| "Only dull people are brilliant at breakfast" -Oscar Wilde |
![]() |
"The liberal soul shall be made fat, and he that watereth, shall be watered also himself." -- Proverbs 11:25 |

Labels: activism, movies, Paul Newman, philanthropy

Labels: comedy, economic death watch, Sam Seder
Labels: racism
Labels: 2008 election, Barack Obama, John McCain
Labels: Jon Stewart, parsing, utter horseshit
CEO Maurice "Hank" Greenberg intends to sell his AIG stock, according to a regulatory filing on Thursday.
Greenberg, who ran AIG for nearly four decades, said he will sell stock in the open market, and that the sales may "materially" decrease the holdings that he controls, according to the filing with the U.S. Securities and Exchange Commission.
Greenberg, through a personal stake, family trust and companies that he controls, owns roughly 11 percent of AIG's stock, making him its largest shareholder before AIG agreed to a federal bailout that will give government 80 percent ownership.
Labels: economic death watch, greed
Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation’s largest savings and loan, to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution.
The move came as lawmakers reached a stalemate over the passage of a $700 billion bailout fund designed to help ailing banks, and removed one of America’s most troubled banks from the financial landscape.
Customers of WaMu, based in Seattle, are unlikely to be affected, although shareholders and some bondholders will be wiped out. WaMu account holders are guaranteed by the Federal Deposit Insurance Corporation up to $100,000, and additional deposits will be backed by JPMorgan Chase.
By taking on all of WaMu’s troubled mortgages and credit card loans, JPMorgan Chase will absorb at least $31 billion in losses that would normally have fallen to the F.D.I.C.
JPMorgan Chase, which acquired Bear Stearns only six months ago in another shotgun deal brokered by the government, is to take control Friday of all of WaMu’s deposits and bank branches, creating a nationwide retail franchise that rivals only Bank of America. But JPMorgan will also take on Washington Mutual’s big portfolio of troubled assets, and plans to shut down at least 10 percent of the combined company’s 5,400 branches in markets like New York and Chicago, where they compete. The bank also plans to raise an additional $8 billion by issuing common stock on Friday to pay for the deal.
Labels: economic death watch
Labels: Air America, comedy, Marc Maron, Sam Seder
The second area whereby God wants us, wants to penetrate in our society is in the economic area. The Bible says that the wealth of the wicked is stored up for the righteous. It's high time that we have top Christian businessmen, businesswomen, bankers, you know, who are men and women of integrity running the economics of our nations. That's what we are waiting for. That's part and parcel of transformation. If you look at the -- you know -- if you look at the Israelites, that's how they work. And that's how they are, even today.
Labels: bigotry, hypocrisy, racism, Sarah Palin
Labels: bank failures, pukeworthy
Labels: Air America, Marc Maron, Sam Seder, Seder V Maron
Officials at a US Christian college have launched an investigation after a cardboard effigy of Democratic presidential candidate Barack Obama was hung from a tree, a statement said Wednesday.
George Fox University, in Newberg, Oregon, said in a statement on its website that the cutout of Obama was found hanging from a tree on campus early Tuesday morning before being removed by staff.
A sign reading "Act Six reject" was taped to the cutout. Act Six is a scholarship program run by the college granted to 10 student leaders from urban Portland. Most of the students currently benefiting from the program are ethnic minorities, the statement said.
Labels: racism
PALIN: My understanding is that Rick Davis recused himself from the dealings of the firm. I don't know how long ago, a year or two ago that he's not benefiting from that. And you know, I was--I would hope that's not the case.
COURIC: But he still has a stake in the company so isn't that a conflict of interest.
PALIN: Again, my understanding is that he recused himself from the dealings with Freddie and Fannie, any lobbying efforts on his part there. And I would hope that's the case because, as John McCain has been saying, and as I've been on a more local level been on a much more local level been also rallying against is the undue influence of lobbyists in public policy decisions being made.
