Tag Archive for 'John McCain'

Where’s The Outrage?

Lehman Brothers Last night I was up much later than I should be watching the news about the financial crisis that has been unfolding. And to be honest it made it hard for me to go to sleep.

I do not work for a financial services company, nor do I have a significant investment portfolio as far as financial holdings go. But I could not stop running scenarios through my mind how my quality of life (and that of my daughter when she is older) is going to be worse off than previous generations.

To be blunt, we are in for a WORLD of hurt - possibly rivaling that of the Great Depression.

I found myself wondering, “Where’s the outrage?” I tuned into CNN today and they were covering OJ’s new trial live. Here we are in the midst of a very important presidential election, the economy is in shambles, we have no energy policy, we are in an open-ended war. And despite all that CNN figured it was in our best interests to follow OJ’s latest courtroom saga.

So where’s the outrage? Where are people DEMANDING change?

It’s to the point where it is just another short-lived news headline anytime a major institution fails. You know, like Enron or Arthur Andersen.

But this is not just another news item. It’s not every day a 150-year old institution fails. That is something that definitely does not happen every day.

So how bad is it? It is bad enough that the venerable Lehman Brothers filed for chapter 11.

Lehman Brothers is one of the oldest, perhaps one of the most respected securities firms out there. It was founded in 1850 and not only survived the Civil War, but they were instrumental in financing the reconstruction in the south, particularly Alabama.

Lehman also weathered the Great Depression, primarily by focusing on venture capital.

So let me repeat that - Lehman Brothers survived both the Civil War AND the Great Depression, but could not survive the Bush years.

Bear Stearns, Countrywide, Fannie Mae, Freddie Mac, Merrill Lynch etc. The list goes on and on. Some of the largest financial institutions in the nation dead or close to. Or being bought for pennies on the dollar.

And all of this is a result of republican policy - or lack there of.

In republican circles, laissez-faire is the only way they know. Their ardent adherence to the ideology of Milton Friedman, that government regulation of any kind is evil, or better yet, corrupt.

From Wikiquote:

Corruption is government intrusion into market efficiencies in the form of regulations.

Now how does this tie into the current events?

Well, it just so happens that John McCain’s economic adviser, Phil Gramm, was the author of a bill in 2000 that deregulated what is known as credit default swap.

A credit default swap is a very complicated financial instrument that basically allows financial institutions to “insure” their debt using other institutions.

The undervaluation of credit risk and the lack of regulation caused speculation (and greed) to run rampant, and ultimately as institutions failed, it had a cascading effect through the financial system.

And this thing is far from done. We have AIG and Washington Mutual in precarious positions as well.

So this brings me back to the point again - WHERE IS THE OUTRAGE? These businesses are not simply folding. They are imploding, bringing the larger economy down with them. Republicans who always come out against “handouts” are first in line for the bailouts. Jobs are being lost. And yet there is no outrage.

There is that old saying, “If a tree falls in a forest and no one is around to hear it, does it make a sound?”

But what if we have a FOREST falling down and MILLIONS of people around to hear it, but no one is making any sounds?

Something is very wrong.

–Jon

Declaring Our Independence: Endorsing Barack Obama

Barack Obama It is 2008, and we find our nation once again fighting for it’s independence - this time not from the tyranny of a king, but from the powerful, elite, special interests who have driven us to war, pillaged our treasury, and sold out our economy for their own personal gain.

Having said that, I formally endorse and pledge my full support to Barack Obama as my choice to lead our nation back onto the path of greatness.

The introduction of the United States Declaration of Independence seems fitting about now. Emphasis mine:

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

The phrase I emphasized, it becomes necessary for one people to dissolve the political bands which have connected them with another, is fitting in this current situation. We need NEW leadership. NEW ideas. A NEW approach.

Electing another Clinton won’t do that. For all of Hillary’s experience, she is still part of that same “old Washington” way of thinking. Do we really want to have 28 years of Bush-Clinton-Bush-Clinton?

I gave this primary a lot of thought. And many times I was leaning towards different candidates.

At one point, I was holding out for Al Gore. But that was not meant to be, and after further consideration he seems to be more influential as an outsider right now.

