Research

Fannie And Freddie Executives Continue To Receive Millions in Bonuses

Susan McFarland, New CFO Of Fannie Mae, Received A $1.7 Million Signing Bonus. “House Republicans are pointing out that Fannie Mae’s new chief financial officer shares something in common with a newly drafted pro football player — both landed signing bonuses. Susan McFarland received $1.7 million for joining the mortgage giant that continues to lose billions of dollars after three years in government conservatorship, according to a draft report from the House Oversight and Government Reform Committee, which is holding a hearing into compensation practices at Fannie Mae and Freddie Mac Wednesday.” (Josh Boak, “Fannie CFO’s signing bonus: $1.7 Million,” Politico, 11/16/11)

• A Fannie Spokeswoman Calls This A “Standard Approach.” “‘This is a standard approach to these situations in the financial services industry, where many executives receive equity grants as part of their compensation,’ said Fannie spokeswoman Amy ... more
  
  

In A New Report, The Treasury Department Reveals It Will Lose Billions More In The Auto Bailouts Than Originally Projected

The Government Now Expects To Lose $23.6 Billion In The Auto Bailouts, $9 Billion More Than Its Previous Estimate, An Increase Of Over 50 Percent. “The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline. In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.” (David Shepardson, “U.S. Boosts Estimate Of Auto Bailout Losses To $23.6B,” The Detroit News, 11/14/11)

• The Total Cost Of The Auto Bailouts Now Totals $79.6 Billion. “The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in ... more
  
  

When The Obama Administration Wanted Advice On The Economy, They Called Jon Corzine

  In The Early Days Of The Obama Administration, Biden “Literally” Called Jon Corzine For Advice On The Economy Because “He Knew About The Economy … And We Trusted His Judgment. “‘I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,’ Biden said. ‘The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit -- because he had been in the furnace. And we trusted his judgment.’ (Conor Friedersdorf, “Obama’s Team Relied On Jon Corzine For Economic Advice,” The Atlantic, 11/14/11)

• Watch Biden Say The Obama Team Relied On Corzine For Economic Advice

Corzine Was A Top Obama Economic Advisor Who “Helped Craft” The Failed Obama Stimulus

Watch Biden Say That Corzine “Helped Craft” The Stimulus

Biden: “It’s not coincidental that that’s ... more

Watch Morning Joe Talk About Solyndra

Mika Brzezinski:   “We'll just get this quick story in here and I want to get your take on it, Chris. New details are surfacing in how the Obama administration dealt with the bankruptcy of Solyndra, that's the California-based solar company that received a half-billion dollar loan from the Energy Department. Newly revealed e-mails show the administration pushed the company ‘very hard’ to delay announcing layoffs until after the midterm elections. The e-mails were made public as part of a House committee investigation. The White House denies politics were at play. Your take, Chris Matthews?”

Chris Matthews:  “Well, it looks to me –“

Brzezinski:  “By the way, how could politics not be at play?”

Matthews:  “Of course.  It looks like they got the money and it looks like they got a lot of help from the guy who said he was going to keep out of it and he wasn’t going to get involved in it and recuse himself. It looks like to me like there’s a lot of ... more

Congressional Budget Office Director Douglas Elmendorf: “We expect that under current law, growth in output will remain slow and as a result, jobs gains will be limited, leaving the unemployment rate close to nine percent through the end of 2012.” (Committee On Budget, U.S. Senate, Hearing, 11/15/11)

Obama’s Decision To Punt On The Keystone Pipeline And Creating Jobs Was A Political Decision

The Detroit News: Obama’s Decision To Delay A Decision On The Keystone Pipeline Is More Evidence That The President Is Now In Campaign Mode. “Listen to chants of the Occupy Wall Street protesters: ‘What do we want? Jobs! When do we want them? Now!’ So when does President Barack Obama plan to give them the 18,000 direct construction jobs promised by the Keystone XL pipeline project? Maybe after the 2012 election. Maybe not. More evidence that the president is now in campaign mode comes from his announcement last week that he won't make a decision on the pipeline that will carry crude oil from the Canadian oil sands to Gulf Coast refineries until after his re-election bid is over. Keystone XL is a major infrastructure project of the sort Obama said he wanted for America when he proposed the $450 billion Stimulus II. The only difference is that the jobs will be entirely funded by private ... more

On CNBC This Morning, Warren Buffett Said It Was “An Absolute Tragedy” That Simpson-Bowles Was Ignored

CNBC’S BECKY QUICK: “So is that an argument for a tax code that is stripped down the way Simpson and Bowles laid out?”

