Category: Economy

I am the Homeless. Please help

Crossposted at Daily Kos

    Because of extenuating circumstances, I now find myself without housing. I will be leaving NY-19 (upstate NY) and goig back to New York City to be staying with friends for the time being, but I would like to solicit your help.

    Problems such as poverty, unemployment and homelessness seem distant and something that doesn’t hit as close to home until they become your problems. With that in mind, I would like to ask for your help in caring for societies less fortunate going into this holiday season, as many of us will nnot be sitting down to Thanksgiving dinner in our own homes with our own families. Many will be going without this Thanksgiving and during the upcoming holiday’s, now more than ever, and I now count myself among them. Therefore, if you can give to the less fortunate, I implore you to do so, but first I ask you to help others even less fortunate than I before I dare to ask you for anything for myself.

Please donate to coalitionforthehomeless.org if you can, anything you can give is very appreciated.

    As for myself, I will explain below the fold.

It’s more than just healthcare, its also the safety net at stake!

I’m angry and I’m scared with regards to what is happening these days.  Not just on healthcare, but also the safety net.  After reading Angrybird’s sad note on the foreclosure, my anger simply grew. How could we allow this?  Not just the homes, but the jobs and the insurance and the schools.  Yesterday I got into a heated argument with a long time friend, someone who now I know probably won’t speak to me. She’s a libertarian who simply had (to use her own words)”fuck ’em if they weren’t prepared, don’t take from me!” attitude. Maybe just as well.  But I’m not one to leave someone to the wolves.

The American Dream and the Prosperity Gospel

I am not usually a reader of magazines except when waiting in places like doctor’s offices or for routine car repair, but a particular column in The Atlantic fairly jumped out at me yesterday while running errands.  Provocatively entitled “Did Christianity Cause the Crash?“, immediately I wondered what Christianity the author was referring to when making such a sweeping pronouncement.  As it turns out, it’s a particularly curious hybrid strain that synthesizes radical optimism and personal gain at the expense of hard truths or self-awareness.  In that regard, it could not be more indicative of the modern age, in all of its faults and promises of salvation through riches.  Moreover, in this epoch where instant gratification reigns, perhaps it was inevitable that this petard preaching material gain was hoist.  

Though centrally based around an emerging Catholic congregation catering specifically to recent Latino immigrants, in her compelling article author Hanna Rosin draws in disparate strains of different denominations to make an interesting and ultimately damning point.

America’s churches always reflect shifts in the broader culture, and Casa del Padre is no exception. The message that Jesus blesses believers with riches first showed up in the postwar years, at a time when Americans began to believe that greater comfort could be accessible to everyone, not just the landed class. But it really took off during the boom years of the 1990s, and has continued to spread ever since. This stitched-together, homegrown theology, known as the prosperity gospel, is not a clearly defined denomination, but a strain of belief that runs through the Pentecostal Church and a surprising number of mainstream evangelical churches, with varying degrees of intensity.

In Garay’s church, God is the “Owner of All the Silver and Gold,” and with enough faith, any believer can access the inheritance. Money is not the dull stuff of hourly wages and bank-account statements, but a magical substance that comes as a gift from above. Even in these hard times, it is discouraged, in such churches, to fall into despair about the things you cannot afford. “Instead of saying ‘I’m poor,’ say ‘I’m rich,'” Garay’s wife, Hazael, told me one day. “The word of God will manifest itself in reality.”

I find this belief system, if one could truly call it that, particularly troubling and problematic, considering that there are any number of verses of Scripture and words of Jesus I could invoke to directly contradict it.  The most obvious citation and one that likely jumps out to those with a strong Christ-centered background is, of course, from the Gospel of Matthew.

“No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money.

I am surprised certainly at how unapologetic is this emphasis on personal finance and wealth, since the model used by many churches is a much more insidious one.  The most flagrant perversion is found within conventional Protestant Christianity and is known as the Edifice Complex.  In it, individual salvation is closely linked with coughing up enough money into the collection plates to buy the brand new multimillion dollar building being pushed by the minister and certain well-connected committee members.  A singular focus upon a new house of worship takes precedent, is set into motion, and is awaited with a kind of rapturous Messianic zeal.  Plans are drawn up, each stage is announced with much fanfare, updates are frequently provided on how much money has been donated to cover the expense, and it is implied strongly and frequently that all problems will be easily solved by more square footage.  The tactic is almost always justified by stating that unchurched people will be drawn into the fold and as a result souls will be saved.  Of course, paying for it all over time, in addition to such matters as an notable increase in monies devoted to utilities, mortgage payments, and routine upkeep would certainly require greater participation and increased numbers in the pews, but these are often vulgar, cynical conclusions few dare to draw openly or, for that matter, vocally.

