Tuesday, June 29, 2010
Heat
Tuesday, November 04, 2008
Election Day is Here
All across America today, voters are excersizing their right to choose their leaders and pick policies for their states, cities, counties, and neighborhoods. Many believe today's historic vote will draw record numbers of voters.
Here in the Valley, voters have seen a highly combative campaigning season, and many will not be sad to see it go. Some of the most important issues to Valley Voters:
-Not immune to national politics, the Valley is energized by the campaigns of Barrack Obama and John McCain. Although the coast is shaded blue and the mountains are red in California, the Valley is diverse politically, with both parties claiming large sections of the population. Even though California is almost assuredly going to go with Obama, the Republicans have made their voices heard here with their support for the McCain-Palin ticket.
-Proposition 8 is the hottest initiative in years for California. The Proposition seeks to change the state Constitution to only recognize marriage between a man and a woman. Of all the items on the ballot, this issue seems to have caught the passions of Californians. It has been framed as an issue concerning civil rights, religious freedoms, parental control over the education of their children, and whose side has "family values" right. Supporters on both sides have made headlines (and traffic jams) by taking over intersections throughout the region. Also, in a darker side of local politics, both sides have claimed vandalism and theft of their sides signs. Arrests were made in Roseville of two adults who stole dozens of "Yes on 8" signs from lawns.
-Sacramento's Mayoral Race has been tight. It has also not been a clean fight at all. Incumbent Heather Fargo and challenger Kevin Johnson have been fighting since before the primary, in which Johnson one the highest number of votes. Although originally Johnson claimed he had recieved a majority, no candidates had, leading to a run-off between the two. Since then, information about Johnson being investigated for improprieties with a minor during his NBA playing days in Phoenix were released to the press. Fargo gained the support of teacher's unions, who were mad at Johnson's takeover of Sacramento High School to begin St. Hope's operations in Sacramento. Johnson was endorsed by the police unions. Fargo has been critical recently of the police captain's budget cuts. Also, tensions rose after Johnson took an improper tour of City Hall after hours and tried out the Mayor's seat on the council. A video was released, and silliness ensued.
-Allyson Huber and Jack Sieglock fought strongly for the right to represent a section of the Valley in the state assembly. Their campaigns were marked by almost nothing but being negative against the other. Those anti-Huber characterized her as a "San Francisco Lawyer", a huge threat to our small town Valley values. The anti-Sieglock group showed him as a career politician, dressed him up as Santa Claus, and said he is a big spender. It would be almost funny if it wasn't so tragic.
-Proposition 1A is ValleyVue's pick as the most important ballot item. Although it hasn't recieved a lot of exposure, supporters advertised it as a way to create construction jobs in the development of High Speed Rail, followed by a huge number of permanent jobs as a result of the completed system.
-The energy propositions gained noteriety by the endorsements of the no campaigns. In fact, proposition 7, for renewable energy generation, was not supported by either the Democrats of the Republicans. The claim was made that the energy propostions were attempts by a "Texas Oil Man" (T. Boone Pickens) to ensure future and higher profits.
It has been exciting. We'll see what happens, and review some of the results soon.
Labels: Alyson Huber, Barrack Obama, Democrats, Election 2008, Heather Fargo, high speed rail, Jack Sieglock, John McCain, Kevin Johnson, Republicans, Roseville, Sacramento
Thursday, October 09, 2008
Debate 2: The Log, part three
On October 7, the candidates for president faced off for a second time. After a couple of weeks of mudslinging, John McCain and Barack Obama participated in a Town Hall style debate from Belmont University. Here is a log of the notes written down from one Valley voter during the debate.
PART THREE-The end of the Debate
Question-What don’t you know, and how will you learn it?
PART THREE-The end of the Debate
Question-What don’t you know, and how will you learn it?
Obama-I learn from my wife, who would tell you all that I don’t know. A presidency is defined by things you don’t expect.
McCain-What I don’t know is what all of us don’t know. What will happen. I won’t know the unexpected. I have experience. I know what it’s like.
Valley Voter-This was a nice final question. Kind of goofy, because how are the politicians supposed to answer it. On this question, Obama joked about his wife knowing more than he, and that she let him know it. Typical relational jesting. McCain and Obama both acknowledged the unexpected. For all the planning and policy statements that go on in campaigns, we all know it may be completely different in the actual presidency.