I'm ill about the position that America is in and that we have to look at a $700 billion bailout. At the same time we know that inaction is not an option and as Senator McCain has said unless this nearly trillion dollar bailout is what it may end up to be, unless there are amendments in Paulson's proposal, really I don't believe that Americans are going to support this and we will not support this. The interesting thing in the last couple of days that I have seen is that Americans are waiting to see what John McCain will do on this proposal. They're not waiting to see what Barack Obama is going to do. Is he going to do this and see what way the political wind's blowing. They're waiting to see if John McCain will be able to see these amendments implemented in Paulson's proposal.
COURIC: Why do you say that? Why are they waiting for John McCain and not Barack Obama?
PALIN: He's got the track record of the leadership qualities and the pragmatism that's needed at a crisis time like this.
COURIC: But polls have shown that Senator Obama has actually gotten a boost as a result of this latest crisis with more people feeling that he can handle the situation better than John McCain?
PALIN: I'm not looking at poll numbers. What I think Americans at the end of the day are going to be able to go back and look at track records and see who's more apt to be talking about solutions and wishing for and hoping for solutions for some opportunity to change, and who's actually done it?
COURIC: If this doesn't pass, do you think there's a risk of another Great Depression?
PALIN: Unfortunately, that is the road that America may find itself on. Not necessarily this as it's been proposed has to pass or we're going to find ourselves in another Great Depression. There has got to be action--bipartisan effort--Congress not pointing fingers at one another but finding the solution to this, taking action, and being serious about the reforms on Wall Street that are needed.
COURIC: Would you support a moratorium on foreclosures to help average Americans keep their homes?
PALIN: That's something that John McCain and I have both been discussing whether that is part of the solution or not...you know, it's going to be a multi-faceted that has to be found here.
COURIC: So you haven't decided whether you'll support it or not?
PALIN: I have not.
COURIC: What are the pros and cons of it do you think?
PALIN: Well, some decisions that have been made poorly should not be rewarded of course.
COURIC: By consumers, you're saying?
PALIN: Consumers and those who were predator lenders also. That's, you know, that has to be considered also. But again, it's got to be a comprehensive long term solution found for this problem that America is facing today. As I say, we are getting into crisis mode here.
Labels: Barack Obama, Democratic sellouts, John McCain
Aside from the ABC interview, Palin herself has not continued to tout Alaska's proximity to Russia as an example of her foreign policy knowledge. Instead, she often mentions on the campaign trail her work in striking a deal to construct a nearly $40 billion natural gas pipeline from Alaska, which would lead through Canada into the continental United States, as evidence that she has been at the forefront of making the U.S. energy independent.
“In general, the main way governors get involved in foreign countries is economic - they try to get countries to invest and go on trade missions, but very rarely do they get involved in issues of national security, in part because the Constitution prevents them from doing so,” Kupchan said.
“I think its fair to say [Palin's] exposure to most foreign policy issues is minimal. Had she been a governor for a long time and gotten involved in politics on the broader national stage, that would be different.”
Asked what foreign policy credentials Palin might bring with her to Washington, Dr. Gerald McBeath, the political science department chair at the University of Alaska - Fairbanks, pointed to Alaska's military bases and said that Palin would certainly be aware of security operations surrounding them.
“It used to be more critical in the Cold War than it is now,” McBeath added.
McBeath also noted that Alaska is within striking range of missiles that could be launched from North Korea.
A senior campaign aide who agreed to speak on the condition of anonymity admitted that Palin's knowledge of Russia may be limited to the way someone from Miami might obtain a general feel for Latin America.
“It is very much being able to look off the tip of Alaska,” the aide said. “Metaphorically, I'm talking about.”
Labels: Sarah Palin, utter horseshit
Labels: media, Sarah Palin
Some neighborhoods in Roxbury were blanketed over the weekend with campaign literature from a white supremacist, anti-immigration group that bluntly raised the issue of race regarding presidential candidate Barack Obama, offending some recipients and angering Democratic leaders.
A flier left on driveways in a neatly packaged plastic envelope and distributed by a group named the League of American Patriots, with a Butler mailing address, questioned, "Do You Want A Black President?" and stated "Black Ruled Nations most unstable and violent in the world."
Roxbury resident Elizabeth Corsetto said she and her husband came home from doing errands Saturday and found the flier at the end of their driveway. She picked it up, expecting a mailer from a retailer but instead found a one-page, black and white sheet featuring unflattering photos of Obama, including a doctored one portraying him with a long beard and turban.