It is not all that surprising that the prosperity gospel persists despite its obvious failure to pay off. Much of popular religion these days is characterized by a vast gap between aspirations and reality. Few of Sarah Palin’s religious compatriots were shocked by her messy family life, because they’ve grown used to the paradoxes; some of the most socially conservative evangelical churches also have extremely high rates of teenage pregnancies, out-of-wedlock births, and divorce. As Garay likes to say, “What you have is nothing compared to what you will have.” The unpleasant reality-an inadequate paycheck, a pregnant daughter, a recession-is invisible. It’s your ability to see beyond such things, your willing blindness to even the most hopeless-seeming circumstances, that makes you a certain kind of modern Christian, and a 21st-century American.  

At times I have found criticism from those who are not people of faith a little annoying and self-righteous, but still do try to give credence to their concerns, many of which are well-founded.  If, for instance, one assumes that religion, or for that matter, Christianity is little more than a panacea of positive thinking or a snake-oil curative based on this example, I can hardly fault them for it.  True believers have always had to contend with distortions of the truth formulated to suit the ends of those who manipulated followers to advance their own ends, which often involved material gain.  It is unfortunate that tunnel-vision suffices for real faith in the eyes of the deluded, though I fault those who advance it, not those who cling to it.  

Later in Matthew,

While Jesus was having dinner at Matthew’s house, many tax collectors and “sinners” came and ate with him and his disciples. When the Pharisees saw this, they asked his disciples, “Why does your teacher eat with tax collectors and ‘sinners’?”  On hearing this, Jesus said, “It is not the healthy who need a doctor, but the sick.  Learn what this means: ‘I want mercy, not sacrifices.’  For I have come to urge sinners, not the self-righteous, back to God.

I remember that when I was in high school I had a friend who grew up in a very conservative Evangelical family.  Underneath the piety, however, was a kind of dysfunction utterly at odds with the stability which they espoused.  The mother and father had been long divorced and so my friend lived with his mother in an always cluttered house packed floor to ceiling with junk and unorganized possessions.  She used divine revelation and divine direction as justification to leave the country for long periods of time.  No matter whether or not she had the money or the need to engage in weeks-long mission trips to remote corners of the globe, her rationalization was that God meant for her to go and since she wanted to go, He would provide for the messy details like funding or making sure her son had the support he needed.  Upon reading this article, this anecdote from my own life entered my mind and I am saddened to think that what I considered delusional eccentricity might be far more commonplace then I had ever dreamed.          

The Atlantic article focuses on a member of this Charlottesville, Virginia, Latino Catholic congregation by the name of Billy Gonzales, whose requisite devotion to the Prosperity Gospel raises some major red flags in the eyes of this reader.  


By many measures, Billy Gonzales does not have it all. He lives with his wife and three children in a tiny apartment on the back side of a development at the edge of town, where people hang out on the stoop until all hours. He works 45 minutes away and his car has been broken down for three months, and he does not have any money to fix it. Every day at work he is faced with a vision of what he does not have. He works for a man who just built a $4 million house-one of four the man owns. Gonzales’s job is to make sure every wine glass, garden statue, and book is dusted and in its proper place. Yet when I talked to Gonzales he was like a child hearing the ice-cream truck, or a man newly in love. “I’m crazy! Just crazy,” he said, meaning crazy for the Lord, and giving little jumps out of his chair.

“I want to buy a house,” he confessed to me one evening this summer. It turned out his lease was almost up, and he needed to move in the fall. “Not a small one but a really huge one, a nice one. With six bedrooms and a kitchen and living room. I know, it’s crazy! But nothing is impossible! God, you saved my life,” he said, no longer speaking to me. “You saved my life, and now you will give me a gift. Now I’m crazy!” Last I heard, he and Garay were house-hunting together.

The narrative that has been advanced in our society since roughly World War II is that religion is detrimental and thus it ought to be jettisoned and disregarded.  This has found favor particularly in liberal circles and continues to be pushed hard, since it is easy to provide a new example of how religious intolerance holds back progress or controls people to maintain its own power.  When riding the bus yesterday here in DC, I came across a very visible ad for Humanism.  It fairly dripped with optimism, smiling faces, calm colors, and good cheer, stating that it is possible for a person to be good without having to have a belief in God or a higher power at all.  

