The "Greatest Show on Earth" did not disappoint on the first day of the new Month!!!
The day began, for me, taking a look at the current edition of Newsweek Magazine headling a Jonathan Alter er piece. Newsweek, of course, will go on under its new owner, Sidney Harman--who happens to be the husband of the California Congresswoman Jane Harman. Jonathan Alter talks It shows how Obama has been characterized as a terrorist-coddling, wall street loving, godless, Foreign-Born, Muslim--when in fact none of it is true. Between the Afghan Surge, drone attacks, rejecting nationalization of banks and pushing to get monies back from GM and Chrysler, the record is one of a comitted capitalist. What is now prevalent is a testanment to the power of the Right Wing Noise Machine having been as effective as it has been. I nearly fell off my Chair when Mitch McConnel noted that he took the President at his word that he was not a Muslim. This is not as bad as Rush noting that Imam Hussein Obama is here and now!!! Does Mitch McConnell live in the same America or is it a different America? I wonder.
As this nonsense over the President continues, there is of course the true realities. Although Mr. Obama declared the end of combat operations in Iraq, the fact remains that the United States will continue to be engaged there. The Republicans wanted the President to thank President Bush for the "victory" in Iraq. The fact remains that the War was wrong, the premise was wrong and the Country is worst off because of this ill-conceived war that cost over 800 Billion Dollars. Iraq is a broken, shattered country that is under the thumb of the major regional powers. Yet, in the fantasy world that is the Republican Party today, they want the World to believe otherwise that America won.
The same amen crowd that pushed the rightenousness of the Iraq War is also behind the Mosque hysteria. If one visits the Keep America Safe website, all they talk about is the Ground Zero Mosque. It is as if they have nothing else to talk about. Liz Cheney's crusade against the Mosque seems to have been her group's raison d'etre. That's fine because that is her right to exercise her right of free speech. But, her paranoia surprises me becuase she was part of the gang that was in charge of US Foreign Policy during the Bush Years. She claims to be an expert on the Middle East, yet seems to have no clue whatsoever and seems to want to portray Muslims as animals. The only word I could possibly find to explain her action is simply this: Racist. For someone who is a lawyer, it seems as if she has no clue about the Constitution, the Bill of Rights and the history of this great land. She apparently needs to re-read history. That seems to be out of fashion, though, in the fantasyland of The New Republican Party today.
The Greatest Show on Earth that is the US Election Season continues to be ever more surprising, though. Joe "Wacko" Miller seems to be the gift that keeps on giving. His pronoucements about the Feds simply pulling out of Alaska is perfectly understandable. But, it seems as if he has to explain to the people of Alaska how he intends to replace all the Federal Funds. What if some of us around the country would want all the monies we sent to Alaska to come back? How would Alaska propose to pay that back as Oil begins to run out? Other candidates also seem to be on this wacko trip that seems to be never ending--but it sure is fun to watch!!! There is also the issue of the repeal of "Obamacare". I have been trying to find out what Mr. Miller's solution is counter the actions of regional hospital chains like Sutter Health in Northern California that charge 3 times the normal rate for a normal procedure and even the mightly insurance companies can't say anything about it.
Back in California, Fiorina and Boxer had their debate. It was a contentious one because the race is one that is supposedly a toss-up right now. What I found quite ironic was how Fiornia criticized how her tenure at HP was brought out and used as a political football. Someone had to remind her that politics is a high-touch contact sport where nothing is off the table--with the exception of one's family. California is a Democratic-Majority State. The fact that the polling is fairly close is a reflection of the national mode right now. But, polls are polls. I will not be paying attention to polls--just the facts Fiorina's campaign, though, had already put out a Press Release on the Campaign and Boxer's was yet to do so. So, the publicilty machine has been in full gear and will continue to be so.
There is of course the case of the birthers. Terrence Lakin, an Army Officer, has refused his deployment orders on the grounds that President Obama is foreign-born. I hope the Army will nail him to the wall and Court Martial him. Furthermore, I hope that the Air Force will call back to Active Duty General McInerney, the retired Air Force General who has apparently filed papers in support of Colonel Lakin and court marshall him too. It is one thing to have buffons like Steve King use the hallowed halls of Congress to push their twisted agends. I am sure that the Army will do what needs to be done and I'll let the course of Justice run its' course.
