Democratic
congressman Elijah Cummings tore into MIT professor and Obamacare
architect Jonathan Gruber on Tuesday for his remarks on American voters
and the passage of the Affordable Care Act.
The ranking Democrat
on the House Oversight Committee made GOP chairman Darrell Issa’s
opening statement sound tame by comparison.
“As far as I can tell,
we are here today to beat up on Jonathan Gruber for stupid — I mean
absolutely stupid — comments he made over the last few years,” he began,
staring angrily at the hapless professor.
“Let me be clear, I am
extremely frustrated with Dr. Gruber’s statements,” Cummings continued.
“They were irresponsibly, incredibly disrespectful, and did not reflect
reality. And they were indeed insulting.”
“I was in Congress when
this law was debated, and Dr. Gruber does not speak for me, or the
chairman of the other committees who worked tirelessly on this bill,” he
said. “We debated this legislation for nearly a year before it was
finally passed and signed by the president! Never once did I believe or did anyone suggest that we were somehow hiding our goals from the American people.” “But worst of all,” the ranking member concluded, “Dr. Gruber’s statements gave Republicans a public relations gift in their relentless political campaign to tear down the ACA and eliminate health care for millions of Americans!”
Only Democrats were stupid enough to vote for this legislative nightmare.
When he's not managing the free world, Kim Jong Un tells people how to trim their hair. Grooming, the Guardian reported, has to be proper and socialist. "The five-part series, entitled "Let's trim our hair in accordance with the socialist lifestyle", exhorted them to opt for one of several officially sanctioned haircuts, including the crew cut and the "high, middle and low" styles. Hair should be kept between 1cm and 5cm in length and should be trimmed every 15 days, it said," the Guardian reported.
But don't think he's inflexible. If you're old and balding then your age needs to be covered using your scalp. "...Even the world's most conformist state is prepared to allow a little flair in special cases: men over 50 may grow their hair to the positively bohemian length of 7cm (2.75in) on top to hide the effects of balding,"
The bill which was just passed in the House extends tax breaks for an amazing variety of people, places and things, Horse racing, car racing, and Rum. Here is the complete listing.
During the 19th century, when the Senate actually earned
the sobriquet “world’s greatest deliberative body,” fewer than 10
percent of the senators “who served the equivalent of at least one term
went on to serve more than two.” Of the three antebellum giants — Henry
Clay, John Calhoun, and Daniel Webster — only Webster served the
equivalent of three full terms. This, suggests that a
senator is able to make a significant contribution to his country’s
welfare within the 12-year limit that I would place on senatorial
service.
Why do we tax Americans at the Federal level, take a cut and return money to the states from the Federal Level. It's not a small amount of money. Federal grants to state and local governments, a category of spending
that has ballooned from $24.1 billion in 1970 to an estimated $640.8
billion in fiscal 2015. Buying votes is an expensive proposition.
Time to end the era of the professional politicians, end the retirement plan and the perks of the office for the true world’s greatest deliberative body that has term limits.
BY EMMA DUMAIN, CQ ROLL CALL December 3, 2014 | Updated 8 hours ago SHARE Rep. Trey Gowdy, R-S.C., is chairman of a special House panel probing the attack on the U.S. embassy in Benghazi, Libya. J. SCOTT APPLEWHITE — AP StoryComments WASHINGTON — True to his word, Rep. Trey Gowdy, R-S.C., will convene a public hearing of the Select Committee on Benghazi before the year’s end. The chairman of the special House panel tasked with investigating the September 2012 attacks on the U.S. consulate in Benghazi, Libya, announced Wednesday morning that a hearing will take place Dec. 10. "" style="box-sizing: border-box; border: 0px; vertical-align: bottom;"> Assistant Secretary for Diplomatic Security Greg Starr, along with Steve Linick, the inspector general for the State Department, will be testifying. Gowdy told CQ Roll Call last month that the committee would be active during the lame-duck session. Though it was created with much fanfare — and considerable controversy — in the spring, it has ultimately taken a lower profile than many had expected, with just one hearing taking place so far. Speaker John A. Boehner, R-Ohio, recently announced that he would be reappointing Gowdy to serve as the chairman of the Benghazi committee in the 114th Congress, signaling that House GOP leadership thinks the job is far from over. The chamber will have to vote to reauthorize the whole committee early next year.
