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Is the President Truly Mad? Or just pretending?
President Obama has hit the road. This is as all the punditry is writing off the elections noting that it is going to be a bloodbath. If that is the case, I wonder why even the President is bothering to do it all. But, the campaign has just begun and there is still time to turn things around. The President seems to be angry--and that's good to light some fire. I welcome the spark on both sides--it makes for great theatre!!!
The President's two speeches has been quite stirring. I have wondered what took him that long. Although I have been of the view that we have to move ahead, the country has to be reminded that it took America a while to be driven into the ditch that the County is still in. The Republicans have seized the narrative and have continued to dominate the headlines. Mr. Boehner, the House Republican Leader, has been pushing his agenda in a major way. He has come out with his policy ideas that essentially calls for a Freeze on Non-Security Spending and extending the Bush Tax Cuts for two years. He has an fan in Peter Orzag, President Obama's Former Budget Director, who called for that extension too in a New York Times editorial. I was shocked to see that editorial.
The problem I have is that extending the cuts is going to favor the ubber rich in the Country. I am yet to see any explanation on how the Republicans are going to let go of monies that is simply not there, while opposing the President's Tax Cut Agenda that he laid out in Cleveland yesterday. There is a sense of responsiblity that those in power seem to really forget. looked at. Yet, the atmosphere right now will not allow this to go anywhere. I am with the President when he noted that if he said that the Sky is Blue, the Republicans will disagree. I have repeatedly noted this because the Republicans are interested in one thing and one thing only: Power. Slowing down judicial nominees, bills being stalled in the Senate and the sophisiticated public relations
As for the Republicans, I am amazed at the Soap Opera within the Republican Party. The cast of characters are straight out of a suspense novel. Between Joe Miller in Alaska, Sharon Angle in Nevada, Christine O'Donnel in Delaware and Ken Buck in Colorado, there is a lot to write about. They are so far out of the mainstream, yet they have a shot to win unless the narrative does change. The President seems to have begun the fight with his speeches.a need to realize the true nature of the Republicans and what's going on with them. I am even amazed at the fact that Christine O'Donnell in Delaware may even have a chance to beat Michael Castle, the long-serving Member of Congress who is a Republican. This is, of course, Michael Steele, the RNC Chairman out Island Hopping in the Pacific. I had great hopes for him when he was named Chairman. But, he has become a joke. It has given the likes of Rachel Maddow great material to ridicule him. But the Republican Elite has effectively sidelined him. He is no where to be found--but in pictures!!!
I was shocked to see Mayor Daley's Annoucement that he won't run for Mayor of Chicago again. Rahm Emmanel wants the job. I think he will go for it--and I think he will get it!!! I know there are others who want the job too. But, I hope everyone gets behind Rahm and let him have a run at it. I love Chicago and it needs a tough guy like Rahm to keep it all together as Mayor Daley rides into the sunset.
I had a chance to catch Megan McCain, John McCain's Daughter on Jay Leno and Rachel Maddow. She has a new book out. Many on today's Republican Party probably consider her a RINO. I am sure Sarah Palin is no fan of Ms. McCain. I do congratulate Senator and Mrs. McCain on raising such an independent, outspoken daughter. I am confident that her parents are very proud of her. She is another example of a dedication to public service that epitomizes the McCain Family. I have had my disagreements and disappointments with Senator McCain. But, he has served America for over 50 years and that service should be honored and the tradition it represents. As I listened to her, though, I wondered whether she is able to resurrect the Republican Party that was the Party of Linclon and Eishenhower.
As I listened to Megan McCain, I also had a chance to read Ann Coulter's latest contribution to the discussions. She came out against the Holy Quran Book Burning. I welcomed that. But, then she again went on a rant about how Liberals are godless and everything in the World is the liberals fault. I hope she somehow figures out a different way to express her views. I still enjoy reading her stuff--it is truly entertaining.
America will be witness to quite a show. As we go through the next 55 days in the United States, we will continue to see charges, counter charges and over-the-top rhetoric as I've never seen before. I am so amazed that my view of this being "the Greatest Show on Earth" is constantly reaffirmed!!!
The drama goes on.....
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Some Funny...Some Not So Funny....
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.
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...Worth checking Out...
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
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Fact or Fiction..........
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
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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
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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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What a Ride it has been
The first result is in: Dixville Notch, New Hampshire is the first in the nation to cast its vote for Barrack Obama. Although this one was lopsided, I think the results will be a lot closer. The candidates have been at it and at it hard. Right now, I am awaiting to see John McCain to appear at a rally in Phoenix. CNN is reporting that he will be going on to Colorado and New Mexico later on today to gain that final vote. It appears that Senator Obama may pound the pavement as well. I suppose if I were in their shoes I would do th same. I was also sorry to hear that Senator Obama's "Toot", her Grandmother, passed away. May her soul rest in peace.
