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Ashley Judd v. Mitch McConnell in 2014? Print
Thursday, 13 December 2012 16:02

Raju writes: "If Judd does become a candidate, she would be the biggest celebrity to run for the Senate since Al Franken's successful 2008 bid for the Minnesota seat."

Ashley Judd is considering running for the Senate in 2014. (photo: unknown)
Ashley Judd is considering running for the Senate in 2014. (photo: unknown)


Ashley Judd v. Mitch McConnell in 2014?

By Manu Raju, Politico

13 December 12

 

shley Judd vs. Mitch McConnell?

It might not be as far-fetched as you think.

The Hollywood movie star and eighth-generation Kentuckian is seriously exploring a 2014 run for the Senate to take on the powerful Republican leader, four people familiar with the matter tell POLITICO. In recent weeks, Judd has spoken with Sen. Kirsten Gillibrand (D-N.Y.) about the possibility of a run, has discussed a potential bid with a Democratic pollster and has begun to conduct opposition research on herself to see where she's most vulnerable in the Bluegrass State, sources say.

Whether Judd jumps into the race remains far from certain. She's reportedly also weighing whether to wait until 2016 to instead take on freshman Sen. Rand Paul, sources say.

But if Judd does become a candidate, she would be the biggest celebrity to run for the Senate since Al Franken's successful 2008 bid for the Minnesota seat. And her entrance would add a level of star power to a race that was already poised to be the highest-profile in the country with the Senate Republican leader up for a sixth term in 2014.

"She is doing all the things that a serious candidate exploring a race should do," Rep. John Yarmuth (D-Ky.) told POLITICO after speaking with her. "I think there are a lot of people, and I was one of them, who wanted to let her know that her candidacy would be an exciting prospect for us. That's what I wanted her to know. A lot of the labor unions, they were telling me that too."

A Judd spokeswoman declined to comment beyond an earlier statement when the actress said she was "very honored" by the consideration, but didn't shut the door on a run.

Democrats privately acknowledge that recruiting isn't easy against McConnell, as the state's strongest Democrats may instead run for governor in 2015 rather than face the GOP leader's machine in a bare-knuckle Senate bid.

That's why some Democrats are calling on Judd to run - she could raise a ton of cash, energize the base and would have significant name recognition in the state. Yet other Democrats are nervous about her prospective candidacy: She'd be pegged as a liberal, out of touch with conservative Kentucky; she has no experience running for office; and she now lives outside her home state.

In addition to Judd, a wide range of Democratic names have been floated, such as Kentucky Secretary of State Alison Lundergan Grimes and Obama fundraiser Matthew Barzun, both of whom are noncommittal about the race.

McConnell's campaign is already talking about how it's prepared to tear apart any Democrat who joins the fray.

"It's going to sting," Jesse Benton, McConnell's campaign manager, warned to any candidates considering a run. "We're going to make sure that you don't come out with your nose clean. We're going to drive your negatives up and very aggressively and publicly litigate your record before the citizens of Kentucky."

"This is not a free run to prime yourself for future office in '15," said Benton, who declined to comment on Judd specifically.

It's far from clear how an untested Judd would fare against the hardball tactics of McConnell when it comes down to the daily grind of a real campaign. She now lives on a farm in rural Tennessee and in Scotland, the native home of her husband, auto racer Dario Franchitti, a three-time Indianapolis 500 champion.

While most voters know Judd from the 20 films she's starred in, she has grown more active in liberal social causes in recent years, such as the AIDS epidemic, abortion rights and environmental matters.

On the latter issue, Judd has emerged as a high-profile critic of the controversial practice known as mountaintop removal mining, in which companies use explosives to blow off the tops of mountains for easier access to coal seams. The practice is common throughout Appalachia, particularly in Eastern Kentucky, where Judd's family stretches back at least eight generations. In an emotional speech to the National Press Club in 2010, she referred to the practice as a coal industry "rape" of Appalachia and "a stain on the conscience of America."

That may play well with the Democratic base and environmentalists, but some Kentuckians are already convinced that President Barack Obama has engaged in a "war on coal," an industry with a strong presence in the state.

