Okay, tonight is the first and only vice-presidential debate of this campaign. Needless to say, we all have to watch. Will Sarah Palin continue to be as nervous as she has been with Katie Couric, or from behind a podium will she get her act together, talk about what she knows and admit the areas where she has limited knowledge?
Will Joe Biden be able to answer briefly or will he let his mouth run on and on and get him trouble?
This could be really entertaining. And - let us not forget, that one of this pair could be a heart beat away from being our president someday. Take some time to consider that prospect.
Last night the Senate passed the bailout bill. Big surprise. What upsets me is the concessions that were made. The tax break for the rich is extended - tell me why you voted for that Barack Obama and Joe Biden. The amount of cash that can now be insured by the FDIC was raised to $250,000.00. What no one said is that the banks will have to pay for the additional insurance. Wonder where that money will come from? Tax breaks for homeowners with foreclosure woes are extended until 2013. Small business owners with five employees or less are getting some kind of break, and no doubt somewhere in the fine print are a couple of "entitlements" that we will be paying for.
Somewhere it says if the loans aren't paid off the president will be able to take action. I will need to find the bill and read it to see if the president really has any power.
I am skeptical about the whole thing. I think the government should have opened a National Bank with this money and started making loans to those who qualify. Frankly I do not see the need to help the banks who let greed and stupidity be their guide. Let's have a National Bank, Congress, as the board of directors, can make oversight into loans as tight as they want without worrying about any one's feelings.
Since the President is the bank's CEO we do not have to worry about any golden umbrella, the job is covered by his salary. We the people are the share holders, so maybe we will receive some dividends on our investment.
Treasury secretary Paulson put everyone in a panic mode. Loans are tight and banks are afraid. Too bad. There was no oversight for their idiotic reasoning that housing prices would continue to climb to unrealistic heights and that they could make loans to anyone who walked in off of the streets. The banks are paying the price for their greed. They should be happy that their executives are not being sent to jail for the mismanagement and attempted robbery of the American public.
The Senate's bill just let's the status quo continue. I thought that Obama and McCain both promised to change Washington!! Looks like business as usual to me.
Let's create a National Bank. It will have branches is all 50 states and territories. It will provide employment. Loans can be rigidly investigated and controlled. With the president as CEO and Congress as the board of directors there will be no need for fancy salaries or perks. They will be doing their job protecting the American citizen. We, the tax paying citizens, will be the stock holders and with good management we should all see dividends.
This makes more sense to me than simply giving money to banks and trusting them to do the right thing.
Its Common Sense.
Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts
Thursday, October 2, 2008
Monday, September 29, 2008
What now?
Evidently John McCain did not sell the Republican Congress on the need for the bailout. Apparently the Democrats did not do all that go a job with their own side.
I am amazed that anyone thought this would be easy. All of these men and women are up for reelection in five weeks. The majority have not had any time for campaigning. The are afraid, and rightly so, that many of their constituents are not going to understand why tax dollars are needed to save greedy banks. Maybe if we publicly executed a couple of these CEO's who's leadership caused the problem, and gave their "golden umbrellas" to the people, the populace might be more sympathetic.
A product is only going to sell if it is promoted properly. This bailout has been promoted like a joke. All we have heard is panic - it has to be done - markets will crash - loans will dry up- trust us, we know what we are doing. Give me a break, if the folks in Congress knew what they were doing we would have never been placed in this mess.
Bush, or better yet Paulson and a Democrat and Republican leader, need to come out and spell out for the people exactly what this bailout is all about, who gets the money, who over sees the money, and when will we get it back and at what interest. After all, this is suppose to be a loan, not a give away.
Producing a 100 page + document that the average American can not read does not help to alleviate fears. Congress needs to talk with us - not tell us - what is going on. It is our money, we need to have a voice.
This is another example of Congress treating us like children and expecting us to accept whatever they say. At least the leadership thought that. The reality is with an election looming the majority got scared. Now, rather than point fingers, they need to talk to us, explain the plan and show that they are doing this for the good of the whole country, not the fat cats on Wall Street.
Treat us as equals. Make us part of the process.
It's Common Sense.
I am amazed that anyone thought this would be easy. All of these men and women are up for reelection in five weeks. The majority have not had any time for campaigning. The are afraid, and rightly so, that many of their constituents are not going to understand why tax dollars are needed to save greedy banks. Maybe if we publicly executed a couple of these CEO's who's leadership caused the problem, and gave their "golden umbrellas" to the people, the populace might be more sympathetic.