Read more here: http://www.thestate.com/2014/12/03/3851802/gowdy-benghazi-panel-to-reconvene.html?sp=/99/132/312/169/#storylink=cpy
By Andrew Johnson December 3, 2014 2:48 PM Comments 33 Outgoing senator Tom Harkin (D., Iowa) joined the chorus of Democratic lawmakers expressing some regret about the passage of Obamacare in 2010 — because he believes Democrats passed up an opportunity to pass a single-payer system and settled for “complex, convoluted” Obamacare. “We had the votes to do [a fully public plan] and we blew it,” he told the Hill in a recent interview. He cited concerns raised by more centrist, moderate Democrats — such as former senators Blanche Lincoln of Arkansas and Ben Nelson of Nebraska — as the reason for what ultimately passed. But a public-option plan or single-payer system could have made it out of Congress had Democrats capitalized on President Obama’s popularity after his 2008 election and moved to pass the bill in his first months in office rather than waiting over a year, Harkin said. “We had the power to do it in a way that would have simplified health care, made it more efficient, and made it less costly, and we didn’t do it,” he said. “So I look back and say we should have either done it the correct way or not done anything at all.” Last week, New York senator Chuck Schumer, the body’s third-ranking Democrat, raised questions about the timing and political wisdom of passing the controversial bill rather than focusing on the economy.
PATERSON – The number of students in Paterson Public Schools deemed
“college-ready” fell from 26 in 2013 to 19 this year, according to the
benchmark set by the organization that runs the SAT tests.
Paterson school board headquarters
A report released by the school district last week showed 19 of the 594
Paterson students who took the SATs this year had scores that met the
“college-ready” criteria established by the College Board, which
conducts the standardized tests.
The 19 students represented just under 3.2 percent of the district
students who took the test, which is used by many universities as part
of their admissions evaluation. Last year, 4.3 percent of Paterson
students taking the SATs were deemed college ready.
“That’s a problem,” veteran Paterson school board member Jonathan
Hodges said of the college-readiness numbers. “I’m asking for more
information so we can focus on the significant issues that need to be
addressed. I don’t think we’ve done the work we need to get to the
bottom of the problem.”
District spokeswoman Terry Corallo said she saw the SAT numbers as
“flat not down.” She said the difference in the total number of students
who reached college-ready score was seven, “not much different from
past years.”
“More importantly, this chart was referring to SAT’s being used as a
college-readiness benchmark,” Corallo added. “But as we have discussed,
there are many factors that play a part in college readiness.”
Corallo said the district was trying to better prepare its students
with a variety of programs, like those that focus on “school culture”
and healthy living.
“But perhaps the most important factor is for students to know that
there are adults within the school who care and are invested in their
success – from teachers to coaches to guidance counselors,” Corallo
said. “As you know, we have invested heavily in building capacity of our
staff, including school leaders, and now our guidance department is
being restructured with a focus on preparing students for college and
career – starting in elementary grades.”
The district’s mean SAT scores in 2014 stayed the same as in the
previous year. They increased by three points to 368 in reading and by
three points in math to 392, but fell by six points in writing to 360.
The state averages are 501 in reading, 523 in math and 502 in writing, according to the district’s report.
To be deemed college ready by the College Board, students must get a
combined score of 1,550 on the SATs. Paterson’s combined mean score was
1,120.
“We certainly want our students to be college-ready,” said Rosie Grant,
director of the Paterson Education Fund, a nonprofit advocacy group,
“but I’m not too alarmed because these numbers are based on the SATs.”
