Jaime Fuller

Jaime Fuller is a former associate editor at The American Prospect

Recent Articles

Wall Street Likes Facebook

Today's Balance Sheet

Facebook makes its blockbuster market debut today, and as The New York Times points out , "the trading on Friday is the the equivalent of a must-see Super Bowl Sunday showdown for people who don’t ordinarily watch a football game." The social network's stocks have been priced at $38 a pop, which means the company is valued at $104 billion, making it the second biggest initial public offering ever. If the company's first day on Wall Street follows the tech trend, it could be worth $137 billion by the end of the day. The next big, and potentially difficult step for the company will be proving it's worth the investment. The site already accounts for 9 percent of all web traffic in the United States, but it's going to need to grab more revenue as time goes on, which means more ads, more Farmville-esque spending opportunities, or breaking off into new territory like smartphones and data analytics. The Latest GOP rookies buck Grover Norquist POLITICO The $1 Billion Club Gets Crowded The...

Big Sky's the Limit

(AP/Andrea Helling)
M ontana knows all about buying elections. In 1899, just ten years after it became a state, William Andrews Clark, known as the Copper King, spent an estimated $400,000—the equivalent of $11 million today—to buy the votes of state legislators to send him to the United States Senate. After a lengthy investigation, Clark resigned before the Senate could boot him out. The scandal turned from shocking to farcical when Clark, who bragged that he “never bought a man who wasn’t for sale,” returned to Montana and the lieutenant governor reappointed him to the position from which he’d just been removed. The governor later revoked the appointment, but Clark's third attempt at higher office proved the charm: After spending enough on political campaigns to ensure a state legislature amenable to his re-re - election, he prevailed and sat in the Senate until 1907. Mark Twain said of the affair that Clark had “so sweetened corruption that in Montana it no longer has an offensive smell.” In the early...

Back to the Deficit

Today's Balance Sheet

The House plans to vote today on a Republican plan to avoid the $110 billion in Pentagon sequestration cuts that would be triggered at the end of the year because of the failure of last year's supercommittee. "People know at the end of the day that this is not going to be all sunshine and cotton candy," said Representative Tom Cole, a Republican from Oklahoma. Unfortunately, the Republicans' plan to fix the deficit hurts the poorest in our country the most—the bill, which would save $261.5 billion over the next ten years, would leave an estimated 1.8 million people without food stamps, cut Medicare by $22.7 billion, and stop a program that helps homeowners facing foreclosure. Senate Democrats and Obama have threatened to "pull the trigger" on the defense cuts unless Republicans agree to work with them on a compromise that entails spending cuts and tax increases."My message to them is simple," Obama said. "No. I will veto any effort to get rid of those automatic spending cuts to...

Job Openings on the Rise, Hiring, Not So Much

Today's Balance Sheet

There were 3.74 million job vacancies at the end of March, the highest level since July 2008. The rise was attributed to increased demand in construction and manufacturing, and could show that companies are gaining confidence in the recovery as the year goes on. The small business optimism index rose to 94.5 , a high not seen since February 2011 However, the pace hiring hasn't budged much. The number of people hired in March fell to 4.36 million from February's 4.44 million, keeping the hiring rate steady at 3.3 percent. As Lou Crandall, chief economist at Wrightson ICAP LLC says , "The progress is incremental at best and the levels are still very low." The Latest Can Texting Save Stores? The Wall Street Journal Liberal Donors’ Plan Worries Top Democrats The New York Times How Europe's Austerity Backlash Might Change U.S. Politics Bloomberg Businessweek The Maturation of the Billionaire Boy-Man New York Chart of the Day Twenty percent of the seats in the world's parliaments are now...

Dems Get a Super PAC Jump-Start

Today's Balance Sheet

Billionaire George Soros is jumping into the 2012 election funding race, donating $1 million apiece to pro-Democratic super PACs America Votes and American Bridge 21st Century. This cash infusion— much needed given how Democratic super PACs have struggled to match the fundraising pace of the conservativeAmerican Crossroads—may bring other liberal donors to the fray despite longstanding misgivings of the influence of super PACs from both the Obama camp and the pool of untapped liberal donors. Democratic supporters will have to be quite generous to outpace their conservative competition—super donor Harold Simmons plans to funnel $36 million into super PACs this election cycle, and Casino mogul Sheldon Adelson has already given at least $10 million during the Republican primary. Even if Soros' contribution starts a new trend in Democratic fundraising, for now the Obama campaign seems to think they're on their own on the money front. While Republican super PACs have taken the reins on...