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Health

Pay To Play? McCaughey Received $11K In BioTech Stock Days Before Penning Health Scare Op-Ed (UPDATED)

Ideology may not be the only factor driving Betsy McCaughey’s propaganda campaign against two health care provisions in the stimulus bill.

As Health Care Renewal points out, “not noted in Betsy McCaughey’s op-ed article was that she is currently on the board of directors of Cantel Medical, a device company, and formerly on the board of Genta, a biotechnology company.”

In fact, according to a Statement of Changes in Beneficial Ownership Securities from the Securities and Exchange Commission, McCaughey received 750 Shares of stock options just days before writing the Bloomberg op-ed. Then, the total worth of the shares was approximately $11,250:

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Should she have disclosed this information to her readers? Well, as Health Care Renewal explains, up to now “we have left industry to fund, control, and too often suppress and manipulate clinical research about its own products, so that the results are better at putting particular products in a good light.” Should independent research dispute the effectiveness of a Cantel Medical product, McCaughey and Cantel could face serious financial loses.

Update

According to SEC filings, McCaughey has received over $55,000 in compensation from Cantel Medical, Inc. in the fiscal year ending 7/31/08.

Politics

Religious Right rebrands itself as ‘socially conservative evangelicals.’

garybauer.gif Christianity Today reports that some “politically conservative evangelicals” no longer want to be referred to as the “religious right.” According to social conservative leaders like American Values President Gary Bauer, the term “religious right” and others like it have “become synonymous with extremism“:

Gary Bauer said this week, “There is an ongoing battle for the vocabulary of our debate. It amazes me how often in public discourse really pejorative phrases are used, like the ‘American Taliban,’ ‘fundamentalists,’ ‘Christian fascists,’ and ‘extreme Religious Right.’”

A Focus on the Family official added that the “religious right” label might generate negative impressions: “Terms like ‘Religious Right’ have been traditionally used in a pejorative way to suggest extremism. The phrase ‘socially conservative evangelicals’ is not very exciting, but that’s certainly the way to do it.

Steve Benen responds, “We’re not talking about a branding problem here. These clowns have become publicly reviled because they embrace a radical worldview, starkly at odd with American traditions, laws, and culture. The innocuous label isn’t the problem. The dangerous and divisive agenda is.

- Matt Finkelstein

Yglesias

The Haul

CBO analysis finally lets us get to the bottom of the much-disputed question of whether or not the recovery package is genuinely fast-acting. For the remainder of FY2009, we’ll have about $185 billion in tax cuts and new spending, and for FY2010, we’ll have about $400 billion in tax cuts and new spending. That adds up to 74 percent of the total cost of the bill, meaning that the congress has essentially hit President Obama’s goal of spending out 75 percent of stimulus funds in the first eighteen months.

Economy

Boehner Using ACORN To Fearmonger Against Housing Program, Again

ap090212026190.jpgAs reported by USA Today, “a record 1 in 9 U.S. homes are vacant, a glut created by the housing boom and subsequent collapse”:

The surge in empty houses, condominiums and apartments is creating a wave of problems for communities desperate to shore up property values and tax revenues that pay for services. Vacant homes create upkeep and safety problems that ripple through neighborhoods.

This highlights a critical problem in addressing the housing crisis: what to do with all the empty, foreclosed upon properties dragging down home values for entire neighborhoods. One solution is “neighborhood stabilization,” a program “to help communities purchase and rehabilitate foreclosed, vacant properties.” Lo and behold, there is $2 billion in the economic stimulus package for just this sort of thing.

Rep. John Boehner (R-OH), though, has taken to mischaracterizing the provision as funding for the Association of Community Organizations for Reform Now (ACORN). In a press release yesterday, Boehner called the $2 billion “pork” and “unfocused and wasteful spending“:

$2 billion for “Neighborhood Stabilization,” money which will be available to the Association of Community Organizations for Reform Now (ACORN), an organization accused of perpetrating voter registration fraud numerous times in the last several elections and reportedly under federal investigation.

Remember when the Troubled Asset Relief Program was initially being discussed? Boehner fearmongered against that bill because it contained a supposed “left-wing giveaway Democrats are pushing to force taxpayers to bankroll a slush fund for a discredited ally of the Democratic Party”; none other than ACORN. The bill contained no such thing, but that didn’t stop Boehner, and his trumpeting of the false charge led to a low-income housing fund being stripped from the legislation.

