
It's difficult to sit up here and watch my country fall into recession. I just wanted to say that I've got you all on my mind. Hold on tight down there and good luck. Hopefully we'll be through this before too long.
love you all,
mike
(from an Associated Press article)
"WASHINGTON - Federal Reserve Chairman Ben Bernanke bluntly warned Congress on Tuesday it risks a recession, with higher unemployment and increased home foreclosures, if lawmakers fail to pass the Bush administration's $700 billion plan to bail out the financial industry.
Bernanke told the Senate Banking Committee that inaction could leave ordinary businesses unable to borrow the money they need to expand and hire additional employees, while consumers could find themselves unable to finance big-ticket purchases such as cars and homes."
I'm not sure how to feel about the financial crisis in the States right now. On the one hand, I can't believe that, once again, there will be no accountability for the misdeed which brought us to the present situation. I'm not saying who should be held accountable, but between congressmen who write the laws, presidents who push the policy, and bank managers and CEOs who gambled with money that was not theirs, someone should be held accountable. Instead, they are actually arguing in congress as to whether or nor the outgoing CEOs of these bought out failures should be stripped of their "golden parachutes" or not. Golden parachute... another way of saying "more free money in one lump sum than you will make for the rest of your hard-working life." This is an arguable point? Wow. We have one royally screwed up country. What has happened to our world? Where did the accountability go? My father taught me that you should own up to your mistakes... no one else's parents taught them the same? I know I can't be alone here.
And should we be bailing these people out? I hear two tales as I scan the news every day. On the one hand, some say that without a bailout, people will make a run on banks and start a new recession. (Well what do you think we are in the middle of? A golden age? Hardly.) Some argue that if AIG is allowed to fail, banks all over America will fail and our economy will fail.
On the other hand, what is really at stake? The article above mentions specifically that we won't be able to "finance big-ticket purchases such as cars and homes." If this is all that is at stake, is it really such a big deal to let AIG fail? Who needs a new car? Must we all be able to buy a home at any time? What is really at stake is not the ability of a person to buy a home, it is a person's ability to finance a home. Is it unreasonable of me to think that we can live in a world without credit and without financing? Yes, I've lived off of student loans for the past 3 years... I'm not saying it's bad to live on credit. But is it worth paying $700 billion tax dollars to save a company from bankruptcy because that company made poor decisions?
Now that I see America's economy from the outside, it is evident that our economy runs on credit. That's why this is such a threatening situation. Too often, we don't have money... we have the promise of money. Even the US dollar, itself, is not real. Nor does it signify anything real like precious metal or any such collateral. If we bail this company out of trouble, what are we keeping secure? Our ability to take out more loans?
I'm not against the bailout, persay, I simply question it. And I am wholeheartedly against spending $700 billion tax dollars so that AIG's management can retire with full pensions, severance, and retirement packages. This isn't an issue of partisan politics, it's one of principles.
In the second part of her interview with ABC News, Palin was confronted with two claims that have been a staple of her reputation since joining the GOP ticket: that she was opposed to federal earmarks, even though her request for such special spending projects for 2009 was the highest per capita figure in the nation; and that she opposed the $398 million Bridge to Nowhere linking Ketchikan to an island with 50 residents and an airport.
Palin actually turned against the bridge project only after it became a national symbol of wasteful spending and Congress had pulled money for it.
-----Here's what she said to Sean Hannity today, in an interview with so many softballs it must have felt like a relaxing massage. This is from the Time magazine excerpt:
On her family’s reaction to be picked as the VP nominee:
“It was a time of asking the girls to vote on it, anyway. And they voted unanimously, yes. Didn’t bother asking my son because, you know, he’s going to be off doing his thing anyway, so he wouldn’t be so impacted by, at least, the campaign period here. So ask the girls what they thought and they’re like, absolutely. Let’s do this, mom.”
As Andrew Sullivan helpfully points out, this is a direct contradiction to her now-famous interview with Charlie Gibson:
(from DailyKos.com)PALIN: I didn't hesitate, no.
GIBSON: Didn't that take some hubris?
PALIN: I -- I answered him yes because I have the confidence in that readiness and knowing that you can't blink, you have to be wired in a way of being so committed to the mission, the mission that we're on, reform of this country and victory in the war, you can't blink. So I didn't blink then even when asked to run as his running mate."Here's the official tick-tock of the announcement from McCain communications director Jill Hazelbaker on August 29:"
"Later that morning, John McCain departed for Phoenix and Governor Palin departed with staff to Flagstaff, Arizona. Governor Palin, Kris Perry, Steve Schmidt and Mark Salter proceeded to the Manchester Inn and Conference Center in Middleton, Ohio. They were checked into the hotel as the Upton Family. While there, Governor Palin’s children, who had been told they were going to Ohio to celebrate their parents’ wedding anniversary, were told for the first time that their mother would be a nominee for Vice President of the United States of America."