The Political Bridge

AS FIRST REPORTED IN THEBRIDGE: SPECIAL SESSION OF THE KENTUCKY GENERAL ASSEMBLY SET FOR JUNE 15, 2009

Speaker pro Tem of the Kentucky House of Representatives Larry Clark Confirms June 15 for Special Session of the Kentucky General Assembly.   

We believe that TheBridge was the first to say that June 15 would be the day.

U.S. GOVERNMENT TO GIVE GMAC A $7.5 BILLION LIFELINE (FROM MAKETWATCH.COM)

WASHINGTON (MarketWatch) - The Treasury Department on Thursday evening injected $7.5 billion into auto-financing company, GMAC LLC, as part of a financial infusion that could reach $14 billion and leave the U.S. government with a majority stake in the troubled corporation. The capital injection, which is made in preferred equity, is intended to prop up the ailing auto sector by helping the GMAC make loans for purchasers of General Motors Corp. and Chrysler cars.  

U.S. MILITARY LEADER PROCLAIMS THAT NUKED-ARMED IRAN WOULD BE "CALAMITOUS”

 

From Haaretz.Com

The consequences of Iran acquiring a nuclear weapon would be "calamitous" and major powers must act together to prevent it, the top U.S. military commander said on Thursday.

Admiral Mike Mullen's remarks came the day after Iran's president announced the country had tested a missile that analysts said could hit Israel and U.S. bases in the Gulf, a major source of crude oil for the United States.

Israel, the United States and other Western powers are concerned that Iran could combine elements of its uranium enrichment and missile programs to create a nuclear weapon, although Tehran denies it intends to do this.

THE FDIC REPORTS THE 34TH AND LARGEST BANK FAILURE OF 2009

From CNN Money

A consortium of private equity firms has acquired BankUnited FSB in Florida after the savings and loan was shut down by federal regulators Thursday.

The 34th bank to fail this year and the largest so far, BankUnited (BKUNA) had $12.8 billion in assets, $8.6 billion in deposits and 85 branches. The new institution will be named BankUnited.

The  bank's new owners will inject $900 million in new capital into the Coral Gables, Fla.-based institution.

The FDIC estimates it will take a $4.9 billion hit to its deposit insurance fund.

REUTERS REPORTS THAT U.S. TREASURY DEPARTMENT HAS NO PLANS TO PUSH GENERAL MOTORS INTO BANKRUPTCY

WASHINGTON (Reuters) - The U.S. Treasury Department has no plans to push General Motors Corp into a bankruptcy filing next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday.

Earlier, the Washington Post reported that the Treasury would steer GM into bankruptcy next week under a plan that would provide the company just short of $30 billion in new federal loans, citing unnamed sources

FROM THE WASHINGTON POST: OBAMA ADMINISTRATION IS PREPARING TO SEND GENERAL MOTORS INTO BACKRUPTCY

May 22, 2009 

The Obama administration is preparing to send General Motors into bankruptcy under a plan that would give the automaker tens of billions of dollars more in public financing as the company seeks to shrink and reemerge as a global competitor, sources familiar with the discussions said.

 The legal tactic is viewed by some as the best means of reviving the companies. But the speed of the government-led transformation has triggered complaints that the rights of investors and dealers are being trampled. Meanwhile, fears that a bankruptcy could lead to cascading business failures are spreading throughout GM's vast chain of suppliers

U.S. SENATE WATCH IN KY: AN IMPRESSIVE LIST OF KEY REPUBLICANS AGREE TO SERVE ON TREY GRAYSON'S FINANCE COMMITTEE

By RONNIE ELLIS
CNHI News Service

Frankfort — Trey Grayson may only be exploring a race for the U.S. Senate seat now held by his long-time friend Jim Bunning, but the impressive list of key Republicans who’ve agreed to serve on Grayson’s finance committee suggest he and they are serious.

“Trey Grayson has done a spectacular job as our Secretary of State,” said Thornton Oil CEO Matt Thornton, who is on the committee Grayson announced Thursday in a press release. “There’s no one who would do a better job as our next United States Senator. I’m thrilled to be on Trey’s team and will be working hard to help get him elected.

FAMED POLITICAL CONSULTANT FIRM, THE BAUGHMAN COMPANY HIRES VETERAN DEMOCRATIC OPERATIVE ACHIM BERGMANN TO RUN ITS D.C. OFFICE

We Are Growing!

