Hoyer: Conference Committee will be a “consensus seeking process”

While speaking at a pen and pad session on Tuesday, House Majority Leader Steny Hoyer stated that the Conference Committee on the Economic Stimulus package is going to be about seeking consensus. Since the Senate amended the economic recovery bill which came out of the House, the House and Senate need to settle on a final version in a Conference Committee. Hoyer would not specify what the House’s priorities in the Conference Committee would be, but said that he hopes to pick up votes in the House. He continued that he hopes Republicans in the Senate will be willing to compromise further, because they have been “gambling” with America’s future, and have been more concerned about rebuilding the Republican Party than in rebuilding the economy. Hoyer said he has not spoken with Senators Spector, Snowe, or Collins, the Senate Republicans who supported the bill, and that their stated unwillingness to negotiate about certain portions of the bill in Conference was not reasonable.

When asked if the price tag of the bill will be larger once it comes out of Conference, Hoyer said no, and highlighted that the original House bill was less expensive than the Senate version by several billion dollars, and created half a million more jobs. Job creation is the main focus of the House in this stimulus package, according to Hoyer, who said that helping those hurt by the crisis was a top priority. The final question during the session asked if $1.5 trillion dollars was enough money to invest in the recovery package, and Hoyer said that the fact that we are talking about numbers of this magnitude really says something about the sorry state that we let our economy slide into.

Hoyer said that the Conference Committee is expected to start immediately, and says he thinks the president would sign the House version of the bill “enthusiastically”.

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Russia dominates Central Asia through oil policies

Dr. Stephen Blank, Professor at the U.S. Army War College, speaks about Russia's domination of Central Asia's oil markets through the use of pipelines.

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Oil a political tool for Russia

On Monday the American Foreign Policy Council held a conference on the United States’ foreign policy towards Russia. Steven Pifer of the Brookings Institute said that Russia is engaging in a policy which is meant to keep the West out of the former soviet states, while reasserting its own power and expanding its sphere of influence.

Oil is the principle tool Russia has for accomplishing these goals, according to US Army War College Professor Stephen Blank. Blank called oil a “Swiss army knife” for advancing Russia’s interests, and said that Russia’s protected and subsidized energy market has risen to power because of pipeline control. He continued by saying that Russia’s move to own pipelines and distribution centers is a plan to dominate Europe through “forced dependence” on Russian gas and oil. Dr. Blank recommended that the U.S. and the E.U. reduce their respective dependence on Russian oil, and that the E.U. strive for internal political unity.

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Gingrich criticizes Obama's approach to Economy

Former Speaker of the House Newt Gingrich criticizes President Barack Obama's approach to the economic stimulus bill. He specifically says that "governing is not campaigning", and that Obama may be approaching the bill too hastily, because it's a bill he will have to live with for the rest of his presidency.

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Barney Frank: "We need to re-establish the credit system"

by Michael Ruhl, University of New Mexico and staff-Talk Radio News Service,

At a press conference House Financial Services Committee Chairman Barney Frank (D-Mass.) spoke on what the federal government is doing to deal with the economic crisis. Frank said that it is likely that a federal entity will be empowered to regulate systemic risk, and that this entity will very likely be the Federal Reserve. He said that the powers given to the Federal Reserve will be newly created powers of the federal government, and will not be taking powers from other organs of the federal government. Frank said that a "prohibition" on irresponsible subprime lending would be necessary, because if enough bad loans are made, it is "hard to protect yourself against them". Frank continued that the government wants the institutions "To be safe and sound", but that the goal is for lending to increase. He also said that the House is working closely with the Obama Administration, and that their aim is to coordinate Systemic Risk Regulation with allies in Europe and Asia.

Chairman Frank also spoke of other priorities of the House Financial Services Committee in the coming year, which included refocusing on debt relief and expanding consumer protection. Frank also said that the Federal government will take a more active role in building houses and keeping people in their homes.

When addressing the topic of America borrowing so much money from foreign countries, in particular China, Frank said that he is alright with these lending arrangements, because he doesn't feel it gives those foreign governments undue influence on America. However, Frank said that spending is too high in some areas, particularly in defense spending that the country is engaging in.