Pearce will try to recapture CD2 seat

Posted 7/06/2009 12:00:00 PM

Former U.S. Rep. Steve Peace, R-N.M., announced today that he will challenge the Democrat who replaced him, Harry Teague, next year. Here is Pearce's statement:
For the past half year, I have stood by and hoped for the best for our state and country. I had hoped Harry Teague would look out for the hard working people of New Mexico.

Sadly while I hoped for the best, Harry Teague embraced a reckless set of policies that directly jeopardize our economy and threatens future generations. He went to Washington and quickly voted for massive amounts of wasteful spending, loading up on pork barrel projects and radically increasing the size of government.

Now Harry Teague chose to vote for the job-killing cap and trade bill. If this bill becomes law, it will devastate jobs in New Mexico and further cripple the American economy.

Harry Teague’s cap and trade bill will:

• Hit families with as much as $1500 a year in higher energy costs.

• Destroy jobs in New Mexico’s energy sector.

• Will cost New Mexico over $200 million in higher electricity bills, but lower costs in California and New York.

Harry Teague put his allegiance to the liberal leadership of Nancy Pelosi ahead of the working families of New Mexico. I can not let this happen to the people of New Mexico. So today, I am signing paperwork to run for the Second Congressional District.

This district needs a Congressman who will fight for jobs for New Mexico families. Harry Teague won’t. I will.

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At 12:46 PM, July 06, 2009, Blogger Hemingway said...

During the Bush Administration and the economic crisis it is Pearce who said: "That sounds like a lot of money, but the amount of debt is really quite low," Pearce said, compared to many European economies. "If you look at the overall budget, the debt is not a fearful thing to me. In business, I recognize I will occasionally go into debt." This guy has no clue about economics or the present crisis.

At 12:51 PM, July 06, 2009, Blogger SteveR said...

"Cap and Trade" is going to be a great centerpiece to a campaign. The stars aligned for Mr. Teague in 2008, but its very unlikely he'd have got over 47% against Pearce had Pearce run for re-election.

The voting record will be hard to hide from. I'm sure some people love how he's voted so far, but I'm as sure, its not a majority of his constituents

At 1:02 PM, July 06, 2009, Blogger Hemingway said...

By way the SEC should take a look at Mr. Pearce's sale of his Lea Fishing Company.

There is a lot of questions that former Congressman Pearce should explain about the Lea Fishing. "Rep. Pearce was the president of Lea Fishing Tools from which, in 2002, he drew a salary of $277,352 and held stock worth between $1 and $5 million. In the fall of 2003, Rep. Pearce sold the company’s assets to Key Energy, in exchange for 542,477 shares of common stock. The value of the stock at the time was $5.2 million. During an October 29, 2003 conference call, however, the president of Key Energy said Lea Fishing Tools was purchased for $12 million. Rep. Pearce failed to report the transaction on his 2003 financial disclosure report, and the $6.8 million discrepancy remains unresolved. In the 2003 report, Rep. Pearce indicated only that he was the president of Trinity Industries, Inc. “F/K/A Lea Fishing Tools, Inc.” and that he held between $5 and $25 million of stock in the company. Given that all of Lea Fishing Tools’ assets were transferred to Key Energy, it appears that Trinity Industries may be a holding company for the Key Energy stock, but this is unclear." There is $6.8 million discrepancy.

There was a class action after the acquisition of Lea Fishing by Key Energy. It is not just a matter of Key Energy not filing an annual report for accounting reasons
The complaint charges Key Energy and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. Key Energy is the world's largest rig-based, onshore well
service company. The Company provides diversified energy
operations, including well servicing, contract drilling,
pressure pumping, fishing and rental tool services and other
oilfield services.

"The complaint alleges that during the Class Period, defendants
misrepresented the strength of Key Energy's financial results.
Throughout the Class Period, defendants repeatedly stated that
Key Energy's financials were strong and improving and that it
had strengthened its competitive position to benefit once market
conditions improved. In fact, the Company's financial statements
were materially misstated and not nearly as favorable as
reported. As a result of defendants' misstatements, Key Energy's securities traded at artificially inflated levels. Defendants were thus able to complete a $150 million note offering in May
2003 and to exchange 542,477 shares of Key Energy stock in the
acquisition of Lea Fishing Tools, Inc. in September 2003.

