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What's Going On – News Roundup

Tuesday evening news Roundup

  • I am not sure what we did by giving Treasury Secretary Henry Paulson $700 billion to spend. The stock market isn’t happy. The stock market fell approximately 5% today. So far in 2008, the stock market has lost 32% of its value. This is the worst loss in value since 1937. Want more dire warnings?  Federal Reserve Chairman Ben Bernanke has hinted that the Fed may lower interest rates. I thought that low interest rates were one of the reasons we got into this problem!
  • Hedge funds, on average, lost over 4% in September. Early trading in Asian markets looks like the bad news is going to continue.
  • With the Food and Drug Administration looming over their heads, the pharmaceutical companies that make pediatric cough and cold remedies have voluntarily agreed to want that their products should not be used for children under four. Recent studies have suggested these remedies do not help young children.
  • More bad news for the John McCain camp. New intelligence estimates suggest that sectarian violence could break out at any time in Iraq. In spite of John McCain’s proclamation that we have won, the national intelligence estimate states that “victory” is not certain. Of course, this should be obvious to anyone who’s paid any attention over the last five years.
  • 17 Chinese born Muslims that have been detained in Guantánamo Bay for over six years have been ordered to be released by a US federal judge.
  • One of the best heavyweight bouts is not being shown on HBO.  Wells Fargo and Citibank are battling over Wachovia. Towards the end of last week, Citigroup had stepped in to buy Wachovia Bank. From out of nowhere, Wells Fargo came up with a different and possibly better offer. An announcement was made that Wachovia would be sold to Wells Fargo.  Citibank filed an injunction. The battle is continuing behind closed doors. By the way, did you notice that Bank of America, the bank that bought Merrill Lynch and Countrywide, reported a 68% drop in their revenues compared to last year’s third quarter?
By |2008-10-07T20:34:27-04:00October 7th, 2008|Economy, Iraq, National Intelligence Estimate|Comments Off on What's Going On – News Roundup

Update: Obama Moving to the Center

Progressives, including myself, have become somewhat disillusioned over the last couple of days as we watched our candidate seem to drop some of his core beliefs and move towards the center. I have no problem with a politician changing their mind. Heck, if President Bush would have changed his mind, we could have had our troops home four years ago. So, changing one’s mind is not necessarily a bad thing. What made Senator Barack Obama different was that he offered a new kind of politics, one that was not about political calculation but instead was about doing the right thing. Over the last seven days, it seems that we are seeing political calculation more than anything else.

The FISA bill may pose a conundrum for some politicians. Some may believe that they will be portrayed as weak and “supporting the terrorists” if they oppose this piece of legislation. I believe that there are two principles at stake with this legislation. First, all spying on Americans with regards to national intelligence should go through the FISA courts. Remember that during Alberto Gonzales’s tenure, the Bush White House decided that the FISA courts were too slow and too cumbersome. Therefore, they bypassed the court. This piece of legislation will prevent that bypass (in theory). Secondly, this piece of legislation offers immunity to the telecoms. I think the telecoms you get immunity if I can also get immunity from not paying my taxes for the next five years. I’m just saying…

So in this legislation there is a small sliver of good and a larger slice of bad.

Faith-based initiatives were a cornerstone of President Bush’s 2000 campaign. Unfortunately, as we have now found out, they were more about funneling money into the pockets of people that Bush liked. The program was less about helping the poor or decreasing inner-city violence. As a matter of fact, it had nothing to do with those kind of charitable issues. The program was about keeping the religious evangelicals in support of the Bush administration. Therefore, programs like intelligent design, abstinence-only, and similar programs were pushed by this faith-based initiative.
Obama’s proposal is not an update on Bush’s program, but instead it’s a complete reform or overhaul on this program. Anyone who has read his book The Audacity of Hope, understands that Obama is a man of faith. They should also understand that faith plays an important part in his life. I don’t necessarily have a problem with this. I’ll wait and see how things shake out.

Now Obama’s recent stance on NAFTA is a little bit more confusing. During the primaries, it appeared that Obama wanted to take a hard look at this treaty and possibly renegotiate some of aspects. Recent statements seem to contradict this. For the last eight years, “free trade” has meant more profits for companies and more layoffs of American workers. This trend must stop if we are going to restore the middle class.

As a matter of fact, I’m surprised that Mexico hasn’t tried to renegotiate this deal. Jobs that originally went to Mexico have now gone to China, Indonesia, and Malaysia. Why? Mexico was too expensive so it is now left with empty factories. Relatedly, the U.S. has unemployed workers, idle factories, and larger mansions.

I have not seen any convincing evidence to show that NAFTA has helped the American worker. If I am shown convincing evidence, I’ll rethink my position but currently I will support most measures that will strengthen unions and help the American worker. So I don’t think I can agree with Obama in this situation. (more…)

By |2008-07-02T23:15:16-04:00July 2nd, 2008|Civil Liberty, Domestic Spying, Election 2008|3 Comments
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