Saturday, 1 September 2012

Daily Disclosure: NRA goes after Democrats in contested Senate races

Until recently, the National Rifle Association’s primary involvement in the 2012 election has been limited to renting booths at state fairs and circulating flyers and bumper stickers, plus the occasional low-budget TV or radio buy.
But thanks to the NRA Institute for Legislative Action, the powerful gun rights group has stepped up its game. A $420,000 ad buy last week followed by a $358,000 buy reported Tuesday shows the NRA is ready to invest in more than just convincing fair- and rodeo-goers to vote against President Barack Obama.
The NRA Institute for Legislative Action’s new ads, released Monday, attack the records of Sen. Bill Nelson, D-Fla., and former Virginia Gov. Tim Kaine, who are both running for U.S. Senate — and Federal Election Commission filings indicate Sen. Sherrod Brown, D-Ohio, is the next target.
Bill Nelson Needs to Go” notes the Florida senator’s approval of Supreme Court Justice Sonia Sotomayor, who said in a 2004 ruling that gun ownership is “not a fundamental right.”
“You can’t be a pro-gun senator when you back anti-gun judges,” the ad says.
Stand for Freedom, Stand against Tim Kaine” says that Kaine received a grade of “F” from the NRA for making gun control part of the Democratic National Committee’s agenda when he was chairman.
The NRA Institute for Legislative Action is the lobbying arm of the NRA, according to its website. The institute was established in 1975 both to pursue the group’s legislative agenda and to educate the public.
The organization is a nonprofit and does not reveal its donors. However, the Center for Responsive Politics discovered that conservative nonprofit Crossroads GPS, founded by Republican operatives Karl Rove and Ed Gillespie, contributed $600,000.
Because Crossroads GPS is itself a nonprofit, the source of the donation is unknown. The Institute operates primarily on contributions, not membership dues, according to its brochure.
The group is not to be confused with the NRA Political Victory Fund, a traditional political action committee operated by the Institute. The PAC has been making the more modest campaign expenditures. Unlike the Institute, the Political Victory Fund is subject to contribution limits.
The maximum allowable contribution to the PAC is $5,000. The NRA’s PAC has taken in some $11.1 million in the 2012 election cycle and spent $5 million, according to FEC records.
In other outside spending news:
  • Americans for Prosperity, another conservative nonprofit, released its second ad in two weeks critical of Rep. Joe Donnelly, the Democrat running for U.S. Senate in Indiana. “Stop Spending Away Our Future,” released Tuesday, follows “Washington-Style Reform,” released last week. According to a press release, the pair of ads is running for two weeks at a cost of $700,000. Donnelly faces tea party candidate Richard Mourdock, who ousted longtime Sen. Richard Lugar in the state’s first competitive GOP primary in decades.
  • Americans for Prosperity also reported spending $2.5 million on Web, radio and TV placement for its anti- Obama ads “Tick Tock” (posted as “A One Term Proposition”) and “New Ideas,” which were released earlier this month.
  • A super PAC opposing Nebraska state Sen. Deb Fischer, the Republican candidate for U.S. Senate from the state, reported spending $215,000 on TV and radio advertising. End the Gridlock has raised a total $252,000, but only 10 percent of that has come from within Nebraska. The super PAC’s biggest contributor is billionaire film producer Sidney Kimmel, who gave $100,000.
  • The Susan B. Anthony List Inc., an anti-abortion nonprofit, reported spending $165,000 on TV ads opposing Obama. Tuesday the group released an ad critical of then-Illinois state Sen. Obama’s votes on “born alive” bills, the Daily Disclosure reported.
  • The Susan B. Anthony List Inc. also reported five independent expenditures for… parking tickets? According to the FEC reports, the group paid $100 for tickets related to its opposition of Democratic U.S. Senate candidates Rep. Tammy Baldwin in Wisconsin, Tim Kaine in Virginia, Sen. Sherrod Brown in Ohio, U.S. House candidate Christie Vilsack in Iowa and the president.
  • The union American Federation of State, County and Municipal Employees released an online ad called “Wisconsin Workers Say ‘We’re More Than Just Paul Ryan and Scott Walker.’” The ad opposes Rep. Paul Ryan, the running mate of GOP presidential nominee Mitt Romney.
  • New super PACs: America Forever in Chatham, N.J.

