Friday, March 27, 2009

Ending Discrimination?

The British government is in the news as discussing an end to the ban on the heir to the British throne marrying a Roman Catholic (the monarch is head of the Church of England). It all sounds dandy.

But what of the gross sexual discrimination by the Roman Catholic Church in banning women from becoming priests, bishops, cardinals or pope? They scam around the issue by claiming it's outside their control - that "the Church has no authority" with such Divine Law. I say, poppycock! Let's give it a try. Perhaps God will punish the Church, but more likely it's already being punished for misunderstanding Divine Law...

Thursday, March 26, 2009

Distorted Face

Major General Geoffrey D. Miller
now retired.

Celebrated in the US Pentagon's Hall of Heroes.
Maj. Gen. Miller’s awards include seven Legions of Merit, Defense Superior Service Medal, Distinguished Service Medal (with Oak Leaf Cluster) and Defense Distinguished Service Medal.

The US Army News Service describes him as "a role model, innovator, and a leader... Our Army asked Geoff Miller to tackle two of the toughest jobs in the Global War on Terror." Commander of Guantanamo, and subsequently Commanding General of Detainee Operations in Iraq, he was "willing to do the heavy lifting of detaining suspected insurgents and developing critical intelligence to help win the war."

He advocated innovative ways to "soften up" the as-yet uncharged detainees for interrogation.

He is under investigation for War Crimes in the USA & Europe.

One of many, responsible for torture.

What should he have done?
Did he provide honorable service? Or did he dishonor his nation?

Read "Break Them Down" by Physicians for Human Rights for some gruesome details...

Tuesday, March 24, 2009

Cheney, Cheney, bourgeoisie

Dick Cheney / George W. Bush will never be accused of elegance. They are fundamentally small & vindictive. They utilized fear to corral the American people into emasculation. Cheney now brays from a fancy manor that Obama's new government opens our nation to attack. Let's clearly recognize: Cheney, Bush & their cronies were asleep at the helm for 9/11: Cheney busily being tutored by Kenny Lay & his Enron boys; Bush golfing & pruning bushes in Texas (when the planes actually hit the WTC & Pentagon, Bush was visiting brother Jeb in Florida & chatting with school kids). Oops - 2,974 dead.

Extra-judicial disappearance & torture were not sustainable or proper. 'Tough measures' did nothing to fix the underlying causes of discontent and outburst.

But what should Americans focus on - the 2974 unfortunate dead, or the 285,699,109 who survived? We lost a lot, but not 1%, not one tenth of 1%, but 0.00001 (or 1 of 100,000). The attack was a terrible tragedy for the killed & their loved ones, but the grand majority of us survived. PRAISE THE LORD.

Wednesday, March 18, 2009

Lieberman-Likud Lobby Lead us

Ambassador Charles Freeman explains tactics by the newly coined Lieberman-Likud Lobby, that "plumb the depths of dishonor and indecency and include character assassination, selective misquotation, the willful distortion of the record, the fabrication of falsehoods, and an utter disregard for the truth. The aim of this Lobby is control of the policy process through the exercise of a veto over the appointment of people who dispute the wisdom of its views, the substitution of political correctness for analysis, and the exclusion of any and all options for decision by Americans and our government other than those that it favors."

"There is a special irony in having been accused of improper regard for the opinions of foreign governments and societies by a group so clearly intent on enforcing adherence to the policies of a foreign government - in this case, the government of Israel. I believe that the inability of the American public to discuss, or the government to consider, any option for US policies in the Middle East opposed by the ruling faction in Israeli politics has allowed that faction to adopt and sustain policies that ultimately threaten the existence of the state of Israel. It is not permitted for anyone in the United States to say so."

(Link to speech quoted in Huffington Post)
(Subsequent interview w/ Robert Dreyfuss in The Nation)

Does this Freeman purge surprise anyone? The need for American officials to kowtow becomes more blatant as the more extreme-right Israeli government takes power. I expect the new Lieberman-Likud regime will be sad news for Israel, the region, and the world. Typical demagogues & tyrants, they don't support themselves - dragging us all into their morass.