Obama was right. Presidencies are defined by the unexpected. The George W. Bush presidency would have been markedly different had it not been for 9/11 or hurricane Katrina. The same could be said about Clinton’s inability to pass a healthcare reform package, Iraq’s invasion of Kuwait during George H. W. Bush’s presidency, or the Iranian Hostage Crisis that effectively put Carter out of office in favor of Reagan.
As this debate ends, voters are left with a number of economic and entitlement questions to ponder. These ideas by the candidates may never come into fruition, as the Congress or pressing monetary issues may stop them. Even more scary, the need to respond strongly to an international crisis in an increasingly volatile world could sidetrack the next president from many of the changes they both desperately want to make.
Anyways, five minutes after the debate ended, this Valley Voter settled in and changed the channel. Enough of politics for the night. Now it was time to watch the King’s first exhibition game against the Trail Blazers. That’s a different (and sad) story.
McCain-What I don’t know is what all of us don’t know. What will happen. I won’t know the unexpected. I have experience. I know what it’s like.
Valley Voter-This was a nice final question. Kind of goofy, because how are the politicians supposed to answer it. On this question, Obama joked about his wife knowing more than he, and that she let him know it. Typical relational jesting. McCain and Obama both acknowledged the unexpected. For all the planning and policy statements that go on in campaigns, we all know it may be completely different in the actual presidency.
Obama was right. Presidencies are defined by the unexpected. The George W. Bush presidency would have been markedly different had it not been for 9/11 or hurricane Katrina. The same could be said about Clinton’s inability to pass a healthcare reform package, Iraq’s invasion of Kuwait during George H. W. Bush’s presidency, or the Iranian Hostage Crisis that effectively put Carter out of office in favor of Reagan.
As this debate ends, voters are left with a number of economic and entitlement questions to ponder. These ideas by the candidates may never come into fruition, as the Congress or pressing monetary issues may stop them. Even more scary, the need to respond strongly to an international crisis in an increasingly volatile world could sidetrack the next president from many of the changes they both desperately want to make.
Anyways, five minutes after the debate ended, this Valley Voter settled in and changed the channel. Enough of politics for the night. Now it was time to watch the King’s first exhibition game against the Trail Blazers. That’s a different (and sad) story.
Labels: Barack Obama, Election 2008, John McCain, Sacramento Kings
Debate 2: The Log, part two
On October 7, the candidates for president faced off for a second time. After a couple of weeks of mudslinging, John McCain and Barrack Obama participated in a Town Hall style debate from Belmont University. Here is a log of the notes written down from one Valley voter during the debate.
PART TWO- International Relations
Question-How will America continue to be a peacemaker? McCain-The United States is the greatest force for good in history. The challenge is to get someone who knows when it is time to send in the troops. Obama is wrong on this.
Obama-One of the difficulties is Iraq. The war in Iraq has caused strain on soldiers and financial cost. No country in history has seen a decline in the economy and maintained military superiority.
Valley Voter-Obama and McCain are basically going through their same differences on Iraq and the question of whether or not we should have gone in the first place and also the merits of staying in Iraq.
Question- (from Brokaw) When would you justify the use of force?
Obama-We should intervene when we know we can make a difference. We need to work with allies and improve international standing.
McCain-If we had followed Obama’s advice on Iraq, we would have lost. That would have resulted in Al Qaeda establishing a base of operations and Iranian influence expanding. We must temper decisions to send in troops to when we have the ability to make a difference. Never again to a holocaust; never again to a Rwanda. But I will safeguard our troops. They are our most precious asset.
Valley Voter-McCain’s response seemed heartfelt and sincere, especially regarding his love for the troops. Obama makes good points on the importance of improving American standing in the world.
Question-Should we ignore international borders to attack terrorists, as we did in Cambodia?
Obama-We have a troubling situation in Pakistan. We must end the war in Iraq and put some more troops in Afghanistan. We must encourage democracy in Pakistan, and demand they go after Bin Laden and Al Qaeda in their border area. If we see them, and Pakistan will not do it, we must take them out.
McCain-We should not announce we will attack Pakistan. Our relations with Pakistan our critical due to the extremists’ use of the border area. We need the support of the people of Pakistan.
Obama-Nobody is calling for an invasion of Pakistan. If we get the opportunity to take out Bin Laden, we should. McCain is the one who sang “Bomb, Bomb Iran” and called for the annihilation of North Korea.
McCain-I was joking about Iran. Look, I know how to get Bin Laden. I will, I’ll do it, but I won’t telegraph my punches.
