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    November 30

    Obama's Critics From the Left: As Wrong as His Critics From the Right

    There have been a lot of criticism of Obma's cabinet picks, from the left as well as the right of the political spectrum but mostly from the left.  Many "progressives" feel that Obama used them to get their vote and when he won, he went back on his word and chose Washington insiders whom they feel is cause of the problems that America has now.  They say that he is a liar, not a man of his word.  They ask is he really for change or is he's just the a part of the same old Washington establishment. Is he?  No. 

    This article echos my own sentiments.


    By Frank Schaeffer at the Huffington Post

    When President-elect Obama said he'd reach out to the Republicans and all Americans, he was telling the truth. Apparently some people on the left hoped he was lying. Obama's "sin" in their eyes is that he is keeping his promises.

    Other than the perpetually aggrieved paranoid cranks on the far right -- FOX News, Rush Limbaugh, Sarah Palin, James Dobson etc., -- most Americans (no matter who they voted for) are just glad that someone brimming with confidence, intelligence and good will is in charge of our rescue, at last! (Watching President-elect Obama's recent press conferences, one could hear a collective sigh of relief from sea to shining sea.) Nevertheless, a few critics from the left are now demanding progressive purity from President-elect Obama that is not in keeping with his clearly stated campaign promise to bring all Americans together, and to put governance and competence ahead of ideology. In that sense they are working against the aims of his presidency.

    A few progressive critics are bewailing the fact that President-elect Obama's cabinet is "too centrist," or made up of "too many former Clintonites," or that he's working with the Republicans, or that he is "too hawkish on Afghanistan." Turns out some Pharisaical progressives are into guilt by association; "Look at the bad company he's keeping!" they groan. General Jones?! Clinton?! Gates?! The sky is falling!

    As someone who escaped the fever swamp of the Religious Right many years ago -- I know fundamentalism when I smell it, be it religious or secular. And the criticisms of President-elect from the left stink to high heaven of fundamentalist orthodoxy, albeit with a "progressive" twist.

    Here are a few examples of the fundamentalists of the left trying to make Obama fit their political "theology:"

    Chris Bowers writing in Open Left (Nov 21):

    "I know everyone is obsessed with the 'team of rivals' idea right now, but I feel incredibly frustrated... Why isn't there a single member of Obama's cabinet who will be advising him from the left? It seems to me as though there is a team of rivals, except for the left, which is left off the team entirely."

    Cris Hayes writing in The Nation (Nov 21):

    "Not a single, solitary, actual dyed-in-the-wool progressive has, as far as I can tell, even been mentioned for a position in the new administration. Not one."

    William Greider in the The Nation ( Nov 25)

    " A year ago, when Barack Obama said it was time to turn the page, his campaign declaration seemed to promise a fresh start for Washington. I, for one, failed to foresee Obama would turn the page backward... Obama's [cabinet] selections seem designed to sustain the failing policies of George W. Bush."

    And this from Noam Chomsky, the grand old man of the left himself, on Democracy Now!. (posted on Alternet Nov 28)

    "Rhetoric we know, but what are [Obama's] actions?... The first choice was the Vice President, Joe Biden, one of the strongest supporters of the war in Iraq... The first post-election appointment was for Chief of Staff, which is a crucial appointment; determines a large part of the president's agenda. That was Rahm Emanuel... again, a longtime Washington insider. Also, one of the leading recipients in congress of funding from the financial institutions hedge funds... Obama's choices... [include] Robert Rubin and Larry Summers... among the people who are substantially responsible for the crisis. One leading economist, one of the few economists who has been right all along in predicting what's happening, Dean Baker, pointed out that selecting them is like selecting Osama Bin Laden to run the war on terror..."

    What is the message from these cheerless Scrooges of the left? Joy? Celebration? The hard work of actual governance? Ba Humbug! We don't do winning! We don't do actual governance! We only do permanent opposition! Coal in everyone's stockings... again!

    Before I continue please note: There is a line between opposition to say, a specific policy and undermining our new President-elect's overall efforts by casting doubt on every selection he makes (or doesn't make) for his team, let alone pitting his rhetoric against his actions in a manner that implies he is lying. This "line" matters, even if it's fluid and hard to pin down because this is a critical -- perhaps fatal -- moment in American history.

    That said... There is a reason that the likes of Saints Kucinich (from the left) and Huckabee (from the right) are not the President-elect: most Americans don't want the Church Ladies of the right or the left running the country. Sunday school is one thing, the presidency another. Our country is not so much "center-right" or "center-left" as fundamentally anti-ideological. (Which, by the way, is one reason why the Sarah Palin nomination backfired so badly for McCain.)