Saturday, March 14, 2009

Politics or pie?

A sad situation: people care, but lazily do nothing.

Many people sit back and watch Obama working hard, winning some & losing some, and silently cheer him on. Such people are part of a huge problem. We need solutions; fast.

Better ways must be developed for people to participate in community affairs - not merely tramping to vote each few years.

I'm weary of arguing with friends, writing a blog, representing progressive thought, and living reasonably. Maybe I must become more of a poet or a songwriter, where ideas become more viral...

Friday, March 13, 2009

Madoff realities

The case of Bernard Madoff is frightening. The government regulatory agencies saw virtually nothing - even when irregularities were reported to them. The Treasury collected taxes on paper profits that were wholly imaginary. What are the true losses?

Direct losses are variously estimated. It may be that US$17 billion was actually under management, but losses up to US$65 billion are claimed (reinvested imaginary "profits"). Only US$1 billion has been recovered.

Trust has certainly taken a beating. Many charities have lost their capital, and the highly-exposed element of society that should benefit from such monies gets nothing. Some people will die sooner due to loss of such resources thanks to Madoff & Co.

Recent reports talk of "his wife's" Manhattan apartment. But if these are the fruits of crime, essentially stolen goods, wouldn't they need to be relinquished? What of the other Madoffs working in the web of companies - if one part of the network is a criminal enterprise, should the proceeds of other segments be legitimate?

Wednesday, March 11, 2009

When...

When...
When would you try?
When would you know?
When to resist?
Would you wait
... & ride the transports?
Would you pause
... till disinfection & Zyklon B?
Must you view
...the Killing Fields?


Will you be First
or Last
to Fight?

Better rude
Than dead.
You'll not push me further
Fuck Off!
(The more polite response - "Excuse me")

It's odd
More functionaries
Haven't been screwdrivered -
Hearts pierced by those
Protecting families.

Thursday, March 05, 2009

Rest in Peace, Mr. Tetsu Goto


Today I was shocked at receiving last year's Annual Report of the Tokyu Foundation for Inbound Students (財団法人とうきゅう外来留学生奨学財団; I'm a recipient member). Already many months ago, Mr. Tetsu Goto suddenly died at age 59 - 東急電鉄の取締役調査役の五島哲氏(59)が死去. Tetsu Goto was an energetic supporter of foreign students in Japan; he regularly took time from his assorted business interests to participate in weekends and support parties for our highly-mixed family of students. He seemed to enjoy our fellowship; he's sorely missed, and 59 is far too young to pass away. Rest-in-Peace 五島さん。

Thursday, February 26, 2009

Bloody Inheritance!

Hawaiians are again being restricted from properly enjoying our inheritance. People such as attorney H. William Burgess and activist Kenneth R. Conklin have aggressively sought to label native Hawaiians as racially discriminatory for not offering all-inclusive access to our properties and heritage. The Governor seeks now to validate confiscation. Labeling Hawaiians as racist is an outrage - most of us come from multiethnic families, we ourselves most of us are multiracial, highly generous, and have 'calabash cousins' of assorted backgrounds. In fact, this dispute over who is Hawaiian and who is entitled to inheritance is a crass attempt to further erode, divide and break-up our extended Hawaiian 'ohana.

Let's look at inheritance on the mainland. The courts support inheritance; nobody presumes the right to force their way onto the properties of the Rockefeller families. More importantly, who is a Rockefeller? Old John D. Rockefeller married Cettie Spellman, outside his blood family, so by "blood quantum" the kids were only half Rockefeller. Their great-grandchildren, West Virginia Sen. Jay Rockefeller and the late Arkansas Lt. Gov. Winthrop Rockefeller (among others) have only one-eighth a Rockefeller bloodline. This didn’t interfere with their inheritance of wealth, property and family pride.