WARREN BUFFETT:  “Well it – you go back to what, you know, Kemp-Roth and all that that too that they were working on that. I think what happened with Simpson-Bowles was an absolute tragedy. I mean here are two extremely high-grade people. They have somewhat different ideas about government but they're smart. They're decent. They’ve got good senses of humor, too. They're good at working with people.
They work like a devil for ten months or something like that. They compromise. They bring in people as far apart as Durbin and Coburn to get them to sign on and then they're totally ignored. I think that's a travesty.” (CNBC’s “Squawk Box,” 11/12/11)

Buffett: No Super Committee Would Be Necessary If Simpson-Bowles Was Not Ignored

QUICK:  “Why are we starting over with ... more

When Barack Obama actually has a project with shovel-ready jobs, he punts in favor of appeasing his environmentalist and union allies. Obama knows he can’t afford to risk losing either interest group for his 2012 reelection bid. So why bother to create jobs and reduce energy dependence from unstable portions of the world when you can appease big labor and the enviros?

Obama Plans To Punt On Keystone XL Pipeline, Claiming To Study “Alternate Route” So That He Can Effectively Push “Any Action Past The 2012 Election.” “The Obama administration is preparing to delay a decision on the contested Keystone XL pipeline while it studies an alternate route, effectively pushing any action past the 2012 election, officials and lobbyists who have been briefed on the matter said on Thursday.” (John M. Broder and Dan Frosch, “U.S. To Delay Decision On Pipeline Until After Election,” The New York Times, 11/10/11)

“Barack Obama's Keystone Pipeline Dilemma: Why Not Punt?” (Darren Goode, “Barack ... more

“A Majority Of Voters In The Three Most-Important Swing States Of Florida, Ohio And Pennsylvania Disapprove Of The Job President Barack Obama Is Doing And Most Believe He Does Not Deserve Re-Election.” (Marc Caputo, “Swing State Poll Redux: Cain, Romney Lead GOP. Romney More Trusted, Better V. Obama,” The Miami Herald, 11/10/11)

Florida

“Florida: Voters Disapprove Of Obama's Job Performance By 52 - 41 Percent Split. By A 51 - 43 Percent Spread, They Say He Does Not Deserve Reelection.” (Marc Caputo, “Swing State Poll Redux: Cain, Romney Lead GOP. Romney More Trusted, Better V. Obama,” The Miami Herald, 11/10/11)

• 51 Percent Of Florida Independents Disapprove Of Obama’s Job Performance. (Quinnipiac Polls, 1185 V, MoE 2.9%, 10/31-11/7/11)
• 51 Percent Of Florida Independents Think Obama Does Not Deserve Reelection. (Quinnipiac Polls, 1185 V, MoE 2.9%, 10/31-11/7/11)

51 Percent Of Florida Republicans Are More Enthusiastic About The 2012 Election Than Normal, Only 29 Percent Of Florida ... more

Women Have Been Hurt By The Obama Economy

Since Obama Took Office, Over 1.1 Million Women Have Lost Their Jobs As The Unemployment Rate Among Women Has Risen From 6.9 Percent To 8.5 Percent. (Bureau Of Labor Statistics, Accessed 11/9/11)

“Women Have Been Worse-Off Than Men Through The Past Two Years Of Sluggish Economic Recovery, According To This Report By The Pew Research Center.” (Conor Dougherty, “Recovery Is Bypassing Women,” The Wall Street Journal, 7/6/11)

• “‘The Recovery From The Great Recession Is The First Since 1970 In Which Women Have Lost Jobs Even As Men Have Gained Them,’ Pew Writes In The Report.” (Conor Dougherty, “Recovery Is Bypassing Women,” The Wall Street Journal, 7/6/11)

68 Percent Of Women Think The United States “Is Moving Downhill.” “Gender played a small role in dictating voters’ sense of the country’s health, according to the survey, with 70 percent of men and 68 percent of women saying the United States is moving downhill.” (Mike Lillis, “The Hill ... more