Sending people to Mars won't help cut the deficit

by Suzia van Swol and Candyce Torres, University of New Mexico-Talk Radio News Service
After the President's Address to Congress, Congressman Barney Frank (D-Mass.) says that he thinks it is possible to cut the deficit in half if, "you stop this cold war defense weapons spending, and you curtail very expensive sending people to Mars, you cut back on excessive agriculture spending as he said, and you let taxes on the wealthiest people go back to where they were under Bill Clinton when the economy prospered, that you can do this." (0:29)

Federal Reserve to be more transparent about lending policies

By Kayleigh Harvey - Talk Radio News Service

Federal Reserve Board Chairman, Ben Bernanke testified before the House Financial Services Committee concerning "An Examination of the Extraordinary Efforts by the Federal Reserve Bank to provide Liquidity in the current Financial Crisis."

Chairman Barney Frank, (D-Mass) said in his opening statement: "I read before coming here, the new Treasury of the Secretary's announcement of his plans to use the TARP funds. It is very clear that the Obama administration, as did the Bush administration is using the money in the TARP program in conjunction with the lending authority of the Federal Reserve."

"There are also some important questions in the ways in which we govern ourselves. The Chairman of the Federal Reserve and indeed the Federal Reserve system, I believe were responding to the very real needs in society and people need not agree with every specific decision that the Federal Reserve made, to appreciate the sense of very important public purpose that has motivated them," Chairman Frank said.

The Trouble Assets Relief Program (TARP), was a program set up, in October 2008, by the United States government to allow them to purchase assets and equity from financial institutions to help strengthen them during the economic recession.

The Ranking Member of the Committee, Representative Spencer Bachus, (R-Ala) said: "I believe in a democracy it should be a requirement in any agreement or transaction involving the government that...in the event that our governing officials come to the decision that the commitment of public funds is necessary, if a commitment of taxpayer funds or guarantees cannot be disclosed because of the circumstances involved it cannot and should not be made."

Chairman Bernanke answered questions for over two hours to the Committee concerning the Federal Reserve’s problems in this economic crisis.

"I firmly believe that central banks be as transparent as possible both for reasons of democratic accountability and because many of our policies are likely to be more effective if they are well understood by the markets and the public...The Federal Reserve is committed to keeping the Congress and the public informed about its lending programs and its balance sheet."

"To improve public access to information concerning Federal policies and programs, Federal Reserve staff are developing a new website that will bring together a new systematic and comprehensive way to find a full range of information the Federal Reserve already makes available, supplemented by new explanations, discussions and analysis. Our goal is to have this website operational in a few weeks."

Chairman Bernanke also referred to a new committee that will revue the Federal Reserve’s current publications and disclosure policies that will relate to the Federal Reserve's balance sheet and lending policies.

Obama Administration Needs To Work With Latin America

By Kayleigh Harvey - Talk Radio News Service

Sergio Bendixen, President of Bendixen and Associates; Dr Cynthia McClintock, Professor of political science and international affairs, and director of the Latin America and Hemispheric Studies Program at George Washington University, Eric Farnsworth, Vice-president of the Council of Americas and Ray Walser, senior policy analyst for Latin America in The Heritage Foundation's Douglas and Sarah Allison Center for Foreign Policy studies, gave testimonies today before the Subcommittee on the Western Hemisphere.

The witnesses created a lot of attention, with people lining up outside to hear the testimonies on "U.S. Policy Toward Latin America in 2009 and Beyond".

Congressman Gregory Meeks (D-NY), said: "You can tell by the way the room is filled today the interest in the Western Hemisphere".

Subcommittee Chairman Eliot Engel (D-NY) opened the hearing by welcoming Congressman Connie Mack (R-FL) as the committee's new Ranking Member and then outlined some positive steps he would like the Obama administration to pursue.

"First and foremost, I believe that President Obama's participation in April's Summit of the Americas in Trinidad and Tobago would send an extremely positive message to the heads of the state from Latin America, to the Caribbean. Second, as Chairman Berman moves forward with foreign aid reform and the Obama administration prepares its FY 2010 budget, it is essential that we increase funding for countries in the Western Hemisphere...Third, cooperation between the US and Brazil significantly expanded during the Bush Administration. This relationship needs to be further deepened under President Obama...Fourth, we must continue to support our friends in Mexico through the Merida Initiative...Fifth, I would urge President Obama to focus on Ecuador and Paraguay...and sixth, we must continue to support disaster recovery efforts in Haiti", Engel said.

