CNN's GUT CHECK | for June 5, 2012 | 5 p.m.
– n. a pause to assess the state, progress or condition of the political news cycle
BREAKING: WISCONSIN EXIT POLLS COMING IN NOW. POLLS CLOSE AT 9 p.m. ET, which is the earliest possible projection time. Watch CNN and CNN.com for full election coverage.
FRESH REPORTS FROM THE GROUND: Democratic sources, union sources, Republican sources, and Wisconsin state officials all tell CNN’s Dana Bash that turnout is high across the state. There are reports of polling stations running out of voter registration forms.
HISTORICAL NUGGETS FROM CNN’s ROBERT YOON:
* State officials can be removed from office through a recall election in at least 18 states.
* The first governor to be removed from office was North Dakota Gov. Lynn J. Frazier (R) in 1921. Frazier was elected to the U.S. Senate a year after being recalled from the governorship.
* The second governor to be removed from office was California Gov. Gray Davis (D) in October 2003. He was replaced by Arnold Schwarzenegger (R). Davis had been re-elected to a second term less than a year earlier (in November 2002), but lost the recall vote, 55 to 45 percent.
Who was president when the United States went off the gold standard on this day in history?
On election days, it’s always the voters that catch our eyes – and our ears.
We like to listen to see what closing arguments voters make – do they echo the scripts of the super Pac ads? The candidates stump speeches? Or the sarcasm of the late-night comics?
Read about these voters that were interviewed by Wisconsin newspaper reporters:
Paul and Susan Gouvion, voted for Barrett:
"The teachers – taking their rights away is ridiculous," Paul Gouvion said, adding that he was disappointed that Gov. Scott Walker and the Republican legislature stripped collective bargaining rights from most - but not all - unions. He said it was wrong that police and firefighters were exempted.
The couple has a "Recall Walker" sign in their yard, and both are union members. She's a nurse and he worked as a truck driver for Roundy's.
"If Barrett did anything wrong, he didn't hit the union thing hard enough" to drum up support, she said.
Tim Madden, 56, voted for Walker:
"Recalling Scott Walker, just for the purpose that you don't get your way, is wrong," he said.
Jerry Darda, 73, voted for Walker:
Said he voted for the governor because the recall was "ridiculous" and that Walker should be able to finish his job. LINK
Did you miss it?
Leading CNNPolitics: Recall vote is judgment day for Walker
Wisconsin voters began delivering their judgment Tuesday on whether to recall Gov. Scott Walker, a Republican hero for pushing austerity measures that stripped collective bargaining rights from most public unions. – Tom Cohen
Leading Drudge: Voter Showdown Wi: Dems Cry Foul
With only about four hours into the Election Day voting, members of the Milwaukee Democratic Party claim that calls are going out to voters telling them if they'd signed the recall, they didn't need to vote today. – Jason Smathers
Leading HuffPo: Mitt Romney Says He Would Have Backed Auto Bailout After Managed Bankruptcy
Mitt Romney clarified Tuesday that he would have been fine with the government bailing out the auto industry, but only after the embattled companies had gone through managed bankruptcy. – Sam Stein
Leading Politico: Fear factors: What worries Romney backers
Mitt Romney has done the unthinkable: silenced the legions of conservatives who saw him as too starched, too ideologically wobbly and too Richie Rich to win a few months ago. Now comes the hard part: getting those same conservatives not to pop off as he moves to confront a half-dozen very Mitt-specific political dangers — the ones top Republican officials say he must navigate to unite the party and attract skeptical conservatives and independents this summer.
Leading The New York Times: Wisconsin Votes on Recall of Governor
Sixteen months after Wisconsin erupted into one of the fiercest political wars in residents’ memories, voters began streaming into polling places on Tuesday to decide whether to remove Gov. Scott Walker, the Republican whose decision to cut collective bargaining rights for most public workers set off the fight. – Monica Davey
The political bites of the day
– Crossroads GPS hits Obama for national debt –
GOP CAMPAIGN AD: Narrator: Why isn't the economy stronger? In the seconds it takes to watch this, our national debt will increase $1.4 million. In 2008 Barack Obama said:
Obama: We can't mortgage our children's future on a mountain of debt
Narrator: Now he's adding $4 billion in debt every day. Borrowing from China for his spending, every second, growing our debt faster than our economy. Tell Obama 'stop the spending'. Support the New Majority Agenda at New Majority Agenda dot org.
