Feel free to express your support of him as he assumes such heavy responsibility in service to God and the People of Pittsburgh.
In my view, we need to go forward in addressing this financial crisis by insisting on four basic principles:
(1) The people who can best afford to pay and the people who have benefited most from Bush’s economic policies are the people who should provide the funds for the bailout. It would be immoral to ask the middle class, the people whose standard of living has declined under Bush, to pay for this bailout while the rich, once again, avoid their responsibilities. Further, if the government is going to save companies from bankruptcy, the taxpayers of this country should be rewarded for assuming the risk by sharing in the gains that result from this government bailout.
Specifically, to pay for the bailout, which is estimated to cost up to $1 trillion, the government should:
a) Impose a five-year, 10 percent surtax on income over $1 million a year for couples and over $500,000 for single taxpayers. That would raise more than $300 billion in revenue;
b) Ensure that assets purchased from banks are realistically discounted so companies are not rewarded for their risky behavior and taxpayers can recover the amount they paid for them; and
c) Require that taxpayers receive equity stakes in the bailed-out companies so that the assumption of risk is rewarded when companies’ stock goes up.
(2) There must be a major economic recovery package which puts Americans to work at decent wages. Among many other areas, we can create millions of jobs rebuilding our crumbling infrastructure and moving our country from fossil fuels to energy efficiency and sustainable energy. Further, we must protect working families from the difficult times they are experiencing. We must ensure that every child has health insurance and that every American has access to quality health and dental care, that families can send their children to college, that seniors are not allowed to go without heat in the winter, and that no American goes to bed hungry.
(3) Legislation must be passed which undoes the damage caused by excessive de-regulation. That means reinstalling the regulatory firewalls that were ripped down in 1999. That means re-regulating the energy markets so that we never again see the rampant speculation in oil that helped drive up prices. That means regulating or abolishing various financial instruments that have created the enormous shadow banking system that is at the heart of the collapse of AIG and the financial services meltdown.
(4) We must end the danger posed by companies that are “too big too fail,” that is, companies whose failure would cause systemic harm to the U.S. economy. If a company is too big to fail, it is too big to exist. We need to determine which companies fall in this category and then break them up. Right now, for example, the Bank of America, the nation’s largest depository institution, has absorbed Countrywide, the nation’s largest mortgage lender, and Merrill Lynch, the nation’s largest brokerage house. We should not be trying to solve the current financial crisis by creating even larger, more powerful institutions. Their failure could cause even more harm to the entire economy.
But here's all you need to know. Hank Paulson is asking for $700,000,000,000. That's $2,333 from every man, woman, and child in the United States.[Emphasis mine]
In exchange for that money, Paulson is unwilling to accept any demands to make markets more transparent, limit executive compensation, or assist homeowners fighting foreclosure. The sole purpose of that $700,000,000,000 is to bail out Wall Street and only Wall Street, but not to fix it, or our larger economy.
He is asking to be absolutely unbound by any law when he spends that money.
Put another way, this authorizes Hank Paulson to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes.
Yesterday was one of those gray days when one really would rather be curled up near a fireplace of snuggled under the covers than working. Today was rather gray also and it has rained off and on (my umbrella promptly died as soon as I got home tonight).
Eddie says hi to his siblings in New Mexico.Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.Note it's what "we" have done over the last decade in banking. He is, perhaps unconsciously, identifying himself with those who have worked so hard to bring us toward economic disaster. Take a bow, Johnnie Boy!
"The truth is that Hispanics came here as conquerors," he said. "African-Americans came here as slaves.
"Hispanics consider themselves above blacks. They won't vote for a black president."
New Mexico Latinos:[Sprained muscles from violent rolling of eyes]
McCain (R) 28
Obama (D) 69
Dad grew up on the family farm in Kingsburg. He was the eldest child and had lots of responsibilities, as Grandfather was often away working in construction (or as a logger) to help pay for the farm. Dad was always hyper-responsible.
Here is a photo of Dad as a young sailor. When he was younger than this he had the most amazing (almost frightening) head of hair, with his high forehead and a pompadour that rose way above it. I now resemble him more in his latter years, with less and less hair on top.
An eagle-headed deity from Nimrod, Assyria, palace of Ashurnasirpal II. I love the Assyrian bas reliefs.
The Beach of Honfleur by Claude Monet. Big Impressionist fan here.
This photo was taken across the street from the Los Angeles County museum complex. Once upon a time I lived on Spaulding Avenue a few miles north of this sign. I had dropped out of UCLA, been thoroughly indigent for a while, finally found a job that paid almost nothing (but was the beginning of my career in accounting), and roomed for a while with a friend while his partner was off doing summer stock in New England.
