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Election

Newark Mayor Cory Booker Defends Bain Capital, Attacks Obama Campaign

Cory Booker, the popular and progressive mayor of Newark, New Jersey, attacked the Obama campaign for making an issue of Mitt Romney’s tenure at Bain Capital during an appearance today on Meet the Press.

Romney has placed his career at Bain the center of his campaign. On several occassions Romney has asserted that, while at Bain, he was responsible for creating 100,000 jobs. Multiple independent fact checkers have concluded that Romney’s claims on jobs is simply false.

The Obama campaign has responded by highlighting instances where Romney’s actions at Bain Capital resulted in substantial job loses. On Meet the Press, Booker called criticizing Romney’s time at Bain “ridiculous” and “nauseating.” He also equated criticisms of Romney’s buisness record with racially charged attacks against Obama centered around Rev. Jeremiah Wright. Watch it:

At Salon, Steve Koracki speculates that Booker defended private equity to help cultivate Wall Street donors for a future state-wide race. Many of these donors have abandoned Obama, hoping for gentler treatment from a President Romney.

By this afternoon, Booker had started to walk back his criticisms of Obama and his campaign. Here’s what he said in a video posted to YouTube late today:

Mitt Romney has made his buisness record a center piece of his campaign. He’s talked about himself as a job creator. Therefore it is reasonable, and in fact I encourage it, for the Obama campaign to examine that record and to discuss it. I have no problem with that. I believe, in many ways, Mitt Romney is not being honest about his role and his record even as a business person and is shaping it to serve his political purposes and not necessarily including all the facts from his time there.

This clarification, however, is unlikely to find its way into the RNC press release touting Booker’s initial remarks.

Update

In a tweet, John McCain thanks Cory Booker:


NEWS FLASH

CNBC Analyst: Bain Capital ‘Fired A Lot Of People’ To Get ‘Prosperity For The Rich’ | The private equity firm co-founded by presumptive GOP presidential nominee Mitt Romney “fired a lot of people” to get “prosperity for the rich,” CNBC analyst Jim Cramer said during an appearance on Meet The Press this morning. During a panel discussion on the effectiveness of an ad from President Obama’s campaign highlighting Romney’s past at Bain Capital, which bankrupted nearly a quarter of the companies in which it invested while making billions of dollars, Cramer said the firm’s past earned Romney a reputation as a “job destroyer, not a creator.” Watch it:

Climate Progress

Must-See CBS News: We Are ‘Living On A Planet With A Fever…. This Is Our Society’s Sink Or Swim Moment’

The CBS Evening News  had one of the best segments ever on manmade global warming.  The piece is headlined on their website, “Assessing the risk of climate change” with this description:

The past 12 months were the hottest on record, and forecasters are predicting high temperatures across the U.S. this summer. Science and environment contributor M. Sanjayan explains the risk of climate change.

Watch it:

Kudos to CBS News for running this segment with Sanjayan, who is “the lead scientist for The Nature Conservancy.” Let’s hope CBS makes it a regular feature.

Related Post:

Election

Campbell Brown, Wife Of Top Romney Adviser, Says Obama Is ‘Condescending’ To Women

In today’s New York Times, former cable news anchor Campbell Brown attacks President Obama for “condescending” to women with a “paternalistic,” “fake,” and “grating” attitude. In the 10th paragraph, she discloses that her husband Dan Senor is a top advisor to Mitt Romney.

Brown launches her assault based on Obama’s commencement address at Barnard College — the women’s college at Columbia University — and suggests that though “it’s a tough economy,” he shouldn’t have encouraged the young women there that they are “tougher” and that “things will get better” in the nation’s job market.

Brown’s primary contention is that Obama is ignoring economic issues related to women to focus on things like abortion rights and affordable access to contraception. To justify her attack, Brown cites a handful of stories from personal friends and relatives, then cites polling data:

The struggling women in my life all laughed when I asked them if contraception or abortion rights would be a major factor in their decision about this election. For them, and for most other women, the economy overwhelms everything else….

