While many former homeowners will be spending the holidays in the streets, it is good to know the bailed out banks are making some nice profits… off the American taxpayer. Fed Chairman Bernanke’s continual leveraging of the national credit card via buying mortgage-backed securities to stimulate the mortgage market has done little for the mortgage market and a lot for Wall Street’s bottom line.
|By: DSWright Monday December 24, 2012 9:42 am|
|By: David Dayen Thursday December 20, 2012 6:25 am|
John Boehner may not even have the votes for today’s “Plan B,” a bill that effectively raises taxes on people making over $1 million a year. He was seen gladhanding on the House floor last night, whipping votes for his side. He can only lose 24 votes to reach 217 (there are a couple vacancies [...]
|By: David Dayen Tuesday December 18, 2012 6:00 am|
The headlines here is that the Obama Administration narrowed the demand they maintained for four years, for tax rates to increase above $250,000, and they would agree to a benefit cut for Social Security and $400 billion in unspecified Medicare cuts, and in exchange they would mostly extend current law on a few fronts (but not all) and get an unspecified amount, no more than $50 billion, in infrastructure spending.
|By: David Dayen Thursday December 13, 2012 11:04 am|
Jon Chait has clarified some of his points on raising the Medicare eligibility age, and with the temperature now lowered a bit, let’s just assess his argument. I find it kind of amusing that he quotes me quoting him talking about the debt limit deal in 2011, where he said, essentially, “exchanging a series of [...]
|By: David Dayen Wednesday December 12, 2012 6:17 am|
I think the White House added the corporate tax piece into the negotiations so that they could get business groups to pressure Boehner on the other points, especially raising individual tax rates. John Engler of the Business Roundtable dutifully carried that out yesterday.
|By: David Dayen Friday November 30, 2012 11:31 am|
Zach Carter has a nice list of strategies that would save money for the government’s bottom line without having to either raise taxes or reduce social insurance benefits. They all have a degree of positive benefits to them, from prison reform to ending the drug war (those two are related) to cracking down on offshore [...]
|By: David Dayen Thursday November 29, 2012 3:54 pm|
In the context of doing a deficit reduction deal at all, this is an extremely strong bid that Tim Geithner delivered to John Boehner today. Now we know why Boehner whined and cried all afternoon. Let’s walk through it. House Republicans said on Thursday that Treasury Secretary Timothy F. Geithner presented the House speaker, John [...]
|By: David Dayen Thursday November 29, 2012 7:45 am|
Politico’s VanDeAllen team have a exclusive inside must-credit-Politico rundown of the fiscal cliff talks that merely recycles known information and makes a bunch of guesses. Cut through the fog, and here’s what to expect: Taxes will go up just shy of $1.2 trillion — the middle ground of what President Barack Obama wants and what [...]
|By: David Dayen Tuesday November 27, 2012 11:33 am|
Sen. Dick Durbin (D-IL), who has almost become the liaison to the left for cuts to federal health care programs in the grand bargain, gave a speech today at the Center for American Progress that included a couple important points: • Durbin sequenced the provisions of the deal, saying that Republicans would have to build [...]
|By: David Dayen Thursday November 15, 2012 3:55 pm|
I don’t think this will be a regular feature, but here are a few things on everybody’s favorite cliff/slope metaphor that caught my eye at the end of the day: First of all, unions are so far following through on protecting social insurance against potential attacks from both parties: The American Federation Of State, County [...]
|By: David Dayen Monday November 12, 2012 7:45 am|
Chris Christie thought it a proud moment to claim, two weeks after Hurricane Sandy, that all power would be restored in the state of New Jersey. The public suffering most from the effects of the storm has not been amused by the boasts and exhortations of politicians. Meanwhile, residents in Long Island who have been [...]