The point of neighborhood stabilization is not to give money to ACORN, but to deal with the “blight of empty, poorly maintained and often vandalized houses that sorely need new owners.” As David Abromowitz explained, the funds would be used for “acquisition of foreclosed homes by a local community land trust, community development corporations, other non-profit groups, or a governmental agency”:

Once purchased, these homes would be promptly resold to a low- or moderate-income homeowner who would receive appropriate home buying counseling. This new buyer would purchase the property with a fixed-rate mortgage product that is affordable to the family’s particular situation, based on standard guidelines established by the state or local participating jurisdiction.

Furthermore, these are “shared equity affordability” arrangements, which means that any subsequent rise in the property of the house would be “shared jointly by the homeowner and the public.”

Now, it’s possible that a local chapter of ACORN could be one of the non-profits involved in this program, but that’s up to those dispersing the funds at the local level, not the federal government. And the overall point is to address housing at the community level, getting empty houses off the market and stabilizing prices. Once again, Boehner is using the spectre of ACORN to try to torpedo sensible housing solutions.

Yglesias

Minimum Winning Coalition

From one perspective, it’s unfortunate that the House leadership couldn’t persuade any members of the opposition to vote for the recovery package. From another perspective, this is as it should be. The country faces serious issues, and it would do enormous real harm to real people to further water down the bill in pursuit of excess votes.

Meanwhile, though the bill is disappointing in some respects it’s very good news. CAP’s Michael Ettlinger explains that with this bill passed we can now see light at the end of the tunnel of the economic crisis and Daniel J. Weiss and Alexandra Kougentakis take a look at the exciting clean energy provisions of the package. Next, we’re going to need to try to clean up the financial system and start thinking about how the regular budget process can plug some of the holes in the recovery package.

Politics

Obama’s Wasted Efforts At Bipartisanship

obamamccain.gifIn the early days of his young presidency, President Obama has already accomplished a great deal, making a clean break from Bush on a variety of issues, signing the Lilly Ledbetter Fair Pay Act, and expanding the Children’s Health Insurance Program. And in a few short days, he’ll be putting his name to an economic recovery bill that will largely hew to the principles he laid out months ago.

In the midst of these accomplishments, there have been some wasted efforts. And most of those wasted efforts have come from a sincere — but unwise — attempt to ingratiate himself with uncompromising conservatives. Some examples:

– What Obama did: Trusted Judd Gregg when he indicated that, “despite past disagreements about policies, he would support, embrace and move forward with the president’s agenda.”

– What Obama got in return: A “change of heart” from Gregg, who said that he “couldn’t be Judd Gregg” at Commerce.

– What Obama did: Reached out to have dinner with right-wing pundits Bill Kristol, Charles Krauthammer, and David Brooks.

– What Obama got in return: A ripping from his right-wing friends, who called it the worst in “galactic history.”

– What Obama did: Tried to work with the House GOP by preemptively including tax cuts, stripping stimulative spending proposals, and attending their conference meeting.

– What Obama got in return: Zero votes (and a bunch of false myths about his plan)

– What Obama did: Tried to reach out to John McCain to work together on “solving our financial crisis.”

– What Obama got in return: Nothing. McCain voted against the legislation, and even went so far as to call it “generational theft” and hypocritically complained that it contained “corporate giveaways.”

Fortunately, the White House seems to recognize the errors of its ways. Chief of Staff Rahm Emanuel conceded, “White House officials allowed an insatiable desire in Washington for bipartisanship to cloud the economic message a point coming clear in a study being conducted on what went wrong and what went right with the package.”

Update

The House voted 246-183 to pass the economic recovery plan, again with zero Republican votes.

Yglesias

Is The Country Paying a Price for Anti-Earmark Fever?

earmarkpig.GIF

One of the odder aspects of recent American politics has been the bipartisan fervor against so-called “earmarks.” These are, it’s true, a less-than-ideal method of budgeting. But the U.S. budget process has a lot of flaws and I see no real reason to think that earmarking is high on the list. But John McCain and Barack Obama both hate ‘em and now they’re public enemy number one, so the Obama administration has made a big deal out of its earmark-free stimulus. But I wonder, has this really been a good feature on net?