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

Transparency test: Grading the super PACs

Throughout the course of the 2012 election, the Consider the Source team will continue to write profiles about the major super PACs and nonprofits that are spending heavily on political advertising.
In addition to providing basic information about the origin of the organizations and their spending history, today we add a letter grade to each group, indicating how much they reveal about their donors.
Super PACs, which are required to report donors to the Federal Election Commission, generally receive good grades. But they may be marked down if major donations come from shell corporations or nonprofits.
Nonprofit outside spending organizations, which are not required to report their donors, receive a failing grade.
The grades are tabulated by the Consider the Source staff and are subjective. Any organization that would like to dispute its grade or provide a list of donors to the Center, please contact project director John Dunbar via email at jdunbar@publicintegrity.org.

Transparency Grading Scale

A – Excellent: All or nearly all donations of $200 or more are fully disclosed.
B – Good: All donations of $200 or more are disclosed but a small percentage may come from shell corporations or nonprofits.
C – Fair: Majority of donations of $200 or more are disclosed, but a substantial percentage may come from shell corporations or nonprofits.
D – Poor: Majority of donations of $200 or more are NOT disclosed or may come from shell corporations or nonprofits.
F – Fail: Donors are not disclosed.

Transparency Grade: A

Transparency Grade: B

Transparency Grade: C

No super PACs or nonprofit groups received this grade.

