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Bernard Madoff, convicted of running an $65 billion Ponzi scheme, was sentenced to 150 years in jail. What’s your take on his punishment?

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CURRENT LETTER

 
The Kiplinger Washington Editors
July 2, 2009
 

Overhauling
Financial Regs

By year-end or so, Congress will give the nod to a major rewriting of the nation's financial regulatory system. This week’s Kiplinger Letter explores whether the package will do more harm than good and what lawmakers are likely to include.
 
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OPEN FORUM: Share your insights and analysis with other visitors.
 
I just attended a franchise seminar. The speaker represents a few hundred franchises that (he says) are hand picked. He has the prospect (aka victim?) answer some questions about themselves then he makes recomendations - based on your personality, capital situation, etc.. If you pick a franchise, then he does some due dilligence for you. If you both decide it's a good idea, he helps you get started. He says he offers this service free of charge, which means he gets a commission if he's able to sell you a franchise. Has anyone done this? Successfully? Unsuccessfully?
-- fender
 

McCain Takes His Own Stage Tonight

After three days of a convention dominated by questions about his vice presidential pick, John McCain will finally take center stage when he accepts the GOP nomination.
 
 

ST. PAUL -- This is John McCain's big chance to take his campaign to the American people and show why they'd be better off -- and safer -- with him in the White House. He'll do that by contrasting himself with Barack Obama, sharply enough to electrify Republicans while appealing to independents and moderates as a maverick, reformist and independent thinker. That will include separating himself from President Bush as much as he can, without denouncing him.

McCain will declare the stakes in the election are too important for party loyalty to dominate or for untested leadership to be courted, especially in foreign affairs and national security, a message being drummed purposefully in the headliner speeches this week from former Sen. Fred Thompson, Democrat-turned-independent Sen. Joe Lieberman and former New York City Mayor Rudy Giuliani. The reform and maverick theme was also a highlight of Alaska Gov. Sarah Palin's speech last night, as she accepted the vice presidential nomination.

McCain will hail Palin and emphasize the historic nature of her candidacy. He'll reiterate his enthusiasm for her and praise her background, rebutting critics without specifically acknowledging the criticism and questions.

Look for a major portion of the speech to be devoted to the success of the military surge in Iraq, with McCain stressing how he backed the surge when others warned it would end his candidacy, insisting he'd never put his political fortune ahead of what he believes is best for the country. McCain may also say a large troop withdrawal is coming, and before long in all likelihood, thanks to the success of the surge.

McCain will warn of letting down any guard against potential terror threats and radical Islamic fundamentalism, saying traditional diplomatic outreach, such as to Iran, will fall short and requires aggressive work in a changed world -- that multilateralism is fine and good, but not a last or even best defense.

He'll push his plan for more tax cuts as a way to revive the economy, knowing that's the most important issue at the moment for many Americans. Four in five Americans see the country on a wrong track, largely because of the economy, and they blame Republicans more than Democrats.

Except for delivering surefire Republican applause lines on domestic energy development, tax cuts, rebuilding the military, government waste and fiscal discipline, McCain's speech won't be a checklist of numerous policy specifics. It's not the time or place for that, although he may call for Republicans, for instance, to take the lead on climate change and green technology.

There will be pointed attacks on Obama and Democratic vice presidential nominee Joe Biden -- returning fire from the Democratic convention where McCain was called out of touch and a Bush clone. McCain will portray Obama and Biden as well-spoken but legendary liberals, one new and one old, bent on larger government, higher taxes, higher spending, higher regulation and more government intervention in a free society and marketplace.

The composite picture McCain especially wants to leave is that of an independent maverick reformer in the mold of a Teddy Roosevelt, who also battled interests in his own party and large special interests. McCain does have a reform record, one he can talk comfortably about, whether blocking special interest influence, criticizing excess and wasteful pork, and reducing corporate money in politics.

He'll be wildly cheered in St. Paul, even from some who had been less charitable to McCain's brand of reform and independence in the past. His real audience is far outside the convention center, though, and in more challenging and less forgiving battleground states that will decide. The red, white and blue balloon drop tonight starts the real race.

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