Category Archives: Economy
It’s like watching a train wreck in slow motion. First, we have a like mother, like daughter story. During her improbable run on Dancing With The Stars, Bristol Palin said, “Winning this would mean a lot – it would be like a big middle finger to all the people out there that hate my mom and hate me.”
Next, we have Republican DWTS alum, Tom “The Hammer” DeLay.
A jury just convicted him on money laundering, and conspiracy to commit money laundering charges. From the Associated Press:
Prosecutors said DeLay conspired with two associates, John Colyandro and Jim Ellis, to use his Texas-based PAC to send $190,000 in corporate money to an arm of the Washington-based Republican National Committee, or RNC. The RNC then sent the same amount to seven Texas House candidates. Under Texas law, corporate money can’t go directly to political campaigns.
Prosecutors claim the money helped Republicans take control of the Texas House. That enabled the GOP majority to push through a Delay-engineered congressional redistricting plan that sent more Texas Republicans to Congress in 2004 — and strengthened DeLay’s political power.
But here’s the most significant story. Remember the debate between President Obama and conservative European leaders over their austerity measures nearly a year ago? Remember the Tea Party complaining that Obama should follow suit? That he was wrong and they were right? Well, things aren’t going so well over there these days. Again, from the Associated Press:
Anger and fear about Europe’s seemingly unstoppable debt crisis coursed through the continent Wednesday. Striking workers shut down much of Portugal, Ireland proposed its deepest budget cuts in history and seething Italian and British students clashed with police over education cuts.
Amid it all, analysts were deeply skeptical about the future — saying even the desperate efforts of governments, the European Union and the International Monetary might not be enough to prevent countries from defaulting or banks from going under.
German Chancellor Angela Merkel and French President Nicolas Sarkozy are now rethinking their slash-and-burn cost cutting actions. And please understand; what’s going on over there will inevitably be going on over here if the Tea Party gets their way.