Another recent Pew Research Center survey found that voters, when thinking about whom to vote for in the fall, are most concerned about the economy (86 percent) and jobs (84 percent). Near the bottom of the list were some of the hot-button social issues.

She’s right: the economy and jobs are at the top of voters’ lists of issues. But it’s not at the expense of all other issues. Indeed, the same Pew poll Brown cites shows that more than a third of voters ranked “abortion” and “birth control” — 39 and 34 percent, respectively — as “very important” issues. And, according to the report, “Birth control is significantly more important to women (40% very important) than men (27%).”

Four pages past Brown’s essay in the Times’s Sunday Review, the Times editorial board takes Republicans to task and outlines their continuing assault on women’s issues. The problem with Romney — elided by Brown — is that he shares many of these extreme views. Brown writes:

Most women don’t want to be patted on the head or treated as wards of the state. They simply want to be given a chance to succeed based on their talent and skills. To borrow a phrase from our president’s favorite president, Abraham Lincoln, they want “an open field and a fair chance.”

A career “independent journalist,” which Brown claims in her disclosure to be, would be prompted to ask why the Romney campaign dodged a question on whether he supported the Lilly Ledbetter Act, a landmark 2009 law (signed by Obama) that empowers women to seek restitution for pay discrimination. The campaign quickly covered itself with the hedge that Romney “supports pay equity and is not looking to change current law.” Republicans in Congress opposed the law when it was debated. Only two GOP senators — Olympia Snowe and Susan Collins, who side with the President against their party on women’s issues — voted for it.

Election

RNC Chairman Says Republican Proposal For $10 Million Of Race-Baiting Anti-Obama Attack Ads Is Obama’s Fault

RNC Chairman Reince Priebus

RNC Chairman Reince Priebus

In an interview on CNN’s State of the Union with Candy Crowley this morning, host Crowley asked RNC Chairman Reince Priebus about a widely-denounced proposal for a pro-Mitt Romney outside group to run millions of dollars in race-baiting attack ads highlighting controversial statement’s by President Obama’s former pastor.

Rather than denounce the proposal or the dangers of having a small group of rich outside donors and corporations free to spend as much as they want to influence elections, Priebus blamed Obama.

After lamenting that Romney and his party had to spend a day and a half dealing with the fallout from the Super PAC proposal, Priebus told Crowley:

I know how it works. It’s the Democrats and Barack Obama that want the story out there. He wants the story to play out in the media, because for every day that [Obama adviser] David Axelrod and this President don’t have to talk about their broken promises when it comes to jobs, the debt, and the deficit — the more time they can talk about hypotheticals that may or may not come true — is a day they want to win on. So, look, this president’s got a bigger problem and his problem is no matter what he puts out there, no matter what distractions he puts out there, he can’t change the truth and escape the reality of where we are in this American economy. And it’s no good.

Watch the video:

It was, of course, actually a Republican strategist with a long history of race-baiting ads who proposed these attack ads for a Super PAC led by a billionaire determined to defeat President Obama’s re-election.

And it was Mitt Romney who, back in February, made similar attacks on President Obama saying: “I don’t know what is worse, him listening to Rev. Wright or him saying that we must be a less Christian nation.” When asked this week about the comments, Romney told reporters “I’m not familiar precisely with exactly what I said, but I stand by what I said, whatever it was.” This, of course, the same Romney who repudiated the Super PAC proposal as “character assassination.”

Security

Romney Blames Obama For Bipartisan Military Spending Cuts

In a new op-ed in the Chicago Tribune ahead of the NATO meetings today in the Second City, Mitt Romney attacked President Obama, claiming he hasn’t showed sufficient American leadership in the Atlantic Alliance because of the administration’s cuts in military spending:

Last year, President Obama signed into law a budget scheme that threatens to saddle the U.S. military with nearly $1 trillion in cuts over the next 10 years. President Obama’s own defense secretary, Leon Panetta, has called cuts of this magnitude “devastating” to our national security. Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff, has plainly said that such a reduction means “we would not any longer be a global power.” Despite these warnings, the Obama administration has pledged to veto an attempt to replace these cuts with savings in other areas. [...]

