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S/SW blog philosophy -

I credit favorite writers and public opinion makers.

A lifelong Democrat, my comments on Congress, the judiciary and the presidency are regular features.

My observations and commentary are on people and events in politics that affect the USA or the rest of the world, and stand for the interests of peace, security and justice.


Showing posts with label economic crisis. Show all posts
Showing posts with label economic crisis. Show all posts

Wednesday, March 18, 2015

The Future of our Nation Examined Through the Eyes of Twitter

Do you ever worry about the future of our nation?
Re-reading my Twitter/HootSuite 2015 national news threads just now, proved to be alarming for me.
  1. Budget War talk started early.
  2. Republicans made head-spinning claims as soon as they took over.
  3. Legislating under Republicans began with the meaningless Keystone Pipeline bill.
  4. My own crazy state of Texas has not disappointed in its heartlessness this year.
  5. The Secret Service admitted to having problems with alcohol.
The Republican budget that has just been introduced favors the "One Percent."  It would abandon large swaths of vulnerable people.  Even though they claim credit for an improving economy, Congress will do nothing to fix the essential infrastructure needed to support and continue that healthy economy.  The Keystone Pipeline benefits the Canadian economy.  Texas turns farther towards the extreme right as each month passes.  And we cannot protect the safety of the POTUS.  These realities reinforce my worry about what is happening to the USA in early 2015 .

But there are bright spots that should not be ignored.
Not all Congressional Republicans are stupid or corrupt.  Science continues to prevail.  Truth continues to have its brave apologists. We can count on our centuries old friend, Europe, to have our back.  Some states in the USA are not insane.  And optimists tweet.

 
Follow me at Twitter.

Friday, June 01, 2012

Without fear, the goal

Becoming Fearless is a new featured section in Huffington PostI discovered this because I follow Arianna Huffington on Twitter.  I also follow a few of her guest columnists, as well as Howard Fineman, her very fine editorial director.

Huffington is fearless.  I am not read-it-all consumer of The Huffington Post; it is just too much.  But I greatly admire the fact that the “HuffPo” has been so very successful at monetizing its popular website.  Ms. Huffington herself is a model of fearlessness when it comes to striding out.  So some reflections about “Becoming Fearless” seem in order.

First, Huffington is wealthy.  Note the tie-in with Arianna Huffington’s 2006 book of essays titled, On Becoming Fearless.... in Love, Work, and Life.  Find it at Amazon.com: Kindle edition–$8.99, hardcover-$4.40, paperback-$10.73.

Second, Huffington is careful.  Read the disclaimer at the bottom of the website page.
This website is for informational purposes only and is not a substitute for medical advice, diagnosis, or treatment.
Third, the assumption is that women have more fears than men.  The Blog section features a list of current blog posts with 10 female writers and 6 male writers.  Look also at one of the the current Sponsored Links list.  It is two-thirds pitched towards women:
Fear of being fat - “Get Skinny By Summer” by www.DietRatings.org

Fear of being old - “53 Year Old Mom Looks 33” by www.consumerproducts.com

Fear of President Obama “Romney vs Obama” by www.msn.com.  (AP photo copyrighted by Mary Schwalm)
Romney NH

Fourth, advertising aims at our emotions, including fear and anxiety.  Another sponsor list  for the Front Page sub section plays on the fears of readers:
Fear of being afraid - “3 Herbs that Beat Anxiety” by www.WiseLifestyles.com

Fear of identity theft - “LifeLock Official Site” to purchase their identity protection plan at www.Lifelock.com
Fear of being in the 99% forever - “Penny Stock Jumping 856%” at www.MyPennyStocks.com
Fifth, the Huffington Post Wants you to read as much as you can on their website.  Note the tie-in with HuffPo’s Healthy Living section, aka "Fear of Dying."  Here are that page’s sponsors:
Fear of Being fat - “5 Diet Pills that Work” at www.DietRatings.org

Fear of identity theft - “LifeLock Official Site” to purchase their identity protection plan at www.Lifelock.com

Fear of a heart attack – “Heart Attack Triggers” at www.Newsmax.com 

Sixth, sponsors want something for their investment.  So they maximize exposure to the product through advertising.  It might even be fun and beneficial:  Enter Toyota Corolla’s “Most Fearless Tweet” contest.
Official Rules:
1. To enter the Contest, you must first create a Twitter account. It's free! Go to Twitter.com for the how-tos.
2. Follow @HealthyLiving.
3. Tweet about fear or fearlessness in your own life by sending a tweet to @HealthyLiving and using the hashtag Third, notice the tie-in with Huffington’s 2006 book of essays On becoming Fearless. . . In Love, Work and Life. New from $4.40; Kindle $8.99.#becomingfearless. It's that easy!

Seventh, there is widespread assumption that we are more fearful than usual these days. For example, out of some sort of morbid fascination,  I have watched a good number of the Doomsday Preppers shows on the National Geographic channel. They are a really scary bunch who base their lives on preparing for the worst things that they imagine could happen.  Somehow I cannot imagine these folks ever reading the new Becoming Fearless section of the HuffPo.

