Are You Sure About This Mr. President?

Good Morning Readers! I must admit that after reviewing the Obama Administration/US Treasury's new plan to buy up toxic assets clogging the financial system, I've decided to join with Paul Krugman and call the plan ill conceived and misguided.

I hope it works, but Krugman sounds wise when he questions President Obama's - the plan's - trust in the banks and the bankers. That could lead to billions more being wasted on Wall Street scam artists, and we cannot now afford the risk.

The "Public-Private Investment Program for Legacy Assets" will be funded with $75 to $100 billion dollars from the government, which officials say could lead to private investors generating "$500 billion dollars in [immediate] purchasing power." They also say the plan could expand to one trillion dollars of government investment if necessary. That sounds expensive and risky to me. How about you?

However, God forbid, I don't wish to say NO for the sake of it, like most Republicans these days. How about a friendly YELP! to signal serious worry and slight panic. There's no way around it, I - probably like most Americans - am worried about any plan that involves the banks right now.

Wow, I can't believe I'm questioning President Obama so soon after writing a piece just a few days ago suggesting how we should all support him during these dark days. I just hope you know what you're doing Mr. President, because it's too complicated for most of us.

The hitch in the giddy-up as a friend of mine likes to say (I call him Rumsfeld-like when he says it) is that we are being asked to TRUST WALL STREET again! It sounds insane! How many times do we have to risk getting burned by these greedy, low-life scumbags. I guess President Obama knows what he's doing, but the rest of us don't seem to have a clue.

Paul Krugman rightly points out how sick the banks are, and how they show no signs of improving their lending skills anytime soon. Without some kind of government institution forcing them to act, it seems unlikely that anything will change - at least to help average Americans. I guess Secretary Geithner knows something we don't know, but I doubt it.

Krugman's opinion in the New York Times gives me the feeling he sees President Obama's optimism about the market as a liability. I kind of do too. I guess we could be wrong, but he seems to trust the Wall Street brain trust too much. For God's sake, they got us into this mess! The whole thing is quite unnerving.

I'm sorry Mr. President, I support you and trust you, but this one scares me. I think you would be better off taking a more radical approach, perhaps one that sidesteps, or at least controls, Wall Street more. I just don't see the motive for the banks. With all due respect Mr. President, the plan doesn't sound like it goes far enough in terms of financial control and [middle-class targeted] impact, sir.

Krugman says it best. "The Geithner scheme would offer a one-way bet: if asset values go up, the investors profit, but if they go down, the investors can walk away from their debt. So this isn’t really about letting markets work. It’s just an indirect, disguised way to subsidize purchases of bad assets." That makes me VERY NERVOUS!

I trust the President, but I also want to go on record that I don't trust Wall Street and the American banker. Their reputation is ruined. They have proven themselves crooks and cowards, and I have no patience for any of them. I will support you Mr. President, but I think you may be risking a lot on this one.

Tuesday's Political Rant - Michael

A Nation Evolves

Hello Bloggers - We did it! We voted for change! The Republicans are out of power! So, what's different already? A great example could be seen on the National Mall yesterday, as well as at celebrations around the nation and the world.

People everywhere were celebrating the victory of a man who speaks about the hopes and dreams of families, communities and nations, and not just about those of individuals - especially selfish individuals. We elected a man who understands how America and the world, our very lifestyle, cannot survive without change.

His inaugural themes echoed his campaign, but were more blunt. He stressed more cooperation, sacrifice and charity. He's challenging us to help him heal our nation, and hopefully help the world. "A new era of responsibility...to ourselves, our nation, and the world" is a good start to a presidency that is required to return balance to a suffering world.

If I heard him right, personal ambition is now less important than creating jobs that will employ all Americans. Wall Street is now less important than Main Street. Free trade is now less important than fair trade. Health care for some Americans is now less important than health care for all Americans. There's no doubt a lot has changed today.

