You are here

Bailout Reactions, ACORN's Shady History and Challenging Medicare Rules

Daily Update

Title

Bailout Reactions, ACORN's Shady History and Challenging Medicare Rules

Treasury Secretary Henry Paulson announces plans to invest in thousands of U.S. banks.

Prominent politicians weigh in on the voter fraud controversy linked to activist group ACORN.

Medicare benefit regulations are challenged in federal court.

More headlines: listen to the LibertyWeek podcast.

1. BUSINESS

Treasury Secretary Henry Paulson announces plans to invest in thousands of U.S. banks.

CEI Expert Available to Comment: Center for Entrepreneurship Director John Berlau on the market’s reaction to the federal bailout:                                                                                         

“The press was somewhat at a loss for words when the market tanked all last week, just after the bailout had been passed. But [Monday], when the Dow Jones Industrial Average zoomed up 900 points, the explanation was that the markets just loved the forthcoming global bailouts and partial nationalizations…Or not. As of this writing, after Paulson announced details [Tuesday] of a $250 billion capital injection in banks in return for preferred stock, the Dow and the Nasdaq are slightly down on this ‘good news.’ Investors are weighing that whatever benefits this brings the banks in terms of new capital, they may be outweighed by the government strings attached such as dilution of existing shares and restrictions on paying dividends."

 

2. LEGAL

Prominent politicians weigh in on the voter fraud controversy linked to activist group ACORN.

CEI Expert Available to Comment: Editorial Director Ivan Osorio on ACORN’s history of using questionable organizing tactics

“ACORN claims that its errors are the result of honest mistakes. But if that’s the case, they reveal a level of incompetence that is plain jaw-dropping. For example, the Kansas City [Missouri] elections office received seven applications signed by the same person during a period of only four days, August 29-31, 2006, reported TV station KMBC. ACORN member Todd Elkins, who was at the elections office on October 24, told KMBC reporter Michael Mahoney that it was possible that the person signing was just friendly, ‘and maybe he kept coming up to our voting canvassers and just signing up.’ ‘Seven times?’ asked Mahoney. ‘I’m saying it’s a possibility,’ responded Elkins. In another case, Kansas City election officials sent a letter to a voter requesting more information about his registration card. His wife called back saying that he had been deceased for 27 years.”

 

3. HEALTH

Medicare benefit regulations are challenged in federal court.

CEI Expert Available to Comment: Adjunct Analyst Doug Bandow on the substance of the challenge:

“One of most outrageous features of the federal social welfare state is that Uncle Sam doesn’t want you to be independent.  For instance, if you would prefer to handle your own health care needs as a retiree, rather than subject yourself to the restrictions and irritations of Medicare, you also would have to give up your Social Security benefits.  Never mind that you’ve been taxed your entire lifetime to support both programs. Now three Washington, D.C. residents are challenging this rule. Washington, D.C. residents made constitutional history when they sued the city over its ban on firearm ownership.  If the American people are lucky, they will see a repeat performance from a court case involving the District.”

 

Listen to LibertyWeek, the CEI weekly podcast, here.