Thursday, May 10, 2012

Rounding up the truth about U.S. poverty --

At the end of last year news reports began to focus on poverty in the United States.  

 

 The number of poor Americans hit a record 49 million in 2010, according to census figures reported by Reuters.  This census info was taken from the ( 9/14/11) Wall Street Journal article:  “Median Household Earnings Fall for Third Year.”

 

Economics experts expose inequality -- “The Texas model of creating more jobs through low wages seems to be catching on around America,” says former Secretary of Labor, Robert Reich (9/13/11).  “Our society has become more and more unequal,” Reich writes on 9/4/11.  Economist Jared Bernstein presented chapter and verse on this in 2007.

Reuters also reports -- Incomes for the wealthiest 1 percent of Americans nearly tripled from 1979 to 2007,” reported 10/26/11.   “Five ways income inequality happened,” reported on 10/28/11.  “Pockets of poverty grow in the United States,” was the conclusion of a study reported on 11/3/11.  More working people turned to NYC shelters in the downturn.  Also, inequality dents the U.S. rank in a U.N. development index,” was reported on 11/2/11.  The census revealed that poverty rates for the elderly, Asians and Hispanics are higher than previously known. Health inequality added to the problem, according to the Scientific American.

In conclusion, according to this 4/10/12 article, the wider the gap between the rich and those in poverty, the worse it gets for everyone.  A Scientific American article explores, “How Wealth Reduces Compassion.”  It seems that, “as riches grow, empathy for others seems to decline.”

Monday, May 07, 2012

Is this the legacy we are leaving?

Think about the future we, our children and grandchildren, are facing.  Fairly recent news items chronicle a number of symptoms of our apparent decade-long decline:
Never before has it been the case that we are leaving our descendants worse off than we were. . . economically and health-wise.  We have a diminished quality of life.  The gap between rich and poor has increased, as have the costs of health care.  The military-industrial complex, as President Eisenhower warned, is in the forefront of powerful influence in our nation.  The earth is on a dangerous path to increased warming.  And we as citizens enjoy less and less constitutional protection.  As a matter of fact, what on earth do we think we are doing?!

"Forward" is the new presidential campaign slogan of the Democrats. We are at the crossroads. If the November elections fail to reelect President Obama, fail to return Democratic control to the U.S. House of Representatives, and to switch various state legislatures, we will continue this sorry legacy.  We need to get back on track as soon as possible.

Monday, October 31, 2011

Globalizing Occupy Wall Street: From Chile to Israel, Protests Erupt

by Lois Beckett,  ProPublica
Oct. 25, 2011, 12:27 p.m.

At first glance, the synchronized protests that took place in more than 900 cities around the globe on Oct. 15 seemed to indicate that Occupy Wall Street had achieved a kind of worldwide resonance.
But the truth is more complex. Many of the protests elsewhere grew out of movements that pre-date Occupy Wall Street and out of frustrations that, though similar in some ways, are also specific to their countries.
Here’s a look at the origins, demands and affects of five of these global protests, as well as the criticism they’ve faced.

In Chile, Students Protesting for Free Education Occupy Schools

The Santiago protest in solidarity with Occupy Wall Street took place during a week of ongoing national demonstrations. Since May, Chilean students have been staging protests demanding that the government make education free to all.
Secondary school students have occupied their schools, sleeping on the floor and holding their own classes. Last week, protesting students occupied Chile’s senate building in Santiago. Hundreds of thousands of people have participated in marches over the past six months. At times, the protests have become violent, with police using tear gas and water cannons on the protesters, and “masked assailants” setting fire to a city bus.
Opinion polls show more than 80 percent of Chile’s citizens support the protesting students, who also have the backing of labor unions and teachers. Government officials, including the president, have resisted the demands, saying the government cannot afford to pay for education for all students.

In Israel, a Summer Protest Against Rent Prices, Cost of Living

Protesters in Tel Aviv returned Oct. 15 to Rothschild Boulevard, the site of a summer occupation that prefigured the Occupy Wall Street movement.
During those demonstrations, which began July 14, hundreds of people set up tents along the most prestigious street in Tel Aviv’s financial district to protest the high cost of rent. Government ministers mocked the protesters, calling them “sushi-eaters” and “nargila [hookah] smokers with guitars.”
But over two months, demonstrations against Israel’s high cost of living brought out a record-breaking numbers of participants. A march on Sept. 3 drew 450,000 people, or roughly six percent of Israel’s population. In response, Israel’s prime minister proposed reforms, and, when they were rejected as insufficient, assembled a task force to consider ways to improve the standard of living for Israel’s middle class.
Tel Aviv’s tent city was dismantled earlier this month.

