With the government throwing money at a failing financial system, I suggest we are losing a unique opportunity to reform and restructure our economy. Rather than put our tax dollars in the hands of institutions to trickle down to the rest of us, we should make investments in our future and give the rest to citizens to spend so that our money rises up the financial ladder.
I learned three things listening to Secretary Paulson on the Bailout program yesterday:
1. Paulson is a worse public speaker than Alan Greenspan (something I didn’t think possible), leaving a more confused image of the Bailout Program behind him.
2. Homeowners will now not benefit from any kind of mortgage recovery from the Bailout, as it is now all going to keep banks afloat.
3. Since thee has, so far, been no oversight by Congress over the program, Paulson can do anything he wants without accountability.
In other words, we are screwed.
Senior politicians, former ambassadors, top business leaders and lawyers will lead special teams into US government agencies to prepare the ground for Barack Obama’s presidency, his office said.
An army of specialists — including senior members of former president Bill Clinton’s administration — is set to fan out across in the Treasury, State Department and Pentagon.
Even the White House will be scrutinized as the 450-strong transition team goes through more than 100 departments and agencies.
MSNBC was the victim of a hoax when it reported that an adviser to John McCain had identified himself as the source of an embarrassing story about former vice presidential candidate Sarah Palin, the network said Wednesday.
David Shuster, an anchor for the cable news network, said on air Monday that Martin Eisenstadt, a McCain policy adviser, had come forth and identified himself as the source of a Fox News Channel story saying Palin had mistakenly believed Africa was a country instead of a continent.
The $700 billion bailout was rushed through Congress as a way of pumping liquidity into the financial system by letting the Treasury buy up so-called toxic assets, the most troubled loans on lenders’ books.
Well, that’s not what the Troubled Asset Relief Program is any more. Not too long after it passed, Treasury decided that it could put money into the system more effectively by purchasing bank stock directly.
I recommend to you an article on Politico.com that reports on the latest contretemps between the Obamas and the Clintons—a tricky-track of a relationship if ever there was one.
It describes a phone call from Michelle Obama soliciting advice from Sen. Hillary Clinton about how to raise children while living in the most glaringly public fish bowl in the world: the White House. Odd, on the one hand, that Michelle Obama, who never veiled her venom for Hillary Clinton during the primary contest, would now be soliciting her advice. Maybe not, says Politico.com:
Comrades, when the dreaded socialism descends on America courtesy of the Obama administration — which, by the way, is the most ridiculous delusion to sweep the land since the Y2K scare — I hope team sports become mandatory.
Team sports teach important life lessons, especially about winning and losing: To wit: Don’t be a loser when you win but be a winner when you lose. In other words, act with a little class, win or lose. And, oh yes, keep a sense of humor.
When Barack Obama won the presidential election last week over John McCain, he did so with substantial help from Hispanic voters in four critical swing states. Nationwide, Hispanics supported Obama by better then two-to-one, Edison-Mitofsky exit polls showed, helping boost him to easy victories in such major electoral-count states as California, New York and Illinois.
The exit polls of some 17,000 voters broke down the national pro-Obama support (in percentages):
— Blacks: 96-4.
— Hispanics: 67-32
— Whites: 43-55.