Cake or Death: Reiner resigns amid scandal

Al Gore says global warming is YOUR fault!
"He betrayed this country! He played on our fears!"
You don't say...

September 18th, 2007

Fed Cuts Benchmark Rate Half Point, Seeking to Forestall Recession in U.S. - "The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent, the first cut in four years, to protect the U.S. from sinking into a recession sparked by fallout from the housing-market collapse. 'Today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets,' the Federal Open Market Committee said in a statement after meeting today in Washington. The central bank will 'act as needed to foster price stability and sustainable economic growth.' Stocks surged, two-year Treasury notes rose and the dollar fell to a record low against the euro. The larger-than-forecast reduction suggests Chairman Ben S. Bernanke is prepared to leave himself open to criticism that he's rescuing investors from bad decisions for the sake of saving the six-year expansion."
U.S. Producer Prices Drop More Than Forecast; Foreclosures on Homes Double - "The 1.4 percent decrease, the biggest since October, followed a 0.6 percent increase in July, the Labor Department said today in Washington. So-called core prices, which exclude fuel and food costs, rose 0.2 percent after a 0.1 percent gain the month before. Slower inflation gave policy makers room to cut their benchmark rate today in an effort to sustain the expansion in the face of a housing recession. A drop in fuel expenses pushed prices down in August and cooling economic growth will continue to restrain raw-material costs, economists said."

September 14th, 2007

U.S. Retail Sales, Output Rise Less Than Forecast, Adding to Rate-Cut Case - "The 0.3 percent increase in sales during August followed a revised 0.5 percent gain in July, the Commerce Department said today in Washington. Purchases excluding automobiles unexpectedly fell 0.4 percent. Production gained 0.2 percent, with factory output declining for the first time since February. While a report from the University of Michigan and Reuters Group Plc showed consumer confidence increased, their sentiment index remained near the lowest level in a year. Treasury notes rallied after the retail sales and production reports, before losing the gains."

September 13th, 2007

Greenspan Says He Didn't Foresee Credit Rout, Endorses Bernanke, CBS Says - "Current Fed Chairman Ben S. Bernanke 'is doing an excellent job,' Greenspan said in an interview on the 60 Minutes program, according to excerpts e-mailed by CBS today. The show is scheduled to air on Sept. 16, a day before the publication of Greenspan's book, 'The Age of Turbulence.' The remarks come amid criticism among some investors that Bernanke has failed to be as forceful as his predecessor in responding to financial turmoil. Greenspan in 1998 cut interest rates three times after a Russian debt default rippled through global markets. Bernanke's Fed has refrained from lowering its benchmark so far, relying on other tools to provide liquidity."
Commercial-Paper Market Decline in U.S. Slows as Concerns Over Credit Ease - "U.S. stocks rose and Treasuries fell after the Federal Reserve reported short-term debt dropped by $8.2 billion, compared with a decline of $31.3 billion a week earlier. That coincided with Countrywide Financial Corp. obtaining new financing and banks finding buyers for loans to fund Kohlberg Kravis Roberts & Co.'s buyout of Alliance Boots. Issuers with the biggest chance of default had stopped trying to sell commercial paper, rekindling appetite for short- term debt, said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co. in New York. 'Investors have already pushed out the weakest issuers,' Crescenzi said in an e-mail. 'The commercial paper that remains is a relatively more respected crop.'"

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Monday, February 27, 2006

Reiner resigns amid scandal

In the story Hugh had been covering last week along with the Dubai ports deal, was the Reiner scandal for misusing tax-payer money (the link is to Bill Bradley's blog who has been covering Meathead's misuse of money masterfully). Hugh was saying Arnold should have long since asked for Reiner's resignation since the term for his position had expired. Well better late than never.

SACRAMENTO - Facing pressure from legislators and others, producer Rob Reiner said Friday he is taking a leave as chairman of a state commission that spent $23 million for ads touting the value of early education while he is promoting a statewide preschool initiative.

Reiner took the action in a letter addressed to Gov. Arnold Schwarzenegger. The leave takes effect immediately and will last until June 7, the day after voters decide the fate of Proposition 82, a Reiner-backed initiative to raise taxes on wealthy Californians to pay for preschool for all 4-year-olds.

Reiner has said that he and the First 5 California Children and Families Commission he has chaired since its inception in 1999 have done nothing improper but that he will step aside for the good of the commission.

His disclosure, however, came on a day when state Senate Republican Leader Dick Ackerman of Irvine and Assemblyman Dario Frommer (D-Glendale), a candidate for state controller, urged Controller Steve Westly to audit the commission, citing concerns that the panel had used tax money to aid the preschool initiative. Tony Strickland, a Republican also running for controller, called for an audit earlier this week.

See ya Meathead!

Link to me! Posted by jwookie : 12:16 PM

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