The big elephant in the room is the Economy. I was gratified to see the broad gains in the market yesterday. Yet, the economy continues to remain fragile. The question is whether voters will embrace the current path or give the Republicans another shot. I continue to believe that the election will be a lot closer than handicappers like Charlie Cook and others are calling it. It will be fascinating, though.
The Tea Party juggernaut is moving right along. The stories about the support from the Koch Brothers and the intense community organizing campaign by groups like Freedomworks is fascinating to follow. They seem to have understood and taken their queue from what Obama pulled off in 2008.
As the campaign gears up, what has helped the money interests has been the Citizens United Case. As I noted in previous daily write-ups, The President spoke out against what the Supreme Court did which drew the ire of the Chief Justice. The key statement from the Citizens United Decision was this by Justice Kennedy: "....If the First Amendment has any force, it prohibits Congress from fining or jailing citizens, or associations of Citizens, for simply engaging in Political Speech"..." The problem is that Corporations are not associations of citizens. I view their status as "quasi-persons" to be of continued concern and the power they have been granted through this decision will insure that their interests are protected. The US Chamber of Commerce has already created vehicles to insure that the interests of people are protected. This is part of a very disturbing trend about the power of money in politics. The rise of the self-funded campaigners (Rick Scott in Florida, Carly Fiorina & Meg Whitman in California) are just the latest examples of the disturbing trends.
As the Election Drama is continuing to unfold, one race that has intrigued me over the past 24 hours is the race in Alaska. The current incumbent Senator, Lisa Murkowski, is trailing Joe Miller. Joe Miller is a up-and-coming state legislator that was backed by Sarah Palin and got funding from Tea Party Express. I wanted to get to know Mr. Miller. He is one of those who believes in the original intent of the founders. I have been trying to figure out what that means. Mr. Miller--who is a lawyer--needs to be reminded of what Jefferson said about how the Constitution must evolve with the times and that true friends of the Constitution should make sure that "..it keep pace with the advance of age.". In addition, he is one of those folks who is advocating the aboliton of "obamacare". What I read in his platform, though, does not address what he would do beyond the standard Republican Talking Points. He does not address the Cost issue. He does not, for instance, talk about Pre-Existing Conditions. In Mr. Miller's World, Insurance Companies will have total say. Blue Cross customers in California will see a 20% jump in their premiums within the next 45 days. I have to wonder what Mr. Miller say about that. I also wonder where he has been over the past few years on the Environment. Did he not realize that there was a break off of the Glacier in Greenland? Does he not realize that the Arctic Ocean will be Ice Free? Does see not understand that Nations are in danger of being wiped off due to rising sea levels? Has he been following the news out of Pakistan? I wonder.
As I have surveyed the Election roadmap, I view every election to be a toss-up. No one should take the elections for granted. In Alaska, there are about 20,000 votes yet to be counted based on the reporting i have just reviewed from the Anchorage Daily News. As such, I do not think that Senator Murkowski should throw in the towel just yet. Alaska is also a special case because Sarah Palin and the Murkowski clan have had quite an enmity since Senator Murkowski's Father appointed her daughter instead of Mrs. Palin. As for Mrs. Palin, she's been quite busy criss crossing the country and will be at the Glenn Beck Event in Washington speaking on Saturday. I will be keen to see what happens there because of the crusade Glenn Beck has been pushing trying to revise history through his talk shows, his website, his "Beck University" and all the other stuff that has made him a very rich man. I would suggest that Beck has become the Oprah of the Conservative Movement right now.
The Republicans have been dominating the airwaves in a slick and rather coordinated way. I have written about it and continue to be quite impressed. There is at least two or three press releases a week to keep issues on the forefront. For the Democrats to secure the Congress, they have to begin to energize the grass roots and remind the voters. The Republicans have been doing this in an absolutely brilliant way through FreedomWorks, the Tea Party Express and other fronts. For this to be a true fight, Democrats have to make sure to take Vice President Biden's marching orders to lay out what the Democrats have done and what the Republicans are proposing. The Republicans may say that they're different. I am anxious to see what the Republicans have to say after the end of their Virtual Listening Tour after Labor day in the United States.
I caught a glimpse of a news conference by the Heritage Foundation's Michael Franc. He is the Government Relations VP for the Foundation. I am well aware of some of the support the Heritage Foundation receives. However, I have been of the view of that any idea that would help provide a roadmap is absolutely crucial to be looked at. I would be analyzing the report annouced by Heritage and providing guidance on it as part of OV's Election Watch Series over the ensuing weeks.
