Left, Right or Wrong?

We’re Not Ready To Turn Left

Lee Blum — Wed, 12 Nov 2008 23:47:03 -0500

Barack 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, let us remember that Obama elected not only as the “change” candidate, but as the pragmatic candidate.

Don't Be Afraid of Deficits

Lee Blum — Wed, 22 Oct 2008 22:43:18 -0400

As the candidates continue to talk about the economy, tax policy and ideas for buttressing the financial markets, the federal budget deficit, currently at approximately $455 billion, according to the White House, has come under scrutiny. At the most recent presidential debate, both candidates were asked how they might close the gap in the federal budget by the end of their first term. And what do you know, both candidates skated around the answer. Well, the real answer is that the budget deficit most likely cannot be closed within four years, nor does the deficit as it stands pose a large problem.

The Tax Cut Fallacy

Lee Blum — Wed, 22 Oct 2008 10:34:16 -0400

One of the great debates in politics concerns the merits of tax cuts versus tax increases. Traditionally, the Republican Party has preached supply-side economics and tax cuts as means to stimulate growth and investment, whereas the Democratic Party has claimed that tax cuts for only the middle-class will be effective and tax increases elsewhere are beneficial. While both Barack Obama and John McCain have tax plans that are far from perfect, issue should be taken with Sen. Obama’s plan, particularly his claim that 95 percent of workers who earn less than $250,000 will receive a tax cut.

What Are We Voting For?

Lee Blum — Mon, 13 Oct 2008 16:27:20 -0400

The polls show that Barack Obama will likely be the 44th President of the United States. John McCain has fallen prey to a struggling campaign with a continuously changing message, a running mate who leaves much to be desired and ultimately an opponent who has run a superior campaign. Yet, for all of the debates, media coverage and hoopla surrounding the presidential election, many Americans are unclear if not down right uneducated about the candidates' actual policies. At the very least, voters owe it to themselves to read through the candidates' policy proposals. Are we voting for merely a competent person, or are we voting for a proponent of policies that will effect positive change?

Uncle Sam Doing the Right Thing

Lee Blum — Wed, 24 Sep 2008 23:35:23 -0400

If you have watched television, read a newspaper or applied for a finance job, you know that the world is about to end. The cover of the Wall Street Journal might as well have read “Apocalypse Near.” Well, the situation is not all that dire (unless, of course, you had a job offer from Lehman Brothers), but certainly something needs to be done. While it may be too late, the administration’s recent plan to purchase mortgage-related securities is a necessary step in calming financial markets.

Obama vs. History

Lee Blum — Tue, 16 Sep 2008 22:25:11 -0400

We all know the narrative of this presidential election. Poll numbers show that voter support for Democrats far outweighs that of Republicans. However, in some polls McCain is actually marginally ahead while Obama leads by only slim margins in others. So, why is the election much closer than it should be, based on voter support for generic Democrats versus Repulicans? There is a litany of answers, but the answer is simple when it comes to foreign policy: Obama’s narrative and vision of America’s role in the world is at odds with the historical norm.

In Defense of Subprime

Lee Blum — Mon, 01 Sep 2008 22:27:37 -0400

Both 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.

Obama…Citizen of the World or President?

Lee Blum — Sat, 26 Jul 2008 23:04:34 -0400

Barack 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.

All Hail the Supreme Court!

Lee Blum — Thu, 26 Jun 2008 02:11:58 -0400

The 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.

Girls, Guns and Government

Lee Blum — Tue, 29 Apr 2008 00:14:14 -0400

Whatever your opinion about the war in Iraq is, it is obvious that U.S. soldiers have performed every duty given to them. Now they might be unfairly punished. No, I’m not talking about more allegations of inadequate equipment. I am talking about good old American pornography. Republican Congressman Paul Broun, who represents Georgia’s 10th district, is reportedly drafting a bill that would prohibit the sale of Penthouse and Playboy on military bases.

Main Street vs. Wall Street: No Such Thing

Lee Blum — Sat, 12 Apr 2008 23:24:12 -0400

Congress was on a roll this week. On April 1st the House Select Committee on Energy Independence and Global Warming heard testimony from top oil company executives concerning tax incentives for oil companies. On April 3rd, financial industry regulators were called upon by the Senate Banking Committee to justify the Bear Stearns rescue. It is true that Congress has oversight power, but did Congress gain anything from telling oil executives for the zillionth time that profits and oil are bad? Or did Congress help to stabilize markets by hearing apocalyptic stories about what a Bear Stearns failure could cause?

