Saturday, February 21, 2009

The Sky is Falling! Obama to Glen Beck – Alarmists Abound


President Obama photo San Fransico Sentinel


So much for Hope and Change – the American Public appears to have been handed Gloom and Doom instead, given the reaction to the mortgage crisis vis a vis Freddie and Fannie, and the subsequent house of cards that started with the triumvirate of Bush, Pelosi and Reid, and began to collapse when President Obama took office. The tone of “Fear” – as in “should we not act fast, we’ll be in grave danger”, rammed a massive spending bill down the throats of tax-payers, loaded with other “goodies” that regulate various aspects of our lives, otherwise known as: typical big spending government oversight, liberal political think. An article from Real Clear Politics speaks to the tone of Fear used by the Administration in order to affect the passage of this bill. The questions every American should be asking is whether the fear was real or contrived – if the fear of President Obama is real, then we are in serious trouble – those who are fearful tend to react – not act in the face of crisis. The point is, however, no-one truly knows what drives the President.

Polls released this past week by both CNN and FOX show a decline in approval rating between 60-67% (dependent upon the poll). The President’s approval rating the first week of office was 83% by some accounts - meaning in less than one month – his approval rating has fallen 16 points, should this monthly trend continue, by April, he will enjoy an approval rating of 35% or, a rating comparable to his predecessor. One can assume this decline in approval is not, part and parcel, his reaction to the Financial Crisis, rather a culmination of incidents including questionable appointees.


Glen Beck- photo CNN via Americasnewstoday.com


Enter the right: Glen Beck, talk radio host and Fox News Commentator, is upset with the stimulus and sheer amount of waste and debt involved. (Who isn’t?) That said, in a broadcast last evening, Beck broke the “fear barrier” by “predicting” that a “Revolution” was at hand. Speaking with a string of experts, Beck outlined the “doom” that is may or may not happen: Bank Holidays (where all assets are frozen) by order of the President, Militia’s (ok he may have a point here), that are drilling in the event of “civil unrest”, the need for families to store food and plan to defend themselves. The premise, martial law will be imposed to deal with riots and unrest and possibly insurrection against a government run amok, due to food shortages, money shortages and massive unemployment, not to mention passage of the Fairness Doctrine.

What is telling is that Amazon has been doing a brisk business in Survival Guides and assorted accessories in recent weeks. There is a featured “Survivors Forum” with the two most popular threads: The New World Order Survivor, and Mass Corruption Runaway Government & collapse of our Nation. This is fear driven by politics of fear (real or imagined) and those that profit from fear (Mr. Beck may be sincere in his conservative values, but fear appears to sell.)

This is the most likely scenario: Those moderates and Republican’s that voted for President Obama due to total disillusionment with the Republican Party and the Bush Administration and a very weak candidate in John McCain (reality), will shift sharply within the next two years: in 2010 it is more likely now that Congress will receive a “conservative makeover”, meanwhile, those Democrats who have been in lockstep with Pelosi, Reid and company, will be forced to choose between their jobs and their ideology – with an end result of a halt and reversal of legislation that is at the very least, objectionable to a majority. In 2012, that message will be sent to the White House, it is difficult, at this point, to envision President Obama in a second term. Is it entirely his fault? Resoundingly no – to be fair, expectations for a one-term Senator from Illinois who had zero experience, were exceedingly high, no-one, and that bears repeating, no one could live up to the parameters set for this one man by his own constituents and the moderates who voted for what they felt were the lesser of two evils. It also needs to be realized that our current economic “crisis” is similar in scope to the economy of the 1970’s (which no-one seems to be talking about.) Unemployment, run-away inflations, bank bailouts, gas lines, and high interest rates, were all part and parcel of the Carter administration. It is true that the scope of this stimulus package dwarfs all previous versions, however, it is also true, that the economy has recovered, on more than one occasion, with the election of a fiscal conservative to the White House (and members of the Congress who would, regardless of party, work to reduce the pain of the people.).
The lesson one must take from this current “crisis” is in an historical context - it is merely a pattern of politics and economics, one which, certain individuals will use “crisis” for political gain (in this case, in error), while others will use “crisis” for financial gain. In any event, one can be assured that change is constant and guaranteed under the constitution through the process of elections, therefore, the only “revolution” that will take place, logically, would be in the voting booth in 2010 and 2012. Let us just hope that, as history repeats itself, we do not make the same mistakes and place yet another political party in control of both the Executive Branch and the Legislature. The Republican control of all branches, followed by Democrat control of all branches, and the ensuing rhetoric from the imbalance in ideology, created an atmosphere of do-nothing to panicked finger-pointing. Additionally, committed ideologues cannot now, nor ever will be able to function as bi-partisan; it is those willing to meet in the middle that will do the most good. Although these names have been bandied about, for good or ill, they exemplified a government that worked for the people: Ronald Regan and Tip O’Neil. One can also add, Newt Gingrich and William Jefferson Clinton to that list. One can rest assured that in the near future, there will be others to add to that list, and the cycle will continue.