Valley Voter-The idea of sending a missile or assassins into an ally’s territory is obviously a serious matter. McCain seems to be overstating the reality of the situation. Furthermore, I believe if either of these men found out the location of Bin Laden, the full might and capabilities of the US Armed Forces would be unleashed upon him. He is our number one enemy, after all. I’m sure reasonable people in Pakistan should not be surprised that if they did not assist in his capture or destruction, the US would act without their help.
Question- (from Brokaw) The British commanders in Afghanistan have said we are failing, and suggested we install an acceptable dictatorship.
Obama-They are desperate for help. We must draw down troops in Iraq and shift to Afghanistan.
McCain-General Petraeus is there now. He will save us.
Valley Voter-Obama is certain Aghanistan is more important in the war on terror than Iraq is. McCain is, and has been, engaging in hero worship for some time now. Sure, Petraeus is a highly capable officer. However, McCain’s thoughts of military success shouldn’t be 100% based on the input of the General.
Question-How will we put pressure on Russia without starting a new cold war?
McCain-Ukraine must be supported. International pressure must be placed on Russia. They must understand aggression is intolerable.
Obama-The resurgence of Russia is a central issue for the next president. We must provide economic assistance to Georgia, Ukraine, Poland, Lithuania, Latvia, Estonia, and other countries. We need to anticipate problems, rather than react to them afterwards.
Question- (from Brokaw) Is Russia the Evil Empire?
Obama-Depends on how we react to them.
McCain-Maybe. If I answer yes, it means we are back in the Cold War, and if I answer no, then it forgives recent Russian aggression. I think we can work with Russia. I don’t think the Cold War will return.
Valley Voter- I liked McCain’s answer of about the evil empire. He gave a good reason to dance around the issue. I worry about Obama’s (and probably even McCain’s, though he didn’t really mention it) ability to disburse economic aid in times of financial distress.
Question-On Nukes, Israel, and Iran…
McCain-We cannot wait for the UN Security Council to act against Iran’s nuclear program, as China and Russia will stand in our way in putting pressure on Iran. If Iran gets nuclear weapons, everyone in the region gets it.
Obama-Iranian nuclear possession means terrorist will get the weapons and there is a grave threat to Israel. We need to put economic sanctions on Iran. When we take to approach of not talking to people, we see the results. We must engage in dialogue.
Valley Voter-The candidates then engaged in the subtlety between participating in talks with Iranian officials “without condition”. I don’t know. Sounds like high level diplomatic tactics to me. I don’t see a problem with talking to someone you have a disagreement with. I know that not talking to them will not resolve differences. Both candidates are against the Iranian nuclear program, which is good. Obama seems to have more options at his disposal in dealing with Iran, due to McCain’s belief in no engagement.
To be continued…
PART TWO- International Relations
Question-How will America continue to be a peacemaker? McCain-The United States is the greatest force for good in history. The challenge is to get someone who knows when it is time to send in the troops. Obama is wrong on this.
Obama-One of the difficulties is Iraq. The war in Iraq has caused strain on soldiers and financial cost. No country in history has seen a decline in the economy and maintained military superiority.
Valley Voter-Obama and McCain are basically going through their same differences on Iraq and the question of whether or not we should have gone in the first place and also the merits of staying in Iraq.
Question- (from Brokaw) When would you justify the use of force?
Obama-We should intervene when we know we can make a difference. We need to work with allies and improve international standing.
McCain-If we had followed Obama’s advice on Iraq, we would have lost. That would have resulted in Al Qaeda establishing a base of operations and Iranian influence expanding. We must temper decisions to send in troops to when we have the ability to make a difference. Never again to a holocaust; never again to a Rwanda. But I will safeguard our troops. They are our most precious asset.
Valley Voter-McCain’s response seemed heartfelt and sincere, especially regarding his love for the troops. Obama makes good points on the importance of improving American standing in the world.
Question-Should we ignore international borders to attack terrorists, as we did in Cambodia?
Obama-We have a troubling situation in Pakistan. We must end the war in Iraq and put some more troops in Afghanistan. We must encourage democracy in Pakistan, and demand they go after Bin Laden and Al Qaeda in their border area. If we see them, and Pakistan will not do it, we must take them out.
McCain-We should not announce we will attack Pakistan. Our relations with Pakistan our critical due to the extremists’ use of the border area. We need the support of the people of Pakistan.