On March 15, 2004, Key Energy announced it would delay filing
its 2003 Form 10-K so that it could review the classification of
fixed assets during 2003. Later, on March 29, 2004, Key Energy
announced it would be taking write-downs of $83 million to
reflect good will impairment and would restate its prior year's
financial statements. Then on June 7, 2004, before the market
opened, Key Energy announced it was withdrawing earnings
guidance for 2004. The Company also disclosed that if it failed
to obtain a waiver for its default on its senior notes, it would
be in default. On this news, the Company's stock collapsed to as
low as $7.00 per share before closing at $8.67 on volume of 13.9
million shares. This was a 37% drop from the Class Period high
of $13.96."

It appears that former Congressman Pearce might have had prior knowledge of the Key Energy situation. What happened to the Key Energy stock Pearce had in his possession after the Lea Fishing deal? He never adequately explain this whole matter during his Senate campaign.

It would nice for him to explain all this.

At 1:05 PM, July 06, 2009, Blogger Hemingway said...

I noticed that the "cap and trade" opponents have no idea what they are talking about. This is just an observance not necessarily a criticism. It is complicated and might be too much for people who want simple answers like Rush. Hannity and O'Reilly!

At 1:39 PM, July 06, 2009, Blogger Hemingway said...

Congressman Teague has been real aggressive in helping veterans.

As for Mr. Pearce, his record is a joke:

Former Congressman Pearce's record with the veterans and healthcare is a disgrace. Whether you are a Republican or Democrat this transcends politics. In 2003 instead of acknowledging that more money is needed for veterans health care, Congressman Steve Pearce told veterans in Tularosa, NM, on Tuesday that problems with VA health care are the result of abuse by veterans and their families of an "entitlement" program. "It's very difficult to get fraud and abuse out of entitlement programs. People sometimes don't exist in the first place or they are passed away and someone is still drawing funds. I am very suspicious of entitlement action" even for veterans. This is what our veterans should expect from this former Bush hack!
In fact, there was inadequate resources for veterans health care and concurrent receipt because Rep. Pearce and House Republicans have enacted hundreds of billions in tax breaks for the wealthy and special interests especially Pearce's oil buddies. In 2003 Former Rep. Pearce voted to prevent the House from even considering an amendment to add $2.2 billion in needed funding for veterans' health care. [RV #450, 7/25/03]

Former Rep. Pearce then voted for a veterans funding bill that contained $1.8 billion less for VA health care than was budgeted earlier this year. [RV #456, 7/25/03]

"As a veteran himself, Steve Pearce should have known that our veterans' health care isn't just another 'entitlement program,' but a promise to be kept to those who served our country," As a loyal Bush politico, Pearce has decided that pleasing party leaders was more important than delivering for vets back in New Mexico. So Pearce voted for massive tax breaks instead of health care for veterans, and he has consistently refuses to give disabled military retirees the full benefits they've earned."

Will this be a plank in Pearce campaign - reduce veterans' benefits?

At 2:05 PM, July 06, 2009, Blogger SteveR said...

Hemingway, why do you assume everyone who disagrees with your worldview is somehow a mindless disciple of "Rush. Hannity and O'Reilly"? I can think for myself and having read as much of the Cap and Trade Bill as Mr. Teague, just as informes as he is.

At 3:03 PM, July 06, 2009, Blogger Hemingway said...

Pearce is dead wrong about jobs in the energy sector. Here is a Pew Research Study excerpt from June 2009:
“The Pew Charitable Trusts report illuminates how the clean energy economy is a strong and important part of New Mexico’s and America’s economy,” said Governor Bill Richardson (D-N.M.). “The Pew report is a welcome analysis that details the core clean energy economy and the important role that policy plays in driving growth. Over the past six years, my Administration has pursued clean energy policies ranging from a strong renewable portfolio standard to a robust set of clean energy tax incentives. For America to lead the global clean energy economy we need Congress to follow the lead of states like New Mexico and pass comprehensive policies that spur innovation and economic growth.”
“New Mexico’s clean energy economy is just getting started, but it’s experiencing explosive growth,” said Gregory Green, New Mexico representative for the Pew Environment Group. “Jobs in its clean energy sector grew 25 times faster than the state’s jobs overall between 1998 and 2007. And the state attracted nearly $148 million in venture capital in just the past three years. New Mexico is setting ambitious goals for expanding its clean energy economy even more—like its plan to buy all of the power for state agencies from renewable sources within the next two years.”
In 2007, there were more than 4,800 jobs in New Mexico’s clean energy economy.

Ex-Congressman Pearce is out of touch with New Mexico!!!!

At 3:05 PM, July 06, 2009, Blogger Dr. J said...

