John McCain: Not Maverick; Erratic

"The fundamentals of our economy are strong."

Who said this?  When did they say it?  If one was watching the news as of late, the guess could be made that Bill Clinton said this during the 1990s when the economy was prosperous and both Wall Street and Main Street were satisfied. 

But it wasn't Bill Clinton who said this.  And the person who said this wasn't talking about the '90s.  John McCain said the above quote on Monday, September 15, when Lehman Brothers collapsed and the stock market had its worst day since 9/11.  The American economy, ever since that fateful Monday, has been in a steep dive with no end in sight, leading many to believe that a depression is on the way.

Yes, on Monday the "fundamentals of our economy" were "strong", but by Tuesday John McCain reinvented himself as a the modern day Teddy Roosevelt, rallying against the corruption of Wall Street Barons.  

John McCain continued that theme through last week and into this week when talk of a $700 billion bailout plan was proposed by the White House.  John McCain, sensing a political gold mine, decided to suspend his campaign, call off the debate, and fly to Washington to save the day.  

There was, of course, a few issues to be had with the above statement.  For one, is it really fair to say that your campaign is suspended when your television ads are still playing, your campaign personnel are going on cable news 24/7 to attack Barack Obama, and Sarah Palin, your Vice-Presidential pick, is holding campaign rallies across Pennsylvania?  Secondly, why call off the debate?  Isn't a crisis time like this a time when the American people most need to hear from their leaders, especially the two men who could inherit this economic crisis?  More on the calling off of the debate in a minute.  Finally, John McCain was not needed in Washington.  He is not on the Senate Banking committee, the Senate committee negotiating with the White House.  John McCain, putting it bluntly, went to Washington to look pretty.  He accomplished nothing, and, sadly, Congress is now further away from settling on a plan than they were before John McCain came to their rescue. Why are they further behind?  Well, according to several members of the House and Senate, John McCain did what he said he wouldn't: politicize the event and in turn make a bipartisan effort into an extremely partisan one.  

The debate, as we now know, is back on.  No solution has been reached, but John McCain is, as usual, going back on his word.  It's clear to me and should be obvious to all why McCain attempted to postpone the debate.  Just a few hours after making his "I'm not going to the debate" statement, McCain suggested that the Vice-Presidential debate next week should just be replaced by a Presidential one.  How convenient!  Sarah Palin, the least qualified and knowledgeable VP candidate in history, wouldn't have to face tough questions yet again. Thankfully, Barack Obama and Joe Biden stood firm; Friday's debate would go on, with or without John McCain, and the Vice-Presidential debate would be next week no matter the circumstances.  Left with the option of either going back on his word or leaving Obama with one and a half hours of free national exposure, McCain chose the latter.  

So the debate will go on and we'll finally see McCain and Obama face-to-face confronting each other on the crucial issues facing America, but the happenings of the past two weeks surely brings into question McCain's judgment and rationality.  Perhaps even more than the debate, these last two weeks have drawn a clear contrast between Obama and McCain:  Obama is cool under pressure, while McCain acts erratically. 

Hypocrisy Watch: David Vitter

It is not enough that U.S. Senator David Vitter fell off his moral mountain last summer, proving himself to be one of the biggest hypocrites in Washington, but Sen. Vitter is now trying to appease the right wing of his party by asking his conservative colleagues to sign on to his resolution that would put the Senate on record as disagreeing with the Supreme Court's ruling that rejected the death penalty for those convicted of raping a child, without murder.  

The fact is, however, that the Supreme Court has already asked attorneys educated on this issue to submit briefs on whether the high court should reconsider that ruling. So, in short, Vitter wants the Congress to get involved where it is not necessary nor warranted.  Surely, Congress has more important things to do.  The legal authorities involved will and can handle this issue very well as they have with similar situations in the past.  If Mr. Vitter really cared, he should introduce legislation to actually correct the situation as he sees fit, rather than introducing legislation that just says that he disagrees. One again, it's talk, not action, for Vitter and the Republican Party. 

Another Massive Failure On The Republican Watch

President Bush, as we all now know, has asked Congress to bail out the financial industry one again, this time to the tune of $700 billion.  And although swift action from Congress is necessary, Congress needs to review this plan with extra caution and care and make certain that it comes with strings attached (in other words, unlike the Iraq War resolution).  

 

What is happening with the financial industry is the consistent pattern of Republican ideology, a non-governing attitude of government.  Let's check the Republican Party's past and present record:

 

    -The great depression and stock market collapse of 1929.
 