Chairman Engel then went on to discuss the attacks in a synagogue in Caracus, Venezuela.

"On Monday, I sent a letter, along with 19 of my colleagues, to President Chavez urging him to end the bullying and harassment of the Jewish community in Venezuela and to extend the community the robust protection it deserves in light of the threats it faces. The Venezuelan government must quickly change its tune with regard to the country's Jewish community".

Dr McClintock said: "In Lationobarometer surveys between 2000 and 2005, approval ratings of the United States fell by more than 20 points in Ecuador, Chile, Brazil and Bolivia; more than 30 points in Mexico and Uruguay; and more than 40 points in Argentina, Paraguay, and Venezuela".

Ray Walser commented on America's dependence on the oil industry, with Congressman Ron Klein (D-FL) backing up his argument and stated that America needs to stop "buying oil from a country {Venezuela} that is hostile to our interests".

The committee also discussed the American economy and its ability to assist Latin American countries. Sergio Bendixen said: "We need to be realistic. Not only about what our friends want but what Latin America wants...we have economic limitations".

Other issues the committee discussed were the desires from the Obama administration, the April 2009 summit of the Americas in Trinidad and Tobago, human rights in Cuba, immigration, drugs control and free trade.

Eric Farnsworth suggested in his testimony that Brazil and Mexico should be allowed to join the G8. "Listening to Latin America is important...the rest of the hemisphere also has good ideas".

Chairman Engel said: "We cannot ignore our own backyard".

The committee hearing ended after 120 minutes as Congress was called to vote.

Congressman's fury at economic crisis

Congressman Michael Capuano (D-MA) expresses his concerns to a representative from the FDIC about the current economic situation at a House Financial Services Committee hearing to discuss the "Hope for Homeowners" program. February 3, 2009.

Republican Party Needs To Roll Forward Not Back

By Kayleigh Harvey - Talk Radio News Service

Former Congressional Budget Office Director Douglas Holtz-Eakin, senior policy adviser for the 2008 McCain Presidential Campaign; Jim Pinkerton, senior adviser for the 2009 Huckabee Presidential Campaign, former domestic policy aide to Presidents Reagan and George H.W. Bush, and contributor to Fox News; Reihan Salam, fellow at NAF and author of "Grand New Party: How Conservatives Can Win the Working Class and Save the American Dream"; and David Gray, director at the Workforce and Family Program at NAF met today to discuss how the Republican Party can move on from their 2008, Presidential, election defeat.

David Gray opened the debate by asking the panel how the Republican Party needed to reflect on their 2008 performance. There was mixed consensus amongst the panel as Douglas Holtz-Eakin focused on the economy as being the downfall for the Party in the election campaign.

Holtz-Eakin said, "Right after the convention we were leading in the polls and then the wall street breakdown occurred. Then people started to look backwards." He claimed that in the election the Republican's lost every age group except the 85 and over, every minority group, working woman and college students.

Jim Pinkerton also blamed the economy, stating he felt the "recovery plan was a bad move," adding that "on competence the Republican Party deserved to lose." Describing how he felt , he said the party should "move forward" from their defeat. Adding, "I would advise the Republicans to fight global warming and fight tax increases to the death." Pinkerton also claimed that national security would have to be an key issue for the Republicans.

Reihan Salam said that concentrating on global issues would hep the Republican Party progress. He said: "the Republicans need to think outside the box purely in carbon price."

Holtz-Eakin further said that the Republican defeat had led some conservatives to believe that a return to the "Reagan handbook" would help the party. "I think the party is at a significant moment and replaying the 1980's handbook would not be useful." Holtz-Eakin insists that the party should move forward instead if looking back. He said, "we need to be more appealing to a wider demographic. We need to have a message for urban areas. We have to restore the integrity."

Holtz-Eakin also blamed mixed messages among the electorate for creating a downturn in Republican support in the election. In order for the Republican party to move forward Holtz-Eakin suggested, "we need to be for education reform...we need to send the message that we are here for the kids of America." He concluded saying, "you have to have a role for government, you have to be proud if it and the Republicans need to define that role."