Sunday, September 28, 2008
Attack of the water hose!
Today I was canvassing in an area not far from where we live. I am probably emboldened by the fact that what we do is close to home. One address on my walk sheet was up some rickety steps, to a door over a garage. (That was the only structure where this address could have been located, anyway). There was someone watering his plants with a hose, behind the structure where I stood at the top of the steps. He asked me what I was doing there, and I explained my purpose. I asked if he were Mr. ___, and he said, "Who wants to know?" I asked questions to try to establish if where I was standing was actually an address (as opposed to this guy's garage), if HE were the person who lived there...the whole nine yards (so I'd know whether the "door" was nonexistent, the person who lived there were not home, the person who formerly lived there had moved, the person who lived there refused to talk to me, etc.)
Well, the man with the hose was becoming increasingly impatient, to the point of becoming agitated, even though I was being as polite as I could be. He eventually started demanding that I leave the property, and, as I was moving down the rickety steps as fast as I could, he sprayed me with the garden hose. Good thing he didn't have a gun or something that could actually hurt me!
Kelvin called me as I was retreating...he asked me..."Now where is this guy located?" His protective instincts had kicked in. I told him that I was not ABOUT to tell him how to find this guy. I reminded him that he was part of THE OBAMA CAMPAIGN, and we must be kind and polite to everyone. :)
Saturday, September 27, 2008
Remedial Social Skills
Thursday, September 25, 2008
fool me once, shame on you...
"There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again."
— George W. Bush
Nashville, Tenn., Sept. 17, 2002
Okay, George W., I think we got the point, even if you couldn't communicate it very effectively. We remember the fear and rush to action after 9/11/01. We bonded together, we flew our American flags or taped them to our windows. Our love for our country, our faith in our leaders' good intentions, and our affinity for kick-butt-because-they-deserve-it action movies caused most of us to follow your pronouncements for what would make us safe. The mainstream media fooled us, reporting information fed to them by the Bush administration as though it were news. We abandoned common sense and lost our moral compass. Does anyone else remember thinking, the night before we invaded Iraq--"Is it possible that we are about to attack a nation and people who have done nothing to us? Isn't there something in the Bible, and every other holy book, about that?" You know the rest...it only gets worse.
So, you can fool a bunch of us once, but, the next time you folks who got us into this economic mess through pure and selfish greed, without regard for the devastation to individual lives left in the wake of the incredible profits you reaped through deregulation and deception, you just may not be able to fool us again. This time, there are too many people asking too many questions...even those who would have had a beer with you a few short years ago. There will be no easy solutions to the problems your corporate cronies have created. But, with some people who are able to think rationally and in complex terms becoming involved in the discussion, there is room for HOPE that we won't be led down the path of destruction that we have come to know so well for the last 8 years.
Friday, September 19, 2008
Organizer/activist or blogger?
Thursday, September 18, 2008
Madeleine Albright
I was inspired to tears when Ms. Albright described how President Obama will show concern for the PEOPLE of other countries, not just their rulers (including dictators), how people in other countries WANT American leadership (the Omaha Beach image of America has been replaced with images of Abu Ghraib and Guantanamo), and how President Obama will restore the good name of democracy. She described our invasion of Iraq as the greatest disaster in American foreign policy. She also described Obama's running mate, Joe Biden, as the person who "has the deepest understanding of foreign policy of anyone in the United States."
Ms. Albright outlined the 5 biggest current foreign policy concerns, and gave me hope that, under President Obama's leadership, we will be best equipped to meet the challenges of these concerns.
Tuesday, September 9, 2008
Republican "leadership" in mortgage crisis
All that aside, I've been intrigued to learn how Republicans have set up the mortgage banking system in order to benefit corporate interests, leading to many Americans losing their homes, and have now succeeded in getting "welfare" for Fannie Mae and Freddie Mac.
Everyone seems to agree that allowing Fannie Mae and Freddie Mac to fail could have devastating consequences for our economy.
The following is a rather long explanation about some of the causes of our financial crises.
Amy Goodman's Democracy Now, War and Peace report, brought attention to the origins of the mortgage banking crisis in her July 9, 2008 report: http://www.democracynow.org/2008/7/9/five_ways_wall_street_and_washington
Naomi Prins explained to Amy Goodman (quoting or paraphrasing here) how, in 2000, during the week that the Supreme Court was giving the election to George W. Bush--Former Texas Senator Phil Gramm (McCain advisor until he recently "stepped aside") slipped into a must-pass appropriations bill, the Commodity Futures Modernization Act. It included something called the Enron loophole, which allowed Enron to sell energy futures on a deregulated basis, which helped lead to the California energy crisis the following year and the subsequent collapse of Enron.
Wendy Gramm, the wife of Phil Gramm, had worked at the Commodity Futures Trading Commission, the CFTC, in the years prior to this and, at the urging of Enron, had passed a regulation—not a law, but a regulation—that had begun the deregulation process for Enron’s energy commodities. When she left the CFTC she became an Enron Board member, and she and Phil Gram received hundreds of thousands of dollors in Enron contributions.
