Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Debt-Panel Outcome Clouded by Pressure From Lawmakers’ Backers

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Debt-Panel Outcome Clouded by Pressure From Lawmakers’ Backers

    Aug 12, 2011 12:01 AM ET


    The 12-member congressional panel charged with finding $1.5 trillion in budget savings may be unable to overcome resistance from the lobbyists, donors and interest groups that sustain them in office.

    The committee, already split by internal divisions over taxes and entitlements, will examine defense and health care for possible cuts, and both industries have influence with its members. Health professionals are the biggest donors to three of the House members. Three senators have dozens of military installations to protect, and employees of defense contractor Boeing Co. (BA) are top donors to the panel’s co-chairwoman, Patty Murray.

    Retirees are among the largest givers to almost all the lawmakers, and members considering scaling back Social Security or the Medicare insurance program for the elderly will confront a barrage of lobbying by the seniors’ group AARP.

    “Nobody wants to promise their cohorts any kind of pain and suffering or divergence from the current theology,” said Bill Frenzel, a former congressman who served as the ranking Republican on the House Budget Committee. Republican distaste for tax increases and Democrats’ insistence on protecting entitlement programs is a “doomsday formula,” he said.

    The panel, whose work has taken on greater urgency since Standard & Poor’s downgraded the U.S. credit rating, is already facing doubts about whether it can meet a Nov. 23 deadline for a plan and head off a round of automatic, across-the-board spending cuts. It includes six Democrats who back tax increases and six Republicans who signed a pledge to oppose that. Few have engaged in bipartisan efforts on major issues; 11 of the 12 have voted with their party at least 90 percent of the time.
    Pelosi Names Allies

    House Democratic Leader Nancy Pelosi yesterday completed the panel’s membership by appointing three of her closest allies: fellow House leaders Chris Van Hollen of Maryland, James Clyburn of South Carolina and Xavier Becerra of California. A day earlier, House Speaker John Boehner tapped Republican Conference Chairman Jeb Hensarling of Texas, and Ways and Means Committee Chairman Dave Camp and Energy and Commerce Committee Chairman Fred Upton, both of Michigan.

    The Democratic senators serving on the panel are Finance Committee Chairman Max Baucus of Montana, John Kerry of Massachusetts and Murray of Washington, who runs her party’s fundraising efforts for senators. Their Republican counterparts are Senators Jon Kyl of Arizona, Pat Toomey of Pennsylvania and Rob Portman of Ohio, who served as President George W. Bush’s budget director. Hensarling will join Murray as co-leader of the panel.
    ‘Situation is Worsening’

    When S&P on Aug. 5 lowered the U.S.’s AAA credit rating for the first time, it said lawmakers weren’t doing enough to reduce record deficits by raising taxes or cutting spending, and it dismissed the Aug. 2 deal that averted default and created the super committee as inadequate. A failure by the panel would renew the risk for the nation’s borrowing power.

    “If the S&P downgrade had any meaning, it is that our situation is worsening, our debt ratio increases and, even if the super committee on deficit reduction met this target, the debt ratio will still be increasing after 10 years,” said Frenzel, a scholar at the Brookings Institution. “If I were a rater, I would think that augured for bad days ahead.”

    Markets are reacting to concern about debt worldwide. While stocks rebounded yesterday, the S&P 500 has dropped 9.3 percent in August after lawmakers announced the deal to raise the debt ceiling and avert default. At the same time, the benchmark 10- year Treasury note’s yield has fallen from a 2011 high of 3.766 percent on Feb. 9 to as low as 2.0346 percent on Aug. 9, Bloomberg Bond Trader prices show.
    Panel Members

    That concern will make the new committee the central focus of political and lobbying activity in Washington for the next four months.

    Four of the panelists -- Becerra, Baucus, Camp and Hensarling -- voted against a deficit-reduction plan last year while serving on a bipartisan commission set up by President Barack Obama. The commission, led by former Republican Senator Alan Simpson of Wyoming and Erskine Bowles, once President Bill Clinton’s chief of staff, proposed a mix of tax increases and spending cuts.

