Obama Rides High in WSJ Poll

Posted on March 4, 2009 by billmanzi

President Barack Obama continues to be very popular with the American public according to the latest Wall Street Journal/NBC News survey.

Overall, two-thirds of all Americans say they feel “hopeful” about Mr. Obama’s leadership and plans, compared with 28% who say they feel “doubtful.”

The President continues to get high marks in many areas, and is still the choice of a wide majority in terms of stewardship of the economy. White House Chief of Staff Rahm Emanuel attributes the President’s popularity to the American publics trust in him.

“The American people trust him and like him,” Rahm Emanuel, the White House chief of staff, said in an interview. “That’s how you make change possible, because it’s not threatening but accessible.”

And the survey holds continued bad news for the Republican minority, with the public appearing to question their motivations in a bad way.

The poll had bad news for the Republican opposition. By a margin of more than 2-1, Americans trust the Democratic Party over the Republicans to get the country out of the recession. Views of the GOP are near an all-time low. And more than half of all adults say that Republicans in Congress have opposed Mr. Obama’s proposals more to gain political advantage, compared with 30% who say Republicans have done so because they are standing up for their principles.

Republicans have tried to separate the President personally from his programs, but that strategy has not worked. Minority Leader Boehner continued on that tack.

House Minority Leader John Boehner (R., Ohio) predicted that Mr. Obama will have trouble moving his agenda. “Everyone knows that the president remains popular, but let’s be honest: The solutions Democrats are pushing are not,” he said in a statement.

The survey showed deep support for the President from Democrats, and a fine showing amongst independents. But he showed slippage amongst Republicans, which should have been expected.

The President continues to use his deep popularity to drive substantial change in the system. The upcoming battles on the budget and on health care will put that popularity to the test. Read the Wall Street Journal article here.

Posted in National News | Tagged , , | 3 Comments

The We Can Solve It Campaign- Solar

Posted on March 3, 2009 by billmanzi

You will likely see this ad by the We campaign on the air shortly. Solar arrays in a desert! Not a bad idea. Maybe that goes along with improving our grid so that we can transmit that power to where it is needed. Smart grid technology? Yes, funded in the stimulus package.

Posted in National News, State News, Uncategorized | Tagged , , | 5 Comments

U2 In the News

Posted on March 3, 2009 by billmanzi

The Irish rock band U2 is back with a new album, and a slew of media coverage. They are in today’s Globe and were in Sunday’s New York Times. From the New York Times:

U2 has entered the fourth decade of a career that began in 1978, when its members were teenage schoolmates in Dublin; they are now in their late 40s. And U2 may well be the last of the megabands: long-running, internationally recognized rockers whose every album, from “Boy” in 1980 to “How to Dismantle an Atomic Bomb” in 2004, has sold millions of copies worldwide. In an era when CD sales have plummeted, Top 40 radio favors hip-hop and teen-pop, albums are fractured by MP3 players’ shuffle mode and the old idea of a rock mainstream seems more and more like a mirage, U2 still, unabashedly, wants to release a blockbuster.

The new album is “No Line on the Horizon”, their twelfth. They are still a monster act after all this time, relevant and still producing great stuff.

Read the New York Times story here. Read the Globe story here.

Posted in National News | Tagged , | 7 Comments

Cahill Calls for Slot Parlors

Posted on March 3, 2009 by billmanzi

Treasurer Tim Cahill will tommorow call for the licensing of at least three slot parlors in Massachusetts. These operations would be much less than the destination casinos envisioned in Governor Patrick’s original gaming proposal, but would have the advantage of a quicker turnaround. From the Globe:

Cahill, who is prepared to discuss the proposal at a legislative hearing today and fully unveil it at a speech tomorrow, estimates the state could reap up to $244 million annually by collecting a 27 percent tax on revenue from the slot machines, according to two state treasury officials.

In addition, licensing fees for 15- to 20-year operating rights could bring in between $2 billion and $3.3 billion in up-front payments, according to the two treasury officials who spoke on the condition of anonymity be cause the plan hasn’t been made public. The figures are significantly higher than the governor’s 2007 estimate, which was $600 million to $900 million.

“We think there is a market for this,” said one of the treasury officials. “There’s no appetite for casinos because nobody wants to – nor do they have the funds to – build the infrastructure. But for this particular market there is an appetite. At some point it’s going to happen, and we have to capitalize on it.”

Cahill’s plan mimics the Governor’s casino plan on the issue of placement, and envisions non casino bidders for the licenses. That part of the plan will have to be explained further. It also does not call for slots at the state’s tracks. Cahill’s idea will run into some fierce resistance from gambling foes, who point to the slide being experienced by the gaming industry nationwide.

But amid the economic downturn, critics of gambling need look no farther than Rhode Island for an indication that slot machines aren’t a panacea. Twin River, a combined racetrack and casino operated at the former Lincoln Greyhound Park, is on the brink of bankruptcy and state lawmakers have been considering ways to keep it open, including purchasing the track.

In Maryland, voters approved a constitutional amendment in November that allows up to 15,000 machines at five sites, but developers have bid for only 6,550 machines.

Cahill will have to deal with a Speaker who wants slots at tracks, as well as a Governor who will not be inclined to support a plan put forth by a potential rival. But it will push the debate further towards acceptance of some form of gaming in the near future. Cahill will testify before a legislative hearing tommorow, and outline his proposal before the Greater Boston Chamber of Commerce tommorow. Read the Globe story here.

