Day: October 8, 2008

Elizabeth Edwards Pans MCCain Health Plan

Elizabeth Edwards on Tuesday said Republican presidential candidate John McCain’s health care plan would allow insurers to cherry pick individuals they want to cover, leaving those with cancer, diabetes and other diseases without coverage.

Edwards has been a frequent critic of McCain’s health care policies. McCain proposes to tax the health benefits on workers, which now are largely exempt, and create a refundable health insurance tax credit of $5,000 for families and $2,500 for individuals. McCain says his plan would give families more choice and make health insurance more affordable.

A report released Tuesday by the Center for American Progress Action Fund said that many people would end up paying higher taxes under McCain’s plan. Edwards serves as a senior fellow with the group, a nonprofit that is not allowed to endorse candidates.

Iraq Is Smoldering

A nearly completed high-level U.S. intelligence analysis warns that unresolved ethnic and sectarian tensions in Iraq could unleash a new wave of violence, potentially reversing the major security and political gains achieved over the last year.

The findings seem to cast doubts on McCain’s frequent assertions that the United States is “on a path to victory” in Iraq by underscoring the deep uncertainties of the situation despite the 30,000-strong U.S. troop surge for which he was the leading congressional advocate.

But McCain could also use the findings to try to strengthen his argument for keeping U.S. troops in Iraq until conditions stabilize.

For Obama, the report raises questions about whether he could fulfill his pledge to withdraw most of the remaining 152,000 U.S. troops _ he would leave some there to deal with al Qaida and to protect U.S. diplomats and civilians _ within 16 months of taking office so that more U.S. forces could be sent to battle the growing Taliban insurgency in Afghanistan.

The new NIE, which reflects the consensus of all 16 U.S. intelligence agencies, has significant implications for Republican John McCain and Democrat Barack Obama, whose differences over the Iraq war are a major issue in the presidential campaign.

Workplace Retirement Suffers

The WSJ is reporting that retirement funds are being ravaged by the crisis.

Americans have lost $2 trillion in their workplace retirement plans in the past 15 months, threatening the security of millions, according to government data.

The Congressional Budget Office disclosed the figures at a hearing by the House Education and Labor Committee, prompting some legislators to question whether retirement-savings plans are inherently too risky. The $2 trillion figure includes 401(k) plans — which have become the primary savings vehicle for 60% of workers — as well as traditional pension plans.

The 401(k) plans, which require workers to manage their own retirement savings, have been the hardest hit, according to the Congressional Budget Office.

The losses, which are likely to force many people to delay retirement, are prompting some legislators to take a new look at the legislation that created 401(k)s and subsequent laws that have allowed investment companies to steer workers into riskier funds. Congress created the investment accounts about 25 years ago. Today, 401(k)s have largely replaced traditional defined-benefit pension plans.

More Results of The Crisis

In a suicide note, Karthik Rajaram wrote that he had considered killing only himself because of his financial troubles, but decided to take his family with him.

Mr. Rajaram, 45, shot his wife, three sons and mother-in-law in their bedrooms over the weekend, the police said, then shot himself. The police found him on Monday on the floor of a bedroom his youngest sons shared, close to their bodies.

On Tuesday, friends and colleagues said they were stunned to learn of the killings and unaware of the family’s financial problems. The police said that in one of his two suicide notes, Mr. Rajaram said he was “broke,” having lost most of his assets in the plummeting stock market. The police said he had been planning the killings for weeks.

Hopefully this will be the last person to choose this way out of the crisis, but I fear that it is only the beginning.

Presidential Debate #2

Yawn…….burp……snort……Look a bunny!……..

The good news coming out of this debate is that there is only ONE left to inflict crap on the viewer.  The debate was amazing……well maybe it was just ok….either way it was a bit better than the first one.  McCain was more aggressive than he was….he was…well McCain.  Obama once again looked presidential…he was calm and collected.

If you watched the debate for the possibility of personal attacks, then you were sadly disappointed.  The only attacks were on policies, as it should have been.  McCain did come up with something new a way to help homeowners in trouble.  Obama when asked to prioritize the issues he said energy, healthcare and education, McCain would not prioritize.

All in all, the debate was , in my opinion, was more interesting than the last, but still boring, I really learned nothing new from the stump speeches that overrun the airwaves.  The one thing that surprised me was whenb asked to name a secretary of treasury, McCain said “not you Tom”, that rifled in from left field and still do not know what that was all about.

Now for the winner—if you are a Repub then McCain won…if you are a Dem then it was Obama…..If you do not care then the winner was……….Sebastian………..my dog for he got the bed for 2 hours.    Obama did not loss it and McCain did not win it…….A DRAW!

Today In Labor History

08 October

Thirty of the city’s 185 firefighters are injured battling the Great Chicago Fire, which burned for three days – 1871

In Poland, the union Solidarity and all other labor organizations are banned by the government – 1982

Upholsterers’ International Union of North America merges with United Steelworkers of America – 1985

It Is An End Run

Last week’s bail-outs by the Federal Reserve Bank and Treasury in the US demonstrated how seriously the government and financial sector treat the current situation and that they are prepared to go to great lengths to prevent the financial system descending into total collapse and to defend the most powerful citadels of the capitalist system.