Another portion of the Commodities Futures Modernization Act deregulated financial instruments called “swaps, which are instruments that are created by investment houses and securities firms, and they’re basically bets that cover their investments. So they get them from another firm, so if an investment they have is going to go south, going to tank, they can collect on this so-called insurance policy from somebody else. The problem is that these swaps, thanks to Phil Gramm’s bill, are totally, totally unregulated, and the swap market is something like now about four times the size of Wall Street, in terms of securities that are regulated. And it really turned a lot of the economy into a secret casino, all this action going back and forth, people betting on bets.
And how this related to the subprime crisis is, about this same time, you know, securities firms started bundling all these bad or risky mortgages and securitizing them, and then they would sell these securities or buy them and then buy swaps or sell swaps to cover the possible loss. So it really enabled a lot of firms to go hog wild on the subprime stuff and have—and the brokers who are doing this have no worry about losing, because they were passing on the possible risks of loss to somebody else who never really had to have the assets to cover those losses. And this is all sort of taking place off the books."
Democracy Now provided some excellent insights into the origins and possible consequences of the bailout. The report quoted Robert Reich, the former Labor secretary under President Bill Clinton, as calling the bailout “socialized capitalism...Along with making lots of money for investors and their executives, Fannie and Freddie corrupted our political process. They blocked any attempt to reign in the risks. Their lobbyists were and are the most sophisticated and among the most ubiquitous in Washington.”
Barack Obama seems to have demonstrated some ability to place responsibility for the mortgage crisis where it belongs, when he said, "We have to protect taxpayers, not bail out the shareholders and management of Fannie Mae and Freddie Mac...We must not allow government intervention to protect investors and speculators who relied on the government to reap massive profits."
On Democracy Now, Amy Goodman interviewed Max Fraad Wolf on Amy Goodman's War and Peace Report. The implications of this mortgage crisis for the future viability of our economy are frightening. Wolf is an economist, writer, and instructor at the Graduate Program in International Affairs at New School University in New York.
Wolf: "the single biggest reason that the Treasury moved now and that Fannie and Freddie are now under conservatorship and no longer independent is that foreign central banks and foreign investors started to sell off their debt that they bought from Fannie and Freddie. And we watched this for the last three or four months, those of us who watch this. Foreign interests, particularly foreign central banks in East Asia and the Middle East, owned $1.4 trillion worth of instruments, debt, backed by Fannie and Freddie, and they began to sell it off.
AMY GOODMAN: Why?
MAX FRAAD WOLFF: Because it’s simply too risky. Owning large amounts of mortgage bonds in US dollars with a falling dollar—it’s reversed lately, but generally speaking, a falling dollar over many years—of an unknown credit quality is just not desirable.
And I think some of them are politically worried that they’re going to have to go back to their general public and tell them, 'OK, I’m sorry, folks. We lost hundreds or tens of billions of dollars supporting the American middle class, while not supporting you.'
The flipside of that, which I think no one’s mentioned, which is pretty interesting, is that the federal government is going to be in the business now of making sure to collect home mortgage payments from Americans, who are not doing so well, and take that money and give it to foreign investors, who they just bailed out. So the US government is going to take over some of the collection agency duties otherwise done by banks and other intermediaries and help make that money available to affluent investors and foreign investors.
AMY GOODMAN: How does the bailout contradict Bush’s so-called free market policies?
MAX FRAAD WOLFF: I mean, we’re watching the death of the free market ideology. It hasn’t been announced. But increasingly, the policies, the way we talk, the way we make legislation all but formally abandons the notion that the market can do it right, the government will do it wrong, and that government intervention is a bad idea. It turns out that government intervention is a bad idea, unless you want and need money from the government, in which case it becomes a fine idea, and bring on the government cash. So it might be unfortunate when somebody who’s having a tough time in their life wants a free piece of cheese, but when a bunch of executives want a free $100 billion, it turns out that’s the kind of government intervention we can all get behind, we can all believe in.
AMY GOODMAN: Where is the government intervention on behalf of struggling homeowners?
WOLF: The Treasury, the same group that did the takeover of Fannie and Freddie, has set up meetings with various creditors and has pressured banks and creditors to renegotiate and to be more flexible and more, quote-unquote, 'understanding' to allow homeowners in distress, if they meet certain criteria, to renegotiate their loans and to get temporary protection from foreclosure.
But basically, the approach we’ve had from the federal government to helping homeowners has been to help the banks and the bankers and hope and pressure them to pass that help along. And just to give you an idea of how stunningly successful that was, in the second quarter, the second three-month period of 2008, 500,000 US houses were either in foreclosure or entering foreclosure. So, a half-million households slipped through the cracks in the three-month period. One can get the idea that this is not exactly airtight, this method of help."
Sunday, September 7, 2008
Obama talks about Palin
Obama Rebukes Palin on Earmarks
Monday, September 1, 2008
Reflections on the 2008 Democratic National Convention
If you saw the convention on TV, you probably had a better view of many of the convention activities than we did. However, we would not trade this experience of actually being there and experiencing it LIVE, for anything.