U.S. stocks advanced today in the biggest presidential Election Day rally in 24 years. This has been led by energy and banking shares, on higher commodity prices and speculation the Treasury will bail out more financial companies. (Bloomberg)

According to Philip Orlando, who helps manage $330 billion as chief equity strategist at Federated Investors Inc. in New York, “The elimination of the uncertainty of the campaign typically results in an end-of-year rally and you’re starting to see that today.”

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Economic Populism appears to be back in vogue. Given the fall of Lehman Brothers and the Wall Street machine, the economic banter clearly seems to be “the people” versus “the elites.

Economic populism involves an economic philosophy urging social and political system changes. In the current political and economic climate, the public concern over the inequity of wealth appears to be at a peak. There is a growing call by Senator Barack Obama and democrats to raise taxes on the wealthy to shrink the wealth gap. But is it true that the rich are getting richer? Or are the rich actually in danger of losing a significant portion of the nation’s wealth? Are the democrats worried about a problem that’s already being fixed by the markets?

Emmanuel Saez, the income-share expert and economics professor at the University of California, Berkeley told Robert Frank of the Wall Street Journal that during the Great Depression, the income and wealth of the top 1% of society fell drastically. (Read here for the full story). If history is to be believed then this will happen again especially if Obama becomes president.

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Framed by the fall color of 100 year-old cottonwoods, Senator Barack Obama addressed an estimated crowd of 50,000 people in the Oval at Colorado State University in Fort Collins on Sunday. The stop was the second of the day for the Democratic candidate for President, who drew 100,000 people to Civic Center Park in Denver, 60 miles to the south.

Seeing the sheer volume of people attending these two events patiently waiting in lines that stretched up to two miles long, striking up unlikely conversations and talking politics with new friends, was to see the tangible evidence of the punctuation on a political shift in Colorado that might just help put Barack Obama in the White House.

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So how far apart are the two contenders when it comes to energy?

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After being chided by both Democrats and Republicans over remarks he made this summer about renegotiating the Colorado River Compact, Sen. John McCain said at a recent Colorado campaign stop that he would “never, ever” try to take more of Colorado’s water.

“As a citizen of the great state of Arizona, I want to say on behalf of all my fellow citizens: Thank you for the water,” said McCain to a group of about 2,000 supporters in Pueblo, Colorado.

In August, McCain said the Colorado River water compact should be renegotiated because of the added pressures of growth and development. The comment brought immediate attacks from the state’s top Democrats and even a surprisingly strong response from Republican candidate for U.S. Senate Bob Schaffer who said the compact would only be renegotiated, “Over my cold, dead, political carcass.”

As The Straight Talk Express rolled through the swing-state of Colorado this past week, Sen. McCain went out of his way to reiterate that his August comment was taken out of context. In an interview with the Denver Post and in recent stump speeches, McCain made a concerted effort to mend fences wrought by the gaffe - but will that effort stick? Some are not so sure if it will.

John Orr writes at the Denver Examiner:

“Voters will have to decide if McCain’s current position really reflects his views. He has done an about face on many issues over the summer in an attempt to shore up his faltering campaign. Which statement contains the “straight talk,” renegotiate the compact to provide more water to Arizona or never, never, renegotiate?”

States in the upper Colorado River Basin are extremely sensitive about the water compact they have negotiated with lower basin users (California, Nevada, Arizona).  In Colorado, “renegotiation” is considered synonymous with reallocation, and that is something most Coloradoans—regardless of their political affiliation—consider fighting words.

Image credit: jdnx via flickr under a Creative Commons License

From our friends at ZapRoot this week: Arizona tests artificial CO2 filtering trees. Sarah Palin loves oil. We help you find ways to get rid of your junk mail.

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“The energy bill puts us onto that path of independence by having a comprehensive legislation which is the result of a bipartisan compromise in favor of sweeping innovation solutions for America’s energy future,” said Pelosi in a press conference today. “It is imperative that we are energy independent, so we can enhance the prospect for a great future of renewables and creating good paying jobs.”