Grant pointed out that the College Board tests have come under
criticism for allegedly asking questions that contain cultural-biases
that hurt the scores of minority and female students.
School board member Corey Teague said he saw the college-ready numbers
as evidence that district officials’ upbeat pronouncements about
improved student achievement are suspect.
“That’s a sign that they’re hiding something,” Teague said. “They like to brag that the scores are up when they’re not.”
Peter Tirri, the president of the city’s teachers’ union, said he was
disappointed in the SAT scores. He wondered if there were any
correlation between the district’s low college readiness numbers and its
use of alternative programs designed to help students graduate even if
they failed the New Jersey High School Proficiency Assessment (HSPA).
In particular, Tirri mentioned the district’s “credit recovery
program,” a program that students to make up credits for classes they
failed without retaking the classes. “I know it helps them graduate, but
I’m not sure if makes them college-ready,” Tirri said.
Corallo said the district soon would begin SAT preparation classes for its studets.
“Finally, I would like to once again point out that SAT scores are just
one gauge of ‘college-readiness,’ she said in an email. “In fact,
Montclair State University has recently announced that they will no
longer use SAT or ACT scores as a factor for admittance into this
school. It seems they do not feel SAT’s are a sufficient gauge for
determining success or readiness. It will be interesting to see if
other colleges/universities follow suit.”
The industries developed in Paterson were powered by the 77-foot high
Great Falls, and a system of water raceways that harnessed the power of
the falls, providing the power for the mills in the area until 1914 and
fostering the growth of the city around the mills.[29]
The district originally included dozens of mill buildings and other
manufacturing structures associated with the textile industry and later,
the firearms, silk, and railroad locomotive
manufacturing industries. In the latter half of the 19th century, silk
production became the dominant industry and formed the basis of
Paterson's most prosperous period, earning it the nickname "Silk City."[30] In 1835, Samuel Colt began producing firearms in Paterson, although within a few years he moved his business to Hartford, Connecticut. Later in the 19th century, Paterson was the site of early experiments with submarines by Irish-American inventor John Philip Holland. Two of Holland's early models — one found at the bottom of the Passaic River — are on display in the Paterson Museum, housed in the former Rogers Locomotive and Machine Works near the Passaic Falls.
The Great Falls Historic District is the most famous
neighborhood in Paterson, because of the landmark Great Falls of the
Passaic River. The city has attempted to revitalize the area in recent
years, including the installation of period lamp posts and the
conversion of old industrial buildings into apartments and retail
venues. Many artists live in this section of Paterson. A major
redevelopment project is planned for this district in the coming years.
The Paterson Museum of industrial history at Rogers Locomotive and Machine Works is situated in the Historic District. Downtown Paterson
is the main commercial district of the city and was once a shopping
destination for many who lived in northern New Jersey. After a
devastating fire in 1902, the city rebuilt the downtown with massive Beaux-Arts-style buildings, many of which remain to this day.
Ethnic groups
Since its early beginnings, Paterson has been a melting pot. Irish, Germans, Dutch, and Jews settled in the City in the 19th century. Italian and Eastern European immigrants soon followed. As early as 1890, many Syrian and Lebanese immigrants also arrived in Paterson.
Paterson's black community consists of African Americans of Southern heritage and more recent Caribbean and African immigrants. Paterson's black population increased during the Great Migration
of the 20th century, but there have been Patersonians of African
descent since before the Civil War. However, Paterson's black population
declined between the years 2000 and 2010,[51] consistent with the overall return migration of African Americans from Northern New Jersey back to the Southern United States.[52] A house once existing at Bridge Street and Broadway was a station on the Underground Railroad. It was operated from 1855 to 1864 by abolitionists William Van Rensalier, a black engineer, and Josiah Huntoon, a white industrialist.[53] There is now a memorial at the site.[54]
Many second- and third-generation Puerto Ricans
have been calling Paterson home since the 1950s, including an estimated
10,000 who would participate in the 2014 mayoral election, which was
won by Jose "Joey" Torres, a Puerto Rican American who was one of three Hispanic candidates vying for the seat.[55] Today's Hispanic immigrants to Paterson are primarily Dominican, Peruvian, Colombian, Mexican, and Central American, with a resurgence of Puerto Rican migration as well.
