BernieHund: The Political Watchdog

July 18th, 2008 at 9:08 pm

Phil Gramm Steps Down, but Probably Not Out of McCain’s Campaign

Yep, Phil Gramm still thinks we are a nation of whiners.  He tried a little spin to soften the original blow to American citizens by saying that he was talking about Washington insiders, not citizens.  But, as we like to say in the south, that dog wouldn’t hunt.

On Friday, to save the cause Phil Gramm stepped down from the McCain campaign.  According to CNN

Former Republican Sen. Phil Gramm said Friday that he is stepping down as co-chairman of Sen. John McCain’s presidential campaign amid criticism for saying last week that “we have sort of become a nation of whiners.”

Gramm on Friday said he would “join the growing number of rank-and-file McCain supporters.”

Oh, not so fast there, Phil.  There is no way McCain can afford to let Phil Gramm become “rank-and-file” among his supporters.  Gramm’s name is and has always been included in the litany of names that McCain recites when asked about the economy.  It’s McCain’s way of saying that he doesn’t know “jack” about the economy, but he does know Jack Kemp and Phil Gramm.  Anyway, Gramm resigned saying he had become a distraction.

Obama’s campaign responded to the resignation saying that it would make little difference.  In fact, it makes little difference at all.  We all know that Gramm will be lurking in the shadows.

Had Gramm not stuck his right wing tip up McCain’s butt by accident, sooner or later the press would have (or should have) taken up the relationship between Gramm and Enron or more currently Gramm’s position at UBS and the current problems the bank is facing, and indictments some of its employees are facing for helping wealthy Americans avoid paying taxes by sending their funds offshore.  Now, that’s something that should make Gramm whine.

July 14th, 2008 at 12:36 pm

Freddie and Fannie Good for Today

The government is racing to prop up our financial system, unveiling a new plan to keep Freddie Mac and Fannie Mae afloat… at taxpayer’s expense.

The plan, unveiled Sunday, is intended to signal the government is prepared to take all necessary steps to prevent the credit market troubles that erupted last year with losses from subprime mortgages from engulfing financial markets.

The Fed said it granted the Federal Reserve Bank of New York authority to lend to the two companies “should such lending prove necessary.” They would pay 2.25 percent for any borrowed funds — the same rate given to commercial banks and big Wall Street firms.

So far we have heard about commercial banks, Wall Street, now included among those institutions will be Freddie and Fannie.  Supposedly, the intervention will help those of us on Main Street.

That package includes a foreclosure rescue to help strapped homeowners get new, more affordable government-backed mortgages through the Federal Housing Administration, and creates a new regulator and tighter controls for Fannie Mae and Freddie Mac.

Senator Chris Dodd appeared on television this morning to “calm the waters.”  After the run last week on IndyMac, the 3rd largest bank failure in our national history, people are getting skittish. 

“There’s a big difference between IndyMac and Fannie and Freddie,” Dodd said. “IndyMac engaged in very bad mortgages, luring people into deals they could never afford. That’s not the case with Fannie and Freddie.” Dodd said that while there may be more bank failures, “I’m more optimistic about Fannie and Freddie than I am about these banks.”

As much as I am a Chris Dodd fan, I must say that I am not optimistic about much these days.  Not that I want to preach gloom and doom, but in today’s world the $100,000 of FDIC guaranteed coverage for Main Street depositors in case of a bank failure doesn’t seem like much.  I do realize that to many of us $100,000 seems like a fortune.  But, for those people who have worked and saved, and paid taxes on the interest they have earned over the years, $100,000 isn’t that much.  In fact, if you listen to anyone who talks retirement plans, $100,000 would barely leave you above poverty during your retirement years.

From the two presidential candidates we have heard…

Democratic presidential contender Barack Obama said the government’s main concern should be “to make sure that home ownership remains attainable and affordable for American families. Second, any measures should protect taxpayers and not bailout the shareholders and management of Fannie Mae and Freddie Mac.”

And from McCain…

Republican rival John McCain believes the measures announced Sunday “are consistent with the goal of providing support for a path through the current duress toward steps that include regulatory reform, market discipline and mission focus,” said Douglas Holtz-Eakin, senior policy adviser.

Of note, McCain’s comments came via a “senior policy adviser” and so we really don’t know what McCain thinks.  As he said last week of Phil Gramm’s comments as he tried to distance himself, McCain speaks for himself.  So, speak up!

 

 

July 11th, 2008 at 4:33 pm

July 11: Week in Review

Talk about a week of ups and downs.  We’ve had another one.  So, what happened this week?