This is one of the reasons other Democrats have mixed feelings about the prospects of her candidacy, on top of being a first-time candidate against a savvy campaign tactician like McConnell.

"She's got tremendous name recognition, and she's going to be able to raise the funds she'd need to run against somebody like Sen. McConnell," said Dan Logsdon, chairman of the Kentucky Democratic Party. "But she also has got some issues with regard to certain stances she's taken regarding coal that the Republicans will certainly try to exploit. Her answer to that, I think, would be frankly that she was talking about coal company practices, not necessarily coal or coal miners.

"But that's a tough issue to finesse in Kentucky," Logsdon said.

Logsdon has not yet spoken to Judd, though he heard she was "seriously" considering a bid.

Yarmuth, the congressman from the Louisville-area, has spoken with Judd, and he's also concluded she's "serious" about a bid after she's begun to reach out to prospective supporters, fundraisers and conduct opposition research on herself.

While Yarmuth acknowledged that her position on mountaintop mining would be a "problem in some ways" and generate "emotional opposition," he said it "would also generate some very positive support," saying it would be a net-plus.

"All I know is she clearly is excited at the prospect of doing it," he said, calling her "very, very knowledgeable on public policy issues."

Democratic women's groups also seem excited about the possibility of a Judd Senate run. Judd worked with the liberal group EMILY's List during this past election cycle, penning a fundraising solicitation calling on supporters to help women candidates who support abortion rights. And at the Democratic National Convention in Charlotte, she sat on a panel with Gillibrand and EMILY's List President Stephanie Schriock, where the actress even spoke about her ambitions for elective office.

"I do receive a lot of encouragement to run," Judd said at the event hosted by EMILY's List and Marie Claire magazine. "And my deepest desire is to be useful. I want to help serve my fellow [citizens]. And I may be doing that to the best of my capacity … in the space I'm already operating in. Or it may be time to look at possibly running for office."

And that's a scenario she appears to be exploring.

Gillibrand spoke with Judd soon after the elections, according to Yarmuth and another person familiar with the matter. The New York Democrat's office declined to comment. Judd also spoke with a New York-based Democratic pollster, Jefrey Pollock. He declined to comment about their discussion.

The 44-year-old Judd attended the University of Kentucky and is often seen attending Wildcat basketball games - another contrast from the 70-year-old McConnell, who is a die-hard University of Louisville fan. She also recently completed a master's degree at Harvard's Kennedy School of Government.

If she gets into the race, her celebrity status is sure to bring national media attention and outside money to the race, regardless of whether she actually has a chance to win.

"She grew up in Kentucky, she went to the University of Kentucky, she is generally considered to be one of the UK's biggest fans, she shows up at all the games," Yarmuth said when asked about the political problems caused by her living outside the state. "She's so closely identified with Kentucky that I don't think that would be an issue."

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It's On: Elizabeth Warren Versus Wall Street Print
Thursday, 13 December 2012 09:43

Sargent writes: "Republicans have long derided Elizabeth Warren for describing herself as an intellectual godmother of Occupy Wall Street. Now the intellectual godmother of Occupy Wall Street will occupy the Senate committee that oversees it."

Elizabeth Warren will have a seat on the powerful Senate Banking Committee. (photo: AP)
Elizabeth Warren will have a seat on the powerful Senate Banking Committee. (photo: AP)


It's On: Elizabeth Warren Versus Wall Street

By Greg Sargent, The Washington Post

13 December 12

 

epublicans have long derided Elizabeth Warren for describing herself as an intellectual godmother of Occupy Wall Street. Now the intellectual godmother of Occupy Wall Street will occupy the Senate committee that oversees it.

The Senate Democratic leadership is announcing today that Warren will be given a seat on the Senate Banking Committee. As Forbes put it recently, Warren's ascent to the Senate alone was "Wall Street's worst nightmare." This could make that nightmare a good deal worse.

Warren's appointment to the Banking Committee was expected; Ryan Grim broke the news some time ago. But today's announcement will make it official.

This is going to give Warren a choice perch from which to continue to press the crusade for Wall Street oversight and accountability. And it continues a battle between her and Wall Street that stretches back literally years. Warren, a consumer advocate and expert in bankruptcy law, angered Wall Street when she pressed state attorneys general to demand a huge settlement from major banks and financial institutions they were investigating for improper foreclosure procedures. Warren was also the inspiration behind the Consumer Financial Protection Bureau, which produced one of the ironies of her career.