They have brought a short-term reprieve, halting the downward plunge on stock markets and partially restoring some of the most recent losses. This relatively small lift in share market indexes should not be taken as an indicator that the worst is over, as suggested by some economic commentators attempting to talk up the economy.

This was confirmed on September 20, when the Bush administration announced that it was seeking a blank check from Congress of up to $US700 billion to buy up distressed mortgage-related assets from private firms. To put that amount into perspective, it is more than the annual budget for the Pentagon — more than $2,000 for every man, woman and child in the US (comparisons from New York Times, 21-09-08).

This is the same administration that preaches the free market gospels and says government has no role in social welfare. When it comes to the financial gods, Bush’s “no bail-out” policy was thrown out of the window, and the dollars gushed out of the corporate welfare tap.

“This is a big package because it was a big problem,” Bush said in defence of the $US700 billion proposal. He made the point that “the risk of doing nothing far outweighs the risk of the package, and that, over time, we’re going to get a lot of the money back.” There are, of course, other ways of doing nothing!

The Democrats have agreed to support the Bill when it hits Congress this week, on one condition: that the Bill also provides help for ordinary people in the form of an economic stimulus package. Democrat House president Nancy Pelosi said the “Democrats will work with the administration to ensure that our response to events in the financial markets is swift, but we must insulate Main Street from Wall St and keep people in their homes.” Ms Pelosi said that the Democrats would insist on “enacting an economic recovery package that creates jobs and returns growth to our economy.”  (Stop!  I cannot contain my laughter)

Bush portrays the bail-out of the financial sector as helping every American. In reality, it is a scheme to transfer the losses of the financial conglomerates onto American taxpayers.

Crap Drops Keep Fallin’ On His Head

I do not know if the rewrite of the B.J. Thomas song is possible or not.

His campaign has made a decision that since he is losing his ass that they have no other choice but to start slinging more mud than they have in the past.  This Ayers guy was the first salvo…….then the Dems bring up the Keating thing and the repubs make sure that all know that McCain was exonerated in that thing.  Yes he was…he was censured, but exonerated.  And Ayers was accused but never convicted of a crime…that somehow seems missing in all the crap.

But McCain and the witless attack dog keep pushing Ayers down the throats of gullible voters.  The Dems need to let Biden bring up the Vogler and the Alaskan Independence Party and Palin’s connection to them.  I believe hubby was an ardent supporter of the party until 2002.    If you are afraid of that attack then bring up this one.

GOP presidential nominee John McCain has past connections to a private group that supplied aid to guerrillas seeking to overthrow the leftist government of Nicaragua in the Iran-Contra affair.

The U.S. Council for World Freedom was part of an international organization linked to former Nazi collaborators and ultra-right-wing death squads in Central America. The group was dedicated to stamping out communism around the globe.

The council’s founder, retired Army Maj. Gen. John Singlaub, said McCain became associated with the organization in the early 1980s as McCain was launching his political career in Arizona. Singlaub said McCain was a supporter but not an active member in the group.

Elected to the House in 1982 and at a time when he was on the board of Singlaub’s council, McCain was among Republicans on Capitol Hill expressing support for the Contras, a CIA-organized guerrilla force in Central America. In 1984, Congress cut off CIA funds for the Contras.

“I don’t ever remember hearing about his resigning, but I really wasn’t worried about that part of our activities, a housekeeping thing,” said Singlaub. “If he didn’t want to be on the board that’s OK. It wasn’t as if he had been active participant and we were going to miss his help. He had no active interest. He certainly supported us.”

Do not fear, this can be used to Obama’s advantage, the only thing is that they have to have enough cajones to use it.  If the McCain camp wants mud, then I say give it to them.  The more crap they have to clean off of their faces the better Obama will look to the voter.

Where Is The Love?

I am sure that everyone has knowledge of the economic crisis we are experiencing.  Everyone has an opinion on what to do and what was the cause.  Actually, we may never know the real answers.  But yesterday, the markets were doing fairly well early, but then Bernanke went on TV and talked about the economy and the approaching deepening of the crisis.  The markets reacted by dropping 200 points.  I hovered in that range until the Pres. goes on TV and talks about the crisis and the challenges that we face and that all will get better.  While he was speaking the markets dropped another 300 points and the final total of the markets was down a big 508 points.

Yes everyone was trying to be bleak without being bleak….did not work!  The investors seem to have zero trust in those guys to handle this situation.  The Congress talked then passed the bill that Wall Street wanted…it may cost $700 million of taxpayers money, but it will save the average person’s retirement and savings…..wait!…..since the talk started on the bailout the markets have lost around 1500 points….is that not about $2 trillion dollars of wealth?  So more would have lost by this time if they had waited and got ALL the facts before the vote?