In Spain, High Youth Unemployment Rate Sparks Tent Occupations

The idea for a global day of protest on Oct. 15 was originally proposed by participants in Spain’s 15-M or “Los Indignados” movement.
The “indignados” movement began in May, when hundreds of protesters set up tents in Madrid’s historic Puerta del Sol, and others gathered elsewhere to protest Spain’s extremely high unemployment. Overall, unemployment was at more than 20 percent, and youth unemployment was at nearly 50 percent. On Oct. 15, tens of thousands of protesters gathered in Madrid, Barcelona and Seville.
Like the Wall Street protesters, protesters in Spain faced criticism for having no clear demands and using the protest as an excuse for a big party. Madrid’s tent city, which largely disbanded in June, was leaderless and had a legal advice tent, a library, a kitchen set up to prepare donated food. It also had a general assembly where participants made decisions through consensus on issues such as how to deal with police or complaints from neighbors. Some neighboring merchants were not enthused about the occupation, but, as in New York, the 24-hour pizzeria didn’t seem to mind.

In the UK, Occupation Follows Protests on Education Cuts, Riots Over Police Brutality

Over the past year, the UK has seen major student protests over rising school fees, as well as violent riots and looting this August after a young black man from a low-income neighborhood was killed by the police.
In comparison with the roughly 50,000 protesters who turned out last November to demonstrate against tuition increases, the Occupy London Stock Exchange movement is small: an estimated 600 people are camped out by St. Paul’s Cathedral, and a smaller cluster have gathered near London’s Royal Bank of Scotland and JP Morgan buildings. (At times, an estimated 2,000 protesters have gathered at the encampment. There also have been smaller protests in other cities across the UK.)
The encampment has prompted the closure of St. Paul’s Cathedral, which is reported to be considering legal action to dislodge the protesters.
Like those in New York, the Occupy London protesters have been criticized—by the Mayor of London, among others—for not having a clear set of demands. A Guardian reporter who spent a few days at the encampment reported that “a few of the key facilitators in last winter’s student protests haven’t come down” because “they’re not sure it’s radical enough.”
But the reporter, Patrick Kingsley, concluded that the lack of demands may be part of the point: “If anything, the camp itself is their demand, and their solution: the stab at an alternative society that at least aims to operate without hierarchy, and with full, participatory democracy. And to be fair, in its small way, it kind of works,” he wrote.

In Germany, a Country Less Burdened by the Financial Crisis, Protest May Reflect Fears for the Future

In Frankfurt, Europe’s financial center, roughly a hundred protesters are currently camped out in front of the European Central Bank, and at least 4,000 more took to the streets again last weekend to protest the banking system. (Smaller numbers protested in Berlin.)
The protests, inspired by the Occupy Wall Street movement, have been greeted with some bewilderment by commentators. While the American protests have focused on the nation’s increasing inequality and wealth disparity, Germany “has one of the most equitable distributions of family income in the world,” according to Foreign Policy magazine. German youth are not saddled with student loan debt, the Wall Street Journal points out, and have a very low unemployment rate of 9.7 percent.
Trying to explain the reason for protests in a country “largely unscathed by the global financial crisis,” German newspapers suggested that there was “bitter disappointment” that state bailouts of banks did not result in reforms to the financial system, or that the protests were forward-looking, sparked by “young people who are afraid that the debt crisis is robbing them of their future."




My Other Blogs: Check out my Amplify blog for synopses of current news stories. My creative website is Making Good Mondays. Follow me at Twitter. And Carol Gee - Online Universe is the home page for all my websites.

Tuesday, October 18, 2011

Otherwise occupied.

Today's newsletter roundup is about the Occupy fill-in-the-blanks movements.  It gleans interesting little items from my Emailed Congressional Quarterly newsletters of recent weeks.




"There’s really no rush" to pass the teacher/first responders jobs bill, "because the measure isn’t going to do much better, if it does any better at all, than the entire Obama jobs package," said David Hawkings in today's CQ newsletter (Oct. 18, 2011), CQ Roll Call Daily Briefing.  To quote further:
SLICING AND DICING: There is no timetable today for the Senate test vote on that $35 billion in grants for teachers and first responders. . . Reid has no incentive to call the vote while the president is out on the road promoting his new piecemeal approach.
. . . As in the past, Obama and the Democrats would rather have the money and the new jobs more than anything else. But it’s also true they’re not unhappy with the consolation prize from another defeat (and at least three more after that). They will get to campaign for the next year on just the sort of declaration that they hope will get the Occupy Wall Street types to the polls: That the GOP had a choice between creating jobs and protecting millionaires — and chose the metaphorical 1 percent.


Another favorite CQ regular newsletter focuses on national security and intelligence.  It is written by David C. Morrison and titled CQ Behind the Lines.  This (Oct. 13, 2011) clip focused on the Occupy Boston protest.
Over Here:  “The Tarek Mehanna Support Committee came to Occupy Boston’s ever-evolving tent city to say [that the] Muslim American pharmacist, is a victim of anti-Muslim sentiment, ”Townhall.com condemns.


