Here is the reason that I am for the 'bridge loan' to the auto industry: it's about the jobs.
Certainly, there need to be conditions on the money, but those conditions need to lead to developing new technology in the industry that save the current jobs at risk, and create opportunity for new jobs.
Secretary of the Treasury Henry Paulson's reason for the strategic change in the use of the $700 billion bailout money, from shoring up bad bank assets, to capitalizing banks, so that they will have the confidence to make loans follows the same 'trickle down' theory of economics that hasn't worked in the past eight years.
Here you see the an autopsy of a political defeat. The reason for the defeat: denial.
I happen to like politics and even though I do have a particular political leaning I also happen to like a good contest. I think it serves America best when there is one and my personal opinion is the Presidential Election of 2008 may have turned into one. It didn't (objectively speaking) and the post election apologetics constitute an interesting post mortem.
I understand that the party in power usually gets the blame when things are bad. It happened to Jimmy Carter in 1980, it happened to George H.W. Bush in 1992 and while partisans don't like it, it's fair. And there is an element of that same situation nearly 30 years later. But I think there are some other elements at work as well.
To date, 19 men, unfairly prosecuted and falsely imprisoned, have had their Dallas County convictions overturned through DNA technology that was unavailable at the time of prosecution.
The Dallas Morning News is looking recognize someone as 'Texan of the Year'. I've recommended Dallas County District Attorney Craig Watson. I say why in my monthly column today. In part it reads...
Classic liberalism pertains to ideas tracing back to James Madison and Thomas Jefferson in the U.S. context that stress, among other things, equal rights, individual liberties, and protection of individuals from 'intrusions by government or other groups' - such as religious groups. (New Day Begun)
"...the oppressed must not, in seeking to regain their humanity (which is a way to create it), become in turn oppressors of the oppressors, but rather restorers of the humanity of both."
I haven't written about the problems with the Dallas Independent School District because: a) the presidential election has been so 'top-of-mind'; and, b) it is such a soap opera that its a hard subject with which to keep up. Let me see if I can give you a decent thumbnail (readers from Dallas can feel free to reply and fill in the blanks).
Back in May the school district had a bond election. Generally that's considered a great thing. Facilities, on the whole, get much needed improvements, new buildings, etc.
I voted against it. I did so because the district, so fraught with examples of lax financial management which, to be fair, had been a part of past administrations and had only come to light during current superintendent Michael Hinojosa's term, had failed to have a timely audit. That's right: the school district was about to ask for more than a billion dollars without telling citizens the state of its fiscal affairs. They were saying in essence, "Let's get the bond package passed first then we'll get the audit completed."
I don't know anyone who believes the current economic downturn in our country is going to get better anytime soon. In fact, everything I hear, and everyone to whom I talk, forecasts that things will get much worse before it gets better.
Most of us are optimistic about the change in administration - and rightfully so. We cling to the hope that a fresh face, new ideas and a new spirit of bi-partisan cooperation will make things better for all of us. But President-elect Obama, was right: the change needed in our country is not brought about by the election of a new president. This really isn't about him, its about us. Weathering this fiscal storm is as much about what we can do for one another as it is about what Washington will do for us.
The challenge facing our country over the next couple of years, at least, is a government that will be asked to do so much: bailing out banks; bailing out other financial institutions (include American Express to the list of corporations asking for help); bailing out states; bailing out the auto industry; creating an economy based on the manufacturing of something vs. consumption.
A year or so ago, when we were marveling at a rapidly rising stock market and scoffing at anyone who suggested that it was basically an uber pyramid scheme, it was suggested that poor people needed more self discipline, a greater concern for family, more accountability and they needed to correct misplaced priorities. Now we find out that one reason we are in this mess, because working people, financial institutions and other corporations, needed to exercise more self discipline, more accountability, greater (more realistic) concern for their families' financial future and better priorities.
Almost exclusively, talk about the effect of the $700 billion bailout on the American taxpayer, usually implies the cost to the middle class. The most recent reports of AIG excess trouble us all, but more than the middle class is affected.
Take Regino Romero, a cook at the Crystal City Hilton Hotel outside of Washington, D.C. Romero works full time, makes $13.84 an hour, is a single father with three children. His job comes with benefits, pays $450 a week. He's renting out the basement of his town home for $400 a month and has listed the third bedroom of his apartment to rent at $350 a month.
Regino is struggling to reach the middle class, but the break up of his marriage, low wages and the mortgage meltdown have him stuck.
Want to see more blog posts by Gerald Britt? We have more! By default, this page only lists a few of the most recent entries. Most of the entries that our
authors post are very timeless and relevant, regardless of when their articles are originally published.
We encourage and welcome you to look back through the blog archives for Gerald Britt. All of this author's archives are listed here, on the right side of this page.
To see the rest of this author's entries, just click on any of the months shown in the right sidebar column of this page.
If you want to browse other topics, you can also check our Table of Contents or go back to our Front Page.
Stick around awhile! We're glad you're here.
Just a few of most current posts by Gerald Britt are excerpted in the center of this page.
However, we do have links, below, to all of the entries ever published by this author.
To browse archived entries by Gerald Britt, just scroll down this same sidebar column. You'll see the links for all of this author's blog entries, grouped by month and year.
Archives: Gerald Britt
This list shows all of the entries ever published at this site by Gerald Britt:
Everyday Citizen was selected by the DNC as one of just 55 blogs nationwide
to be seated with delegates on the floor, and embedded with delegates during the weeklong 2008 Democratic National Convention
in Denver!
All
of the Everyday Citizen authors
are delighted you are here. We all hope that you come back often,
leave us comments, and become an active part of our community. Welcome!
All of our contributing authors
are credentialed by invitation only from the editor/publisher of
EverydayCitizen.com. If you are visiting and are interested in writing here, please feel
free to let us know.
For complete site policies, including privacy, see
our Frequently Asked
Questions. This site is designed,
maintained, and owned by its publisher, Everyday Citizen Media.EverydayCitizen.com,
The Everyday Citizen, everydaycitizens.com, and
Everyday Citizen are trademarked names.
Each of the authors here retain their own copyrights for
their written works. Our authors also welcome and encourage readers to copy,
reference or quote from the content of their blog postings, provided that the
content reprints include obvious author or website
attribution and/or links to their original postings, in accordance with
this website's Creative Commons
License.
Copyright,
2007-2008, All rights reserved, unless otherwise
specified, first by each the respective authors of each of their own
individual blogs, and then by the editor and publisher for
any
otherwise unreserved and all other content. Our editor primarily reviews blogs
for spelling, grammar, punctuation and formatting and is not liable or responsible for
the opinions expressed by individual authors. The opinions and accuracy of information in the individual blog posts on this site
are the sole responsibility of each of the individual authors.