Posted on 03/22/2008 7:43:17 AM PDT by syriacus
Some Topics thus far on Kudlow's show today which has the theme of resurrection
McCain is benefitting most from Obama's slide.
Current guests John Tamny and Jimmy P
Is bailout a first step to bank nationalization?
John Tamny, editor of RealClearMarkets, senior economist with H.C. Wainwright Economics, NRO columnist
James Pethokoukis—aka “Jimmy P”—senior writer at U.S. News & World Report
Makes sense to me. They're both liberals and only one is currently mired in scandal.
LK: Fanny and Freddy have lost millions...and now we’re giving them more?
LK will not support solving sub-prime credit problem through a taxpayer bailout.
John: Since the Gov’t is inserting itself— recovery will be delayed.
The government has NO BUISINESS bailing out the banks. If the government keeps meddling, we will have a depression - a repeat of the Depression will happen. Plus tax payers should not be getting the bill - it is US who ultimately pay for it.
LK: is this a political issue (say, to the average person in Peoria)?
Should they be angry about bailout?
Guest: Homeowners see Fed scrambling around, but doing nothing for them.
That will be a theme in this campaign.
The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.The CRA was passed into law by the U.S. Congress in 1977 as a result of national grassroots pressure for affordable housing, and despite considerable opposition from the mainstream banking community. Only one banker, Ron Grzywinski from ShoreBank in Chicago, testified in favor of the act. [1] The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution's application for deposit facilities, including mergers and acquisitions. The CRA is enforced by the financial regulators (FDIC, OCC, OTS, and FRB). In 1995, as a result of interest from President Clinton's administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators' attention on institutions' performance in helping to meet community credit needs. These changes were very controversial and as a result, the regulators agreed to revisit the rule after it had been fully implemented for five years. Thus in 2002, the regulators opened up the regulation for review and potential revision.
Taking calls.
LI caller: Dems think Obama is going to win. Won’t Dems’ talk of tax increases, increased regulation etc, drive the economy into the tank?
LK: McCain is doing well.
LK: Maybe McCain should keep quiet and let Hill-Bama continue to destroy each other.
Rev. Wright and Obama are actually helping the economy.
1-800-848-WABC
Reagan was not a supply-sider when gov.
Supply-side creds came from Art Laffer(?) and J. Kemp in late 1970's. Laffer is advising McCain.
Guest says there is no strong evidence that McCain would keep taxes low if he were in office. LK asks JP if McCain might make a "deal" once he is in office. JP McCain might possibly compromise somewhat on taxes but not increase spending
Guest: Carbon tax would lead to greater gov’t spending.
Guest: Why do Repubs always want to meet Dems half way?
because the dems won’t move.
Guest: Low taxes and small gov't is most compassionate way...but Repubs don't really believe it.
Guest: we need to watch whether McCain comes out for a bailout.
LK: Two words — Phil Gramm —McCain’s advisor. Steve Forbes, Jack Kemp in there too. Two pro-growth guys.
Break.
I hope Kudlow doesn't become too complacent. The dem's are using an old Clinton trick: Get out all the dirt now so it doesn't haunt you close to the election. Come November, to most Americans, the contest will once again be a grizzled, old, white psychotic vs a handsome, metrosexual African-American.
And if the best the GOP and the McCainiacs can do to tout their candidate is "He's not Obama", then they're screwed for sure.
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