Washington D.C. has also been occupied by protesters.  From the Oct. 11, 2011 CQ Roll Call Daily Briefing by David Hawkings, we learn that each group sort of forms on its own, and may or may not be connected.  To quote from another newsletter:
ONE IS NOT THE OTHER: The hundred or so “Stop the Machine” anti-war protesters who spent the weekend camped out in Freedom Plaza are threatening to swarm through the House and Senate office buildings this afternoon in an effort to cause some TV-worthy disruptions. These people do not want to be confused with the Occupy D.C. crowd that’s been in McPherson Square for several days in a relatively low-impact version of the Occupy Wall Street movement. That ragtag group, which is getting less ragtag now that the AFL-CIO is helping it — and now that the Democrats are urging them on from just offstage — is planning its own protest on the Capitol Hill grounds for this afternoon.


Senate Majority Leader Harry Reid has the job of passing the President's latest jobs bill, piece by piece.  This summarizes the issue.  The quote is from the Oct. 6 CQ Roll Call Daily Briefing, by David Hawkings:
GOING NOWHERE: Obama is embracing the “millionaire’s surtax” as the best way to pay for his jobs package — 
. . . So the president’s $447 billion package is sure to stall as a stand-alone bill — meaning that, for a while longer at least, the 330,000 or so families with income of more than $1 million can remain more worried about running into an Occupy Wall Street protester than about finding creative new shelters for their wealth. 


Democrats May Find ‘Occupy’ Movement Is Not That Into Them.  By Ambreen Ali and Neda SemnaniRoll Call Staff  Oct. 6, 2011, 2:29 p.m.  A quote:



Early this month, David C. Morrison wrote about how the Occupy Wall Street folks and law enforcement might or might not get along.  It is dated Oct. 3, 2011 and comes from CQ Behind the Lines. To quote,
The Occupy Wall Street movement has morphed into a world-wide set of protests against the perceived greed of big-monied interests.  I predict that it will be a long time before it ends.




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[Post date: October 18, 2011]


My Other Blogs: Check out my Amplify blog for synopses of current news stories. My creative website is Making Good Mondays. Follow me at Twitter. And Carol Gee - Online Universe is the home page for all my websites..

Monday, October 10, 2011

Throwing the windows open to jarring reality -

Between the fall of 2008-2009 too many of us were mostly unaware of what was actually been happening to the world's economy. We got the mainstream media's headlines, their reports but almost no analysis. That is usually as it is with big events; the history has to wait until later. Currently it seems that enough time has passed to find out the main facts and to gain some perspective. Maybe that is why the "Occupy Wall Street" movement has been this long in coming. This morning I watched the best report I have ever seen of the worldwide financial crisis that occurred during the last years of the Bush administration and the beginning of President Obama's term of office. Unfortunately, it had to come from an outside source, a news service not much trusted by our own government over the years, Al Jazeera/English. Here is the link.

Al Jazeera has been broadcasting a great 4-part series the past few days titled, "Meltdown." The piece highlights the main players and events of the period. Skillfully and objectively the segments provided me with an awareness and understanding of what happened - and why - that I never before have had. Rebroadcasts of each memorable episode are available on the "Meltdown" page. The series includes these four episodes:
1) "The men who crashed the world" - who brought down the economy, the sequence of what happened, who intervened to try to stave off the disaster.
2) "A global financial tsunami" - how it happened that the financial crisis was truly and quickly world wide, the present inter-connectedness of current economies.
3) "Paying the price" - The people and groups who lost out, as well as those who won without any negative consequences.
4) "After the fall" [Part 4 will be broadcast tomorrow afternoon, October 11].
Ezra Klein is one of my very favorite pundits. He recently offered his own very thorough and insightful analysis of the Obama administration's decisions regarding the financial crisis in the fall of 2008 and the spring and summer of 2009. It is entitled: "Financial Crisis and Stimulus: Could This Time Be Different?" by Ezra Klein, columnist at The Washington Post (10/04/11). It is headed by a great photo essay by Bill O'Leary called, "Obama’s economic inner circle and other key voices in the debate." I highly recommend taking the time to read this, and the following piece, in order to flesh out the basics so brilliantly laid out by Al Jazeera.

Jared Bernstein, who was Vice-President Biden's economic adviser, is out of government. And happily, he is now another of my favorite pundits. He wrote a very fine piece in response to Ezra Klein's analysis called: "The Self-Imposed Limits of Reaction to a Crisis," by Jared Bernstein at his blog On the Economy (10/11/11). He and Klein had a conversation about these matters when Klein recently filled in at the Rachel Maddow show. There is also a link on Bernstein's blog.

Today has been immersion day for me. I had to do something. I was feeling anxiety disappointment as things things got worse politically; I was becoming more discouraged for the future. Throwing the windows open to the reality of our economic meltdown means I now know a lot more than I did yesterday. Consequently my perspective changed. I am now much more clear about who is responsible and why. And I have a very positive reaction to the Occupy Wall Street events that began a few weeks ago. I am so proud of all those folks! They may not all know exactly why they are in such trouble, but they surely know who caused it. And they know that they are not the people who should be bearing all the burdens of years of Wall Street, greed, irresponsibility and profligacy. And they know that our government's leaders have not done well enough to make things right again.
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Thursday, October 06, 2011

Are you active or are you passive?

