Campaign Chatter

More on it's a stupid economy - Federal regulators have taken over IndyMac. The California based Bank was shut down at 3:00 PM yesterday by the FDIC. They will now look for a buyer. Reportedly, the bank was one of the largest in home mortgages. It is estimated the uninsured deposits are 500 million. Read more here.

The Dow fell another 128 yesterday and closed at 11,100. While Freddie Mac and Fannie Mae are operating in a crisis mode with shares continuing to drop. The question is whether or not the government will step in.

The Republican trickle down theory did not work in the 80's under Reagan and George H.W. Bush - Remember, it took the Democratic administration of Bill Clinton to balance the budget and eliminate the deficit. Now after a repeat of the trickle down theory of tax breaks for the wealthy leading to benefits for the less fortunate has failed Americans again.

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Housing bill approved by Senate - the 300 Billion bill provides relief to owners facing foreclosure - allows for the trading of sub prime mortgages to 30 year fixed rate mortgages. Also included in the bill are changes in regulation of Freddie Mac and Fannie Mae. Money will also be sent to local and state government for the purchase and renovation of foreclosed homes. The bill still needs to be reconciled with the House version which already passed. Read more here.

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Obama campaign to sponsor a NASCAR racing team? - No says Bill Burton, a spokesman for the campaign. One of the racing teams has approached all the presidential campaigns regarding sponsorship in a race. An interesting idea, as politicians always wonder how to relate and win the growing numbers of NASCAR fans. Read more here.

When I was working on the Kathleen Kennedy Townsend campaign for Maryland Governor, I met a great guy who was interning while he was attending Harvard. His thesis, which he sent me several years later was on NASCAR and politics. It appeared many fans voted for the person and not necessarily by political party.

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Latest Newsweek Poll - has it Obama 44 and McCain 41 with 15% falling in the other/undecided category. This is a tightening of the race which often occurs in the middle of summer when it is difficult to get the attention of the voters. Four years ago, it was Kerry 47 and Bush 44 with 9 other/undecided. In 2000, it was Gore 40 and Bush 41 with 19 other/undecided. Read the poll data here.

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The National Governor's Association Conference - begins today in Center City, Philadelphia. Pennsylvania Governor Rendell will be named Chairman. He has indicated he will make infrastructure an important issue in his term as Chairman. Rendell, was a huge Clinton supporter who helped her win Pa. Although he has also been among those rumored for the VP slot with Obama, his acceptance of the chairman of the NGA effectively rules that out. Read more here.

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Former WH Press Secretary Tony Snow passes away - after a second battle with cancer. A respected man, he also served as a commentator for Fox News and recently CNN. Read more here.

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Senators Reed and Hagel to join Obama in trip to Iraq - Rhode Island Senator Jack Reed (D) has already been rumored to be on the Obama VP short list. Recent speculation is Nebraska Senator Chuck Hagel, a Republican, may be considered as well. Hagel has been a critic of the Bush administration Iraq war policies. Read more here.