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AIG cancels post-bailout party in California, says it will have no more.

Earlier this week, the House Oversight Committee revealed that just one week receiving an $85 billion bailout, AIG executives went on a retreat to a luxury resort, spending nearly $500,000 on manicures, facials, pedicures, and massages, among other things. After being ridiculed for the vacation, AIG announced today that the parties are over. From an announcement they issued this afternoon:

234ga.jpgEarlier today, AIG announced an important policy change – one that we wanted to be sure you knew about. A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.

Today, AIG canceled a specific party, originally scheduled for next week at the Ritz-Carlton in California’s Half Moon Bay, “after a re- evaluation of the costs under the new circumstances,” according to spokesman Joe Norton.

Politics

McCain declines to answer whether he supports ‘bipartisan solutions’ on health care and Social Security.

Recently, the AARP asked both presidential candidates about their positions on issues related to senior citizens. McCain, however, “chose not to check any statements in the survey” on “health care, long-term care, Social Security and retirement security,” the Washington Post reports. The McCain campaign declined to answer whether it commits “to help end gridlock by working across party lines to develop and support common-sense, bipartisan solutions on health care and financial security”:

picture-3.png

McCain and Obama did provide written answers on the issues in the survey.

Climate Progress

My apologies for the brief site crash. I got Dugg.

ClimateProgress was down for several minutes about an hour ago. Sorry about that.

I unexpectedly received a large surge in traffic when people really started Digging this post: The truth-telling ad ABC won’t let you see — and what you can do about it.

But my excellent IT folks got right on the case and quickly told me they “dropped a ‘cache’ in front of the site so that every user isn’t reloading the page every time they view it, which appears to have resolved the problem.”

I guess this proves that you can have too much of a good thing.

By the way, if you haven’t joined Digg yet, and haven’t Dugg one of my posts yet, this would be the time to do it. It is a great site for quickly finding the best, most popular posts on the web. Just click here.

Climate Progress

EDF’s bizarre $10,000 contest: “What is a carbon cap and how will it cure our oil addiction?”

A contest to explain something that isn’t true — what a novelty. If I were running a contest, it would be, “What is a carbon cap and why should it not cover the transportation sector?” But I digress.

So I get an e-mail from the Environmental Defense Fund asking me to direct my readers to this video/graphics competition:

Explain to America how a carbon cap will solve our oil addiction

Many scientists, economists, environmentalists and business leaders agree that a cap on carbon emissions is the best way to cure our addiction to oil. But, quickly and vividly explaining how a cap will solve our energy problems is a challenge.

We need your help conveying this concept to the American people in a clear, brief, convincing and memorable way to stick in the public’s consciousness-like the well-known shot of an egg frying that depicted “your-brain-on-drugs.”

Actually, I don’t really know any scientists, economists, environmentalists, and business leaders who think a carbon cap is the best way to cure our addiction to oil. It is possible I hang out with the wrong crowd. But I think it is more likely that they all understand something I’ve written about on my blog many times — a carbon price is a lousy way to drive oil savings.

In fact, it is all but inconceivable that a carbon cap will solve our oil addiction (see “Peter Barnes’ Cap & Dividend plan is fatally incomplete“):

Read more

Politics

Holtz-Eakin: McCain Can Change His Proposals, But Don’t Criticize Him For It

This afternoon on MSNBC, John McCain’s senior economic adviser Douglas Holtz-Eakin complained that some critics have flip-flopped in their assessments of McCain’s Homeownership Resurgence Plan:

HOLTZ-EAKIN: Senator Obama looked at this idea and thought it was such a good idea that the night of the debate claimed it was his own, but the very next day attacked John McCain about this plan. Why? Well, the reason is quite simple.

Watch it:

Many progressives changed their opinion of McCain’s proposal for one “quite simple” reason: McCain changed his proposal.

On Tuesday night, McCain appeared to be offering a responsible plan that called for lenders to sell the mortgages of struggling homeowners to the government at a discount, rather than their face value — thus forcing lenders to foot the loss.