 

The Baughman Company is proud to announce the addition of veteran Democratic strategist Achim Bergmann as the firm's Washington Director.  Bergmann will open and manage The Baughman Company's Washington, DC office.

Bergmann is recognized as an expert in voter contact strategy and has managed more than $100 million in campaigns and programs for candidates from city council to President of the United States.

"We are thrilled that Achim is joining our team," said Duane Baughman, The Baughman Company's President and Creative Director.  "The depth of experience, knowledge and industry-wide respect that he brings after 17 years of successful work in Democratic politics will only help us build on our tradition of providing unmatched client services and cutting edge persuasion mail that elects Democrats to office."

Bergmann began his career registering voters for Clinton-Gore '92 in California. He has since worked on and managed legislative, congressional, statewide, independent expenditure and initiative campaigns across the nation and spent nearly four years at the Democratic National Committee where he oversaw targeting, voter file development and voter contact programs and served as the DNC's liaison to western and northeastern states.  

As DNC Director of Voter Contact during the 2000 election, Achim administered the development of Coordinated Campaign voter contact plans in all battleground states and managed the message, targeting, and implementation of their direct mail and phone programs from the DNC with a budget of more than $25 million.   

In the 2006 election cycle, Achim helped the Democratic Governors Association build strong campaigns for gubernatorial candidates and served as a key strategist under Rahm Emanuel at the Democratic Congressional Campaign Committee, helping Democrats reclaim the House majority with a historic 30-seat gain.  

Achim has made training presentations on all aspects of voter contact and campaign management to groups including the Kennedy School of Government at Harvard University, the Democratic National Committee, 21st Century Democrats, and several State Democratic Parties.  He has also authored campaign training manuals on vote-by-mail programs and early vote programs for the DNC.

Achim can be reached at 202.423.3038 or abergmann@baughmancompany.com.

The Baughman Company is known as one of the nation's most creative Democratic persuasion mail firms, with current and past clients including Hillary Clinton for President, Howard Dean for President, Kansas Governor Kathleen Sebelius, Arkansas Governor Mike Beebe, Oklahoma Governor Brad Henry, the DCCC, the Ohio House Democratic Caucus, and dozens of members of Congress.  

Based in San Francisco, The Baughman Company also has offices in Philadelphia and now Washington, DC.  Our website
is www.BaughmanCompany.com.  

TO HILLARY CLINTON NATION FROM THE CHAIR OF TEAM HILLARY IN KENTUCKY:HAPPY ONE YEAR ANNIVERSARY!

Dear Fellow Hillary Friends!  
                                              Happy One Year Anniversary!

One year ago today, you joined my wife, Charlotte, and me, as we traveled across Kentucky asking voters to place their faith and trust in Hillary Rodham Clinton for President of the United States.  Little did we know that the long road of political endeavors would lead us all to something truly monumental.

As we crisscrossed the Commonwealth, former Senator Clinton was embraced by Kentuckians from every region of our State.  In meeting with people of all walks of life, from all backgrounds, we witnessed her passion for America and for helping those in need.

Then on May 20th, Kentucky voters overwhelming cast their vote for Hillary. After President Obama won the Democratic Party nomination last summer, Hillary joined his campaign and helped him gather support to become the 44th President.

Upon President Obama’s exciting and historic election, he placed in Hillary the same trust and faith that you, the voters of Kentucky, gave her.  By nominating Hillary as his Secretary of State, he ensured that she would implement the President's foreign policies through the State Department and the Foreign Service of the United States.

On January 21st, Hillary Rodham Clinton was sworn in as the 67th Secretary of State.  She vowed to restore America’s credibility, open dialogue with other countries, listen to the World’s concerns, build and restore collaborations, and be a voice to the humanitarian causes to which she has devoted her life.  Through her hard work and dedication, she became Our Ambassador to the World.

In her first 100 days, she has visited more than 22 countries. Her travels have taken her across Asia, Europe, Central America, and to the Middle East. With every country she visits, regardless of whether she is visiting powerful heads of state, kings or queens, or local farmers, soldiers or shop owners, Hillary has shown the same warmth that she brought here to Kentucky.