    There are two kinds of people, those that allow reality and experience to define and constantly modify their ideas and those who insist that their ideas define reality. The first kind make things work. The second type (be they right wing creationists, or progressive purists) stand on the sidelines wringing their hands and criticizing the doers for their "heresy," because doing anything in the real word always equals compromise, learning and change.

    What they of the purist left want from Obama is an ideological orthodoxy of thought and action that does not actually exist, except in their imaginations. And where do they think they are living? This is America and that means that Obama will be trying to govern a country so diverse that Sarah Palin and Noam Chomsky both have a fan base here!

    Moreover many of Obama's legion of young and energetic supporters have not heard of, nor do they care about, the Noam Chomskys or James Dobsons of this world. History is moving on. Obama is bigger than the pundits. He's bigger than the movements that have divided us. Believe it or not -- this is a new day.

    As Thomas B. Edsall wisely noted in the Huffington Post (Nov 29) in Battle Royale: Center-Right Versus Center-Left In the Democratic Party:

    "A close examination of the data suggests that the political and policy-making environment is more complex than either side [in the left/right debate within the Democratic Party] acknowledges, and that thinking in terms of a left-right dichotomy may distort policy options."

    Under the surface gloss of the left wing criticism of Obama there is, I suspect, something else: the critic's psychological need to feel indispensable, not to mention superior to those of us who like, trust and will follow President-elect Obama because he strikes our gut as likable, trustworthy and deserving of loyalty based on the self-evident merits of his outstanding character. It's just not in their genes to ever be so "ordinary" as to become team players, even when their side has just won. They would rather be in permanent opposition than ever be accused of -- horrors! -- being mainstream.

    Again; I know about this form of messianic mental illness all too well from my own delusional days as a leader in the fundamentalist evangelical world back in the 70s and early 80s. We were proud of being outsiders, yet resentful of not being included, and yet again weirdly and moralistically haughty because of our self-imposed outsider status.

    For the fundamentalists of the left, it's no good just getting the job done, let alone doing it in a way that mirrors this diverse, complex and one-size-does-not-fit-all country we live in. From the point of view of the ideologically pure of heart, the only way to get the job done is an in-your-face crusade that humiliates former opponents. This is the don't-forgive-Lieberman "reeducation" theory of political change: it's not enough to just win then change things, you need to do so in a way that leaves anyone who ever disagreed with you punished and out in the cold, furious and plotting your downfall.

    Here's the right wing ideologue's nightmare:
    What if President-elect Obama keeps being truthful and doing what he said he'd do? What happened to all those on the right who have been proven wrong about things they said during the campaign, for instance the right-wing Jews who said Obama would be surrounded by anti-Semites, and then the first thing he does is make Rahm Emanuel his chief of staff? And what are the right-wing evangelicals, who said he'd be a socialist appeaser and friend to terrorists, to do now that President-elect Obama has appointed a pragmatic economic team, and persuaded Gates to stay on for a year at Defense and General Jones to advise him? And what will the anti-abortion community do when Obama does what he said he'd do and initiates programs that actually reduce abortions by lifting women, families, teens and children out of poverty?

    Here's the left wing ideologue's nightmare:
    President-elect Obama does not bring the emotional and psychological baggage of my boomer generation's schoolyard fights with him. He meant it when he said he doesn't see a "red" or "blue" state America but the United States of America. He's of the left but without the I-told-you-so smarminess of we boomer culture warriors. He's progressive but without the need to punish former opponents. He won handily but is not interested in putting his political foes in their "place." He actually seems to want to serve all Americans, even the "wrong" kind, even the "other."

    President-elect Obama is smarter than his critics and a better and more strategic politician than his rivals. As my friend (blogger and commentator) Frank Gruber wrote to me;

    "Every move he makes is confident. He is in charge and thinking ten moves ahead. If I was a rival politician, left or right, I'd feel overwhelmed -- what's he going to do next? It's even more baffling because Obama tells you in advance not only what he's going to do, but what you're going to do. Think about that debate when he told Senator Clinton he was looking forward to getting advice from her after he became president. At the time I'll bet she dismissed that as mere rhetoric. Wrong! Who is going to be Secretary of State? Or what about when he gave that speech at the beginning of the summer of 08 outlining every tactic the McCain campaign would use against him?"

    As for we self-proclaimed commentators, we have a President-elect who has more intellectual firepower than all the punditry put together. How confusing! That's good for America. But that's something a whole class of professional carpers will never forgive. And so expect mirror image left/right attacks from the class of talkers to whom the glass is always half empty, because they insist that any water that might be in the glass is inferior if they didn't personally invent it!