   -The savings and loan collapse and subsequent bail out in the late '80s that cost the taxpayers over $125 billion.
    
   -The stock market collapse of 1987 know as "black Monday" and a loss of 22.5% of its value --- the largest
    one day loss in history.
 
   -The stock market and financial market scandals during the current President's term and the most recent
    bail out of private industries.

 

All of those "shocks" are related to economic conditions, and all were overseen by Republican Presidents.  When will conservatives get the idea: the status of the U.S. economy is related directly to the government's fiscal policies, set by the President. Outside and unforeseen circumstances also have a bearing on the economy, but that is why a sound fiscal policy is essential: to make sure the U.S. is ready for those circumstances.  

 

President Bush tells us the problem with the financial industry melt down started with unsound lending and borrowing practices.  Well, under Reagan-Bush 41 and Bush 43, which covers a period of 20 years, not one federal budget was balanced and deficit spending and borrowing occurred every year, along with record debt their administrations created.  

 

The bottom line: George Bush and the Republicans got "drunk" on their own policies and passed it on to Wall Street and the financial industry.  Worst of all, the American taxpayer is being asked to deal with the "hang-over".  

The Presidential Election and The Economy: Part I

Over 45 years ago, President Kennedy, in his State of the Union address of January 14, 1963, spoke about the economy and pushed for a reduction and revision in federal income taxes.  However, in conflict with Republicans say today, Kennedy had the wisdom to understand that tax reduction was not enough to sustain the economy and told the American people so.  His tax proposal did pass Congress, but was not tilted in favor of the wealthy or Corporate America, but rather the America middle class.

 

Here are some excerpts from President Kennedy's State of the Union address which outlines the broader picture for a stable economy:

 

"America has enjoyed twenty-two months of uninterrupted economic recovery.  But recovery is not enough.  If we are to prevail in the long run, we must expand the long-run strength of our economy.  We must move along the path to a higher rate of growth and full employment.(...)

 

I do not say that a measure for tax reduction and reform is the only way to achieve these goals.  No doubt a massive increase in federal spending could also create jobs and growth-- but in today's setting, private consumers, employers, and investors should be given a full opportunity first.

 

No doubt a reduction in either individual or corporation taxes alone would be of great help--but corporations need customers and job seekers need jobs.

 

Tax reduction, alone, however, is not enough to strengthen our society, to provide opportunities for the four million americans who are born each year, to improve the lives of thirty-two million americans who live on the outskirts of poverty.  The quality of American life must keep pace with the quantity of american goods.  This country cannot afford to be materially rich and spiritually poor.

 

First we need to strengthen our nation by investing in our youth.  The future of any country which is dependent upon the will and wisdom of its citizens is damaged and irreparably damaged, whenever any of its children is not educated to the full extent of his talent, from grade school through graduate school.  Today, an estimated four out of every ten students in fifth grade will not even finish high school-- and that is a waste we cannot afford.

 

In addition there is no reason why one million young Americans, out of school and out of work, should all remain unwanted and often untrained on our city streets when their energies can be put to good use.

 

We shall be judged more by what we do at home than by what we preach abroad.  Nothing we could do to help the developing countries would help them half as much as a booming U.S. economy.  And nothing our opponents could do to encourage their own ambitions would encourage them half as much as a chronic U.S. economy.  These domestic tasks do not divert energy from our security--they provide the very foundation for freedom's survival and success."

Both parties could learn a great deal from President Kennedy's economic policies.  

 

Next Up, Part II

Another Drunk On Wall Street

Lehman Brothers Holding, an investment Bank, just this week filed the largest bankruptcy in American history.  At the same time, Merrill Lynch, the world's largest recognized brokerage, avoided the same fate with a $50 billion transaction to become part of Bank of America Corp., which has the most deposits of any U.S. bank.  This deal will create a financial giant --- just what the people need: another monopoly in the financial markets.

 

The Dow Jones average responded to this news by dropping 504 points; approximately $700 billion evaporated from retirements plans, government pension funds, and other investment portfolios, reported business writers from the Associated Press.  This is the same industry Republicans want to shift Social Security money in the form of private accounts.  How would you like $700 billion to disappear from Social Security over night because of the reckless actions financial institutions take.

 

The worst part is that while this meltdown is taking place, the CEOs are still being given millions of dollars in bonuses, stock options, and other financial rewards.  Republicans have been in bed with corporate America from the beginning with policies that favor the wealthy and free them from any restraint or oversight. The sky is the limit.  Despite what T.Boone Pickens says, a record of wealth has been transferred from the average workers to the pockets of corporate America; CEO's make 400 times the average worker.  

