Mayan Calendar Comes North
current mood: contemplative
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The following statement was presented on the floor of The House of Representatives after Congressman Kucinich voted against the Wall Street bail out plan, H.R. 1424, the Emergency Economic Stabilization Act of 2008:
The public is being led to believe that Congress has reconsidered its position because we have before us a better bill than we had a few days ago. It is the same bill plus hundreds of new pages for hundreds of millions of tax breaks. What does this have to do with the troubles of Wall Street?
Driven by fear we are moving quickly to pass a bill, which may produce a temporary uptick for the market, but nothing for millions of homeowners whose misfortunes are at the center of our economic woes. People do not have money to pay their mortgages. After this passes, they will still not have money to pay their mortgages. People will still lose their homes while Wall Street is bailed out.
The central flaw of this bill is that there are NO stronger protections for homeowners and NO changes in the language to ensure that the secretary has the authority to compel mortgage servicers to modify the terms of mortgages. And there are NO stronger regulatory changes to fix the circumstances that allowed this to happen.
We should have created a mechanism for our government to take a controlling interest in mortgage-backed securities and use our power to work out a new deal for the homeowners. We could have done this. We should have done this. But we didn't.
Now millions of Americans will face the threat of foreclosure without any help. And the numbers will soon rise for a number of reasons. Not only because of the Alt-A, jumbo mortgages which will soon be reset at higher interest rates, but because the London Interbank Offered Rate (LIBOR) is pushing up rates on adjustable mortgages and more than half of the US adjustable mortgage rates are tied to LIBOR. Homeowner defaults will grow in significant numbers. Let's see if Congress will be as quick to help homeowners on Main Street as they were to help speculators on Wall Street.
Now the government will have to borrow $700 billion from banks, with interest, to give banks a $700 billion bailout, and in return the taxpayers get $700 billion in toxic debt. The Senate "improved" the bailout by giving tax breaks to people in foreclosure. People in foreclosure need help paying their mortgage, they do not seek tax breaks.
Across our Nation, foreclosures continue to devastate our communities, people are losing their jobs, and the prices of necessities are skyrocketing. This legislation, just like the one we defeated last week, will do nothing to solve the problems plaguing American families or help them to get out from underneath the oppressive debt they have been forced to take on.
Unfortunately, there has been no discussion of the underlying debt-based economy and the role of our monetary system in facilitating the redistribution of wealth upwards.
It is not as though we had no choice but to pass the bill before us. We could have done this differently. We could have demanded language in the legislation that would have empowered the Treasury to compel mortgage servicers to rework the terms of mortgage loans so homeowners could avoid foreclosure. We could have put regulatory structures in place to protect investors. We could have stopped the speculators.
This bill represents an utter failure of the Democratic process. It represents the triumph of special interest over the triumph of the public interest. It represents the inability of government to defend the public interest in the face of great pressure from financial interests. We could have recognized the power of government to prime the pump of the economy to get money flowing through out society by creating jobs, health care, and major investments in green energy. What a lost opportunity! What a moment of transition away from democracy and towards domination of America by global economic interests.
Authorities said a contractor for Sanitation District No. 1 breached an underground crude oil pipeline just after 8:30 a.m. that runs through the area of Camp Ernst and Pleasant Valley roads.
About 6,100 barrels, or 256,000 gallons, of crude oil spilled from the Mid Valley Pipeline, which runs from Sugar Land, Texas, to Michigan.
These two (along with drilling ) energy sources have been in the media alot lately.. PLEASE DO NOT BE FOOLED
The reason we get this right now is because folks are scared. They havent' thought through the process and logic of what these energy sources entail. These industries have a lot of money and power to push THEIR advertising of their energy into the forefront. DON"T BE FOOLED.
Coal is a highly polluting energy source. It emits much more carbon per unit of energy than oil, and natural gas. CO2 represents the major portion of greenhouse gases. It is, therefore, one of the leading contributors to climate change. From mine to sky, from extraction to combustion -- coal pollutes every step of the way. The huge environmental and social costs associated with coal usage make it an expensive option for developing countries. From acid drainage from coal mines, polluting rivers and streams, to the release of mercury and other toxins when it is burned, as well as climate-destroying gases and fine particulates that wreak havoc on human health, COAL is unquestionably, a DIRTY BUSINESS.