New York Stock Exchange on Wall Street in New ...Image via Wikipedia
 Surfing around the World Wide Web - Today I discovered a number of interesting sites that are part of the activist movements now getting coverage in the national news.  Here are a few links to the online efforts, movements and organizations about which you may have heard:
  •  Occupy Wall Street - Since the middle of September demonstrators, growing into the thousands, have been staging a protest on Wall Street in New York City.
  1.   Occupy Together - Includes a list of all the other "Occupy" movements beyond Wall Street.
  2. The NYC General Assembly at #Occupy Wall Street: Needs of the Occupiers are spelled out in this interesting post.
  3. AnonOps Communications -  Includes a good Michael Moore video from the Wall Street protest.
  • Get Money Out - learn about an idea for cleaning up corporate influence in Washington and sign the petition.  Almost 125,000 have so far signed.
  1. Dylan Ratigan organized a petition drive that could free America from the influence of unlimited campaign contributions via a Constitutional amendment.
  2. Ratigan explains at Huffington Post.
  • Rebuild the Dream - A large number of Progressive organizations joined together this summer to fight to restore the American dream for the 99% of us who are not rich.
  1. Founder Van Jones organized this week's Take back the American Dream Conference.
  2. About the Partners in the American Dream Movement - participating organizations listed at the bottom. 
    [Post date: 10/6/11]

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    My Other Blogs: Check out my Amplify blog for synopses of current news stories. My creative website is Making Good Mondays. Follow me at Twitter. And Carol Gee - Online Universe is the home page for all my websites.

    Friday, September 09, 2011

    Entitlement programs are no longer off limits for cuts.

    President Obama called for Medicare and Medicaid reform in his jobs speech to Congress. And Texas Gov. Rick Perry called Social Security a "Ponzi scheme" in the previous night's Republican debate.

    It looks like everything could be up for grabs in the bipartisan race to dismantle our Federal government's social safety net.









    A Bipartisan Move to Tackle Benefits Programs


    by JACKIE CALMES, nytimes.com
    September 8th 2011
    At the same time, Republicans and Democrats on Capitol Hill expressed a willingness to wring savings from the long-untouchable programs during the first meeting of the special committee that is charged with recommending $1.5 trillion in deficit reductions over the decade. Then President Obama, in his address to a joint session of Congress on spurring job creation, reiterated his call for a plan reducing long-term debt with both changes in entitlement programs and taxes from the wealthy.
    To the chagrin of many in his party, this summer Mr. Obama proposed changes in Medicare and Social Security that once would have been unthinkable for a Democratic president during his unsuccessful talks with the House speaker, John A. Boehner, for a “grand bargain” on cutting deficits. In return for the Republicans’ agreement to raise taxes after 2012 for the wealthy, Mr. Obama indicated that his party would support slowly increasing the eligibility age for Medicare to 67 from 65 and changing the formula for cost-of-living increases in Social Security to a less generous one that some economists consider more accurate.
    Until Mr. Perry’s recent entry into the Republican contest, the debate over reining in the projected growth of the entitlement programs focused on the health programs, Medicare and Medicaid. Their projected costs, given the aging of the population and fast-rising medical expenses, are greater and growing faster than those for Social Security.
    The turn in both parties toward tackling the cost of the entitlement programs has been building. In 2010, Congressional Democrats approved about $500 billion in future savings from Medicare to help pay for the new health care law, though Republicans attacked them for it in last year’s midterm elections. But the onset of the new deficit committee’s work and Mr. Perry’s scathing critique of social spending has added a new dimension.
    At the first meeting of the House-Senate committee on deficit reduction, which is to make recommendations by Nov. 23 for a quick up-or-down vote in Congress, several Republicans said that entitlements were the main cause of annual deficits and should be the panel’s focus.
    James E. Clyburn of South Carolina, a House Democratic leader on the panel, said that he was for “smart and compassionate budget cuts” and “ending military adventurism,” but that Congress must not shred Social Security, Medicare and Medicaid benefits.
    Separately, the senior Democrat on the House Ways and Means Committee, Sander M. Levin of Michigan, circulated a memo listing two dozen options that could squeeze more than $500 billion out of Medicare in the next 10 years. Aides to Mr. Levin said that he was not endorsing the ideas but helping other Democrats understand the sorts of actions that could be taken.
    Read more at

    Wednesday, September 22, 2010

    The Ohio midterm elections will be a laboratory for Democratic organizers

    Discouragement and apathy are natural and normal reactions to unemployment or loss on one's home. Democrats must find ways to encourage people towards hope and motivate them to act. If the Democratic party can turn out people to merely vote, their election worries could be over, not only in Ohio but all over the country.
    Amplify’d from www.slate.com

    Digging Out the Grass Roots

    A visit to Ohio shows how hard it will be for the Democrats to motivate voters.