I had a chance to meet my local candidate for Congress. He was working to canvass his local neighborhood to urge folks to get out to vote. He also had a GOTV operation at his campaign headquarters which was in full swing. It was great to see Democracy in action
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I just wanted to be fair....
As the campaign draws to a close, I wanted to get a sense of what the conservatives thought about. I read about Bill Kristol's opposition to John McCain. But, being the loyal conservative he is, he went on the Daily Show and spoke up for John McCain. I thought he was as effective an advocate for Senator McCain and the Conservative cause as any. After Senator Obama's interview, I thought equal time was in order:
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History in the Making.....
As I thought about Barack Obama's informercial, I really thought about America. I really thought about how he was indeed America and lived the life that is America. The America that Sarah Palin and John McCain talk about is not the America that I have come to know. As I heard Sarah the attack dog yet again, I got another interesting bit of news: Senator McCain was the head of an organization that gave $ 500,000 to an institute founded by the same Rashid Khalidi. If he was OK then, then why is he all of a sudden a bad guy now? I am not smart enough to explain it.
Now, as I write this, Barack Obama and Bill Clinton have appeared at a late night rally in Florida. I also caught a glimpse of Jimmy Smits who was on West Wing and played the last Democratic President. The campaign depicted on the West Wing in large measure was played out during the past twenty months. Barack Obama just finished speaking. Bill Clinton, as always, made one of his ever-eloquent speeches as he has ever made. The two key things that resonated with me was the need to understand and the committment to do what was right. Barack Obama passed the test when he decided on Joe Biden and how he reacted to the financial crisis. He consulted before he came out with his reaction to it. So, the stark choices are indeed there
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No one is above the law
CNN is right now reporting that Ted Stevens, the Senior Senator from Alaska, has been found guilty of ALL charges. This is a slam dunk!!!! The government got him. This is what America is about. The law is supreme no matter what. We ought to be proud of that. I am just amazed that Senator Stevens allowed himself to be subjected to this. I am sorry for him and his family. But this is a reaffirmation of America and it should be a cause for celebration.
On a side note, I just read quite an obiturary on the Bush II years by Ed Rollins. He once again reminds us what a historic election this is and what a colossal failure Bush Jr. Is. I think the only guy that truly does not recognize it is W himself. He destroyed his party, almost destroyed the country in the name of power. At least towards the end he has had enough sense to put grown-ups back in charge. The question in my mind is how big the win is going to be? Senator Obama will need all the help he can get!!!
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This is great...brings back great memories...
As the new week starts in America, I ran across this that Ron Howard put together. I thought it to be funny. There are 8 more days til Election Day in America:
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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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I think he's wrong.....
Bill Bratton, the LA Police Chief, co-wrote an article about the possiblity of a terrorist attack against financial institutions and how it would sway the election. I also have been concerned about media reports about Osama Bin Laden favoring McCain. It was exactly this kind of hype that helped undermine John Kerry in 2004. I believe in the American People, though. I think that the American People will be wise enough to choose what they think is right. I am confident that I am right. Osama can do whatever he wants. He is a decpicable character that is not even worth being mentioned. This does not mean that he should be forgotten. It is far from it!!!
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I am sorry to have seen this!!!
When I saw this earlier today, It simply floored me. I have written about honoring Senator McCain and his service to America. For Senator McCain's sake, I hope that what was discussed here is simply wrong. But, when the issue of being pals with terrorists comes up, one has to wonder. What about Obama being a "socialist"? This is terrifying, if true:
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Doesn't he have anything better to talk about ?
John McCain seems to love Bill Ayers. He and his running mate were on NBC Nightly News. John McCain again blasted Senator Obama for the Ayers Ties. For a tired campaign, it seems as if he has nothing better to say. I am sorry for Senator McCain and what the Republican Party has come to. The folks who are fleeing the ship are quite impressive. When Scott McClellan came out for Senator Obama, that should tell the country something extra ordinary. What about the Goldwater family turning on Senator Goldwater's successor?
Senator McCain finally came down to blasting the Bush Administration today in a Washington Times interview. When asked about spending $150,000 on clothes, McCain's comment was "...she needed clothes..". But, it is too little too late. All polls, so far, shows that Barack Obama in a commanding lead. I say, so what? Obama can't be complacent and has to fight all the way to the end. There is still twelve days left. Obama's Prime Time Special is on next week. Obama has to seal the deal next week. We'll see
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Don't Be Sorry For Them......