"Why should we seal our fate by allowing a black ruler to destroy us?" asked the flier, which also detailed what it contended to be a series of facts on black unemployment, poverty, HIV and crime rates, while pointing out the woes of a couple of predominantly black-populated countries.
Attempts to reach the League of American Patriots, by telephone and e-mail, were unsuccessful yesterday. There were no names of group leaders or organizers on the flier or the group's website.
Corsetto, a former school board president in Dover, said she was shocked to get the flier.
"I'm not against free speech, but I was shocked to find stuff like this in my neighborhood," Corsetto said. "I know racism is out there in this world, but I'm particularly disturbed to believe this is happening in Morris County."
The League of American Patriots was formed March 29 at a meeting attended by more than 20 people at an undisclosed site in northern New Jersey, followed by a July meeting at an undisclosed Morris County park, according to the organization's website.
The group is "committed to restoring America to the principles upon which it was founded. First and foremost is halting the rapid demographic decline of the European peoples in our homeland," according to the website. League members attended an immigration reform rally in Lakewood in May and what was billed as an anti-Mexican rally in Shenandoah, Pa., in August, according to the site.
Labels: racism, wingnuttia
Russia flexed its muscles in America’s backyard yesterday as it sent one of its largest warships to join military exercises in the Caribbean. The nuclear-powered flagship Peter the Great set off for Venezuela with the submarine destroyer Admiral Chabanenko and two support vessels in the first Russian naval mission in Latin America since the end of the Cold War.
“The St Andrew flag, the flag of the Russian Navy, is confidently returning to the world oceans,” Igor Dygalo, a spokesman for the Russian Navy, said. He declined to comment on Russian newspaper reports that nuclear submarines were also part of the expedition.
The voyage to join the Venezuelan Navy for manoeuvres came only days after Russian strategic nuclear bombers made their first visit to the country. Hugo Chávez, the President, said then that the arrival of the strike force was a warning to the US. The vehemently antiAmerican Venezuelan leader is due to visit Dmitri Medvedev, the Russian President, in Moscow this week as part of a tour that includes visits to Cuba and China.
Peter the Great is armed with 20 nuclear cruise missiles and up to 500 surface-to-air missiles, making it one of the most formidable warships in the world. The Kremlin has courted Venezuela and Cuba as tensions with the West soared over the proposed US missile shield in Eastern Europe and the Russian invasion of Georgia last month. Vladimir Putin, the Prime Minister, said recently that Russia should “restore its position in Cuba” – the nation where deployment of Soviet nuclear missiles in 1962 brought Russia and the United States to the brink of nuclear war.
Labels: Armageddon, FUBAR, Rissia
Labels: economic death watch, humor
The 3rd Infantry Division’s 1st Brigade Combat Team has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys.
Now they’re training for the same mission — with a twist — at home.
Beginning Oct. 1 for 12 months, the 1st BCT will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks.
It is not the first time an active-duty unit has been tapped to help at home. In August 2005, for example, when Hurricane Katrina unleashed hell in Mississippi and Louisiana, several active-duty units were pulled from various posts and mobilized to those areas.
But this new mission marks the first time an active unit has been given a dedicated assignment to NorthCom, a joint command established in 2002 to provide command and control for federal homeland defense efforts and coordinate defense support of civil authorities.
After 1st BCT finishes its dwell-time mission, expectations are that another, as yet unnamed, active-duty brigade will take over and that the mission will be a permanent one.
[snip]
The 1st of the 3rd is still scheduled to deploy to either Iraq or Afghanistan in early 2010, which means the soldiers will have been home a minimum of 20 months by the time they ship out.
In the meantime, they’ll learn new skills, use some of the ones they acquired in the war zone and more than likely will not be shot at while doing any of it.
They may be called upon to help with civil unrest and crowd control or to deal with potentially horrific scenarios such as massive poisoning and chaos in response to a chemical, biological, radiological, nuclear or high-yield explosive, or CBRNE, attack.
Training for homeland scenarios has already begun at Fort Stewart and includes specialty tasks such as knowing how to use the “jaws of life” to extract a person from a mangled vehicle; extra medical training for a CBRNE incident; and working with U.S. Forestry Service experts on how to go in with chainsaws and cut and clear trees to clear a road or area.
