Tag Archives: Regulation

Why did Nancy Pelosi not allow a vote on the Credit Card Fair Fee Act?

The San Francisco Chronicle reports on a suspicious stock deal involving Nancy Pelosi.

Excerpt:

House Minority Leader Nancy Pelosi is the subject of a report on the stock investments of members of Congress that is to air Sunday on CBS’ “60 Minutes.”

[…]Kroft asked Pelosi why she and her investor husband, Paul Pelosi, bought an initial public offering of stock in Visa, the San Francisco-based credit card company, in March of 2008.

The same month, former House Judiciary Committee Chairman John Conyers, D-Mich., introduced the Credit Card Fair Fee Act, which would have given merchants the power to negotiate lower fees with credit card companies. The bill, hostile to the credit card industry, was passed by the committee but never brought to the floor. Pelosi was speaker at the time, and controlled which legislation came to a vote.

The Pelosis bought the Visa stock in three transactions totaling $1 million to $5 million, according to financial disclosure reports. The first was the IPO, followed by two other purchases of the stock at higher prices, Pelosi said.

It certainly seems suspicious to me. She owns millions of dollars of stock in a credit card company, and then proposed legislation to regulate that industry is not allowed a vote on the floor of the House.

Republicans want Obama to cancel Fannie Mae and Freddie Mac bonuses

From Fox News.

Excerpt:

A Republican senator is calling on President Obama to cancel the $12.8 million in bonuses that were approved for 10 executives at the government-seized mortgage giants Fannie Mae and Freddie Mac that received a $170 billion taxpayer-funded bailout.

“I am calling on the president of the United States to cancel those bonuses and explain to the American people, the taxpayers who bailed out Freddie and Fannie, why he continues to reward failure,” Sen. John Barrasso, R-Wyo., said at a news conference Tuesday.

The two housing giants have received about $141 billion in taxpayer funds since the government took them over in 2008 during the financial crisis.

Politico first reported the $6.46 million in bonuses for the top five officers at Freddie Mac — including $2.3 million for CEO Charles E. Haldeman Jr., who is stepping down next year — and $6.33 million for Fannie Mae officials, including $2.37 million for CEO Michael Williams, for meeting modest goals.

A second bonus installment for Freddie executives in 2010 has yet to be reported to the Securities and Exchange Commission, Politico reported.

So where will these million dollar bonuses come from?

Fannie and Freddie Bailout Chart
Fannie and Freddie Bailout Chart

They come from taxpayers. Obama’s millionaires and billionaires get the bailouts, you get the bill.

In case you are looking for a good summary of the subprime mortgage crisis, read this recent article from Investors Business Daily.

Berkeley warmist Richard Muller accused of “hiding the decline” by team member

From UK Daily Mail.

Excerpt:

It was hailed as the scientific study that ended the global warming debate once and for all – the research that, in the words of its director, ‘proved you should not be a sceptic, at least not any longer’.

Professor Richard Muller, of Berkeley University in California, and his colleagues from the Berkeley Earth Surface Temperatures project team (BEST) claimed to have shown that the planet has warmed by almost a degree  centigrade since 1950 and is warming continually.

Published last week ahead of a major United Nations climate summit in Durban, South Africa, next month, their work was cited around the world as irrefutable evidence that only the most stringent measures to reduce carbon dioxide emissions can save civilisation as we know it.

But today The Mail on Sunday can reveal that a leading member of Prof Muller’s team has accused him of  trying to mislead the public by hiding the fact that BEST’s research shows global warming has stopped.

Prof Judith Curry, who chairs the Department of Earth and Atmospheric Sciences at America’s prestigious Georgia Institute of Technology, said that Prof Muller’s claim that he has proven global warming sceptics wrong was also a ‘huge mistake’, with no  scientific basis.

Prof Curry is a distinguished climate researcher with more than 30 years experience and the second named co-author of the BEST project’s four research papers.

Her comments, in an exclusive interview with The Mail on Sunday, seem certain to ignite a furious academic row. She said this affair had to be compared to the notorious ‘Climategate’ scandal two years ago.

Like the scientists exposed then by leaked emails from East Anglia University’s Climatic Research Unit, her colleagues from the BEST project seem to be trying to ‘hide the decline’ in rates of global warming.

In fact, Prof Curry said, the project’s research data show there has been no increase in world temperatures since the end of the Nineties – a fact confirmed by a new analysis that The Mail on Sunday has obtained.

‘There is no scientific basis for saying that warming hasn’t stopped,’ she said. ‘To say that there is detracts from the credibility of the data, which is very unfortunate.’

[…]Prof Muller also wrote an article for the Wall Street Journal. It was here, under the headline ‘The case against global warming scepticism’, that he proclaimed ‘there were good reasons for doubt until now’.

This, too, went around the world, with The Economist, among many others, stating there was now ‘little room for doubt’.

Such claims left Prof Curry horrified.

‘Of course this isn’t the end of scepticism,’ she said. ‘To say that is the biggest mistake he [Prof Muller] has made. When I saw he was saying that I just thought, “Oh my God”.’

In fact, she added, in the wake of the unexpected global warming standstill, many climate scientists who had previously rejected sceptics’ arguments were now taking them much more seriously.

They were finally addressing questions such as the influence of clouds, natural temperature cycles and solar radiation – as they should have done, she said, a long time ago.

[…][Guelph University professor]Prof McKittrick added: ‘The fact is that many of the people who are in a position to provide informed criticism of this work are currently bound by confidentiality agreements.

‘For the Berkeley team to have chosen this particular moment to launch a major international publicity blitz is a highly unethical sabotage of the peer review  process.’

In Prof Curry’s view, two of the papers were not ready to be  published, in part because they did not properly address the arguments of climate sceptics.

As for the graph disseminated to the media, she said: ‘This is “hide the decline” stuff. Our data show the pause, just as the other sets of data do. Muller is hiding the decline.

‘To say this is the end of scepticism is misleading, as is the  statement that warming hasn’t paused. It is also misleading to say, as he has, that the issue of heat islands has been settled.’

Should I be surprised that the Wall Street Journal, the Washington Post, the Huffington Post, etc. would publish alarmist propaganda before doing their homework? Every single one of them trumpets the fact that this man is a “global warming skeptic”.  The truth is, of course, that he is nothing of the kind.

The San Francisco Chronicle explains. (H/T Junk Science)

Excerpt:

Although Muller estimates 2 in 3 odds that humans are causing global warming, “the fact that the original conclusion of Mann et al. is ‘plausible’ is damning with faint praise,” he said. “Theories are plausible; discoveries are supposed to be proven.”

Can these mainstream media journalists check anything before swallowing hoaxes hook, line and sinker?

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