Daily News Report 5/7/2010

Dodd Financial Bill Creates ACORN for Risky Credit Applicants

From Brian M Johnson

Nearly every page of Senator Dodd’s 1400 page financial regulation bill, the Restoring American Financial Stability Act of 2010, aims to increase the scope of government. This long and complex legislation proposes new agencies, new divisions within old agencies, and a slew of other ways to expand the government’s reac

Bank Bailouts… Forever?

Congress Freezes Its Own Pay

Last week Congress did something fiscally responsible.  It’s not very often I can say that.  Granted, it was small in the grand scheme of things, but I was glad to be an original cosponsor, along with Congressman Harry Mitchell of Arizona, of a bill to block the automatic pay raise that Congress otherwise receives every year.  Every Member of Congress gets this raise unless it is expressly voted down.  For the second year in a row Congress has voted to freeze its own pay, which, in a time of skyrocketing deficits and high unemployment, is the very least Congress can do.

Ron Paul

Employers add 290,000 jobs

U.S. employers added far more jobs than expected in April — a total of 290,000 — but the unemployment rate rose to 9.9 percent, according to a Labor Department report released Friday.

It was largest monthly addition of jobs since March 2006 was boosted by the hiring of 66,000 temporary workers for the 2010 Census. But the private sector, the engine of the economy, also added 231,000 jobs. Analysts had expected the report to show that the country added 162,000 jobs.

Germany tackles Greek debt

PARIS — The German parliament gave overwhelming approval Friday to the unpopular financial rescue plan put together by the European Union and the International Monetary Fund to save Greece from bankruptcy.

World stocks slides on Greece

Financial system overhaul moves closer to passage

The effort to overhaul the nation’s financial regulations cleared a crucial hurdle Thursday in the Senate, a signal that the landmark legislation, long stalled by filibuster threats and partisan standoffs, could be on the fast track toward passage.

Greece tightens its belt to obtain rescue loans

Greece’s Parliament approved drastic austerity measures Thursday in order to secure a $140 billion international rescue package. Clashes briefly erupted in the streets outside Parliament, causing police to use tear gas on demonstrators.

Dropping Dow

FINANCE | Whether Thursday’s plunge was due to a typo or not, it revealed a volatile market and nervous investors | Alisa Harris

NEW YORK—The Dow Jones took a rollercoaster ride Thursday, plunging a breathtaking 998 points in just minutes but rebounding later in the day to an overall loss of 348 points or 3.19 percent.

Only 6,662,000 More Needed in 2010 to Fulfill Obama Promise

The Bureau of Labor Statistics (BLS) released its monthly jobs report early May 7 announcing a rise in unemployment to 9.9 percent and an increase of 290,000 jobs.

Any positive job growth is good news to be sure. But in order for Obama to meet his pledge of 4 million jobs created by the end of 2010,

Obama urges work on immigration bill ‘to begin … this year’

By Scott Wilson
President Obama told a White House reception Wednesday that he wants “to begin work this year” on comprehensive immigration reform, warning the audience that securing the legislation will be difficult but possible.

Addressing an audience celebrating Cinco de Mayo in the Rose Garden, Obama said, “America’s diversity is America’s strength.” That, he added, is why he has spoken out against Arizona’s recently passed immigration law, which has raised concerns of racial profiling.

Examining the “birther” movement

A new Washington Post/ABC News national poll shows that one in five adults either believe or guess that President Barack Obama was not born in the United States although that number jumps to one in three self-identifying Republicans.

The results make clear that while suspicion about the president’s place of birth is far from widespread, there is a certain — and not entirely insignificant — segment of the population that carries doubts.

(For the record, the proof that Obama was born in Hawaii is indisputable; Hawaii Gov. Linda Lingle, a Republican, said as much in a recent interview.)

The Go-Fly List for Terrorists

By Michelle Malkin

If America’s homeland security policies were subject to truth-in-advertising laws, the “no-fly” list would be known around the world by its right and proper name: the “go-fly” list. As in: Go right ahead, jihadists, and fly our planes. All aboard, evil-doers.

While grandmas and grade-schoolers and war heroes patiently pass through a gauntlet of wands, checkpoints and screening obstacles, the nation’s safety watchdogs are asleep at the wheel. They’ve mentally checked out at the check-in counter.

Terrorizing Our Rights

By Suzanne Fields

We’re grateful for plain old cops. What a relief that Mayor Michael Bloomberg, who could be mistaken for Inspector Clouseau, was not in charge of the search for the Times Square bomber.

The mayor, he told NBC News, was looking for “a home-grown” someone protesting health care reform legislation. Janet Napolitano, the secretary of homeland security, was looking into “a man-caused disaster,” not terrorism, and Attorney General Eric Holder was on the scout for someone to listen to his Miranda rights.

Senators Must Stand Up Against Obama Judges

Posted by Ovide Lamontagne

President Obama is preparing to nominate his second Justice to fill one of only nine seats on the United States Supreme Court, following the recent retirement of Justice Stevens.Fortunately, Presidents are not kings.Our Constitution puts a check on their power to fill the Court with any judge they want.The United States Senate holds that power to check.

Dems to go it alone on climate bill

Sen. Lindsey O. Graham (R-S.C.) said Friday that it has become “impossible” to pass climate and energy legislation at the moment, a declaration that likely dooms the bill’s chance of passage this year.

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