Another shot of the new entrance to LACMA. I not only remember it before this addition and MOCA and taking on the Fairfax and Wilshire May Company but back when there were pools and really cool fountains in front. Exciting to arrive there at night back then (when I was a student).
Here is MOCA, the Museum of Contemporary Art. Alas, we did not get inside it either.
A look from another angle.
And, to close, back to earlier in the day as we drove through the coastal mountains of California and there was a bit of mist.
An economic Katrina is shattering the confidence of hardworking, middle-class Americans. The war that should never have been in Iraq is dragging on too long. At a time of huge challenge, the candidate with the intelligence, temperament and judgment to lead our nation to a better place is Sen. Barack Obama.
Obama should be the next president of the United States because he is the most qualified change agent. Obama is a little young, but also brilliant. If he sometimes seems brainy and professorial, that's OK. We need the leader of the free world to think things through, carefully. We have seen the sorry results of shooting from the hip.
McCain's former economic adviser is ex-Texas Sen. Phil Gramm. On Dec. 15, 2000, hours before Congress was to leave for Christmas recess, Gramm had a 262-page amendment slipped into the appropriations bill. It forbade federal agencies to regulate the financial derivatives that greased the skids for passing along risky mortgage-backed securities to investors.
And that, my friends, is why everything's falling apart. That is why the taxpayers are now on the hook for the follies of Fannie Mae, Freddie Mac, Bear Stearns and now the insurance giant AIG to the tune of $85 billion.
09/16/08 :
09/18/08
The saddest sight of the dayAfter 52 years, Cody's Books will shut its doors effective June 20, 2008. The Berkeley bookstore has been a beacon to readers and writers throughout the nation and across the world. Founded by Fred and Pat Cody in 1956, Cody's has been a Berkeley institution and a pioneer in the book business, helping to establish such innovations as quality paperbacks and in-store author readings. Throughout the 1960s and 70s, Cody's was a landmark of the Free Speech movement and was a home away from home for innumerable authors, poets and readers.
A mural celebrating (feistily, of course) People's Park
An fire escape staircase“We are, ” they said, even as their pages
Were being torn out, or a buzzing flame
Licked away their letters. So much more durable
Than we are, whose frail warmth
Cools down with memory, disperses, perishes.
Now that this disaster has hit, John McCain is calling for the firing of the Security and Exchange Commissioner. Well here's what I say: In 47 days, you can fire the whole Trickle-Down, On-Your-Own, Look-the-Other-Way crowd in Washington who have led us down this disastrous path.
Let's also not lose sight of the broader pattern. McCain thinks the recent conflict between Russia and Georgia was "the first probably serious crisis internationally since the end of the Cold War." He thinks Iraq and Pakistan share a border. He believes Czechoslovakia is still a country. He's been confused about the difference between Sudan and Somalia. He's been confused about whether he wants more U.S. troops in Afghanistan, more NATO troops in Afghanistan, or both. He's been confused about how many U.S. troops are in Iraq. He's been confused about whether the U.S. can maintain a long-term presence in Iraq. He's been confused about Iran's relationship with al Qaeda. He's been confused about the difference between Sunni and Shi'ia. McCain, following a recent trip to Germany, even referred to "President Putin of Germany." All of this incoherence on his signature issue.CNN on the topic:
Asked for "specific skills" she could cite to rebut critics who question her grasp of international affairs, she replied, "I am prepared."
"I have that confidence. I have that readiness," Palin said. "And if you want specifics with specific policies or countries, you can go ahead and ask me. You can play 'stump the candidate' if you want to. But we are ready to serve."
You know how I hit all the hot spots of every town I visit, right? (As if.)
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America. 
Now, whom does that sound like?"Executive abilities? She doesn't have any," said former Wasilla City Council member Nick Carney, who selected and groomed Palin for her first political race in 1992 and served with her after her election to the City Council.
Four years later, the ambitious Palin won the Wasilla mayor's office -- after scorching the "tax and spend mentality" of her incumbent opponent. But Carney, Palin's estranged former mentor, and others in city hall were astounded when they found out about a lavish expenditure of Palin's own after her 1996 election. According to Carney, the newly elected mayor spent more than $50,000 in city funds to redecorate her office, without the council's authorization.
...
Carney confronted Mayor Palin at a City Council hearing, and was shocked by her response.
"I braced her about it," he said. "I told her it was against the law to make such a large expenditure without the council taking a vote. She said, 'I'm the mayor, I can do whatever I want until the courts tell me I can't.'"
"I'll never forget it -- it's one of the few times in my life I've been speechless," Carney added. "It would have been easier for her to finesse it. She had the votes on the council by then, she controlled it. But she just pushed forward. That's Sarah. She just has no respect for rules and regulations."
View at a stop light.