NARAL (Pro-Abortion Group) Heralds Election of Pro-Abortion Legislators – Catholic Voters Guide

A quick guide for all Catholics, (or any given denomination that does not support Abortion): In light of Pope Benedict’s warning to Catholic legislatures this past week, following the short meeting with Rep. Nancy Pelosi (As head of the Vatican State, not head of the Catholic Church (a snub in itself) - the Pope noted it was every Catholics duty to uphold life at every stage. The Bishop of Scranton, (Pennsylvania), has taken up Benedicts tone, baring pro-abortion activist from any St. Patrick’s days masses or parades.

With this new tone on Abortion set by the Pope, the following may be a beneficial guide for lay people when considering candidates in 2010 (let alone the “stimulus package”). NARAL’s (pro-Abortion) website offers congratulations to all representatives that either won or held onto a seat in 2008 - those who have worked tirelessly for abortion rights, are noted with an asterisk as being endorsed by NARAL. The List From ProChoiceAmerica (NARAL)

President
Sen. Barack Obama *
Governors
Gov. Christine Gregoire, Washington
Gov. John Lynch, New Hampshire
Beverly Perdue, North Carolina
Gov. Brian Schweitzer, Montana
U.S. Senate
Sen. Max Baucus, Montana *
Mayor Mark Begich, Alaska *
Sen. Richard Durbin, Illinois *
Sen. Tom Harkin, Iowa
Sen. John Kerry, Massachusetts *
Sen. Frank Lautenberg, New Jersey *
Sen. Carl Levin, Michigan
State Speaker Jeff Merkley, Oregon *
Sen. Jack Reed, Rhode Island
Jeanne Shaheen, New Hampshire *
Rep. Tom Udall, New Mexico *
Rep. Mark Udall, Colorado *
U.S. House of Representatives
Rep. Neil Abercrombie, Hawaii - 01
Rep. Gary Ackerman, New York - 05
State Sen. John Adler, New Jersey - 03 *
Rep. Rob Andrews, New Jersey - 01
Rep. Michael Arcuri, New York - 24
Rep. Joe Baca, California - 43
Rep. Brian Baird, Washington - 03
Rep. Tammy Baldwin, Wisconsin - 02
Rep. Melissa Bean, Illinois - 08
Rep. Xavier Becerra, California - 31
Rep. Shelley Berkley, Nevada - 01
Rep. Howard Berman, California - 28
Rep. Tim Bishop, New York - 01 *
Rep. Earl Blumenauer, Oregon - 03
Rep. Rick Boucher, Virginia - 09 *
Rep. Bob Brady, Pennsylvania - 01
Rep. Bruce Braley, Iowa - 01 *
Rep. Corinne Brown, Florida - 03
Rep. Lois Capps, California - 23
Rep. Michael Capuano, Massachusetts - 08
Rep. Russ Carnahan, Missouri - 03 *
Rep. André Carson, Indiana - 07 *
Rep. Kathy Castor, Florida - 11
Rep. Carolyn Cheeks Kilpatrick, Michigan - 13 *
Rep. Yvette Clarke, New York - 11
Rep. William Lacy Clay, Missouri - 01
Rep. Emanuel Cleaver, Missouri - 05
Rep. Steve Cohen, Tennessee - 09 *
Gerry Connolly, Virginia - 11 *
Rep. John Conyers, Michigan - 14
Rep. Joe Courtney, Connecticut - 02 *
Rep. Joseph Crowley, New York - 07
Rep. Elijah Cummings, Maryland - 07
Rep. Susan Davis, California - 53
Rep. Danny Davis, Illinois - 07
Rep. Peter DeFazio, Oregon - 04
Rep. Diana DeGette, Colorado - 01
Rep. William Delahunt, Massachusetts - 10
Rep. Rosa DeLauro, Connecticut - 03 *
Rep. Norman Dicks, Washington - 06
Rep. Lloyd Doggett, Texas - 25 *
Rep. Donna Edwards, Maryland - 04 *
Rep. Keith Ellison, Minnesota - 05 *
Rep. Rahm Emanuel, Illinois - 05
Rep. Eliot Engel, New York - 17
Rep. Anna Eshoo, California - 14
Rep. Sam Farr, California - 17
Rep. Chaka Fattah, Pennsylvania - 02
Rep. Bob Filner, California - 51
Rep. Bill Foster, Illinois - 14 *
Rep. Barney Frank, Massachusetts - 04
Mayor Marcia Fudge, Ohio - 11
Rep. Gabrielle Giffords, Arizona - 08 *
Rep. Kirsten Gillibrand, New York - 20 *
Alan Grayson, Florida - 08 *
Rep. Al Green, Texas - 09
Rep. Raul Grijalva, Arizona - 07 *
Rep. Luis Gutierrez, Illinois - 04
Rep. John Hall, New York - 19
State Sen. Debbie Halvorson, Illinois - 11 *
Rep. Phil Hare, Illinois - 17 *
Rep. Jane Harman, California - 36
