Common Sense Politics

Iran will have enough enriched uranium to produce a nuclear weapon by the end of 2009. It will be interesting to see if President Obama’s plans to open a dialogue will indeed unclench the Iranian fist.

The Congressional Budget Office estimates that only $26 Billion of the House’s proposed $355 stimulus package will be spent this year. Democrats criticize the CBO’s analysis and, accordingly, have removed the report from the CBO website. President Obama may want to remind the House leadership that “Change” has come, marked by a new openness and transparency in Washington.

Speaker Pelosi wanted $200 million of the stimulus money to fund birth control contraceptives. The President, wisely, opposes the earmark – which likely signals its legislative demise.

Minority Leader John Boehner is urging Republicans to vote against the Stimulus bill. If the bill fails, the fault lies with the Speaker, who has done little to cultivate and foster Republican support, rather than the President who has made significant attempts to garner opposition support.

NYU Professor and Economist Nouriel Roubini, the man who rightly predicted the catastrophic decline in housing and the concomitant financial crisis, argues that nationalization of major US banks is the only way to prevent massive bank failure.  Not good.

Some interesting and important news stories to start off your day.

Layoffs become trendy, major companies like Caterpillar, Pfizer, Home Depot and Sprint Nextel announce over 72,000 collective jobs cut today. Hopefully they’ll all be back on their feet sooner, rather than later.

It is not just the top law firms that are freezing salaries – the United States Congress may soon follow suit.

President Obama clears the way for individual states to make fuel emission standards stricter. Another olive branch to the liberal wing.

Democratic House leaders quietly fear that an ethics probe into U.S. Congressman Charlie Rangel’s financial affairs may create a distraction from their economic stimulus efforts. If by distraction the House leaders mean media attention, I seriously doubt it.

In an effort to create a bipartisan spirit in Washington, President Obama suggested that Republicans stop listening to Rush Limbaugh. Odd.

Home sales unexpectedly rise, comprised mostly of distressed property acquisitions. With layoffs mounting, I expect things to get much, much worse before they get better.