Native Hawaiians are being critically misled and deceived by blood quantum arguments. Perhaps we marry Kanaka Maoli, perhaps otherwise; those marrying into the wide world of non-Hawaiians should not feel compromised. As fully as other wealthy people, we can and must hand-down to our children an appreciation of heritage, family pride and individual identity. John D. Rockefeller Jr. was never led to feel himself a half-breed.

Wake up 'ohana! Over the years many waves of migrants have found Hawaii. Some joined our families or were otherwise invited to share our blessings. We can all enjoy a dynamic & loving community. But we'll not be forced from our heritage by arrogant colonists or treacherous repression. Stand tall!

Poki
(Dr. Bruce Henry Lambert)
former Kamehameha Schools Na Poki'i Hawaiian scholar
University of Oxford

Wednesday, February 18, 2009

Mad over Madoff

Not being a financial insider, I didn't lose or gain money with Bernie Madoff; he was unknown to me prior to his arrest.

Many people were burned by this guy, who has confessed to assorted crimes. Yet months later he's still out on bail, with restrictions on when and how far he can wander from "his" homes. He can enjoy all types of luxuries in a Manhattan penthouse and an oceanfront home in the Hamptons (Montauk, NY). He needs special permission to visit a Palm Beach, FL home; he can't use his jet and visit his French Riviera apartment & boat: they're off-limits, and his passport impounded. But should this guy and his family be allowed to enjoy any fruits of his scamming?

Any appearance of justice is elusive. Enron's Kenneth Lay had his multiple fraud convictions vacated (more than four-and-a-half years after Enron's collapse from systematic deception), when Lay (reportedly) died before sentencing... What will happen with this Madoff joker? Should the elegant wife & many family members he employed keep enjoying substantial wealth & earnings?

Where's Madoff Buried His Loot?

Thursday, February 05, 2009

Gambling with Banksters (Scamblers)

The banking establishment is suffering a downgrade of status as they seek public bailout funds. Use of the term "banksters" (adapted from gangsters) has become widespread. What is fair?

Not much. In this case, margin (credit) and derivatives purchasing is a type of gambling. The problem is that gamblers take account of the fact that if they lose they'll not need to pay - Joe Public will bail them out; they remain players. If rather they win, they enjoy huge benefits.

A low downside means they've been likely to gamble even more; given the chance, they'll again gamble wildly.

Bankers who've engaged in unacceptable risk management should be fired. Yet these high-rollers still have their jobs. They now keep a low profile, refusing to lend even in low risk cases, creating a credit crunch. Each bank has many scamblers...

Tuesday, February 03, 2009

Bailouts, bankers & bombs

The economic crisis is not the sole blame of bungler bankers. Yet too many of these former plunderers are unrepentant and anti-reform. Those banks receiving bailout funds should be forced to retire their top management due to poor performance.

American adventurism in the Middle East is hugely expensive; these are costs that the USA can ill afford, and they are not only monetary. The US basing of troops in Saudi Arabia was the major grievance of the 9/11 hijackers (though George W. Bush & Dick Cheney claimed the focus was a vicious attack on the American way of life). Poor foreign policy choices have undermined the US economy and created enemies abroad. Now, more than ever, few American taxpayers wish to serve as human shields for Iraq & Israel.

More precisely: US media outlets regularly trumpet Israel's right to exist. Yet others in the region also have the right to exist. Regional solutions have been cast aside as the USA has bankrolled Zionist adventurism. Moderate Israeli solutions are undermined by US funds channeled to the extreme & the ultra-Right. Bombs will not solve Middle Eastern problems. US funding should be redirected to American domestic education.

