Day: October 2, 2008

It Is A Rescue, Not A Bailout!

How nice.  Call it what you will, but a bag of manure will smell like a bag of manure.

A Rescue?  Who the hell are they truly rescuing?

When The Congress is asked about the bailout, oh damn, rescue they always say the taxpayer will not be able to get a car loan, or a student loan or a mortgage, or small business will not be able to meet payroll.  First of all, if the company has to borrow money to make payroll, then it is time for it to fail.  Then they say that it is not a bailout, even to the point of becoming angry.  But asked where the money will go if it is passed.

Rescue is the term of the day.  Why?  It sounds less ominous.  Put a pretty face on something ugly.  Kind of like the rain forest, when it is a jungle; easier to raise money for something pretty like a rain forest.

All keep saying that this is for Main Street, not Wall Street.  And that if all goes well then the taxpayer will make money on the situation.  Where?  And when will my check be in the mail?

The Congress is tap dancing like a drunk on crack.  All of these guys with the exception of a few, all look like a deer caught in the headlights.  They understand the situation about as much as Main Street does.  All economists say that this will only save parts of the economy and that jobs loss, foreclosures, and higher prices are just around the corner.  If true how will throwing money at this crisis stop those things from occurring?

So if the bill is passed by both houses then the American taxpayer will win in the long run.  That reminds me of a quote.

Long run is a misleading guide to current affairs. In the long run we are all dead.
John Maynard Keynes

Enough said?  Peace Out

Please Make Her (Palin) Stop!

In the latest clip, which is already being viewed on video-sharing site YouTube, Ms Couric asks: “When it comes to establishing your world view, I was curious, what newspapers and magazines did you regularly read before you were tapped for this to stay informed and to understand the world?”

Mrs Palin replies: “I’ve read most of them, again with a great appreciation for the press, for the media.”

Ms Couric: What, specifically?

Mrs Palin: “Um, all of them, any of them that have been in front of me all these years.”

Ms Couric: “Can you name a few?”

Mrs Palin: I have a vast variety of sources where we get our news, too. Alaska isn’t a foreign country, where it’s kind of suggested, ‘wow, how could you keep in touch with what the rest of Washington, D.C., may be thinking when you live up there in Alaska?’ Believe me, Alaska is like a microcosm of America.”

Her faltering performance came in the latest installment of her cringe worthy interview with CBS News presenter Katie Couric. Last week she was seen rambling in response to Ms Couric’s questions about the threat posed by Russia.

Presidential candidate John McCain has been forced to step in and defend Mrs Palin, insisting she is ready for the White House and claiming she is underestimated.

Many keep saying let Palin be Plain, but when she is asked fairly simple questions she screws them up horribly.  Just make her stop!  Everytime she opens her mouth she sticks a size (whatever it is) in it.  Please do not let her ad-lib.

What Now? Plan Is Approved By Senate

Economist Joseph Stiglitz, in a recent article for The Nation, estimates that even with a new injection of $700 billion (on top of the hundreds of billions already pumped by the Feds into the credit markets), the taxpayers will still be stuck with tons of bad bad debt, while Wall Street will keep on gaming the same rigged system to ensure they continue to maximize their profits.

But that is precisely what the Bush bailout was designed to do. It would allow Wall Street, which has benefited from three decades of deregulation to continue on its unregulated way. Starting with Reagan and culminating with Bush, virtually every rule governing fair lending and rampant market speculation has been ignored.

John McCain wants more of the same. In addition to 26 years of promoting and voting for deregulation, he named mortgage lobbyist Rick Davis as his campaign manager. Since 2000, Davis has taken about $2.5 million to help Freddie Mac and Fannie Mae. Both of these failed institutions have been placed in federal (i.e. taxpayer) custody and are at the heart of the subprime mortgage collapse. Davis’s job as lobbyist/campaign manager was to facilitate the lending giants’ ability to continue to spurn all government regulations meant to prevent predatory lending.
This record of sleaze and insider deals is reflected in McCain’s views on a bailout. In their alternative bailout proposal, McCain and the congressional Republicans have demanded more tax breaks for the very people who caused the problem in the first place. There is no doubt that a McCain presidency would offer, as Barack Obama says, more of the same “trickle up” economics for the wealthy and a lot more “trickle down” pain for the rest of us.

Should the Wall Street players, Washington lobbyists, and their political arm in the Republican Party now get away with blackmailing taxpaying working families with their demands for a no-strings-attached bailout? The answer is no!