Transparency Grade: D

Transparency Grade: F


All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

GOP platform at odds with public on defense spending

In May, the Center for Public Integrity and the Stimson Center unveiled the results of a major poll on defense spending. Our poll found wide consensus among the public and across party lines that the defense budget could use some trimming — around three-quarters of those polled thought there should be cuts for air power, ground forces, and naval forces, and over eighty percent said there is “a lot of waste” in the defense budget. In fact, respondents preferred far deeper cuts than those suggested by either the Obama administration or the Republicans.
During the conventions, we decided to take a look at what the party platforms say, and how that measures up to public opinion. First up: the GOP and presidential nominee Mitt Romney.
Romney has made it clear that he intends to expand defense spending if elected in November, having already called for spending a minimum of four percent of the GDP on national defense.
But Tuesday afternoon, as Romney was being officially nominated at the Republican National Convention, his party unveiled the official GOP platform for 2012. Included in the party platform was a thirteen-page section on “American Exceptionalism,” laying out the Republican view of defense and the future of the military.
While the document is light on specifics and heavy on rhetoric, there are some clues for what would be the Romney administration’s national security priorities. And in some very expensive cases, they don’t match up with public sentiment.
For example, the platform includes a call to strengthen American’s nuclear arsenal. “We recognize that the gravest terror threat we face – a nuclear attack made possible by nuclear proliferation – requires a comprehensive strategy for reducing the world’s nuclear stockpiles and preventing the spread of those armaments,” reads the platform.  “But the U.S. can lead that effort only if it maintains an effective strategic arsenal at a level sufficient to fulfill its deterrent purposes, a notable failure of the current Administration.”
This line echoes calls from prominent Republican Congressmen who wrote a letter in February calling proposed cuts by the Obama administration a “deep concern.” At the time, the Center reported how campaign finance records show that since 2009 the signers received $1.12 million from the employees and political action committees of the four large defense contractors with a major stake in the nuclear weapons industry. (Spokespeople for House members and companies alike deny there has been any quid pro- quo.)
But the public would prefer that the nuclear arsenal be reduced, not expanded. In fact, respondents on average favored at least a 27 percent cut in spending on nuclear arms — the largest proportional cut of any in the survey. Overall, two-thirds of those polled — 78 percent of Democrats, 64 percent of Republicans, and 57 percent of independents — expressed a desire to cut spending on nuclear arms.
In another part of their platform, the GOP claims the Obama administration has “systematically undermined America’s missile defense” and calls for a recommitment to America’s missile shield.  However, a pair of recent studies by the Government Accountability Office have called into question the costs and effectiveness of the missile defense program. In one case, as the Center has previously noted, a missile defense system has been cancelled for inefficiency but is still set to cash in on $250 million in taxpayer dollars.
According to the Center’s poll, the public favors cutting 14 percent of missile defense spending. At the same time, 74 percent of those polled believe that pursuing missile defense is important for the country’s national security, which means that Americans want a missile shield- just one that costs less money.
While discussing foreign aid, the GOP insists on relying more on private sector work than government-run programs that are a “proven breeding ground for corruption and mismanagement by foreign kleptocrats.” Corruption and waste in Afghanistan and Iraq is a long-standing problem that has haunted both the Bush and Obama administrations. In July, the Special Inspector General for Iraq Reconstruction told the Center he believes  $6 billion to $8 billion of taxpayer money has been lost to waste and abuse in Saddam Hussein’s former fiefdom; later that month the IG for Afghanistan reconstruction reported to Congress that millions of lost funds have been sunk into construction projects.
While the Center’s poll did not specifically ask about foreign aid, respondents were very clear about their views on Afghanistan: it’s time to get out. 85 percent of respondents expressing support for a statement that said in part, “it is time for the Afghan people to manage their own country and for us to bring our troops home.” A majority of respondents backed an immediate cut, on average, of $38 billion in the war’s existing $88 billion budget, or around 43 percent.
The platform also delves into social issues, calling for an enforcement of the “Defense of Marriage Act in the Armed Forces,” a reference to President Obama’s support for gay marriage. The GOP also pledged that “a Republican Administration will return the advocacy of religious liberty to a central place in our diplomacy” while calling for increased security against human traffickers on the border.
At the very end of the platform is a paragraph about Iran. ”A continuation of [the Obama Administration’s] failed engagement policy with Iran will lead to nuclear cascade,” warns the GOP. “American must lead the effort to prevent Iran from building and possessing nuclear weapons capability.”
The need to contain Iran, a major focus among the “Neoconservative” wing of the Republican party, has also driven the U.S. to increase arms sales to friendly Middle Eastern countries, most notably to Saudi Arabia, which last year purchased $33 billion in arms from America.
And, of course, not all Republicans are locked in with their party on military spending. In recent weeks some noted Republicans have begun calling for a Romney presidency to consider cuts to military spending as a necessity facing the country.
Stay tuned next week when we take a look at the Democratic party platform.