As of March 23, 2011, there were a total of 68,324 registered voters
in Paterson, of which 27,926 (40.9% vs. 31.0% countywide) were
registered as Democrats, 3,100 (4.5% vs. 18.7%) were registered as Republicans and 37,285 (54.6% vs. 50.3%) were registered as Unaffiliated. There were 13 voters registered to other parties.[120]
Among the city's 2010 Census population, 46.7% (vs. 53.2% in Passaic
County) were registered to vote, including 64.8% of those ages 18 and
over (vs. 70.8% countywide).[120][121]
In the 2008 presidential election, Democrat Barack Obama received 38,085 votes here (86.7% vs. 58.8% countywide), ahead of Republican John McCain with 4,098 votes (9.3% vs. 37.7%)
In 2011, all of Paterson's high schools were changed to theme schools,
as part of a goal to give students a better choice in areas they wanted
to pursue
Paterson Catholic High School, formerly the city's only remaining Catholic high school, was closed by the Roman Catholic Diocese of Paterson
at the end of the 2009-10 academic year, which cited declining
enrollment and financial difficulties as reasons for the closure.
As investors expect oil prices to slide more, the big questions include: Which stocks will be hit the hardest, when will the price decline end and which shares eventually will be best to ride a rebound?
Ted Harper, a portfolio manager and senior research analyst at Frost Investment Advisors, called Monday’s stock action “an extension of Friday’s activity,” because of an abbreviated trading session following the Thanksgiving holiday and some surprise at OPEC’s decision not to boost oil prices by cutting production.
The decisions last week by OPEC, Russia and Mexico not to lower their oil output targets are logical responses to the long-term threat to those countries’ economic interests posed by the vastly increased production of oil by U.S. companies. For an excellent guide to actions taken by the oil cartel to protect its market, see this brief, wondrous history of OPEC’s landmark events by William Watts. The fifth slide is a real eye-opener.
As investors expect oil prices to slide more, the big questions include: Which stocks will be hit the hardest, when will the price decline end and which shares eventually will be best to ride a rebound?
Crude oil for January delivery on the New York Mercantile Exchange CLF5, -1.71% rose 5% Monday, but stocks of U.S. shale-oil producers continued to take a beating.
Ted Harper, a portfolio manager and senior research analyst at Frost Investment Advisors, called Monday’s stock action “an extension of Friday’s activity,” because of an abbreviated trading session following the Thanksgiving holiday and some surprise at OPEC’s decision not to boost oil prices by cutting production.
The decisions last week by OPEC, Russia and Mexico not to lower their oil output targets are logical responses to the long-term threat to those countries’ economic interests posed by the vastly increased production of oil by U.S. companies. For an excellent guide to actions taken by the oil cartel to protect its market, see this brief, wondrous history of OPEC’s landmark events by William Watts. The fifth slide is a real eye-opener.
The good news is that the 33% drop in the price of oil at home, and the 40% decline in North Sea Brent crude LCOF5, -1.53% since June, has put extra money in the pocket of U.S. consumers, and the United States has gained a long-term strategic advantage through its production expansion.
As investors expect oil prices to slide more, the big questions include: Which stocks will be hit the hardest, when will the price decline end and which shares eventually will be best to ride a rebound?
Crude oil for January delivery on the New York Mercantile Exchange CLF5, -1.71% rose 5% Monday, but stocks of U.S. shale-oil producers continued to take a beating.
Ted Harper, a portfolio manager and senior research analyst at Frost Investment Advisors, called Monday’s stock action “an extension of Friday’s activity,” because of an abbreviated trading session following the Thanksgiving holiday and some surprise at OPEC’s decision not to boost oil prices by cutting production.
