- David Malpass
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David Malpass Personal details Political party Republican Residence New York City, New York Occupation Economist Website Grow PAC David R. Malpass (born March 8, 1956) is an American economist and also ran in the 2010 Republican primary for U.S. Senate in New York. He is the founder and president of Encima Global LLC, an economic research and consulting firm based in New York City. He served as Deputy Assistant Treasury Secretary under President Ronald Reagan, Deputy Assistant Secretary of State under President George H. W. Bush, and Chief Economist at Bear Stearns. Malpass campaigned to unseat appointed Senator Kirsten Gillibrand in the 2010 U.S. Senate Special Election in New York, but he lost the Republican primary on September 14, 2010.
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Chairman of GrowPac
David Malpass is the Chairman of GrowPac.com, a political organization dedicated to renewing America’s commitment to smaller government, individual freedom, private sector growth and strong national security. When founded in October 2010, Grow PAC's immediate objective was to help elect members of Congress who will stop the uncontrolled federal spending and debt increases and encourage private sector job growth in New York. It's broader purpose is to support positive ideas and candidates nationwide to meet the hard challenges facing our country. Grow PAC will work with private sector leaders, the policy world, and candidates and elected officials to produce concrete workable solutions.
U.S. Senate campaign (2010)
Main article: United States Senate special election in New York, 2010David Malpass announced his campaign to unseat Senator Kirsten Gillibrand (D) on April 15, 2010.[1]
Malpass won a place on the primary ballot at the 2010 New York GOP Convention with the support of 33 out of 62 counties statewide, more than any other candidate. He earned 41% of the weighted vote on the first ballot.[2] Malpass was opposed by Bruce Blakeman, a former Nassau county legislator and unsuccessful candidate for state comptroller, and former Congressman Joseph DioGuardi, the Conservative Party of New York State nominee who petitioned for his position on the primary ballot.[3]
In the primary held on 14 September 2010 DioGuardi defeated Malpass 42% to 38%, with Blakeman receiving 21%.
Policy positions
Government waste
As a columnist, Malpass has been a critic of government spending and taxation levels in the United States. He has referred to Washington’s legislative and regulatory culture as being “possessed” by a “culture of tax-and-spend” (Washington Possessed), and has warned that Washington’s ongoing expansion threatens to bring about “a fundamental deterioration in America’s private sector.” [4] He has written that “[S]mall businesses are the nation’s critical engine for growth, innovation and job creation, yet they are being starved for credit and slammed with more taxes, government directives and litigation exposure”[4]
Financial reform
In a National Review column on March 19, 2010, Malpass stated that the financial regulation bill then under consideration would “add more to Washington’s power and bureaucracy without fixing core problems.” [5] He wrote, "Rather than creating a new oversight department that expands Washington’s regulatory power, it would be better to use this opportunity – per the Obama Administration’s notion of not letting a crisis go to waste – to streamline and concentrate the many existing consumer financial regulations in one place”.[5]
Healthcare
The National Review reports that Malpass “calls for defunding Obamacare and having Congress look at health-care challenges, such as preexisting conditions, one at a time. He has advocated for tort reform, to help rein in costly litigiousness, and such pro-consumer measures as tax-free health savings accounts”.[5]
Endorsements and supporters
Former Mayor Rudy Giuliani endorsed David Malpass on September 7, 2010, who praises him as a "lifelong fiscal conservative" who's the best choice to take on incumbent Democratic Sen. Kirsten Gillibrand in November.[6]
On June 4, 2010, the New York Sun endorsed Malpass in an editorial. The same editorial cited Blakeman in Nassau County's budget crisis and tax increases.[7]
On September 1, 2010, the New York Post endorsed Malpass in an editorial. The same editorial criticized Malpass' potential opponent on the Democratic side, Kristen Gillibrand.[8]
Malpass' Senate bid has been endorsed by former presidential candidate, Steve Forbes, who appeared with Malpass and other supporters when Malpass announced his campaign.[9]
John Faso, a former gubernatorial candidate, has endorsed Malpass and appeared at his campaign announcement.[9]
On September 12, 2010 David Malpass received the endorsement of Crain's New York Business: "The last thing New York needs is a Wizard-of-Oz candidacy in which our junior senator ignores her challenger and does her talking in 30-second commercials. Mr. Malpass has the wherewithal to engage her, and we endorse him in the Republican primary..." [10]
Westchester Rising Publications endorsed David Malpass on September 12, 2010: "The Republican Party in New York State needs new leadership and new candidates to tap into voter discontent over taxes, spending and debt here in New York State and in Washington DC. In the GOP Primary for U.S. Senate, to determine who will face off against Democrat Senator Kirsten Gillibrand, we endorse David Malpass." [11]
Malpass lost the primary election.[12]
Career
During the presidencies of Ronald Reagan and George H. W. Bush, Malpass worked on an array of economic, budget, and foreign policy issues including small business promotion throughout Latin America, and the 1986 tax cut.[13] Malpass served as the Republican staff director of Congress’s Joint Economic Committee from 1989–1990, and, more recently, as a member of Congress’s blue-ribbon panel on budget scoring from 2002-2003.[13]
Malpass worked at Bear Stearns for 15 years and spent six of those years as the firm's chief economist. Malpass' team ranked second in the Institutional Investor ranking of Wall Street economists in 2005, 2006, and 2007[13], however, Bearn Stearns investors lost 93 percent of their share value when the company signed a merger agreement with JP Morgan Chase in a stock swap worth $2 per share (less than 7 percent of Bear Stearns market value just two days before). During his tenure as chief economist of Bear Stearns up through 2008, the firm sought $25 billion dollars in bailout money from the Federal Reserve, and eventually the collapse of two subprime mortgage hedge funds led to the implosion of the company.[14][15] In December of 2007, Malpass rejected the notion of an impending housing-led recession[16] and in an ill-timed op-ed piece in the Wall Street Journal, Malpass argued that the economy was sound, the credit crisis was contained, and the American economy was fine in August of 2007. [17]
After the collapse of Bear Stearns, Malpass founded Encima Global in June 2008. As head of Encima Global, Malpass provides daily in-depth analysis of global economic and political trends relevant to institutional investors.[18]
Malpass co-authors a weekly column in Forbes magazine and is a regular contributor to the op-ed section of the Wall Street Journal.[19] He is also a frequent TV commentator. From 1977 to 1983 Malpass worked in Portland Oregon for Esco Corporation (steel), Arthur Andersen (where he became a licensed CPA), and Consolidated Supply (plumbing wholesaler.)
