Tag Archives: bailout

Republicans – McCain campaign launches new low-blow attacks in hopes of deflecting attention from America’s Economic problems


Palin smears Obama an old discredited attack

The Republican vice presidential nominee told supporters in the city of Englewood that Obama “is someone who sees America, it seems, as being so imperfect that he’s palling around with terrorists who would target their own country”.

The Alaska Governor was referring to William Ayers, a member of the radical 1960s group the Weathermen who placed bombs at the Pentagon and the Capitol, who supported Obama’s first run for public office in 1995.

The Obama campaign described Palin’s guilt-by-association attack as “desperate and false”.

Republicans have promised to ramp up the rhetoric ahead of the November 4 election in a bid to arrest Senator McCain‘s recent dip in the polls following his role in delays to the $700bn economic bail-out.

On Friday, his top adviser Greg Strimple promised a “very aggressive last 30 days” of campaigning.

“We are looking forward to turning a page on this financial crisis and getting back to discussing Mr Obama’s aggressively liberal record and how he will be too risky for Americans,” he told reporters.

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Seeing that Obama was a child at the time of the existence of the Weatherman, and for the “sake” of education, see below some information on who they were. No we are NOT talking about the Taliban, which I am sure Palin would love to link him to. BTW – Who is running for president McCain or Palin? What if we said “John McCain is a terrorist”, he name is similar to Timothy McVeigh (OKC bomber). Let’s round up all those people that look like McCain and McVeigh and send them to Gitmo Bay. Do you see how ignorant you can be? This comment is directed at the core Republican base which believe the innuendo (not all). The hope to attract new voters? I don’t know if it will work. I would hope that the voters would be more thoughtful. I am certain Palin never heard of Ayers before being provided the talking point of the day since she doesn’t read newspapers. There is another high-ranking republican that doesn’t read much. It is obvious that the McCain campaign is desperate and will do or say anything to take away attention from the fact that they do not have any plans to get Americans out of the mess their party has created. Americans want to know who plans to help them stay in or get a home, put food on the table, save their jobs and stop the warmongering.

The Weathermen: Background and formation

The group emerged from the campus-based opposition to the Vietnam War, as well as the Civil Rights Movements of the late 1960s. During this time, United States military action in Southeast Asia, especially in Vietnam, escalated. In the U.S., the anti-war sentiment was particularly pronounced during the 1968 U.S. presidential election.

The origins of the Weathermen can be traced to the collapse and fragmentation of the Students for a Democratic Society. We petitioned, we demonstrated, we sat in!

Foreclosures and the Credit Crunch in America: Did God Want You to Get That Mortgage?


By David Van Biema

Pulpit Pimps

Pulpit Pimps

Has the so-called Prosperity gospel turned its followers into some of the most willing participants — and hence, victims — of the current financial crisis? That’s what a scholar of the fast-growing brand of Pentecostal Christianity believes. While researching a book on black televangelism, says Jonathan Walton, a religion professor at the University of California at Riverside, he realized that Prosperity’s central promise — that God will “make a way” for poor people to enjoy the better things in life — had developed an additional, dangerous expression during the subprime-lending boom. Walton says that this encouraged congregants who got dicey mortgages to believe “God caused the bank to ignore my credit score and blessed me with my first house.” The results, he says, “were disastrous, because they pretty much turned parishioners into prey for greedy brokers.”

Others think he may be right. Says Anthea Butler, an expert in Pentecostalism at the University of Rochester in New York: “The pastor’s not gonna say, ‘Go down to Wachovia and get a loan,’ but I have heard, ‘Even if you have a poor credit rating, God can still bless you — if you put some faith out there [that is, make a big donation to the church], you’ll get that house or that car or that apartment.’ ” Adds J. Lee Grady, editor of the magazine Charisma: “It definitely goes on, that a preacher might say, ‘If you give this offering, God will give you a house.’ And if they did get the house, people did think that it was an answer to prayer, when in fact it was really bad banking policy.” If so, the situation offers a look at how a native-born faith built partially on American economic optimism entered into a toxic symbiosis with a pathological market.

Although a type of Pentecostalism, Prosperity theology adds a distinctive layer of supernatural positive thinking. Adherents will reap rewards if they prove their faith to God by contributing heavily to their churches, remaining mentally and verbally upbeat and concentrating on divine promises of worldly bounty supposedly strewn throughout the Bible. Critics call it a thinly disguised pastor-enrichment scam. Other experts, like Walton, note that for all its faults, the theology can empower people who have been taught to see themselves as financially or even culturally useless to feel they are “worthy of having more and doing more and being more.” In some cases the philosophy has matured with its practitioners, encouraging good financial habits and entrepreneurship.

But Walton suggests that a decade’s worth of ever easier credit acted like a drug in Prosperity’s bloodstream. “The economic boom ’90s and financial overextensions of the new millennium contributed to the success of the Prosperity message,” he wrote recently. And not positively. “Narratives of how ‘God blessed me with my first house despite my credit’ were common. Sermons declaring ‘It’s your season to overflow’ supplanted messages of economic sobriety,” and “little attention was paid to … the dangers of using one’s home equity as an ATM to subsidize cars, clothes and vacations.”