Go get 'em Steve! Good decision, NM and America needs help to climb out of the huge hole being dug for us taxpayers in DC with help from the likes of Teague. I thought Bush was bad, until Obama, Pelosi, Reid, and Teague just kept digging the debt hole deeper. The many Blue Dog Dems will help too, but now we in NM need Congressmen who know the fallacies of huge debt, supporting irresponsible businesses and borrowers with taxpayer bailouts, reckless pork spending, and supporting frivilous environmental lobbyists (who pour huge money into campaigns) and their imaginary causes.

At 3:08 PM, July 06, 2009, Blogger Michael Swickard said...

Gee, maybe the above people also should say something nasty about Steve's dog.

What a great race, both from Hobbs, both seasoned citizens, both wealthy, both know where to stand around a drilling rig.

The difference? Only which Speaker of the House candidate they support.

At 3:24 PM, July 06, 2009, Blogger Dr. J said...

No, there are many very fundamental differences between Steve and Harry. You have pointed out the only three things they have in common

At 4:00 PM, July 06, 2009, Blogger Hemingway said...

It is funny that Republicans are trying to use the cap and trade legislation for petty political gain. They forget that in 2001 John McCain and Joe Lieberman tried to work together to develop a comprehensive cap-and-trade system. I guess that is recent U.S. politics - cut your opponent's throat - heck with the country!

At 4:27 PM, July 06, 2009, Blogger Mr. Marks said...

While it's pretty hard to predict what the big campaign issues will be a year from now, to the extent that Teague's vote on ACES is going to be in play, it's going to be as political/ideological issue.

It's NOT going to be a true pocketbook issue since consumers will not see any material impacts from this legislation prior to when carbon limitations begin in 2012.

At 5:14 PM, July 06, 2009, Blogger Dr. J said...

Hemingway, Pew is a left wing liberal foudation that has been pushing the AGW (anthropogenic global warming) theory and agenda as a way of raising funds, they are not an objective, scientific or economic source of analysis and information. You may as well cite Algore, Jimmy Hansen, or the UN IPCC panel, they all have similar politically slanted views and partisan agendas.

At 7:21 PM, July 06, 2009, Blogger Hemingway said...

Egad - everyone who disagrees with Dr. J is partisan and left wing. There are many non-partisan studies by Pew Research Center for the People & the Press. I believe Dr. J has "politically slanted views and partisan agendas". Sorry but true!

At 8:17 AM, July 07, 2009, Blogger Joseph Cummins said...

The battles continue.
The thieves (darkness) against freedom (light of day).
Fortunately, It does not take a neurologist to recognize those who believe they have a right to steal.

At 8:43 AM, July 07, 2009, Blogger politicagal said...

I think as those of us that live in CD2 found out while Pearce was in office, his agenda is Pearce is for Pearce and nobody else. As far as the veterans go, he believes in the adage, Nothing is too good for the veteran, so nothing is what he gives them. Isn't it curious after losing his quest for Senate, he is back here wanting to take his old job back. He messed with his party and Domenici for going against Domenici's protegee Heather Wilson the assumed candidate to replace Domenici.This kind of thinking should be a red flag for his own party.But remember the credo for the republicans is to win at any cost. If "Jack the Ripper" were to run for this seat he would be welcomed with open arms. I hope democrats are not foolish enough to vote for this guy. I especially hope the families of the fallen and disabled service men and women will remember Pearce did nothing to fund the rehab for the disabled coming home. And to some of the previous comments, yes I am a democrat,left leaning liberal and proud of it. My father now 88 years old served 20 years in the Navy, World War II, Korea, took the wounded out after the bomb in Japan and is a Pearl Harbor
survivor.He and I will be supporting Harry Teague!

At 2:42 PM, July 07, 2009, Blogger Stephen Jones said...

Steve Pearce!!

Egad! It's another Zombie attack!

At 9:15 AM, July 08, 2009, Blogger Dr. J said...

Hemingway, as a scientist I know there are numerous interpretations and conflicting analysis and data in most any study. When an organization, like Pew, approaches an issue with partisan political biases, motives, and agendas, they will interpret and report vastly different findings from some one like say the Heritage Foundation with a different view. This issue (mostly) is about economics and politics, not science, thus the data is very uncertain and flimsy, and thus ideal for political manipulation. I will not say I don't have economic and political biases, I am just saying that one partisan source like Pew is no better than another like Heritage. You have to take political data from all sides and analyze it independently to make sense of it. A critical thinking individual will approach any single, biased study with skepticism. Single sources can and should be dismissed out of hand.


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