Small Business Owners Come to Capitol Hill to Discuss the Economy

Download: Small Business Economic Outlook Report
News From the
Committee on Small Business
Nydia M. Velázquez, Chairwoman
WASHINGTON – Small businesses have long been the drivers of this economy, creating 99% of all new jobs, and have historically led the nation out of past recessions. A panel of entrepreneurs today told the House Small Business Committee that the credit [...]

8-PAC Weekly Wastebasket: Banking Bailout Bucks

This week the Treasury Department released $125 billion of the $700 billion bailout package to nine banks. This cash infusion will buy taxpayers preferred shares in the banks and increase the capital and liquidity at those institutions. Already, more than thirty banks have received or been promised $163 billion.
But what are taxpayers really getting for [...]

GDP down 0.3% as consumers get thrifty

“About 59 percent of the U.S. trade deficit is due to petroleum imports.“
Download: GDP 3rd Quarter 2008 Report
Download: Trade Stimulus
The gross domestic product — driven largely by consumer spending — shrank but not as much as expected. Still, economists predict things will get worse before they get better. Consumers cinched their belts sharply in the last few [...]

Obama targets Va., Pa. in homestretch

(AP) – Gunning for the 270 electoral votes he needs to win the White House, Democrat Barack Obama is almost exclusively targeting tossup red states, the label for ones that trend Republican. Any one of them might tip him to victory. Combined, they could give him a dominant win. Meanwhile, ahead in the polls, Obama spends [...]

Blood suckers: How to deal with Machiavellian investors… Be Careful Who You Deal With

By Matt McCall
“Here is the standard game plan for these kinds of assholes. When they sense a dramatic change in the market, they pull away their term sheet siting “policy” changes.” – M. McCall
As these markets continue their chaotic path downward, people’s true colors come out. Some people show increasing amounts of fairness [...]

Sen. Stevens guilty on all counts, career in peril

Sen. Ted Stevens, R-Alaska, and his wife Catherine Stevens, arrive at Federal Court in Washington, Monday, Oct. 27, 2008, Monday, Oct. 27,2008. Stevens was convicted of lying about free home renovations and other gifts he received from a wealthy oil contractor. (AP Photo/Manuel Balce Ceneta) 

Alaska Sen. Ted Stevens was convicted of seven corruption charges Monday [...]

Election 2008: Muscling Up the Majorities

  
Download: CQ’s Current Projections
By Bob Benenson
(CQ) Elizabeth Dole enjoys political assets that most of this year’s congressional candidates can only dream of: She’s a household name in her native North Carolina, because she’s been a force to be reckoned with in national Republican policy and political circles for four decades. Her portrait hangs among those [...]

SDBs can learn a lesson from Global minorities: Stick together or sink together

“Firm, decisive and effective measures in a responsible and timely manner.”
BEIJING, China (CNN) — Asian and European leaders vowed Saturday to act together to address the global financial crisis, calling for decisive action following a two-day summit in the Chinese capital. The ASEM meeting brought together the leaders of 43 Asian and European nations, along [...]

Financial Report of the United States Government

Download: Financial Report of the United States of America

“The government is on an unsustainable fiscal path.”

Where We Are Headed
As baby boomers retire and health care costs continue to rapidly rise, the cost of the Social Security, Medicare, and Medicaid programs will account for a growing portion of government cost.
Absent reforms, the Social Security Trust Funds [...]

GAO Report says More Needed to Fix Failed Bush Policies

WASHINGTON – A Government Accountability Office (GAO) report issued today and requested by Senator John Kerry, Chairman of the Committee on Small Business and Entrepreneurship, shows that while the Small Business Administration (SBA) has made progress, years of underfunding and failed policies have taken its toll. President Bush’s policies have undermined lender oversight, left [...]

Two big accounting firms chosen for rescue program

WASHINGTON – the government has selected two major accounting firms to help it manage the $700 billion rescue program for the financial system. The Treasury Department said today it had chosen PricewaterhouseCoopers to be the auditor for the program. Ernst & Young will provide general accounting support.
The two firms will work on the part [...]

Colin Powell Endorses Obama

(TPM) Powell elaborated on his decision in a Q-and-A with reporters moments ago. He said he’d concluded that we need a “fresh set of ideas” and a “fresh set of eyes.” While he praised McCain’s “maverick” ways, he added: “I think we need more than that,” asserting that we need a “generational change” in leadership. [...]

President Bush’s Weekly Radio Address and Response by Democratic Rep. Rahm Emanuel

SPEAKER: PRESIDENT GEORGE W. BUSH
[*] BUSH: Good morning.
Our nation is dealing with a serious financial crisis. Over the past month, Americans have witnessed fast-moving events involving complicated financial issues. I know many of you are concerned about your finances. So this morning, I want to tell you how we’re addressing the uncertainty in our [...]

Prediction: Powell will endorse Obama this weekend

From the Desk of the 8-PAC Editor
Sunday, October 19, 2008, on NBC, former secretary of state Colin Powell will be on Meet the Press. We predict his proclamation of support for Senator Barrack Obama as the 44th President of the United States.

“When we go to war, we should have a purpose that our [...]

Barack Obama: Reaction to Hofstra Debate

Remarks of Senator Barack Obama
Londonderry, New Hampshire
Thursday, October 16, 2008
We meet at a moment of great uncertainty for America. The economic crisis we face is the worst since the Great Depression. The stock market plummeted again yesterday, and millions of Americans have opened up their 401(k) statements to see that so much of their hard-earned [...]

The Apostasy: son of William F. Buckley has decided to vote for Barack Obama

” Obama has in him-I think, despite his sometimes airy-fairy “We are the people we have been waiting for” silly rhetoric-the potential to be a good, perhaps even great leader. He is, it seems clear enough, what the historical moment seems to be calling for.” – C. Buckley
By Christopher Buckley
(The Daily Beast) Let me [...]

Fundamentals: In the Bailout, Which Taxpayers Win?

The law that allows the Treasury Department to buy up toxic mortgage assets from banks and other institutions provides some tax relief – and some tax hits.

Download: Exec-The Emergency Economic Stabilization Act of 2008
Download: The Emergency Economic Stabilization Act of 2008
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By Robert Willens
The Emergency Economic Stabilization Act of 2008, popularly known as the [...]

Elephant in the Room: In Voting Booth, Race May Play a Bigger Role

By ADAM NAGOURNEY
(New York Times) – With less than three weeks until Election Day, a big question is looming over the campaign for the White House, and it has nothing to do with the economic crisis or the caustic exchanges between Senators Barack Obama and John McCain over character and credentials.
It is race.
Mr. Obama [...]

Fact-Checking the Ayers Allegations: So Wrong, It’s “Pants on Fire” Wrong

By Alexander Lane
(Politifact.com) For most of the election, Sen. John McCain ’s campaign has been somewhat subtle about trying to tie Sen. Barack Obama to the former ‘60s radical William Ayers. No longer. A 90-second Web ad released Oct. 8, 2008, features sinister music, side-by-side photographs of Obama and Ayers, and a series of [...]

Op-Ed: Obama’s 95% Illusion – “It depends on what the meaning of ‘tax cut’ is”

From the Desk of the 8-PAC Editor: Contrary to some opinions received, although we at the 8-PAC are biased towards Obama this election cycle; we are not biased in the news we select to share with our readers and subscribers.
(Wall Street Journal) One of Barack Obama’s most potent campaign claims is that he’ll cut [...]