Open Forum

Sen. Dodd says that GM’s chief executive should resign. Remember when he was also this tough on the financial industry, and demanded lots of accountability and concessions from them before giving them a bailout? Yeah, me neither.

State Rep. Brian O’Connor (D-Clinton) was arrested on drunken driving charges over the weekend. Oops!

Norwalk Mayor Richard Moccia isn’t sure if he’s running next year, but can’t resist a dig at Dan Malloy.

Tribune, which owns the Courant, is in financial trouble.

Mary Glassman of Simsbury is spearheading regional efforts in the Farmington Valley.

And lastly, tax credits for the film industry could be on the chopping block as legislators look to close the budget gap.

What else is going on?

Advertisements

22 responses to “Open Forum

  1. [quote]And lastly, tax credits for the film industry could be on the chopping block as legislators look to close the budget gap.[/quote]

    I’d love to know how much revenue we received due to those same credits….and for that matter, exactly what tax credits?

  2. [quote]Dodd says that GM’s chief executive should resign.[/quote]

    Seeing as he zips around CT in a Ford, it’s clear GM refused to give him the VIP treatment he’s become accustomed to.

    Now he wants them to “pay” for that.

    I wonder if we can get Tom Scott to ask him what his beef with GM is really all about?

  3. If Sen. Shelby had suggested the GM CEO resign would you still be questioning where the heart is? The truth of the matter is the GM CEO should resign, regardless of Sen. Dodd’s opinion.

  4. And lastly, tax credits for the film industry could be on the chopping block as legislators look to close the budget gap.

    If the tax breaks go away, will anybody make films in Connecticut?

  5. State Rep. Brian O’Connor (D-Clinton) was arrested on drunken driving charges over the weekend. Oops!

    He got arrested shortly before 6:00 PM. How could you be that drunk that early? Or is this another case where the “drunk driving” laws are way too strict? I presume he got cited for DUI not DWI, as he was released. There’s been pressure on states to lower their DUI limits, although I don’t think that really does anything for public safety. It’s the really drunk people you have to worry about.

  6. I love how there is no accountability on Chris Dodd’s part. And the good governemnt people in Connecticut don’t care. It’s amazing that he has any credibility. We want Dodd to be tough on the financial industry but we aren’t tough on him. Funny how that works.

  7. [quote comment=”39087″][quote]And lastly, tax credits for the film industry could be on the chopping block as legislators look to close the budget gap.[/quote]

    I’d love to know how much revenue we received due to those same credits….and for that matter, exactly what tax credits?[/quote]
    If by “we” you mean the state, there’s no revenue directly received. The tax credits are sold to other corporations that offset taxes they would otherwise pay. If, on the other hand, by “we” you mean the citizens of the state, you would have to quantify the boost to the general economy provided by these film companies coming and spending money. I suppose that’s something, but nobody knows if the positives to the economy (and the taxes indirectly generated) outweigh the cost of the credits.
    Then again, this the Legislature at work, so there’s no reason to muddle policy with facts.

  8. [quote comment=”39091″]State Rep. Brian O’Connor (D-Clinton) was arrested on drunken driving charges over the weekend. Oops!

    He got arrested shortly before 6:00 PM. How could you be that drunk that early? Or is this another case where the “drunk driving” laws are way too strict? I presume he got cited for DUI not DWI, as he was released. There’s been pressure on states to lower their DUI limits, although I don’t think that really does anything for public safety. It’s the really drunk people you have to worry about.[/quote]

    Maybe O’Connor was tailgating at the UConn football game. Or at a xmas party. But my question is whether or not Rep. Olson was with him, whether she was too drunk to drive him or if not, why she let him do the driving….

    And if we get rid of the film credit, will Amann get enough screen time to earn his SAG card? I think he has two cameos on his filmography already…

  9. Remember when he was also this tough on the financial industry, and demanded lots of accountability and concessions from them before giving them a bailout?

    I remember when Dodd supported the bailout, as well as when he opposed it!

    http://timwhitelistens.blogspot.com/2008/09/dodd-on-bear-stearns-bailout.html

  10. [quote comment=”39092″]I love how there is no accountability on Chris Dodd’s part. And the good governemnt people in Connecticut don’t care.[/quote]

    What does this even mean? Do you think that “accountability” is something that officeholders do to themselves?

  11. [quote comment=”39095″]I remember when Dodd supported the bailout, as well as when he opposed it![/quote]

    Are you deliberately conflating the huge, $700B+ financial institution bailout from the fall of 2008 with JP Morgan’s purchase of Bear Stearns, or are you merely confused?

  12. AndersonScooper

    Dump Dodd.

  13. [quote comment=”39097″][quote comment=”39095″]I remember when Dodd supported the bailout, as well as when he opposed it![/quote]

    Are you deliberately conflating the huge, $700B+ financial institution bailout from the fall of 2008 with JP Morgan’s purchase of Bear Stearns, or are you merely confused?[/quote]
    The sources are cited on the blog.

  14. I don’t know enough about Wagoner or the other auto company executives to know if they should resign, or if they took the helm when the companies were doomed anyway. It seems as if a good portion of GM’s and the other company’s problems were started a long time ago when the unions got those long term contracts.

    I just wonder how a government oversight panel with an Auto Czar is going to do any better. (And as an aside, can we please stop calling people Czars. It’s a stupid term. The Czars didn’t do a great job at getting Russia modern, so why do we name big government heads Czars? But I digress. Although “Car Czar” would be a cool title and a great personalized license plate!).

