maintain the dollar as the world currency.

It is also possible that the other sovereign fund countries ( that would be the oil producing countries) may also stop buying further debt.  It’s easy to explain that.  Less oil revenues means less free money to invest.  But what about China? 

This is really a side show to what I am currently studying which is monetary policies, trade, and exchange rate policies.  But, it is an interesting sideshow. So here’s some questions, some discussion, and enough information to be mildly dangerous.  What about China?

Read the rest of this entry »

You’ve just taken then Oath of Office and …

Posted: January 2, 2009 | Author: | Filed under: president teleprompter jesus, Team Obama, Voter Ignorance | Tags: , , , , , , | 2 Comments

You take off across country on a ‘barnstorm tour’ to support your economic stimulus plan.

What?  Wasn’t that what the election was all about?

According to Fox news this morning,  Obama will meet with congressional leaders this week to get them started on an economic stimulus plan.

The first order of business for Obama and his Democratic allies in Congress is to enact the still-emerging economic recovery plan as soon as possible.

The plan, which some Obama aides think could swell to about $850 billion after negotiations with lawmakers, would be the largest investment in public infrastructure since the federal highway system was established in the 1950s. It also would provide tens of billions of dollars in aid to financially strapped states

Biden, Reid and Pelosi will be forming and enacting economic policy after a few kumbhaya, come to jesus moments with Republicans.  Then President Obama will begin a ‘barnstorming’ tour of the country to drum up support for the plan while every one else back in Washington does all the work.

gall_clinton_giMeanwhile, at the CNN Political ticker: Clinton Likely in for Bumpy Ride.  Evidently the news media thinks that the Secretary of State is in charge of foreign policy.

Has anybody read the constitution recently or are we about to see the birth of the European-style presidency here in the U.S.?  Will Obama become a constitutional monarch like Queen Elizabeth waving his pretty hands to his subjects while His Majesty’s minister’s do all the hard work.  This was something that I’d never really given thought to during the election, but as of late I’m speculating about it continually.

Instead of one Cheney, will we get two?

I have to admit that I’m going to be pretty happy if Secretary of State Clinton and Vice President of the Middle Class Biden can effectively use their joint knowledge and experience to improve the country and the world situation.  Both of them are without a doubt two of the most qualified people on the planet.  Maybe I’m wishful thinking on one level because the degree of inexperience and lack of depth and breadth of knowledge by president teleprompter jesus just continually flabbergasts me.  He’s hopeless off script.  HOWEVER, and this is a HUGE HOWEVER, is this in keeping with the spirit of democratically elected officials as well as our form of government?

Are we moving from an imperial presidency to a historical symbol presidency ?  And by whose authority have we morphed the role of the president?

Pinch me if I’m wrong here.  Tell me on one level to relax and be glad the grown ups are in charge.  Still, there’s that little bit of Colonial Dame/DAR member (my mom registered me, really) that worries about the role of the presidency in terms of our Constitution.  (Silly me.)  If we’re going to amend the constitution, shouldn’t we at least get to vote first?

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