I welcome the Heritage Report because it is how things should be. There was one thing that Michael Franc also noted that I also agree with: incremental change is simply not acceptable. There needs to be the courage to truly work to transform for the greater good
As I begin the new month of "outsiders", I wanted to begin with a hopeful note. But, What is going on in Washington leaves me frustrated yet sad at the same time.
This pas week saw a continued discussion about WikiLeaks and the disgust that key members of the Adminstration had over it. Admiral Mullen's statement about it showed the extent of the frustruation. I was trying to balance that with the pronoucements by the President, Senator Kerry and others whether this was important or not. I am still trying to assess it as the post-mortems continue on
This past week has been amazing. According to the pundits, the election is already over and we should all just pack up and go home. John Boehner, I suppose, is probably beginning to gear up to take over the speakership and all the key "ranking members" of the house are getting ready to be called "Mr. Chairman". But, here is a newsflash, though: This is July 21. Elections are not going to be held till November. So, to borrow a phrase from Mark Twain, the reports of the death of Democrats is highly exaggerated
The Republicans are truly emboldened. Eric Cantor came out last week and boldly predicted that the House will be taken over by the Republicans. Monday’s Front Page story in the Wall Street Journal talked about how the GOP can also take control of the Senate too. A number of the US Senate campaigns are rough going. Barack Obama’s old seat is one. But, it appears that Charlie Crist in Florida has gotten his second wind and seems to be charting a new path after the Marco Rubio juggernaut forced him out of the Party. The President’s Spokesman, Robert Gibbs, added fuel to the fire during his appearance on Meet the Press two weeks ago when he noted that there is a chance that the Democrats will lose. I viewed Robert Gibbs pronouncement as a wakeup call to all Democrats to pull together. I am with Joe Biden that Democrats will surprise the Country in November
As America Celebrates Independence Day with fireworks, barbeques and other festivites, my thought went back to the Founding Fathers of America. I thought about those who claim to be speaking for them. I wondered what would Washington, Franklin Jefferson & Madison, think of the Tea Party Movement, of the Militia Movement, the 912 Movement and all the so-called movements that want to take Congress and the Country Back. I wondered what would Jefferson's response be to those who believe that Islam is evil and wicked. Jefferson is the same man who bought a copy of the Holy Quran in 1762 that Keith Ellison, the only Muslim serving in Congress, swore his oath of office on. I wonder and yearn for a tolerant, understanding, just and compassionate America that seems to be falling by the wayside day by day with the increased polarization of the political discourse.
The political discourse continues to be fueled by the the well-known economic anxieties of the people. I have repeatedly written about and it becomes ever more so by the day with an actual unemployment rate of 16.5 Percent. I see it every day as I see people standing in street corners noting how they are in need of work as the remnants of the social safety net is gradually dismantled. The debate within the Presidential Commision is even going after Social Security, too
When the May unemployment numbers was announced on Friday, I initially jumped with joy when I heard the figure of around 450,000. But, then, my initial enthusiasm turned to disappointment when I saw that 411,000 of them were temporary Census Workers. Furthermore, I saw downward revisions of the Job Numbers which caused further concerns and caused the Dow Jones to drop.
There are some realities that has to be noted. The Fed is pretty much tapped out. It is beginning to gradually wind down its' purchases of mortgage securities. Consumer spending will tapper off and the level of Government debt is so high that future action by Governments to jump start another recession is going to be a major challenge. One of the statistics that really bothered me was the report by the IMF noting that the U.S. structural deficit will be 6% of the GDP. Despite a trillion dollars of stimulus being spent, the U.S. economy is yet to be on the sound footing necessary to sustain a long-term sustained growth that will bring the jobs back. Jobs continue to be lost. I also question the viability of Europe's 1 Trillion Dollar "rescue" package. The Greek Debt, The French Debt, the Spanish debt and the British debt are part of the problem and sovereign debt ratings continue to be downgraded. The Euro just dropped below US $ 1.20. That's why all Governments are now talking austerity. Although I welcome the committment by Governments to tackle deficits, the question yet to be answered is whether If the faucet of support is shut off, what will happen next
A statement from a group calling itself "Guardians of a Free Republic" has sent some 30 Governors letters apparently demanding that they relinquish their offices. Supposedly, they draw their divine inspiration from Gandhi and Dr. King and have supposedly peaceful purposes. When I saw this, my reaction was : yaaaaaaaaaaaaah right!!!