    One reason that President Obama is going to be a very successful President is precisely because his understanding of the cosmos is that his ideas (political, philosophical or theological) do not define it. That's called wisdom. That's called humility. And that is the very wisdom lacking in Obama's ideologically driven left wing critics, who never seem able to complete and paragraph with the words, "But I could be wrong." That is why their posture is already a crouch of disappointed expectation, even before President-elect Obama has been sworn in!

    When President-elect Obama said that he will try to do what works, regardless of the ideological label or where a good idea comes from, he was telling the truth. Most Americans know how lucky we are to have this remarkable, pragmatic, subtle, thoughtful man for our President-elect. Most of us also know how lucky we are that our next president -- unlike our current White House occupant -- is more interested in being a good president than in proving his "side" right about everything. And most of us also know that the stakes are sky high and that now is a time to stand with our new President-elect, come hell or high water or, perhaps, because of the hell and high water we're already neck deep in.

    Frank Schaeffer is the author of CRAZY FOR GOD-How I Grew Up As One Of The Elect, Helped Found The Religious Right, And Lived To Take All (Or Almost All) Of It Back. Now in paperback.


    Key Members of Obama's Economic Team

    These are some of the people who is in Obama's Economic Team.  Like them or not, they are experts in their field and with President Obama (I like the sound of that) at the helm, they will be the ones who will get our economy back on the right track.

    President-elect Barack Obama and Vice President-elect Joe Biden officially announced key members of their economic team today, naming Timothy Geithner as Secretary of the Treasury and Lawrence Summers as Director of the National Economic Council. Obama and Biden also named Christina Romer Chair of the Council of Economic advisors, and named Melody Barnes and Heather Higginbottom to serve as Director and Deputy Director of the Domestic Policy Council.

    “Vice President-elect Biden and I have assembled an economic team with the vision and expertise to stabilize our economy, create jobs, and get America back on track. Even as we face great economic challenges, we know that great opportunity is at hand – if we act swiftly and boldly. That’s the mission our economic team will take on,” said President-elect Obama.

    Timothy F. Geithner, Secretary of the Treasury
    Timothy Geithner currently serves as president and CEO of the Federal Reserve Bank of New York, where he has played a key role in formulating the nation’s monetary policy. He joined the Department of the Treasury in 1988 and has served three presidents. From 1999 to 2001, he served as Under Secretary of the Treasury for International Affairs. Following that post he served as director of the Policy Development and Review Department at the International Monetary Fund until 2003. Geithner is a graduate of Dartmouth College and the Johns Hopkins School of Advanced International Studies.

    Lawrence H. Summers, Director of the National Economic Council
    Lawrence Summers is currently the Charles W. Eliot University Professor at Harvard University. Summers served as 71st Secretary of the Treasury from 1999 to 2001 and as president of Harvard from 2001 to 2006. Before being appointed Secretary, Summers served as Deputy and Under Secretary of the Treasury and as the World Bank’s top economist. Summers has taught economics at Harvard and MIT, and is a recipient of the John Bates Clark Medal, awarded to the American economist under 40 judged to have made the most significant contribution to economics. Summers played a key advisory role during the 2008 presidential campaign.

    Christina D. Romer, Director of the Council of Economic Advisors
    Christina Romer is the Class of 1957 Professor of Economics at the University of California, Berkeley, where she has taught and researched since 1988. Prior to joining the faculty at Berkeley, Romer was an assistant professor of economics and public affairs at Princeton University’s Woodrow Wilson School of Public and International Affairs. Romer is co-director of the Program in Monetary Economics at the National Bureau of
    Economic Research and has been a visiting scholar at the Board of Governors of the Federal Reserve System.

    Melody C. Barnes, Director of the Domestic Policy Council
    Melody Barnes is co-director of the Agency Review Working Group for the Obama-Biden Transition Team, and served as the Senior Domestic Policy Advisor to Obama for America. Barnes previously served as Executive Vice President for Policy at the Center for American Progress and as chief counsel to Senator Edward M. Kennedy on the Senate Judiciary Committee from December 1995 until March 2003.

    Heather A. Higginbottom, Deputy Director of the Domestic Policy Council
    Heather Higginbottom served as Policy Director for Obama for America, overseeing all aspects of policy development. From 1999 to 2007, Higginbottom served as Senator John Kerry’s Legislative Director. She also served as the Deputy National Policy Director for the Kerry-Edwards Presidential Campaign for the primary and general elections. After the 2004 election, Higginbottom founded and served as Executive Director of the American Security Project, a national security think tank. She started her career as an advocate at the national non-profit organization Communities in Schools.

    Peter Orszag, Head of the Congressional Budget Office
    Peter Orszag is an expert on health care, pensions and Social Security policy. He worked at the Clinton White House as special assistant to the president at the National Economic Council and served on the Council of Economic Advisers.

