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Showing posts with label John Morgan. Show all posts
Showing posts with label John Morgan. Show all posts

Thursday, September 18, 2014

Are Dems Finally Waking Up To Wasserman Schultz's Game?

Top Democrats Stepping Away From Wasserman Schultz

Image: Top Democrats Stepping Away From Wasserman SchultzDemocratic National Committee Chairwoman Debbie Wasserman Schultz. ( Stephen Lovekin/Getty Images)
Thursday, 18 Sep 2014 09:13 AM
By Melanie Batley
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Democratic National Committee Chairwoman Debbie Wasserman Schultz is losing support from the White House, congressional Democrats, and party operatives after hercontroversial comments recently comparing tea party advocates to domestic abusers and her criticisms of the White House's handling of the border crisis.

According to Politico, insiders believe the Florida congresswoman is more focused on her own political ambitions than boosting the party's fortunes.

For example, she has used meetings with Democratic donors to ask for contributions for her own PAC and campaign, has used Democratic National Committee aides to pursue her personal political agenda, and has tried to get the DNC to pay for her wardrobe.

"I guess the best way to describe it is, it's not that she's losing a duel anywhere, it's that she seems to keep shooting herself in the foot before she even gets the gun out of the holster," John Morgan, a major Florida donor, told Politico.

Based on the interviews of dozens of Democratic leaders and operatives, many expect that if former Secretary of State Hillary Clinton runs for president in 2016, Wasserman Schultz will be pushed out. She had served as a co-chair of Clinton's 2008 bid but secretly reached out to Obama weeks before Clinton lost the primary to pledge her support, Politico reported.

The move reportedly caused a permanent rift with the Clintons.

In 2012, the Obama team came close to replacing her, going so far as to line up a candidate, but decided not to at the last minute.

She has been mostly out of touch with the president for close to three years, without regular meetings or conversations, and the president does not include her in strategy talks.

She has also been criticized for campaigning mainly on behalf of Democratic candidates in safe seats, with the implication that she is doing so to secure their support for a possible leadership bid or to pitch for favors for her PAC and stops on her book tour, Politico reported.

"People know she works hard," said one House colleague. "But there's this sense that she only works hard for herself."

Wasserman Shultz, however, bristled at criticisms that she is using her post for personal gain or that her tenure could come to a premature end.

"My tenure here is not about me," she told Politico. "I like to help build this party. That's what I love and that's what I focused on."

"I am focused on doing this job," she added. "I was elected to a four-year term. And I fully expect to be in this job through January 2017."


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Thursday, November 7, 2013

Stock Market Being Corrupted By Fed Programs

Tags: Fed | Fisher | Bullard | stocks

Economist Jeffrey Dorfman: Fed Policy Has Turned the Stock Market Upside Down

Tuesday, 05 Nov 2013 12:08 PM
By John Morgan
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The Federal Reserve has turned the stock market upside down, making bad economic news a reason to buy stocks, and good economic news a reason to sell them, according toForbes contributor Jeffrey Dorfman.

The distortion keeps the real value of assets obscure and stuck in an Alice in Wonderland maze, he claims.

“The answer to this bizarre market behavior is simple: the stock market is being ruled by the Fed, not by fundamentals,” Dorfman, an economics professor at the University of Georgia, wrote in a Forbes column.



“Good news is bad for the market because it makes people worry that (quantitative easing) may come to an end. In simple terms, what matters to the stock market is the easy money from the Fed, not the performance of the companies whose stocks they are buying and selling.”

Cheap money from the Fed benefits hedge funds, institutional investors and money center banks because they can borrow huge sums at low interest rates and invest it in stocks.

But the Fed stance also means millions of individual Americans have been forced out of low-yielding fixed income investments and into stocks whether they like it or not.

“The manner in which the stock market indices slide on any hint that the Fed’s easy money policies may be approaching an end show that the Fed is artificially inflating the stock market,” Dorfman said.

“Clearly, the stock market’s boost from the Fed is not permanent as the market has made clear it will drop as soon as the Fed turns off the pump.”

The Fed should be pushing policies that create actual economic growth via increased production and job gains, not goosing stock prices, according to Dorfman.

One influential member of the Federal Open Market Committee, St. Louis Fed PresidentJames Bullard, told CNBC he believes the central bank should not be so quick to withdraw stimulus so long as inflation is low.

Bullard voted at last week’s FOMC meeting to maintain the Fed’s current monthly $85 billion in asset purchases.

Outspoken Dallas Fed President Richard Fisher said irresponsible federal government behavior – he apparently was referring to budget battles played out between Congress and the White House — has thwarted the U.S. economic recovery.

"Unlike in most recoveries, government has played a countercyclical, suppressive role. The inability of our government to get its act together has countered the pro-cyclical policy of the Federal Reserve," Fisher said in remarks reported by Reuters.



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