    First, executives. How are we going to convince auto executives with good knowledge to move to Detroit to run these troubled companies? At least housing is cheap in Detroit…

    Second, government oversight. They’re going to cause a lot of problems. You know they’re going to push small, fuel efficient, green cars. Is it really a product problem at GM? They sold a lot of vehicles last year: more than Toyota. Is altering the product line really going to help that much? Sure, some people want small cars, but some people want pickups. How is the government going to choose this properly?

    Are factories going to close based on performance, or on which congressional district they’re in? Are closures going to be like the military base closings, where lots of politics is involved.

    Seriously, how are GM, F and Chrysler going to make money under this new plan?

  15. [quote post=”2403″]Are factories going to close based on performance, or on which congressional district they’re in?[/quote]
    Rhetorical question, right?

    There are lots of car factories in the US doing just fine — they’re just not in Detroit

  16. From the Bloomberg story that GC linked to: [quote]Senator Richard Shelby of Alabama said he supports a filibuster, a procedural tactic which stalls legislation to allow endless debate. Sixty votes are needed to end filibusters.

    “I think we need to debate it and that’s what filibusters allow and this week would be a good time to do it,” Shelby said.

    He called the auto bailout “a bridge loan to nowhere,” on the “Fox News Sunday” program today. [/quote]

    I know we’re living in scary times when I find myself agreeing with Richard Shelby.

  17. [quote comment=”39099″][quote comment=”39097″][quote comment=”39095″]I remember when Dodd supported the bailout, as well as when he opposed it![/quote]

    Are you deliberately conflating the huge, $700B+ financial institution bailout from the fall of 2008 with JP Morgan’s purchase of Bear Stearns, or are you merely confused?[/quote]
    The sources are cited on the blog.[/quote]

    Yes, which led me to think that Tim was being dishonest by citing a reversal of support for “the bailout” by Dodd.

    However, I’ve certainly cited things that I’ve skimmed that turned out not to be what I thought they were, so it seemed like the better part of valor to allow for the more charitable interpretation.

  18. Matt… fair enough. I wasn’t confused, but FWIW it wasn’t a conscious conflation. I’m just disgusted with 2008: The Year of the Bailout. And I posted quickly without fully thinking it through. I apologize for that. And your point is well-taken.

    The thing that’s gotten me so fired up over these bailouts isn’t whether they’re even right or wrong. (though I think they’re wrong.) What’s got me is that it seems as though there’s no debate on monetary policy… as if no one even understands it. Some of my reasoning is:

    1) Dodd blamed Bush for the problems, then asked Bush (Paulson, Bernanke) for the solution.

    2) Schumer was quoted in the NYT explaining the difficulties for members of Congress being that they had no one on their staffs who understood this stuff.

    3) Bush remained silent for a while at the beginning, letting Paulson make the pitch.

    4) Obama made a comment about how he wouldn’t opine because everything needed to done correctly because the stakes were so high.

    5) McCain was basically silent, except for his explanation that he returned to Washington to work on the problem.

    All of these things come together to convince me that our elected officials in Washington don’t even understand what’s happening – or didn’t at the time of the $700B bailout vote. And that’s unacceptable. I can handle disagreeing with a politician on a particular issue and still support the pol… and I recognize economics and monetary policy can be complex. But that’s still no excuse for our elected officials to not have a basic governing philosophy guiding their judgment.

    Anyway, I drew an unfair relationship between the $29B Bear Bailout and the $700B miscellaneous Bailout. But at this point, I’m of the opinion that the underlying problem that leads to all these government bailouts is a basic lack of understanding of economics and / or monetary policy. And because of that, I didn’t see the point in differentiating among the bailouts.

  19. On Nov 28, CNBC reported the 2008 bailout exceeding $7 trillion:

    http://www.cnbc.com/id/27719011

    And somewhere I read that’s an 80% increase in the money supply (M1, M2 or M3 – I don’t know). It’s difficult to believe we don’t experience hyperinflation in 2009 / 10. And I don’t even hear anything mentioned about it. It seems to me that knock-on effects should at least be debated by Congress.

  20. >>There are lots of car factories in the US doing just fine — they’re just not in Detroit

    Don’t hold your breath on that.

    Sales volumes are off across the board.

    There isn’t a single major (ie: not including niche such as Ferrari) car maker on the whole planet that’s making any money right now.

    Zero, zilch, nada, nobody.

    Benz has a pile of cash on hand and has been systematically pumping up their dealer network, most especially those retailers (largely in Europe) that deal more in big trucks where sales are off even worse.

    Toyota took a series of big hits over the past 18 – 24 months.
    They lost an 8.6 million unit class action suit regarding blown engines (most of which “went” while the vehicles were still under warranty) and are currently buying back 2001 Tundra’s as fast as they can (which is not as fast as that model can rust).
    (Let’s just ignore the total ethical bankruptcy of the company while we’re at it.)

    Hyundai / KIA are in hock up their windshields to the So Korean govt.

    The ONLY difference is that the “big 3” have legacy pension / health care costs that will largely be passed to the UAW by 2010 bringing their respective hourly labor costs in line with US transplants (around 43 an hour total).

    The trick is to get the 3 of them there.

    “Let `em go under”???

    Did you really want to depend on Honda built tanks for our military?
    Nissan built locomotives?

  21. [quote comment=”39110″]There isn’t a single major (ie: not including niche such as Ferrari) car maker on the whole planet that’s making any money right now.[/quote]

    My god. Are Ferrari sales up?

  22. Are Ferrari sales up?

    In a word yes.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s