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There's just one problem, Congressman Cow Patty: A lot of us did eat it, including many of your constituents. The $1.2 trillion - let's spell that out as $1,200,000,000,000 - that disappeared from the stock market on Monday didn't go down a black hole in lower Manhattan. It came out of America's 401(k)s, mutual funds, pension funds and personal portfolios. We've got $17.6 trillion in retirement assets invested as of 2007. There is some $12 trillion invested in mutual funds alone (well, at least before yesterday); about...
...delegate to those with the expertise to address the problems at hand. As Senator Barack Obama has constantly reminded the world, McCain has said that economics “is not something I’ve understood as well as I should.” Senator Chris Dodd and Congressman Barney Frank ’62 are the chairs of the finance committees in their respective legislative chambers. They, along with President Bush’s economic team, have the know-how and can-do attitudes to engineer a substantive bailout bill—without McCain’s help...
...Instead, they are now actively pushing an alternative proposal floated by Congressman Eric Cantor of Virginia that would force Wall Street to pony up some cash at the outset. Rather than buying all those troubled mortgage assets from ailing banks and investment firms, Republicans say, the government should instead insure them, much as the Government National Mortgage Association does. This approach, they argue, would not cost as much, and would require Wall Street to pay the cost of its mistakes, through insurance premiums. "The main thing is to protect the taxpayer," said Georgia Republican Phil Gingrey. "We don't really...
...Although Buffett revered his father, a stockbroker who became a four-term Congressman, he had a complex relationship with his mother. A model housewife to the outside world, his mother would "verbally lash" the young Buffett and his older sister for hours, until the children wept. Buffett says that when his mother died he cried not because he was sad but "because of the waste. She had her good parts, but the bad parts kept me from having a relationship with...
...this cycle, with more than 400,000 new voters on the rolls. If the campaign can register enough new voters in the Peach State - and it has already registered more than 300,000 in Georgia - then it believes that the state could still be in play, since former Georgia Congressman Bob Barr's libertarian candidacy could steal some of the Republican vote. Bill Clinton won Georgia in 1992 after Ross Perot drew a significant number of votes from George H.W. Bush. But for Obama to pull off a similar coup, he would need an increase in Democratic voters...