The rise of such groups is a manifestation of a anti-government & anti tax movement that is starting to take a very scary turn. Although I understand the intentions of the so-called States rights Attorney Generals to file suite, what they also need to understand is that such conflicts adds fuel to the fire of such organizations. The Tea Party crowd is a more extreme example of this. The Hutari fools and the rest of the more radical elements of the militia movement also are a manifestation of this anti-tax, anti-government movement that seems to have found itself a wonderful advocate in Fox News and its personalities
I have been following the Republican talking points throughout the week. The basic contention by the Republicans was outlined by Senator Brown in the Republican Weekly Address on Saturday:
The Republicans have been on a continued warpath to circumvent Barack Obama's agenda at every turn. The healthcare debate has shown that all they are interested in an outright power grab to implement their narrow idelogical vision on the country. They are opposed to anything that remotely insures that the average person has a fighting chance. Paul Ryan's plan to replace Medicare with vouchers is just one of those extreme examples.
While the Republicans have continued to dominate the airwaves and win the public relations war, the real world goes on. There was a spike in unemployment not withstanding the 51,000 hires for the Census temporary jobs. The "real" unemployment rate stands at 16.8 Percent, on par with Spain. What Republicans should take notice of is a speech by the US Chamber of Commerce President Thomas Donohue. He spoke and made five key points
I was pleased to see the reports that the Economy is on the mend. The President talked about it during the State of the Union. I especially was jazzed about the 5.7% growth of GDP during the 4th Quarter of 2009. Jobs, though, continue to be lost--albeit at a slower pace. But, if anyone thinks we're out of the woods--I have a bridge in Alaska that I really want to suggest that they go out and check out. The point is that this growth is not translating into much.
President Obama hit the road noting that there is a lot yet to be done. He noted that 1 in 10 Americans can't find work. The President needs to be reminded that the actual number is almost 1 in 17. In California, it is almost 1 in 20. I think the President was brilliant in how he went on the offense with the Republicans during their Policy retreat on Friday
This is a new feature I have decided to introduce that talks about the Political Tidbits and to briefly reflect upon them. The talk of the town, of course, was Harry Reid and his comments about Barack Obama. I was frankly amused as to the air time that the talking heads gave to it over the past twenty four hours. To me, it was frankly much ado about nothing. The Republicans have had a field day over it, though.
The other Tidbit of News was Sarah Palin. She's a start and has got loads of fans. I am fascinated by how Brand Palin has shot into the stratosphere. Everyone was talking about her ascendancy d her continued ascendancy. She joined Fox News as an analyst. I really wondered what took her so long. Of course, she resigned the governorship, mades loads of money making speeches and wrote a blockbuster best seller. Not withstanding the spin by some, she still made loads of money from it. She will also be guaranteed to be a blockbuster at Fox. The only problem I see is how she is going to live down this "truth
A very good friend turned me on to the National Priorities Project Website. With the Continued challenges we face in America, I was fascinated by what they had done. There is a cool feature that actualy analyzes what could have been done if the monies spent would have somehow been routed towards long-term sustainable development. I realize that some will question the analysis and the rationale. But the implications are staggering:
Tuesday November 3 was another election day in America. It was an election day to decide some governorships, a key mayoral election and very intersting race in the New York 23rd Congressional District. All the pundits have been pounding the pavements about how this was a referendum on President Obama and how the people have begun to speak up and be frustruated about the direction of the country. The Tea Party folks, the 9/12 Movement, Freedom Works and the Republicans are all celebrating tonight.
Well, it has been a good night for the Republican Party. They won two key Governorships. They have won other key statewide offices in Virginia. Yet, the national implications of these races is way overstated. The mainstream media (and yes that includes Fox) will be hard at work spinning this as a major setback for the White House. The reality is otherwise, though
The Financial Times featured HSBC and its' chief, Michael Geohegan in a recent edition. I was particuarly keen to assess how HSBC has been able to navigate the World Economic Calamity befalling us all. Although the consesus is that recovery is at hand, it is yet to be fully realized.