Malpass sits on the boards of the Economic Club of New York and the National Committee on United States-China Relations.[20]
Education
Malpass holds a BA in physics from Colorado College[13] and an MBA from the University of Denver. He studied international economics at Georgetown University’s School of Foreign Service. He speaks Spanish, Russian, and French.[1]
Personal life
Malpass and his wife, Adele, live in New York City with their four children. They have been residents of New York for nearly two decades. Malpass is a native of northern Michigan.[21]
References
- ^ a b Beth Fouhy (AP) (April 14, 2010). "David Malpass For Senate: Republican Economist To Challenge Gillibrand". The Huffington Post. http://www.huffingtonpost.com/2010/04/14/david-malpass-for-senate_n_537286.html.
- ^ Malpass: The Strategy
- ^ [1]
- ^ a b David Malpass (June 28, 2010). "Shakedown". Forbes Magazine. http://www.forbes.com/forbes/2010/0628/opinions-david-malpass-current-events-shakedown.html.
- ^ a b c Raymond J. Keating (June 29, 2010). "David Malpass Runs for Senate". The National Review. http://article.nationalreview.com/437065/david-malpass-runs-for-senate/raymond-j-keating.
- ^ "Blogs". Daily News (New York). http://www.nydailynews.com/blogs/dailypolitics/2010/09/rudy-giuliani-endorses-david-m.html.
- ^ "David Malpass for the GOP", The New York Sun, 4 June 2010
- ^ "For the GOP: David Malpass", The New York Post, 1 September 2010
- ^ a b "David Malpass Challenging Kirsten Gillibrand for U.S. Senate"
- ^ http://www.crainsnewyork.com/keywords/3247/David+Malpass
- ^ http://www.risingmediagroup.com/westchestercrusader.html
- ^ "New York, Class I Special Election Senate Primary Results". Politico. September 14, 2010. http://www.politico.com/2010/maps/#/Senate/2010/NY. Retrieved October 2, 2010.
- ^ a b c d "National Review Author Profile". http://author.nationalreview.com/bio/?q=MjM3OQ==##.
- ^ Boyd, Roddy (March 31, 2008). "The last days of Bear Stearns". Fortune. Retrieved on December 14, 2010 [2]
- ^ FRONTLINE: Inside the Meltdown - You Have a Weekend to Save Yourself Retrieved Feb. 26, 2009
- ^ Is the Federal Reserve Ahead of the Curve?, by Jeff Miller, Seeking Alpha, December 26, 2007 [3]
- ^ "Don't Panic About the Credit Market", by David Malpass, the Wall Street Journal, August 7, 2007, http://online.wsj.com/article/SB118645120890190059.html
- ^ Republican ex-finance honcho David Malpass shooting for Kirsten Gillibrand's Senate seat, by Celeste Katz and David Saltonstall, Daily News, 15 April 2010, [4]
- ^ Malpass, David (October 7, 2009). "Wall Street Journal". The Wall Street Journal. http://online.wsj.com/article/SB10001424052748703298004574458923186941870.html.
- ^ "NCUSCR Board of Directors". http://www.ncuscr.org/who-we-are/board-directors.
- ^ "U.S. Senate hopeful seeks to unseat Gillibrand" Howard W. Appell, The Livingston County News, 14 July 2010]
External links
- David Malpass for U.S. Senate (Official Campaign Website)
- Encima Global
- David Malpass for the GOP
- Malpass First on the Air in Senate Race
- GOP Senate Hopeful Targets Debt
- David Malpass Runs for Senate
- Senate Candidate Outlines His Strengths
- Kudlow to Malpass: 'Run David, Run!'
- Don't Panic About the Credit Market, David Malpass, 2007
- More Corruption: Bear Stearns Falsified Information as Raters Shrugged
Categories:- 1957 births
- Living people
- American economists
- New York Republicans
- Reagan Administration personnel
- George H. W. Bush administration personnel
- Colorado College alumni
- University of Denver alumni
- Edmund A. Walsh School of Foreign Service alumni
- Council on Foreign Relations
- The Wall Street Journal people
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