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Debt
  • Minnesota GOP Evicted from Party Headquarters

    Hey, remember the subprime mortgage crisis? You know, that thing where thousands of ordinary Americans were facing foreclosure after big banks sold them mortgages they knew they couldn't afford and then bet against them, and Republicans blamed irresponsible Americans for buying stuff they couldn't afford and refused to support the bailout and boo socialism?*

    Yeah, Republicans don't either

    The debt-plagued Republican Party of Minnesota is getting kicked out of its party headquarters near the state Capitol. Massachusetts-based Hub Properties Trust filed paperwork in Ramsey County on Wednesday to evict the state GOP for failing to pay more than $96,000 in rent over the last year.

    The eviction action follows a series of revelations last winter regarding debts accrued by the party during the reign of former RPM Chairman Tony Sutton. In December, an internal review of finances revealed that the party owes $1.23 million to creditors, plus more than $700,000 in legal fees accrued during the 2010 gubernatorial recount.

    Whoops! I guess Minnesota Republicans forgot to read that important pamphlet, "Don't Buy Stuff You Can't Afford" by John Q. Obvious, Ph.D. Well, at least they won't go hungry. They've got more than enough crow to eat.

    If nothing else, perhaps this incident will give the state GOP some perspective on the suffering of middle-class Americans who were duped into losing their homes and savings by Wall Street banks. Haha, nope! They're just going to keep on screwing us all over to lower taxes for the rich.

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    * Note: This may not be an accurate description of the subprime mortgage crisis. The Wikipedia entry was very long and I fell asleep reading it.

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    Related: Michele Bachmann Moving to New District to Keep Congressional Seat


    Tags: Debt, Economy, Minnesota, Money, Republicans
  • John McCain Snubs Mitt Romney by Giving Leftover Funds to Charity

    While some presidential candidates accrue millions of dollars in campaign debt, others like Sen. John McCain in 2008 are left with a surfeit of cash.

    It's up to the campaign to decide what to do with all that extra money, but two of the most popular options are to give it to other candidates or to federal or state parties. When disposing of his campaign's excess funds recently, McCain chose neither option

    The dormant 2008 presidential apparatus of Sen. John McCain liquidated nearly $9 million in donations by giving the money to a charity bearing the Arizona senator's name this year, filings showed Tuesday…

    The money could have gone to the RNC to support candidates including former Massachusetts Gov. Mitt Romney, the Republican party's presumptive nominee for the 2012 presidential race. The Republican and Democratic national party committees, which can accept larger contributions than candidates' campaigns, typically function as the piggy banks for their nominees.

    Transferring the remaining 2008 funds to the RNC would have allowed it to pay off nearly all of its $10.9 million in debt — a heavy burden it is carrying as it prepares for general election mode.

    Even if McCain was intent on donating the money to charity, he still could have given it to Romney and the GOP. After all the damage Republicans have done to their party over the course of the 2012 primary, the RNC should count as a needy charity.

    The eponymous organization to which MCain gave his money is called the McCain Institute Foundation. Institute Foundation? In that case, it should really be called the McCain Institute Foundation for Redundancy. Or perhaps the McCain Institute Foundation for Politicians Who Can't Read Good.

    Photo by Mark Wilson/Getty Images News/Getty Images


    Tags: Debt, Fundraising, John McCain, Mitt Romney, Money, Republican National Convention
  • From the Pork Barrel: Wicked Pissah

    * They pahked the wah on Christmas neah Hahvahd Yahd. (Click that link for the video, then meet me at Cumbie's to discuss.)

    * Ron Paul signed Personhood USA's pro-life pledge, prompting Personhood USA to question Paul's commitment to the pro-life cause.

    * Speaking of Ron Paul, there are two new Federal Reserve Board nominees for him to want audited/investigated/restrained in a basement.

    * If you feel a little different later this week, it's because the president is having the national debt limit raised from $15.194 trillion to $16.394 trillion.

    TwitVid still from @southsouth, via The Boston Globe


    Tags: Abortion, Barack Obama, Boston, Christmas, Debt, Federal Reserve, Ron Paul
  • A Look Back at 2011 with The Daily Show – July

    Unless memory fails, this was around that time that Marcus Bachmann successfully managed to extend everyone in the country's debt ceiling.



    The Daily Show airs Monday through Thursday at 11/10c.


    Tags: Debt, Jon Stewart, Marcus Bachmann, Taxes, TDS Looks Back at 2011, The Daily Show, Video
  • Super Committee Fails at Everything

    They sat around in a semi-circle, ignoring calls to get themselves real jobs, and made loud noises while offering few concrete legislative proposals. They couldn't even agree on the specific purpose of their organization, and while many Americans supported their group's agenda in the abstract, the participants ultimately did nothing but tarnish their institution's brand and undermine confidence in the possibility of lasting political change.

    I speak, of course, of the 12 dirty hippies occupying…the Joint Select Committee on Deficit Reduction

    Rather than making a final effort at compromise, members of the special deficit-reduction committee spent their final hours casting blame and pointing fingers, bracing for the reaction from financial markets that are already jittery over the European debt crisis. Half of the 12 lawmakers turned to the Sunday political news shows as their outlet, speaking of their effort in the past tense and accusing the other side of intransigence that they blamed for the failure to clinch a deal. There were no last-minute negotiations, no behind-closed-doors huddles, just a near-empty Capitol in which senior aides could not agree on how to formally shutter the panel by Monday night…

    Barring a last-second breakthrough, the law calls for a punitive set of $1.2 trillion in automatic spending cuts to kick in at the start of 2013, with half coming from national security budgets. [Senator Jon] Kyl and other lawmakers have embraced reconfiguring the automatic cuts to save the Pentagon from such steep cuts, but any movement that decreases the overall savings runs the risk of causing financial ratings agencies to downgrade the U.S. Treasury’s debt.

    The $1.2 trillion in automatic sequestration was designed to force members of the supercommittee to create a more nuanced plan for deficit reduction, but given the difficulty of compromise, some lawmakers would rather just defuse the "trigger." Which would seem to be a case of noncompliance with the Budget Control Act of 2011, the debt ceiling deal that created the panel. And we all know the appropriate response to "noncompliance," right?

    But even if members of the supercommittee aren't pepper-sprayed, there's a bright side to the panel's dismal performance. Failure to reach a deal preserves the expiration of the Bush tax cuts, which would create more deficit reduction than any deal likely to be concocted by the supercommittee. So perhaps we still have some time before financial markets and the international community forces us to give up on the democracy thing and bow down before our technocratic overlords.

    Photo by Brendan Hoffman /Getty Images News/Getty Images


    Tags: Debt, Deficit, House of Representatives, Jon Kyl, Money