I was quite taken aback when I saw Geohegan's view on the strength of the recovery. He believes that the so-called "Green Shots" are a temporary reprieve before everything starts going downhill again. During the interview, he asked the rhetorical question as to whether this was a V recovery or a W? He felt it was athe later. He did not want to grow too fast and it looks as if he is going to stick to that. What is surprising is how HSBC has been able to navigate through this in reasonably good shape. HSBC is one of the better capitalized banks with a core tier one ratio of 8.8 percent
It has been an interesting week. The US GDP numbers were announced Friday. It showed that the US GDP only shrank by 1%. This continued the drumbeat by the Obama Adminstration and the Fed underscoring the fact that things were really bad and the turnaround is now only a matter of time. The world needs to realize that this is only the first initial reading and will be subject to additional revisions over the next 45 days
Sometimes, it is the personal stories of ordinary people that truly drives home the need to not settle for the tried and true, but the need to bold and courageous. This is the story of the struggle of one courageous family against a healthcare system that many say is among the best in the world. This is a story of people who have stepped up to be courageous and fight the good fight, despite the odds.
As I first found out about the story of this courageous family, the more I understood their dilema, the more I got sick to my stomach. The more I thought about what could have been done, the more mad I became. The more I thought about the debate that rages on about choice and about how "great" the system is, the more I was reminded of this story
As I have been thinking about and assessing the Worldwide Economic Landscape, I continue to be worried. Spain's unemployment just hit the 4 Million Mark. Spain was one of the countries whose explosive growth was on the back of a real estate boom that has now gone bust. The parallels with the United States are just too scary to even contemplate.
The Organization for Economic Cooperation and Development has noted in its' interim Economic Report that, "...Economic activity is expected to plummet by an average 4.3 percent in the OECD area in 2009 while by the end of 2010 unemployment rates in many countries will reach double figures for the first time since the early 1990s, according to the OECD’s Economic Outlook Interim Report...." (Source: Really Long Link retrieved April 26, 2009). Because of this pessimistic outlook, the "happy talk" that came out of the meeting of the Finance Ministers in Washington is unrealistic to say the least. Although the free fall may be ending, but I am not seeing any recovery for a while yet. Vice President Biden , to his credit, did not that things will get worst before they get better. I agree with him completely
The numbers that came out on Friday on the U.S. Unemployment numbers were shocking. It went up "officially" to 8.25%. But, according to the Bureau of Labor Statistics Report, it did not include, "...About 2.1 million persons (not seasonally adjusted) were marginally attached to the labor force in March, 754,000 more than a year earlier. These individ-
uals wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. Among the marginally attached, there were 685,000 discouraged workers in March, up by 284,000 from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The other 1.4 million persons marginally attached to the labor force in March had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities."
(Source: Really]Really Long Link retrieved April 4, 2009
The World's top 20 countries have desended upon London. London has braced itself for anarchy. Anyone who does not understand the anxiety felt by the people of the world seems to be living in fantasyland
As the First Quarter of 2009 ends, I continue to remain hopeful. As I have written and reflected upon our world, at times I have been concerned as to the lack of respect shown to opposing views. I yearn for a substantive analysis of the challenges we face today so that we can work to solve them together. Outsider Views began in this spirit. I will continue this path because of my view on the need for consesus and the need to hope.
Today saw 73 countries attending the Hague Meeting on Afghanistan. I view the presence of Iran's Deputy Foreign Minister as a hopeful sign. Although I would have rather seen Foreign Minister Mottaki there, at least a senior official attended the meeting. Iran has a vested interest in Afghanistan being stable due to the immense refugee problem, the drug trade and the instability it inherently brings
I have been making the rounds of the Sunday Talk Shows. NBC and ABC had Tim Geitner on and CBS' Face the Nation had the President on as well: (available at http://www.cbsnews.com).
As I listened to the Face The Nation Interview, I was glad that Bob Schieffer brought up Mexico. I have regarded Mexico as the soft underbelly that is indeed a major threat to the security of the United States. I did also find Meet the Press quite insightful in explaining in layman's terms how the plan is supposed to work. As I listened to all the shows, the central message I heard was that the Obama Adminstration views the strategies on both the economy and Afghanistan was on track. Time will only tell
I was witness to another busy and hectic week on the political front. There was of course the Budget the Obama Adminstration has sent up to the U.S. Congress. The U.S. Congress has started to write the legislation to get the process moving forward. It was also a week that saw the President throw the gauntlet down to the Republicans in the House to produce their own alternative. They did produce one. From the review so far, though, there are no numbers to back the so called roadmap they have proposed. I will be anxious to see what they have to say on this next week.