Economic Ideas From Readers

I the past several days I have been getting emails from readers that have ideas for the economy.  Thought I would post a couple that I found interesting.

From a reader in Colorado:

If worse becomes worser why not try these?

1–freeze wages

2–freeze prices

3–tax speculation

4–control CEO compensation

This was an interesting one by Anonymous:

Take the money from the bailout send it to taxpyer to pay off their debt.  Funds to spent only on elimination of debt.  Debt has to be at least 1 year old.  This would be better than giving it to theives to guard it in good faith.

Green Party Weighs In On The Crisis

I got this in an email from the Party.

Whose Congress is this?

Anyone who still thinks that either of the two major parties represent the interest of Main Street rather than Wall Street should take a look at how much money the members of the US House of Representatives who voted for the “No Tycoon Left Behind” bailout bill have raked in from the same financial sectors responsible for the whole mess in the first place.

According to The Center for Responsive Politics, lawmakers who voted in favor of the bailout bill have received on average 51% more in campaign contributions from sources in the finance, insurance and real estate industries (FIRE industries) over their congressional careers than those who opposed the emergency legislation.

In this election cycle, the 140 House Democrats who voted for the bailout bill collected 78% more from the FIRE industries than the Democrats who opposed it. The data shows that, over their careers, they collected 88% more. While the gap is smaller on the Republican side, those who voted yes on the bailout bill got an average of 23% more in contributions from the FIRE industries in this election cycle than House Republicans who voted against it. In the long run, they got 53% more.

When it comes to raking in cash, party leadership fares even better. House Financial Services Committee Chair Barney Frank (D-MA) received nearly $800,000 this election cycle from sources in the FIRE industries. Ranking Republican committee member Spencer Bachus (AL) received $822,000 from the FIRE industries this election cycle and $3.7 million since 1989.

Unlike the two corporate parties now running Congress, Green Party candidates accept no corporate contributions. When in office, we will not be owned and bossed by Wall Street fat-cats. Green Officeholders are free to vote for what’s best for us, the American people, instead of the Wall Street insiders who now run the show.

But to make your voice heard, we need your support. If your Congressperson voted against the bailout bill, thank them. If they voted for it, tell them how you really feel. Support Cynthia McKinney/Rosa Clemente and other Green Party candidates on the ballot in November

Iran Could Accept Israel

This I found while surfing–found it interesting.

Iranian President, Mahmoud Ahmadinejad, has made a remarkable announcement. He’s admitted that Iran might agree to the existence of the state of Israel.

Ahmadinejad was asked: “If the Palestinian leaders agree to a two-state solution, could Iran live with an Israeli state?”

This was his astonishing reply:

If they [the Palestinians] want to keep the Zionists, they can stay … Whatever the people decide, we will respect it. I mean, it’s very much in correspondence with our proposal to allow Palestinian people to decide through free referendums.

Since most Palestinians are willing to accept a two-state solution, the Iranian president is, in effect, agreeing to Israel’s right to exist and opening the door to a peace deal that Iran will endorse.

Today In Labor History

02 October

American Federation of Labor officially endorses campaign for a six hour day, five day workweek – 1934

Starbucks Workers Union baristas at an outlet in East Grand Rapids, Mich., organized by the Wobblies, win their grievances after the National Labor Relations Board cites the company for labor law violations, including threats against union activists – 2007

Also in labor history–R.I.P.

Dionicio Morales, a former labor organizer whose efforts helped lead to one of the nation’s largest Latino social service providers, has died. He was 89.

Morales died Sept. 24 of natural causes at Beverly Hospital in Montebello, Calif., said his daughter, Magdalena Morales.

He was organizing garment workers in the early 1960s when he decided to do something to help residents of the largely Hispanic neighborhoods east of downtown Los Angeles who lacked health care, job training, child care and other services.

He created the Mexican American Opportunity Foundation in 1963 and called the White House for help. Morales eventually persuaded then-Vice President Lyndon Johnson to meet with members of the Mexican-American community in Los Angeles. Johnson later helped his foundation secure funding from the Department of Labor.

The Mexican American Opportunity Foundation provides services including English classes and immigration assistance mainly to people with low and moderate incomes.

Morales said he learned firsthand the need for health care and other services after several friends and relatives too poor to see a doctor died in a tuberculosis outbreak.