John McCain has been talking about the fact that he's at a funding disadvantage. Apparently, his campaign is running low on cash. Now, the Republican National Committee and a whole host of 527's are doing quite a bidding for him. So, this notion of somehow feeling sorry for the McCain campaign running out of cash during the final two weeks of the campaign is just rubbish. This is just a simple, yet petty reason why I am not feeling sorry for the Republicans: The Republican National Committee spent $ 155,000 on clothes for Governor Palin. When I heard that this morning, I said to myself--good grief. So much For Governor Palin speaking for the "regular folks". It is sad. But it shows how truly out ot touch the Republicans are.
As the campaign draws to a close, I eagerly await the destruction of the Republicans. I am anxious to see the back of Elizabeth Dole, Mitch McConnel, Norm Coleman, Gordon Smith and John Snunu. I am sure that they will survive and make a fine living going to the American Enterprise Institute and the Heritage Foundation. So, no one should feel sorry for them. I won't. So far, it looks like that Mary Landreau is in a strong position to win re-election in Louisiana. I am also fascinated by the Udall Cousins in Colorado and New Mexico. From the reports I have seen, they have a solid shot to winning their Senate seats. Both made some truly courageous moves and spoke up against the war when it was truly unpopular. It will an interesting Congress in 2009
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Quite an indicement of the Republican Party
General Powell went on the record earlier on U.S. National Television. He has endorsed Barack Obama for President. I found his near repudiation of the right-wing shift of the Republican Party especially pointed. Senator McCain's judgement was the key question, as I saw it. As I listened to General Powell, what especially drove me was how General Powell addressed the question on Muslims on in America:
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We have to be able to Laugh at each other!!!
In all the seriousness of Presidential campaigns, a little humour never hurts. I was hunting around and finally found the clip of Senator McCain and his appearance on David Letterman. Whatever his strategic mistakes may have been (and we'll all have a chance to talk about it), he proved to me that he's enough of a standup guy. It was good enough when he said to David Letterman and the world, "...I screwed up...". Here it is:
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Haven't they done enough damage?
The daily barrage of polls and analysis continues. History can be a harbinger of things to come. It is important to note that some of the poll analysis noted that in 1980, 2000 & 2004, the Republicans candidates were down in the polls. Yet, the same candidates went on to win. So, who knows frankly what is going to happen. If the Democrats think they have it in the bag, they are frankly smoking crack or something!!??!! They have to work as hard as they can to earn every vote. Because the Republicans will be just as aggressive in their attacks.
Governor Palin continues his "culture war" against the Democrats. As I caught a brief glimpse of her on CNN, she talked about how "unpatrotic" Barack Obama is. I continue to be sickened by the ugly tone of the McCain campaign. John McCain and Sarah Palin have perpetuated a lynch mob mentality that in my view does a profound sense of disservice to the country. They are trying to be able to perpetuate a case of trumped up charges of voter fraud and the supposed alleged ties to ACORN. Interestingly enough, the Atlantic Monthly reports that John McCain spoke at an ACORN rally two years ago. The diversion being done is simply sickening. The fact that even one person is calling for Senator Obama to be killed is absolutely wrong. Senator McCain claimed that the same crap being said at his campaign is being said at Obama rallies. That's an absolute lie. Senator McCain simply makes himself look like an idiot by trying to shift the debate. The McCain campaign is all over the map. One day Senator Obama is a family man. One day Senator Obama is a risk. I am trying to figure out which is it
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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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Right now, the question is how big?
All the polls and the pundits are pointing to an Obama landslide. The front page story in today's New York Times did a rather interesting analysis of this very fact. Most notable Republican Senate Republican Incumbents seem to be in trouble right now. The question right now is: how long? If Barack Obama takes things for granted, I will remind him of one name: Tom Bradley. I was there and saw how a 35% poll advantage withered away on election day. I hope that the Democrats do not become overconfident. Furthermore, do not count the Republicans out. John McCain will continue to fight to the end. The nasty attacks yesterday by both Cindy McCain and Sarah Palin will go on. There has to be a line drawn when participants in such rallies call Barack Obama a terrorist or even other more radical measures which I won't even go into.
The biggest question is if the Democrats win and win big. The concerns raised has been the "lack" of a check on unlimited power. The Republicans had unchecked power for six years and led the country to ruin. Will the Democrats be more responsible? I hope so. No matter who wins, I think they would work to govern more responsbily than what has happened to us over the past eight years
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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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"Interesting Times Indeed....."
Right now, I am listening to a live feed of C-SPAN as the Senate is gearing up to vote on the bailout package. There seems to be consesus that something has to be done. Supposedly, there are provisions to take care of "Main Street". I find that to be a good thing. Let's see what happens. We are in the midst of a profound storm. I trust that our leaders are wise enough and courageous enough to do the right thing. Blaming each other for partisanship is simply not going to cut it. Bernie Sanders of Vermont is having his say. I always enjoy hearing him speak. He is the only declared socialist. I pray that voices like Bernie Sanders are not silenced. Our democracy is better for it. As I write, Mitch McConnell of Kentucky and Harry Reid of Nevada, the Senate Leaders, are speaking.
