Politics or Poppycock

A Look From the Left At Politics, Politicians, Policies and Issues of National Concern

Archive for October 27th, 2008

Some Voters Are Going to Have to Lose Their Homes Before They Connect the Dots

Posted by James O'Rourke on October 27, 2008

By Garrison Keillor, Tribune Media Services. Posted October 27, 2008.

It’s clear that some Americans are beyond persuasion. Thankfully, it seems that most of us are willing to recognize BS when we see it.

We are a stalwart and stouthearted people, and never more so than in hard times. People weep in the dark and arise in the morning and go to work. The waves crash on your nest egg and a chunk is swept away and you put your salami sandwich in the brown bag and get on the bus.

In Philly, a woman earns $10.30/hour to care for a man brought down by cystic fibrosis. She bathes and dresses him in the morning, brings him meals, puts him to bed at night. It’s hard work lifting him and she has suffered a painful hernia that, because she can’t afford health insurance, she can’t get fixed, but she still goes to work because he’d be helpless without her. There are a lot of people like her. I know because I’m related to some of them.

Low dishonesty and craven cynicism sometimes win the day but not inevitably. The attempt to link Barack Obama to an old radical in his neighborhood has desperation and deceit written all over it. Read the rest of this entry »

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Updated Fix Electoral Map Picks: An Obama Landslide?

Posted by James O'Rourke on October 27, 2008

washingtonpost.com’s Politics Blog
by Chris Cillizza

Barack Obama stands on the cusp of an electoral vote blowout over John McCain with just eight days left in the 2008 general election.

On our latest Fix electoral map, we have Obama at 349 electoral votes — his highest total since we began picking the playing field earlier this fall — while McCain stands at 189 electoral votes.

And, it’s uniquely possible that Obama could crest 350 electoral votes before all is said and done next Tuesday. The hardest three states for us to pick — Missouri, Indiana and Nevada — were all carried by President George W. Bush in 2000 and 2004. (In the case of Indiana, the Republican presidential nominee has carried the state in every election but one — 1964 — since 1936.) Read the rest of this entry »

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Obama Draws Massive Crowd in Denver

Posted by James O'Rourke on October 27, 2008

BARACK OBAMA
ph2008102601433.jpgSen. Barack Obama (D-Ill.) speaks during a campaign rally at Civic Center Park on Oct. 26, 2008 in Denver. (Joe Raedle/Getty Images)

By Robert Barnes
DENVER — Republicans thought it ostentatious when the Democratic National Convention decided to move Barack Obama’s acceptance speech from the convention hall to Invesco Field, where the Denver Broncos play football.

But the stadium might not have been able to hold the midday crowd that greeted Obama today on his return to the city.

Estimates from the police department released by the Obama campaign first put the crowd in Civic Center Park in the heart of Denver at 75,000. They then revised the figure to 100,000. Read the rest of this entry »

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Welfare for Detroit

Posted by James O'Rourke on October 27, 2008

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Should lower-paid workers help subsidize those averaging $56,650 at GM?

Monday, October 27, 2008

The Washington Post

AFTER YEARS of decline, U.S. auto companies face the double whammy of a credit crisis and a recession. Car and truck sales fell 26.6 percent in September, the first month since 1993 in which fewer than 1 million vehicles moved off the lots. General Motors, threatened with bankruptcy and burning through $1 billion in cash reserves per month, is groping for a merger with Chrysler. Ford’s stock is down more than 70 percent in the past year, and investor Kirk Kerkorian is dumping his shares.

The $25 billion federal loan approved by Congress on Sept. 25 may not reach Detroit for six to 18 months because of red tape. So Detroit’s allies are pushing for waivers of the usual rules and, perhaps, another $25 billion before the end of the year. And why not? Everyone else seems to be getting a bailout these days. Hundreds of thousands of people depend on Detroit for their jobs, directly or indirectly.

Well, we can think of several objections. First, there is the question of whether the U.S. government should be picking winners and losers in a business such as this. It’s one thing to bail out the financial sector, whose product — credit — is essentially fungible and on which all other businesses depend. Automobiles, however, are not interchangeable, and Congress can’t substitute its specific technological and aesthetic preferences for those of the market. What if we lend Detroit $25 billion and still nobody buys its cars? Read the rest of this entry »

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The Endgame in Florida

Posted by James O'Rourke on October 27, 2008

By E. J. Dionne
Monday, October 27, 2008
The Washington Post

ORLANDO — Florida provides the appropriate closing metaphor for the 2008 campaign.
If John McCain were on a clear path to victory, there would be no campaign here at all. Yet there was McCain’s running mate, Sarah Palin, battling on yesterday across the state’s crucial central corridor in Tampa and Kissimmee. Come Wednesday, Bill Clinton will campaign with Barack Obama — the former president’s first appearance with the Democratic nominee — at an evening rally here.

U.S. Rep. Debbie Wasserman Schultz of South Florida spoke for many of her fellow Democrats: “People are so excited that we have a presidential campaign that is still here.” Translation: She and others in her party are amazed that Obama has a real chance to carry this state. Read the rest of this entry »

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Some straight talk about today’s America

Posted by James O'Rourke on October 27, 2008

BOSTON.COM
By Jim Gomes

October 27, 2008

IN THIS YEAR’S presidential campaign, both candidates have attempted to position themselves as champions of change. However, neither John McCain nor Barack Obama has devoted much attention to the obvious and troubling ways that America has already changed.
It wasn’t so long ago that America was in a class by itself. American industrial, military, and scientific strengths played a vital role in winning World War II. In the postwar period, the standard of living enjoyed by the average American family was beyond the imagination of most of the world. American cars, appliances, and electronics set the global standard. And when a challenge did arise, from the Soviet Union’s emergence as a nuclear power and its launch of Sputnik, America’s response was to increase investment in education, research, and development, and to pledge to put a man on the moon within a decade.
That was then. Today’s America:

  • Achieves inferior health outcomes and life expectancies compared with many other developed nations despite spending more money on healthcare and covering fewer people;
  • Has an education system that produces mediocre results and leaves millions of high school dropouts behind every year;
  • Holds only 3 percent of the world’s oil reserves but consumes 25 percent of the world’s oil, building up the economic, political, and military power of petroleum-exporting countries and spewing more greenhouse gases into the atmosphere than any other nation;
  • Spends more on its military than the 14 next highest-spending countries combined, but finds itself bogged down in two wars still seeking an elusive security;
  • Supports its consumption and lifestyle by tapping into home equity, maxing out credit cards, and becoming the biggest debtor nation in the history of the world by borrowing hundreds of billions of dollars from other countries.

These are certainly among the most critical challenges facing our country in the coming decades. But for the most part, you wouldn’t know it from the candidates’ speeches and debates.

One candidate or the other may tiptoe up to one of these inconvenient truths if he thinks he can blame the other party for them. Obama and McCain have both tried to pin responsibility for the massive financial meltdown on the opposing party. But much of the campaign has been devoted to blather about how we can drill and mine our way to energy independence. Or tired platitudes about how our workers can out-innovate and out-compete anyone. Or outright falsehoods about American medical care being the envy of the world. And, of course, studied silence about how a country so deep in hock can maintain its standing in the world and afford all its spending commitments.
Hey guys, it’s not 1958 anymore.

There’s no secret why candidates tend to speak so bullishly yet vaguely about America’s future: Voters like optimism. Such different presidents as George W. Bush, and before him Ronald Reagan and John Kennedy, and before them Franklin Roosevelt made optimism the hallmarks of their political personae.

Projecting confidence in the future is one element of leadership. But if candidates largely avoid candid talk about the most important challenges ahead, our election campaigns, for all their length, expense, and 24/7 news coverage, do less than they should to engage voters on the issues facing the country. Maybe this is smart electoral strategy. However, if so it comes at a cost – namely, a lost opportunity to build popular support for critical decisions the new government will have to make.

The stakes are very high in this election, and there are passionate partisans on both sides. But whomever the voters choose next week, America will not magically become more prosperous, healthy, competitive, and secure next Jan. 20.

As our new president-elect contemplates the awesome responsibility he soon will inherit, he should consider this: More Americans than ever believe the country is on the wrong track. On some level, the American people know that the sunny bromides of politicians do not reflect America as it is today and will not help to build the future Americans hope for.

Maybe once the campaigning is over and the governing begins, they will be ready for some straight talk.

Jim Gomes, a guest columnist, is the director of the Mosakowski Institute for Public Enterprise at Clark University. dingbat-story-end-icon14.gif

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Still waiting on Main Street

Posted by James O'Rourke on October 27, 2008

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October 27, 2008

THE US Treasury Department needs to take the same kind of aggressive steps to ease financial strains on homeowners that it took to guarantee the investments of banks and financial institutions. The economy can’t turn around until the housing market stabilizes. That requires a timely plan to stem mortgage defaults and foreclosures.

Debate is underway at Treasury on how best to craft loan modifications. But it is already clear what won’t help: the actions of irresponsible hedge funds that resist proposals to soften the terms of troubled home mortgages. Two such funds, Greenwich Financial Services and Braddock Financial Corporation, have advised their mortgage servicers to steer clear of government-sponsored efforts to renegotiate delinquent loans. It’s a disgraceful tactic by an industry that invites the toughest response from the House Financial Services Committee, which has scheduled a hearing on the matter on Nov. 12. Read the rest of this entry »

Posted in Bailout | 3 Comments »

If the GOP Had Listened to ACORN’s Advice, the Mortgage Industry Wouldn’t Be in Meltdown

Posted by James O'Rourke on October 27, 2008

AlterNet.org
By Peter Dreier and John Atlas, The Nation. Posted October 27, 2008.

Desperate Republicans are scapegoating the respected

community advocacy group for Wall Street’s disastrous lending

spree.

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An increasingly desperate Republican attack machine has recently identified the community organizing group ACORN as Public Enemy Number One. Among ACORN’s alleged crimes, perhaps the most serious is that it caused, nearly single-handedly, the world’s financial crisis. That’s the fantasy. In the reality-based world, it was ACORN that sounded the alarm about the exploitative lending practices that led to the current mortgage meltdown and financial crisis.
Since the 1970s ACORN, which has 400,000 low- and moderate-income “member families” in more than 100 cities in forty states, has been warning Congress to protect borrowers from the banking industry’s irresponsible, risky and predatory practices — subprime loans, racial discrimination (called “redlining”) and rip-off fees. ACORN has persistently called for stronger regulations on banks, private mortgage companies, mortgage brokers and rating agencies. For years, ACORN has alerted public officials that the industry was hoodwinking many families into taking out risky loans they couldn’t afford and whose fine print they couldn’t understand.
Now John McCain and his fellow conservatives are accusing ACORN of strong-arming Congress and big Wall Street banks into making subprime loans to poor families who couldn’t afford them, thus causing the economic disaster. McCain’s campaign is running a one-and-a-half-minute video that claims Barack Obama once worked for ACORN, repeats the accusation that ACORN is responsible for widespread voter registration fraud and accuses ACORN of “bullying banks, intimidation tactics, and disruption of business.” The ad claims that ACORN “forced banks to issue risky home loans — the same types of loans that caused the financial crisis we’re in today.” Read the rest of this entry »

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