As I was witness to the debate, I was laughing at how the President seemed to be getting it from both sides. On the one hand, I saw the so-called right (or conservatives) in the country noting how the President was taking the country down the path to socialism and communism. I was really laughing when I read Dick Morris' comments and then visited his new YouTube Channel he had just laid out. On the other hand, I was also just as amazed and laughing at how the so-called left (or liberals) were keen to attack the President. Paul Krugman's admonition about the President's Public-Private Partnership as "cash for trash" was just one example. They are noting that the clintonites will help drive a centrist economic policy that will leave many out in the cold
I was monitoring the markets as they opened on Monday. As this chart (Source: http://www.bigcharts.com, retrieved March 3, 2009) shows, the market has been at its lowest points since the mid 90's. I see no "end" to the blood letting in sight
The Congress has passed the Stimulus Plan. I was getting the twitter updates throughout the day as the proceedings continued. Three Republicans (or as the Repubicans say RINO's) joined the Democratic Caucus in voting to enact it. The U.S. President is slated to sign it into law on Monday.
I view the three Senators who voted for this as courageous. Olympia Snowe, Susan Collins and Arlen Specter have gone against the grain consistently. Olympia Snowe and Susan Collins are two Senators who are from the Republicans of years past as the party evovled. Arlen Specter gained my respect when he grilled Alberto Gonzales during his disastrous tenure at the Justice Department. Olympia Snowe and Susan Collins don't have to worry about their consitituents. Arlen Specter will probably have a fight on his hands as he faces re-election. But, the man has faced down cancer, twice. One of his nemesis in his home state called him a houdini
Mr. Obama went on the road today to sell the stimulus. He went to Indiana and then onward to Washington for his primetime news conference. He is making the push to get this in place soon.
While Mr. Obama was on the stump, everything continues to fall apart at the extremes. The bad news keeps getting worst. Nissan came out with an annoucement that 20,000 people are losing their jobs. The U.S. National Retail Federation has come out with a report stating that retail store inventories will be falling by 11.8% for the first half of 2009. The Baltic States in the former Soviet Union are seeing their economies literally falling apart. Riots have been happening in Latvia and LIthuania. According to Fitch Ratings, European and Middle Eastern Companies are slashing capital spending by at least one third. Sales of Personal Computers are slated for their first drop in seven years. The U.S. Government is out with record amounts of debt it is trying to sell. The yields are starting to creep up which is another cause for worry. The most worrisome of all, for me, is the financial predicament of the States. California still does not have a budget. Other States are faced with budget shortfalls as far as the eye can see. States are faced with stark choices
The debate on what to do about how to jumpstart the US Economy rages on. I personally have received appeals from both Senator McCain's new CountryFirst PAC and President Obama's Organizing for America Organization. The roundtable held earlier between four leading lights of the U.S. Congress on NBC's Meet the Press underscores this divide.
As the debate continues, teachers, fire fighters and cops are on the chopping block. States are in dire straits. California continues to operate without a budget.
The world is right now fascinated with Davos. The rich, the famous and the powerful are all there in paradise talking about the world and all the problems. There is enough being said by all pundits which will speak for itself on Davos. But, two key things occured which I wanted to note:
1) Turkey's Prime Minister Edrogan stormed out of a discussion with Shimon Peres during discusisons on Gaza. Edrogan was given a minute by David Ignathius of the Washington Post to rebute a lengthy comment by Shimon Peres. I think the gesture by Mr. Edrogan must be taken seriously by Israel. It shows the frustration with Israel and the fact that as Amr Mousa said, Israel "does not listen". I was quite disappointed by David Ignathius when he did not grant equal time during the discussions. It seems to me that Dinner could have waited
I was listening to NBC News' Meet the Press. It appears that the Republicans are beginning to be obstructionists. The House Minority Leader acknowledged that there is a difficult economy. But, he thinks that the Economic Package will not work. The Adminstration believes that this is rightly sized. Larry Summers said it clearly so during the NBC interview:
Joe Biden, the U.S. Vice President Elect is starting to make the interview rounds. From the brief transcripts I have seen, it appears that he is pressing the point that the economy is in worst shape that everyone thought. Dominique Strauss-Kahn, the IMF Managing Director, has come stating that Governments have to do more. He is estimating that at least 1.2 Trillion Dollars have to be spent.