 

So called economic and stock market experts on CNN, CNBC, and MSNBC end up aiding and abetting the Republicans and corporate American greed.  The only thing they are an expert at is giving out propaganda that follows the conservative Republican ideology. 

 

If the American people are really concerned about the future of their children, John McCain and the Republican party are not the answer in November.  They would only continue the policies of transferring more and more wealth from the average American to the wealthiest 1% --- that is the Republican policy. 

This Is a Start, But Dems Must Get Tougher

Oil's Corrupting Influence

Just when the American people think they have heard it all about oil company corruption, a new report just released by the Inspector General of the Interior Department documents a "culture of ethical failure" in the office of the Mineral Management Service, the federal agency in charge of offshore drilling.

 

Government officials handling billions of dollars in oil royalties partied, had sex with and accepted golf and ski outings from employees of energy companies they were dealing with.  Chevron, Shell, Hess Corp, and Gary-Williams Energy Corp., were all named according to the report.  Secretary of the Interior Dick Kempthorne promised swift action to restore the public trust, and said he was outraged by the immoral behavior, illegal activities and appalling misconduct.

 

None of this would have happened if the energy companies involved would not have offered this illegal and unethical activity to the government employees.  Mr. Kempthorne should have equally harsh words for the oil companies also.  Energy companies who do this are worse than the people who accept their favors and should be branded as such.  There can be no corruption without those who corrupt.

 

Elected officials need to completely cut contact with representatives of the oil companies and treat them like they do the average taxpayer.  Those who corrupt care nothing about the people, only greed and unethical behavior.  Committee Chairman Nick Rahall (D-WV) of the House Natural Resources plans to hold congressional hearings on the report.

 

Once again this is just another example (too many to number) of a given agency operating without any checks and balances or oversight that is so familiar to the Bush ideology of non regulation.  Secretary Kempthorne followed that script for his department.

 

The minerals management services royalty in kind program handles billions of dollars and the program was supposed to take a business model approach but officials donned a private-sector approach to everything they did, often flounting government ethics rules the report also said.

 

Oil companies, the same guys who are putting pressure on Congress to open up offshore drilling while at the same time refusing to drill on millions of acres they own or lease in the United States.  Congress should tell them to go take a hike.

The Presidential Election and The Economy

With the November election only 50 plus days away and the economy being a top issue with the American voters, I will write a series of articles dealing with the two candidates and their party's intention on the economy.  Both parties have a clear record to be judged on, so there should not be any excuse for voters not to know which party and candidate will perform the best.

 

The readers of Politidose know from previous articles I have written that, in my judgement, the Democratic party's performance is the best by far in creating an economy that is sustained with a balanced budget, surpluses, even job creation, low unemployment, rising wages, low inflation, low oil and gas prices, and reasonable increases in spending.  

In the series of articles I will go back some years and share with the readers thoughts of some economic leaders of the past and also past presidents.  In the end, I believe the reader will understand why past Democratic administrations were able to do better for the country and its people.

 

If the American people stop and realize that when President Bush leaves office in 4 months, that he will leave behind an administration that is the biggest deficit spending and debt creator of all time and never had an economic plan to pay for his reckless deficit spending, the American people should surely know how important this election will be.

 

Next up: Part I

Debunking the Lies

President Bush: a "C" For Protecting America

Seven years after the 9-11 attacks, the federal government has made only limited progress toward preventing a catastropic nuclear, biological, or chemical attack on U.S. soil and stemming the proliferation of WMD abroad, according to a report issued on 9/10/08 by 22 former U.S. officials.

 

The Bipartisan Partnership for a Secure America, a panel co-chaired by Lee Hamilton, gave the U.S. an overall grade "C".  Once again, Mr. Bush's tough talk about keeping America safe are contrary to the facts.  John McCain, if elected president, will continue the Republican tough talk and we will still be in Iraq fighting the wrong war under his leadership.  McCain is a military veteran, and we should be proud of that, but he lacks common sense when it comes to fighting the people who harmed us on 9-11 and instead fighting a war in Iraq for 100 years.

 

By the way, McCain publicly said he knew how to win wars.  Has any one heard him say what war he has won?  I am surely not aware of any wars he has won.  And if he knows how to win wars, maybe he should share this knowledge with the proper authorities so we can actually win the two wars we are fighting, instead of keeping this information secret and only releasing it if he is elected President.  When you think about it, McCain is almost blackmailing the American people to vote for him to win the war.  Once again, this just proves that the Republicans lack the basis values of truth, or any other value for that matter.