    By John Dickerson
    Posted Tuesday, Sept. 21, 2010, at 11:29 PM ET
    out and survival may come down to Steve Nicholson vs. Rachel Harris. Neither is likely to vote Republican. But it's unlikely that both will vote Democratic. As Nov. 2 approaches, Democrats face a high
    For the Democratic Party, the difference this year between a rout and survival may come down to Steve Nicholson vs. Rachel Harris. Neither is likely to vote Republican. But it's unlikely that both will vote Democratic. As Nov. 2 approaches, Democrats face a highly motivated opposition. The search for ways to excite people—not just their core voters but anyone who might be receptive to their message—grows more desperate by the day. "Folks, wake up!" President Obama told a group of Democrats Monday night. "This is not some academic exercise."
    Democratic hopes rest in part on Organizing for America, the Obama campaign organization that mobilized such an army for his victory in 2008. In Ohio OFA, has joined with the Democratic Party in perhaps the largest ground effort in the country. They are aided by labor unions. The AFL-CIO has been targeting workplaces and walking the streets talking to its members.
    Some of the challenges come simply from trying to motivate voters in a midterm rather than presidential year. There's no presidential horserace to follow. People are unfamiliar with the candidates. (Democrats can take heart that several people said they'd vote for the party even though they were unfamiliar with the candidates.) Conservatives are motivated by the desire for change. Democrats can't use that argument this time. Instead they have to make arguments for patience and herald incremental change, none of which is very stirring.
    "It's grim," says one Democratic strategist involved in helping a variety of House and Senate candidates. When I asked another Democratic strategist for his assessment of Ohio, he referred to Bill Clinton's ability to come back in 1996 after the '94 losses. Handicappers are making ominous predictions, too. Congressional Quarterly just moved two Ohio congressional races from "toss-up" to "lean Republican." The difficulty on the ground in Ohio has led to speculation about whether the national Democratic committees are going to write off the state. Why throw good money after candidates that are sure to lose?
    If there is to be a Democratic comeback in Ohio, it will rely on a two-pronged attack that relies on tying Republican candidates to Wall Street and their support for free trade. In the African-American community, the comeback argument is different: It's all about Obama. Posters at OFA headquarters that go up in African-American communities read "Our Time is Now" and show Obama getting his hair cut at the barber shop. Says one organizer explaining the pitch, "The Republicans want to take down Obama in 2010, and you need to have his back."
    Read more at www.slate.com

    Tuesday, November 03, 2009

    The story so far, in one picture - Paul Krugman Blog - NYTimes.com

    The story so far, in one picture

    World industrial production in the Great Depression and now:

    DESCRIPTION

    The pundits will say that today's elections are "the start of the Republican revolution," or that the Democrats "averted disaster," or spout other hyped over-generalizations. But the question of whether a member of the official Conservative Party wins his election in upstate New York or not, pales in importance compared to Krugman's published gift posted on this election day.

    In 1929 it was industrial production in "the world," but one consisting of much more separate elements than today. The remaining question is this: Is the industrial production being done by people with real jobs or by robots?

    It would be interesting to see the U.S. stats broken out in the same manner at the world stats in the graph here. U.S. production is just barely up. And persistent Joblessness is still incredibly painful for every family in America experiencing it.

    Posted via web from Southwest Postings

    Saturday, October 17, 2009

    United States, China, Russia and others are linked together in a small financial world.


    The Financial Times of London peppered its front page with jitter-making headlines this weekend:

    Bank of America reports $1bn loss;   Six charged in $20m insider trade case; and US budget deficit hit a record $1,400bn, for example.

    BoA difficulties contrast with the wildly positive (for the investment bank, at least) news about Goldman Sachs, along with the expectation of huge bonuses for its employees.  See Reference 1, below.
    China is the largest foreign holder of United States T-bills.  Recent news, however, is that "China's US-debt holdings have dropped."  The blurb is from China Daily (10/17/09).  Demand for long-term US assets rose in August,with investors from other countries "buying $28.6 billion more in assets than they sold." To quote:

    China cut its US Treasury-bill reserve by $3.4 billion to $797.1 billion in August . . .  Japan, the second largest holder of the US government debt, however, has boosted its Treasury securities from $724.5 billion in July to $731 billion.

    President Obama appears to be committed to a temporarily high deficit to serve as part of the fix to the recent economic crisis.  Jobs, the lagging indicator of the state of our economy, will not start to come back for some months.

    In China the U.S. dollar is, surprisingly, not very weak, Floyd Norris at the New York Times reports.   And a wide range of foreign currencies are rising against Chinese currency.  But remember, China pegs its currency to the U.S. dollar.  Elsewhere, the weak dollar means bargains for foreign purchasers of US goods and services.To quote:

    There is renewed talk about the weak dollar. But don’t believe it. Where it really counts, the dollar is not moving at all.
    In February, the dollar hit a high against most currencies amid fears of worldwide recession and a desire for the safety of American investments. It was then worth 80 euro cents, and 6.82 Chinese renminbi.
    . . . These days it seems to be in the short-term interests of both countries for China to pursue its current policy. The Americans desperately want someone to buy all the Treasuries that are being issued to finance the stimulus program and bank bailouts, and China wants to do whatever it can to stimulate its own economy.
    This week, as the dollar neared 67 euro cents, it was still worth 6.82 renminbi.
    The China-USA bargain will hold for the time being.  The transaction appears to be a balanced one for both nations.