    Paul Volcker, Chairman, Economic Recovery Advisory Board
                                                                                                                     Volcker, 81, was Federal Reserve chairman from 1979-1987, and will advise Obama as the chair of a committee of private-sector experts on the economy and financial markets.

    Volcker is best known for his decisiveness in ending a devastating inflationary spiral in the late 1970s by raising interest rates to unprecedented levels. The result was a recession in 1981-82 that generated the worst unemployment since the Great Depression of the 1930s.

    Austan Goolsbee, Member, Council of Economic Advisers                                                                                                                       Goolsbee, 38, a University of Chicago economics professor and an expert on tax policy and Internet commerce, has served as Obama's chief economic adviser since Obama won his U.S. Senate seat in 2004.

    Goolsbee has played a major role in shaping Obama's economic plans, including tax cuts for middle-income Americans and tax increases on those earning over $250,000 a year.





    November 24

    Obamas' 60 Minute Interview-Entire Show

     


    Watch CBS Videos Online


    UBS Clients Seek Amnesty on U.S. Taxes

    Here's an update of an recent entry about UBS closing U. S. accounts used by the wealthy who thought they could get out of paying taxes by hiding their money. 

    By CARRICK MOLLENKAMP in Zurich and EVAN PEREZ in Washington, D.C.

    Wealthy clients of Swiss bank UBS AG are coming forward to make amends with tax authorities, a sign U.S. efforts to battle offshore tax evasion and dent Switzerland's bank secrecy are having the desired effect.

    Moved to take action after a former UBS private banker was indicted and spilled valuable secrets, the UBS clients are hiring tax lawyers and pursuing amnesty through an Internal Revenue Service voluntary disclosure program. The program allows U.S. citizens to avoid criminal prosecution if they acknowledge evasion and agree to pay taxes and penalties.

    The clients' actions are a boon for the IRS, which lacks the staff to go after about 20,000 U.S. citizens who U.S. authorities say worked with UBS private bankers to avoid taxes.

    The moves come as UBS, U.S. authorities and the Swiss government have accelerated talks aimed at releasing data on the offshore accounts of U.S. taxpayers, people familiar with the matter said.

    Meanwhile, the IRS is considering a national settlement that would speed up the process for UBS clients to come forward en masse. Likely to be based on a 2003 landmark offshore credit-card and tax-fraud deal, though with stiffer penalties, the settlement could obviate the need to gain the cooperation of the Swiss government, which has been reluctant to turn over private-bank client information.

    The developments amount to a coup for U.S. authorities, who have spent the past two decades trying to crack offshore banking markets with only incremental progress. "It's a tremendous success," says Peter Hardy, a former U.S. prosecutor and partner at Post & Schell in Philadelphia. "It's unprecedented in that historically it's been very difficult to get meaningful information regarding accounts located overseas."

    Any progress by U.S. authorities represents a blow for Switzerland, which depends heavily on its reputation for secrecy to support a private-banking industry that is the lifeblood of the Swiss economy. UBS is counting on its private-banking unit, which provides services to wealthy individuals, to help it dig out of more than $46 billion in write-downs on soured mortgage investments.

    A spokesman for UBS said the bank "is treating these still ongoing investigations with the utmost seriousness and will address and correct any issues raised in the investigations, including by taking appropriate disciplinary action."

    The national settlement could be announced before the end of the year, though the transition of President-elect Barack Obama's administration could slow it down, according to people familiar with the situation. An IRS spokesman denied that any new program was coming soon.

    This article is from the Wall Street Journal.  You can read the rest of the article here:

    http://www.iactu.net/read.php?sym=WSJ&url=http%3A//feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/sCfRmidZwkc/SB122747979318351549.html

    November 23

    Obama's New Website



    A screenshot of www.change.gov.

    Why you should care about change.gov

    By Jason Plautz

    The site is the most transparent and modern in the government’s often-spotty history with the Internet. But its most interesting feature is the “American Moment,” where visitors are encouraged to share their stories, concerns and, of course, hopes. The submissions have already started to appear on the site, showing that the administration actually does take it seriously. There’s no way to know if Obama’s people will actually take the stories into consideration when they draw up their agenda, but it is nice to know that somebody is at least listening.

    This site is just the beginning of what Obama has already promised will be a transparent and digital administration, one that actually listens to its citizens and shows them how they make decisions. Obama’s campaign showed the potential of the Internet and grassroots involvement, an extension of the strategy Howard Dean mastered in the 2004 race. Obama was a big presence on Facebook and MySpace and he expertly used the Web to mobilize young voters. Through his Web site, he managed to organize millions of volunteers, set up events and amass astronomic campaign funds.