The big banks won a victory when Obama declined to appoint Warren to head the Bureau. But as a result, she ran for the Senate. Wall Street made a big bet on defeating her candidacy, investing huge money in opponent Scott Brown, explicitly because of Warren's longtime advocacy for tighter Wall Street regulation and oversight. They lost. She won.

And now Warren sits on the committee responsible for such regulation and oversight. As one hedge fund manager recently lamented: "At exactly the time that big banks don't want more oversight - or another potentially activist regulator - that's what they're getting," Or, as Andy Kroll recently put it: "Big banks versus Elizabeth Warren: It's on (again)."

Warren's appointment to the committee is likely to anger some top Republican Senators who hate her relentless push for more oversight and have crusaded against her consumer protection bureau as an example of oppressive liberal governance. Indeed, some Republican Senators even joined Wall Street in lobbying against her appointment to head that bureau. Now she sits among them, and is likely to get into spirited fights with them over future battles involving Wall Street regulation. Indeed, some progressives see her as a good counterbalance to Dems on the committee who might be overly solicitous towards Wall Street, too.

It remains to be seen what issues Warren will champion on the committee and what kind of influence she will be able to wield. A lot will depend on the larger tack Dems take in the next Senate. But if Warren's candidacy served as a test of the political viability of a genuinely populist critique of Wall Street and a demand for real accountability and oversight, we will now see what her brand of populism looks like from a position of some influence inside the Senate itself.


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FOCUS: Is Obama Playing a Shell Game on Tax Reform? Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=5494"><span class="small">Steve Weissman, Reader Supported News</span></a>   
Wednesday, 12 December 2012 11:10

Weissman writes: "Keep your eye on the three shells. President Obama promises not to back down on his promise to raise personal income taxes on the rich."

President Barack Obama speaks at a campaign rally in Fayetteville, North Carolina 10/19/08. (photo: Jim Young/Reuters)
President Barack Obama speaks at a campaign rally in Fayetteville, North Carolina 10/19/08. (photo: Jim Young/Reuters)


Is Obama Playing a Shell Game on Tax Reform?

By Steve Weissman, Reader Supported News

12 December 12

 

This is the report Steve Weissman's analysis below is based on: The CEO Campaign to 'Fix' the Debt.

eep your eye on the three shells. President Obama promises not to back down on his promise to raise personal income taxes on the rich. Several leading CEOs, including Lloyd Blankfein of Goldman-Sachs, say they will happily pay higher income taxes if government cuts spending and introduces personal and corporate tax reform. And the big business-backed Campaign to Fix the Debt, whose CEOs met with Obama, are pushing a tax reform proposal that would exempt American corporations from paying any tax at all on their overseas income. Under which shell will we find the big money?

"The CEO Campaign to 'Fix' the Debt: A Trojan Horse for Massive Corporate Tax Breaks" gives the shell game away. Published by the Institute for Policy Studies (IPS), a left-leaning Washington think tank (whose founders I worked with politically in the 1960s), the report reveals just how much money the globe-trotting corporations stand to gain - and how much lost revenue ordinary taxpayers and small businesses will have to make up.

As the IPS report explains, the CEOs who back Fix the Debt personally saved $41 million last year from the Bush tax cuts. Consider that a rough estimate of what it might cost them if Obama fulfills his promise and does away with the tax cuts for those making over $250,000.

But that's small beer for the CEOs. "The 63 Fix the Debt companies that are publicly held stand to gain as much as $134 billion in windfalls" if Congress exempts them from paying taxes on overseas income by changing to what is called a territorial tax system. That is, companies would be liable to pay taxes only on income earned within the territory of the United States.

Corporate lobbies began pushing for this multi-billion dollar "reform" long before debts and deficits became their rallying cry. And, for good reason from their point of view.

Under our present system, they owe Uncle Sam the difference between the taxes they pay overseas and what they would have to pay under US tax rates. But they pay only if and when they bring the money back home. The result is that America corporations are now holding trillions of dollars overseas, which the proposed "reform" would allow them to bring back to the United States tax free. This is the immediate windfall they would receive if they have their way.

