Day: September 30, 2008

Today In The Economy

Holy Crap!  Been a helluva day!  Finger pointing, injection of politics and total BS.  The markets are up over 200 pts as of this writing and the media pundits are claiming that it shows optimism that a deal can be cut by week’s end when the House returns to work.

BS!  It is more like bargain hunters and speculators that are bottom feeding looking for a few quick bucks.  The media is just playing along with the politicians to try asnd influence the outcome.

Speaking points, new terms..here is a good one…”it is not a bailout, it is an asset acquisition”.  Remeber the one from days past, “boots on the ground”?  Silly posturing.

Congress, all of them, say they are surprised that the bill failed, but are confident that a deal will be struck by week’s end.  If true, then was all this silliness just political theater for the peeps back home?  Or maybe it was just part of the game being played with people’s savings?  Far fetched, you ask?  Does anyone really think that a dude dealing in billions gives a craps worth of hell about mom and pop’s 100,000?

Now let us look at the candidate, McCain.  He has accused Obama of scuttling the deal because of inaction and then he says that there is no need to assign blame that all need to work together.  He is really becoming irritating to me.  And he, McCain has spent 5 million on attack ads on the economy.  But yet he is the one decrying the interjection of politics into this situation.

This whole deal thing is just so damn silly.  What is needed is to find independent economists to talk on this subject, the problem with that is that most economists are nerds and cannot talk to humans in a simple concise way; they want to spend their time trying to impress each other with their command of the English language.

So there you have it.  The BS of the day…so far….and all the talking and finger pointing and the people still have no idea what is really going on.  But that is how this system works…keep the people as ignorant as you can….and they will easily be manipulated.

Peace   Out

Prez Speaks To The Failure

He said this was a critical moment for the U.S. economy. “And we need legislation that decisively addresses the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.”  Isn’t the credit thing that got us to this point?  Maybe a little tightening in the credit market might help, after all it probably could not hurt.

“Skin in the game”–the new buzz phrase for the politicos.  Remember when it was “boots on the ground”?  Or how about “country first”?  There is more, “Change we need”.  Slogans, everywhere there are slogans, and none of them will solve the damn problem.  These things sound good and are great for the 30 second sound bite in the media, but what do the accomplish?

If anyone puts their Faith in slogans then they deserve the fate that awaits them.  Americans have been totally amorous of slogans since the beginning and look where that got them.  Slogans are for the simple minded and address nothing more than that.  Most voters remember this slogan or that, “where’s the beef?” or “there you go again” or ….well you get the idea.

Meanwhile back at the Prez……he said the failure of a bill would effect job creation and growth…thinking….we are in the worst unemployment cycle in a while and growth is minimal at best.

Bush looked awful and confused.  There is no leadership in Washington at all…not from Prez or Dems or Repubs or candidates or anyone…they are all running around worrying about their next election.  The Prez needs to work on his poker face the one he has now is not working.

Time to regroup and state a New Year’s resolution, after all it is the Jewish New Year.  Someone needs to step up and take control of the situation.  Please stop using terms like socialism…it is not….it is just an extension of capitalism…no matter which way they go…it will protect capital and profits….that Irene…is NOT socialism!

Do You Truly Know The Cost Of All The Economic Moves?

Does anyone in the sound of my voice truly understand what all this dancing in Washington is gonna cost you? But you I mean the American people. You have heard that some want to protect the taxpayer and some want the markets to do the adjusting, but what will this package cost the American taxpayer?

Remember when I say you I am talking about the American taxpayer.

.Both parties agree on one fundamental principle: The American people will have no say whatsoever in an arrangement that will compel them to pay for the losses of bankers and speculators who created the financial disaster. That is the content of the demand on all sides that “politics” be kept out of the bailout talks.

If America were a democracy in any meaningful sense of the term, it would be considered obligatory to have a full discussion and debate in the course of an election campaign over plans to raid the federal treasury and mortgage future generations to guarantee the riches of the financial elite.

But if the bailout were on the ballot November 4, the voters would repudiate it overwhelmingly. It is precisely because of this opposition that the conspirators of both parties are seeking to reach an agreement this weekend, preempting the issue and depriving the American public of any say in a decision that will profoundly affect the future course of the country.

The Democratic Party, as the past week’s events have clearly demonstrated, is the servant of Wall Street. Long gone are the days when liberal Democrats postured as opponents of the moneyed interests.

There is virtual unanimity among the Democrats on the need to bail out Wall Street and grant the treasury secretary full authority to deal with the crisis in the credit markets. The Democrats privately welcome the opportunity to implement the plan before the elections, in order to provide an all-purpose excuse for an Obama administration to abandon its campaign promises and implement austerity policies.

The financial crisis has demonstrated the economic failure of the capitalist system and the bankruptcy of its political structure. There is no way for the interests and concerns of working people to find genuine expression through the two big business parties.

YOU, the American taxpayer will be paying for this one way or another.  Your pay will only go so far and that distance is getting smaller and smaller.  Your children will also be paying for this economic dance.  And now even your grandchildren will be paupers because of it.  Do you really feel that you are getting your money’s worth out of this damn system?  I am sorry, but this system is broken.

Troops Will NOT Come Home

Both major party presidential candidates have lauded the surge strategy as a great success despite mounting evidence that sectarian cleansing, not the surge, was responsible for the drop in violence. Republican nominee John McCain has remained hawkish on the war from the start, though Democratic nominee Barrack Obama has several times stated his intent to withdraw forces from Iraq if elected.

