CNN Senior Executive Producer
Please look carefully at these two photos and ask yourself which you’d rather click on. Today’s Paris couture fashion show, above, or New York Mayor Michael Bloomberg, below. The choice reminds me of the line in the movie Manhattan, when Woody Allen tells his female companion in a cab: “You look so beautiful I can hardly keep my eyes on the meter.” As I was watching the Paris video feed in to CNN headquarters, I found myself drifting over to Mayor Bloomberg. He was explaining how New York’s financial meter was quickly running down, not up.
Bloomberg gave us a lesson about the economic domino effect that’s threatening to crush so many American cities and towns. He explained, in clear, simple terms, why he, and many others, believe a major infusion of federal government money is essential to keeping the dominoes at bay. Take just one example, education. Bloomberg explained that New Yorkers are expected to lose nearly 300 thousand jobs through next year. That’s 39 billion dollars in lost wages. Which translates into 4 billion dollars in lost tax revenues. Continuing to connect the dots, Mr. Bloomberg told us that a sharp reduction in tax revenues has led New York’s Governor to cut New York City’s education budget by 770 million dollars. That amounts to 14,274 teacher jobs. Schoolchildren cannot afford to lose that kind of ground.
The new federal stimulus bill would send more than a billion dollars in aid to New York State for education. Mr. Bloomberg is asking, pleading is more like it, for the Governor to send much of it to the city. A similar story here in Atlanta on the hunger for federal money, where the banner headline in the Journal-Constitution’s reads “Ga Schools Could Get $1 Billion.” Whatever your assessment of the entirety of the stimulus plan, the money schools are losing from reduced tax revenues will have to come from somewhere. Virtually every state government is required to balance its budget. So don’t look there.
Steve Forbes says President Obama's stimulus plan will not work. Listen to him tell CNN's Richard Quest his solutions for the economic crisis at the World Economic Forum in Davos, Switzerland.
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AC360° Associate Producer
President Obama is fuming. And who can blame him after learning that Wall Street executives gave themselves more than $18 billion in bonuses last year as the economy tanked and they begged for taxpayer bailouts. Seriously, how many pedicures and pinky rings do they need?
I’ve decided that, if I worked on Wall Street, I could scrape by on a mere $1 billion. Granted, I wouldn’t be able to invest in as many Ponzi schemes as I’d like, but it’d be enough that my dog, Sammy, could enroll in that yoga class she’s been talking about.
It would be difficult to know where to begin, but I think my first indulgence after receiving my modest bonus would be to buy a new home. I would put in a bid for an Upper East Side penthouse but, of course, would be rejected by the pretentious co-op board, jealous of my new friendships with Puff Daddy and Susan Lucci.
Disheartened with Manhattan, I would buy a mansion in Connecticut. Where I would be closer to my Wall Street brethren and where my cadre of helper monkeys dressed like hotel bellmen would be free to roam the grounds.
Oops. There's another tax problem for one of Pres. Obama's cabinet picks. Former Sen. Tom Daschle, the nominee to lead Health and Human Services, is under scrutiny for not paying taxes on a car and driver.
A Democratic tells CNN that Daschle was loaned a car and driver by a wealthy friend and failed to disclose it on his income taxes, as he should have. Daschle has since paid what he owed, the source said. We'll have the latest developments on his breaking story tonight on AC360°.
Remember earlier this month, Mr. Obama's pick for Treasury, Tim Geithner admitted "careless mistakes" when it came to not paying some personal taxes over several years. He ended up fixing the mistake and he got the Treasury job, which makes him the boss of the IRS.
Do you think Dashchle will get the HHS post? Share your thoughts below.
We're also following the latest outrage over Wall Street bonuses. Today Sen. Claire McCaskill, D-Missouri, introduced legislation that would max out employee pay for any company that accepts federal bailout money at $400,000 dollars. How did she come up with that amount? Pres. Obama's current annual salary is $400,000.
What do you think of Sen. McCaskill's proposal?
And, there are new details on the women who gave birth to octuplets earlier this week near Los Angeles. We've learned she already has six children and they live with her parents. The octuplet birth is raising eyebrows with some fertility experts. Should the high-risk pregnancy been avoided? We'll talk it over with a medical ethicist.
Join us for these stories and more starting at 10pm ET.
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News Update: The U.S. State Department will not renew the contract of security contractor Blackwater Worldwide when it expires in May, a senior State Department official said Friday. The decision was made after the Iraqi government refused to renew the firm's operating license because of a September 2007 shooting incident in which the Iraqi government says security guards employed by Blackwater fired upon and killed 17 Iraqis.
Author and CNN Executive Producer
Erik Prince couldn't have known it at the time, but September 16, 2007 was the beginning of the end for his company in Iraq. That's the day that heavily-armed Blackwater contractors set out in a convoy to clear a path for approaching vehicles after a nearby car bombing had rattled nerves. The Blackwater team – call sign Raven 23 – closed off a traffic circle in a Baghdad neighborhood and within moments, opened fire in a hail of bullets that would leave at least 14 Iraqi civilians dead, among them a 9-year-old boy. Five of the guards on that team are now under indictment in the U.S. charged with manslaughter and attempted manslaughter. Another guard has pled guilty and is cooperating with prosecutors. The five charged say they were only returning insurgent fire.
Editor’s Note: You can read more Jami Floyd blogs on “In Session.”
In Session Anchor
Like a Shakespearean tragedy, the Blagojevich debacle just keeps getting better and better. Narcissism. Corruption. Colorful characters. And farce.
But it’s not funny. Not really. Because whatever really went down in this case, something is rotten in the state of Denmark. And Denmark isn’t the Prairie State. Rather, it’s a political state of mind in which entitlement and corruption have become the order of the day.
Aram Roston and Paul Kiel
House Republican Whip Eric Cantor, a rising star in the Republican party, has been a prominent voice demanding accountability in how the government doles out hundreds of billions for bank bailouts.
"I think most American taxpayers now are sort of scratching their head," Cantor told CNN in December, "wondering when all this bailout stuff is going to end. And probably thinking, 'You know, when is my bailout coming?'"
This Thursday, Cantor cast a high-profile vote opposing release of another $350 billion in bailout funds. Unpublicized until now was a recent development: The Treasury Department used $267 million of taxpayer funds to buy preferred stock in a private banking company that employs Cantor's wife.
Read More at ProPublica...
Dr. Jack Lewin
The Atlanta Journal Constitution
In today's world there are too many prescriptions, too many procedures, and too many variables for doctors still to be relying on paper records that cannot be readily cross-referenced, shared or accessed. Systems that share medical records, warn of drug interactions and facilitate the process of healing are absolutely necessary.
It's a shame that many in the medical community have resisted progress, and it is unfortunate our government has not stepped in to promote implementation and adoption of health IT infrastructure and standards.
Both President Barack Obama and U.S. Health and Human Services Secretary-designate Tom Daschle have committed to improving this country's health IT infrastructure. During his Senate confirmation hearing, Daschle said that health IT needs to be "a higher priority" and that the government needs to set standards. Hopefully that is more than just talk.
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