Wednesday, January 07, 2009

Haiku by Lulu (Visiting Poet)

A thought in the night
Must be scribbled on paper
Before I forget

Twitching fingers mean
That I’m counting syllables
In my new haiku

Windswept and barren
Here our ancestors once dwelt
Kaho'olawe

Silence IS golden
When you’re being serenaded
By the coqui frog

Intentions are fine
But actions speak much louder
Get with it Lulu

Friday, November 21, 2008

Computer tips: file opening dialog

Many times I've been bothered when opening files in MS-Office: I'll seek to open a recently-used file and rather than guess at its name with alphabetic access, I go to view details, date (sort descending). My problem has been the small dialog box, the need to move everything to the right to find the date tab (thus losing sight of the filenames), and the need to hit date perhaps a few times to find descending (subfolders further confuse all of this). I've thought: "there's probably a better way..." but because the file editing regularly has taken precedence, only now the solution is at hand.

Give up on bloody computers? No.

First, the assorted tabs showing file details are all useful to some extent, but the name & date are typically most critical. The date column can be dragged to the left so it becomes the second column. Neat! I've read that pushing Ctrl key on closing a dialog box saves the settings. Nice! To get default view with Details, go to Desktop (first close all windows) open My Computer and set the View to Details (or other desired setting or sort layout). Then click Tools - Folder Options - View and click "Apply to all folders" Click OK and the world is slightly better. Use the energy saved (& unmanifested angst) being friendlier & helpful to others.

Friday, November 14, 2008

Burned

Can one be a reformer or crusader in the USA? Is it really possible to "work for the people" and the public interest?

Perhaps.

But when "change" begins to curtail profitable operations by the mighty & the powerful, they fight back. They may have billions of dollars (oops - post bailout: hundreds of billions) in wealth to throw at their critics. So no surprise when the forces of change choose very carefully among many sacks of shit, which ones to clean up.

Even then, the crusader is liable to be burned.

The public is hungry for scandal. A mob mentality is stoked by smarmy weasels such as Billow (Bill O'Reilly), Rush Limbaugh, Ann Coulter, and a nest of others. Their vile & polarizing attack approach is popular: akin to pro-wrestling and a substitute for as yet untelevised public executions.

The mob enjoys watching those with hubris get their comeuppance. So a quick goodbye to "evildoers" such as former Gov. Eliot Spitzer, former Senator John Edwards, and a host of others due to sexual fiendishness. (Digression: We wonder how the family values crowd reconciles the adulteries & callousness of Sen. John McCain and former House Speaker Newt Gingrich. Is foregiveness and reconciliation only for Republicans?... )

Anyhow, the moral takedown may appease the mob for awhile, but who benefits? (In the case of Spitzer, perhaps AIG?) Whose territory is once again open for plundering? That entitled elite seeks darkness. Only systematic and sustained transparency can root-out such problems. Shining a spotlight cannot be enough: the person holding it is a target, and the roaches escape. We need to turn-up all the house lights to systematically root-out the worst social infections.

Sunday, November 09, 2008

Divisiveness

"Let's avoid partisanship"

The US Republican Party & the failed policies of George W. Bush were thrashed at the polls. Now the talk from jackbooted right-wingnuts seems reasonable "We pray President Obama will govern responsibly and avoid divisiveness..."

Watch again the Republican National Convention speeches in Minneapolis Saint Paul. Inside the hall, a goon parade mocked, ridiculed & slandered their Democratic opposition; outside, their hired thugs beat-up on peaceful assemblies.

(Remember "Friendly Joe" Lieberman as a key part of these celebrations).

Disrespect for law & people has continued too long; true terror.

Don't be taken in.
"Cute little snake, it's not dangerous anymore.
... aarrghh - fuckin' thing bit me!"

Wednesday, November 05, 2008

Common Dreams & Memes

I've multiple important bases in my life, so each day I read news articles from assorted places around the world. Via the wonders of the internet I check local news of Hawaii via KITV.com, local news of Sweden from Swedish newspapers and The Local, Korean news from The Korea Herald (and elsewhere), news of Japan via assorted bulletin boards & feeds such as J@pan Inc and "The Community" in Japan, news of the Middle East from Haaretz and sometimes Al Jazeera. I check news of Cape Cod, Massachusetts, science news from New Scientist, plus technology & finance news from here, there, and everywhere.

