Day: October 13, 2008

Damn, The Smell!

The recent attacks leveled at the Dem by the GOP scare machine smells like crap.

Faced with dwindling poll numbers and an increasingly hostile political environment created by the economy’s dizzying downward spiral, the Republican campaign of John McCain and Sarah Palin has responded with a virulently right-wing appeal directed to the most politically backward layers in America.

Campaign rallies for the Republican presidential and vice-presidential candidates have taken on an increasingly angry and even violent tone.

Virulent denunciations of Democratic presidential candidate Barack Obama delivered by Palin at campaign rallies in Florida this week were met with shouts from the crowd of “treason” and, in one case, “kill him.”

At an event in New Mexico, McCain delivered a stock rhetorical line aimed at invoking fears of the Democratic candidate: “Who is Barack Obama?” Without missing a beat, a shout came back from the audience: “terrorist.”

The atmosphere in these Republican events resembles more and more that of a lynch mob. And the continuous attempts to paint Obama as a “traitor” and “terrorist” have the potential of inciting real violence, including attempts on the Democratic candidate’s life.

Yet, the clear aim of the Republican campaign is to link him—and by association, Obama—to the terrorist attacks of September 11, thereby painting the Democratic candidate as a traitor and unfit for office.

The right-wing campaign presently being waged by the Republican Party has ominous implications. While it is highly questionable whether it will shift votes from Obama to McCain, it is serving to mobilize the most reactionary political forces and whip them to a fever pitch.

These forces will not go away after the November election. Given an Obama victory at the polls, they will be utilized to place continuous pressure on the incoming administration, driving it ever further towards the right.

I am sorry to say that I can recall only one guy that tried to whip up the crowd with hate and he stomped across Europe.  I realize that I will be attacked for saying that, but what does all the hate crap really accomplish , if not to whip the people into a laver?

There Are Other Ways

Here are some alternatives to the present plan. One basic measure that would more directly address the problem of liquidity by erasing bad debt would be to put an immediate moratorium on home foreclosures. Homeowners should be allowed to renegotiate their mortgage debts, make their payments in a reasonable manner, and keep a roof over their heads this winter. Such a move would stabilize all of those bad mortgage-backed securities Wall Street bankers are holding – even if the profit margin would be lower – and now want to pawn off on the cheap to the US government.

Another good place to invest our money is in the urgently needed creation of new jobs by repairing our deteriorating public infrastructure – roads, bridges, railways, schools – along with alternative energy investments that will create millions of green jobs, and a second economic stimulus package that will put cash in the hands of working families.

Before passing a $700 billion bailout package for Wall Street, let’s spend a fraction of that boosting Main Street.
With our economic system in crisis, demands for meeting the needs of distressed homeowners and job seekers is no longer just the fair way to go, it is a vital necessity. We as a country need to address the crisis at its origin. We need to stop the foreclosures, help homeowners find a way to pay their bills without taking their homes, and stop rushing to put more taxpayer money into the pockets of Wall Street millionaires.

Democrats Try To Help Main Street

After consulting with Barack Obama, Democratic leaders are likely to call Congress back to work after the election in hopes of passing legislation that would include extended jobless benefits, money for food stamps and possibly a tax rebate, officials said Saturday.

The bill’s total cost could reach $150 billion, these officials said.

The officials stressed that no final decisions have been made. They spoke on condition of anonymity, saying they did not want to pre-empt a formal announcement. House Democrats have announced plans for an economic forum on Monday “to help Congress develop an economic recovery plan that focuses on creating jobs and strengthening our economy.”

If they are successful, a lame-duck session of Congress two weeks later would allow them to start work on a response to the credit crunch that has sent stock prices plummeting and also threatens to trigger a deep recession. It often takes two or three months for a new Congress to begin turning out legislation, particularly when a new president is settling into the White House.

On the other hand, by attempting to pass legislation next month, Democrats would have to negotiate with President Bush, whose term runs until Jan. 20, 2009. Additionally, Senate Republicans, with 49 seats, could block any measure they opposed.

Could The US Start An Arms Race?

When Congress finally approved the U.S.-India nuclear deal this month, it sailed through the body with scarcely a peep. Most analysts in Washington and New Delhi hailed the move. But some observers worry the United States has just helped spark a new arms race.