    Russia is an oil-dependent economy, according to Pravda.  The IMF is predicting that there will be some economic recovery in Russia because of a rise in oil prices.  Predictions are of $60 per barrel until the end of the year and $75  in 2010.  To quote:
    The nation’s GDP will drop by 7.5 percent in 2009, which is a larger number than in the previous report, but a smaller one if compared with the expectations of the Russian government.
    . . . The IMF’s World Economic Outlook said that the Russian economy would start to grow in 2010. The inflation rate in 2009 will make up 12.3 percent and slide to 9.9 percent in 2010, Interfax reports.
    . . . The World Bank expected that Russia’s GDP would return to the pre-crisis level only at the end of the third quarter of 2012.
    Russia and the United States apparently are willing to deal with each other in a relatively equitable fashion.  Secretary of State Clinton felt comfortable enough recently to urge the Russians to give up "cold-war thinking."

    In America this post's concluding item will bring back some basis understanding and reality after all the dizzying numbers.  The BBC News reports that Barbra Streisand is holding a great big charity auction of "her most treasured possessions."  Items to be sold are those that will not fit into her newly consolidated house in Malibu.  The piece concludes:

    The auction coincides with the release of Streisand's latest CD, which debuted at at the top of the US album chart.
    The singer is the first artist ever to have had a number one album in five decades - her first was in 1964.
    The proceeds from the sale of her household possessions will benefit the Streisand Foundation, a charity that promotes humanitarian, environmental and children's causes.
    Some things stay the same.  We love our celebrities.  They in turn often develop active lives of giving back in their later years.  Streisand, a Democrat, is no exception.  Downsizing and philanthropy will occupy her energies in the future.  We are lucky, however, that she is still willing to sing for us, too.

    References: Current Tweets on the economy:
    1. "Bailout Helps Revive Banks, and Bonuses http://bit.ly/1U12pO," is from the New York Times (10/16/09).
    2. "Happy days are here again--if you're Goldman Sachs and JPMorgan. By @KatrinaNation http://bit.ly/vW7OS," is from The Nation Magazine (10/16/09).
    3. "A smidgen of optimism http://bit.ly/3jnv0G," is by Paul Krugman of the New York Times (10/16/09).
    4. "Summers challenges Wall Street to accept new regulations : Obama's top economic adviser challenged financial ins.. http://bit.ly/O9xNg," is from The Hill (10/16/09).

    Wednesday, October 07, 2009

    What the polls are saying these days is of passing interest to some --

    Polls appear to be the only reality to others, particularly the mainstream media. For me they are an interesting snapshot of what people are feeling these days. They should not be taken as "the gospel truth," however. Popularity polls and approval ratings can vary widely from week to week, for example, while polls about deeply held beliefs will be more stable over time. The leaders depicted at Mount Rushmore achieved their popularity only after the lessons of history were learned and their achievements came into more realistic perspective.

    People think President Obama is doing a bit better these days as the leader of the USA. The president's job approval rating increase is associated with his handling of a number of issues. Among them are the economy, unemployment, health care, terrorism, the budget deficit, taxes and the war in Afghanistan. The only decline was shown to be the war in Afghanistan. The headline, "Poll: Obama's approval rating jumps 6 percent," is from The Huffington Post (10/6/09). It regards a new AP poll. To quote:

    President Barack Obama's approval ratings are starting to rise after declining ever since his inauguration, new poll figures show as the country's mood begins to brighten. But concerns about the economy, health care and war persist, and support for the war in Afghanistan is falling. . . The economy was the biggest concern, with 88 percent saying they consider it extremely or very important. . .

    People think Congress is doing worse. And it is no wonder. August saw a Republican push for "tea party" demonstrations against health care reform, disrupted town hall meetings, and slow progress by the Senate Finance Committee. And both Democrats and Republicans are upset with Congress. The approval rating has fallen from 39% in March, to 31% last month, to 21% currently. "Approval of U.S. Congress falls to 21%, driven by Democrats," is the Gallup headline (10/6/09). To quote:

    Congressional approval rose sharply in the months after President Obama's inauguration, from 19% in January to 31% in February and 39% in March. Approval then began to slip gradually, dipping to 31% by the end of the summer, before falling precipitously in October. Given the current 21% reading, it appears that any "honeymoon" period for the 111th Congress has eroded.

    Poll results can vary by race. In this case it has to do with how well people feel the economic stimulus package worked to help the economy. The headline, "Poll:Stimulus views vary by race," is from Politico (10/6/09). To quote:

    The poll, sponsored by New America Media, a corroboration of 2,500 ethnic media outlets, reported that less than 40 percent of whites, Hispanics and Native Americans said the stimulus has made the economy better, compared to 59 percent of African-Americans and 47 percent of Asian-Americans.

    Among the overall sample of 1,000 respondents, 40 percent said the stimulus has made the national economy better.

    “The American public currently believes that the stimulus package has not had a major impact on the national economy,” wrote pollster Sergio Bendixen in his analysis of the survey. “Only African-Americans believe that President Obama’s stimulus package ‘has made the economy better.’”