With the United States on a path to a hollow military, we are hardly in a position to exercise leadership in persuading our allies to spend more on security. And in fact the Obama administration has failed to exercise such leadership. Quite the contrary; a multiplier effect has set in: The administration’s irresponsible defense cuts are clearing the way for our partners to do even less.

There’s one major flaw in Romney’s argument: Obama alone is not responsible for the $1 trillion in military spending reductions over the next decade. The Obama administration did usher in nearly $500 billion in cuts over the next decade, but those cuts — contrary to Romney’s suggestion — have “real buy infrom the military’s top brass, as Joint Chiefs of Staff chairman Gen. Martin Dempsey said. Panetta supports the cuts too, saying the U.S. will still have “the capability to confront and defeat more than one adversary at a time.”

Congress, however, is responsible for the other $500 billion in military spending cuts as a result of the bipartisan debt deal that Obama signed into law. Those reductions are set to take place because of the sequester the deal put in place should lawmakers fail to agree on how to find savings elsewhere (House Republicans want to cut much needed programs for the nation’s poorest to offset the military spending cuts).

Indeed, as the Washington Post noted, “Romney’s statement fails to note that the sequester was part of a deal negotiated by the White House and leaders of both parties, a sweeping proposal that was approved by nearly three-quarters of the House Republican conference and six in 10 Senate Republicans.”

But on the substance, Romney is also wrong to claim that the U.S. military can’t withstand $1 trillion in cuts over the next decade. As CAP defense budget expert Lawrence Korb noted, “[t]his would, in real terms, allow the Pentagon to spend at its 2007 levels.”

Climate Progress

Steven Chu On ‘The Avengers’: We Don’t Need Superheroes To Win The Global Clean Energy Battle

Energy Secretary Steven Chu has turned to pop culture to promote clean energy. He put up this picture and Facebook post on the new box office smash The Avengers:

I can rarely find the time to make it to the movies, but my staff is buzzing about The Avengers, which focuses on a new, limitless clean energy source called “The Tesseract.” In the film, there is evidently an intergalactic struggle to claim this new resource – one we can only win by relying on heroes like Captain America, Thor, Iron Man, Black Widow, and the Incredible Hulk. Naturally, the group includes a couple scientists!

While the “Tesseract” may be fictional, the real-life global competition over clean energy is growing increasingly intense, as countries around the world sense a huge economic opportunity AND the opportunity for cleaner air, water, and a healthier planet. This is now a $260 billion global market, a sum that would impress even Tony Stark. According to the International Energy Agency, last year — for the first time — more money was invested worldwide in clean, renewable power plants than in fossil fuel power plants.

Given how big the opportunity is, and how fast it is growing, it is no surprise that 80 countries have adopted policies or incentives to capture a share of the clean energy market. The good news is that we have an advantage every bit as powerful as the Incredible Hulk: Americans’ talent for entrepreneurship and innovation is unrivalled by any other country in the world. We have world-leading scientific facilities that would make Bruce Banner green with envy, and the investments we’re making today in groundbreaking new technologies can help American businesses stay ahead of the curve.

Ultimately, however, the clean energy prize is still up for grabs and countries like China are competing aggressively. It’s not enough for us to simply invent the technologies of the future, we need to actually build and deploy them here as well. As President Obama noted recently, one step Congress should take immediately is to renew the expiring tax credits for clean energy – a step that will create jobs and help American companies compete. When it comes to clean energy, our motto should be: “Invented in America, Made in America, Sold Around the World.”

Chu is kind of the Bruce Banner of clean energy. Now if the rest of team Obama would only suit up since the world is most certainly facing the gravest imaginable danger….

