Common Sense, Episode 8: The End of The Line (part 1)

We’ve been listening to the candidates tell us what they what they promise to do. At the end of the long campaign season we tracked down someone to tell us what they HAVE to do.

Common Sense, Episode 8: The End of The Line (part 2)

We’ve been listening to the candidates tell us what they what they promise to do.  We tracked down someone to tell us what they HAVE to do.

What’s on First?

So the chairman of the Democratic Caucus, Rahm Emmanuel, had this to say regarding the agenda ahead for Congress: “There are four reforms. There’s financial regulatory reform, tax reform, health care reform and energy. Regulatorywill kinda come down the chute fast. Tax reform will take a little longer, because it’s not until 2010 that Bush’s tax cuts expire. Energy, you can do some things immediately. And with health care, you’ve got the children’s health insurance as the first piece of a series of things you gotta do.”

Emphasis is ours on tax reform. Because considering that Emmanuel’s job is to set the agenda for his House Dems, we’re wondering if he’s canvassing the Blue Dogs at all. On November 5th, it’s likely that the fiscal conservatives of the Democratic party will be pivotal, and according to Charlie Stenholm, his former Blue Dog colleagues have put tax reform at the top of the list.

Why? Because an increasing number of members are increasingly concerned about the new note-holders of our $10 trillion debt: China.

There’ll be more in our eighth and final episode of this season’s “Common Sense” later this week.

–Michele Mitchell

Our Financial Times

Bustling Beijing, which showed few outward signs of the global fiscal crunch when David Bernknopf visited last week. China is the primary banker for the $10 trillion U.S. debt. By comparison, the U.S. debt in the 1990s was to itself.

Our Financial Times

If the Thamel section of Kathmandu looks unusually quiet to you, well, according to Rajneesh Bhandari, it is. Business is way down, especially for tourists, and not for lack of them. The police, Bhandari says, are enforcing an 11 p.m. closing time, citing crime as the reason. Owners of local businesses, not surprisingly, disagree.

Our Financial Times

With 8 in 10 people fearing the financial crisis will affect them directly, according to an AP poll, retailers are already shuttering. This one, in Manhattan, was snapped by "Common Sense" editor Ned Thorne. Shop 'til you drop? Not so much anymore.

The Financial Crisis–or, Our Financial Times

Our own development honcho Tom LaMere spotted this--er--creative pitch near Times Square in NYC.

The Financial Crisis (in a photo)

From Nepal, where Rajneesh Bhandari reports that about 1,000 police stations were damaged during the 10-plus year Maoist conflict. The Home Ministry tells Bhandari that the fiscal crisis has severely hampered rebuilding efforts.

Common Sense, Episode 1: Ron Paul, the Maverick? (part 2)

Even before the current mortgage crisis, Rep. Ron Paul was railing about “moral hazard.” So what would he do about it?