Obama-Nobody is calling for an invasion of Pakistan. If we get the opportunity to take out Bin Laden, we should. McCain is the one who sang “Bomb, Bomb Iran” and called for the annihilation of North Korea.
McCain-I was joking about Iran. Look, I know how to get Bin Laden. I will, I’ll do it, but I won’t telegraph my punches.
Valley Voter-The idea of sending a missile or assassins into an ally’s territory is obviously a serious matter. McCain seems to be overstating the reality of the situation. Furthermore, I believe if either of these men found out the location of Bin Laden, the full might and capabilities of the US Armed Forces would be unleashed upon him. He is our number one enemy, after all. I’m sure reasonable people in Pakistan should not be surprised that if they did not assist in his capture or destruction, the US would act without their help.
Question- (from Brokaw) The British commanders in Afghanistan have said we are failing, and suggested we install an acceptable dictatorship.
Obama-They are desperate for help. We must draw down troops in Iraq and shift to Afghanistan.
McCain-General Petraeus is there now. He will save us.
Valley Voter-Obama is certain Aghanistan is more important in the war on terror than Iraq is. McCain is, and has been, engaging in hero worship for some time now. Sure, Petraeus is a highly capable officer. However, McCain’s thoughts of military success shouldn’t be 100% based on the input of the General.
Question-How will we put pressure on Russia without starting a new cold war?
McCain-Ukraine must be supported. International pressure must be placed on Russia. They must understand aggression is intolerable.
Obama-The resurgence of Russia is a central issue for the next president. We must provide economic assistance to Georgia, Ukraine, Poland, Lithuania, Latvia, Estonia, and other countries. We need to anticipate problems, rather than react to them afterwards.
Question- (from Brokaw) Is Russia the Evil Empire?
Obama-Depends on how we react to them.
McCain-Maybe. If I answer yes, it means we are back in the Cold War, and if I answer no, then it forgives recent Russian aggression. I think we can work with Russia. I don’t think the Cold War will return.
Valley Voter- I liked McCain’s answer of about the evil empire. He gave a good reason to dance around the issue. I worry about Obama’s (and probably even McCain’s, though he didn’t really mention it) ability to disburse economic aid in times of financial distress.
Question-On Nukes, Israel, and Iran…
McCain-We cannot wait for the UN Security Council to act against Iran’s nuclear program, as China and Russia will stand in our way in putting pressure on Iran. If Iran gets nuclear weapons, everyone in the region gets it.
Obama-Iranian nuclear possession means terrorist will get the weapons and there is a grave threat to Israel. We need to put economic sanctions on Iran. When we take to approach of not talking to people, we see the results. We must engage in dialogue.
Valley Voter-The candidates then engaged in the subtlety between participating in talks with Iranian officials “without condition”. I don’t know. Sounds like high level diplomatic tactics to me. I don’t see a problem with talking to someone you have a disagreement with. I know that not talking to them will not resolve differences. Both candidates are against the Iranian nuclear program, which is good. Obama seems to have more options at his disposal in dealing with Iran, due to McCain’s belief in no engagement.
To be continued…
Labels: Barrack Obama, Election 2008, John McCain, Tom Brokaw
Debate 2: The Log, part one
On October 7, the candidates for president faced off for a second time. After a couple of weeks of mudslinging, John McCain and Barrack Obama participated in a Town Hall style debate from Belmont University. Here is a log of the notes written down from one Valley voter during the debate.
PART ONE- Healthcare and entitlements
Beginning of the debate: OK, the themes sound familiar, very similar to all that we've heard before. Maybe I should take some notes to sort out who is answering the questions, who is filling time with vocalization, and who is dancing around the issues...
Alright, now I have a note pad. I'm in business.
Question--Would you give Congress a date certain to save Social Security and Medicare in 2 years.
Obama-We won't be able to deal with entitlements unless we understand revenue. I call for a tax cut to 95% of Americans, including all small businesses making under $250,000, which are most. McCain will give CEO's a tax cut averaging $700,000.
McCain- I'll answer the question. Social Security is not tough to fix--I can take on my party leaders. On Medicare, we need to get people together to determine what to do, and then put it to the Congress for an up or down vote, like on the base closure commission. My record is that I have fought higher taxes. Obama never has.
Valley Voter-Hmm. I guess I didn't record a couple of questions and answers. Apparently, McCain had just attacked Obama's tax plan, which is why Obama responded to that instead of answering the question.
