Author Archives: Michael Froomkin

Friday McBush/McSame Bashing

Posted on September 26, 2008 by Michael Froomkin

I've 'suspended' Friday McCain Bashing for the duration of the Emergency. I hope that makes it more popular.

Friday

Thursday

Wednesday

Tuesday

Monday

Sunday

Friday

Posted in Politics: McCain | 1 Comment

Contrasting Ads in FL-25

Posted on September 26, 2008 by Michael Froomkin

Contrasting ads in FL-25.

First, Joe Garcia again lampoons incumbent Mario Diaz-Balart:

Next, Mario Diaz-Balart trowels on the innuendo, suggesting that Garcia somehow has a connection to … Enron (!):

Both ads strike me as flawed, but in different ways. Garcia's ad has a very weak and silly start. Its point risks getting lost on the split screen. And it's high risk: ridicule can backfire…. Although it's interesting that the politically engaged Cuban-American I sat next to on the plane the other day who said he thought Joe's ads were too much had a few minutes earlier (unconsciously) adopted the very phrase in Joe's first and most effective effort, “one-trick pony”.

The production values on the Diaz-Ballart ad are better, as you'd expect given his is designed for TV while the Garcia ad is a web-only quickie. But it seems to me that the ad has two more serious problems. First, the claim it makes is pretty silly, and can only work with voters who know nothing about the candidate. It's too late for that group to be sizeable, although maybe it includes a good chunk of the undecided. Second, when the ad says “get rid of Enron Joe” it makes it sound like he's the incumbent. Maybe that's supposed to be a subtle hope that voters will think he is and vote to throw the rascal out — but to anyone who knows the score, and most voters do, this will look weak.

And, indeed, Channel 10 totally debunked Mario Diaz-Balart's ad:

As Garcia himself said in a recent email blast:

While serving on the Public Service Commission I helped usher-in the biggest utility rate cut in Florida history, which saved Floridians $1 Billion and forced FP&L to share excessive profits with consumers.

Diaz-Balart is scared of my record of fighting for consumers so he is trying to lie his way to re-election. …

One can see why Mario is run away from his record.  If I had been in Congress for six years and only passed one bill, while giving myself five pay raises, and voting against healthcare for children, services for our returning veterans and giving oil companies billions in tax breaks, I would be doing the same.

Posted in Politics: FL-25/FL-27 | Comments Off on Contrasting Ads in FL-25

Get Some Facts

Posted on September 25, 2008 by Michael Froomkin

The Economists' Voice has some timely writing:

Why Paulson is Wrong

Luigi Zingales

There are alternatives to a massive government bailout of the U.S. financial industry, according to Luigi Zingales—they just would be more costly for financiers and cheaper for taxpayers.

Questioning the Treasury's $700 Billion Blank Check: An Open Letter to Secretary Paulson

Aaron S. Edlin

The Treasury wants a blank check for $700 billion, at taxpayer expense; instead a businessman like Buffett should be given the job of making the taxpayers some money out of this mess, according to Aaron Edlin.

Dr. StrangeLoan: or How I Learned to Stop Worrying and Love the Financial Collapse

Aaron S. Edlin

Last week, on Wednesday September 17, 2008, the Bush Administration almost stumbled upon a way to eliminate the U.S. debt and even taxes. Aaron Edlin's ironic take on a world gone mad.

Investment Banking Regulation After Bear Stearns

Dwight M. Jaffee and Mark Perlow

The Bear Stearns bailout created an implicit guarantee that will create a great deal of moral hazard unless we smartly regulate investment banks in a way that doesn't destroy their value; so say Dwight Jaffee and Mark Perlow.

Posted in Econ & Money | 2 Comments

Miami Demo Against the Bailout

Posted on September 25, 2008 by Michael Froomkin

Miami: Say NO to the Bush Bailout Rally
September 25, 2008
5:00 PM – 6:30 PM

Stand with your neighbors and say NO Bush Bailout!

Bring signs and friends so that we can all call on the government to invest in Main Street, not Wall Street.

Address
Busy Street Corner
SW 17th Avenue and US1
Miami, FL 33133

I wonder why so often progressive rallies pick this corner? Yes, it's on a main commuter route, but it's soulless and not that accessible.

Update: find a rally near you

Posted in Econ & Money | 1 Comment

Annette Taddeo is on TV With Her First Ad

Posted on September 25, 2008 by Michael Froomkin

Annette Taddeo is on TV with here first ad, YouTube – New Beginning

There's also a spanish version.

Posted in Politics: FL-18 | Comments Off on Annette Taddeo is on TV With Her First Ad

Feh

Posted on September 24, 2008 by Michael Froomkin

I am very disappointed to read this in the NYT online.

At the same time, Congressional Democrats said they were prepared to drop one of their most contentious demands: new authority for bankruptcy judges to modify the terms of first mortgages. That provision, aimed at preventing foreclosures, was heavily opposed by Senate Republicans.

I hope it is not true. I have yet to read a convincing case for why banks should get all the windfalls for their evident stupidities. I do not like being asked to pay large sums of money for windfalls to the improvident, but given the choice between improvident families losing their homes and stock and bondholders in improvident banks, I know whose windfall I'd choose to hand my a share of my income to.

On a somewhat more cheerful note, it seems that the Dems might “only” hand over $150 billion, which might leave a little money for social programs in the Obama administration. Even though the $700 bn number was clearly made up, I suppose this will be about as small a number as they can get away with. Think what it could have done for health care.

If the Congress doesn't hold some sort of line on the amount, the GOP program of “starving the beast” — making the Treasury so broke that there's no danger Democrats could afford anything popular — would truly have reached its apotheosis.

Posted in Econ & Money | 2 Comments