How the GOP hung on to CA Congressional seats in 2008
It was near miraculous that the Democrats did not pick off a Republican incumbent congressman in California last November.
Not only did Barack Obama carry California by the largest margin since the Roosevelt – Landon landslide of 1936, Obama was able to outpoll John McCain in EIGHT of the NINETEEN congressional districts currently held by a Republican.
The principal reason for their lack of success is that with the exception of the race in CD4 between Republican Tom McClintock and Democrat Charlie Brown and the race in CD50 between Republican Brian Bilbray and Democrat Nick Leibham — both narrowly won by the Republican — national Democratic leaders didn’t make a full court effort to win any additional Republican seats in California.
They are not likely to make this mistake in 2010.
Is There a Framework for a Budget Deal?
Piecing together bits of information and whispers in the capitol hallways gives one the impression there could be a deal to be had to end the state budget stalemate.
Republicans have held fast on any tax increase proposals. But, the feeling is short of closing down some government functions the budget gap will not be closed without some tax increases.
Democrats have denied the need for spending controls. But, it is understood that reforms must be put in place to prevent the repetitive rollercoaster ride that the budget has become over the last decade.
A number of tax increase ideas have been floated from the legislators and the governor. Taxing oil, alcohol, cigarettes, and top earners is asking a portion of the taxpayers to take care of the problem that afflicts us all. If taxes are on the table, its reasonable to expect they should be broad based. If reducing the budget deficit is supposed to be painful for all of us, then everyone will be asked to sacrifice.
Citi’s Big Week- Bye: Robt. Rubin; Hello: Bankruptcy Judges Modifying Home Mortgages Again
Citicorp had a big week last week. Robert Rubin, former Treasury Secretary and member of Obama’s Transition Economic Team, bowed out of his Director and Senior Advisor role at Citi. Also, Citi withdrew its opposition to restoring Bankruptcy Judges’ power to modify home mortgages – a power taken away from Bankruptcy Judges via recent Bankruptcy law amendments a few short years ago in a frothy economy a world away from the sorry, beached whale the Media agonizes over today.
Some wondered how long Robert Rubin could remain untouched by Citi’s debacle (me, anyway) which he, according to some, had a major hand in creating. It is always fascinating to watch the rise and fall of media stars having their proverbial ’15 minutes of fame.’ For years, the Wall St. Journal would feature some rising economic star in the center column portrait piece, promising the moon, the stars and the sky for whoever they profiled, only to re-visit the same character some years later, this time on the way down amid scandals and ruination. It is reminiscent of the old saying: “Be nice to those you meet on the way up because you may well meet them again on the way back down.”