October 2008

Winning Responses

Via Rich

Ozinga Campaign

…Adding… From the Ozinga campaign…

“So Debbie Halvorson and three liberal special-interest groups spend over $2 million in false and personal smear ads against Marty Ozinga, and she’s still under 50%? Halvorson is clearly vulnerable to a late Ozinga surge once her shameful record of rubber-stamping Blagojevich’s failed agenda sinks in with voters in these final weeks.”

So Ozinga’s polling shows he’s in a buttload of trouble too.

It’s The End of the World and I Feel Fine

Tribune Endorses Democrat for President

Obama is deeply grounded in the best aspirations of this country, and we need to return to those aspirations. He has had the character and the will to achieve great things despite the obstacles that he faced as an unprivileged black man in the U.S.

He has risen with his honor, grace and civility intact. He has the intelligence to understand the grave economic and national security risks that face us, to listen to good advice and make careful decisions.

When Obama said at the 2004 Democratic Convention that we weren’t a nation of red states and blue states, he spoke of union the way Abraham Lincoln did.

It may have seemed audacious for Obama to start his campaign in Springfield, invoking Lincoln. We think, given the opportunity to hold this nation’s most powerful office, he will prove it wasn’t so audacious after all. We are proud to add Barack Obama’s name to Lincoln’s in the list of people the Tribune has endorsed for president of the United States.

Giannoulias Injects $1 Billion into Illinois Banking System

Smart move and it includes collateral for the state:

The billion-dollar bank deposit will move state money away from more conservative investments whose returns are dropping as skittish investors flock to them, Giannoulias said. But the bank deposits will be protected by collateral, he said.

Under the plan, any state-chartered bank or national bank with an Illinois branch may request as much as $25 million. The major banks from which President Bush proposes the federal government buy $250 billion in shares using the federal rescue fund are not eligible.

Broadway Bank in Chicago, owned by the Giannoulias family, does not do any state business and will not participate, Giannoulias spokesman Scott Burnham said.

Banks would have to repay the money within a year — Giannoulias said many need money just for a few months.

Lee O’Neill, president and CEO of Champaign-based Busey Bank, said businesses crimped by the economy draw more on savings and other deposits. That leaves less capital for Busey to satisfy a growing loan demand in its Champaign, Peoria and Decatur locations.

“The treasurer’s attempting to get an acceptable rate of return but at the same time make sure banks have access to funds to take care of their community needs,” O’Neill said.

It’s the right thing to do even if the state wasn’t improving its return, said Leo Harmon, senior director of Chicago-based Fiduciary Management Associates and a member of the treasurer’s external investment advisory board.

Harmon said the plan alleviates strain on banks that want to keep investing in communities and boosts confidence among depositors that they’re protected. Even healthy banks can lose customers’ trust, suffer mass withdrawals and slide quickly into trouble.

“Once you lose confidence in a bank and its ability to keep your money safe, you can create a huge domino effect that can really bring a bank down which otherwise would have been able to get through a tough situation,” Harmon said.

Giannoulias predicted other states would follow Illinois’ lead. Aside from the $700 billion federal bailout, state and local governments have not, for the most part, entered the fray. New Jersey Gov. Jon Corzine said Monday that state purchases of foreclosed homes could be part of a broad economic stimulus package he also planned to announce Thursday.

“We’re trying to find ways to free up money, free up capital, for Illinois families and businesses who really need to be able to go to their bank and get that capital and also reassure depositors that their money is safe,” Giannoulias said.

A one-year bank deposit currently earns an average 3.2 percent in interest, up from about 2.25 percent in April. By comparison, one-year Treasury bills are earning 1.2 percent and money markets have fluctuated between 2.2 and 2.8 percent in the past month.

Today’s Tosser: Illinois Review

Really?  That Obama is reading Zakaria’s book The Post American World is a scandal?

Here’s IR’s blurb of the Amazon blurb:

“…describing a world in which the United States will no longer dominate the global economy, orchestrate geopolitics, or overwhelm cultures.”
A work by Zakaria that,
“…sees the “rise of the rest”—the growth of countries like China, India, Brazil, Russia, and many others—as the great story of our time, and one that will reshape the world. The tallest buildings, biggest dams, largest-selling movies, and most advanced cell phones are all being built outside the United States. This economic growth is producing political confidence, national pride, and potentially international problems.”

Here’s the full blurb:

“This is not a book about the decline of America, but rather about the rise of everyone else.” So begins Fareed Zakaria’s important new work on the era we are now entering. Following on the success of his best-selling The Future of Freedom, Zakaria describes with equal prescience a world in which the United States will no longer dominate the global economy, orchestrate geopolitics, or overwhelm cultures. He sees the “rise of the rest”—the growth of countries like China, India, Brazil, Russia, and many others—as the great story of our time, and one that will reshape the world. The tallest buildings, biggest dams, largest-selling movies, and most advanced cell phones are all being built outside the United States. This economic growth is producing political confidence, national pride, and potentially international problems. How should the United States understand and thrive in this rapidly changing international climate? What does it mean to live in a truly global era? Zakaria answers these questions with his customary lucidity, insight, and imagination.

When you are cutting Amazon reviews up to make it sound more ominous, you just need some serious mental help.