The decisions last week by OPEC, Russia and Mexico not to lower their oil output targets are logical responses to the long-term threat to those countries’ economic interests posed by the vastly increased production of oil by U.S. companies. For an excellent guide to actions taken by the oil cartel to protect its market, see this brief, wondrous history of OPEC’s landmark events by William Watts. The fifth slide is a real eye-opener.
The good news is that the 33% drop in the price of oil at home, and the 40% decline in North Sea Brent crude LCOF5, -1.56% since June, has put extra money in the pocket of U.S. consumers, and the United States has gained a long-term strategic advantage through its production expansion.
But shale oil is expensive to produce. Increases in production for 2015 have been long planned — and are still expected by analysts. But according to Henry To, chief investment officer at CB Capital Partners, if the price of Brent declines below $70 a barrel, “most major U.S. shale-oil fields will lose money.”
So the first big question for investors is when will the price of oil bottom out. On Monday, To shared three reasons why it will happen soon, including an expected cut in output next year, an increase in U.S. demand and quantitative easing in Europe that will support higher asset prices.
In the meantime, there will be continued pressure on U.S. oil producers, especially those with the most burdensome debt loads.
James Wicklund, the managing director of energy research at Credit Suisse CS, +0.57% said in an email exchange Monday: “The producers with the most debt are at the most risk since banks could change price decks and they have more relative cash flow directed toward interest payments rather than drilling, so they’re most likely to see production declines.”
For investors looking to limit risk, here’s a list of U.S. shale-oil producers with market values of at least $50 million and share prices above a dollar as of Friday’s close with the highest ratios of debt to equity:
Total returns assume dividends are reinvested. Source: FactSet
As you can see, most highly leveraged U.S. producers have taken a pounding this year, but that doesn’t necessarily make this a “sell” list. Many oil stocks have done even worse.
The largest producer on the list is Linn Energy LLC, a well-known dividend play, with a monthly distribution of 24.2 cents for each partnership unit. But investors have sent that dividend up to 15.91%, based on Friday’s closing price of $18.25.
Frost Investment Advisors’ Harper said in a phone interview Monday that oil prices could signal a “re-basing” of commodity prices. He expects some of the highly leveraged shale producers to “probably cease to exist in their present form,” while others “will be compelled to sell assets as very attractive levels to keep the lights on and a modest amount of production on-line.”
Harper was careful not to predict when the price of oil would bottom, but he did say that “markets tend to overshoot to the upside and the downside,” and that he “wouldn’t be surprised at further weakness.”
Among well-known U.S. oil producers with strong balance sheets that will “certainly be able to manage through this process,” according to Harper, are EOG Resources Inc. EOG, +4.65% which he called “probably the bellwether for domestic-shale plays.”
Harper said EOG would have to “rein in [capital expenditures] a bit,” and added that if oil were priced at $65 a barrel, the company would be “modestly free-cash-flow negative.”
He also named Concho Resources Inc. CXO, +1.24% as a mid-cap company that is “well-positioned to navigate through a more extended period of soft commodity prices.”
Kevin Mahn, chief investment officer for Hennion & Walsh Asset Management, said on Monday that the long-term prospects for the U.S. shale-oil industry are still good as the nation “will be energy independent within 10 years.” He said oil prices were unlikely to stay low enough long enough to make much shale production unprofitable.
As a result, Mahn sees this as an “attractive entry point” for long-term investors interested in buying beaten-down oil companies. Still, he cautions that “it could get more attractive” as stock prices extend their declines.
Neither Harper nor Mahn expect the federal government to step in and prop up domestic producers through loan guarantees, even though the playing field with most rival nations isn’t level.
But Washington’s free-market approach could change, depending on how long the oil carnage lasts.
“If we’re 18 months down the road and sub-$60 the entire time, that might be something that begins to percolate, but there has to be a lot more pain before we see government action,” Harper said.
Linn Energy 