The 1st BCT’s soldiers also will learn how to use “the first ever nonlethal package that the Army has fielded,” 1st BCT commander Col. Roger Cloutier said, referring to crowd and traffic control equipment and nonlethal weapons designed to subdue unruly or dangerous individuals without killing them.
“It’s a new modular package of nonlethal capabilities that they’re fielding. They’ve been using pieces of it in Iraq, but this is the first time that these modules were consolidated and this package fielded, and because of this mission we’re undertaking we were the first to get it.”
The package includes equipment to stand up a hasty road block; spike strips for slowing, stopping or controlling traffic; shields and batons; and, beanbag bullets.
“I was the first guy in the brigade to get Tasered,” said Cloutier, describing the experience as “your worst muscle cramp ever — times 10 throughout your whole body.
“I’m not a small guy, I weigh 230 pounds ... it put me on my knees in seconds.”
The brigade will not change its name, but the force will be known for the next year as a CBRNE Consequence Management Response Force, or CCMRF (pronounced “sea-smurf”).
“I can’t think of a more noble mission than this,” said Cloutier, who took command in July.
Labels: martial law
A gas shortage that closed many stations Monday and left motorists in lines of up to an hour or more at others promises more of the same today.
And worse yet, there will no quick fix in the next several days, officials said.
“People are panicked,” said Marsha Messer, manager of the Roadrunner Shell station on Merrimon Avenue. Messer stood in the station’s parking lot Monday afternoon directing lines of cars.
“We’ve already had three fights today. That’s why we have the cops here, “ she said, pointing to Asheville police patrol cars parked to the side.
The shortages have spread across much of the Southeast as most the 15 Gulf Coast refineries shut down by Hurricanes Gustav and Ike have yet to come back on line, cutting the nation’s petroleum supply by 22 percent.
Some experts said Asheville’s relative remoteness from the Colonial Pipeline, the main artery for East Coast gasoline supplies, and sparse population compared with major metropolitan areas could be adding to the problem.
The pipeline reopened a week ago Sunday, albeit at a greatly reduced carrying rate, and some supplies are reaching the gasoline terminals in Spartanburg and Belton, S.C., that supply the mountains.
But some industry officials had as many questions as answers in trying to explain the problems Monday.
Labels: America After Oil, tinfoil
Labels: 2008 election, John McCain
Washington, D.C (September 19th)- Radio One, Inc. (www.radio-one.com) along with the Hip Hop Caucus - Respect My Vote Campaign (www.hiphopcaucus.org) is planning to set a World Record by registering more than 50,000 eligible persons in one day during the “One Vote” National Registration Drive Tuesday, September 30th from 6:00am to 9:00pm.
Working with Radio One in 15 cities across the country that include Atlanta, Indianapolis, Baltimore, Detroit, St. Louis, Charlotte, Raleigh-Durham, Cincinnati, Cleveland, Columbus, Philadelphia, Dallas-Ft. Worth, Houston, Richmond and Washington DC, the Hip Hop Caucus will attempt the first ever one-day 50,000 person voter registration drive through live call-ins, online and on-site registration, in anticipation of November’s presidential election.
““Radio One has been committed for more than 25 years to the community and nothing is more important than being able to exercise your right to vote. Voting is the most fundamental of all of our rights as American citizens,” explains Barry Macon, Corporate Director of Marketing.
52 Radio One Inc stations across 15 cities will each broadcast live from one central location allowing registrars to register eligible voters on site. This nationwide voter drive is a joint effort between Radio One, Inc and Respect My Vote creator, Reverend Lennox Yearwood, also co-creator of the 2004 campaign "Vote or Die" with Sean "P Diddy" Combs. The initiative looks to bring the large number of African Americans, ages 18-29, who did not attend college out to the polls to participate in this year’s presidential election.
“We are committed to building awareness to the “Respect My Vote” Campaign,” explains Hip Hop Caucus CEO, Rev. Yearwood. “Our partnership with Radio One will help push the importance of registering to vote in this year’s presidential election to the more than 8 million unregistered African-Americans eligible to vote nationwide.”
