Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The Five Most Idiotic Things U.S. Congress Did This Week

Politics / US Politics Dec 16, 2011 - 08:54 AM GMT

By: Money_Morning

Politics

Best Financial Markets Analysis ArticleDavid Zeiler writes: As life for the average American has gotten harder and harder, elected officials in Washington have done little to help.

Congress wastes much of its time on political posturing and bickering. And in those rare instances when our representatives actually do something, they usually make a mess if it.


It's no wonder the job approval polls for Congress have fallen into single digits.

Here at Money Morning we've pointed out many of Washington's worst offenses over the years, but the truth is that the nonsense in our nation's capital never really stops - and not all of it makes the evening news.

To erase any doubt, here are five ridiculous things that happened in Washington just this week:

Any Excuse for a Fight: For the past week, Congress has been arguing about extending into 2012 the payroll tax cuts, which put about $1,000 into the pocket of the average worker in this year.

Most Republicans and Democrats alike agree it's a good idea. But instead of simply approving it, both sides are using it as a political pawn. House Republicans have tossed approval of the controversial Keystone XL pipeline into their version of the bill, which many Democrats oppose for environmental reasons. And Senate Democrats, with urging from U.S. President Barack Obama, have added a surtax on millionaires to pay for the payroll tax cut, which Republicans oppose.

As if to prove just how incredibly dysfunctional Congress can be, Senate Majority Leader Harry Reid, D-NV, on Wednesday threw a routine government spending approval package into the mix to try to force Republicans to negotiate on the payroll tax issue. Failure to approve that bill would force a government shutdown - the same crass tactic Republicans used over the summer during the debt-ceiling crisis.

Drop it in the Memory Hole: On Monday Debbie Wasserman Schultz, D-FL, insisted during an appearance on Fox News that the nation's unemployment rate had not risen since President Obama has been in the White House.

The U.S. unemployment rate was 7.8% in January of 2009, when President Obama took office, and 8.2% in February 2009, his first full month in office. Unemployment peaked at 10.1% in October 2009, and hovered above 9% for most of 2010 and 2011. It fell to 8.6% last month.

Wasserman Schultz is no backbencher, either - she's also chair of the Democratic National Committee.

Who Cares if You Have to Pay More for Gas? Most Americans favor getting tough with Iran, but not many want to pay more to gas up their cars - not that House lawmakers are worried about that. The Iran Threat Reductions Act, which the House passed on Wednesday, is intended to strengthen sanctions against Iran, but one nasty side effect could be a disruption of the oil markets. Iran is the world's fourth-largest producer of oil.

"This may cause short term difficulties for the world's oil market, and it may rankle some of our allies, but it is necessary, because stopping Iran's nuclear program is of paramount strategic importance, and we're running out of time," said Rep. Howard Berman, D-CA.

Not only that, but the measure also restricts diplomatic contacts with Iran, which would seem to defy logic.

"Proponents of the Iran Threat Reduction Act claim that it's a last-ditch effort to prevent military confrontation with Iran," said Rep. Dennis Kucinich, D-OH. "Yet, this bill takes away the most effective tool to prevent war, diplomacy."

The legislation passed 410-11.

Oops... We Passed The Wrong Bill: You'd think an institution as important as Congress would have safeguards in place to prevent the accidental passage of the wrong version of a bill. But you would be wrong.

In a rare bipartisan agreement, both the House and Senate passed a bill this week that addressed pipeline safety issues. However, it was an earlier version of the bill, not the final version.

Unlike most of the mistakes Congress makes, this blunder was fixed within days by votes in both chambers to approve the correct version.

Colorful Language: One of the things our lawmakers do best is attack the other side. This week, there were several gems.

Here's Sen. Frank Lautenberg, D-NJ, describing a Republican proposal Wednesday to delay some Environmental Protection Agency (EPA) boiler regulations:

"Instead of gifts, the Republican scrooges want lumps of coal in the stockings and coal pollution in our lungs," said Lautenberg.

But Sen. Barbara Boxer, D-CA, went further in her comments Tuesday on the same EPA proposal:

"They have attached a poison pill - literally, colleagues - because it will kill 8,100 more people more than would have otherwise been killed from pollution," Boxer said.

Meanwhile, Senate Minority Leader Mitch McConnell, R-KY, skewered Sen. Harry Reid for the lack of achievements in the current legislative session.

"We have fiddled all year long," McConnellsaid."All year long. One point-scoring bill after another, designed to fail, designed to divide us, designed to get no result. Here we are a few days before Christmas and the silliness continues."

Indeed.

Source :http://moneymorning.com/2011/12/16/five-most-idiotic-things-congress-did-this-week/

Money Morning/The Money Map Report

©2011 Monument Street Publishing. All Rights Reserved. Protected by copyright laws of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), of content from this website, in whole or in part, is strictly prohibited without the express written permission of Monument Street Publishing. 105 West Monument Street, Baltimore MD 21201, Email: customerservice@moneymorning.com

Disclaimer: Nothing published by Money Morning should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investent advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication, or after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended by Money Morning should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.

Money Morning Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in