As if that were not enough, there's the need to keep up with assorted hobby-related news & auctions, and of course professional reports & journals. I often write in my own Pretrend blog (http://pretrend.blogspot.com)... and earn a living by decent work...

And be with loved ones. And simply live.

But every day I also read Common Dreams - an amalgam of "progressive" articles from various sources. It is great: combining stories, reprints, links and comments on political economy sure to get my blood racing.

A recent article by Tom Engelhardt ("Foreclosed: The George W. Bush Story") looked critically at the
legacy of the Bush administration. It included a provocative quote from a 2004 article by Ron Suskind, "Without a Doubt" (New YorkTimes; published also as "Faith, Certainty and the Presidency of George W. Bush") - where "history's actors" who "create our own reality" mock the careful "reality-based community" who follow behind attempting judicious study of what's been done. This hubris is the voice of The True Believer: "we create our own reality" and evade the dreaded u-word: uncertainty.

A related article elsewhere by
Christian Salmon, "Scheherazade in the White House" follows-up by discussing political stage-management, quoting Prof. Ira Chernus on Karl Rove's Scheherazade-like approach to ruling others: "When policy dooms you, start telling stories -- stories so fabulous, so gripping, so spellbinding that the king (or, in this case, the American citizen who theoretically rules our country) forgets all about a lethal policy."

A "leta" to Common Dreams on US Election Day is commanding:
"Why do people find degrading, defacing, belittlement of a man who was willing to take on the responsibility of the Presidency if elected. What do you gain from the demoralization of the administration. Why is it helpful to tear apart the years served. Is this what you say , talk about in front of your kids. You are their mentors. You should be using Positives Repectful thoughts how else are they going to grow up with the right outlook of politics. It is you who are painting the pictures of people who were elected. Think about it. You vote in dog catchers, local government, church elections. Isn't it time to take a good look at SELF. Let the President leave office ... throwing the keys happily on the desk in the OVAL OFFICE....he has aged during his terms. He deserves your respect. Your children have to hear and see this from YOU "adult citizens of America. GOD BLESS AMERICA." (sic)

The marketing story, or meme, is powerful imagery to shape reality. Those directing government powers, with much money & huge access to media outlets, might do as they wish - eluding comeuppance.

The article by Salmon finishes by reminding us that Karl Rove resigned from government saying "I'm Moby Dick" ... evading reality's deadly harpoon.

Friday, October 31, 2008

Scofflaw Regime / Rogue State

Citizens of the USA, even those who often disagree with the government, do not typically recognize they live in a rogue state. But the Bush government has regularly broken international laws. They also have undermined and ridiculed the importance of international laws and covenants, which in fact are national laws - a clear and fundamental point from the US Constitution (article VI, paragraph 2) which they've sworn to uphold.

The Presidential Oath of Office, which officially begins the presidency, is short and clear: ''I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States.''

This pledge is important. Just 35 words forms the basis for leadership.

National leadership of a great country; the actions of the USA have global consequences.

Legal basis for operations is important. George W. Bush disregarded law, perhaps following advice from others - he's been fundamentally misguided.

The Bush government, through unilateral decisions to ignore law and precedent and due process, has severely undermined the safety and security of all US citizens, our global investments, and our freedoms to interact with peoples of the world.

The indictment of crimes is extensive. Some bother me more than others. Invasion and continued occupation of Iraq. Long-term confinement and torture of people not promptly charged with crime. Terrible.

Thursday, October 30, 2008

Yes Virginia: Thomson Reuters sues Zotero

An entrenched company, threatened by open-source free software, snaps back with a multi-million dollar lawsuit. Is this a storm in a teacup?