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

Third-party candidates may hurt Romney in key states

Dark-horse presidential candidates Gary Johnson and Virgil Goode may not be household names, but with a little help from super PACs, they could peel away precious support from Republican Mitt Romney and possibly even President Barack Obama in some key state races.
The conservative Constitution Party, which seeks to “restore American jurisprudence to its Biblical foundations,” has nominated Goode, a former congressman from Virginia, for president, potentially taking votes away from Romney in what has become a presidential swing state.
Meanwhile, Johnson, a former two-term GOP governor of New Mexico who failed to win the 2012 Republican presidential nod, has been nominated by the Libertarian Party — a perch from which he could throw a wrench in the plans of both Obama and Romney in several swing states.
Already, at least three pro-Libertarian super PACs have registered with the Federal Election Commission to support Johnson. And former Nixon administration operative Roger Stone, famous for sporting a tattoo of the disgraced president on his back, has touted a pro-Johnson super PAC.
Super PACs are allowed to collect unlimited contributions from individuals, unions and corporations to produce political advertisements that are not coordinated with any candidate. They were made possible in the wake of the U.S. Supreme Court's Citizens United decision.
Goode, a staunch supporter of the 2nd Amendment and vocal opponent of abortion, served six terms in Congress — first as a Democrat, then as an independent and finally as a Republican, until he was unseated in 2008. Third-party candidates like Goode have no chance of winning the White House, but one only need look to the 2000 presidential election to be reminded of their potential impact.
When consumer advocate Ralph Nader ran as the Green Party’s candidate, he infamously garnered more than 97,000 votes in Florida, where Democrat Al Gore lost to Republican George W. Bush by just 537 votes. Florida’s 25 Electoral College votes secured the presidency for Bush, even though Gore won the national popular vote.
One recent poll showed Goode drawing 9 percent of the vote in his home state of Virginia, whose 13 Electoral College votes are being sought by both Romney and Obama.
Similarly, a recent poll showed Johnson — an anti-war candidate who supports marijuana legalization and smaller government — receiving 5.3 percent of the national popular vote. That makes him an afterthought as a presidential candidate, but he may still have an impact in battleground states like New Mexico, Colorado, New Hampshire and even North Carolina.
Third-party candidates aren’t always suggested as options in polls. But one survey earlier this summer showed Johnson winning 12 percent of the vote in New Mexico, a state that Obama carried handily in 2008, but where Bush eked out a narrow victory in 2004.
Johnson garnered 7 percent of the vote in a May poll in New Hampshire, which Obama won easily four years ago but Bush carried in 2000. Earlier this month, Public Policy Polling showed Johnson pulling 7 percent of the vote in Colorado where Obama was the first Democrat since Bill Clinton to win the state. Johnson is also polling at 3 percent in North Carolina, another swing state.
Super PAC spending on behalf of minor-party candidates like Johnson or Goode “definitely could happen,” said Rob Richie, executive director of the nonprofit FairVote, which advocates for increased ballot choice.
“Most people have made up their minds between keeping Obama or going to Romney,” Richie continued. “Some people, though, […] if they realized that there was another candidate running, might abandon one of the major-party candidates.”

Super PACs lead to more choices?

Officials with both the Obama and Romney campaigns declined to comment about whether they were concerned about the role super PACs touting third-party candidates could play in the presidential race.
Some third-party activists, though, are keen to harness super PACs — and their ability to raise unlimited funds, which they argue could increase the visibility of their preferred candidates.
“I wish we had super PACs out there supporting our candidates,” said Jim Clymer, who was the national chairman of the Constitution Party until April. He is now Goode’s vice presidential running mate.
“A couple of people who believe deeply in what we’re trying to promote could put us on the map in a way that we haven’t been,” he added. “The reality is that getting your message out takes a lot of money.”
His sentiments are echoed by Libertarian Party activists.
“A libertarian candidate like Gary Johnson doesn’t have the infrastructure behind him that the major-party candidates have,” said Austin Cassidy, the treasurer of the pro-Johnson Libertarian Victory Committee super PAC, which was formed in May.
“If voters have the chance to compare him on an even playing field that could really spark something,” Cassidy continued.
Cassidy’s Libertarian Victory Committee raised only $200 — all from Cassidy’s own pocket — before throwing in the towel earlier this month, but the pro-Johnson Libertarian Action Super PAC has raised $107,500 as of the end of June. The bulk of that money — $100,000 — came from wealthy entrepreneur Joe Liemandt, the Stanford University dropout who founded and runs the software company Trilogy.
Notably, Liemandt's wife Andra has bundled more than $200,000 for Obama's re-election efforts, and the couple alone has donated $107,400 to the Obama Victory Fund, which benefits Obama's campaign and the Democratic National Committee. Together, they have also donated more than $130,000 to the Libertarian National Committee since 2009.
Wes Benedict, the former executive director of the Libertarian Party who is now the treasurer of the Libertarian Action super PAC, stresses that $100,000 in receipts is “significant,” even if it’s dwarfed by the tens of millions of dollars raised by the pro-Obama and pro-Romney super PACs.
“In Libertarian terms, this is a big step forward,” he said. “We’re in new territory running this super PAC,” he continued. “I hope we make a difference.”
Since it was launched in April, Libertarian Action, which promotes “low-cost, high-quality Gary Johnson materials” such as yard signs, bumper stickers and door hangers on its website, has reported making more than $16,000 in independent expenditures.
Another pro-Johnson super PAC, called Freedom and Liberty PAC, has also raised $100,000, though it has yet to make any expenditures touting Johnson or criticizing his rivals. The group was founded by one-time Johnson aide Kelly Casaday, and its sole donor is Chris J. Rufer, the founder of the Morning Star Company, a California-based agribusiness and food processing company.
The super PACs file their campaign finance reports with the FEC on a quarterly basis, so it’s unknown how much money they have raised since the second quarter ended in June. A few wealthy donors could easily make them more flush with cash. At least one million-dollar contribution has been given to a pro-Johnson super PAC, according to Jim Gray, the Libertarian Party’s vice presidential nominee.
Not all third-party activists, though, think embracing super PACs is a good thing.
“[Super PACs] are squashing competition,” said David Cobb, who was the Green Party’s presidential nominee in 2004. “When the wealthy elite can buy microphones and amplifiers and drown out the rest of us, it is supremely ridiculous to say that that somehow increases the competition of ideas.”