As I have seen this drumbeat of bad news, I am starting to be really sick and tired of it all. I am sick and tired because those of us on Main Street truly know how terrible things are. We just do not need to be reminded of it. We have to start focusing on how we are going to get ourselves out of this mess. That should be the single-minded focus of us all. I think all the leaders understand that. I urge all leaders to stop reminding us of what we already know. Let's talk about what is to be done about it.
I have been thinking and writing about what the average, ordinary person on the street is thinking. The fear is there, but there is also hope. I know when things are tough when I see Nokia seeing a decline in sales. As we are going through this experience, I see many possiblities. One thing for sure is that we will have to learn to live within our means. We will have to learn not to want the latest and greatest gadget. We will learn to not be sold by the latest fad that is out there. This Tsunami is the start of all of us being deprogrammed.
I realize it will take a long while. I happened to be talking to the local Pizza Hut General Manager. I asked him a simple question: How has the economy impacted you? He said that his business was down 2%. But, he took comfort in the fact that out of the 8 restaurants in his region, his performance was the best of the bunch. He was resigned to the fact that it will get worst before it gets better. He was another example of staying focused on doing the best he could despite all the challenge. Hope is a beautiful thing!!! But, fear is an all-encompassing sentiment that feeds on itself. How that is overcome is the story that is yet to be written
The Tsunami is in full force. I was at a FedEx Office location talking to an old friend of mine. He was telling me about how things had truly changed. He told me that he walked into the office this morning and did not even have a single FedEx Ground box. As I was talking to him, the shipments ready to be processed were basically non-existent. This is When people cut back, they stop shipping. Why is this signifcant? It is signifcant simply because it shows how truly terrible things are.
When I see the retail numbers tanking and the markets imploding, I am not sure where the bottom will hit. I also am concerned when I see the front page of the New York Times for Friday noting that the Auto Industry Bailout Plan seems to be a non-starter. Furthermore, the fact that the economic stimulus package President Elect Obama talked about at his first news conference is also running into trouble concerns me greatly. Whatever monies paid out by the U.S. Treasury's TARP program has apparently been hoarded by the banks and used to buy up rivals, pay dividends and rewards management. There is nothing for Main Street, yet. I wonder if the hotshots in Washington know that Main Street is in fact suffering when Citi annouced a 10,000 job cut and Sun Microsystems annouced a job cut of 6,000 workers. I don't think they really do. I sure know the Republicans don't
I can't help but be worried. As I continue to write about our world, I want to remain hopeful. But, the bad news continues coming in. The Dow lost over 300 points on Friday. As America continues to be in the midst of a Presidential Campaign, the world seems to be falling apart. BBC is reporting on a very disturbing development in Colombia threatens to undermine all that seems to have been achieved in the so-called war on drugs. A number of Army colonels have been sacked because they apparently kidnapped homeless men and then killed them to secure body counts and in turn promotions. Colombia was the same country, of course, that pulled off the release of Ingrid Betancourt and others using the emblems of the International commitee for the Red Cross. I view it as a bothersome development because it will undermine the very perilous nature of achievements made in the war on drugs that the world seems to be losing. Look at what is going on in Mexico. I regard Uribe as the ultimate teflon, though. I think he would muddle through as he has through other crisis.
The more worrisome development, though, is the killing of foreigners in the center of the Afghan capital, Kabul. Afghanistan is on fire. Karzai is useless and is a lost case. I am heartened by Joe Klein's comments on Time.com about Barack Obama's views. According to Klein, Barack Obama (and General Petreaus) are in favor of negotiations with the Taliban. I would be interested in any alternative anyone could offer. Right now, I see none
The Endorsement floodgates have opened up. The LA Times and the Chicago Tribune have come out in favor of Barack Obama. To that, one has to add the Washington Post. John McCain just snatched a major endorsement from a newspaper in Tampa, Florida. The issue I have with it whether it all matters or not. At least there is a realization that things have to truly change and change now.