Question-What will you do to make Congress move fast on green technology and environmental issues?
McCain-I believe in greenhouse emissions. Nuclear is the key piece. Obama is worried about safe disposal. Nuclear is safe!
Obama-Energy is our biggest challenge, but also our biggest opportunity. We can create 5 million new jobs. We need to invest in wind, nuclear, and solar power. I am not against nuclear power, as McCain claims. I do know we can't drill our way out of this issue.
Valley Voter-Well, neither one answered the question about moving Congress faster to act. As for the answers they gave, I'm worried that McCain isn't as concerned as he should be about nuclear waste disposal.
Question- (from Tom Brokaw, moderator) Should we fund one big program, or 100,000 small garages?
McCain-It is appropriate to have government research and development until there is a breakthrough, and then turn it over to the private sector. We've got to drill off-shore.
Valley Voter-Don't know if there was an Obama response, but if there was, I didn't record it. McCain answered the question, but threw in a response to Obama's previous answer concerning drilling.
Question- Healthcare is a profitable industry. Should it be treated as a commodity?
Obama-This is the most asked about issue since the beginnings of my campaign. If you have healthcare, you will be able to keep it, and we will reduce the costs. If not, you can purchase the same healthcare offered to Congress.
McCain-This is a fundamental difference. Obama wants government to intervene. My plan wants to give $5000 refund for health care coverage. You will be able to acquire healthcare from any state.
Brokaw-Is healthcare a right, a responsibility, or a privilege?
McCain-It is a responsibility, to an extent. Obama wants to fine people and companies if they do not provide healthcare to the people that work for them or their dependents. How much is that fine going to be?
Obama-It is a right. It is absolutely true the government should crack down on insurance companies. Deregulation will not work. If people may acquire insurance from any state, as suggested by McCain, all the insurance companies will move to the state with the fewest requirements--just like the banking industry has moved to Delaware.
McCain-Did we hear how much is going to be the fine?
Valley Voter-My pen started to run out of ink in the middle of these two questions. Anyways, it is apparent there is a divergent view here on healthcare. Obama is fighting for universal, government-provided healthcare. McCain wants no government provision, other than a rebate check, and puts it on individuals to find their own healthcare.
to be continued....
Labels: Barrack Obama, Election 2008, John McCain, Tom Brokaw
Tuesday, October 07, 2008
Times of Strife
The United States are clearly now engulfed in a situation of despair and depression. Between the fall of the stock market, to the banking and insurance scandals, to the rise of foreclosures and unemployment, Americans have seen better days. In fact, the world is financially troubled, and much of the blame, according to foreign leaders, is on the American financial system.
What does this mean for the future of this country? No one knows. There is wide-spread fear and discomfort, but not really panic, yet. However, the signs of unrest are there. For a while now, Americans have been dissatisfied with the performance of President Bush and the Congress. John McCain's campaign for President has taken a hit due to his support for Bush proposals of the past.
In a new Gallup poll, only 9% of Americans are now "satisfied with how things are going" in the United States. Of the dissatisfied, 69% of respondents believe economic issues are the most important problem. With about 90% of Americans dissatisfied, the presidential election's theme of change is resonating even more. In many countries, approval ratings this low might mean the opening for regime change, dictatorial power wielding, or military coup. In the United States, this still remains highly unlikely.
However, the dynamics of power over the economic system will surely change.
Already, the government is bailing out distressed companies that hold the financial futures of millions of Americans in their hands. This marks a trend towards more government control over the free market economy, while also increasing the amount of money the country is in debt. Debt is not an ever expandable option. The increase of debt results in higher interest payments on the National Debt, limiting the fiscal flexibility of government, unless of course more is borrowed.
Could there be a point where no more money could be borrowed? Apparently, with the condition of the credit markets worldwide, even the Federal Government may be getting closer to the ceiling of limitations. It seems incomprehensible, but can one really believe that there is no limit whatsoever on the amount that can be borrowed?
Depending on how the country's leadership deals with this financial crisis will affect how deep and how long this depression will last. The image next to this article is a quote from Martin Luther King the day before he was assassinated. The year was 1968, a year in which the United States experienced a great deal of turmoil. This year, the turmoil is growing. In 1968, King offered a vision of hope coming out of a time of distress. While his assassination helped punctuate the uneasiness of the time, Americans emerged from it a better country, due in part to his message of unity. Now, in an election year, Americans look for a leader that will bring hope and change. While it does not necessarily have to be an elected official, it just so often is. We will see who will emerge as the American hero of our times.