John Edwards was also another candidate I strongly considered. I liked his message about class, about poverty and the economic divides. Unfortunately he was unable to get the momentum going and his fundraising was anemic at best.

Hillary Clinton was a tough one because my opinion of her is so conflicted. Thinking of her does bring back memories of the days when the economy was much more robust and we were at peace. Things were good when Bill Clinton as president. But that was not Hillary’s doing. Nor can Bill claim total credit. And the manner in which she has run her campaign the past few months has been a total turn-off.

Then we have Barack Obama. I had never heard of him until he gave his speech against the Iraq war in 2002. It was a bold thing to do, being that at the time the majority of the public having been mislead by Bush’s lies was supportive of going to war. He also gave a passionate speech at the 2004 democratic convention. But to me he was just that senator from Illinois that I did not know much about.

Over the course of the last six months I have watched and listened and watched and listened some more. I watched almost every debate. And I come away with an opinion of Barack Obama that not only is he articulate and extremely intelligent, but I believe he might be one of the last few honest, sincere politicians out there. Watching him speak about the issues that effect us all, I get the distinct impression that he REALLY does care about us all.

But being a president is not all about speeches and ideas. It is about managing and delegating authority over the largest economy in the world along with the most advanced military in the world.

So I decided to spend some time focusing on Barack’s skills and I became even more sold. Two areas that I think make him strongest and most electable: his fundraising and his judgement.

1. Fundraising
It is an unfortunate fact, but to be an effective candidate and win elections you have to raise and spend money. Lot’s of it. Barack’s ability to raise money is almost unbelievable. He has managed to break every fundraising record there is, set new records, and go on to break his own records. In fact, the the single-month record haul of $55 million in February was five times that that presumptive republican nominee John McCain raised.

What makes these totals even more impressive is the fact that Obama does NOT accept money from PAC’s or lobbyists and instead relies on individual contributors. He is trying to keep the bad money out of the system as best he can.

For the month of March Obama’s average campaign donation was just $96 dollars, but he had over 442,000 donors for the month.

You do not get 442,000 people in one month to open up their wallets and give you money during a recession unless you are really connecting with them and they believe in you.

2. Judgment
Another characteristic of Barack Obama is his keen judgment. He has a strong grasp of the issues and is often ahead of everyone else in this regard.

First you have his strong opposition to the Iraq war. This speech was thoughtful, moving, and most of all prescient. This passage is of particular note:

But I also know that Saddam poses no imminent and direct threat to the United States, or to his neighbors, that the Iraqi economy is in shambles, that the Iraqi military a fraction of its former strength, and that in concert with the international community he can be contained until, in the way of all petty dictators, he falls away into the dustbin of history.

I know that even a successful war against Iraq will require a US occupation of undetermined length, at undetermined cost, with undetermined consequences. I know that an invasion of Iraq without a clear rationale and without strong international support will only fan the flames of the Middle East, and encourage the worst, rather than best, impulses of the Arab world, and strengthen the recruitment arm of al-Qaeda

Everything he said there is true and came to be.

Then there was Barack Obama’s foresight of the current mortgage crisis. Not only did he see it coming, he sent a letter to Federal Reserve Chairman Bernake and Treasury Secretary Paulson urging them to hold a summit to try and preempt this crisis.

If we had a responsive government with leadership like Barack Obama is capable of providing, perhaps the 1% of American households that lost their homes since this crisis began might have been able to save their homes.

Judgment is not about always being right, but about seeing the facts and making sound decisions based on those facts. And Barack Obama has proven time and time again he is a person of sound judgment and character.

The 2008 democratic primary race is one for the ages. Never in my life have I seen such a tight, hard-fought primary contest before and I might never see one again. Had this been any other year Hillary Clinton would have had this locked up ages ago. Most would not have guessed that Barack Obama, a relative newcomer on the national scene, would be such a powerful and charismatic opponent for Hillary Clinton.

For all the drama of this primary season, in the end it will make for a better nominee. The organizations built on the ground will be invaluable for the general election, and honestly if Barack Obama can sustain the full-on barrage he has taken from the Clintons, arguably one of the most powerful political machines out there, and come out of it ahead like he has I think he is more than ready to take on John McCain.

I am ready to put my faith into something new and I believe we can change the course of our history with this election, and Barack Obama has my full support.

–Jon