In my opinion, I believe that it is entirely possible to be a model citizen without a belief in a higher power, but I suppose I simply have a hard time entertaining the notion that humans when in groups are capable of staying grounded and remaining focused in their efforts to assist everyone.  One needs only look at the artifice we have created in government to see the confusion, the inequality, and above all, the needless complications that resort when peoples’ stated agenda at the outset is egalitarianism which ends up by the end nothing remotely like it.  What often starts with the best of intentions concludes with a finished product that pleases no one.    

Going back to Gonzales, what strikes me as a supreme tragedy is this particular passage, which flies in the face of much biblical teaching and, to be fair, much teaching of other religions.

He told me he feels pity for his employer. He assumes the man must have been close to God at one point, or at least his family must have been, “because the rich are closer to God.” But now the man has lost his way. He laughs when Gonzales talks to him about Jesus, and he wastes his money, buying $500 birdhouses and hiring Gonzales to clean them.

This story begs to be contradicted and my selection of the passage below should come as no surprise.

Now a man came up to Jesus and asked, “Teacher, what good thing must I do to get eternal life?”  “Why do you ask me about what is good?” Jesus replied. “There is only One who is good. If you want to enter life, obey the commandments.”

Jesus answered, “If you want to be perfect, go, sell your possessions and give to the poor, and you will have treasure in heaven. Then come, follow me.”  When the young man heard this, he went away sad, because he had great wealth.  Then Jesus said to his disciples, “I tell you the truth, it is hard for a rich man to enter the kingdom of heaven.  

Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God.”  When the disciples heard this, they were greatly astonished and asked, “Who then can be saved?”  Jesus looked at them intently and said, “For humans this is impossible, but for God all things are possible.”

The long and short of it is that religion isn’t meant to be a consistent warm fuzzy.  That’s not the point.  Jesus called out the leaders of his day and age, which directly led to his death on a cross.  All or nothing thinking transforms religion either to a nonstop bummer trip of hypocrisy and thought control or a kind of willing Utopia adopted by believers desperate for a break from the travails and stressors of the world.  We are taught, poetically, that to everything there is a season.  Sometimes we need encouragement, sometimes we need to be aware of our own frailties, sometimes we can delight in joy, sometimes we need to be held accountable for our transgressions, but we don’t need a retelling of the bootstrap mythology based on a oversimplified interpretation of scripture.  

A notable criticism of all of the monotheistic religions is that they are Paternalistic and at times needlessly meddling.  I admit that the intention of the Gospels has been twisted to state “I know better than you do”.  Still, focusing specifically on what Jesus taught, the ultimate intention in the beginning was that of empowerment, not subordination.  No teacher desperate to be worshiped or admired would have stated that whomever exalts himself or herself will be humbled and whomever humbles himself or herself will be exalted.  It is a corruption of original intent that leads many away from faith and towards a gospel preaching riches, while in the process forsaking the Golden Rule.  The American Dream as realized begins with the Protestant work ethic, but takes a sharp detour along the way.    

To conclude, a message for false teachers and corrupt politicians.

“The teachers of the law and the Pharisees sit in Moses’ seat.  So you must obey them and do everything they tell you. But do not do what they do, for they do not practice what they preach.  They tie up heavy loads and put them on men’s shoulders, but they themselves are not willing to lift a finger to move them.  Everything they do is done for men to see: They make their phylacteries wide and the tassels on their garments long; they love the place of honor at banquets and the most important seats in the synagogues; they love to be greeted in the marketplaces and to have men call them ‘Rabbi.’

“But you are not to be called ‘Rabbi,’ for you have only one Master and you are all brothers.  And do not call anyone on earth ‘father,’ for you have one Father, and he is in heaven.  Don’t make others call you a leader, because you have only one leader, the Messiah.  The greatest among you will be your servant.  

     

On Determining Impact, Or, How Stimulative Is Stimulus?

We strive to be, if anything, a participatory space around here, and I’ve had a question come to my inbox that is very much deserving of our attention.

To make a long story short, our questioner wants to know why, on the one hand, despite the passage of the American Recovery and Reinvestment Act of 2009 (ARRA, also known as the “stimulus”), unemployment in the construction industry continues to increase, and, on the other hand, why there is such a giant disparity, on a state-by-state basis, in the cost of saving a job?

They’re great questions, and, having done a bit of research, I think I have some cogent answers.

So I was listening to the radio and I heard Jim Cramer’s still an asshole.