The big one, though, is Colin Powell. He is scheduled to appear on NBC's Meet the Press later on today. I read about speculation that Colin Powell may endorse Barack Obama. I am certain that Barack Obama will welcome the endorsement. I am one who also respects Colin Powell. To me, though, the war in Iraq and his speech at the UN put a big dent in his reputation, though. Secretary Powell should have not agreed and should have resigned then in my view. He should have taken the principled stance that Cyrus Vance took when he resigned after the decision to launch the hostage rescue mission in 1980. Not withstanding my profound concern in this regard, I salute Colin Powell for his 40 years of service to the United States and think that his unique insight will continue to be valuable to all. I wonder what the world could have been like if George W. Bush would have listened to Colin Powell vs. Dick Cheney and the neo-con cabal running U.S. Foreign Policy
We're truly living in extraordinary times. I laughed when I read about Larry Sabato's characterization of the economic policies of Barack Obama and John McCain. Larry Sabato noted that one of them is living in Disneyworld and one is living in Disneyland. Right now, the U.S. is bankrupt. The U.S. is Ten Trillion (that is Trillion with a "T") Dollars in Debt. The number is so high that the U.S. National Debt Clock ran out of digits. With the way committments are being made right now, the debt will only go through the roof.
As markets are falling and wealth is being wiped off, there is no substantive discussion of the issues. The McCain-Palin ticket continued the pathetic path of guilt by association again today with the release of the new video on association with Ayers. The country and the world need enlightened leadership and a renewed sense of purpose to give folks hope. All they have to talk about is Bill Ayers. They are even going to talk about Jeremiah Wright. "Someone" at a rally "begged" Senator McCain to take it to Senator Obama. "Guilt By Association" may come back to haunt both Senator McCain and Governor Palin. For instance, Governor Palin has apparently attended Alaskan Independence Party Convention with all their rather "interesting" views
As I write this, The German Government and German banks have agreed to a $ 70 Billion bailout of Hypo Real Estate. It has also issued an unlimited guarantee for all private savings account. France's Bank Paribas has agreed to take control of the Belgian Banking Group Fortis. Iceland is looking to bail out its' banking sector and the entire cabinet is meeting right now. Back in the United States, the State of Massachuttes has asked the U.S. Federal Government for a loan because it cannot borrow money for the state's short-term requirements.
The naysayers, in my view, need to look at the world to understand that doing nothing is tatamount to declaring nuclear war on "main street". I continue to believe that the work done so far is a "start". The work at hand will trickle down and help "main street". It is worrisome and frankly scary. But, looking at what has just happened around the world, more will in fact be required. A total moratirum on foreclosures and a committment to restructure mortgages to more reasonable levels may well be one solution that may be considered. People must have hope in order to be motivated enough to work through the challenges. It is tough, though..as the deluge of bad news continues to dominate the news
The U.S. Vice Presidential debate has just concluded. Before I talk about the debate itself,the role of the debate moderator must be mentioned. I think Gwen Ifill did an outstanding job. All this hype about her book and her apparent "tilt" towards Obama turned out to be crap!!! So far, the moderators have done a great job. With Tom Brokaw and Bob Schieffer moderating the next two debates, I think it will only get better.
Senator Biden and Governor Palin went toe-to-toe. I think Senator Biden side-stepped Governor Palin in a rather deft way. He was quite restrained, but on top of his game. He was my candidate twenty years ago. He was not my candidate this time simply because I was duped by John Edwards. But, I think Senator Obama's decision to choose him was a master stroke. Senator Biden has spoken his mind. I was impressed when he made two key points: 1) He reminded the world that the idiot Ahmadinejad does not control the Iranian Security services. He was surprised that that Senator McCain was not aware of this fact and 2) He reminded the world of Senator McCain's record
Bill King appeared on Larry King's programs on CNN earlier. Bill Clinton's shortcomings has been discussed, it seems, forever. But even his detractors and enemies respect him for his keen political insight and skills. This was evident in this clip:
Goldman Sachs and Morgan Stanley changed their charter to bank holding companies. This will allow them to start taking commercial deposits. That's a good thing, I suppose. It allows them to have access to the borrowing window of the Federal Reserve. So, the restructruing of investment banking is now complete. Investment banking as we have known it for hundreds of years is gone!!! It is high time indeed.......
As the new week begins, it appears that the U.S. Government's decision to take on the "Toxic Assets" to the tune of 700 Billion has been embraced by markets around the world. I am cautiously optimistic. However, there has to be further steps taken to insure that the middle class is protected from the freefall that it is faced with. I view the economy as the central overriding factor in the election as in 1992. Gallup's daily tracking poll has shown that Senator Obama has lost his edge by about a percent. Other polls, though, continue to call it even. I think it is still even despite Senator Obama taking the lead because of the economy. I continue to view the upcoming debate as a turning point. It should be a blockbuster
Mike Pouraryan
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