Monday, August 17, 2009

No interim senator in Memphis

There will be no interim State Senator in Memphis to fill the seat formerly occupied by Paul Stanley who resigned a few weeks ago after being caught in an affair with his intern. This was the correct move by the democrat controlled County Commission in Shelby County. The legislature is out of session for the year and by the time they reconvene in January the special election for this seat will have long since happened.

Friday, August 14, 2009

Another big bank is on the verge of collapse

One of the largest banks in the deep south appears to be on the verge of collapse this morning. Colonial Bank which is based in Alabama and operated by the legendary Auburn trustee Bobby Lowder is probably in its final hours of life. Yesterday a federal judge issued a restraining order on one billion dollars of Colonial Bank's assets. This morning trading on the New York Stock Exchange for this stock has been delayed according to media reports. The reason behind the impending collapse is basically the same one that has caused other banks to go under over the past year. Mr Lowder though is an iconic type figure in Alabama and by far the most influential trustee at Auburn University. In fact its often been said that he's the second most powerful University trustee in the country behind T. Boone Pickens at Oklahoma State. So this impending collapse by Mr Lowder and his bank could also deal a very serious blow to Auburn University.

Update: it happened. State regulators seized the bank this afternoon at 5 and transferred all its assets to BB&T Bank out of North Carolina. The collapse of Colonial Bank goes down as the sixth largest bank failure in the history of the country.

Monday, August 10, 2009

Free advice for Jim Kyle

Tennessee State Senator Jim Kyle(D) is slated to formally announce tomorrow that he's running for Governor next year. I'm not naive enough to believe he'll do this but if I were him. I'd resign from the state senate tomorrow. The seat would stay in the democrat column because of the political landscape in Shelby county so he wouldn't harm the party if he were to resign. It would also show democrat voters across the state that he's willing to sacrifice a safe political career in the state senate to run for Governor. Thats something the other two state senators in the Governors race are unwilling to do. Another reason why he should resign tomorrow is the other state senators in this race have been damaged this year by their activities in the senate or in Herron's case the lack of. Ron Ramsey has made a lot of conservatives unhappy over his backroom deals with democrats on the judicial selection issue and the state budget. Roy Herron is even worse than Ramsey. Unemployment,lack of good roads and jobs along with a very high, high school drop out rate in his senate district makes him destined to lose too any of the top GOP candidates. Senator Kyle could also free himself up to raise money during the next legislative session. That would allow him to catch up in the all important money race to Herron and the bud man(aka Mike McWherter)if he were to resign. Senator Kyle has also had a long career in the state senate and he was lucky enough to spend most of it in the majority. But its pretty unlikely the democrats will regain the majority in the state senate for at least ten more years given the landscape in Tennessee right now. So he has to ask himself does he want to become the democrats Ben Atchley or does he want to try something risky by attempting to go out as his party's nominee for Governor next year? I know what my choice would be.

Thursday, August 6, 2009

Rumble on the River GOP Style

The GOP candidates for Tennessee Governor will be at the high school in Savannah next Saturday at 4 pm for a meet and greet. Ramsey,Haslam,Wamp,Gibbons and even Mr. Kirkpatrick are scheduled to appear. Former Governor Winfield Dunn will be the master of ceremonies for the event. This event also shows how far the GOP in Hardin,McNairy and Wayne counties have come the last ten years. Events like this didnt happen on the GOP side in the 80's and 90's in this area.