About
Radio One, Inc. (www.radio-one.com) is one of the nation's largest radio broadcasting companies and the largest radio broadcasting company that primarily targets African-American and urban listeners. Radio One owns and/or operates 53 radio stations located in 16 urban markets in the United States. Additionally, Radio One owns Magazine One, Inc. (d/b/a Giant Magazine) (www.giantmag.com), interests in TV One, LLC (www.tvoneonline.com), a cable/satellite network programming primarily to African-Americans and Reach Media, Inc.
About
The Hip Hop Caucus (www.hiphopcaucus.org), a Washington, D.C. based bi-partisan community organization has created the “Respect My Vote Campaign” and is being endorsed by Hip Hop star T.I. The brainchild of Rev. Yearwood, co-creator of the 2004 campaign "Vote or Die" with Sean "P Diddy" Combs, The Respect My Vote campaign targets African Americans ages 18-29 who did not attend college. Statistics show only 7% of African Americans 18-29 who did not attend college, voted this past Super Tuesday and this is a target audience that is not being pursued by either campaign. Rev. Yearwood was also the Political and Grassroots Director for Russell Simmons' Hip Hop Summit Action Network, and a Senior Consultant to Jay Z's “Voice Your Choice” initiative. Through the use of the celebrity spokespeople and grassroots voter registration initiative, the Hip Hop Caucus looks to urge young African Americans to register and vote in November.
Labels: GOTV, vote suppression
Criminal acts intended or calculated to provoke a state of terror in the general public, a group of persons or particular persons for political purposes are in any circumstance unjustifiable, whatever the considerations of a political, philosophical, ideological, racial, ethnic, religious or any other nature that may be invoked to justify them.
Labels: domestic terrorism
Two advisers to John McCain's presidential campaign today said a flood of questionable voter registration applications in swing states threatens to undermine the accuracy of the November election and could prevent legitimate voters from registering for a ballot.
The warning came less than a week after the Democratic party filed a lawsuit in Michigan seeking to end what its lawyers said were Republican efforts to suppress votes of poor people and African Americans, two historically Democratic constituencies. The move indicates the Democratic and Republican parties are set to battle over voter registration in the remaining weeks of the campaign.
On a conference call with reporters this afternoon, former Republican senators John Danforth and Warren Rudman said a coalition of community organisations called Acorn had in several states submitted voter registration applications for people who were already registered.
The senators did not accuse the group of fraud, but suggested the group's registration drive was "diluting" legitimate votes and causing havoc in the nation's voter registration process.
[snip]
Today, Danforth sought to link Acorn to the Obama camp, noting that a political action committee affiliated with Acorn endorsed Obama.
He also said the McCain campaign was concerned that some ballot stations in heavily Democratic areas would be allowed to remain open on election night after their scheduled closing.
State laws typically allow that anyone on line to vote when the polls are scheduled to close may cast a ballot, but Danforth said he was concerned polling sites would be kept open to accommodate Democrats' late voter turnout efforts.
Labels: John McCain, Republicans, vote suppression
The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday, Gingrich laid out 18 policy prescriptions for Congress to take in order to "return to a Reagan-Thatcher policy of economic growth through fundamental reforms." In the midst of this economic crisis, he is actually demanding the repeal of the Sarbanes-Oxley Act, which would lead to further deregulation of the financial industry. Gingrich is also calling for reforming the education system to allow "competition" (a.k.a. vouchers), strengthening border enforcement, cutting corporate taxes and his signature move: allowing offshore drilling.
It would be a grave mistake to underestimate the right's ability to use this crisis -- created by deregulation and privatization -- to demand more of the same. Don't forget that Newt Gingrich's 527 organization, American Solutions for Winning the Future, is still riding the wave of success from its offshore drilling campaign, "Drill Here, Drill Now!" Just four months ago, offshore drilling was not even on the political radar and now the U.S. House of Representatives has passed supportive legislation. Gingrich is holding an event this Saturday, September 27 that will be broadcast on satellite television to shore up public support for these controversial policies.
What Gingrich's wish list tells us is that the dumping of private debt into the public coffers is only stage one of the current shock. The second comes when the debt crisis currently being created by this bailout becomes the excuse to privatize social security, lower corporate taxes and cut spending on the poor. A President McCain would embrace these policies willingly. A President Obama would come under huge pressure from the think tanks and the corporate media to abandon his campaign promises and embrace austerity and "free-market stimulus."
