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On 2010-11-02, at 9:50 PM, sobuadha...@hushmail.com wrote:
The anguished liberals on MSNBC are speculating
that if Paul is true to his crazed principles then
it is within his power to filibuster raising the
federal debt ceiling triggering the default of the
US debt and an international financial meltdown.
Whether this ideological doomsday scenario unfolds
sooner (rather than later) the ranks of the
overt racist, birther, vile cretins in power
is growing by the hour.
Armageddon, however, is not on the agenda:
* * *
Business Looks to Republicans to Block Rules, Taxes
By Mark Drajem
Bloomberg
Nov 3, 2010
http://www.bloomberg.com/news/print/2010-11-03/business-looks-to-republicans-to-block-obama-on-rules-taxes.html
The Republican gains in Congress mean U.S. companies from Goldman Sachs Group
Inc. to Wellpoint Inc. may be able to weaken or block what they consider
President Barack Obama’s anti-business policies on health care, the
environment, taxes and financial reform.
Republicans will use their perch as the new majority in the House of
Representatives to try to eliminate funding for parts of Obama’s health care
bill opposed by business as well as curb regulations and government spending,
Jay Timmons, senior vice president of the National Association of
Manufacturers, a Washington-based lobbying group, said in an interview before
the election.
[…]
More-ambitious goals sought by some lawmakers and businesses, such as
completely overturning Obama’s health-care overhaul, probably will remain out
of reach for Republicans. Obama still wields veto power, and Democrats retained
control of the Senate, though Republicans cut into their lead.
High-profile objectives, like repealing the health-care measure, won’t progress
past “symbolic, messaging votes,” said Bruce Josten, the top lobbyist for the
U.S. Chamber.
The Washington-based Chamber, which led the fight against Obama on health care
and financial regulation and budgeted a record $75 million promoting
pro-business candidates, says it hopes the acrimony of the election campaign
can be put aside and Republicans can work with Obama to cut the deficit,
promote nuclear power and energy efficiency, and pass long-stalled free trade
agreements.
Other items may gain support from both the administration and Congress, such as
scaling back business taxes imposed by the health-care bill, providing highway
funding, creating renewable- energy standards and boosting nuclear power, he
said.
“There is a potential here for some bipartisan movement,” Josten said.
Following are assessments of what the new Congress means for selected
industries and issues.
FINANCE
[…]
Republicans’ new power gives them the ability to shape more than 240 rules that
may be needed to implement the Dodd-Frank law, including regulations
establishing the direction and independence of the new Consumer Financial
Protection Bureau. Rulemaking by the Commodity Futures Trading Commission and
other agencies on bank capital standards, derivatives and proprietary trading
also will draw increased scrutiny.
[…]
The regulatory oversight and ability to weaken rules may benefit banks
including Goldman Sachs, JPMorgan Chase Co., and Bank of America Corp., all
of which lobbied against elements of the Dodd-Frank law, saying they would hurt
profits.
On housing, Republicans including Hensarling say they want a free-market
approach that would phase out federal support for Fannie Mae and Freddie Mac,
the mortgage companies taken over by the government after their losses soared.
A legislative stalemate may be fine with financial companies as well as
investors, said Alison Williams, a Bloomberg Research analyst. “In general,
investors just want gridlock so the government will be less of a threat,” she
said.
HEALTH CARE
House and Senate Republicans have written at least 30 bills that would roll
back provisions of the health-care overhaul Obama signed into law in March.
Such efforts may help Wellpoint and rival health insurers escape regulations on
how much they spend on patient care and let Boston Scientific Corp. and other
medical-device makers dodge $20 billion in tax increases over the next decade.
[…]
DEFENSE
House Republicans have pledged to cut $100 billion in domestic discretionary
spending, the outlays set by Congress on a yearly basis that aren’t mandated by
law.
Don’t look for them to take the ax to defense spending very soon, though.
Wary of the growing military might of China, Republicans are likely to be more
aggressive in spending in ways that respond to that country’s capabilities in
naval warfare, ballistic missiles and air power, even if the overall U.S.
defense budget doesn’t increase.
[..]
That would