Rep. Alcee Hastings, Florida - 23
Martin Heinrich, New Mexico - 01 *
Rep. Brian Higgins, New York - 27
Rep. Maurice Hinchey, New York - 22
Rep. Mazie Hirono, Hawaii - 02 *
Rep. Paul Hodes, New Hampshire - 02 *
Eleanor Holmes Norton, District of Columbia - AL
Rep. Rush Holt, New Jersey - 12
Rep. Mike Honda, California - 15
Rep. Steny Hoyer, Maryland - 05
Rep. Jay Inslee, Washington - 01
Rep. Steve Israel, New York - 02
Rep. Jesse Jackson Jr., Illinois - 02
Rep. Sheila Jackson Lee, Texas - 18
Rep. Eddie Bernice Johnson, Texas - 30
Rep. Hank Johnson, Georgia - 04
Rep. Ron Kind, Wisconsin - 03
Ann Kirkpatrick, Arizona - 01
Rep. Ron Klein, Florida - 22
Suzanne Kosmas, Florida - 24 *
Frank Kratovil, Maryland - 01
Rep. Dennis Kucinich, Ohio - 10
Rep. Rick Larsen, Washington - 02
Rep. John Larson, Connecticut - 01
Rep. Barbara Lee, California - 09 *
Rep. Sandy Levin, Michigan - 12
Rep. John Lewis, Georgia - 05 *
Rep. David Loebsack, Iowa - 02 *
Rep. Zoe Lofgren, California - 16
Rep. Nita Lowey, New York - 18 *
Dan Maffei, New York - 25 *
Rep. Carolyn Maloney, New York - 14 *
Rep. Edward Markey, Massachusetts - 07
Betsy Markey, Colorado - 04 *
Eric Massa, New York - 29 *
Rep. Doris Matsui, California - 05
Rep. Carolyn McCarthy, New York - 04
Rep. Betty McCollum, Minnesota - 04 *
Rep. Jim McDermott, Washington - 07
Rep. James McGovern, Massachusetts - 03 *
Mike McMahon, New York - 13
Rep. Jerry McNerney, California - 11 *
Rep. Kendrick Meek, Florida - 17
Rep. Gregory Meeks, New York - 06
Rep. George Miller, California - 07
Rep. Brad Miller, North Carolina - 13 *
Walt Minnick, Idaho - 01 *
Rep. Harry Mitchell, Arizona - 05 *
Rep. Gwen Moore, Wisconsin - 04
Rep. Jim Moran, Virginia - 08
Rep. Patrick Murphy, Pennsylvania - 08 *
Rep. Chris Murphy, Connecticut - 05 *
Rep. Jerrold Nadler, New York - 08 *
Rep. Grace Napolitano, California - 38
Rep. John Olver, Massachusetts - 01
Rep. Frank Pallone, New Jersey - 06
Rep. Ed Pastor, Arizona - 04
Rep. Donald Payne, New Jersey - 10
Rep. Nancy Pelosi, California - 08
Rep. Ed Perlmutter, Colorado - 07 *
Gary Peters, Michigan - 09 *
Jared Polis, Colorado - 02
Rep. David Price, North Carolina - 04
Rep. Charles Rangel, New York - 15
Laura Richardson, California - 37 *
Rep. Ciro Rodriguez, Texas - 23 *
Rep. Steve Rothman, New Jersey - 09
Rep. Lucille Roybal-Allard, California - 34
Rep. Bobby Rush, Illinois - 01
Rep. Linda Sanchez, California - 39
Rep. Loretta Sanchez, California - 47
Rep. John Sarbanes, Maryland - 03
Rep. Jan Schakowsky, Illinois - 09
State Sen. Mark Schauer, Michigan - 07 *
Rep. Adam Schiff, California - 29
Rep. Allyson Schwartz, Pennsylvania - 13
Rep. David Scott, Georgia - 13
Rep. Bobby Scott, Virginia - 03
Rep. Jose Serrano, New York - 16
Rep. Joe Sestak, Pennsylvania - 07 *
Rep. Carol Shea-Porter, New Hampshire - 01
Rep. Brad Sherman, California - 27
Rep. Albio Sires, New Jersey - 13
Rep. Louise Slaughter, New York - 28
Rep. Adam Smith, Washington - 09
Rep. Hilda Solis, California - 32
Rep. Jackie Speier, California - 12
Rep. Pete Stark, California - 13
Rep. Betty Sutton, Ohio - 13
Rep. Ellen Tauscher, California - 10
Harry Teague, New Mexico - 02 *
Rep. Bennie Thompson, Mississippi - 02
Rep. Mike Thompson, California - 01
Rep. John Tierney, Massachusetts - 06
Paul Tonko, New York - 21 *
Rep. Edolphus Towns, New York - 10
Rep. Niki Tsongas, Massachusetts - 05
Rep. Chris Van Hollen, Maryland - 08
Rep. Nydia Velazquez, New York - 12
Rep. Tim Walz, Minnesota - 01 *
Rep. Debbie Wasserman Schultz, Florida - 20
Rep. Maxine Waters, California - 35
Rep. Diane Watson, California - 33
Rep. Melvin Watt, North Carolina - 12
Rep. Henry Waxman, California - 30
Rep. Anthony Weiner, New York - 09
Rep. Peter Welch, Vermont - AL *
Rep. Robert Wexler, Florida - 19
Rep. Lynn Woolsey, California - 06
Rep. David Wu, Oregon – 01