However, Senator Obama’s comment earlier this month that “the surge succeeded beyond our wildest dreams,” and increasing insistence that he will seek guidance from military leaders on the pullout have left the differences between the two candidates less clear. And with Afghanistan taking up an increasing amount of the campaigns’ focus it seems unlikely that further clarification is immediately forthcoming.

Secretary Gates also predicted increases in the number of troops in Afghanistan next year. He says that failure in either nation “would be a disastrous blow to our credibility.” But with Gen. Petraeus doubting victory in Iraq and Admiral Mullen warning that the strategy in Afghanistan isn’t succeeding either, staving off failure in either, let alone both, an enormous challenge.

Today In Labor History

30 September
29 strike leaders are charged with treason – plotting “to incite insurrection, rebellion & war against the Commonwealth of Pennsylvania” – for daring to strike the Carnegie Steel Co. in Homestead, Pa. Jurors refuse to convict them – 1892

Black farmers met in Elaine, Ark. to establish the Progressive Farmers and Householders Union to fight for better pay and higher cotton prices. They were shot at by a group of whites, and returned the fire. News of the confrontation spread and a riot ensued, leaving at least 100, perhaps several hundred blacks dead and 67 indicted for inciting violence – 1919

Welcome Back, SNL

It is about time!

In the beginning there were the “Not Ready For Prime Time Players”, a group of superb comedians that had their fingers on the political pulse of America and the world.  Week after week, they gave us humor and sarcasm and no one was immune.  Their political commentary was spot on.  Then as all things it came to an end, the originals left SNL and were replaced with pale imitations of their former comrades.  Do not get me wrong, they were funny and ….well they were funny.  But the political comedy was sadly missing.

Now after a long wait, they are back and in the form of the originals.  Since the beginning of this “silly season”, the election, SNL has once again grabbed the initiuative that until recently had been the sole domain of the “Daily Show”.  They have returned to the biting sarcasm of a political campaign.  Their actors are playing the candidates and news makers to a tee.  Tina Fey is marvelous!

It is great to see that SNL has finally decided to grab the political bull by the cajones.  They are once again taking on the establishment with humor and sarcasm.  Today’s SNL will be remembered fondly along side the originals.  Well done!

In closing all I can say is “Welcome Back, SNL”!  Us old farts missed you!

What Will The Bailout Failure Mean To The Poor?

This is from the Progressive Policy Institute’s Moving Up Blog:

The House voted against the economic bailout with 226 members voting against and 207 for it, causing the Dow to drop as much as 700 points.  No one knows exactly how the next few days will play out, but we will see one of three things: Congress will renew negotiations and pass a slightly altered version, they will go back to the drawing board and pass a completely different version, or they will do nothing.

What does this mean for low-income Americans?  If Congress somehow passes a new package, we know one thing for certain: money will be tight at the federal, state, local and individual level and we can’t count on a big boost in spending for anti-poverty programs. That means that over the next few years poverty advocates are going to have to be opportunistic and creative in identifying strategies to assist low-income workers in the context of other policy areas.

For example, we know that the next president and Congress will have a significant debate next year over taxes.  While tax policy isn’t always at the top of our minds when looking to reduce poverty, this is the perfect time to insist that any tax cut not only help those in the middle class but increase the size of the middle class by expanding the Earned Income Tax Credit.

In addition, while we also saw crude oil drop below $100 per barrel today due to economic anxiety, both presidential candidates have made energy independence a key priority. Creating a new energy economy will have a significant impact on the lives of low-income Americans.  While there may not be as much money for subsidies and tax credits when Congress finally takes up this issue, the government must play a key role in facilitating the expansion of alternative energies.  As they expand, so will the green collar job opportunities – such as retrofitting buildings – that will benefit many individuals who are struggling to find a high-wage job.  These are just two examples. There will be more, but we will have to be very creative in what are likely to be some very lean years.

“The Party Is Over”

Let me repeat that..”The Party is over”….words uttered by Pelosi on the bailout deal over the weenend.  Now question is, HUH?  Where is this true?  Whose party?  For Wall Street?  Now that is a crock of crap!  Wall Street is not paying for anything that they screwed up.  I would say that as soon as the bill passes the party will have just begun on Wall Street.

I heard other great lines pertaining to the bailout, like “All has been met” and “Everyone is satisfied”.  Now who are they talking about.  The millionaires in Washington helping out the millionaires on Wall Street?  This is silly!  Opposition from Main Street against the bailout has been humongous, about 100 to 1 against the bailout.  So where is everyone satisfied?  I guess everyone is referring to millionaire Congress, Wall Street and the Prez, apparently those are the only people that this democracy cares about.

Then yes, the party is over!  The taxpayer will be left to clean up the vomit from Washington and fron Wall Street.

But wait!  The bailout failed in the House Of Representatives, the markets droopped near 800 pts, then yes the party is over and Washington is broken.  It is a crisis of leadership, no one could deliver the  votes for the bailout.  Of course, those that voted against it will say the people have spoken.  Well that could be, but it is election time, so they have to be listened to if they want to return to Washington to play the game one more time.

But in reality it is just politics as usual and the people are the furtherest thing from their minds.  Have you noticed when they talk about the bailout it is always to stabilize the markets and then to protect the people.  That alone should tell you where their priorities lie.