    People are not optimistic about the war in Afghanistan. Many feel that the U.S. is bogged down in the region. The Presidential election results also may have fed the feelings of pessimism. "Americans expecting no resolution in Afghanistan," is the headline from CQ Politics (10/5/09). To quote:

    Majorities of American adults think the war in Afghanistan cannot be won and that its most likely conclusion would be no conclusion at all, according to a poll by Clarus Research Group conducted Oct. 1-4.
    To summarize, at the moment the President is up, and so are feelings about the economy (except for unemployment). Congress is down and so are feelings about the war in Afghanistan. It all could change next week, so stay tuned and remember polls are not reality.

    Posted via email from Southwest Postings

    Monday, October 05, 2009

    Monday's business news is rich with possibilities for interesting reading.

    Business is not always dull and boring.  When you depend on the best writers and resources it can be as engaging as political news is for the activist.

    "The fight for financial reform,"
    by Katrina Vanden Heuvel at The Nation Magazine (10/3/09) focuses on the big picture when it comes to reforming the regulations guiding the financial industry, particularly Elizabeth Warren's proposed new Consumer Financial Protection Agency.  Quoting this fine editor, pundit and writer:

    The needed reforms are clear: affordable health care for all; a targeted jobs program and a humane, effective way to quell the tsunami of foreclosures; and a reorganized, re-regulated Wall Street that gets back to the essential business of investing in the real economy.

    . . . One crucial debate is over the proposed Consumer Financial Protection Agency (CFPA)--akin to the fight over the public option as part of health care reform. . . The need for a CFPA couldn't be more clear. . . Elizabeth Warren, a Harvard Law Professor who also chairs the Congressional Oversight Panel, first developed the idea for a CFPA. . . Warren describes the benefits of the CFPA as bringing "existing federal consumer regulation under one roof", and creating "a home in Washington for people who care about whether families are playing on a level field when they buy financial products.... It will focus on one, driving question: Are consumer financial products explained in a way that consumers can understand and that allows the market to work?"

    . . . Even more threatening to reform efforts are the financial industries' deep pockets: McClatchy Newspapers reports, "The [US] Chamber [of Commerce] said it's spending about $2 million on ads, educational efforts and a grassroots campaign to kill the agency. It said that the grassroots effort has led to more than 23,000 letters sent to Congress to date."

    "Inside the crisis: Larry Summers and the White House Economic team," is by Ryan Lizza at The New Yorker (10/12/09).  If you could only read one article to get the big picture of President Obama's fiscal approach, read this piece.  It is well worth the time.  The read is actually pretty effortless.  HT to Marc Ambinder for his tweet linking to this very important and terrifically readable article (even for us seriously non-economist types).  Lizza rightly concludes, "Obama and his team have pulled the economy back from the abyss, but they will get credit only when it has been rebuilt."

    "A new Supreme Court term hints at views on regulating business," is by Adam Liptak from the New York Times (10/4/09). Remember also to watch C-SPAN's fine series all this week that focuses on the SCOTUS.  Last night's premier episode was just excellent. To quote Liptak:

    The new Supreme Court term that begins Monday will be dominated by cases concerning corporations, compensation and the financial markets that could signal the justices’ attitude toward regulatory constraints at a time of extraordinary government intervention in the economy.

    . . . By the time the justices left for their summer break in June, a majority of the cases they had agreed to hear — 24 of 45 — concerned business issues, according to a tally by the National Chamber Litigation Center of the United States Chamber of Commerce. The corresponding numbers last year were 16 of 42.

    "Three Americans share the 2009 Nobel medicine prize," according to the New York Times (10/5/09). Selfishly, because I am a cancer survivor and a ripe old 72 years of age, I am pleased that their research has implications specifically for me. Quoting from the story, the winners are:

    Elizabeth Blackburn, Carol Greider and Jack Szostak were named winners of the 2009 Nobel Prize in medicine on Monday for research that has implications for cancer and aging research.

    The trio solved a big problem in biology: how chromosomes can be ''copied in a complete way during cell divisions and how they are protected against degradation,'' the citation said.

    "Is the Internet's next frontier news for your neighborhood?" asks Matthew Lasar at Ars Technica (10/2/09).  This is a timely article for those of us who watched a panel on the Knight Commission's work last evening.  Here is a summary: "The Internet has made it easy to connect with anyone anywhere—but it's still tough to know what's going on down the block, in local schools, or at City Hall. One foundation has a plan to change this." HT to Jay Rosen who tweets that "Ars Technica summarizes the big Knight Commission report on serving the news needs of local communities, with links to the PDF."

    There is reason to celebrate this year's Nobel laureates, reason to credit the Obama administration for its bold and intelligent approach to the financial crisis, reason to be curious as the Supreme Court begins its current term, and reason to be worried about the future of print journalism as you read the lates stories of the demise of another paper or the firing of another bunch of reporters.  The nation cannot afford to lose a viable and professional Fourth Estate that is in the business of original reporting.

    Posted via email from Southwest Postings