As is well-known, in order to secure the votes of the handful of Republican Senators necessary to overcome the 60-vote hurdle, Obama had to make some non-trivial concessions. Those concessions have made the stimulus much less effective than it otherwise might have been and will lead to hundreds of thousands of people being unemployed who could have been engaged in productive labor. Suppose that instead of making this sort of large, substantive concession Obama had just been able to offer pointless pet projects for Pennsylvania and Maine. It seems to me that because those projects would have had locally concentrated benefits you could have made the deal worthwhile to Sens. Specter, Collins, and Snowe for a much lower bottom-line cost and ultimately better-served the public interest.

In other words, simply eliminating the most effective means of buying votes in the legislature doesn’t eliminate the practical necessity to do it. It just ensures that the vote-buying gets done in less efficient ways.

Politics

Study: American families are poorer today than they were in 2001.

Paul Krugman points out a finding from the latest Survey of Consumer Finances, showing that, adjusted for inflation, “families are poorer now than they were in 2001.” The gains made in net worth between 2004 and 2007 have all been erased by collapsing stock and housing prices, the study finds. Krugman notes that it is just the latest proof of the disastrous effects of the housing bubble:

It’s worth pointing out that with this release, yet another pillar of the what-me-worry school of economics has fallen. You may remember that a few years ago there was a lot of talk about how only bubbleheads paid attention to our low, low savings rate, because the truth was that Americans were getting steadily wealthier thanks to rising asset values.

Not so much, it turns out.

In 2007 dollars, the average family in 2001 had $700 more dollars in net worth than the average family in 2007.

Economy

MSNBC Calls Group Of Billionaire Polluters ‘Average Americans’

Yesterday, MSNBC gave air time to an event organized by Americans for Prosperity (AFP) meant to highlight AFP’s “No Stimulus” campaign. During the segment, MSNBC identified AFP as a “group” of “so-called average Americans who oppose the stimulus plan”:

As Brad Johnson has extensively documented, these “so-called average Americans” are actually a front group for billionaire polluters:

In reality, it is the backers of Americans for Prosperity who are wine-sipping, ballet-loving trust-fund elites, a thousand times more wealthy than the likes of ‘eco-hypocrite’ Al Gore. Charles and David Koch are the scions of Koch Industries, founded as an oil refining business by their father Fred Koch…AFP founder David Koch, with a net worth of about $17 billion, is the richest man in New York City, owning the Fifth Avenue apartment once occupied by Jackie O, a home in the Hamptons, and an Aspen retreat.

A Gallup poll released this week shows that 59 percent of the public supports the current economic stimulus package.

Yglesias

The Trouble With Propaganda TV

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James Kirchick writing about China’s plans to launch a “Chinese CNN” to join the existing English-language propaganda networks from Russia (Russia Today) and Iran (Press TV) remarks:

Of course, there’s no scientific way to gauge whether or not these efforts will work, but I’d like to think that most Americans (if not most Europeans) will not be won over by the crude propaganda of countries that kill journalists and threaten to (or actually) launch unprovoked attacks against their neighbors. Never mind the cheesy production values and propagandistic mien of these stations. As long as countries like China, Russia and Iran continue their internally repressive and externally aggressive behavior, I don’t see how spending massive gobs of money on TV will improve their reputations.

I think the problem is more fundamental than that. I mean, who wants to watch a propaganda channel? There’s already lots of English-language television channels a person could be watching. I’m more sympathetic than most U.S. observers to the Kremlin point-of-view and even appeared once on Russia Today, but I’m never sitting on the couch saying to myself “gee, if only my cable provider carried an English-language Russian propaganda channel!” It’s just a stupid idea on its face. It’s worth noting that al-Hurra, America’s effort to launch an Arabic language propaganda public diplomacy network, has floundered from the beginning for basically the same reason—it doesn’t matter what your message is if nobody’s watching.

In all these cases, countries could, of course, improve foreigners’ perceptions of them by changing the actual policies that lead to the bad perceptions. But alongside that you would, of course, want a communications strategy. But what a country needs to do is go to where the audience is. That would be foreign governments engaging more directly and effectively with English-language media in the United States and American officials engaging directly with al-Jazeera, al-Arabiya and other popular Arabic-language media.

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