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The Revenge of “El Rushbo”

Posted on March 2, 2009 by billmanzi

Seeing that I gave a post to Michael Steele attacking Rush Limbaugh our own “fairness doctrine” requires that I give “El Rushbo” some equal time. You see, the fairness doctrine is not always a bad thing. Rush decries the fact that Republicans always seek him out to do the “dirty work” and then “cut him off at the knees” when the heat is on. Well Rush has a good point. Why, why do they not have the courage of El Rushbo in calling for failure?

Posted in National News | Tagged , | 19 Comments

RNC Chair Calls Limbaugh Remarks “Incendiary and Ugly”

Posted on March 2, 2009 by billmanzi

RNC Chairman Michael Steele was on cable yesterday, taking great pains to deny that Rush Limbaugh was the “de facto” head of the Republican Party. In fact Steele seemed quite put out that it was not clearly recognized that he, Michael Steele, was in fact the “de facto” head of the Republican Party. Steele went on to say that Rush Limbaugh was an “entertainer” who said “incediary and ugly things”. Somebody apparently forgot to give “El Rushbo” the memo, as he went on his show and skewered Steele, saying that Steele was only the head of the RNC, and nothing more. Welllllllllll ! I look forward to posting those remarks by “El Rushbo” as soon as I have them. I never would have believed that I would enjoy listening to Rush, but today was very special. Rahm dropped the bait on Sunday, and he hooked a big tuna, whose engorged ego just forced him to clamp onto the hook. Rahm Emanuel, please stop laughing!

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The Sebilius Announcement

Posted on March 2, 2009 by billmanzi

President Obama announced the appointment of Governor Kathleen Sebilius as Secretary of HHS. This appointment will carry a heavy work load, with health care front and center on the agenda. President Obama split off the so called White House Director of Health Care from the HHS portfolio, giving the White House job to Nancy Ann Deparle. Those positions had been combined when Tom Daschle had gotten the nod. Governor Kathleen Sebilius is a class act, and a very talented individual. She will serve the President well.

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Visit msnbc.com for Breaking News, World News, and News about the Economy

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AIG Loses $61 Billion

Posted on March 2, 2009 by billmanzi

AIG, the giant insurer, posted a $61.66 billion dollar loss for the fourth quarter of last year, and the Treasury and the Fed jointly announced a new bailout program for the company. From the Wall Street Journal:

The federal government is boosting its investment in embattled insurer American International Group Inc., providing the company with an additional $30 billion in capital on an as needed basis, but also exposing U.S. taxpayers to additional risk.

The new terms ease the financial burden on the company, which on Monday reported a $61.66 billion loss for the fourth quarter.

The Treasury Department and Federal Reserve announced the overhaul of the government’s bailout of the firm in a joint statement early Monday. In addition to providing up to $30 billion in additional capital to AIG in return for preferred stock, the Treasury said it would convert its existing $40 billion of preferred shares into new preferred shares that more closely resemble common stock. Under the new terms, the Treasury is to get a 77.9% equity interest via preferred stock on Wednesday.

The new credit line is astounding in light of the prior federal committments, but even more astounding is the conversion of the governments prior financial committment to common stock status. It seems to be the way Treasury and the Fed want to move going forward as they did with Citi, but the risk to taxpayers is enhanced under this scenario. And we now have two major behemoths of U.S. finance effectively nationalized, with Bank of America likely to be the third. (If they are not already). Federal officials fear an AIG meltdown, and believe it would be a disaster for the economy.

The decision to approve another revision of the AIG bailout amounts to a calculated bet by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke — both architects of the original bailout — that there would be even greater risk to letting AIG fail.

Fed officials feared that a bankruptcy filing by AIG could be disastrous for the economy, which is in worse shape than it was six months ago. While AIG is trying to unwind many of the derivatives contracts in its Financial Products unit, deepening trouble at AIG would create more trouble for municipalities that have business relationships with the firm.

In addition, a bankruptcy risked driving away many of AIG’s roughly 74 million policyholders, forcing them to replace insurance contracts at a difficult time, adding to economic troubles in the more than 100 countries in which AIG operates.

The hole keeps getting bigger. I realize the potentially large downside of an AIG bankruptcy, but someone is going to have to start considering plan b here. How much federal money can be sunk into this cesspool?

Posted in National News | Tagged , | 1 Comment

Mayors St Patricks Day Luncheon

Posted on March 2, 2009 by billmanzi

Please enjoy the video of State Rep. (and new Vice Chair of the House Ways and Means Committee) Barbara L’Italien taking me over the coals in song at the last St Patricks Day lunch!

Mayors St Patricks Day Luncheon
Please Join…

Mayor Bill Manzi

at his
4th Annual St. Patrick’s Day Luncheon

Saturday, March 14, 2009
11:00 am – 2:30 pm

The Claddagh Pub
399 Canal Street (2nd floor), Lawrence

Tickets – $35.00 per person
Table of 10 – $350.00

Space is limited, Please Respond by March 6th
Questions (978) 686-4385
or email: BethManzi@Comcast.net

Featuring
Condon’s Famous Corned Beef and Cabbage Dinner
Entertainment & Lots of Laughs

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Methuen City Hall Closed

Posted on March 2, 2009 by billmanzi

In light of the dangerous driving conditions and the the forecasts calling for additional snow Methuen City Hall will be closed today, Monday March 2.

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