Palin/Zardari Thing Makes News

Pakistan President Asif Ali Zardari seems to be heading towards fresh trouble as the prayer leader of the Lal Masjid in the heart of Islamabad has issued a fatwa against him.

Maulana Abdul Ghafar, the prayer leader, seems to be irked by Zardari’s “you’re gorgeous” compliment to US vice-presidential candidate Sarah Palin during a meeting.

When Zardari was asked to keep shaking hands with Palin for the cameras, he said, “If he’s (the aide) insisting, I might hug you.”

He said the act was un-Islamic and unbecoming of a head of state of a Muslim country.


A lot of blogs have been dedicated to the “meeting”. One such blog titled “Zardari flirts with Sarah Palin — calling her gorgeous and offers to hug” gives details of the Zardari-Palin encounter.

Another blogger, called ‘teethmaestro’, said, “I do not mean to suggest that this is in anyway a crime, but being the President of Islamic Republic of Pakistan there are some protocols that should be adhered to in an effort to uplift the respect and dignity of Pakistan and to the office he has been assigned.”

This could be sticky if the Palin/McCain team wins in November……..stop!……..LOL….I cannot go on with this without laughing.  Did not take this guy long to get over the death of his wife, huh?

Tonight Is The Night!

Not the same thing that Rod Stewart sang about back in the day, but rather the DEBATE!  I realize that not everyone is such a political junkie that the debate would be something to look forward to, so I have found a way to make it more palatable to others.

In the blue corner Joe “I take the train home” Biden. In the red corner Sarah “I can see Russia from my house” Palin.

Blue Team Rules

¶ For every mention of Scranton, Pennsylvania: Take a sip.

¶ When Biden begins the “I take the train home everyday story” being drinking. Don’t stop ’till he finishes.

¶ When Biden questions Palin’s inexperience: Drink something you’ve never had before

¶ When Biden makes an obvious gaffe: Spill your neighbor’s drink

¶ When Biden uses X words when Y will do: Drink X-Y seconds

¶ When Biden patronizes or self identifies with the working class: Down some brew (Bonus points if you use Miller Highlife)

¶ When Biden lambastes Washington Insiders: Make a toast to his 35 years of experience in the United States Senate

The Joe Biden checklist. If he mentions all of the following, finish your drinks: Blue Collar, Golden Parachute, Little Guy, Washington Insider, Working Class, Clean

Red Team Rules

¶ Every time Palin cites Alaska’s proximity to Russia as “foreign policy experience”: Take a shot of vodka

¶ When Palin claims she said “Thanks but no thanks” to the Bridge to Nowhere: Demand a new drink from your hosts, say “thanks but no thanks,” and then when no one’s looking, take it anyway, then claim you never wanted it.

¶ When Palin recounts putting the governor’s jet on eBay: Auction off a beer to your friends

¶ When Palin insists that governing a small town in Alaska is in fact experience: Give your friend a shot glass of beer when he/she asks for a pint and insist it’s the same thing.

¶ When Palin points out that Biden thought Obama was too inexperienced for the job: Finish your drink and say, “Oh Snap!” If you’re a democrat, follow this by crying.

¶ When Palin claims that Washington’s problems can be solved by small town know how and common sense: Drink a Labatt Blue as you read up on how to become a Canadian citizen.

¶ When Palin talks about being the most popular governor in the country: Go to a room by yourself, realize you’re the most popular person in the room, then finish your drink.

The Sarah Palin checklist. If she mentions all of the following, finish your drinks: Bush Doctrine, Snow Machine, Moose, Lipstick, Hockey Mom, Family Values

I would like to thank The Tech, on-line magazine of MIT for this post.  Good luck and leave your keys with a sober friend.

Senate Approves Bailout

The Senate voted reluctantly but solidly in favor of a modified $700-billion Wall Street rescue plan Wednesday, but it remained uncertain whether the legislation — even with a carefully designed package of tax breaks — would withstand the fierce crosswinds of liberal and conservative resistance in the House later this week.

The measure passed the Senate 74 to 25, with a majority of Democrats and Republicans voting in favor — among them presidential nominees Sen. Barack Obama and Sen. John McCain. The centerpiece of the legislation gives the government the authority to buy up billions of dollars of the “toxic” assets, primarily mortgage-backed securities, that have poisoned financial markets and threaten to contaminate the rest of the economy.

Was there any doubt?  They have voted now they can leave town.  Now the House is on the hot seat.