Obama Punches Back After Romney’s ‘Personal Finance’ Jab

Apr 4, 2012, 4:11 pm EDT
Obama Punches Back After Romney’s ‘Personal Finance’ Jab

President Barack Obama, talking to InvestorPlace Editor Jeff Reeves and other journalists live at a White House personal finance online summit, was asked what he thought about Republican primary frontrunner Mitt Romney calling him out of touch with personal finances after his time in D.C.

His response:

“I went to law school and much of college on scholarships. So did my wife. We were still paying off our student debt nine years after I graduated law school. Our first home was a modest condo, and I remember scraping together the down payment to purchase it and researching interest rates. When Michelle and I first (bought) the car I was driving, I think I bought (it) for $500. It had a big rust spot on the passenger side where you could see the road, so I know Michelle didn’t marry me for my money. Our credit card debt was tough to pay off; we did college savings funds when times were tight. Our personal finances were about worrying about bills at the end of the month or gas prices or what have you. They really weren’t stable until recently. So in that sense I would say that Michelle and I have had a quintessentially middle-class or working-class upbringing. I suspect that is a contrast to some presidential candidates out there. As for who is in touch and who’s not with ordinary folks … I have no problem with the comparison.” Read 

Hillary Clinton in 2016?

Apr 3, 2012, 5:25 pm EDT
Hillary Clinton in 2016?

Nancy Pelosi has an idea on who should run for president for the Democrats in 2016: Hillary Clinton.

The House Minority Leader expressed interest in the idea during an interview with PBS‘s Charlie Rose, saying it would be “exciting” and that Clinton has been a “magnificent” Secretary of State under President Barack Obama.

However, Pelosi did say she had no knowledge of a plan by Clinton to run for president. Additionally, Clinton has said that her current position would be her last in public office, though Bill Clinton seemed to leave open the possibility that she might change her mind, saying he would be happy no matter what she did, either with the Clinton Foundation or a presidential run. Read 

Commission Bans Trading On 2012 Election

Apr 2, 2012, 6:10 pm EDT
Commission Bans Trading On 2012 Election

Investors looking to profit directly from the upcoming general election by betting on who they believe might win are out of luck.

The Commodity Futures Trading Commission, which monitors futures and options markets, has banned the North American Derivatives Exchange from offering political event contracts. A political event contract would allow an investor to wager on who they thought would win, say, the presidential election this fall, or congressional elections.

The issue appears to be how closely linked these contracts are to gambling. Many states — and even Las Vegas — have already prohibited such wagers. There was also concern that supporters of a candidate could use the contracts to “game” the election, by buying large positions in a candidate and driving public opinion in his or her favor. Read 

House Passes Ryan’s Budget Plan

Mar 29, 2012, 6:14 pm EDT
House Passes Ryan’s Budget Plan

After two days of debate, the Republican-led House of Representatives passed Rep. Paul Ryan’s, R-Wisc., budget plan.

The vote fell mostly along party lines, 228-191, with no Democrats voting for the bill and 10 Republicans opposing it. The budget would cut domestic spending to levels not seen since the World War II era, reform the tax code, and change the way Medicare is implemented.

More specifically, Ryan’s budget would consolidate the six tax brackets that currently exist to two — 10% and 25% — and reduce the corporate tax rate to 25%. It would also fully repeal President Barack Obama’s health care bill and overhaul Medicare. Under the Republicans’ plan, Medicare would become a program that subsidizes senior citizens’ health care premiums, allowing to either buy traditional Medicare insurance or private health insurance. Read 

Congressman Kicked Off Floor for Wearing Hoodie

Mar 28, 2012, 6:08 pm EDT

Rep. Bobby Rush, D-Ill., was trying to make a point today about the shooting death of Trayvon Martin. Unfortunately for Rush, he ran afoul of Congress’ rules when doing so.

At times, Congress allows House members to give one minute speeches on a topic of their choosing. Rush chose to give his speech on Martin, but he also decided to wear a hooded sweatshirt and sunglasses while giving his speech. The congressman currently presiding over that session of Congress, Gregg Harper, R-Miss., spoke out, saying that hats were forbidden in the House chamber, and then asked the Sergeant-At-Arms to enforce the rule. Rush says he was then led off the floor by someone from the Sergeant-At-Arms’ office.

Rush, who is African-American, said in a later interview with CNN that he was outraged that George Zimmerman, who allegedly shot Martin in what he claims was self-defense, had not been arrested yet. Read 

Rubio Denies Interest in Vice President Nod

Mar 28, 2012, 5:44 pm EDT
Rubio Denies Interest in Vice President Nod

The pundits keep tossing Florida Sen. Marco Rubio‘s name out as a possible Republican vice presidential candidate, and Rubio keeps telling them no.

Rubio’s latest denial came in an interview with MSNBC. He answered the question with what sounded like a pretty clear denial.

“I’m not going to be the vice presidential nominee, but I’m always flattered when people bring it up, I think they mean it as a compliment.” Read 

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