    He also embraced digital technology to connect with his supporters in an unprecedented way. When he settled on Joe Biden as his V.P. pick, supporters found out before the media…via text message. He sent out more emails than that annoying kid on every listserv that just wants to “remind” people about his upcoming a capella show. Only Obama’s emails were personally addressed to each supporter and very calmly encouraged them to donate or get involved in the campaign. He completely outlapped McCain on the Web (not surprising, considering McCain’s alleged inability to use email).

    If the campaign was any indication, this administration will be the most Web-savvy, and thus the most interactive. Obama has already made one upgrade - the weekly presidential radio address will now be recorded and broadcast on YouTube. This could bring back the days of FDR’s fireside chats, where people actually find a way to listen to their president to get a sense of what is going on in the government. He has promised to make his presidency more transparent, though there are obvious security and resource limitations on that promise. But it is still an encouraging sign that Obama set up change.gov.

    It shows that Obama is serious about engaging the digital generation, not only reaching out to them but also hearing from them as well. This campaign saw a debate use YouTube to ask questions and a record number of young voters turn out, many excited by Obama’s digital presence. The Web will allow the “apathetic” young adults to easily find out what’s going on the world. But more importantly, it will allow the government to hear what really matters. In Obama’s acceptance speech, he emphasized that the change hadn’t happened and that it was going to take work from all of us. He is using the Web to help make that change happen, listening to what matters to the citizens and letting them hear what they need to know.

    I have been to the website, it's pretty nice.  A must see.

    Here's the link: http://www.change.gov/


    November 21

    First lady got back

    I'm a black woman who never thought I'd see a powerful, beautiful female with a body like mine in the White House. Then I saw Michelle Obama -- and her booty!

    News

    Michelle Obama waves to the crowd at the Democratic convention in Denver on Aug. 25, 2008.

    By Erin Aubry Kaplan at Salon.com

    Nov. 18, 2008 | Free at last. I never thought that I -- a black girl who came of age in the utterly anticlimactic aftermath of the civil rights movement -- would say the phrase with any real sincerity in my lifetime. But ever since Nov. 4, I've been shouting it from every rooftop. I'm not excited for the most obvious reason. Yes, Obama's win was an extraordinary breakthrough and a huge relief, but I don't subscribe to the notion that his capturing the White House represents the end of American racial history. Far from it. There is a certain freedom in the moment -- as in, we are all now free from wondering when or if we'll ever get a black president. Congratulations to all of us for being around to settle the question.

    But what really thrills me, what really feels liberating in a very personal way, is the official new prominence of Michelle Obama. Barack's better half not only has stature but is statuesque. She has coruscating intelligence, beauty, style and -- drumroll, please -- a butt. (Yes, you read that right: I'm going to talk about the first lady's butt.)

    What a bonus! From the ocean of nastiness and confusion that defined this campaign from the beginning, Michelle rose up like Venus on the waves, keeping her coif above water and cruising the coattails of history to present us with a brand-new beauty norm before we knew it was even happening.

    Actually, it took me and a lot of other similarly configured black women by surprise. So anxious and indignant were we about Michelle getting attacked for saying anything about America that conservatives could turn into mud, we hardly looked south of her neck. I noted her business suits and the fact she hardly ever wore pants (unlike Hillary). As I gradually relaxed, as Michelle strode onto more stages and people started focusing on her clothes and presence instead of her patriotism, it dawned on me -- good God, she has a butt! "Obama’s baby (mama) got back," wrote one feminist blogger. "OMG, her butt is humongous!" went a typical comment on one African-American online forum, and while it isn't humongous, per se, it is a solid, round, black, class-A boo-tay. Try as Michelle might to cover it with those Mamie Eisenhower skirts and sheath dresses meant to reassure mainstream voters, the butt would not be denied.

    As America fretted about Obama's exoticism and he sought to calm the waters with speeches about unity and common experience, Michelle's body was sending a different message: To hell with biracialism! Compromise, bipartisanship? Don't think so. Here was one clear signifier of blackness that couldn't be tamed, muted or otherwise made invisible. It emerged right before our eyes, in the midst of our growing uncertainty about everything, and we were too bogged down in the daily campaign madness to notice. The one clear predictor of success that the pundits, despite all their fancy maps, charts and holograms, missed completely? Michelle's butt.

    Lord knows, it's time the butt got some respect. Ever since slavery, it's been both vilified and fetishized as the most singular of all black female features, more unsettling than dark skin and full lips, the thing that marked black women as uncouth and not quite ready for civilization (of course, it also made them mighty attractive to white men, which further stoked fears of miscegenation that lay at the heart of legal and social segregation). In modern times, the butt has demarcated class and stature among black society itself. Emphasizing it or not separates dignified black women from ho's, party girls from professionals, hip-hop from serious. (Black women are not the only ones with protruding behinds, by the way, but they're certainly considered its source. How many gluteally endowed nonblack women have been derided for having a black ass? Well, Hillary, for one.)