A product is only going to sell if it is promoted properly. This bailout has been promoted like a joke. All we have heard is panic - it has to be done - markets will crash - loans will dry up- trust us, we know what we are doing. Give me a break, if the folks in Congress knew what they were doing we would have never been placed in this mess.
Bush, or better yet Paulson and a Democrat and Republican leader, need to come out and spell out for the people exactly what this bailout is all about, who gets the money, who over sees the money, and when will we get it back and at what interest. After all, this is suppose to be a loan, not a give away.
Producing a 100 page + document that the average American can not read does not help to alleviate fears. Congress needs to talk with us - not tell us - what is going on. It is our money, we need to have a voice.
This is another example of Congress treating us like children and expecting us to accept whatever they say. At least the leadership thought that. The reality is with an election looming the majority got scared. Now, rather than point fingers, they need to talk to us, explain the plan and show that they are doing this for the good of the whole country, not the fat cats on Wall Street.
Treat us as equals. Make us part of the process.
It's Common Sense.
Sunday, September 28, 2008
Chinese Space Walk
This morning I saw an article about the Chinese completing their first successful space walk and return to earth by a manned space vehicle. Between bailouts, debates, and Sara Palin at the United Nations, the Chinese space expedition somehow did not grab a lot of attention.
That is a mistake on our part. No doubt the Chinese stole the technology to build their space program from us. Now that we are in an economic crisis, funding to NASA is not going to be high on any one's list. The Chinese, who do not appear to be in a financial crisis, are going to be able to move forward with their space program, and due to the world economic situation, they are probably going to find it easy to legitimately buy the materials and technology they need to make leaps forward.
I find the idea of a Chinese space station orbiting the earth frightening. I know that the perceived enemy of the western world is international Islamic extremism, but I fear the not so sleeping giant of China a lot more. The Islamic terrorists can cause short range harm and destruction, but China has the power to go for actual world domination.
Look at our current situation. We owe the Chinese at least $500 billion dollars. We have allowed ourselves to be dependent on their products. (Go to Wal Mart. What's not made in China there?)
In recent time our officials have complained about the condition of products imported from China, but I have not seen a ban placed on all Chinese imports until they meet our standards.
China's growth and strength should be of concern to all of us. Their ever growing expansion in the world markets should be a wake up call to American business that it is time to bring factories home and accept less profit and keep the country strong.
Unfortunately, as we have seen with all of the recent activity on Wall street, greed is the key word. Bankers, businessmen, realtors, homeowners, its all about trying to grab as much for themselves as possible and the hell with the consequences.
Well, we are feeling those consequences and they are only going to get worse. And while our country heads downward, the Chinese are on the rise and I fear it will not be long before the Pacific Rim is considered their territory.
We are no longer the power we were. The sad truth is we can not supply a significant military force to conduct offensive operations in both Iraq and Afghanistan. Imagine what would happen if a third front opened up somewhere.
Countries in the Pacific Rim, especially the top manufactures like Japan, Korea, Malaysia and Singapore, are making their own trade and diplomatic treaties with China, because they can no longer depend on a strong American military presence if trouble erupts in Asia.
Once again we are paying the price for our superiority attitude to the rest of the world and the 19Th century view - as depicted in Rudyard Kipling's poems and stories - that no one can match the white European in any way. Our country has unfortunately believed in that credo in our march to imperialism - read how we treated the Hawaiians, Cubans, Central Americans, Filipinos, Vietnamese, and currently the Afghans and Iraqis. We - the collective American mentality - is that we are know more than all of them and that only our way is the right way.
The Chinese have always held that they were smarter than the rest of the world - read their history - and now they are finally in a position to try and prove it.
We need to open our eyes to the world around us, we need to force our politicians and business leaders to forget about greed and profit and stand up to keep our country strong and independent.
Some people may laugh about my fear of the Chinese having a missile base on the Moon, but there could be more reality to that scenario than any of us want to admit.
Read your history, see what the Chinese are doing and stay on your politicians to do the right thing.
If we do not start fighting back against the Chinese in the economic arena, it will not be that long before we are fighting against them in the military arena. They want to control the world, and they are on the way if we do not block them.
A strong America is a free America. A greedy America is the world's whore.
Its Common Sense.