______________
The image above was borrowed from a tshirt available on the AFL-CIO website (https://unionshop.aflcio.org/), available for sale, and made in the United States.
Labels: AFL/CIO, economy, Election 2008, George W. Bush, John McCain, Martin Luther King Jr.
Thursday, October 02, 2008
Nook-ya-lur...Oh no!
Minutes ago, the one Vice Presidential debate concluded. The debate featured John McCain's running mate--Alaska Governor Sarah Palin, and Barrack Obama's running mate--Delaware Senator Joe Biden.
As alluded to in the title of this article, one thing that was prevalent in the discourse of the debate was the strangeness of how Palin speaks.
OK, saying "Nookyalur" instead of "nuclear" is a pronunciation that is typical among many Americans. However, in the political sphere, it certainly calls to mind the way President George W. Bush says the word. And that works against what Palin was trying to accomplish.
In all seriousness, Sarah Palin proved to many that she is no political slouch. In the very least, she is a quick study, and could demonstrate a wide range of knowledge applicable to her possible position as the Vice President.
Rhetorically, though, she was not the polished politician Americans have come to expect in executive elections. Not since Admiral Stockdale, running with Ross Perot, participated in the 1992 Vice Presidential debate did a debater seem so over matched. The distinct difference between Palin's participation and Stockdale's was the level of confidence Palin exuded in herself and in her candidate.
The thing about Palin is that when she is searching for words to say, she has substituted political jargon as her verbal pauses. Whereas others who use a lot of verbal pauses say "uh", "um", "like", or "you know," it seems Palin has trained herself to use phrases like "in America, at least in some of our states," "put more attention in that", "things that we stand for that we can be put to good use," or "we are a team of mavericks". Then at times she sticks to colloquialisms that she is used to, and at those times, she seems the most genuine and identifiable to the average American.
Joe Biden had an exceptional debate. He sounded knowledgeable and earnest, while at the same time, did not seem overly aggressive towards Palin. Although Palin has experienced tough debaters in Frank Murkowski and Tony Knowles in her election as the Alaskan governor, it would seem Biden's years of experience in the Senate may have prepared him better for a Vice Presidential debate. After all, some of the greatest orators in America sometimes find their way into the Senate.Biden's speaking style was described by the media prior to the debate as problematic for the Obama campaign. He has plagiarized speech material in the past, which is a strong discredit against him. He has also been accused of rambling on a little, and there were fears he would seem patronizing to the over matched Sarah Palin.
Biden never went over the edge, and kept his focus on attacking McCain's positions, while Palin attacked directly quite a few things brought up in Biden's dialogue and record. Conspicuously absent were any references to Palin's legal issues in Alaska, or for the most part anything she has done as Governor of that state (unless it was brought up by Palin herself).
Palin's competence in the debate fortunately allows Americans to consider the issues. Americans are concerned about the economic conditions. Obama-Biden wants to approach the systemic problem created by the last 8 years through reducing taxes of the lowest paid and placing a larger burden on the highest paid Americans. McCain-Palin acknowledges the problems with the economy, but how it wants to fix the economy is less clear from Palin's statements. Palin says the greed of Wall Street must be curbed (although it arguably the buying and selling Wall Street does is based on the guiding principle of greed.) Whether you believe Biden or not, as Palin did not address it other than to say he sounded warning signals about Fannie Mae and Freddie Mac, McCain also is for the same kind of deregulation that has disrupted the world financial markets. McCain also will apparently not be reducing taxes for anyone except big business, as Palin believes that will result in the movement of the economy and the creation of jobs. Biden was quick to point out that this was the same idea proposed by the Bush Administration, and we can now see the results.
Americans are also concerned about health care and education. Palin and Biden pretty much stated the standard beliefs of their respective political parties on these issues.
Americans are concerned about the war in Iraq and the international standing of the country. Biden stated a clear exit strategy on Iraq, and Palin went with the approach that an exit strategy was akin to sending up the white flag. Palin and Biden both believed Iran should not be able to obtain nuclear weapons, but Biden insisted on the importance of diplomacy and discussion, while Palin focused on economic sanctions with friends and allies against the Iranians. On Afghanistan, Palin wanted to institute the same surge strategy that was successful in Iraq, while Biden was adamant that the surge would not work, as the ground commander in Afghanistan has stated.