– Reid takes aim at Romney for not showing leadership on fair pay –
SENATE MAJORITY LEADER HARRY REID IN A SPEECH ON THE SENATE FLOOR: “The only Republicans who are against our common sense measure are the ones that are in Congress in Washington. Even Mitt Romney has refused to publicly oppose this legislation. He may oppose it, but he is afraid to say anything about it. Why? Because it is obvious why. He should show some leadership, in my opinion Gov. Romney, and tell his fellow Republicans that opposing fair pay for all Americans is shameful. Instead no one knows where he stands.”
– Don’t Mention Tort Reform –
SENATE MINORITY LEADER MITCH MCCONNELL TALKS ABOUT FAIR PAY LEGISLATION ON CAPITOL HILL: “We don't think America suffers from a lack of litigation. We have a joblessness problem, we have a debt problem, we have a deficit problem. We have a lot of problems. Not enough lawsuits is not one of them.”
– Obama dusts off the old campaign promises, jokes Fallon –
JIMMY FALLON ON HIS TALK SHOW “LATE NIGHT WITH JIMMY FALLON”: “On Friday, President Obama spent the night at his home in Chicago for the first time in over a year. It was nice. He even went down to the basement, dusted off some old campaign promises. He was like ‘this one got me Delaware.’ ”
What stopped us in 140 characters or less
It's Election Day in Wisconsin tomorrow, and I'm standing by Tom Barrett. He'd make an outstanding governor. -bo—
Barack Obama (@BarackObama) June 04, 2012
Reince Priebus (@Reince) June 05, 2012
Today is the 8th anniversary of Ronald Reagan's death. It's also primary day in CA. I'd like to write in "The Gipper" please. #CAPrimary—
MichelleInCal (@MichelleInCAL) June 05, 2012
President Reagan died on June 5, 2004. Let's win one for the Gipper!—
Scott Walker (@ScottKWalker) June 05, 2012
classic: just hung up w/ taxi company in liberal madison offering free taxi rides to anyone voting. kicker: company is called "union cabs"—
Dana Bash (@DanaBashCNN) June 05, 2012
Stop what you're doing and watch President Obama sing Carly Rae Jepsen's "Call Me Maybe." youtube.com/watch?feature=…—
Andrew Marlan (@AndrewMarlan) June 05, 2012
WaPo: Obama's celebrity hobnobbing 'carries significant risks as he struggles to convince voters...'—
Byron York (@ByronYork) June 05, 2012
CALLING ALL PUNDITS: It’s map time in America – and time for you to play along at home with John King’s magic wall as the road to 270 heats up. He reveals CNN’s seven toss-up states.
Not to be outdone, GOP consultant Alex Castellanos shed his political contributor role to be a self-proclaimed “political swami” and walk you through his interpretation of the Electoral College map.
Do you disagree? Check out James Carville’s picks or make your own.
On this day in 1933, President Franklin Delano Roosevelt signed into law legislation that made it illegal for creditors to receive payment in only gold - a move that effectively moved the country off the gold standard after nearly 50 years.
This move was a way for the Roosevelt administration to inflate the money supply and stave off economic downturn during the Great Depression. Before moving off the gold standard, Roosevelt tried to prevent a run on banks by stopping banks from paying out or exporting gold. All of these policies were actually first done by England earlier in the 1930s and many suspect that those decisions influenced FDR.
America fully moved off the gold standard in 1971 when President Richard Nixon announced that dollars would no longer be converted at a fixed value.
The idea of the gold standard has seen a resurgence of late thanks to Rep. Ron Paul, R-Texas. Paul has long advocated for the U.S. to return to the gold standard, and his followers have even taken up the fiscal policy as their calling card, along with ending the Federal Reserve.
In an interview with CNBC, Paul outlined why moving off the gold standard would help. "The transition would be pretty tough, not written and talked a lot about this and you’d have to devise a system where there would be a transition where maybe you could have a gold standard competing with a paper standard and then obviously gold would win out," Paul said.
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