Gene Sperling, First Principles and the Fictional Straitjacket

By: Tuesday December 4, 2012 11:37 am

The Fix the Debt fraud of a campaign is having a roundtable summit in Washington today, because they have the money to bankroll that, and because politicians take to money like moths to a fire (hello, Mayor Antonio Villaraigosa!), the whole world of deficit scolds has taken the opportunity to deliver remarks. Protesters are actually [...]

FHFA Refi Plan Helps Banks Reduce Liability on Bad Loan Origination

By: Monday October 24, 2011 8:57 am

I said in my initial story on the new refi plan for Fannie and Freddie-backed homes that it’s not a housing plan, but a stimulus plan. Really important to keep that in mind. The housing market is depressed because of $700 billion in negative equity. This plan wouldn’t touch dollar 1 of that. It’ll put [...]

Buffett Rule Not Really A Rule

By: Thursday September 22, 2011 8:15 am

The “Buffett rule,” the principle that a millionaire should never pay a lower rate of tax than his or her secretary or anyone else working in the middle class, has excited many on the left. There is a legitimate issue of effective middle class tax rates being higher than a non-trivial segment of the millionaire [...]

Administration Wants to Keep Subsidy for Banks Through Mortgage Finance System

By: Tuesday August 16, 2011 6:50 am

The White House remains spooked by the fact that they have not been able to fix the economy, in particular the housing market. These directives to sell Fannie and Freddie’s foreclosed properties as rental units didn’t come from nowhere. The housing market is one of the areas where the Administration has some control without needing [...]

Obama and His Confidence Fairy Godmother Make Remarks on the Economy

By: Friday July 8, 2011 10:15 am

The President’s remarks on the awful jobs report showed no sign that there was a rethink in the idea that contracting fiscal policy will expand the economy, even though that’s what the data shows. This jobs report shows that state and local governments, which have to “run their budgets like families” and engage in austerity [...]

Sperling: Government Budgets Like Family Budgets, Confidence Fairy Lives

By: Thursday July 7, 2011 10:15 am

I’m pretty convinced that Republicans aren’t rushing to accept a worse deal than the one they rejected just a couple weeks ago. The fact that GOP aides are saying that any revenue increases would be offset by lower tax rates should give you a clue. They aren’t going to agree to anything that raises revenue [...]

NEC Director Sperling Savages Ryan Medicaid Cuts

By: Wednesday May 25, 2011 10:32 am

I’ve been banging the drum about the possibility of Medicaid cuts as a grand bargain safety valve. It appears the Republicans are thinking the same way. While Democrats keep hammering Republicans over a House budget that would turn Medicare into a voucher program, Republicans have been trying to shift the focus back to Medicaid. Hatch [...]

White House Compromises on Spending Cuts Before the First Meeting

By: Friday March 4, 2011 7:30 am

The White House has released what amounts to an opening bid in budget negotiations for Fiscal Year 2011 with Republicans. They have offered an additional $6.5 billion in cuts below the baseline of the 2010 budget. This goes on top of the $4 billion in cuts that have already been signed into law. The Republicans [...]

Chamber of Commerce Appreciates “Tone” of Administration

By: Tuesday January 11, 2011 10:38 am

The US Chamber of Commerce is quite pleased with the new tone coming out of the White House. I guess they prefer their Democrats compliant, who knew? The chamber’s president, Thomas J. Donohue, delivering the trade group’s annual State of American Business address on Tuesday morning, applauded “a new tone coming out of the White [...]

Bill Daley Will Be Named White House Chief of Staff

By: Thursday January 6, 2011 9:12 am

Former Commerce Secretary and current JP Morgan executive Bill Daley will step in as the White House Chief of Staff, according to multiple reports. The man who will take over the key position managing the White House opposed pushing forward on health care in 2010, opposed the Consumer Financial Protection Bureau, believed the Administration should [...]

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