Good things or dirty tricks?

One person with the potential to make a large super PAC splash for a third-party candidate is long-time Republican operative Roger Stone.
Stone was the youngest staffer on Nixon’s infamous Committee for the Re-election of the President, the group that financed the Watergate break-in. He later went on to work with the late Lee Atwater, the strategist who managed Republican George H.W. Bush’s 1988 presidential campaign against Democrat Michael Dukakis. And during the contentious Florida recount between Republican George W. Bush and Democrat Al Gore, Stone was dispatched to supervise the process.
Yet, in February, Stone, who did not respond to requests for an interview, said goodbye to the GOP and registered as a Libertarian after casting a vote for Ron Paul in the Florida GOP presidential primary.
In June, the Huffington Post reported Stone was constructing a pro-Johnson super PAC.
“The American people have never been offered a candidate who is fiscally and economically conservative but socially tolerant,” Stone has said. “With Gary Johnson, you can have the best of both.”
In his writings online, Stone stresses that Johnson has the potential to perform well in many battleground states, particularly in the West — and that Johnson has the potential to win over both supporters of Obama and Romney.
Stone’s name has not yet appeared in any FEC super PAC filings, and so far, his new Libertarian Party allies are cautiously optimistic about his planned endeavors.
“Hopefully he’s up to good things and not dirty tricks,” said Benedict, the former Libertarian Party executive director.
Most political observers argue that outside groups are unlikely to change the fundamental calculus that makes a third-party presidential bid an uphill battle.
Americans Elect is a prime example, according to political science professor Larry Sabato, the director of the Center for Politics at the University of Virginia. The organization launched in 2010 with the hope of getting a centrist political candidate onto the ballot in all 50 states. The group raised more than $35 million — including $5.5 million from billionaire hedge fund investor Peter Ackerman — but it failed to find a willing candidate and has since retreated from the limelight.
“A super PAC can only sell a candidate if there's a market for him or her,” Sabato said. “I don't think there is one in this highly polarized year.”
But as Democrats learned in 2000, a third-party candidate need not be a threat to win to have an impact.

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

One Person View On:Bank of England Interest Rate Policy - As Consumers Struggle

One persons comment and opinion of how they feel about this policy:Extract as written 

 My savings are intended firstly to help in eventual retirement and secondly, to allow me to spend some of it now.

 The former is being made very uncertain by this pronounced and prolonged savers/debtors imbalance - in effect, negative rates eroding the pensions pot. If I had the sort of money mpc members have, then it wouldn't be a problem.