It is a major contributor to climate change – the biggest environmental threat we face. It is the most carbon-intensive fossil fuel, emitting 29% more than oil, 80% more carbon dioxide (the main driver of climate change) per unit of energy than gas.
Mercury is a particular problem. According to the United Nations Environment Programme (UNEP), mercury and its compounds are highly toxic and pose a ‘global environmental threat to humans and wildlife.’ Coal-fired power and heat production are the largest single source of atmospheric mercury emissions. There are no commercially available technologies to prevent mercury emissions from coal-fired power plants.
“Clean coal” is the industry’s attempt to “clean up” its dirty image – the industry’s greenwash buzzword. It is not a new type of coal.
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Please see ENRON THE SMARTEST GUYS IN THE ROOM!
This is ESSENTIAL viewing to understand the underlying pathology of human groups and greed. Group think, irresponsible behaviors..
I am getting REALLY sick and tired of hearing about "Personal Responsibility" .. Sure.. yes it is a good thing if everyone would be PERSONALLY RESPONSIBLE and ENLIGHTENED about their own actions.. Great.. good.. let's continue to move in that direction. HOWEVER. Please do NOT flippantly blame the average consumer and say only THEY were irresponsible. Yes.. The average consumer probably IS STUPID. But why are they stupid???
Who ENCOURAGES that stupidity?
We have a culture that promotes a way of life that has been ultimately UNREALISTIC. We live with MYTHS about Capitalism and pull yourself up by your bootstraps and YOU CAN HAVE IT ALL. Those messages are relentlessly pounded into our head.
We did used to have more Ironically "conservative" values of frugalness, fiscal responsibility.. but if you look at our Capitalistic market place.. those values don't really jibe. Here's why. capitalism requires a level of RISK. It also requires folks to BUY into things. Or PURCHASE things. If folks were frugal.. and saved... and never spent beyond what they earned.. we probably would NOT have had the HUGE BOOMS and then consequently busts. that we constantly see in our markets. When you start seeing fabulously wealthy people.. who buy gold this and gold that.. and Hummers and jets and so on.. and that level of frenzied behavior.. when you have Credit cards and advertising urging folks to BUY BUY BUY BUY.. .. put off paying for it later.. Who is honestly to blame? Don't JUST BLAME THE CONSUMER!!!!!!!..
It is the entire SYSTEM that is pathologically messed up!!!.. We need to TRANSFORM our entire economic system.
The point is.. is that you can say.. "I don't want socialism".. well.. do you EVEN UNDERSTAND what socialism IS?? Do you understand that the concept of INSURANCE is actually socialistic? (Shared risk).. That we always pay with our common tax dollars common goods such as Police, fire and EMT services.? Our Roads.. socialized. it is for the SOCIAL GOOD!.
SO.. socialism per se isn't bad.....
I would argue you can't really have a society without social services. I mean. even if you said that every man for himself.. .. well who is going to physically remove that man's dead body from the street so you don't have to look at it?
I know this seems utterly simplistic.. but I don't think everyone is on the same page with our economic crisis.
We have to ZOOM OUT and look at the larger behavior and the values that we share or don't share and FIX THEM.
Advertising is apparently necessary to encourage folks to buy goods and services. Credit cards were created to extend credit to IMPROVE the profits of companies so folks would be encouraged to BUY MORE goods and services.. All this was dependent upon our economy continuing to be healthy and grow.
However some said folks should not spend beyond their means. Ok.. then quit advertising that they should. Quit sending out those messages and then scold them when they do what you want them to do.. BUY.. SPEND...
It made a lot of people money .. and so they were silent. But now folks are losing money and they are quick to blame the common man... well everyone is complicit. But it is our entire SOCIETY and OUR PATHOLOGICAL leaders that encourage pathological behavior.
This entire thing will be a HUGE learning experience for everyone... the Global world..... Perhaps this is just ONE PART Of the lessons we must learn as humanity and surviving on this planet in a responsible way.. how we interpret ABUNDANCE and care for our fellow humans so no one starves.. no one suffers... and no one kills for what they don’t' have.... big goal there... I know.. I honestly don’t' think we can do it.. We are going to suffer HARD... this is a HUGE Karmic lesson and if we tune this out.. I honestly believe this is our last chance.. The Universe is definitely putting some learning lessons in front of us.. How we choose to respond is up to us... Continue the dysfunctional patterns and behaviors.. or EVOLVE!?????
