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....and the Republican Beef is?
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:
* First, we can create jobs by doubling U.S. exports in five years.
* Second—we can create jobs by rebuilding America’s infrastructure.
* Third—we can create jobs with major investments and breakthroughs in energy.
* Fourth—we can create jobs by expanding credit across our economy.
* Fifth—to create jobs we must ease the uncertainty over tax increases as well as health, environmental, labor, legal, and fiscal policies.
What the stimulus did was to insure that all items were addressed. What he also noted was that the US Infrastructure is "running out of capacity" and has to be rebuilt to deal with 21st Century challenges. This is as China came out with growth anticipated to be around 8 percent per year because it has undertaken a massive investment to continue on the cutting edge on all fronts. The full speech can be accesssed at: Really Long Link
Mr. Pence called the current path by the Adminstration "a failure". I hope that Mr. Pence (who apparently has Presidential aspirations) to take the time to review the Chamber's recommendations and not merely hold on to the old ways of just tax cuts and more tax cuts. There needs to be a concerted effort to actually invest too. There should absolutely be a concerted effort to make sure that we deploy resources in a smart and responsible way. This should not be at the expense of creating a society of haves and have nots.
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The Lines Are Clearly Drawn....
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:
The President made a strong start here. Although he made the case for what he inherited, this will not hold water for much longer partly because The Republicans have done a masterful job to switch the debate. I think that the President's State of the Union and this appearance at the Republican Conference will define the parameters of the 2010 campaign. Their solutions presented to the President on Friday is proving to be interesting reading and I would be talking about it over the ensuing weeks. For those who are interested, they can visit http://solutions.gop.gov. One question that the Republicans never seem to have an answer for: Where were they during the years they were in the majority? Why now? Why should the President and the country listen to them?
Beyond the "politics", there is of course the little matter of the impact on Main Street. I talked to a UPS Driver. I think UPS is a very good indicator of what is going on in the economy. The last reports from UPS and FedEx noted how they "met the numbers". But, it is the plight of such drivers that interests me even more. He noted that in 33 years of working for UPS, this is the worst he had seen and did not anticipate any improvements. There is of course the plight of the Crystal Catheral in Orange County, California. The mega church, founded by the Rev. Robert Schuller, announced cutbacks due to a massive shortfall in revenues. It also cancelled its' fabled "Glory of Easter" Production that is a wonderful depiction of true Glory of Easter. Although such "indicators" may be depressing and not indicative of the "growth", what is being reported will take a while to trickle down.
I continue to be thankful for the online resources available to us all to keep all leaders honest:
Although I am certain that the leadership in Washington realizes the challenges, I continue to wonder when will this realization translate into concerte action?
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Much ado about nothing....
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
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As Only JibJab Can Say It!!
As I continue to finish off 2009 and gear up for 2010, I just ran across JibJab's take on this very, very tough year:
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Should we believe the fiction?
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
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Why...in America???????????!????
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
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Is the Message Coming Through?
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
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Now the Real Work Truly Begins.....
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
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Another Day In Paradise....
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
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How scary will it get? I just don't know.....
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.
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Is the Obama Plan Bold Enough?
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:
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Very Frustruating Indeed!!!
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.
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Will it in fact happen?
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
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Can anyone do anything about it?
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
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We truly deserve better than this......
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
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Now, is there any doubt?
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
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The Stark Choices......
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
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September 25th 2008 00:14
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Things are changing constantly......
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:
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September 22nd 2008 05:35
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"It is the Economy, folks......."
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
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Mike Pouraryan
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