The CEOs claim they would then invest the money to create jobs in America. But that is pie in the sky. American multi-nationals already sit on huge piles of cash in the US and most are not using them to create jobs.

Their jobs argument also fell flat after 2004, when corporate lobbyists convinced Congress to pass the so-called American Jobs Creation Act. This allowed the multi-nationals to bring their overseas money back at a bargain basement tax rate of 5.25%. According to the IPS report, "Instead of creating jobs, the biggest beneficiaries downsized. Pfizer, for example, cut more than 10,000 US jobs in the six years after it repatriated $40 billion."

Tax reform is needed, to be sure. But not the kind "Fix the Debt" is pushing. One big target should be the accounting rules that allow American multi-nationals to write off their costs against American taxes while transferring their profits to shell corporations in low-rate tax havens. Stopping that would go a long way to bringing jobs home.


A veteran of the Berkeley Free Speech Movement and Ramparts magazine, Steve Weissman lives in France, where he is currently working on a book, "Big Money: How Global Banks, Corporations, and Speculators Rule and How To Break Their Hold."

Reader Supported News is the Publication of Origin for this work. Permission to republish is freely granted with credit and a link back to Reader Supported News.

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Why Billionaires Will Keep Pouring Money Into Politics Print
Wednesday, 12 December 2012 09:21

Reich writes: "Billionaire political investors are 'able to keep playing the odds until you get the golden ring.'"

Portrait, Robert Reich, 08/16/09. (photo: Perian Flaherty)
Portrait, Robert Reich, 08/16/09. (photo: Perian Flaherty)


Why Billionaires Will Keep Pouring Money Into Politics

By Robert Reich, Robert Reich's Blog

12 December 12

 

keep hearing that the billionaires and big corporations that poured all that money into the 2012 election learned their lesson. They lost their shirts and won't do it again.

Don't believe that for an instant.

It's true their political investments didn't exactly pay off this time around.

"Right now there is stunned disbelief that Republicans fared so poorly after all the money they invested," said Brent Bozell, president of For America, an Alexandria-based nonprofit that advocates for Christian values in politics.

"Congrats to @KarlRove on blowing $400 million this cycle," Donald Trump tweeted. "Every race @CrossroadsGPS ran ads in, the Republicans lost. What a waste of money."

Rove's two giant political funds - American Crossroads (a Super PAC) and Crossroads Grassroots Policy Strategies (a so-called nonprofit "social welfare organization" that doesn't have to report its donors) - backed Mitt Romney with $127 million spent on more than 82,000 television spots. Rove's groups spent another $51 million on House and Senate races. Ten of the 12 Senate candidates they supported lost.

The return on investment for American Crossroads donors turned out to be just 1 percent, according to any analysis by the Sunlight Foundation, a Washington-based group that advocates for open government.

Among Rove's investors was Sheldon Adelson, the billionaire who owns the Las Vegas Sands Corporation.

Adelson invested more than $100 million in the election, mostly on Republicans who lost - including $20 million that went to Romney's super PAC "Restore Our Future," $15 million to another super PAC that almost single-handedly kept Newt Gingrich's Republican primary campaign going, and about $50 million to nonprofit Republican fronts such as Rove's Crossroads GPS.

Adelson wasn't alone, of course. Texas industrialist Harold Simmons invested $26.9 million; Chicago Cubs owner Joe Ricketts invested close to $13 million; a network organized by billionaire industrialists Charles and David Koch invested $400 million.

But if you think these losses mean the end of high-stakes political investing, you don't know how these people work.

You see, if and when they eventually win, these billionaires will clean up. Their taxes will plummet, many of laws constraining their profits (such environmental laws preventing the Koch brothers from more depredations, and the anti-bribery Foreign Corrupt Practices Act that Adelson is being investigated for violating) will disappear, and what's left of labor unions will no longer intrude on their bottom lines.

And they have enough dough to keep betting until they eventually win. That's what it means to be a billionaire political investor: You're able to keep playing the odds until you get the golden ring.