    But Michelle is bringing those two falsely divided minds together in a single presentation -- finally, unity for the real world! Talk about a power base. Thanks to Michelle, looking professional and provocative in a distinctly black way will become not only acceptable but also part of a whole presidential look that's more, well, inclusive. Now we'll all be able to wear leggings to board meetings; we'll sport pencil skirts sans the long jackets meant to cover the offending rear at big conferences where we have to make a good impression. It turns out that Sir Mix-A-Lot, he of "Baby Got Back" fame, was not a novelty but a prophet. Who knew? Give that guy a Cabinet post.

    Next page: How does Michelle really stack up next to Jackie O?






    November 16

    Top Republican Senators Oppose Automaker Bailout

     


    WASHINGTON — Top Republican senators said Sunday they will oppose a Democratic plan to bail out Detroit automakers, calling the U.S. industry a "dinosaur" whose "day of reckoning" is coming. Their opposition raises serious doubts about whether the plan will pass in this week's postelection session.

    Democratic leaders want to use $25 billion of the $700 billion financial industry bailout to help General Motors Corp., Ford Motor Co. and Chrysler LLC.

    Sens. Richard Shelby of Alabama and Jon Kyl of Arizona said it would be a mistake to use any of the Wall Street rescue money to prop up the automakers. They said an auto bailout would only postpone the industry's demise.

    "Companies fail every day and others take their place. I think this is a road we should not go down," said Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee.

    "They're not building the right products," he said. "They've got good workers but I don't believe they've got good management. They don't innovate. They're a dinosaur in a sense."

    Added Kyl, the Senate's second-ranking Republican: "Just giving them $25 billion doesn't change anything. It just puts off for six months or so the day of reckoning."

    House Speaker Nancy Pelosi, D-Calif., said over the weekend that the House would provide aid to the ailing industry, though she did not put a price on her plan.

    "The House is ready to do it," said Democratic Rep. Barney Frank of Massachusetts, chairman of the House Financial Services Committee. "There's no downside to trying."

    You can read the rest of the article at Huffington Post.


    Pelosi and Reid are so partisan that they won't even listen to their Republican colleagues, even when they are right.  I think that they both need to step down as speakers of the House and Senate and be replaced with someone who will follow Obama's agenda of bi-partisanship.

    I agree with Sens. Shelby and Kyl.  This bailout is nothing but a band-aid to cover up auto companies striken with gangrene.  I feel that the money will not be going to save the companies but in the executive's pockets.  The best thing for the government to do is to let the companies go into bankruptcy, force them to reorganize and make financial provisions for the employees who lose their job.

    The reason why Paulson cant buy toxic morgages

    When Hank Paulson decided to do a do-over in the bailout plan,  I was baffled until I read this lengthy but good article.

    Here are a few exerpts from an article at Portfolio.com

    The End

    by Michael Lewis Nov 11 2008
    The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.

    Fallen bull statue in Wall Street

    At the end of 2004, Eisman, Moses, and Daniel shared a sense that unhealthy things were going on in the U.S. housing market: Lots of firms were lending money to people who shouldn’t have been borrowing it. They thought Alan Greenspan’s decision after the internet bust to lower interest rates to 1 percent was a travesty that would lead to some terrible day of reckoning. Neither of these insights was entirely original. Ivy Zelman, at the time the housing-market analyst at Credit Suisse, had seen the bubble forming very early on. There’s a simple measure of sanity in housing prices: the ratio of median home price to income. Historically, it runs around 3 to 1; by late 2004, it had risen nationally to 4 to 1. “All these people were saying it was nearly as high in some other countries,” Zelman says. “But the problem wasn’t just that it was 4 to 1. In Los Angeles, it was 10 to 1, and in Miami, 8.5 to 1. And then you coupled that with the buyers. They weren’t real buyers. They were speculators.” Zelman alienated clients with her pessimism, but she couldn’t pretend everything was good. “It wasn’t that hard in hindsight to see it,” she says. “It was very hard to know when it would stop.” Zelman spoke occasionally with Eisman and always left these conversations feeling better about her views and worse about the world. “You needed the occasional assurance that you weren’t nuts,” she says. She wasn’t nuts. The world was.

    (snip)


    That’s when Eisman finally got it. Here he’d been making these side bets with Goldman Sachs and Deutsche Bank on the fate of the BBB tranche without fully understanding why those firms were so eager to make the bets. Now he saw. There weren’t enough Americans with shitty credit taking out loans to satisfy investors’ appetite for the end product. The firms used Eisman’s bet to synthesize more of them. Here, then, was the difference between fantasy finance and fantasy football: When a fantasy player drafts Peyton Manning, he doesn’t create a second Peyton Manning to inflate the league’s stats. But when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. "They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford," Eisman says. "They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?"