I was passing through the kitchen in my home the other day.  The radio in the kitchen was on as usual.  It’s mostly left on to create whitenoise I would guess since a silent house is mighty depressing.  When something from the white noise machine caught my attention.  It made me stop in my tracks and take notice.  This sorta wasn’t just whitenoise.  It was the rare and irritating white bald noise that can only be found on CNBC!

 

Another way the corporatists f**cked up America

Ever wonder why the right wing corporate shills disparage “Europe” and everything “European” and they associate liberalism with “european” ideals?    

Because many countries in Europe are better off than we are, that’s why.   And because the Corporatists don’t like that.  They want Americans to think that “America is the greatest country in the world” and all of that jingoistic bullshit, because, well, that fits into their brainwashing plan for the American worker.

Check this out.   Turns out that the economic downturn in Germany was just as bad as it was here, save for one particular aspect:   there wasn’t the mass unemployment that there was here.   Far more people kept their jobs in Germany.  

It’s no accident.  It’s because they have these things there called “laws”.   Apparently they haven’t yet had their German version of the heroic Ronald Reagan asshole to come in and convince them that that piss dripping down on them was actually rain.    They actually know what’s going on, and they have this concept of “the common good” where they actually take care of their own.  

Part 2. NYT-American workers are OVERpaid (compared to other wage slaves globally)

Crossposted at Daily Kos

    A hat tip to Inky99, one of my favorite bloggers out

there.
This story was so BIG I had to expand on it.

    Got that Tiny Tim? Mr. Scrooge isn’t the problem, the problem is that overpaid bum, Cratchett.

American Wages Out of Balance

By EDWARD HADAS, MARTIN HUTCHINSON and ANTONY CURRIE

Published: November 10, 2009

American workers are overpaid, relative to equally productive employees elsewhere doing the same work. If the global economy is to get into balance, that gap must close.

New York Times.com

Bold text added by the diarist

    So how much more do the Masters Of the Universe at Goldman Sachs and elsewhere think that Americans should be paid comapred to the outright slaves and other indentured servants throughout the world? Join me below the fold to find out, and do’t forget your torches and pitchforks.

Financial Reform Should Be Adaptive, Not Punitive

Flying under the radar to a large extent is Congress’ attempt to reform and regulate our country’s financial system.  The yeas and nays are quite predictably divided along party lines and several powerful entities who stand to lose from reform have, of course, loudly registered their complaints.  Thus far, the going has been slow, in part due to internal Democratic party squabbling and a failure to find consensus among high ranking committee members of different parties.  Despite this, it is far more likely that something soundly sweeping and resolute will arrive from fiduciary legislation than the hyper-politicized, emotionally overwrought, and contentious Health Care bill now currently dwelling in a state of hopeful limbo.  This is in part due to the fact that the struggle to reform monetary policy doesn’t hold nearly the same degree of attention in the eyes of the public.  Yet, as would be expected, allegations have surfaced claiming that certain crucial legislators actively involved in the process have deep pockets and a willingness to court conflict of interest-bearing accounts.          

We often refer to corruption as though it is some relatively recent development unique to our times.  This is part of our compulsion to assume that we live in the worst of all possible worlds and that the past promised a purity never to be regained in the modern age.  Not so, not so.  Looking behind us a few decades, if not a few centuries, will reveal a wealth of similarities between these days and others.  Though the scope of lobbyist influence and dubiously ethical campaign contributions are the latest bone of contention and face of evil, the basic concept has never changed.  In particular, the story of the Second Bank of the United States and its dissolution can prove to be instructive.  Established following the War of 1812 to shore up the value of the dollar, curb inflation, and to manage the nation’s massive debt incurred after the conclusion of a conflict with no clear winner or loser, the Bank of the United States achieved its stated purpose, but like so many financial fixes it also provided short term success and long term woe.  

After the war, despite the debt, the United States also experienced an economic boom, due to the devastation of the Napoleonic Wars. In particular, because of the damage to Europe’s agricultural sector, the U.S. agricultural sector underwent an expansion. The Bank aided this boom through its lending, which encouraged speculation in land. This lending allowed almost anyone to borrow money and speculate in land, sometimes doubling or even tripling the prices of land. The land sales for 1819, alone, totaled some 55 million acres (220,000 kmĀ²). With such a boom, hardly anyone noticed the widespread fraud occurring at the Bank as well as the economic bubble that had been created.[3]

Source:  Wikipedia.