The FDA has warned us about eating certain types of tomatoes.  And, we took heed.  The tomato farmers have plowed under fields of tomatoes, acre after acre.  Now the FDA isn’t sure that the salmonella poisoning is a result of eating tomatoes.  This week they added a few other items to beware of.  So far, over 1000 people have become sick from eating something and the truth of the matter is that no one knows exactly what.

Again, the FDA has not been up to the job.  Oh, for sure, the FDA can’t catch everything, but it does seem as if they could catch something.  The first cases of salmonella appeared in April and here it is mid-July.  We are no closer to having a clue today than we were in April.  But, if there is one thing for certain, the FDA’s inefficiency has cost farmers millions and millions of dollars… this season.  If as with the spinach scare a few years ago, the tomato farmers can look forward to a few more bad years, as people will probably continue to be reluctant to purchase tomatoes in years to come.  The spinach farmers have not fully recovered.  That’s an indication that it will be more than a season before the tomato farmers see the usual profits again.

While claiming they don’t have the resources to follow the salmonella trail, it would have been more cost effective to have thrown more dollars to them than to watch our farmers plow under millions and millions of dollars of tomato worth, knowing that next year’s crop will also take a hit. 

And, we still don’t know the cause of the problem.

The Senate passed the Bush FISA bill and on Thursday it was signed into law.  As one Republican senator said, “unless you have Al Qaeda on speed dial” you have nothing to worry about.  Well, that’s not the case and he should know that.  The FISA law isn’t just about Al Qaeda and those of us who were against the law know that.  So, let’s stop the mental masturbation and admit that now the government has the telecoms ready, willing and able to spy on any of us.  And, we have no recourse. 

It was said that if we are “accidentally” spied on, we can request that our names be removed from the list.  Ah, is someone going to call and say, “We are wiretapping you?”  Of course not.  The removal process will take longer than necessary and probably with little satisfaction.  The original FISA law was in place for a reason, to protect American citizens from being spied upon.  While we may want to trust our government to do the right thing, many of us remember the Nixon paranoia and more are becoming aware of the Bush paranoia.  We need protection from those whose job it is to protect us.

Dennis Kucinich presented his Articles of Impeachment.  While he had been downplayed as a bit of a kook, it seems that Nancy Pelosi may be reconsidering her position, indicating this morning that there may be hearings on the matter.  That is not the same as an impeachment proceeding, but it is something… too little, too late.

Senator Edward Kennedy, for the first time since his surgery for brain cancer, appeared in the Senate to cast his vote on healthcare.  It was a wonderful day for the Senate.

Economy has been the campaign topic of the week.  Both John McCain and Barack Obama have traveled the country offering their plans for economic stimulus.  But, the real highlights of the week as far as the election goes, has come from Phil Gramm, John McCain’s top economic adviser who said that we are in a “mental recession” and that we are a “nation of whiners.”  Of course McCain has tried to distance himself but, Gramm is still McCain’s top economic adviser.

 While Gramm and McCain “don’t want to hear it” when it comes to real economic woes, Jesse Jackson said he would like to cut Barack Obama’s nuts out and suggested that Obama talks down to black people.  I feel certain that the black voters do not share that opinion.  But, amid all the apologies I really believe that Jackson’s “hot mic” gaffe probably did more to solidify white voters behind Obama than if Jackson had remained quiet.

So, the real highlights of the week can be summed up as follows.  We are afraid to eat raw fruits and vegetables.  We are afraid to talk on the phone or send email.  We are delighted to see Senator Kennedy in the Capitol if only for a few minutes.  We are disappointed that McCain still has Phil Gramm as his economic adviser.  We are delighted that Barack Obama still has his body parts.  And, oh, yeah!  Wall Street is taking a hit so Main Street better brace for more “mental recession.”

July 10th, 2008 at 12:22 pm

Elitist Republicans: Nation of Whiners

For all the use of the word “elitist” over the past few months, perhaps it’s time we focused the elitism where it belongs… on some of the Republicans.  How dare former Senator Phil Gramm, a top economic adviser to John McCain suggest that the recession, or near recession, is a “mental recession” and that we are ”a nation of whiners.”  Oh, hell yeah, we whine from time to time, but on the present economic issues, there is no whining… it is reality for all of us except elitist Republicans such as Gramm and McCain.

In responseto Gramm’s words

 The Democratic National Committee issued a statement titled: “Out of Touch Much, Phil.”

So what did Gramm say in the interview with the Washington Times?

The Times said Gramm said he expects a McCain administration would inherit an economy “weighed down above all by the conviction of many Americans that economic conditions are the worst in two or three decades and that America is in decline.”