I heard him describe a government no longer focused on saving the wealth of a few. That was yesterday. Today we want corporations and the banking industry to help people keep their homes, and create good jobs for average Americans. Wall Street helping Main Street! I heard a man talk about jobs. Jobs, jobs, jobs!

If you listened carefully, you could hear him say that a rising tide will lift all boats - or at least close to it. That rising tide will be the middle-class.

I also heard him talk a lot about helping others. "The selflessness of workers who rather cut their hours than see a friend lose their job" is a great example of self-sacrifice at a time of great suffering. Tough times require us to help our fellow Americans. I've done okay in life, so I'm prepared to help if I can. Are you?

It shouldn't have to be said, but after Reaganism, trickle-down economics and the "small government" Bush years, it must be said: Americans need to know their president, and their government, will not allow them to starve in the streets. That's what changed yesterday. Obama's "spirit of service" is infectious, and people need to know they will be okay.

Let us hope that Obama renews the original ideas embodied in our Declaration of Independence, where life, liberty and the pursuit of happiness suggests hope to all. We should not live in a selfish society. The only way mankind is going to survive on this small planet, with billions arriving each generation, is to work together.

Other western, capitalistic democracies know it. It's time for more Americans to figure it out. Selfishness and unilateralism is a luxury we Americans can no longer afford. We need to evolve!

Wednesday's Political Rave #1 - Michael

Spitzer Talks About Bailout and Wall Street

Hello Bloggers - I've written in favor of Eliot Spitzer before on this blog. I want him to become a bigger player in the Democratic Party again.

Now he's come out and written a VERY good article for Slate. "A more sensible approach would focus not just on rescuing pre-existing financial institutions but, instead, on creating a structure for more contained and competitive ones."

I recommend reading it. It's full of good points about the crisis related to financial institutions, corruption, and Wall Street failures. Enjoy! Michael

Political Rant: Bush's and the Republican's Outrageous Waste!

Good Morning Bloggers - I know I seem pretty negative sometimes pointing out all the horrible waste and injustice, but since the corporate media is not responsible in that area I believe it's a role that bloggers must play.

So, in the area of waste, I would like to point out the wonderful article posted by Think Progress this morning that lists just a few of the large financial screw-ups of the Bush Administration and the Republicans. Do you really want to vote for McCain and risk another eight years of this nightmare?

A Small Snapshot of the Bush Administration's Legacy of WASTE! according to a few Reputable Sources

- $700 billion minimum - Yesterday, President Bush announced his $700 billion plan to buy out troubled financial institutions. As proposed Bush's plan places no restrictions on the administration other than requiring semiannual reports to Congress. Incredibly, Bush and Paulson propose outsourcing much of the work to their Wall Street buddies. It needs to be adjusted to protect against Bush and his gang of thieves.

-$142 million wasted on reconstruction projects that were either terminated or canceled. [Special Inspector General for Iraq, 07-28-08]

-“Significant” amount of U.S. funds for Iraq funneled to Sunni and Shiite militias. [GAO Comptroller, 03-11-08]

-$180 million payed to construction company Bechtel for projects it never finished. [Federal audit, 07-25-07]

-$5.1 billion in expenses for Iraq reconstruction charged without documentation. [Special Inspector General for Iraq Reconstruction report, 03-19-07]

-$10 billion in spending on Iraq reconstruction was wasteful or poorly tracked. [GAO, 02-15-07]

-Halliburton overcharged the government $100 million for one day’s work in 2004. [Project on Government Oversight, 10-08-04]

KATRINA

-Millions wasted on four no-bid contracts, including paying $20 million for an unusable camp for evacuees. [Homeland Security Department Inspector General, 09-10-08]

-$2.4 billion in contracts doled out by FEMA that guaranteed profits for big companies. [Center for Public Integrity investigation, 06-25-07]

-An estimated $2 billion in fraud and waste — nearly 11 percent of the $19 billion spent by FEMA on Hurricanes Katrina and Rita as of mid-June. [New York Times tally, 06-27-06]

-“Widespread” waste and mismanagement on millions for Katrina recovery, including at least $3 million for 4,000 beds that were never used. [GAO, 03-16-06]