    “If you are going to say taxes and entitlements are off the table, I don’t know what they can do that hasn’t already been done,” said Robert Bixby, president of the nonpartisan Concord Coalition, an Arlington, Virginia-based group that advocates for a balanced budget.
    ‘Gang’ is Absent

    The leaders of both parties also decided against naming members of the bipartisan “Gang of Six” senators, who proposed their own debt-reduction plan. Simpson, in an Aug. 8 Bloomberg Television interview, said such a move would spell disaster.

    “If you don’t see the Gang of Six -- the three Democrats and three Republicans -- represented very well on that super committee, you will know that it has been destined for failure,” Simpson said.

    Unless the panel pushes through a deficit-reduction package by year’s end, $1.2 trillion in across-the-board spending cuts will be triggered over a decade, starting in 2013, equally targeting defense and non-defense programs.

    The 12 panel members need a simple majority to make a recommendation. While that may make it easier to agree on a compromise to send to Congress for a year-end vote, the pressures on the panel may make a deal unlikely.

    Financial firms are concerned that the committee might opt for changes such as an increase in the tax rate on carried interest -- the profit share paid private equity managers and venture capitalists -- while defense companies need to preserve contracts. Industries from telecommunications to transportation might be affected by tax and spending changes.
    Natural Constituencies

    The members have some natural constituencies. Automakers such as Ford Motor Co. (F) have extensive operations in Michigan, home to Upton and Camp, and in Portman’s state of Ohio.

    Toomey, Portman and Murray have the most military installations in their states, potentially positioning them to fight defense cuts. Defense contractor Lockheed Martin Corp. (LMT) is headquartered in Van Hollen’s district; Northrop Grumman Corp. (NOC), the third-largest U.S. defense contractor, had the most federal contract spending in Hensarling’s district in fiscal year 2010, Bloomberg Government data shows.

    Dallas-based phone company AT&T Inc. (T) ranks in the top-five donor lists for three members: Clyburn, Upton and Hensarling. Employees at New York-based Goldman Sachs Group Inc. (GS) are leading contributors to two of the members, Baucus and Kerry, according to the Center for Responsive Politics.
    Health Professionals

    The Club for Growth, an anti-tax group that Toomey used to lead, ranked as the top single donor for both Toomey and Kyl.

    Health professionals are the biggest block of donors to Upton, Camp and Becerra, while Hensarling has received the most from the finance industry. Aside from retired people, the biggest donor for both Portman and Toomey is the securities and investment industry. For Kyl, it’s the real-estate industry.

    Van Hollen, Clyburn and all three Senate Democrats got the biggest chunk of money from lawyers and law firms, which often includes lobbyists.

    Labor unions rank in the top five donor lists for both Clyburn and Becerra, close allies who voted 100 percent of the time with the AFL-CIO’s stated positions in 2010. Unions would resist any proposal by the deficit-reduction panel to curb Social Security and Medicare spending.
    Social Security

    Toomey’s state has the largest proportion of Social Security recipients among the panel’s senators, while Camp has the highest proportion in a single district, according to Bloomberg Government data.

    House and Senate leaders named lawmakers who probably won’t face a stiff re-election fight soon. The six House members were all re-elected with at least 62 percent of the vote, and none of the six senators are facing voters in 2012.

    That’s critical because lobbyists and interest groups will be all over the group, Simpson said.

    “Once you get specific, you’re gonna get eaten, you’re gonna get clobbered,” he said.


    http://www.bloomberg.com/news/2011-0...s-backers.html
    The essence of freedom is the proper limitation of Government

  • #2
    So as we pretty much already know nothing will change.
    The essence of freedom is the proper limitation of Government

    Comment

    Unconfigured Ad Widget

    Collapse
    Working...
    X