That is a mistake on our part. No doubt the Chinese stole the technology to build their space program from us. Now that we are in an economic crisis, funding to NASA is not going to be high on any one's list. The Chinese, who do not appear to be in a financial crisis, are going to be able to move forward with their space program, and due to the world economic situation, they are probably going to find it easy to legitimately buy the materials and technology they need to make leaps forward.
I find the idea of a Chinese space station orbiting the earth frightening. I know that the perceived enemy of the western world is international Islamic extremism, but I fear the not so sleeping giant of China a lot more. The Islamic terrorists can cause short range harm and destruction, but China has the power to go for actual world domination.
Look at our current situation. We owe the Chinese at least $500 billion dollars. We have allowed ourselves to be dependent on their products. (Go to Wal Mart. What's not made in China there?)
In recent time our officials have complained about the condition of products imported from China, but I have not seen a ban placed on all Chinese imports until they meet our standards.
China's growth and strength should be of concern to all of us. Their ever growing expansion in the world markets should be a wake up call to American business that it is time to bring factories home and accept less profit and keep the country strong.
Unfortunately, as we have seen with all of the recent activity on Wall street, greed is the key word. Bankers, businessmen, realtors, homeowners, its all about trying to grab as much for themselves as possible and the hell with the consequences.
Well, we are feeling those consequences and they are only going to get worse. And while our country heads downward, the Chinese are on the rise and I fear it will not be long before the Pacific Rim is considered their territory.
We are no longer the power we were. The sad truth is we can not supply a significant military force to conduct offensive operations in both Iraq and Afghanistan. Imagine what would happen if a third front opened up somewhere.
Countries in the Pacific Rim, especially the top manufactures like Japan, Korea, Malaysia and Singapore, are making their own trade and diplomatic treaties with China, because they can no longer depend on a strong American military presence if trouble erupts in Asia.
Once again we are paying the price for our superiority attitude to the rest of the world and the 19Th century view - as depicted in Rudyard Kipling's poems and stories - that no one can match the white European in any way. Our country has unfortunately believed in that credo in our march to imperialism - read how we treated the Hawaiians, Cubans, Central Americans, Filipinos, Vietnamese, and currently the Afghans and Iraqis. We - the collective American mentality - is that we are know more than all of them and that only our way is the right way.
The Chinese have always held that they were smarter than the rest of the world - read their history - and now they are finally in a position to try and prove it.
We need to open our eyes to the world around us, we need to force our politicians and business leaders to forget about greed and profit and stand up to keep our country strong and independent.
Some people may laugh about my fear of the Chinese having a missile base on the Moon, but there could be more reality to that scenario than any of us want to admit.
Read your history, see what the Chinese are doing and stay on your politicians to do the right thing.
If we do not start fighting back against the Chinese in the economic arena, it will not be that long before we are fighting against them in the military arena. They want to control the world, and they are on the way if we do not block them.
A strong America is a free America. A greedy America is the world's whore.
Its Common Sense.
Wednesday, September 24, 2008
Senator Mikulski respons eto 9/21/08 letter
Here is senator Mikulski's response to my question of 09/21/08 about the bailouts. Note that she does not answer where any money will be coming from but sticks to party politics.
Dear Mr. Wolfe:
Thank you for writing to me about the Bush Administration's proposal to bail out the financial industry. It's good to hear from you.
There's no question that we are in a credit crisis. People who have saved for their retirement, been faithful in paying their mortgage, and worked hard to pay for college are wondering, 'What is going on?'
They've watched Wall Street executives pay themselves lavish salaries. They've watched irresponsible lending practices. They've watched casino economics, gambling on risky investment mechanisms. Now those very same Americans who've worked hard and played by the rules are being asked to pay the bill for those who didn't.
Congress must act promptly to restore confidence and stability in the economy. But I will not be stampeded into voting for the Bush Administration bill. During the last seven years, every time there's a crisis, they generate fear and they generate bad ideas. This three-page bill gives the Secretary of the Treasury unlimited power to intervene in our financial markets without any review by Congress, agencies, or courts. It cannot be rubber stamped by the Congress.
At the minimum, the plan must be limited and temporary - not open-ended. There can't be any golden parachutes that reward executives for their excesses and their recklessness. No blank checks. There also must be a plan for those who have been hit hardest by the mortgage crisis.
Knowing of your views is very helpful to me. I will keep them in mind as the Senate continues to debate the President's economic plan.
