CEI Daily Update
Issues in the News
1. ENVIRONMENT
Local government officials start a movement to ban bottled water as wasteful and “unnecessary”.
CEI Expert Available to Comment: Director of Risk & Environmental Policy Angela Logomasini on the arrogance of the politicians involved:
“You know things are bad when elected officials find it perfectly acceptable to call millions of Americans — including some of their own constituents — stupid and irresponsible! That’s how Salt Lake City Mayor Ross C. ‘Rocky’ Anderson described the millions of Americans who drink bottled water. According to one report, he noted at a press conference that consumption of bottled water ‘very clearly reflects the wasteful and reckless consumerism in this country…You really have to wonder at the utter stupidity and the irresponsibility sometimes of American consumers.’ I think many reasonable people would disagree with Mayor Anderson. What’s really reckless and stupid is Salt Lake City’s recently enacted policy that prohibits firefighters from bringing bottled water to fires! That ‘brilliant idea’ was advanced by ‘Rocky’ himself.”
2. LEGAL
Controversy over Arctic energy resources impacts the debate over ratification of the United Nations “Law of the Sea” treaty.
CEI Expert Available to Comment: Senior Fellow Iain Murray on why the U.S. hasn’t ratified the treaty or others like it:
“It is sad that the United States gets blamed for failing to play along with the rest of the world on such treaties. The main reason why it does not is because, as in Kyoto’s case, other nations don’t play by the rules of the game, whereas the US is forced to. If we are to free the world from the curse of meaningless platitudes masquerading as international agreements, the US model for dealing with treaties should be held up as the example, to follow, not a reason for criticism.”
3. BUSINESS
Banks in the U.S. see increased default rates on an array of loans.
CEI Expert Available to Comment: Center for Entrepreneurship John Berlau on why we should be cautious about turning to federal officials for help with mortgage defaults:
“But before the Federal Housing Administration’s loan spigots are opened up, a little due diligence by the political sector is in order. The FHA’s recent credit history shows it is far from the prudent institution it is said to be. By its own estimate, next year the agency expects to be in the red, paying out more for defaulted loans than borrowers pay to it in insurance premiums. ‘Because of adverse loan performance,’ the FHA states in its budget submission for 2008, ‘total costs exceed receipts on a present value basis, and therefore would require appropriations . . . to continue operation.’”
Blog feature: For more news and analysis, updated throughout the day, visit CEI’s blog, Open Market.
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