Related Posts:

Economy

Paul Ryan Claims Romney Budget, Which Adds $10 Trillion To Debt, Will ‘Prevent A Debt Crisis’

Presumptive Republican presidential nominee Mitt Romney’s budget would add $10.7 trillion to the debt and reduce federal revenues to just 15 percent of GDP, exploding the “prairie fire of debt” Romney warned the nation about in a speech last week in Iowa.

Romney isn’t the only one decrying the debt while ignoring that his budget would make it worse. House Budget Committee Chairman Paul Ryan (R-WI), in an appearance on Fox News this morning, made the laughable claim that a budget that explodes the debt will simultaneously prevent a debt crisis:

RYAN: More to the point, though, the kind of budget Mitt Romney is talking about is one that prevents a debt crisis.

Watch it:

Ryan praised Romney’s 20 percent, across-the-board tax cuts that are paid for, he claims, by closing loopholes that primarily benefit the wealthy. The only problem with that, of course, is that Romney hasn’t laid out such a plan, and even if he did, it wouldn’t make up enough revenue to avoid adding trillions to the national debt.

This isn’t anything new from Ryan. Though he paints himself as a very serious person who is trying to reduce the debt, he authored the House GOP’s radical budget plan, which manages to add to the debt despite cutting spending on programs that help the poor and middle classes because, like Romney, he gives away trillions in tax breaks to the wealthiest Americans.

Climate Progress

Energy Efficiency: What Are The Laggards Thinking?

by Elisa Wood, via Renewable Energy World

Why do some states avoid creating policies that encourage consumers and businesses to save energy? What’s the psychology of the laggards?

A new report by the American Council for an Energy Efficiency Economy sheds some insight as it examines the states that consistently fall behind in the organization’s annual energy efficiency ranking.

The bottom states are: Alabama, Kansas, Mississippi, Missouri, North Dakota, Oklahoma, South Carolina, South Dakota, West Virginia, and Wyoming. The good news is that even these laggards are beginning to adopt policies to save energy, according to the report, “Opportunity Knocks: Examining Low-Ranking States in the State Energy Efficiency Scorecard.”

But they still have a lot of catching up to do. And why did they fall behind in the first place?

The report authors, who interviewed 55 stakeholders, found one reason is a general lack of awareness about energy efficiency’s benefits. Another is an aversion to government mandates. But one of the most fascinating barriers is a misperception about energy costs.

Industry folklore says that consumers in states with low electric rates have no motivation to save energy. This folklore discourages policymakers from putting time and money into energy efficiency programs. In truth, these states have good economic reasons to  encourage consumers to insulate, install better lighting, and undertake other energy savings measures.  It turns out that even though electric rates are low in these states, consumers are paying high monthly bills.

This may sound counterintuitive. But consider these numbers. In Alabama electric utilities charge 10.67 cents/kWh and households pay an average $147.69/month for electricity. Similarly, in South Carolina rates are 10.5 cents/kWh and monthly bills are $137.59/month. Compare Alabama and South Carolina to Massachusetts and California, two states with aggressive energy efficiency efforts. Massachusetts’ electric rates are high, averaging $14.59 cents/kWh, but monthly bills are low, only $97.34. California, too, has high rates of 14.75 cents/kWh and low monthly bills of $82.85.

So electric rates are higher in Massachusetts and California, yet households in those two states pay less per month for power than households in Alabama and South Carolina. This is because they consume less power. Households in the efficient states have an edge; they need less electricity each month to secure the same level of comfort and service in their homes as those in Alabama and South Carolina. So there should be plenty of good motivation for households in the low-rate states to pursue efficiency measures.

Another point of confusion involves the cost to society of investing in energy efficiency.  Because it’s generally categorized with other ‘green’ initiatives, energy efficiency is perceived as boutique and expensive.  To the contrary, it is cheaper to avoid energy use than to make new electricity, according to ACEEE.  Energy efficiency measures cost an average 2.5 cents/kWh while building a new power plant cost 6 to 15 cents/kWh. Because of this cost differential several states now mandate that utilities institute cost-effective energy efficiency before building new generation.