Thanks again for getting in touch. Please let me know if I can be of assistance to you in the future.Sincerely, Barbara A. MikulskiUnited States Senator P.S. If I can be of further assistance in the future,please visit my website at http://mikulski.senate.govor call my Washington D.C. office at 202-224-4654
Dear Mr. Wolfe:
Thank you for writing to me about the Bush Administration's proposal to bail out the financial industry. It's good to hear from you.
There's no question that we are in a credit crisis. People who have saved for their retirement, been faithful in paying their mortgage, and worked hard to pay for college are wondering, 'What is going on?'
They've watched Wall Street executives pay themselves lavish salaries. They've watched irresponsible lending practices. They've watched casino economics, gambling on risky investment mechanisms. Now those very same Americans who've worked hard and played by the rules are being asked to pay the bill for those who didn't.
Congress must act promptly to restore confidence and stability in the economy. But I will not be stampeded into voting for the Bush Administration bill. During the last seven years, every time there's a crisis, they generate fear and they generate bad ideas. This three-page bill gives the Secretary of the Treasury unlimited power to intervene in our financial markets without any review by Congress, agencies, or courts. It cannot be rubber stamped by the Congress.
At the minimum, the plan must be limited and temporary - not open-ended. There can't be any golden parachutes that reward executives for their excesses and their recklessness. No blank checks. There also must be a plan for those who have been hit hardest by the mortgage crisis.
Knowing of your views is very helpful to me. I will keep them in mind as the Senate continues to debate the President's economic plan.
Thanks again for getting in touch. Please let me know if I can be of assistance to you in the future.Sincerely, Barbara A. MikulskiUnited States Senator P.S. If I can be of further assistance in the future,please visit my website at http://mikulski.senate.govor call my Washington D.C. office at 202-224-4654
Wednesday, September 17, 2008
What is the value of a dollar?
I heard on the news last night that the Federal Reserve has requested the Treasury Department to print more money. With all of the recent bailouts it stands to reason that the country has to insure that there is enough money floating in circulation.
Unfortunately, the more money in circulation, the less the value of the dollar on the world market, which means if we are not already in a recession we are certainly on the way and if we are in a recession, then how far off is a depression? The stock market keeps heading down, there does not appear to be any hope of the horizon.
Which leads me to wonder just what our two prominent candidates for president feel about the current economic situation? Do they have a clue as to what is going on?
Mr. Cain seems to feel that things are not all that bad. After all, he is promising employees with lower paying jobs due to the fact that their original employers left the country that the government will somehow make up the difference between their current paycheck and what they used to make. How is that suppose to work? Where is the money coming from?
Mr. Obama wants universal health care and says that his plan will pay for itself. How? People who can afford health care are already covered by some kind of plan. It is low income individuals and those unable to join some kind of group plan that have no coverage. So how are they going to pay for coverage?
I urge you to write to the candidates' websites and ask questions.
I know that can be frustrating. (I have written several times to both candidates requesting specifics on their various plans and have thus far received no response. Perhaps the silence is the answer.)
We the people need to tell the politicians that enough is enough. There is only so much to go around and we have to put the money where it will best serve the country - education, defense, infrastructure, paying off the debt.
No more pork. The next member of congress who tries to add a special request on a bill should be run out of town on a rail.
We need common sense, not nonsense.
Unfortunately, the more money in circulation, the less the value of the dollar on the world market, which means if we are not already in a recession we are certainly on the way and if we are in a recession, then how far off is a depression? The stock market keeps heading down, there does not appear to be any hope of the horizon.
Which leads me to wonder just what our two prominent candidates for president feel about the current economic situation? Do they have a clue as to what is going on?
Mr. Cain seems to feel that things are not all that bad. After all, he is promising employees with lower paying jobs due to the fact that their original employers left the country that the government will somehow make up the difference between their current paycheck and what they used to make. How is that suppose to work? Where is the money coming from?
Mr. Obama wants universal health care and says that his plan will pay for itself. How? People who can afford health care are already covered by some kind of plan. It is low income individuals and those unable to join some kind of group plan that have no coverage. So how are they going to pay for coverage?
I urge you to write to the candidates' websites and ask questions.
I know that can be frustrating. (I have written several times to both candidates requesting specifics on their various plans and have thus far received no response. Perhaps the silence is the answer.)
We the people need to tell the politicians that enough is enough. There is only so much to go around and we have to put the money where it will best serve the country - education, defense, infrastructure, paying off the debt.
No more pork. The next member of congress who tries to add a special request on a bill should be run out of town on a rail.
We need common sense, not nonsense.
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