The Financial Stability Oversight Council (FSOC), the unelected oversight group created by the Dodd-Frank Act to monitor and regulate firms deemed to pose systemic risk to the economy (ie. “too big too fail”), has decided begun to expand its remit beyond what even the law’s authors had imagined.
The total federal government spending in 2013 totaled $3,454,253,000,000—over $3.4 trillion—encompassing defense, highway and transportation costs, public education, immigration services, and government worker salaries, to name a few.
In June, in a sparsely populated county in northern New Mexico, a primary electionsurprisingly unseated an incumbent County Commissioner. No one seemed to notice. But, apparently, high-ranking Democrats to the north were paying attention.
In yet another uninspiring performance by our unengaged and unengaging president, this time a press conference at the end of a three-day U.S.-Africa Leaders Summit in Washington, D.C., Barack Obama discussed, among other things, the ceasefire between Israel and Hamas which, according to The One, “we” have achieved.
President Obama came into office promising the most open White House in American history. He went back on that promise almost immediately, refusing to cooperate with oversight organizations and stonewalling the press. Jay Carney, Obama’s press secretary from 2011 to 2014, dodged questions nearly 10 thousand times during his tenure. Brianna Keilar, a CNN reporter, as said of the White House that “anyone here can tell there’s less access than under the Bush administration.” When even Obama’s fawning press corps is fed up, you know something is going on.
Conservative and liberal media alike were all atwitter with Thursday’s midday news that the House of Representatives was going on its summer recess without passing a border-related bill because Republicans did not have the votes to pass it. The leftwas particularly pleased in the apparent inability of the new House leadership team to pass a relatively inexpensive bill that contained at least one conservative priority on an extremely visible issue.
Hydraulic fracturing, also known as “fracking,” is a technique for recovering oil and natural gas from shale rock formations once too costly to develop. The use of fracking is sweeping the nation, resulting in a surge in production that has made the U.S. the single-largest producer of both oil and natural gas in the world, a feat that was unthinkable just a decade ago.
This Molly Ball piece on the metric which best determines the outcome of elections makes for a fascinating read: essentially, it demonstrates that when Republicans don’t lose the working class by a wide margin, they do well, and when they lose it by 20 points, they don’t. Throw out all the other measures of race and religion – and Republicans even spot the Democrats the ten points! – and the share of the working class vote determines the outcome:
President Obama, and his administration, has enacted so many foolish and cost-increasing energy policies, it is easy to think that they are his purview alone. But in 2007, Republicans were just as guilty. Seeds were planted and a garden of bad legislation took root in a totally different energy environment. At the time, the growth seemed like something worthy of cultivation. However, what sprouted up more closely resembles a weed that needs to be yanked out.
John Feehery’s piece here on the dangers of rising Republican skepticism for big business is an amusing read, not just because I’m pretty sure nearly every sentence of it can be debunked in whole or in part. The tone is one of desperate confusion: when did the Republican Party stop being knee-jerk pro-business in the subsidies and carveouts and bailouts sense? Why do they want to kill the jobs of hardworking K Street influence peddlers?
Global warming is not the reason why Chicago’s 1800s-era sewer system occasionally floods people’s basements, despite Washington Post propaganda to the contrary. Instead, the culprits are the age of Chicago’s sewer system and the city’s tremendous population growth since the 1800s.
It’s too soon for champagne, but perhaps a beer is in order. In a 2-1 decision in the case of Halbig v. Burwell, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit has ruled that the Internal Revenue Service cannot interpret the Affordable Care Act, also known as Obamacare, as allowing subsidies for those Americans who purchase health insurance from the federal health insurance exchange known as Healthcare.gov. This is because the text of the law specifies that subsidies or tax credits are available for insurance purchased on state-created exchanges.
The subject of tax inversion, in which American firms avail of lower tax rates in foreign countries by merging companies in those countries, has become very topical in the last couple weeks thanks to a decision by Abbvie, a drug company, to merger with Shire, an Ireland-based firm and move its headquarters overseas. One of at least 47 tax inversions in the last decade, the Abbvie-Shire deal is the largest such action yet, worth $54 billion. Perhaps unsurprisingly, President Obama and Democrats in Congress have become apoplectic with rage at the audacity of a business making a prudent decision to escape bloodsucking taxes.
It’s beginning to sink in with the intelligentsia: The flood of illegal aliens (yes, I said “illegal”) and particularly the tsunami of children traveling alone — parents risking their youngsters’ lives by sending them from Central America through gang-ravaged Mexico — threatens to turn the immigration debate into a major political liability for Democrats in November.
In my last post I discussed the apparent inversion of the responsibility of the executive branch of government, namely that it has taken on a far greater role in domestic policy while turning its back in large part on its traditional responsibility for foreign affairs. The result has been an over-mighty presidency at home, a weakened and ineffectual Congress, and a rudderless foreign policy. While I challenged the American public to rise against the tide of executive overreach, I did not thoroughly address what Congress itself can do to challenge the siphoning away of its traditional powers. There is in fact a great deal it can do.
This Telegraph interview with Chelsea Clinton reveals a number of facets of the once and future first daughter which make her the perfect representative of her Millennial generation. She has the fickle but sincere flightiness over everything from career to diet, the waywardness of the overeducated and underchallenged, the comfort of comprehensive knowledge of the new sins, the inner child of Bart Simpson, the gluten allergy … but of course the gluten allergy.
Hillary Clinton’s memoir, Hard Choices, has failed the one test even the Obama White House cannot rig (or simply chose not to do): book sales numbers. Although the legacy media have commonly characterized sales of her book as lukewarm so far, the numbers are significantly worse than that, considering her name-recognition and public prominence.
The net neutrality movement is positioning to influence the FCC, Congress, and candidates in the mid-term election cycle, to support their version of net neutrality — i.e. FCC reclassification of broadband Internet service as a telephone common carrier service.
The Left has made an art form out of the maxim “If at first you don’t succeed – try, try again.” They perpetually push terrible, government-expanding policies – and no number of failures deters them from pushing until they win.
It is largely why they fight so hard to protect power grabs already won – no matter how huge the failures.
It’s Tax Day in America. Which brings to mind one of the late, great Ronald Reagan’s many great lines: “Republicans believe every day is the Fourth of July, but the Democrats believe every day is April 15.”