These are arguments, unfortunately, that might get lost in the din of an election year, one in which energy is shaping up to be a major issue. However, as is often the case, the states are leading the way and not relying on federal policy. Even the laggard states are picking up their pace when it comes to energy efficiency, as the ACEEE report describes. More here.

Elisa Wood is a long-time energy writer whose work appears in many top industry publications. See her articles at RealEnergyWriters.com. This piece was originally published at Renewable Energy World and was reprinted with permission.

Climate Progress

Home Prices In ‘Resilient Walkable’ Communities See Strongest Recovery

by Kaid Benfield, via NRDC’s Switchboard

The housing price recovery has begun, says a new report from The Demand Institute, a think tank recently launched by Nielson and The Conference Board to track consumer demand.  Among the findings that are promising for more sustainable development patterns, the strongest segment of the market “comprises populous urban or semi-urban communities well served by local amenities.”

The authors of the report, The Shifting Nature of US Housing Demand, call this group of properties the “resilient walkables” and forecast a home price rise of three percent by 2013, and up to five percent per year between 2014 and 2017.

The analysis concludes that the weakest segment of the market, by contrast, are in outer and smaller suburbs or outlying areas that “are sparsely populated, and have low walkability.”  Though prices for this segment are “relatively cheap,” the authors contend that these “weighed down” properties will not rise in value enough to reach the national average even by 2017.

In other words, if you’re a real estate investor, put your money on smart growth and avoid sprawl.  To those in the field, this simply confirms trends that have been documented for years.  Alex Dodd summarized the report’s contrast between these two segments on Smart Growth America’s blog earlier this week.

A closer read of the new report, however, contains a lot of nuances, mostly but not entirely consistent with what other forecasters have been saying with regard to growing demand for smart growth.  From the new report:

  • Nationally, the recovery will accelerate between 2012 and 2013, and again between 2015 and 2017.
  • The recovery will be led by increasing demand for rental homes, especially from younger people and immigrants.  This, too, is consistent with my last analysis.  The national share of occupied rental homes as a portion of the total has risen from 31 percent in 2005 to 35 percent in 2012, and home ownership has declined sharply among persons under 35.  “The only segment of the home building sector now showing clear signs of recovery is multifamily housing,” driven by developers seeking to rent.
  • But the dominance in rentals may be temporary.  Conversion of for-sale homes now in oversupply to rentals will clear the excess, the authors say, after which home ownership will rise and return to historical levels.
  • The average size of the American home will continue to shrink.  By 2015, average new home size should be back to where it was in the mid-1990s.
  • The extent to which walkability helps the market may depend on where you are.  In addition to the strong “resilient walkable” category and the weak “weighed down” category, the report identifies two other segments:  “slow but steady” homes in areas with average walkability and employment rates; and a “damaged but hopeful” segment, where neighborhoods are highly walkable but suffer from a weak regional economy.  Both will see price recovery, though not as quickly and strongly as the resilient walkables; the slow but steady group will see it sooner than the damaged but hopeful group.
  • In a prediction I find particularly troubling, “neighborhoods will be increasingly segregated economically, resulting in polarization.”  The authors observe that the portion of Americans living in middle-income neighborhoods has declined considerably in recent decades, while the portions living in both affluent and poor neighborhoods has increased.  “Housing stock within neighborhoods will become more homogenous.”
  • While the increased demand for urban and walkable, transit-served neighborhoods is clear – the authors note the positive correlation between Walk Scores and prices, “many Americans – particularly those planning to purchase – will move even farther from the city to suburbs where housing is more affordable.”
  • There will be some ancillary effects of the increased demand for urban, smaller, and rental properties.  Industries that will do well include home remodeling, carsharing, and portable appliances.  Homes with less space for storage but more accessibility to shops may also lead consumers to more frequent purchases of smaller sizes of packaged goods.

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