    (snip)


    We spent 20 minutes or so determining that our presence at the same lunch table was not going to cause the earth to explode. We discovered we had a mutual acquaintance in New Orleans. We agreed that the Wall Street C.E.O. had no real ability to keep track of the frantic innovation occurring inside his firm. (“I didn’t understand all the product lines, and they don’t either,” he said.) We agreed, further, that the chief of the Wall Street investment bank had little control over his subordinates. (“They’re buttering you up and then doing whatever the fuck they want to do.”) He thought the cause of the financial crisis was “simple. Greed on both sides—greed of investors and the greed of the bankers.” I thought it was more complicated. Greed on Wall Street was a given—almost an obligation. The problem was the system of incentives that channeled the greed.

    I don't know whether Paulson knew all along or not but the reason why he couldn't buy up toxic mortgages to slow the meltdown is because a vast majority of these loans didn't even exist. 
    Now that the government owns Wall-Street, I wonder what will the Obama Administration do about these criminals who have tricked the government into using taxpayer money into buying bogus mortgages and taking the money to still live extravagantly as if nothing is wrong.

    This article is long but it's worth a read.

    http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom#page6



    November 15

    UBS Is Closing Down Accounts

    U.S. Clients at Risk of Exposure

    Source: WaPO

    Swiss banking giant UBS, under investigation by the U.S. government for allegedly helping Americans hide money from the Internal Revenue Service, is closing thousands of accounts, putting clients at greater risk of being exposed, tax lawyers say.

    UBS clients have been receiving calls and letters telling them that their Swiss accounts will soon be liquidated. Those who have concealed funds from the IRS have two basic choices: They can take new and potentially difficult steps to hide the money, heightening their risk of being caught and punished severely, or they can come clean, lawyers say.

    The backdrop for UBS's action is that the U.S. government has been pressing UBS and the Swiss government to disclose the names of thousands of Americans with undeclared accounts, while the Swiss have vowed to uphold Swiss legal protections for bank clients.

    However, as a practical matter, whether or not the Swiss formally give up the names, UBS's decision to close the accounts undermines Switzerland's legendary code of bank secrecy, lawyers said.

    (snip)

    UBS has been under pressure from the U.S. government since June, when a former UBS banker named Bradley Birkenfeld pleaded guilty to helping an American real estate developer hide $200 million of assets and evade $7.2 million of taxes. Birkenfeld has been cooperating with U.S authorities in a widening investigation that led to the federal indictment of one of UBS's top executives.

    The indictment by a grand jury in Florida, which was unsealed this week, accused executive Raoul Weil of conspiring with a host of others at the bank to market Swiss bank secrecy to American clients and help them dodge taxes. A lawyer for Weil denied the charges and said he would seek vindication. Meanwhile, UBS has given U.S. authorities the names of about 70 clients who wired money from UBS accounts in the United States to UBS accounts in Switzerland.

    UBS announced in July that it was getting out of the business of offering Swiss accounts to American clients.

    Some clients feel hung out to dry. "They're not happy," said lawyer Bryan C. Skarlatos of the firm Kostelanetz & Fink. "They feel like UBS is taking steps to protect itself."

    U.S. lawyers say they have generally been advising clients with tax violations to consider seeking leniency through voluntary disclosures to the IRS. For clients who used secret accounts to hide the proceeds of crimes, however, solving the problem won't be that simple, lawyers said. 

    http://www.washingtonpost.com/wp-dyn/content/article/20...

    Some clients feel hung out to dry. "They're not happy," said lawyer Bryan C. Skarlatos of the firm Kostelanetz & Fink. "They feel like UBS is taking steps to protect itself."

    Awww! how ironic? Who exactly is cheating whom?

    November 14

    Obama gives Ebony first dibs

    From The Chicago Tribune

    by Frank James

    So which magazine was the first to get a sit down interview and photo shoot with President-elect Barack Obama?

    Ebony cover.jpg

    Ebony Magazine, which was visited by the president-elect at its Chicago offices in the Michigan Ave. headquarters building of its parent, Johnson Publishing Co.

    That Obama would give his first magazine and photo session to Ebony seems fitting. The magazine was a pioneer in publishing in much the way Obama's a trailblazer in politics.

    Evolved from Negro Digest, which was founded in 1942 by John Johnson, Ebony for decades was one of the few periodicals African-Americans could turn to for images and stories about black strivers and movers and shakers rarely ever seen in the mainstream media.

    A black person who made it to Ebony's cover had really made it in the larger sense. Obama is the ultimate African-American striver.