Obama and Clinton Flunk Econ 101

Lee Blum — Mon, 03 Mar 2008 09:31:37 -0500

This week’s Democratic primaries in Ohio and Texas may decide who the Democratic nominee for President will be. Obama and Clinton have recently been debating who can most effectively destroy the economy--

It’s All About the Benjamins for Uncle Sam

Lee Blum — Thu, 28 Feb 2008 23:49:16 -0500

The 2008 presidential campaigns have been filled with promises and ideas, some good, some bad. Hillary Clinton and Barack Obama want to implement government programs to achieve universal healthcare, a noble cause. John McCain wants to keep troops in Iraq for an indefinite amount of time, which may be a necessity. Yet there is one thing that all of these candidates are neglecting, the federal budget deficit. For the 2007 fiscal year the federal budget deficit totaled $163 billion or 1.2% of GDP, according the Congressional Budget Office (CBO). The lofty promises of our presidential candidates can severely hurt the U.S. economy if they are not properly funded, or eliminated all together.

Don’t Believe the Hype

Lee Blum — Sat, 16 Feb 2008 22:37:28 -0500

Voter breakdowns and exit polls have been conducted ad nauseam this election season. Yet it has become more apparent that this election is about the character and personality of a given candidate, rather than their position on the issues. Everybody is caught up in the politics and polls. Of course these are important, but the policy proposals of the various candidates are what really matters.

Watching the Market Evolve

Lee Blum — Mon, 28 Jan 2008 09:41:44 -0500

The weakened economy is now playing center stage. The subprime mortgage meltdown has everybody up in arms against the greed of corporate America. The fact of the matter is that while it is a serious problem and people are losing their homes, this cannot deter financial risk-taking and innovation. Yes, some people were hurt and they need to be helped.

Friendly Big Business

Lee Blum — Tue, 22 Jan 2008 17:14:40 -0500

Talk of recession is in the air and the issue that now concerns voters the most is the economy. Many in the lower and middle classes understandably feel uneasy about the market. Unemployment has reached 5 percent, oil prices are consistently near $100 a barrel, and the stock market has experienced one of the worst Januarys ever.

The Race for La Casa Blanca

Lee Blum — Mon, 14 Jan 2008 20:31:01 -0500

The 2008 presidential race has been embodied by change. The successes of Barack Obama and John McCain have represented the desire for change in American politics. Yet a change is occurring that many are not discussing. Hispanics have become a significant segment of the population and the candidate who can capture these newly enfranchised voters will most likely win the election.

The Hispanic population of the United States is expanding and it will become a powerful force in politics. Some numbers may help to explain the extent to which Hispanic voters can exert influence on politics and government.

Thomas, Dolan, Chain of Fools

Lee Blum — Tue, 01 Jan 2008 19:42:26 -0500

Usually I write about politics and current affairs, because not only are these subjects interesting to me, but studying them is essential to understanding how society functions. However, this being my last blog entry before 2008, I would like to comment on a subject that outrages me more than any political event possibly can. As of this writing, the New York Knicks are 8-18 and Isaiah Thomas is still the team’s coach and GM. If you live in New York, as I do, you have undoubtedly heard about the terrible job both Thomas and Knicks’ owner James Dolan have done. If you live outside of New York, then you probably make fun of Knicks fans. Either way, the once great New York Knickerbockers are now an embarrassment to the NBA and New York sports.

R-E-S-P-E-C-T for Ashcroft

Lee Blum — Sun, 09 Dec 2007 00:00:00 -0500

Simply attending an Ivy League school does not necessarily mean we are all upstanding citizens. This became evident when former U.S. Attorney General John Ashcroft spoke at Cornell during the last week of class. The manner in which protesters interrupted his speech was shameful. Almost equally as shameful was how our University handled, or rather neglected to handle, the situation. This should not happen in an educational environment.

How to Win a War

Lee Blum — Mon, 19 Nov 2007 00:00:00 -0500

On each side of the aisle, there is talk of the war on terror, and which party is better equipped to win this war. In the not so distant past, the Republicans were your party if the war on terror was your biggest concern. They may still be your party on this issue, but Democrats are covering some ground, thanks in large part to the Bush administration’s foreign policy blunders. Nonetheless, nobody is really sure what a victory would look like. Does it mean that we kill every terrorist? Does winning mean that all state sponsors of terror are defeated in war? Does it mean we last longer than the terrorists and hope they give up? Winning the war on terror means that the ideologies of terrorists are discredited and the alternative of democracy is made more appealing.