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Three Cheers for Chapter 11
November 24th, 2008This week the CEO’s of the Big Three (GM, Ford and Chrysler) begged Congress for money, as they flew into Washington on their private jets. Congress has correctly denied funding and now the Big Three are left on their own. However, Congress should help out U.S. auto manufacturers, but not by providing them money outright. Congress should promote Chapter 11 bankruptcy by the automakers, encourage them to revamp their business models and provide adequate funding and programs for any employees adversely affected by the bankruptcy. Read More
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We’re Not Ready To Turn Left
November 12th, 2008Barack Obama’s win was undoubtedly a proud moment for all Americans, regardless of where you may fall on the political spectrum. The Democratic wins for control of both the executive and legislative branches are a rebuke of the previous years of Republican control. However, Lee Blum urges us to remember that Obama was elected not only as the “change” candidate, but as the pragmatic candidate. And in spite of the Democratic wins, this country is not really as liberal as many on the extreme left may believe. Read More
Don't Be Afraid of Deficits
October 22nd, 2008The 2008 federal budget deficit is about $455 billion and the 2009 federal budget deficit is projected to be anywhere from $700 billion to an extremely liberal estimate of $1 trillion. That's pretty scary, no doubt about it, by Blum sheds a bit of light on what it really means, relatively speaking. It turns out it's not something to be too worried about. Read More
The Tax Cut Fallacy
October 22nd, 2008Obama's tax plan may sound good, but did you know it allows total tax liability to be reduced to below zero? Say that a couple pays $1,000 in income taxes per year. Assuming that there is a $2,000 refundable tax credit and that this couple qualifies for the tax credit, the couple would receive a check from the government in the amount of $1,000, according to Obama’s plan. The Tax Foundation also estimates that approximately 44 percent of all tax filers will have zero income tax liability under this proposal. Blum further discusses this very pertinent issue in his blog, focusing in on the true effects of the Obama tax plan. Read More
Archived Stories
What Are We Voting For?
October 13th, 2008In the midst of the election frenzy, Blum calls for a more educated and informed populace, more intellectual debate and an understanding of each candidates' policies--all necessary and imperative components of a functioning republic. Read More
Uncle Sam Doing the Right Thing
September 24th, 2008Some argue that the current financial turmoil is being blown out of proportion. Psychology is certainly integral to the financial system, but Blum also argues that government intervention is necessary, that the benefits outweigh the cost of using taxpayer money to purchase mortage-related securities. Read More
Obama vs. History
September 16th, 2008Lee Blum hones in on Obama's vision of America in the world--and how its contradiction with the majority of Americans' worldview has put the presidential candidate in a tough spot. Read More
In Defense of Subprime
September 1st, 2008Both Sen. Obama and Sen. McCain have attacked everybody from hedge fund managers to oil companies for the doldrums that our economy is in. The root of all evil, as many would have us believe, is the subprime mortgage market and predatory lenders. Yet I believe subprime is an instrument of financial innovation that is useful. Read More
Obama…Citizen of the World or President?
July 26th, 2008Barack Obama’s whirlwind tour of the world gave me the same feelings I experienced after viewing The Dark Night. The movie left me entertained, intrigued and somewhat curious. But as I got in to my car I realized that nothing in the world or my life had changed other than the fact that I just spent $30 on a trip to the movies. Oddly enough these emotions were the same ones I had after listening to Sen. Obama speak in Berlin, Germany (except it did not cost me $30). It was enjoyable to listen to and provided some good Kodak moments, but nothing in the world changed as a result. The media along with many citizens has been enamored with Obama’s trip around the world, and for good reason. The United States has lost some prestige in the international community and nothing makes us feel better than being loved by the rest of the world. Who better to achieve this goal than Barack Obama, the freshman Senator from Illinois who was virtually unknown just five years ago. I write this with some jest, but Obama’s tactic of reaching out to the international community is a noble one that should be pursued. However, now is the time to win a campaign, not to play president with foreign leaders. Read More
All Hail the Supreme Court!
June 26th, 2008The Supreme Court of the United States recently reached a decision in Boumediene v. Bush that we will all come to regret. The Court ruled that detainees held at Guantanamo Bay, and any enemy combatants that the U.S. captures, have the right to a habeas corpus appeal in U.S. civil courts. This decision has been praised as a victory for civil liberties and as a rebuke of the Bush administration’s handling of the war on terror. Read More
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