Length of Term in Office House of Representatives, 2 years, Senate – 6 years, President – 4 years. Next election: 2010.

Friday, February 20, 2009

Unforeseen Impact of the Stimulus Package: What’s Left in Your Wallet?

Immediately following the President Obama’s signing of the Stimulus Package, otherwise known as the “American Reinvestment and Recovery Act”(full text here), Wall Street Reacted by taking a sharp downturn on Tuesday, falling 297 points to close at 7552, the lowest level since 2003. Some may argue, that Wall Street symbolizes the wealthy, (which is what a certain political party is banking on), however, the fact remains that most pension and retirement plans, public and government, are tied to the fortunes of the stock market – the more the term “nationalized” is bandied about the more Wall Street reacts.

In addition to dwindling retirement holdings, middle income consumers are also facing an increase in the interest rates on credit cards. Interest rates have doubled on some cardholders, regardless of credit score - this from banks who were on the receiving end of hefty bailouts. What to watch for: rising rates on Certificates of Deposits. During the Carter Administration, (there are some interesting parallels) interest rates on CD’s (for those who had the money to invest), rose to double digits. Unemployment was through the roof, and inflation (on the rise now), went to the double digits. Also impacted rates on new home loans (21%) and used car loans (26%).

No one knows this better than those in the trenches – pouring good money into bad ideas, (or time-tested methods that have failed in the past), are known to those in the economic trenches. This week, CNBC’s, Rick Santelli, “lost it” on the floor of the Chicago Exchange. In a rant on the home mortgage bailout, Santelli was joined by traders on the floor booing in response in response to the mortgage bailout portion of the Stimulus plan, cheers went up when Santelli suggested a Chicago Tea Party (the original Boston Tea Party a direct result of taxes levied on the American Colonies, that certain Patriots refused to pay. The taxes were assessed to reimburse England for the costs incurred by the colonies during the French and Indian Wars. Logic follows that the founding fathers in Boston, MA we’re basically tax dodgers – and our Great Nation was founded on the principal of Tax Evasion. (Or, in this case, Mortgage Evasion.)

CNBC has a poll up (here) which asks respondents if they would participate in the Chicago Tea Party. The non-scientific polls indicate that 92% of respondents would, indeed, like to join in. Where is the confidence in our Government to haul the private sector up out of the mire (originally created by the Fannie Mae and Freddie Mac fiasco), and on the road to recovery?

To those with any sense of history, specifically as regards to the ups and downs of the American Economy since the first Tea Party, it is a general rule that government intervention is sometimes required, but in the form of oversight, not direct intervention and ownership of programs that create massive deficits that benefit a few, and hamstring the majority with – taxes. When the tax base erodes, due to high inflation and loss of jobs (due to overtaxed corporations taking their business elsewhere or closing all together), there simply will be no money left to support these programs. Enter true middle class tax cuts in order to stimulate the economy – but that won’t take place unless there is a revolution of sorts, in the next two general elections. One would hope that given time, this stimulus package would provide some relief, albeit temporary to those who truly need assistance, and would act to jump start a very troubled economy. It is not an overnight process, that said, American’s, in general, are not patient people, seeking the quick fix, from a President whose approval rating continues to decline, dropping an additional 5 points to 60% this past week , because expectations were based on the “hype” of hope and change, not the reality of governing. The question remains, will the backlash continue, and will more “Tax Tea Party’s” be on the horizon?



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