With the bubble burst, Walton and Butler assume that Prosperity congregants have taken a disproportionate hit, and they are curious as to how their churches will respond. Butler thinks some of the flashier ministries will shrink along with their congregants’ fortunes. Says Walton: “You would think that the current economic conditions would undercut their theology.” But he predicts they will persevere, since God’s earthly largesse is just as attractive when one is behind the economic eight ball.

A recent publicly posted testimony by a congregant at the Brownsville Assembly of God, near Pensacola, Fla., seems to confirm his intuition. Brownsville is not even a classic Prosperity congregation — it relies more on the anointing of its pastors than on Scriptural promises of God. But the believer’s note to his minister illustrates how magical thinking can prevail even after the mortgage blade has dropped. “Last Sunday,” it read, “You said if anyone needed a miracle to come up. So I did. I was receiving foreclosure papers, so I asked you to anoint a picture of my home and you did and your wife joined with you in prayer as I cried. I went home feeling something good was going to happen. On Friday the 5th of September I got a phone call from my mortgage company and they came up with a new payment for the next 3 months of only $200. My mortgage is usually $1,020. Praise God for his Mercy & Grace.”

And pray that the credit market doesn’t tighten any further.

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The bailout has failed


The lower house of the US Congress has voted down a $700bn (£380bn) plan aimed at bailing out Wall Street.
The rescue plan, a result of tense talks between the government and lawmakers, was rejected by 228 to 205 votes in the House of Representatives.

About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats. Shares on Wall Street plunged within seconds of the announcement, after earlier falls on global markets. A White House spokesman said that President George W Bush was “very disappointed” by the result.
He would meet members of his team in the coming days to “determine next steps”, spokesman Tony Fratto said. The vote followed a day of turmoil in the financial sector. Wachovia, the fourth-largest US bank, was bought by larger rival Citigroup in a rescue deal backed by US authorities.

Benelux banking giant Fortis was partially nationalised by the Dutch, Belgian and Luxembourg governments to ensure its survival. The UK government announced it was nationalising the Bradford & Bingley bank. Global shares fell sharply – France’s key index lost 5%, Germany’s main market dropped 4% while US shares also lost ground.

So grave are the consequences of this decision, reports the BBC’s Kevin Connolly from Washington, that the speaker of the house paused for several long minutes after the vote was taken before declaring it official.
The no vote plunged the world of Washington politics into turmoil and the markets into deep and instant chaos with rapid falls on Wall Street, our correspondent says. Mr Bush had argued that the bail-out plan was a “bold” one which he was confident would restore strength and confidence to the US economy.

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McCain attempts to bail out Palin


WASHINGTON (CNN)— Sen. John McCain retracted Sarah Palin’s stance on Pakistan Sunday morning, after the Alaska governor appeared to back Sen. Barack Obama’s support for unilateral strikes inside Pakistan against terrorists

“She would not…she understands and has stated repeatedly that we’re not going to do anything except in America’s national security interest,” McCain told ABC’s George Stephanopoulos of Palin. “In all due respect, people going around and… sticking a microphone while conversations are being held, and then all of a sudden that’s—that’s a person’s position… This is a free country, but I don’t think most Americans think that that’s a definitve policy statement made by Governor Palin.”

Saturday night, while on a stop for cheesesteaks in South Philadelphia, Palin was questioned by a Temple graduate student about whether the U.S. should cross the border from Afghanistan into Pakistan.

“If that’s what we have to do stop the terrorists from coming any further in, absolutely, we should,” Palin said.

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Tech will suffer from financial meltdown


Sometimes you have to look around outside of your own personal sector and reflect on the world at large. If you haven’t noticed, our financial infrastructure is tumbling down around our ears. The U.S. agreed yesterday to bail out AIG at the cost of $85 billion. Just like Bear Sterns, AIG is “too big to fail.” The impact on the economy of AIG’s failure would be staggering. As my friend Steve Pizzo writes at News for Real:

If AIG failed, all those banks out there that replaced their regulatory capital with AIG IOUs would be in deep, deep, deep, deep, doo doo. If AIG failed the feds would be faced with the possibility — growing daily into a probability — of having to virtually nationalized a huge number of banks and S&Ls, replacing AIG’s IOUs with USA IOUs. (Yugo Chavez and Fidel Castro would get a good laugh out of that.)

It’s not just the financial sector. This thing will tsunami through the “real economy” – including tech. Jay Bhatti, cofounder of people search engine Spock offered some thoughts on the effect on tech. It’s not pretty:

The big players like Oracle, Sun, Microsoft and SAP … will feel an immediate impact. Financial Service firms are some of the biggest spenders of IT budgets around. I can imagine memo’s coming from the top to CIOs at banks telling them to cut costs ASAP. Naturally, they will start to push back on upgrades to new software (sorry Vista), ask for greater concessions on license pricing, and in some cases, abandon plans for new technology deployments such as new hardware or new ERP applications.

Microsoft will whether the storm, he says, since businesses still need to operate but “I would not be surprised if I heard Sun report: ‘We did not meet our numbers this quarter due to decreased spending and turmoil in the financial sector….’
Bhatti thinks the biggest impact will be on green tech, since those companies require serious capital, over a billion dollars in many case.

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