Daily Archives: November 4, 2010

Brazil ready to retaliate for US move in ‘currency war’

Posted on by

John Paul Rathbone & Jonathan Wheatley

Brazil, the country that fired the gun on the so-called “currency wars”, is girding itself for further battle.
Brazilian officials from the president down have slammed the Federal Reserve’s decision to depress US interest rates by buying billions of dollars of government bonds, warning that it could lead to retaliatory measures.
“It’s no use throwing dollars out of a helicopter,” Guido Mantega, the finance minister, said on Thursday. “The only result is to devalue the dollar to achieve greater competitiveness on international markets.”
At a joint press conference with president-elect Dilma Rousseff, outgoing president Luiz Inácio Lula da Silva said on Wednesday he would travel to the G20 summit in Seoul with Ms Rousseff, ready to take “all the necessary measures to not allow our currency to become overvalued” and to “fight for Brazil’s interests”. “They’ll have to face two of us this time!” he said.

Reality Check……

Posted on by

Eric Cantor:

I don’t think any of us ran for Congress with the idea that we could finally provide a subsidy to this industry or that, or to this community or that. Or that we would vote to continue the same federal programs and agencies that are failing our citizens and bankrupting our children and grandchildren. And I know none of us ran with the idea that we should go to Washington to congratulate a collegiate basketball team for having a good season – or feel obligated that we needed to do so – even if we happened to be a fan.
Yet that is what we have been doing under the recent Democrat majority and even all too often under the previous Republican majority. Our problems have grown too immense to waste any more time. America stands at a crossroads, and the decisions we make at this very moment will determine the type of country that our children will live in.
That is why we will drain the swamp rather than learning to swim with the alligators.
How?
We start by rethinking how time is spent and about the types of legislation that will be considered on the House floor. We start by identifying our top policy goals and committing to take concrete steps every single week to advance those goals. And we hold each other accountable with this simple question: are the actions of the House, our committees, and our Conference consistent with our principles and do they advance the nation’s priorities?

It will be fascinating to see how this actually plays out…. particularly with respect to earmarks. Retiring Wisconsin Congressman David Obey ranked 5th in 2010 earmarks at $55,435,000. Local Representative Tammy Baldwin garned $8,968,000 in solo (16) 2010 earmarks and $21,636,800 in earmarks with other members.