Thomson Reuters naturally wishes maximal profits from their proprietary programs, but... details of this lawsuit can be found here. A few marketing observations: the Thomson Reuters lawsuit draws attention to their nimble competitor. Seeking legal limits on what scholars can do with their own data, they risk seriously alienating their users.

Many users have invested time & resources in old Endnote software, but I'm no fan. Data storage always seemed unnecessarily obscure to me. The owners seemed to treat their software system protection as more important than my data - but I'm the customer. Why pay for deliberate confusion?

Even if Thomson Reuters win some damages with this case, they've chosen the Luddite path and can expect to be pityingly mocked by a growing segment of users & opinion leaders. I expect that the route they've chosen will cost them much more dearly than if they'd ignored their Zotero competition (zotero.org - the scholars friend). Thomson Reuters instead should work hard at innovation.

Tuesday, October 28, 2008

Don't Waste Your Vote

I admire Ralph Nader. A little bit. I've never voted for him, and I would not. What I see as his biggest weakness is an inability to effectively forge coalitions. Why is he a perennial Presidential candidate? Why not seek to join others, and upgrade a local, state, or national platform? If he can't work well with others, he shouldn't be trying to run the country, because he can't do it alone. It is sometimes useful to snipe from the sidelines, but running for President is perhaps a poor vehicle for such a person's energies.

I'm also disappointed with both Nader and McCain for not understanding / recognizing the benefits of computers and the internet. I'm OK with slow food and walking to work, or people limiting their mobile phone usage. But access to the World Wide Web is great - those who don't understand it are missing a lot.

Nader's weaknesses

McCain's weaknesses and more here on McCain handicaps

Monday, October 20, 2008

Sachs of Wealth, but Voracious

Loan servicing "help"
Consolidate your troubles
Dumb small-fry / shark food

Thursday, October 16, 2008

No welcome Nippon!

Japan's Asahi newspaper recently reported the results of a Ministry of Internal Affairs government survey that found 38% of Japanese inns and hotels reported no foreign guests in 2007, and of those, 72% hoped no foreigners would come (thus 27% of the total). Multiple reasons were elicited for shunning foreign guests: "no expertise with foreign languages" (76%); "unsuitable facilities for foreigners" (72%); "uncertainty if a problem were to arise" (63%). The report was published a week after the newly-founded Japan Tourism Agency began promoting a Visit Japan Campaign to raise the number of international visitors from 8.35 million for 2007 to 20 million by 2020 (and 10 million by 2010).

Asahi (2008) "National Survey 2007: 30% of hotels & ryokan don't want foreign lodgers." (9 Oct 2008; in Japanese) 朝日新聞社. (2008) "「外国人泊めたくない」ホテル・旅館3割 07年国調査" asahi.com (朝日新聞社).
http://www.asahi.com/national/update/1009/TKY200810090312.html

What If?

The financial meltdown is trashing the legacy of the Bush Presidency. A lot of people are finding: "Golly, they sure were wrong with their economic policies and oversight."

Diverse citizens are confronted with misperforming products, and think "Damn! It's all wrong, but consumer protection's been gutted. They got my money -- I'm left with the trash."

Many people are also starting to recognize: "Gee - maybe our government was also wrong in leading the USA into war in Iraq... perhaps those nations that wouldn't participate weren't simply cowards..."

Some Americans are just now beginning to wonder: "Maybe our leaders have been wrong in torturing and imprisoning so many people for years without proper review or trial..."

A few Americans believe these are not problems of error; they are deliberate crimes.

Wednesday, October 15, 2008

Down but Not Out

You've seen the movie:
Demonic creep is injured
Hero feels relief

Don't relax so soon!
Evil will attack your back!
Prepare to get bit...

Tuesday, October 14, 2008

Myku by Genki

Failed politicians...
Bankers in Treasury jobs...
Pick market winners

Housecleaning ignored
Gamblers keep their pay & jobs
Financial flim-flam!