Dear American:
I cordially correspond today to request you to support an urgent secret business relationship with a transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused urgent need for large transfer of funds of 800 billion USD. If you would assist me in this transfer, it would be most profitable to you.
I am working with Mr. Phil Gramm, lobbyist for UBS, who (God willing) will be my replacement as Ministry of the Treasury in January. As a former U.S. congressional leader and the architect of the PALIN / McCain Financial Doctrine, you may know him as the leader of the American banking deregulation movement in the 1990s. As such, you can be assured that this transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred. For this inconvenience you will be rewarded with grand fees of 1/1,000,000th of 1% of possible profits due to off shore laundering of skim funds due to reprinting of said funds.
Please reply with mother's maiden name, routing and account numbers of all of your bank account, IRA and college fund accounts and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.
Yours Faithfully,
Minister of Treasury Paulson
Labels: comedy, lies, wingnuttia
These were the soon-to-be refugees from the hours-from-defunct Lehman Brothers.
They toted odd talismans of a finance industry gone sour like milk left out for a summer's fortnight. One woman carried a big, inflatable Wall St. Bull. Another carried huge, foam core-backed blow-ups of pictures of partying fellow Wall Streeters from more flush times. A haggard-looking fellow struggled with three laptop bags and a small box of papers—probably a stack of just-printed resumés.
Schadenfreude naturally prompts one to feel little for these people. We tend to see them all as Gordon Gekko-ish,“big, swinging dicks”. But the fact of the matter is that while a few of the people trudging dejectedly out of 745 Seventh Avenue may have been the contrast-collared bastards who led us into this abyss (most of the bigwigs stayed away lest they be the butt of catcalls—or worse from pissed off underlings), many more were just cube rats. Not rich. Not poor either. Just that nebulous in-between that puts in its hours and cashes a check for it. A shit load of 'em leveraged heavily against student loans for degrees that won't mean squat now as the industry gets a forced, financial “gastric bypass”, where there won't be the space anymore for that many jobs. The big guns are gonna be alright to a degree—much moreso than the Schmoes and Sues I saw carrying the trinkets of a better time down a midtown street.
I don't know what that guy was gonna do with all those extra mugs he was toting. Maybe fill 'em all with coffee all at once so he doesn't have to get up for refills as he stays up late re-doing his C.V.? Who knows?
What I do know is that people are hurting out here. Big time.
Don't show me Obama's leading by two whole points in the polls. That is, for all intents and purposes, a tie. By any reality-based standard, this election should be a rout. The Republicans fielded a buffoon and a sociopath while Democrats chose genuine leaders. Racism explains a lot of it. Media bias explains a lot of it. But it is also the case that Democrats are hellbent on avoiding mentioning anything that could possibly be thought "unclean" when the Republicans have demonstrated that no sewer is so foul they won't stoop to disgorge its stinking mess into the public discourse.
Labels: bloggers, dirty tricks, John McCain
Labels: bigotry, John McCain, racism, shamelessness, wingnuttia
Labels: corporatism, greed
The financial crisis that began in the United States spread to many corners of the globe. Now, the American bailout looks as if it is going global, too, a move that could raise its cost and intensify scrutiny by Congress and critics.
Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.
On Sunday, the Treasury secretary, Henry M. Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened. “It’s a distinction without a difference whether it’s a foreign or a U.S. one,” he said in an interview with Fox News.
Labels: economic death watch, FUBAR, greed
Republican leaders in Congress are warning Democrats not to load up the Treasury Department’s emergency bailout bill with help for homeowners or others facing economic hardship — all while avoiding a direct endorsement of the bill themselves.
“Efforts to exploit this crisis for political leverage or partisan quid pro quo will only delay the economic stability that families, seniors and small businesses deserve,” House Minority Leader John A. Boehner (R-Ohio) said in a statement issued Saturday afternoon. “Going forward, I hope we all can agree that we should keep any legislation as straightforward as possible while doing everything we can to protect American taxpayers.”
