Corporations Have Higher Profits During Liberal Presidencies Liberal Truths

According to the U.S. Census Bureau, Statistical Abstract of the United States: 2003 the years where a Republican President was in office show that Corporations have lower Profits Before Tax than when a Democratic President was in office.

Republican President George Herbert Walker Bush:
In 1990 Corporate Profits Before Tax was $236,000,000,000.

Democratic President William Jefferson Clinton:
Started his Presidency in 1993 with Corporate Profits Before Tax increasing to $305,000,000,000.
Ended his Presidency in 2000 with Corporate Profits Before Tax further increasing to $436,000,000,000.

Republican President George Walker Bush:
Started his Presidency in 2001 with Corporate Profits Before Tax reducing to $327,000,000,000.
By the end of 2002 Corporate Profits Before Tax were further reduced to $316,000,000,000.

The highest rate of Corporate Profits Before Tax between 1990 and 2002 was in 1997 with $494,000,000,000 when William Jefferson Clinton was President.

Source: 15-business.pdf No. 737

There Are More Bankruptcy Filings During Conservative Presidencies Conservative Truths
According to the U.S. Census Bureau, Statistical Abstract of the United States: 2003 the years where a Republican President was in office show a higher total rate of Bankruptcy Petition Filings than when a Democratic President was in office.

In 1998, when Democrat William Jefferson Clinton was President, the Total Number of Bankruptcy Petitions Filed was 1,429,459.

In 1999, when Democrat William Jefferson Clinton was President, the Total Number of Bankruptcy Petitions Filed decreased to 1,391,964.

In 2000, when Democrat William Jefferson Clinton was President, the Total Number of Bankruptcy Petitions Filed further decreased to 1,276,922.

In 2001, when Republican George Walker Bush was President, the Total Number of Bankruptcy Petitions Filed increased to 1,386,606.

In 2002, when Republican George Walker Bush was President, the Total Number of Bankruptcy Petitions Filed further increased to 1,505,306.

Source: 15-business.pdf No. 756

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The other day, Republican National Committee Chairman Michael Steele told ABC News that he and his fellow Republicans were going to get tough with anyone who didn't toe the party line on "core issues" such as health-care reform:

Steele: So candidates who live in moderate to slightly liberal districts have got to walk a little bit carefully here, because you do not want to put yourself in a position where you’re crossing that line on conservative principles, fiscal principles, because we’ll come after you.

Well, there was one solitary Republican who crossed the party line on health-care reform: Rep. Joseph Cao of Louisiana, who hails from a traditionally Democratic district that went up for grabs when ex-Rep. William Jefferson was busted for corruption.

Cao went on CNN Sunday and explained that his was a vote of conscience for the people in his district, "many of whom are poor, and many of whom have no health insurance."

He later commented further to a CNN reporter:

Cao chuckled when asked about the comment and said he "would like to remind" Steele that he and other Republican leaders trumpeted Cao's upset win over Democrat William Jefferson last December as a symbol of party diversity. Cao is the first Vietnamese-American member of Congress.

"He has the right to come after those members who do not conform to party lines, but I would hope that he would work with us in order to adjust to the needs of the district and to hold a seat that the Republican party would need," Cao told CNN.

As Republicans proved in NY-23 -- and as indeed they proved throughout the health-care debate -- they are becoming so ideologically blinkered that they rapidly losing the ability to have any kind of voice in Congress.

Couldn't happen to a more deserving bunch.

[H/t Versha Sharma at TPM.]

Apparently, like Alaskans, the residents of Louisiana's 2ND congressional district don't like being represented by (alleged) criminals. Even in a Democratic +28 PVI district.

CNN:

Nine-term Democratic Rep. William Jefferson, who has been battling scandals and a federal indictment for the past three years, lost his bid for re-election on Saturday.

Republican challenger Anh "Joseph" Cao, an attorney and community organizer, defeated Jefferson in the 2nd Congressional district race. He will become the first Vietnamese-American elected to Congress.

With 100 percent of precincts reporting, Cao had almost 50 percent of the vote to Jefferson's 47 percent.

Looks like Cao is taking a page from Obama's "community organizing" playbook. I'm sad to see this seat go red, but let's face facts: William Jefferson was a huge stain on the Democratic Congress. I don't know much about Cao, and I'm sure I probably disagree with him on most (if not all) of the issues, but it's nice to see the Vietnamese community finally represented in the United States Congress. Congratulations, Congressman-elect.

ABC: Rep. William Jefferson, D-La., was indicted Monday on federal charges of racketeering, soliciting bribes and money-laundering in a long-running bribery investigation into business deals he tried to broker in Africa.

The indictment handed up in federal court in Alexandria., Va., Monday is 94 pages long and lists 16 alleged violations of federal law that could keep Jefferson in prison for up to 235 years. He is charged with racketeering, soliciting bribes, wire fraud, money-laundering, obstruction of justice, conspiracy and violations of the Foreign Corrupt Practices Act.

Jefferson is accused of soliciting bribes for himself and his family, and also for bribing a Nigerian official.

Almost two years ago, in August 2005, investigators raided Jefferson's home in Louisiana and found $90,000 in cash stuffed into a box in his freezer.

Jefferson has been on CREW's "Most Corrupt Members of Congress" and they gave me a .pdf of his indictment.

House Democratic Leader Nancy Pelosi spoke this evening following the House Democratic Caucus vote to temporarily remove Congressman William Jefferson from the Ways and Means Committee. Below are Pelosi's remarks:

"Democrats are determined to hold a high ethical standard. We have said it and now we are doing it. And I would say that Mr. Jefferson has a responsibility and an opportunity to defend himself. This isn't about proof in the court of law; this is about an ethical standard...

More here...

Late Night Open Thread

Ed Cone:

"I know Glenn Reynolds is exaggerating for effect...right? His reaction to the outrage in Congress over the raid on William Jefferson's office is "I say, search 'em all. Now." Whatever the merits of the Congressional protests, the idea of an unchecked executive branch and a "search 'em all" mentality is not very funny....read on"

(via Atrios)