Looking ahead, Adelson tells the Wall Street Journal he's ready to double his 2012 investment next time around. "I happen to be in a unique business where winning and losing is the basis of the entire business," he says, "so I don't cry when I lose. There's always a new hand coming up." He isn't looking back at his losses. "I know in the long run we're going to win."

Exactly. Adelson, Simmons, the Koch brothers, and other billionaires will keep pouring in as much money as it takes to eventually win - unless they're stopped. And procurers like Karl Rove will make sure they're at the gaming table.

Relative to their net worth, the billionaire investors have been playing for a pittance. Forbes magazine estimates Adelson's net worth at $21.5 billion. His Las Vegas Sands Corporation just approved a special dividend paying him about $1.2 billion this year, ahead of any possible tax increases that might emerge from congressional budget negotiations.

In the meantime, he and other billionaire political investors are profiting from their reputations as high-stakes players.

Adelson says he has many friends in Washington, "but the reasons aren't my good looks and charm. It's my pocket personality," referring to his political investments. And his determination to keep playing the odds ensures his Washington friends will continue to pay attention.

POLITICO reports Adelson recently met with three GOP governors said to be eying the 2016 presidential race.

This week he met separately with House Speaker John Boehner and Majority Leader Eric Cantor (the Adelsons invested $10 million in super PACs affiliated with Boehner and Cantor), possibly to discuss changes to the Foreign Corrupt Practices Act.

As income and wealth become ever more concentrated in America, the nation's billionaire political investors will invest even more.

A record $6 billion was spent on the 2012 campaign, and outside groups poured $1.3 billion into political races, according to data from the Federal Election Commission and the Center for Responsive Politics.

That's why Citizens United v. the Federal Election Commission has to be reversed - either by a Supreme Court that becomes aware of the poison it's unleashed into our democracy, or by constitutional amendment.

It's also why we need full disclosure of who contributes what to whom.

And public financing that matches public money to contributions from small donors.

Most fundamentally, it's why America's widening inequality must be reversed.


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FOCUS | The Truth Behind Grover Norquist's Pledge Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=15952"><span class="small">Bill Moyers, Moyers & Company</span></a>   
Tuesday, 11 December 2012 11:33

Bill Moyers: "So, not only does the Norquist Pledge symbolize a 'political system short on legitimacy,' as Christopher Caldwell wrote, it isn't even about principle or ideology. Conservatism my foot, it's all about the money."

Portrait, Bill Moyers. (photo: PBS)
Portrait, Bill Moyers. (photo: PBS)


The Truth Behind Grover Norquist's Pledge

By Bill Moyers, Moyers and Company

11 December 12

 

 

ILL MOYERS: Don't you wonder just who is this Grover Norquist who has such a maniacal hold on the Republican Party? Mickey Edwards isn't the only conservative who would like to see the party free itself from his grip. Writing in the "Financial Times" last week, the conservative journalist Christopher Caldwell describes the Norquist Pledge as a “partisan document,” “a ratchet driving taxes down to unsustainable levels,” and it “symbolizes a political system short on legitimacy.” Norquist claims the pledge is something politicians make to their constituents, not to him. But Caldwell wonders “who authorized him to collect politicians' signatures on their constituents' behalf.”

Even this misses the main point. Norquist's efforts - keep taxes low for his donor base, billionaires like the Koch brothers and the plutocrats secretly clustered around Norquist's comrade, Karl Rove. This past election, Norquist's group, Americans for Tax Reform, spent nearly $16 million to support his favored candidates; that's according to the Center for Responsive Politics. Where did that money come from, and what did it buy? Back in the 1990's it was the tobacco industry backing Norquist's fight against cigarette taxes; now it's the pharmaceutical companies, among others. Not long ago, this same Grover Norquist was using his organization to launder money for the notorious lobbyist Jack Abramoff. How about that for tax reform!

Check it out yourself in the documentary "Capitol Crimes" on our website BillMoyers.com. You'll see the story of how the man who has the Republican Party under his thumb came to Washington to start a revolution and wound up running a racket. Now he's the proxy for the powerful interest groups that finance him. So, not only does the Norquist Pledge symbolize a "political system short on legitimacy," as Christopher Caldwell wrote, it isn't even about principle or ideology. Conservatism my foot, it's all about the money.

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