The bill passed in the House by a vote of 236-189, with ten Republican’s supporting the bill and thirteen Democrats opposing it. It includes measures to “extend the tax credits for renewables, curb energy speculation, establish a national renewable electricity standard, release 10 percent of the Strategic Petroleum Reserve, repeal subsidies to oil companies, and force oil companies to explore on the land already under lease (”use it or lose it”).” It also comes with provisions on efficiency and public transit. And there are even incentives for “clean coal.”

The act allows drilling 100 miles off the Atlantic coast and Florida’s Gulf coast, but that buffer zone could be reduced if a state’s government allows. It will also let state’s decide on whether or not to permit oil-shale development on federal lands within their borders. Here are some videos from the floor debate:

This post contains additional media. Click here to view the full post.

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The proposal is expected to come up for a vote next week. Along with allowing offshore drilling, it is also expected to roll back tax breaks on the largest of oil companies, where those royalties will be used to spur renewable energy programs and conservation. But the proposal, announced by Speaker Nancy Pelosi’s office, would essentially end the long-standing federal ban on oil and gas drilling that has barred oil companies from more than 80 percent of Outer Continental Shelf waters from New England to Washington state.

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This week from our friends at ZapRoot: The most notorious bicycle thief is caught in Canada. Find out how Green is Joe Biden? Check out a new batch of Alternative Autos.

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But former Vice President Al Gore was on fire.

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In a clear reference to the Republican voting record on renewable energy tax credits, and McCain’s personal views on the issue, he said, “Even today, as oil companies post the biggest profits in history—a half trillion dollars in the last five years—he wants to give them another $4bn in tax breaks. But he voted time and again against incentives for renewable energy: solar, wind, bio-fuels. That’s not change; that’s more of the same.”

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Some Democrats would dislike the choice of Hagel though, as it would put a Republican in good position to win the White House the next time around should Obama win. Of course there is also the possibility that John McCain might select the Independent and primarily liberal Senator Joe Lieberman as his vice president pick. So a dual-party ticket is possible on both sides.

Hagel’s opposition to the Iraq War is the principle reason why many Democrats label him the “new John McCain.” (the 2000ish John McCain that is– not the soulless hack we see now). From Nebraska, Hagel is one of the few prominent Republican politicians that Democrats like because he speaks with conviction and does not always file in with his party’s line. California Governor Arnold Schwarzenegger and Florida Governor Charlie Crist also to some extent fit into this category.

Hagel, along with Rhode Island Democratic Senator Jack Reed, is currently joining Barack Obama on his international world tour to places like Afghanistan and Iraq. By having Hagel accept Obama’s invitation to join him on the trip, it has only fueled additional speculation that his chances of being selected as vice president are real. Hagel has also said previously that he is open to the possibility of running with Obama: a bold gesture. Hagel’s status as a Vietnam War veteran and his foreign policy experience would add a lot to Obama’s candidacy, in addition to perhaps winning over some independent voters and moderate Republicans to Obama’s side.

So given this possibility, I thought it would be cool and exciting if Obama made Hagel his choice. Although I have read that Hagel’s positions on almost all issues other than the Iraq War seriously differ from those of Obama. Their differences of opinion on abortion is the one difference most commonly mentioned by reporters. So I asked myself earlier today, where is Hagel on environmental issues?

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The May request asked caterers to make “every effort” to accomplish healthy goals and called for:

• Three-colored meals selected from the following palette: red, green, yellow, purple and white.
• No fried foods.Half of the plate should belong to fruits and vegetables.
• The use of 70 percent organic or Colorado-grown ingredients.

Now, the Host Committee has issued a clarification called “Friction Fuels Frivolous Food Fight” to allay criticism and stop the spread of “misinformation.”

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I’m not sure what it is about these ads that have captured the nation’s imagination; John McCain has his own version of it, and, of course, it inspired scores of parodies on YouTube and among late-night talk show comedians.