WASHINGTON - Some huge livestock farms produce more raw waste than cities as large as Philadelphia or Houston. But federal regulators are failing to control pollution from the gigantic operations or assess health risks from the enormous quantities of manure they produce, according to congressional investigators.
The Government Accountability Office report on the raw waste was being released Wednesday to a House committee hearing on federal oversight of factory farms.
The conclusions fueled concerns about a proposed Environmental Protection Agency rule change that would eliminate one of the few federal oversight mechanisms over air and water pollution from big farms.
The rule would eliminate a requirement that farms report to federal, state and local officials when air emissions of hazardous substances like ammonia and hydrogen sulfide exceed certain levels.
EPA proposed the rule change in December, contending the requirement created an unnecessary burden for farms and that the emission release reports usually weren't needed or acted upon.
"It is unclear to us" how EPA reached that determination, GAO said, noting that a national association representing emergency responders has said in comments to EPA that the reports are needed.
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I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place...).
The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday, Gingrich laid out 18 policy prescriptions for Congress to take in order to "return to a Reagan-Thatcher policy of economic growth through fundamental reforms." In the midst of this economic crisis, he is actually demanding the repeal of the Sarbanes-Oxley Act, which would lead to further deregulation of the financial industry. Gingrich is also calling for reforming the education system to allow "competition" (a.k.a. vouchers), strengthening border enforcement, cutting corporate taxes and his signature move: allowing offshore drilling.
It would be a grave mistake to underestimate the right's ability to use this crisis -- created by deregulation and privatization -- to demand more of the same. Don't forget that Newt Gingrich's 527 organization, American Solutions for Winning the Future, is still riding the wave of success from its offshore drilling campaign, "Drill Here, Drill Now!" Just four months ago, offshore drilling was not even on the political radar and now the U.S. House of Representatives has passed supportive legislation. Gingrich is holding an event this Saturday, September 27 that will be broadcast on satellite television to shore up public support for these controversial policies.
What Gingrich's wish list tells us is that the dumping of private debt into the public coffers is only stage one of the current shock. The second comes when the debt crisis currently being created by this bailout becomes the excuse to privatize social security, lower corporate taxes and cut spending on the poor. A President McCain would embrace these policies willingly. A President Obama would come under huge pressure from the think tanks and the corporate media to abandon his campaign promises and embrace austerity and "free-market stimulus
Now they did this to themselves!!!!! ha ha ha!!!!
GARFIELD HEIGHTS, Ohio - Wal-Mart Stores Inc. has closed one of its stores in the Cleveland area built atop a landfill amid concerns about potentially explosive methane gas.
An independent contractor confirmed there is a problem with the odorless gas generated by rotting garbage, said Tara Stewart, a spokeswoman for the Bentonville, Ark.-based retailer. The closure of the store is probably permanent, she said.
Last week I sat across a table from President George W. Bush in the Roosevelt Room of the White House. He told me and a dozen fellow economists that "the American economy is a theatre in the war on terrorism." With steely conviction he told us that he intends to win the war to liberate Iraq, and he intends to win the war to liberate the American economy.
That's the key message from an hour and a half's roundtable discussion with the president and his economic team. There, interacting with a very exacting group of professionals, Bush displayed both masterful knowledge and inspiring passion about his economic program, and he revealed a deep understanding of how economic security is inexorably linked to national security.
Bush told us that he is frustrated by critics who ask, "How can we have a war and a tax cut at the same time?" The president argues that for this kind of war, we can't not have a tax cut. Yes, we must spend on war and homeland security, too. But that just means we must take steps to grow the economy so that the expense of war and security will be as tiny a fraction of the overall economy as possible. Bush's tax-cut proposals now before Congress are all about enabling exactly that.
Eliminating the double taxation of dividends and retained earnings will increase the efficiency of capital investment. The result will be higher stock prices immediately -- by at least 15% as effective after-tax yields jump, and more in the longer run as corporations reap the benefits of a lower cost of capital. But the best result will come when we harvest the fruits of more-efficient capital investment in all the years to come. The fruits include millions of new high-quality jobs and new breakthrough technologies in both the civilian and military spheres.
Nonplussed by opposition in Congress -- from those who just can't seem to see how all this will work -- Bush said, "Sometimes I think some of these guys just don't like capitalism."
http://capmag.com/article.asp?ID=2676