Thursday, October 09, 2008

Opinion Leaders or "Fringe People?"

The Washington Post reports: "Maryland State Police classified 53 nonviolent activists as terrorists and entered their names and personal information into state and federal databases that track terrorism suspects..." State Police Superintendent Terrence B. Sheridan, speaking of the program operated by his predecessor, told the Senate Judicial Proceedings Committee: "The names don't belong in there... It's as simple as that."

How bad is it to be labeled a troublemaker, or a terrorist?
It ain't good.

"The former state police superintendent who authorized the operation, Thomas E. Hutchins... said the program was a bulwark against potential violence and called the activists "fringe people.""

It is horribly wrong to label those working peacefully for a better society as terrorists. This seems a solid step toward cleansing the community of people questioning authority.

Remember past tyranny (or risk a repeat!):

When the USSR occupied eastern Poland in 1939, they took prisoner many local leaders, military officers and cultural people. In March of 1940 they decided to summarily execute 22,000 of these people in secret (memorialized as the Katyn massacres, after the first burial site discovered). The goal was to purge the region of potentially-troublesome future leaders / enemies.

When the Japanese occupied Malaya - Singapore in 1942, they tried to purge the region of "undesirables" -- community leaders featured on prepared lists of hundreds of people rounded-up and murdered (Sook Ching killings).

Sunday, October 05, 2008

Citi Blues

The FDIC brokered Citigroup a sweet deal for Wachovia last Monday, but on Friday Wells Fargo jumped in with an agreement some seven times bigger. It's a good lesson that values change day to day (in a few days $2.2 billion became $15.1 billion). But the lesson is much more complex.

This was the first time the FDIC (Federal Depositors Insurance Corporation) used official fiat power to demand such a sale. A thus-far unused 1991 law required the concurrence of the FDIC, the Federal Reserve, and the Secretary of the Treasury in consultation with the US President; the US government forced Wachovia's sale to Citigroup.

The plan provided government bailout money for Citigroup losses above a certain limit. It provided a foundation for Wachovia to survive the week, and subsequently to find a sweeter deal.

Wachovia is the 4th biggest financial group in the USA. Why should government be ordering their sale to a rival? Exactly who in the government was the driver for this plan? At this moment it's unclear, but they've egg on their face(s).

(CEO Bob Steel joined Wachovia from the US Treasury Department last July; he & Treasury Secretary Paulson earlier were colleagues at Goldman Sachs; now reportedly Secretary Paulson subsequently is recusing himself from further involvement).

Government interference at this level is worse than confiscation - they forced a transfer, perhaps to cronies, with no transparency and at a value far below what the market clearly could offer.

Perhaps Citigroup is victimized as well. Already Citigroup reportedly is claiming $60 billion in damages. What a week's work! (thus financiers are under criticism)...

This is a lesson that politicos shouldn't be allowed to mess with individual firms.

Saturday, October 04, 2008

Why Help the Flawed Bailout?

Why were Democrats so eager to help Bush and the bigwigs of finance with $700 billion dollars in bailout assistance? Much is wrong with the new act, and with the people who'll implement it. What's happening?

The original plan can best be remembered as Treasury Secretary Paulson's supreme act of chutzpah -- "give me the money; hurry up; forbid in advance any review of what I'll do."

This was not Mother Theresa asking for alms. Paulson is an extremely wealthy financier whose former firm (Goldman Sachs) is poised to benefit greatly from bailout funding and a revised rulebook. It's a cozy deal too much like the government insider relationship of VP Cheney & Halliburton...

I'd call Paulson a weasel and partly responsible for the financial mess and bad economy, but it's foolhardy to rile a dude with hundreds of billions of dollars in his pocket...

These economic troubles are foremost an indictment of the poor governance of President George W. Bush and his minions. Senator Obama's presidential campaign has been strengthened. So why the hurry among Democrats to assist the President? Why bailout Bush & the Republicans so near the election? Why not let him sink in his own excrement?