Senate Minority Leader Mitch McConnell (R-Ky.), who is up for reelection in November, said the Treasury’s $700 billion bailout plan must not become a vehicle for "partisan plans and pet projects" if it is to receive congressional approval next week.
As I posted earlier today, it seems all too likely that a “fair price” for mortgage-related assets will still leave much of the financial sector in trouble. And there’s nothing at all in the draft that says what happens next; although I do notice that there’s nothing in the plan requiring Treasury to pay a fair market price. So is the plan to pay premium prices to the most troubled institutions? Or is the hope that restoring liquidity will magically make the problem go away?
Here’s the thing: historically, financial system rescues have involved seizing the troubled institutions and guaranteeing their debts; only after that did the government try to repackage and sell their assets. The feds took over S&Ls first, protecting their depositors, then transferred their bad assets to the RTC. The Swedes took over troubled banks, again protecting their depositors, before transferring their assets to their equivalent institutions.
The Treasury plan, by contrast, looks like an attempt to restore confidence in the financial system — that is, convince creditors of troubled institutions that everything’s OK — simply by buying assets off these institutions. This will only work if the prices Treasury pays are much higher than current market prices; that, in turn, can only be true either if this is mainly a liquidity problem — which seems doubtful — or if Treasury is going to be paying a huge premium, in effect throwing taxpayers’ money at the financial world.
And there’s no quid pro quo here — nothing that gives taxpayers a stake in the upside, nothing that ensures that the money is used to stabilize the system rather than reward the undeserving.
Labels: economic death watch, FUBAR, greed
Labels: bloggers, economic death watch, FUBAR
...the political campaign to transform Mr. Obama into a Muslim is succeeding. The real loser as that happens isn’t just Mr. Obama, but our entire political process.
A Pew Research Center survey released a few days ago found that only half of Americans correctly know that Mr. Obama is a Christian. Meanwhile, 13 percent of registered voters say that he is a Muslim, compared with 12 percent in June and 10 percent in March.
More ominously, a rising share — now 16 percent — say they aren’t sure about his religion because they’ve heard “different things” about it.
When I’ve traveled around the country, particularly to my childhood home in rural Oregon, I’ve been struck by the number of people who ask something like: That Obama — is he really a Christian? Isn’t he a Muslim or something? Didn’t he take his oath of office on the Koran?
In conservative Christian circles and on Christian radio stations, there are even widespread theories that Mr. Obama just may be the Antichrist. Seriously.
John Green, of the Pew Forum on Religion and Public Life, says that about 10 percent of Americans believe we may be in the Book of Revelation’s “end times” and are on the lookout for the Antichrist. A constant barrage of e-mail and broadcasts suggest that Mr. Obama just may be it.
[snip]
What is happening, I think, is this: religious prejudice is becoming a proxy for racial prejudice. In public at least, it’s not acceptable to express reservations about a candidate’s skin color, so discomfort about race is sublimated into concerns about whether Mr. Obama is sufficiently Christian.
The result is this campaign to “otherize” Mr. Obama. Nobody needs to point out that he is black, but there’s a persistent effort to exaggerate other differences, to de-Americanize him.
SULLIVAN: The truth, Bill, is that we're on the verge of becoming a minority majority country. And you see it more in California and other places, but that's what's happening. And Obama represents a paradigm shift in America's understanding of itself and the world's understanding of America. And there is inevitably going to be a lot of people who are just very scared of that kind of change. And it may be an amorphous fear, but I think it's a real fear. I don't think it's simply a kind of crude racism; I do think it's a kind of cultural insecurity; a terror of the nature of their country changing in their own minds. And it's mainly, of course, the older generation. The younger generation, the under-40s, they're fine with this. They know this is a great thing, this is a fantastic thing, this country is as diverse as it is. The older people are too scared.
WILL.I.AM.: The 19-to-40s...racism is something in history books. And it's up high...at the top, top levels of corporations and politics, when they get reminded that racism is...once was, an American problem. And they're trying to regurgitate something that was...that held Americans back yesterday. I don't feel that racism is an issue between 19 and 38. And when those people register to vote, the polls are going to shift dramatically.
SULLIVAN: Obama is the future. The question for this country is if he's going to be the future in a couple of months, or after a longer period of time.
Labels: Barack Obama, racism