    Also, the company's present chairman and chief executive Linda Johnson Rice, the founder's daughter, has long been a member of Chicago's black business and political aristocracy into which the Obama's have vaulted in recent years.

    So all told, not a surprising choice that Ebony got Obama first.

    The following is from Ebony's announcement of its coup of its interview yesterday:

    The exclusive interview and cover shoot, held at the headquarters of Johnson Publishing Co. in Chicago, will be the centerpiece of Ebony magazine's January 2009 commemorative issue, which goes on sale nationwide Tuesday, December 9.

    President-elect Obama spoke to Ebony magazine editorial director Bryan Monroe on a wide range of issues, including his historic election and international reaction, the future of America and how he hopes to tap the enthusiasm of the millions of supporters who have been mobilized by his election.

    "I'm very humbled by the fact that I stand on the shoulders of all the people who made these incredible contributions to lift this country up," Obama told Ebony on Thursday.

    November 09

    8-year-old accused of killing father, another man

     

    FLAGSTAFF, Arizona (AP) -- An 8-year-old boy is charged with murder in the shooting of his father and another man in a rural community in eastern Arizona, authorities said Friday.

    The boy was charged with two counts of premeditated murder in the death of his father, 29-year-old Vincent Romero, and 39-year-old Timothy Romans, St. Johns Police Chief Roy Melnick said.

    Police arrived at the home within minutes of the shooting Wednesday, Melnick said. They found one victim just outside the front door and the other dead in an upstairs room.

    The boy, who prosecutors say had never been in trouble before, initially denied involvement in the shooting but later confessed, Melnick said.

    Police have not said what they think the boy's motive was.

    Defense attorney Benjamin Brewer argued Friday that police overreached in questioning the boy without representation from a parent or attorney and did not advise him of his rights.

    "They became very accusing early on in the interview," Brewer said. "Two officers with guns at their side, it's very scary for anybody, for sure an 8-year-old kid."

    A judge determined at a hearing Friday that there was probable cause to believe the boy committed the killings. He is being held at the Apache County juvenile detention center.

    St. Johns is a community of about 4,000 people about 170 miles northeast of Phoenix.

    Secret Service: Sarah Palin's Rhetoric Led to Spike in Death Threats Against Obama


    The Telegraph:
    Sarah Palin's attacks on Barack Obama's patriotism provoked a spike in death threats against the future president, Secret Service agents revealed during the final weeks of the campaign.
    The attacks provoked a near lynch mob atmosphere at her rallies, with supporters yelling "terrorist" and "kill him" until the McCain campaign ordered her to tone down the rhetoric.
    But it has now emerged that her demagogic tone may have unintentionally encouraged white supremacists to go even further.
    The Secret Service warned the Obama family in mid October that they had seen a dramatic increase in the number of threats against the Democratic candidate, coinciding with Mrs Palin's attacks.
    Michelle Obama, the future First Lady, was so upset that she turned to her friend and campaign adviser Valerie Jarrett and said: "Why would they try to make people hate us?"

    Because they were desperate, Michelle. They had nothing else on which to run so they decided create a malevolent image of your husband in order to stoke fear, anger and rage among the ignorant.

    Details of the spike in threats to Mr Obama come as a report last week by security and intelligence analysts Stratfor, warned that he is a high risk target for racist gunmen. It concluded: "Two plots to assassinate Obama were broken up during the campaign season, and several more remain under investigation. We would expect federal authorities to uncover many more plots to attack the president that have been hatched by white supremacist ideologues."

    The McCain/Palin Campaign have created a monster that cannot be stopped easily.  Let's pray for our president-elect that God protect him and his family and remove and dismantle any person or group who wants to destroy them.

    Digg!

    November 03

    Obama's Grandmother Dies At Age 86




    Obama's Grandparents


    WASHINGTON (Reuters) - Democratic presidential candidate Barack Obama's grandmother died of cancer, he said in a statement on Monday, a little more than a week after Obama interrupted the White House race to say goodbye to her in Hawaii.

    "It is with great sadness that we announce that our grandmother, Madelyn Dunham, has died peacefully after a battle with cancer," Obama said in a joint statement with his sister, Maya Soetoro-Ng. "She was the cornerstone of our family, and a woman of extraordinary accomplishment, strength, and humility."

    Dunham helped raise Obama from the age of 10 while his mother was working in Indonesia, and Obama took an emotional 22-hour trip to Hawaii to visit her on October 23 and 24.

    Read more: http://www.reuters.com/article/newsOne/idUSTRE4A26GV200...

    My heartfelt condolances go out to the entire Obama family. She is at peace for sure and with our heavenly father. She knew the family was going to be okay. Barack had the chance to tell her. I'm so glad he was able to have those days. You know for sure she left this world knowing she had done right by her family and they by her. God Bless you. You will remain in my prayers.