The Democrats use the word "bipartisan" and speak of helping America. I wonder if they are simply shortsighted: too-kindly fools who let the monster live (surely it thus will rise again).

It is tempting as well to imagine these politicians are corrupt, and that the rich financiers will fashion them a future payback. But truly I don't believe this is the main driver.

Perhaps the prospect of inheriting a greatly-damaged economy is too dire. Perhaps they are seriously concerned about the exposure of the most disadvantaged citizens (though they could help directly, instead of persisting with 'trickle down' schemes).

Perhaps they look forward to replacing Paulson with their own Treasury Secretary (a brief 108 days from now) and inheriting these new powers.

Perhaps "key allies" elsewhere are being fueled.

Perhaps Democrats don't like the plan, but figure some good will come of it (the revised act included $150 billion of assorted sweeteners), and anyhow it ain't their personal money.

Perhaps politicians fancy themselves financially astute. But top financiers have created an ungainly house-of-cards; it's now already falling apart.

Perhaps thus none of this will work -- they've simply wasted huge funds and made the nation weaker.

Perhaps they've been outmaneuvered strategically...

Tuesday, September 30, 2008

House Resolution 3997

The U.S. House of Representatives defeated H.R.3997 on Monday, 29 Sept. 2008 by a vote of 205-228 under Roll Call 674. The (claimed-to-be "bipartisan") resolution would have pumped $700 billion of citizen's money to those same bankers and financiers who caused the ongoing credit crunch.

Looking into the actual text of the bill, what did I find? The cagey politicians threw a basket of bric-a-brac around the guts of their proposal. Citizens might be surprised to read the first lines: "BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes" What the hell is this?

The Emergency Economic Stabilization Act of 2008, as far as I can see, was thrown together with a bunch of other gunk. While seeking to spend a huge amount of taxpayer money to bailout the banks, officially they voted on the "Defenders of Freedom Tax Relief Act of 2007." Couldn't such a momentous effort have been better managed? This is a very shady Congress and not forthright.

From the Congressional Record Daily Digest for 29th September:
"Emergency Economic Stabilization Act of 2008: The House failed to agree to the Senate amendment to the House amendment to the Senate amendment with an amendment made in order by the rule and printed in H. Rept. 110–903, to H.R. 3997, to amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, by a recorded vote of 205 ayes to 228 noes, Roll No. 674."
Pages H10334–35, H10337–H10411

Yes (no?), that is: "...failed to agree to the Senate amendment to the House amendment to the Senate amendment with an amendment made in order by the rule...to amend..." Of course a typical person would just love to throw these bums out.

Reading the Congressional Record (which ain't easy) and as far as I can tell: Rep. Gohmert tried to adjourn the House at about 9:10 AM, it went to a vote and was defeated 8-394 (three Reps. after voting for holiday changed their votes to no; see page H10336). This was followed by reading H.R.3997 which talked of Peace Corps benefits, leaky underground storage tanks (SEC. 6430), parity in application of certain limits to mental health benefits, and by the way, a $700 billion subsidy to financiers (about $2000 per citizen). Nearly five hours of discussions followed, with highlights including Rep. Broun (R-Georgia): "this is a huge cow patty with a piece of marshmallow stuck in the middle of it, and I'm not going to eat that cow patty." After using all time for debate, an effort was made to declare the motion passed ("the Speaker pro tempore announced that the ayes appeared to have it...). But when a proper vote was demanded, the count was 205-228 and the bill was defeated.

Since the start of his administration nearly eight years ago, President Bush and his VP Cheney have sought to hamstring Congress and other checks on their executive authority, consistently treating all with contempt. The Treasury Secretary echoed this attitude with his original demands for huge rescue funding, which he himself would administer without oversight. Though there were great efforts (notably by Rep. Barney Frank) toward adjusting the demands of the President and his financiers, and toward increased transparency, the bill still failed. Now the real fireworks begin...