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Pressure Lending
December 22nd, 2008Many are up in arms about President Bush’s decision to allocate up to $17.4 billion of TARP money to the U.S. automakers, and rightly so. However, this only represents about 5 percent of the first $350 billion of TARP funds. The real issue at hand is why the economy, and specifically credit markets, has yet to improve despite all of the government’s efforts. Read More
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A Test for Obama and the World
December 6th, 2008“Watch, we’re gonna have an international crisis, a generated crisis, to test the mettle of this guy.” Vice President-Elect Joe Biden said these words only several weeks ago and it seems, at least in part, that his prophecy has come true. The recent terrorist attacks in Mumbai, India are really a test for not only President-Elect Obama, but for the world. The manner in which all parties involved choose to respond to these attacks may well determine the course of the War on Terror. Read More
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
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
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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
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