 The latter is not possible because of inflation. There's no slack to spend. I have to try to preserve what I have by keeping it in fixed term accounts to get the best rate in order not to fall too far behind inflation.

 Rates ought to keep pace with inflation. If house prices fell (it's not certain they would by much), then they will recover after the short term.  After 4 years of bountifully low rates few mortgagees should be in potential difficulty - savers shouldn't be expected to cover current debtors risks.

 Wish I was a debtor.

Ace Debt News: says that as we are getting deeper into an imbalance in our economy we are reaching a tip over point, at which time we will be unable to put our economy back on kilter! Their last comment about wishing to be a debtor is most unnerving and should be making alarm bells ring with our government! The fact is they are so involved with their own " self importance" they fail to notice the man/woman in the street!

Anyone like to comment on this comment or my reply please use the Disqus box provided and we can start to gauge peoples opinion alternatively tweet your opinion at #AceDebtNews or email me at News and Views.with your story?              

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

Credit card lending sees biggest drop in six years

Net credit card lending fell by £147 million in July, according to figures released today by the Bank of England.

Ace Debt News: Says 

This is one good thing that comes out of any crisis that people start to cut-back on spending!As the advent of a downturn in the fortunes of people and as austerity measures start to bite this will be only a good thing.

We cannot borrow ourselves out of debt! We can only manage debt with good financial advice!
        
For  more information on managing debt email me at Ace News Desk with your details and l will try to help and share your opinions at #AceDebtNews

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

Monday, 27 August 2012

Osborne 'Will Fail To Stop Rise In Public Debt'

The government is "most unlikely" to meet its target to eliminate Britain's structural deficit by 2015, a think-tank has warned.

Chancellor George Osborne will also fail in his economic goal to stem the increase in public debt before the next general election, according to the Centre for Policy Studies (CPS).

In a report released today, the CPS said: "The coalition came into office in 2010 with the stated aim that it would eliminate the current structural deficit within five years and stem the increase in public debt as a proportion of GDP. It is not achieving these aims.

"Though it correctly asserts that the deficit has fallen by around a quarter since 2010, the cyclically-adjusted current deficit (the part it said it wanted to eliminate within five years), had only fallen by 13.2% by the end of 2011/12."

The study found that the the majority of the reduction in the deficit has come from cuts to investment spending and tax increases rather than public spending cuts.

It said that only 6% of the Coalition's planned cuts to current expenditure had so far been implemented.

The right-leaning think-tank's report also said that official national debt is forecast to rise by £605 billion over the course of this Parliament, or from 53% of GDP in 2009/10 to 76% of GDP in 2014/15, despite the deficit falling.

"This week's growth and borrowing figures make it all the less likely that debt will be on a downward path until the next Parliament, meaning the Coalition's hard mandate will not be met on unchanged policy," the study added.

The Government's problems are exacerbated by the fact that the difference between "deficit" and "debt" is still widely misunderstood by the public, added the CPS.

A poll conducted by the think-tank as part of the report found that 47% of people believe that public debt will actually fall by around £600 billion by 2015.

Only 39% of people also correctly identified that the budget deficit has fallen since 2010.

Ryan Bourne, one of the report's authors, said: "It's becoming increasingly probable that, on current policy, neither of the Coalition's original fiscal mandates are going to met.

"With the recent dreadful borrowing figures, now would be a good time for the Coalition to restate the scale of our fiscal problems, and to set out how they will be addressed."

He added: "Only by having a clear knowledge of the problems and solutions on offer from the different parties will the electorate be able to make an informed choice in 2015."

The Treasury rejected the CPS analysis.

"The Independent Office for Budget Responsibility's (OBR) most recent assessment is that the government is broadly on track to meet its debt and deficit targets," a spokesman said.

"The OBR will update its forecasts in the autumn."

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Thank you, Ian [Editor]