The agreement admits India into one of the world’s most exclusive clubs: states that openly hold nuclear weapons. Proponents say it will boost cooperation between two of the world’s largest democracies, allow U.S. business to cash in on the lucrative Indian nuclear-energy market and bring New Delhi into the fight against proliferation. But there’s a hitch. India has spurned the nuclear Non-Proliferation Treaty (NPT), under which states promise never to build bombs in exchange for access to civilian technology. “By recognizing India’s nuclear status anyway, Washington has undermined the treaty at a moment when it is confronting nuclear crises in North Korea and Iran,” says Peter Scoblic, author of “U.S. vs. Them,” a history of American nuclear strategy. “And for what? To curry favor with a country that is already a friend of the United States.”

There are signs an arms race has already started. In 2007, Pakistan’s president declared his state would increase its deterrent capacity to match India’s offensive capacity. It also opened a new reactor to manufacture weapons-grade plutonium and threatened to penetrate any Indian missile-defense shield.

What part of this agreement is gonna make the world a safer place to live?

Today In Labor History

13 October

American Federation of Labor votes to boycott all German-made products as a protest against Nazi antagonism to organized labor within Germany – 1934

Oil, Chemical and Atomic Workers Union activist Karen Silkwood killed in suspicious car crash on her way to deliver documents to a newspaper reporter during safety investigation of plutonium processing plant, Okla. – 1974

More than 1,100 office workers strike Columbia University in New York City. The mostly female and minority workers win union recognition and pay increases – 1985

Hundreds of San Jose “Mercury News” newspaper carriers end 4-day walkout with victory – 2000

New Path For The Bailout

US Treasury Secretary Henry Paulson signaled a significant shift in the plan to turn over hundreds of billions of taxpayer dollars to Wall Street, announcing Friday that the Bush administration will invest funds directly in financial institutions, rather than buying mortgage-backed securities.

The change is driven in part by the rapid deterioration of global financial markets, which makes the bailout as initially proposed by Paulson—a complicated process in which banks will offer their toxic securities for purchase by the Treasury in reverse auctions—far too slow to funnel vast amounts of cash into the financial system.

In an additional effort to speed up the bailout, Paulson directed Fannie Mae and Freddie Mac, the government-chartered mortgage giants that were taken over by federal authorities last month, to begin immediate purchases of mortgage-backed securities using the $100 billion apiece appropriated by Congress in July—a sum on top of the $700 billion authorized in the bank bailout legislation passed by Congress October 3.

There was also concern that the overall size of the bailout was now inadequate for the scale of the catastrophe, following the worst week on global stock markets in history. According to a report in the New York Times Sunday, “Treasury Secretary Henry M. Paulson Jr. has refused to say whether the capital infusion program for banks would be bigger than the original plan to buy troubled assets.”

When Paulson indicated that he was now in favor of the Treasury buying either common or preferred shares of stock, the Times reported, “Industry executives quickly told Mr. Paulson that they liked the idea, though they warned that the Treasury should not try to squeeze out existing shareholders. They also begged Mr. Paulson not to impose tough restrictions on executive pay and golden-parachute deals for executives who are fired. Mr. Paulson heeded those pleas.”

Bringing up the rear were the congressional Democrats and Democratic presidential candidate Barack Obama, who will embrace whatever measures are proposed by the Bush administration and backed by Wall Street. Senator Charles Schumer (Democrat of New York), the chairman of the Joint Economic Committee, said Paulson’s proposal to inject federal money into selected banks “is gaining steam.” He added, “I am hopeful that tomorrow the Treasury will announce that they’re doing it. And they have to do it quickly… markets are waiting.”

Has anyone noticed that the bi-partisanship that all candidates want seems to happen when it is coming to the assistance of the wealthy. No one has such cooperation when the people need it.  Why?

Will Tax Cuts Help The Economy?

As the presidential campaign heads into its final three weeks, Republican John McCain plans to stress anew tax cuts as a way to fight the sluggish economy that has threatened global credit markets and hampered his candidacy.

Campaign spokesman Tucker Bounds declined to say whether the Republican nominee would make any new economic proposals during an event today in Virginia Beach. McCain ally Sen. Lindsey Graham, R-S.C., said Sunday that McCain is looking at ways to “jump-start” the economy with tax cuts to encourage investment.

McCain’s economic plan already proposes a cut of the corporate tax rate and making permanent the Bush tax cuts that are scheduled to expire in 2010.

Where will corporate tax cuts help Main Street?  We have had all these cuts for GW’s days and we are losing jobs.  Please someone in the know explain it.  Or is it just an idle promise trying to help resurrect a quickly failing campaign?