Still, I wonder if the candidates will get around to making one of these ads about the environment.

It’d be really easy to do, actually. All you need is a ringing phone…and no one to answer it.

That’s because the environment has somehow become a non-issue during this campaign season. All three candidates have fairly progressive views when it comes to addressing climate change, and they all tout the benefits of weening ourselves off foreign oil, so we’ve basically been told by the media that there’s nothing more to discuss on the topic.

The only problem is that voters WANT to discuss it.

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Think as far back as two weeks ago. I know you can do it. Remember, Britney’s dad started taking control of her life… everyone you know bugged the hell out of you by constantly saying: “I drink your milkshake…”

Anyway, back then, Hillary and Obama were campaigning among blue-collar crowds in Ohio when news broke out that someone from the Obama camp called the Canadian government and reassured them that the tough talk on NAFTA was all just an act. Later, it was revealed that Hillary probably made a similar call.

All of which begged the question: Why would they care so much about Canada if this was about NAFTA? Hasn’t Uncle Lou told us time and time again that NAFTA is all about Mexico: its cheap labor, and its non-existent regulations, which entice American factories to relocate south of the border?

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Whenever I hear a recording of my voice I always think it sounds really weird. And although it seems like I’m implying that I have a ‘face for television’, I’m not (my twice-broken nose, gave me a nice nasally-twang, and a mighty proboscis that may be unfit for television).

What I’m saying is that XM Radio listeners were “treated” to eight minutes of yours truly today on Channel 130, “POTUS ‘08” (Politics Of The US), XM’s politics talk channel.

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[youtube:http://www.youtube.com/watch?v=porvkJhSFBk]

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The House, in particular, has seen some great victories, like passing a January bill that included:

• Removing the corporate income tax deduction for oil and gas companies. Furthermore, those companies will now pay 35 percent tax instead of the 32 percent put in place in 2004.
• Repealing parts of the 2005 Energy Policy Act that gave royalty relief to oil and gas producers for high-cost drilling in the Gulf of Mexico and Alaska.
• Creating a "strategic energy efficiency and renewables reserve" to spend revenues generated by the tax and royalty provisions — about $14 billion over 10 years — to develop alternatives and renewable energy.

But the January bill may still face a fight. According to the Houston Business Journal, independent analysts have raised concerns that removing tax incentives to explore and produce oil in the U.S. could cripple oil production. Frank Verrastro, director of energy programs for the Center for Strategic and International Studies in Washington, D.C. told the Business Journal that Democrats made a smart move to encourage energy efficiency and conservation, but that rolling back tax breaks is better politics than policy.

The bill now has to make its way through the Senate, where it’s expected to have a tougher ride because of competing Senate bills and a slimmer Democratic majority.

Squabbles within the Democratic party have hindered movement as well. Speaker Nancy Pelosi ran into controversy when she called for the creation of a committee on global warming and energy independence that would draft a bill by June 1 and hold a floor vote by July 4.

Rep. John Dingell (D-MI), chairman of the Energy and Commerce Committee, didn’t seem excited about the idea at all when he remarked: "They're going to get under the feet of and interfere with those who are trying to do a decent job of legislating. I'm unaware of anything they will do that will be of any value."

He seemed a little cooler in a February letter to the Speaker, in which he and Rep. Henry Waxman (D-CA), said they had reached an agreement that "resolves questions concerning the authorities and responsibilities" of the proposed committee. But less than two weeks later after a meeting with Pelosi that Dingell called "unhelpful," he said he doubted her June 1 and July 4 deadlines were possible.

Nevertheless, the House did authorized the committee, but with some changes to its responsibilities. It will hold hearings and recommend legislation, but won’t write any laws and will be terminated in two years. Earlier this month, Congressman Ed Markey (D-MA) was named chair of the 15-member panel. He once remarked, “Subsidizing an oil company to drill is like subsidizing a fish to swim."

Houston Business Journal