ThinkProgress Logo

Economy

Confronted At Debate, Romney Does Not Dispute He Profited From Foreclosures In Florida

ThinkProgress reported Wednesday that former Massachusetts Gov. Mitt Romney (R) has profited from thousands of Florida foreclosures through a Goldman Sachs investment fund. Former House Speaker Newt Gingrich (R) blasted Romney on the trail today for those investments, and re-upped those attacks in tonight’s CNN debate.

Romney attempted to explain away the investments, saying he didn’t control them because they were part of a blind trust:

GINGRICH: Governor Romney has investments in Goldman Sachs, which is today foreclosing on Floridians. So maybe Governor Romney, in the spirit of openness, should tell us how much money he’s made off of how many households that have been foreclosed by his investments.

ROMNEY: First of all, my investments are not made by me. My investments for the last 10 years have been in a blind trust, managed by a trustee. Secondly, the investments they’ve made, we’ve learned about this as we made our financial disclosure, have been made in mutual funds and bonds. I don’t own stock in either Fannie Mae or Freddie Mac. There are bonds the investor has held through mutual funds. And Mr. Speaker, I know that sounds like an enormous revelation, but have you checked your own investments? You also have investments through mutual funds that also invest in Fannie Mae and Freddie Mac.

Watch it:

Notably, Romney never denied the charge that he made money off of foreclosures. Later in the debate, Romney was asked about the $3 million he kept in a Swiss bank account before it was closed in 2010. Again, Romney attempted to brush aside the question, saying, “I have a trustee” who manages a blind trust.

Romney’s reliance on blind trusts is interesting, considering it was he who called them “a ruse” when running against former Sen. Ted Kennedy (D) in 1994. And as ABC News noted, the trusts are “not so blind,” since they have been noted on his financial disclosure forms. The trusts are also maintained by Romney’s personal lawyer and don’t meet federal standards for elected officials. Romney’s original investments into Fannie Mae and Freddie Mac, meanwhile, were never in a blind trust.

Politics

Jeb Bush Has Doubts Romney Or Gingrich Can Win A Majority Of Hispanic Voters

MIAMI, Florida — At a brief press availability tonight at the Hispanic Leadership Network conference here, former GOP Florida governor Jeb Bush suggested that he doesn’t think either Republican presidential frontrunner can win a majority of Hispanic voters in this year’s general election. Bush, who has worked hard to push the GOP to reach out to Hispanics, including writing an op-ed in the Washington Post yesterday titled, “Four ways Republicans can win Hispanics back,” alternated between English and Spanish this evening while fielding questions about the Republican field.

But asked how Republican frontrunners Mitt Romney and Newt Gingrich can win Hispanic voters, given their anti-immigration stances, Bush replied, “I don’t know if they can a win a majority.” Watch it:

Bush also gave Romney a pass on saying that he would veto the DREAM Act, noting that the former Massachusetts governor has moderated his position.

Alyssa

Hey Conservatives, Hollywood Knows Patriotism Sells

This is a standard, but silly, argument from Big Hollywood about how the entertainment industry hates the troops:

But patriotism doesn’t sell, right? If it did, Hollywood would be inundating movie theaters with pro-troop films and other tales of American soldiers in heroic action.
“Red Tails” also slices into another depressing Hollywood meme…An even better patriotism test comes next month when “Act of Valor,” a film which boldly toasts American soldiers as heroes, hits theaters. A “Valor” take down of the film competition may open the floodgates for more pro-troop features, assuming the appropriate bean counters are taking notes. Or, will Hollywood executives ignore the numbers and retreat to projects depicting U.S. soldiers in unflattering light? Is there a better chance we’ll see a new installment of “In the Valley of Elah” or “Redacted,” films showing the darker side of the modern soldier, than a “Red Tails” sequel?

I don’t want to spend time explaining why patriotism and unqualified support for the members and actions of the armed forces no matter what they do aren’t the same thing, because I think it’s obvious to everyone here and everyone reasonable why that’s the case. But I think there’s something fundamentally silly about the idea that Hollywood is unaware of the fact that patriotism sells.

In the last 10 years, the following movies with patriotic themes were among the top-10 grossing movies of the year. Last year, one of the top-selling superheroes of the year was Captain America, up there with Pixar’s most middle-American offering, Cars 2. In 2010, Iron Man 2 kept stumbling drunkenly towards public service. 2009 was ruled by Michael Bay’s military Valentine, Transformers: Revenge of the Fallen, along with the paen to charity and football as mainstreaming experiences, The Blind Side. In 2008, Tony Stark discovered service of country instead of himself in Iron Man. In 2007, Spider-Man 3, the latest installment about the webslinger who became a representative of post-9/11 New York, topped the box office list; the uber-pro-military franchise Transformers made its bow; Jason Bourne kept the idea of an intelligence community with integrity alive in The Bourne Ultimatum; and Will Smith saved human society in I Am Legend. The previous year, Clark Kent resurfaced to keep an eye on Metropolis in Superman Returns, and Hollywood affirmed a kinder, gentler American consumerism in Talladega Nights. 2005 had less obvious themes, though America obviously beats the Martians in War of the Worlds. 2004 reinforced Spider-Man’s ties to New York in that incredible subway scene. 2002 had Spider-Man topping the charts again, a celebration of the immigrant experience in My Big Fat Greek Wedding, and more Americans v. the Aliens in Men in Black 2. 2001 was the last year a World War II movie cleaned up at the box office, but no one could accuse Pearl Harbor of being anything less than a big, old-fashioned patriotic weepie.