DEFENSE CONTRACTS

-A $50 million Air Force contract awarded to a company with close ties to senior Air Force officers, in a process “fraught with improper influence, irregular procedures, glaring conflicts of interest.” [Project on Government Oversight, 04-18-08]

-$1.7 billion in excessive fees and waste paid by the Pentagon to the Interior Department to manage federal lands. [Defense Department and Interior Department Inspectors General audit, 12-25-06]

-$1 trillion unaccounted for by the Pentagon, including 56 airplanes, 32 tanks, and 36 Javelin missile command launch-units. [GAO, 05-18-03]

(To read their article, visit http://thinkprogress.org/2008/09/21/bush-legacy-taxpayer-funds/)

So, for all you Republicans who like to claim that Democrats tax and spend, and mostly spend, then I challenge you to provide a list of government waste that can out do the one provided here. Can you? I doubt it. It is clear that George Bush and his Republican supporters have wasted billions and possibly trillions on projects that in the end hurt the American people.

I can't believe it when I read that list - and to think it's only a small percentage of the waste. If Democrats had done damage even close to this I suspect the Republicans would have found a way to destroy the party or ignited a civil war. It's inexcusable incompetence. It's beyond corruption - it's stupidity and negligence to the point of immorality.

I suggest that you Republicans who are continuing to support your party take a long hard look at the damages, and rethink your absurd loyalty. Just ask yourself, why should you trust your Republican leadership? I wouldn't trust my Democratic ones if they had done the same. You need to see them for who they are: incompetent, immoral, corrupt, deceitful, thieves.

Monday's Political Rant # 1 - Michael

Political News/Rant: John McCain's Duplicitous Wall Street Connections

Good Morning Bloggers - It's another day so of course I have to point out that John McCain is full of it again - and again, and again. This time it's his relationships with Wall Street industry lobbyists, which completely contradict his claims that he has been trying to fight against Wall Street greed and corruption, and wants to clean up the "old boys network." Based on this and other evidence, the man is running the old boys network for God's sake!

A Raw Story article this morning entitled, Exposed: McCain team includes 83 Wall Street lobbyists, includes an actual list of them.

Excerpts:
As Sen. John McCain (R-AZ) rails against Wall Street while concurrently benefiting from its largess, some journalists are getting tired. David Corn - an investigative reporter formerly with The Nation and currently reporting for Mother Jones - has printed a list of 83 Wall Street lobbyists he says are working for or have bundled contributions for McCain."

The article points out that the Democratic National Committee has counted at least 177 lobbyists overall in the McCain campaign. In addition, the article points out that Wall Street lobbyists and close McCain advisor and friend Phil Gramm went so far as to fight for a provision - now law - to keep credit default swaps unregulated, which many say went a long way to create the current crisis.

"Of those 177 lobbyists,... at least 83 have in recent years lobbied for the financial industry McCain now attacks ... These are high-paid influence-peddlers who have been working the corridors of the nation's capital to win favors and special treatment for investment banks, securities firms, hedge funds, accounting outfits, and insurance companies. Their clients have included AIG, the newest symbol of corporate excess; Lehman Brothers, which filed for bankruptcy on Monday sending the stock market into a tailspin; Merrill Lynch, which was bought out by Bank of America this week; and Washington Mutual, the banking giant that could be the next to fall."

(Read the whole article at: http://rawstory.com/news/2008/McCain_team_includes_83_Wall_Street_0917.html)

I don't know about you guys, but usually when it smells like rotten fish, it's rotten fish. It's incredible to me that McCain supporters are not bothered by FACTS like these. Are you concerned that you're going to harm our nation even more than you already have? Aren't you worried that you might be wrong, and that you could make things worse? I suggest that you have a good long think about what you're planning to do before you give us more of the same. Four more years of heavily lobbied, special-interest, socialized capitalism for the well off. The business community and the nation may not survive more of your bad judgement.

Thursday's Political Rant #1 - Michael