Just Politics

Greenspan

Federal Reserve Chairman Alan Greenspan suggested in a speech that China allowing its currency, the ‘yuan’, to float against market pressures would probably not forestall America’s trade deficits.

He said the American consumer would turn to other low-cost countries to satisfy its big appetite for foreign goods if the value of the yuan rose.

Greenspan also said that it was possible that America’s low long-term rates were the result of global economic weakness. However, he pointed out that economic strength in certain parts of the world has not raised rates.

China responds

China’s Foreign Ministry spokesman Liu Jianchao responded to Secretary of Defense Donald Rumsfeld concerns that China’s military buildup was detrimental to peace in the region and world.

“Any words or deeds that create and hype up a Chinese military threat are unfavorable to peace and stability of the region and the world," Liu said. "We hope the U.S. side will respect this fact and do more that is conducive to the healthy development of Sino-U.S. relations, to the enhancement of mutual trust among Asia-Pacific nations and to peace and stability of the region."

Late filers

The Washington Times reports on the fact that over 200 lawmakers have filed late regarding trips that they took. Democrats have brought ethics charges against Majority Leader Tom DeLay for taking paid trips:

House Minority Leader Nancy Pelosi, California Democrat, and Rep. Stephanie Tubbs Jones, Ohio Democrat and member of the ethics panel, took a 2001 trip to Puerto Rico but filed slightly different travel-disclosure forms. Mrs. Pelosi reported that an outside advocacy group paid for the trip, while Mrs. Jones reported that a Washington lobbying firm had paid for the trip.

When the discrepancy was raised, Mrs. Jones said it was a clerical error and that the firm was listed only because the lobbyist had arranged the trip, but did not pay for it.

According to the Associated Press, the recent late filers have included House Minority Whip Steny H. Hoyer, Maryland Democrat, who recently disclosed 12 trips dating back to 1997. Rep. Ellen O. Tauscher, California Democrat, filed late for 21 trips, Rep. Luis V. Gutierrez, Illinois Democrat, reported 20 past trips, and Rep. Elijah E. Cummings, Maryland Democrat, reported 13. Rep. John Linder, Georgia Republican, belatedly filed for nine trips, as did Rep. Maxine Waters, California Democrat.

Kerry vs. Bush

The Washington Post reports that President Bush received similar grades as Sen. John Kerry while attending Yale:

"In 1999, The New Yorker published a transcript indicating that Bush had received a cumulative score of 77 for his first three years at Yale and a roughly similar average under a non-numerical rating system during his senior year.

"Kerry, who graduated two years before Bush, got a cumulative 76 for his four years, according to a transcript that Kerry sent to the Navy when he was applying for officer training school. He received four D's in his freshman year out of 10 courses, but improved his average in later years."