All in all, issues were more distinctly divergent than they were in the first Presidential debate. While it is possible that Palin's inexperience in major debates may have caused a little drifting towards head to head confrontation, it is just as likely that the major contributor was Biden coaxing it that way with his direct communicative style.
Hopefully, the next two presidential debates will be a little more representative of the two candidates' political beliefs. Suggestion for Obama and McCain--be less of afraid of losing the debate. This means that minutes after the debate, neither one of you should release on your websites or in email that your candidate won the debate. It means that when moderators Tom Brokaw and and Bob Schieffer ask a question, be as informative to the voters as possible. A little "straight-talk" perhaps...
Labels: Barrack Obama, Bob Schieffer, Election 2008, Joe Biden, John McCain, Sarah Palin, Tom Brokaw
Epic Fail
So, the world banking economy has fallen apart.
The financial markets experienced extreme turmoil in the last week, led by the sale of Washington Mutual to Chase and Wachovia to Citibank. As a result, the United States now has four major banks, adding to the credit crunch now experienced by borrowers.
Clearly, the Valley has played a big role in the eventual demise of Wamu and Wachovia, and by extension, assisted in the world market drop. Washington Mutual, a major "thrift" bank from Seattle, had been around since the turn of the 20th Century, ironically stating on its website that Wamu made its first acquisition in 1930 when it acquired financially distressed Continental Mutual Savings Bank. Wamu expanded greatly in the 1990's, including acquiring American Savings Bank of Stockton and the Great Western Bank of Chatsworth/Los Angeles. Wamu also bought Providian, from San Francisco, one of the major credit card providers.
Wamu's inheritance of the American Savings Bank holdings included a headquarters building in downtown Stockton. However, the bank's administrative presence in Stockton had been on the decline for years. Recently, the City of Stockton began making plans to make the Washington Mutual building the new city hall.
Meanwhile, Wachovia has recently made an aggressive move into the Valley. In fact, even at this writing, Wachovia/Citi is working on opening new branches here. Wachovia's past in Northern California has been extensive. The purchaser of Wachovia in 2001, First Union shed its name to take on the moniker of its acquisition. Previously, First Union had tripped up with problem-filled genesis when two North Carolina banks merged. Also, First Union had purchased the Money Store, know well in the Valley as it was headquartered in West Sacramento's ziggurat. Two years after the purchase, the Money Store was shuttered at a loss of $1.7 billion.
Financier's believe the bulk of Wachovia's troubles came after the purchase of Golden West Financial/World Savings Bank. Golden West was involved extensively in high risk mortgages throughout California, many of it's loans going to homeowners in the Valley. In 2006, Fortune magazine named Golden West the "most admired company" in mortgage services. Apparently, Fortune has something akin to the infamous "Sports Illustrated cover jinx."
These banks, and really the rest of the finance industry, made it commonplace to loan to suspect borrowers, or to extend too much credit to borrowers that would clearly have been better served with a more modest loan. While borrowers could have certainly made it work with $200,000 fixed rate loans, lenders got creative, and allowed customers to fall into the trap of unsustainable payments with adjustable rate loans of tens to hundreds of thousands more. This drove up the median price of houses, creating an even larger customer base that would have to accept adjustable rate mortgages to own a home or borrow against their home.
When interest rates eventually rose (who would have thought over the length of a 30 year loan that rates would go up?), massive numbers of borrowers could not continue to pay. Lenders like Wachovia and Washington Mutual had a huge inventory of repossessed homes, with an inability to sell at previously inflated prices, while also being unable to keep up the charade that adjustable rate mortgages would be a safe investment for future homeowners. There seemed to be no way to climb out of the hole they had dug themselves into. They had no recourse, setting up Wamu's public seizure and sale to Chase last week.
Are there any lessons in this? Who knows. It seems that in capitalism, some companies will always seek short term gains rather than long term stability. Our financial system requires ever growing dividends for stock holders, who rail against the sometimes reasonableness of stagnant growth. In a way, we are doomed to repeat the failures of today's financial systems. It may take another form, in another industry, but shaky investments and an avoidance to recognize the worst case scenario will return again. Plus, we are not yet into the clear.
Labels: Chase JP Morgan, Citibank, Stockton, Wachovia, Washington Mutual, West Sacramento
Friday, September 26, 2008
Letter from the Senator
Senator Barbara Boxer sent this email letter out on Wednesday, September 24th. The Senator is soliciting input on an upcoming federal transportation bill.
