Colbert’s Super PAC Rakes In Serious Cash

Jan 31, 2012, 10:41 am EDT
Colbert’s Super PAC Rakes In Serious Cash

The news may be fake, and he may not actually be running for president, but there’s no denying that Stephen Colbert’s Super PAC has raised a lot of money.

As part of necessary filings with the Federal Election Commission, the Super PAC, which has gone by the names “Colbert Super PAC” and “The Definitely Not Coordinating With Stephen Colbert Super PAC”, announced that it had received just over $1 million in donations.

Officially known as “Americans for a Better Tomorrow, Tomorrow,” Colbert created the Super PAC for his TV show The Colbert Report to highlight the absurdity of the Citizens United v. Federal Election Commission Supreme Court decision. This decision paved the way for the creation of political action committees (commonly called Super PACs) who could spend unlimited funds supporting a candidate for office, as long as they didn’t coordinate with said candidate. Read 

Florida Bill to Ban Food Stamp Users From Buying Junk Food

Jan 31, 2012, 9:46 am EDT

Stopping food stamp recipients from spending their aid on soda, potato chips, and cookies may seem like a no-brainer, but states have had a hard time making such rules work. That hasn’t stopped Florida, though, from becoming the next state to try it.

A Florida state senator recently introduced a bill in the state’s legislature that would prevent recipients of the Supplemental Nutrition Assistance Program (a.k.a. SNAP, a.k.a. food stamps) from using the assistance to purchase “nonstaple, unhealthy foods.”

It’s an attempt to kill two birds with one stone. It’s common knowledge that junk food leads to obesity, which is a serious issue in the United States, but attempts to cut overly sugary, salty, and fatty foods from SNAP are also designed to cut program costs. Currently, 46 million Americans receive SNAP assistance. Read 

Highlights From the Fed’s Shocking News Conference

Jan 31, 2012, 6:45 am EDT
Highlights From the Fed’s Shocking News Conference

Last Wednesday, the Fed announced after its Federal Open Market Committee (FOMC) meeting that it’s now forecasting just 2.2% to 2.7% GDP growth for 2012. The FOMC also forecasts an unemployment rate of 8.2% to 8.5% for 2012. Finally, the Fed provided its first-ever interest rate forecast, predicting that long-term rates will eventually rise to 4% to 5% — up substantially from current 10-year Treasury bond yields of 1.93%.

The biggest news coming out of the Fed’s unprecedented series of announcements last week was that the central banks pledged to extend its current 0% interest rate policy through at least late 2014. This shocking news is essentially an 18-month extension from the Fed’s previous guidance of low rates through mid-2013. Fed Chairman Ben Bernanke’s official reason for extending 0% short-term rates for six years (i.e., from late 2008 to late 2014) is that the U.S. economy remains “fragile.” He said the weak housing market is deterring economic growth.

Without saying so, what the Fed is really doing is protecting the banking system. Many banks have made “workout mortgages” with only 2% interest rates for homeowners who fell behind in their mortgage payments. Since banks are underwater on many of these low interest rate mortgages, the Fed can’t raise key interest rates because that would further strain the U.S. banking system’s Tier-3 (i.e., mortgage) capital. Read 

Gingrich Wins Endorsement from Cain

Jan 30, 2012, 1:33 pm EDT
Gingrich Wins Endorsement from Cain

With Mitt Romney drubbing Newt Gingrich in both the Florida polls and TV ad spending in the Sunshine State, news that Gingrich won an endorsement from another former presidential candidate would seem welcome.

How welcome, of course, depends on your view of Herman Cain.

Cain, the former CEO of Godfather’s Pizza and the National Restaurant Association, offered his endorsement to Gingrich during a surprise visit to a Lincoln Day Dinner event with Gingrich and the West Palm Beach County Republican Party (the Lincoln Day Dinner is a traditional celebration and fundraiser for state and county Republican Party organizations.). Cain is the second former presidential candidate from the 2012 election to endorse Gingrich, after Texas Gov. Rick Perry. Read 

5 Odd Items You Can Buy From Obama’s Campaign Store

Jan 30, 2012, 10:47 am EDT
5 Odd Items You Can Buy From Obama’s Campaign Store

Campaign season is in full swing, for both the Democrats and Republicans. And this means candidates from both parties are doing everything they can to raise money, from pledge drives to donation dinners to online stores. Even President Barack Obama is no stranger to these fundraising tactics.

What is strange, though, are some of the items being sold by Obama’s online store. In between the expected T-shirts, buttons and stickers are some wonderfully weird items. Here are five of the oddest items you can purchase: 1. Rhodium Ball Ornament

Because nothing says Christmas like a clear ornament with Obama and Biden repeatedly written in big blue letters across the surface. Read 

Audit: Defense Dept. Can’t Account for $2 Billion of Iraq Funds

Jan 30, 2012, 9:22 am EDT

Our troops may have finally pulled out of Iraq, but that doesn’t mean the end of our troubles in the nation. Audits from the Special Inspector General for Iraq Reconstruction, an agency created to oversee rebuilding in Iraq, states that the U.S. Defense Department can’t account for $2 billion given to Iraq projects and that they have not provided Iraq with a complete list of projects funded by the U.S.

However, it’s not likely that the missing funds have been misplaced or stolen. The audits indicate that records tracking payments and expenses went missing, particularly during the start of the Iraq war, when government was understandably unstable and less concerned with records.

The inspector general also lays blame for discrepancies on the U.S. government, who only reported projects to Iraq that cost more than $250,000. Designed to help focus the country’s limited resources on key U.S.-backed projects, the inspector general stated that it made Iraq’s reconstruction planning more complicated and ignored less expensive projects that might still be more important to the country. Read 

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