The Senate is gearing up to vote on it. Whatever the Senate does, the House still has to vote tomorrow and then there has to be a conference committee. So, we're not out of the woods just yet. But, signifcant progress has been made. What I am particularly pleased about is the fact that the only amount to be released immediately is 250 Billion Dollars. In addition, the deposit limit is being raised. They have just fixed the AMT, among other things. There are also so-called "payment in lieu of land" for Federally Owned Land. I did not know a signicant percentage of the State of Nevada was owned by the Federal Government and they are yet to receive any payment for the expected income. I find these to be really great ideas. One thing that has to be also understood is that the balance of the $ 700 Billion is subject to further approval. The balance is subject to further approval
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September 29th 2008 22:26
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The Question is Now What?
The U.S. House of Representatives has bailed on the bailout. What was laughable was the reason given by the House Republican Leader about how Republicans were offended by the House Speaker's speech. I briefly caught Senator McCain later when he lambasted "Senator Obama and his allies" for being partisan. As I listened to it, I just sighed. This inaction caused the dow jones to lose almost 800 points. I can only imagine what other markets will do when they open in about 8 hours or so. I just can't believe how broken and irresponsible our leaders are. I found Barney Frank's comments funny, yet sad at the same time:
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September 25th 2008 23:59
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Quite a maverick (really??!!!???)
Some say a week is a long time in politics. Well, now, it was proven that a day is a long time in politics. Yester day, John McCain was the toast of the political reporters. The front page of the U.S. Edition of the Financial Times had a large picture of John McCain with Barack Obama noted as an afterthought.
The hypocrisy of his move was illustrated yet again. He told the world that he had no time to waste. Yet, somehow, he found time to grant Katie Couric of CBS news an interview. He stood up David Letterman. David Letterman tore into him--and deservedly so. Watch
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September 25th 2008 07:46
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Can The Leaders Truly Come Through?
President Bush spoke late Wednesday to the country and the world. He underscored how tough things are. He has called for a bipartisan meeting at the White House later on today to discuss the bailout package and the way forward. I think the President has risen up to the challenge to bring all parties together. Although I wish he would have governed in this fashion, better late than never!!!
I view this event as quite significant. I also am heartened by the joint statement issue by Senators Obama and McCain. There is no question that we have arrived at the moment of reckoning. The President was absolutely right on when he said that in times of crisis throughout history, everyone has risen up to the challenge. I am confident that the leaders will do so yet again. The people expect no less
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September 24th 2008 09:14
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I am worried stiff!!!!!
The U.S. is in debt to the tune of 9 trillion dollars. It is soon to be almost 12 trillion. As I was reading on the analysis of the plan and the reaction from U.S. Political leaders yesterday, I have come to the simple conclusion: the U.S. is broke. The plan to bail out the banks means an average family will have to pay out $ 10,000. This means that proposals do something about healthcare and infrastructure will either have to be put on hold or cancelled all together. There will be painful budget cuts. We have started down a road that may indeed lead to nowhere. There is word that somehow main street may be helped. Whether in fact it happens or not is another question. Markets are nervous and rightly so.
FBI has begun an investigation of the companies involved, though. I am glad that the government is looking at it. Some people may end up going to jail. I don't know how that will help the average guy on main street, though
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September 23rd 2008 07:46
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Should we rush into it?
The Political Candidates, The Pundits and Government Officials have been at it. The proposed 700 Billion Dollars bailout is now before the Congress. Although there is enough information and analysis out there right now, what Robert Scheer noted was worth mentioning: President Bush vetoed S-Chip becuase it cost too much money. Yet, somehow, the country can come up with 700 Billion Dollars to bailout Wall Street. An interesting idea HIllary Clinton had was to have the bank to freeze the foreclosures to avoid the spike while allowing banks to work through the challenges?
Let's not rush to judgement and truly insure that all ordinary folks interests are indeed protected. Some decisions needs to be made soon, though. So far, the markets seem to have given a big thumbs down to what has been proposed. As I write this, markets in Asia are falling after the big fall on Wall Street. When will this all end
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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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September 19th 2008 02:56
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Who's the maverick now?
Senator Chuck Hagel, one of the Senior Republicans on the Foreign Relations Committee, questioned Sarah Palin's experience to serve as President. He discussed this during an interview with his hometown paper, the Omaha World-Herald. Here is the link:
Hagel
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Mike Pouraryan
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