Even by the standards of military-worshipping conservatism, Hollywood is deeply committed to making movies that both reflect and make bank off that particular strand of patriotism. And if you’re thoughtful enough to have a broader understanding of love and country, there’s even more out there for you.

Security

NYPD Commish Apologizes To ‘Members Of The Muslim Community’ For Interview In ‘Inflammatory’ Film

NYPD Commissioner Raymond Kelly

New York City Policy Department Commissioner Raymond Kelly offered a written apology for his appearance in a film deemed by critics, including the Center For American Progress in its “Fear, Inc.” report, to promote Islamophobia. Kelly appeared in the film, called the Third Jihad, which was shown in the registration area of a counter-terror training session for police.

Today, Kelly himself offered an apology for his appearance in the film, according to the Associated Press:

I offer my apologies to members of the Muslim community, in particular, who would find the film inflammatory and its airing on Department property, though unauthorized, to be inappropriate.

A Kelly aide denied to the New York Times, in an article published Tuesday, that Kelly had cooperated with the filmmakers of the Third Jihad. The film’s producers, the Clarion Fund, complained that the statement was inaccurate. “In fact, Kelly gave our filmmakers an hour and a half interview for use in the film,” the group wrote in a blog post where they linked to the just-published full interview. Kelly’s aide then retreated from his statements in a subsequent interview with the Times.

Human Rights Watch (HRW) issued a statement earlier today calling on New York City officials to order a full investigation into the repeated showing of the the film. HRW took particular issue with the false information provided by the NYPD, as reported in the Village Voice, that the film had only been shown “a couple of times” when newly released police documents show it was screened on a “continuous loop.”

“The New York City police not only showed an offensive anti-Muslim film during training, but its leadership grossly misrepresented the scope of the problem,” said Alison Parker, U.S. program director at Human Rights Watch. “A real investigation is promptly needed, with real results.”

Yesterday, New York Mayor Michael Bloomberg criticized the police department for airing the film. “Somebody exercised some terrible judgment,” the mayor said. “As soon as they found out about it, they stopped it.” As to where the bad judgment came in, Bloomberg wasn’t sure and hinted at a possible investigation: “I don’t know who [was responsible]. We’ll find out.”

Economy

How A Do-Nothing Congress Would Raise Mitt Romney’s Taxes

Since Mitt Romney revealed his 13.9 percent tax rate this week, attention has been focused on the preferential tax treatment of money made from investments and capital gains rather than wages and earnings, which lets many wealthy Americans pay lower taxes than middle class families. In the State of the Union address this week, President Obama called a minimum tax for millionaires in order to do away with this problem.

As the New York Times noted today, however, plans to raise tax rates are unlikely to move through Congress before the 2012 elections. What that conventional wisdom ignores, however, is that Congress doesn’t have to do anything to raise the tax rate on capital gains. Doing absolutely nothing, in fact, would raise Romney’s taxes by a significant amount.

This is because the Bush tax cuts for the wealthy are scheduled to expire January 1, 2013, bumping the capital gains tax back to 20 percent. An obscure provision that limits deductions for high-income earners is set to return on the same day. The Affordable Care Act also enacted a tax on high-income taxpayers that will raise the rate on capital gains. Those changes require no Congressional action — rather, they require Congressional inaction — and would raise the capital gains rate significantly, as the Tax Policy Center pointed out:

Put it all together, and the top tax rate on capital gains is scheduled to increase from 15% today to 25% on January 1.

Romney, meanwhile, would ask Congress to pass a tax cut that would cut his tax bill by millions of dollars. As ThinkProgress has noted, Congress could actually wipe out most of the country’s deficit by doing nothing.

NEWS FLASH

Romney Omitted Funds Held In Offshore Tax Havens From Ethics Forms | A now-closed Swiss bank account and at least 23 investment funds listed in former Massachusetts Gov. Mitt Romney’s (R) recently released tax returns were not listed in his most recent financial disclosure forms, which are required to run for office. Among the unlisted funds were 11 based in offshore tax havens like Bermuda, the Cayman Islands, and Luxembourg, the Los Angeles Times reported today, and many are associated with Bain Capital, the private equity firm Romney co-founded. According to the Times, Romney’s campaign dismissed the discrepancies as “trivial” but said they will have to make “some minor technical amendments” to Romney’s disclosure forms.