Shining on the World’s stage, Secretary Clinton is on a quest to make our World a safer place.  She has facilitated the beginning engagements with Iran at The Hague and opened dialogue with Syria.  She named Senator George Mitchell as Special Envoy for Middle East Peace to reinvigorate the process for achieving peace between Israel and its neighbors. She also held trilateral meeting at the State Department with Afghan Foreign Minister Rangin Dadfar Spanta and Pakistani Foreign Minister.  Secretary Hillary Rodham Clinton has also opened dialogue with China by visiting China herself, and hosting talks at the G-20 summit.

As the father of five daughters, I’m proud to see Hillary continue her fight for important global issues--like women's rights and human rights. She has continued to speak out on human trafficking, the need for pay equality for women and she has pledged America’s commitment to fight poverty. She has also vowed to make America a leader in the important issue of climate change.

Secretary Clinton has kept her passion for children, the poor, and the disenfranchised. She pledged more than $900 million to be split among humanitarian relief for Gaza.

Most recently she made a surprise visit to Iraq, where she met with Government officials and our brave American soldiers. She listened to their needs and thanked them for their sacrifices. Her overwhelming response of support from the troops was heartwarming.

She has impressed both Democrats and Republicans and received praise for America’s new approach to foreign policy.  In her many endeavors, she has revitalized our Country’s role as a world leader.  With all of the tough challenges which face our Country, I’m so proud of President Obama and the wonderful job he and his administration are doing. I’m humbled by and grateful for the trust that he placed in Hillary, the same trust which you gave her a year ago.

She came to Kentucky with a love for America, and wanted the chance to make America a better place.  Now, a year later, President Obama has given her that chance, and she IS making a BETTER WORLD.

Thank you for the many lessons you taught us. Like, when Women Vote, Women WIN!!! With your hard work, we all won.

Thank you Kentucky. Thank you, each and every one of you who volunteered and worked tirelessly to help Hillary.  We can all be proud of our Secretary of State Hillary Rodham Clinton. 

Jerry Lundergan

THE CONGRESSIONAL BUDGET OFFICE REPORTS TO CONGRESS: GREAT UNCERTAINTY EXISTS CONCERNING THE U.S. ECONOMY

In the Congressional Budget Office’s (CBO’s) judgment, the economy will stop contracting and resume growing during the second half of this year, but the hardships caused by the recession will persist for some time. The growth in output later this year and next year is likely to be sufficiently weak that the unemployment rate will probably continue to rise into the second half of next year and peak above 10 percent. Economic growth over time will ultimately bring the unemployment rate back down to the neighborhood of 5 percent seen before this downturn began, but that process is likely to take several years.

On the positive side, the fiscal stimulus provided by the federal government is now beginning to boost the economy, and financial markets show clear signs of improvement since the fall and winter. Moreover, the sharp reductions seen in manufacturing production will keep inventories to leaner levels than would have occurred otherwise, so that upturns in sales, when they come, will lead to faster and larger increases in output.

However, many factors will temper the strength of the recovery: the loss of household wealth; the fragility of financial institutions; persistently weak growth in the rest of the world; a surplus of housing units on the market; and low utilization of manufacturing capacity. How much those factors will dampen the recovery is uncertain: They may be overcome relatively quickly by the jump-start provided by the stimulus and improvements in consumer and business confidence, or they may cause the economy to slump again next year, as the effects of the stimulus begin to wane.

Recently released data are consistent with CBO’s forecast in March that gross domestic product (GDP) will bottom out this year.1 Indeed, a wide majority of economic forecasters share that view. However, CBO’s assessment of developments in the financial system and in the nonfinancial parts of the economy suggests that the initial stages of the economic recovery are likely to be more tepid than the agency had projected earlier. CBO’s March forecast of 2.9 percent growth in real (inflation-adjusted)

GDP in 2010 is more optimistic than the current consensus, as is the agency’s forecast for a peak unemployment rate of about 9½ percent. CBO is now beginning the process of updating its previous forecast and will release a new forecast in August.

The uncertainty surrounding CBO’s forecast—and the forecasts of private analysts—deserves emphasis. The future course of the economy is always uncertain, as can be seen in the confidence region around the agency’s March forecast of real GDP. Moreover, uncertainty is especially great around economic turning points and in conditions that have not been seen in the economy for some time, such as the current financial crisis.

To read the rest of the report click here.