By Wednesday, McCain had significantly modified his proposal, shifting the cost of the plan from the lenders and onto tax payers. Under his new plan, McCain would pay each lender the full face value of each mortgage, amounting to a $100 billion boondoggle for lenders who made bad loans.

According to Holtz-Eakin, McCain is allowed to change his proposals, but we’re not allowed to criticize him for it.

Politics

Hannity to become ‘an even more prominent part of Fox’ after election.

The New York Times reports today that Sean Hannity has agreed to stay at Fox News until 2012, and “is expected to become an even more prominent part of Fox’s opinion programming.” Fox executives are reportedly pleased with his Sunday-night show “Hannity’s America,” and in a statement, Fox senior vice president for programming Bill Shine said that Hannity would “remain a marquee name at Fox News for several years to come.” Fox declined to comment on the future of Bill O’Reilly or Alan Colmes.

Yglesias

From Cynicism to Madness

You expect the waning days of a presidential campaign to feature some cynical and underhanded attacks, but my guess is that National Review‘s Andy McCarthy believes every word of this:

Second, and relatedly, Obama’s radicalism, beginning with his Alinski/ACORN/community organizer period, is a bottom-up socialism. This, I’d suggest, is why he fits comfortably with Ayers, who (especially now) is more Maoist than Stalinist. What Obama is about is infiltrating (and training others to infiltrate) bourgeois institutions in order to change them from within — in essence, using the system to supplant the system. A key requirement of this stealthy approach (very consistent with talking vaporously about “change” but never getting more specific than absolutely necessary) is electability. With an enormous assist from the media, which does not press him for specifics, Obama has walked this line brilliantly. Absent convincing retractions of his prior radical positions, though, we should construe shrewd moves like the ostensibly reasonable Second Amendment position as efforts make him electable.

What I’m wondering, though, is that if Obama is secretly a Maoist then does it really make sense to wonder if he’s also secretly much more liberal on gun control than he lets on? I mean, they have some very stringent gun ownership regulations in the United Kingdom, but even though I take a pretty right-wing view on gun control issues I think life under Gordon Brown is still clearly preferable to life under Mao.

Politics

Cindy McCain: Vietnam vets with PTSD were 18-year-olds who didn’t know what they were doing.

During a recent interview with Marie Claire, Sen. John McCain’s (R-AZ) wife Cindy suggested that her husband has never had PTSD symptoms because “he was trained.” She also added that symptoms such as “cold sweats in the middle of the night” are reserved for the “the 18-year-olds who were drafted”:

cindy2web2.jpgQ: You met your husband after his POW days. To what extent is that still with you – or is it a part of history?

McCAIN: My husband will be the first one to tell you that that’s in the past. Certainly it’s a part of who he is, but he doesn’t dwell on it. It’s not part of a daily experience that we experience or anything like that. But it has shaped him. It has made him the leader that he is.

Q: But no cold sweats in the middle of the night?

McCAIN: Oh, no, no, no, no, no. My husband, he’d be the first one to tell you that he was trained to do what he was doing. The guys who had the trouble were the 18-year-olds who were drafted. He was trained, he went to the Naval Academy, he was a trained United States naval officer, and so he knew what he was doing.

Digg It!

Yglesias

Dow 0?

I believe that at the rate of decline we’ve been experiencing since Bush signed the rescue package into law, the Dow Jones Industrial Average will be at 0 before the end of 2008. Presumably at some point investors will feel they’re looking at bargain prices and start buying again. Right?

Yglesias

More People = Easier Housing Slump

new_york_statue_of_liberty_1.jpg

I’m fairly certain this won’t be adopted, but it does seem right to say that if we encouraged more immigration we could bolster the housing market. In essence, the price boom led to a construction boom which led to the bursting of the bubble. Fundamentally, with only so many families in the country, there’s no need for all the houses we have. The housing bust has caused a construction bust, so over time population growth will eat up the supply overhang. But that could happen more quickly if population growth was faster — i.e., more immigrants. At a minimum, if we stopped trying to drive illegals out of the country and instead put them on a path to citizenship, that would help.

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