NEWS FLASH

Comparative Effectiveness Chief: Coverage Decisions Should Be Made Based On Medical Research | Sarah Kliff has a fascinating interview with Joe Selby, the man in charge of running the Patient-Centered Outcomes Research Institute. The Institute is an independent body established by the Affordable Care Act that will study the comparative effectiveness of different drugs and treatments. It’s just one of the ways health reform hopes to encourage providers to deliver only the highest quality care, eliminate waste and inefficiency, and ultimately lower health care costs. “Right, now coverage decisions are being made in the absence of evidence,” Selby explains.”One should be comforted to know that if we’ve generated better research, that the coverage decisions can take that into account. If we’re busy conducting research on what works best for this patient at this time, over time the amount of information will increase…[but] it is important to understand this question of what works best for whom. The answer is to find ways to look for, identify, verify real genuine treatment differences between patients.” Read the full piece here.

NEWS FLASH

Judge: Hispanic City Council Candidate Cannot Speak English Well Enough To Hold Office | Alejandrina Cabrera, a Hispanic woman running for City Council in San Luis, Arizona, was singled out by city officials to take an English proficiency exam to prove she was eligible to hold office. Cabrera noted, “I speak little English,” but that in a city where 98.7 percent of the residents are of Hispanic origin, “my English is fine for San Luis.” But yesterday, Yuma County Superior Court Judge John Nelson decided otherwise and ruled that “she didn’t qualify to run for office based on her language skills,” adding that she had “only a minimal survival range” in English. He made it clear that she didn’t have an “intelligence” issue, just a “proficiency issue.” Arizona’s law making English the official language of the state, passed in 2006, declares “the ability to read, write, speak, and understand the English language sufficiently well to conduct the duties of office without aid of an interpreter shall be a necessary qualification for all state officers and members of the state legislature.”

Alyssa

10 Black Style Icons For People Who Think Michelle Obama Is The First

It may not be the first time French fashion magazines have shown some bizarre racial attitudes — anyone remember the time Carine Roitfeld had Lara Stone do an editorial in blackface for French Vogue? But French Elle apparently decided it wasn’t totally over the line to publish a piece (since pulled) about how Michelle Obama has finally, at long last, turned black women into French-acceptable style icons. In the name of educating them, here are 10 black women with incredible high style, who were around long before FLOTUS made the national scene, elevating everyone from Jason Wu to White House Black Market:

1. Josephine Baker: The toast of Paris, Baker may have been more famous for the clothes she didn’t wear during some of her most famous performances, but she wore designer clothes off-stage, popularized a hairstyle and a hat style, and did it all while aiding the French resistance and aiding 12 adoptive children.

2. Billie Holiday: The flowers in her hair. The big necklaces and earrings. The comfort with her curves.

3. Coretta Scott King: In the midst of the civil rights movement, Mrs. King and her husband brought classic style to the fight for justice, including fashionable hats, mixed textures in the fabrics of her clothing, flower-shaped stud earrings, and classic silhouettes. One of the reasons French Elle’s article is so stupid is that it ignores the role that style’s played in the fight against racism in an attempt to assert dignity and poise in the face of white hate.

4. Diana Ross: She’s rocked everything from the conservative fashions of early Motown to an Afro. And while she’s worn designers ranging from Halston to Bob Mackie, Ross’s interest in fashion was initially professional. She’d wanted to be a designer, but ended up helping establish international trends instead.

5. Kathleen Cleaver: The former Black Panther was one of the radical women who helped popularize the Afro, and with her gorgeous earrings and signature sunglasses, she stood for the idea that you could be involved in the struggle for black liberation without playing by conservative and respectable style rules.

6. Alek Wek and Iman: Elle appears to have missed the fact that black women don’t just buy fashionable clothes, they represent the way they should be worn to the whole world. Both Wek and Iman were born in Africa and have become international style icons, walking for and inspiring everyone from Alexander McQueen to Yves Saint Laurent — and both do enormous amounts of charity work.

7. Condoleezza Rice: No matter how you feel about her politics or her tenure as National Security Adviser and Secretary of State, Rice wore great jackets, killer boots, and turned pearls into an assertion of power rather than a representation of fustiness. And she could pose in a gown at the piano she loves to play, too.

8. Beyonce and Solange Knowles: High fashion and hipster queen, the Knowles sisters have very different senses of styles that compliment their music and personalities. Elle should know that black women aren’t just confined to street fashion, to one label, or to one set of trends.

NEWS FLASH

New Home Sales Hit Record Low | CNN Money reports that new home sales hit a record low in last year, with just 302,000 new homes sold, 6.2 percent less than were sold in 2010. The low sales mark “a reversal of other recent housing market trends.” One industry analyst, however, noted that construction gains late in 2011 show that the new home market is picking up heading into 2012. Because every 100 homes built creates roughly 300 jobs, new home construction is a vital indicator of economic recovery. The construction equipment manufacturer Caterpillar reported that it expects “housing starts of at least 700 thousand units in 2012, up from 607 thousand units in 2011.”

Older

Switch to Mobile
ThinkProgress Signup Overlay Skip and Continue to ThinkProgress Skip and Continue to ThinkProgress

Sign Up