Dear Friend:
Traffic and air quality are issues that impact all Californians. We all hope to quickly and safely travel to work or school and then home to our families. We also all depend on clean air that is too often degraded by cars, trucks and trains.
As the Chairman of the Senate’s Committee on Environment and Public Works, one of my most important priorities for the coming year is to authorize a new federal highway, transit and highway safety bill. The aim of the bill is to improve surface transportation nationwide, which can help improve our air quality as well. My committee has begun the process to write the next bill. I am writing to you both to offer some information about the process and to ask for your thoughts about the focus and priorities of the bill.
Recently, I held briefings in California to hear from transportation officials in California about their priorities. With the following links, you can watch video of the two briefings in Sacramento and Los Angeles and read the testimony of the witnesses:
I also want to hear from you. I want to know your priorities for the next federal transportation bill. I hope you will use the instructions at the bottom of this page to send me your thoughts about what the transportation priorities for the nation should be for the coming years. What can be done to best reduce congestion? Do you want more public transit? What should be done to more quickly move freight across the nation? While these are not easy questions, I would like to hear from you. By considering the thoughts of Californians, I think we can craft a better bill for the nation.
Sincerely,
Barbara Boxer
United States Senator
Monday, September 22, 2008
McCain's Contribution
John McCain, the Republican nominee for president of the United States, advertises frequently that he is "the original maverick". He says change will come to the country if he is given the presidency. This message of change has resounded with Americans as evidenced by the candidacy of Democratic candidate Barrack Obama. Now both candidates, keeping in mind the American Public's dismal approval ratings for the Congress and President Bush, the turmoil in the economy, and an unpopular war in Iraq, have made change their central focus.One of the most amazing facts of the 2008 election is that the door to diversity has swung open farther than in any previous election. For the first time in American history, either the President will be African American, or the Vice President will be Female.
Whether he wins or not, John McCain has contributed something special to this election. maybe as a result of his sometimes pariah status in his party, McCain was able to select a running mate that was out of left--err right field. His selection of Alaska governor Sarah Palin reinvigorated the race, and in many ways refreshed McCain's claim to open mindedness.
Palin's questionable credentials aside, McCain's choice was exciting. The Re
publican nominee could have easily chosen yet another white male to run besides him. The media, his colleagues, and the American public expected it. McCain went against the grain in a big way by choosing Palin--someone so far separated from what most political junkies consider core party or national politics that pundits and media outlets had to scramble just to find out who she was.As a result, national media quickly uncovered any questionable material on the Alaska governor, and Obama's camp swiftly questioned the experience of a small state governor that had only previous experience as the mayor of Wasilla, population about 7,000.
All of the coverage and interest in Palin has done wonders for the McCain campaign. Consider how much time Palin has been covered in national media. It seems as if she is mentioned nearly on an equal basis with McCain or Obama. On the other hand, Joe Biden, who is Obama's running mate, has all but faded from the national spotlight since the Democratic National Convention.
Biden seems considerably more qualified to be Vice President than Palin, though Republicans are quick to point out the Palin is the only one of the four with experience "running the government" as an executive. Biden, however, has decades of experience in the Senate, and has been a central figure in American international relations.
Even though many considered Joe Biden a front runner for the position of running mate, the choice is not without its own unique demographics. Biden, what you could call a career politician, is not of the ultra-wealthy class of politicians. He is also a Catholic.Now that Americans do have a choice outside of the normal "WASP-Male" candidates, more and more voters are realizing that demographics should not be the deciding factor as they head to the ballot boxes. Although many African Americans polled have said they will vote for Obama, not all will. The number of those that do is only slightly higher than would regularly vote Democratic anyway. Meanwhile, not all women will vote for McCain, simply because Palin is on the ticket. Hillary Clinton has urged the millions of people that voted for her in the primaries to support Barrack Obama with votes.
Once again, most Americans will vote on values, economic policy, military utilization ideas, health care promises, and business development. While Americans this year will have voices coming from underrepresented groups, the votes will be based on what the candidates say they plan to do, rather than how they look. Still, after 28 years with a representative from either the Bushes or the Clintons in the White House, it is great that Americans are able to draw from outside that circle this time. The United States is incredibly diverse, and our multiculturalism makes possible an unrestrained flow of ideas. Now, people with different perspectives will get their shot at governing our country.
Labels: Barrack Obama, Election 2008, Hillary Clinton, Joe Biden, John McCain, Sarah Palin