The Times quoted him as saying: “You’ve heard of mental depression; this is a mental recession. … We have sort of become a nation of whiners. …

“You just hear this constant whining, complaining about a loss of competitiveness, America in decline. … We’ve never been more dominant; we’ve never had more natural advantages than we have today.”

Gramm is one of McCain’s top economic advisers.  Yet, McCain is trying to distance himself from the comments, just like he tried to distance himself from Charlie Black’s comments.  The truth seems to be that McCain is trying to show us one face while he is surrounding himself with people who show another.  As my mother used to say, “You are judged by the company you keep.”  In this case, Gramm is one of McCain’s advisers.  That’s a little closer than “the company you keep.”  Gramm is the voice whispering in McCain’s ear… when Lieberman isn’t there.

A McCain official said: “Phil Gramm’s comments are not representative of John McCain’s views. John McCain travels the country every day talking to Americans who are hurting, feeling pain at the pump and worrying about how they’ll pay their mortgage. That’s why he has a realistic plan to deliver immediate relief at the gas pump, grow our economy and put Americans back to work.”

I suppose Jesse Jackson really doesn’t want to cut Barack Obama’s nuts out.  Right?  Charlie Black doesn’t really think an attack would help McCain’s campaign?  These people, be it Gramm, Black, Jackson, and whoever speaks out of turn next, are telling us what they really believe.  We can rest assured if McCain disagreed with him, Gramm wouldn’t be a top adviser.

Gramm is still a top economic adviser for McCain today.  So why keep him on the campaign if Gramm’s comments are “not representative?”  The same reason McCain kept Black around after Black said an attack on America would help McCain’s campaign?  Well, maybe Black was a little right.  Fear may be the only thing that can help McCain at this point.

From the DNC, it is pointed out that some of the Republicans are totally out of touch.

Karen Finney, the Democratic National Committee’s communications director, said: “What John McCain, George Bush, Phil Gramm just don’t understand is that the American people aren’t whining about the state of the economy, they are suffering under the weight of it — the weight of eight years of Bush-enomics that John McCain and Phil Gramm have vowed to continue.

“How dare john McCain and his advisers so callously dismiss the challenges the American people face? No wonder voters feel john McCain is out of touch. He and his campaign don’t even understand the everyday issues Americans are dealing with.”

Perhaps, the elitist shoe wears better on the right foot.

July 9th, 2008 at 8:20 pm

Civil Liberties Remain in Peril as Senate Votes Bush FISA Bill

Barack Obama stopped by the Capitol today to vote for the reconditioned FISA bill.  Regardless of his explanation and the defense he offered for his vote to give the telecoms immunity from prosecution, it was a sad day for those of us who still believe in civil liberties.

Only 28 senators voted against the FISA bill that passed the Senate today.

Senator Hillary Rodham Clinton of New York, who was Mr. Obama’s rival for the Democratic presidential nomination, voted against the bill.

Senator Dodd fought a valiant fight right down to the end.  And, if I may interject one single thought, it is that among the Democrats in Congress Chris Dodd has been one among the few who have continually fought for citizen rights.  Senator Patrick Leahy commented that the passing of the FISA bill slammed the courthouse door on American citizens.

There were some powerful comments before the final vote, including a final attempt to urge the Democrats to stand their ground.

“I urge my colleagues to stand up for the rule of law and defeat this bill,” Senator Russell D. Feingold, Democrat of Wisconsin, said in closing arguments.

The battle had dragged on for months and when it seemed that the Democrats had reached their stride in Congress, once again they failed us.

The arrogance of the Republicans showed in the following comment:

But Senator Christopher S. Bond, the Missouri Republican who is vice chairman of the Senate Intelligence Committee, said there was nothing to fear in the bill “unless you have Al Qaeda on your speed dial.”

My personal opinion is that Christopher Bond made the dumbest comment of the day.  The FISA bill is not limited to Al Qaeda surveillance.  For Senator Bond to provide us with so smug a comment is ridiculous.  We all know that given an inch the White House will take a mile and more if possible.  Unfortunately, that does not only apply to the Bush White House.  We have seen it happen time and again.

While Barack Obama offered his opinion on the FISA vote to his constituents and likely voters, I am still uncomfortable that he didn’t join the 28 who stood up for the rights of the American citizens.

However, John McCain didn’t find the vote sufficiently important to return to Washington to cast his vote for it.  Perhaps, his vote was not necessary, since the overwhelming majority voted to support it.  He had said he would vote for the bill if present, but he wasn’t present.  That says something.

Perhaps we should all check our phones to make sure we don’t “have Al Qaeda on your speed dial.”  (How insane a comment!)

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