It should be noted that the Bank of the United States was not a national bank owned and managed by the United States of America.  It is fortunate that the term “socialism” was not coined until a few years later, else its opponents lob that charge in its direction.  It was, instead, a privately held banking corporation that happened to be the repository of the entirety of federal tax revenues.  As one might concede, the massive amount of control, influence, and capital it had over the federal government as a result sent Jacksonian Democrats into a tirade.  However, the bank’s National Republican supporters stood firm.  That genius public speaker, living legend, and intransigent Jackson opponent Senator Daniel Webster of Massachusetts was on retainer as the bank’s legal counsel and was also Director of its Boston branch probably made absolutely no impact upon the proceedings, nor did the fact likely influence his allegiance.  That several other Congressional leaders periodically received large loans from the bank in exchange for their votes, since extending the bank’s charter required periodic congressional resolution was also an inconsequential, trifling matter.    

Eventual Chief Justice and Dred Scott decision maker Roger Taney served as Attorney General and Secretary of the Treasury under Andrew Jackson before winning confirmation.  His own recollections of the workings of the Bank are as pertinent and revealing now as they were then.  In particular, Taney noted how a congressman sworn to oppose the institution one day cast a rather surprising vote in its favor the next.  As it turned out, the Bank granted him a loan of $20,000 on generous terms, no small sum for the 1830’s.  Instead of coming down harshly on the congressman, Taney takes a more philosophical stance, attempting to understand the power of rationalization and the inner workings of the mind rather than overt moralizing.    

Now I do not mean to say that he was directly bribed to give his vote.  From the character he sustained and from what I know of him I think he would have resented anything that he regarded as an attempt to corrupt him.  But he wanted the money, and felt grateful for the favor, and perhaps thought that an institution which was so useful to him, and had behaved with such kindness, could not be injurious or dangerous to the public, and that it would be as well to continue it.  Men when under the influence of interest or passion often delude themselves thoughtlessly, and do not always acknowledge even to themselves the motives upon which they really act…It was one of the dangerous arising from the mammoth money power, that its very duties as collecting and disbursing agent brought it constantly in contact with members of Congress and other public functionaries and made it acquainted with their wants and enabled it to place them under obligations and create a feeling of dependence and even gratitude without the direct and offensive offer of a bribe.  

 

-Source:  Dorman B. Eaton

The North American Review, Vol. 135, No. 310 (Sep., 1882), pp. 197-219

To backtrack a few decades, one needs to understand the mistakes of the First Bank of the United States and how its failure influenced the construction and formulation of the Second.  Then, as now, economists were split as to the ways to revive the economy and shore up the system to prevent future failures.  Recessions, as evidenced by our current one, have a multitude of causes and a combination of events in tandem are what dictate severity.  Predictably, economists are often split along ideological faults since political allegiance dictates where one assigns blame.  It is another instance of wishful thinking on our part to assume that some school of thought or occupation deeply rooted in politics and indebted to allegiance might either rise above or be utterly unaffected by partisanship.  What few can argue, however, are the facts.      

In the summer of 1818, the national bank managers realized the bank’s massive over-extension, and instituted a policy of contraction and the calling in of loans. This recalling of loans simultaneously curtailed land sales and slowed the U.S. production boom due to the recovery of Europe. The result was the Panic of 1819…[4]

-Source:  Wikipedia

Most economists agree that this was the first instance where a market based economy in this country began its inevitable cycle of boom and bust.  What transpired as a result of this Panic were that many people lost substantial sums of money, unemployment soared, and it took years for the country to dig its way out.  Returning to the present day, each time a recession or severe economic downturn hits, there is always a renewed push among some to favor specie (gold or precious metals) over paper currency.  Recently, Ron Paul and many Libertarians proposed a return to the Gold Standard and to a solid backing of debt rather than the speculative system now in place.  This same distrust of monetary policy led President Jackson and his followers to be initially suspicious of the Second Bank and when instance after instance of corruption and quid pro quo came to light, he vowed to kill it, and through force of will and stubbornness, he inevitably did.  

A sweeping example of uncompromising executive power, Jackson’s act also ushered in the pervasive and persistent notion of populism, whereby the desires of the monied elite were pitted against those of the exploited masses.  The President’s supporters initially cheered the decision to dissolve the Bank as a victory for the average citizen.  His opponents grumbled amongst themselves and made the first efforts to form their own party, one which would be known as the Whigs.  However, it needs noting that the only thing truly unifying them together was hatred of a common enemy in the form of Jackson.  The never-healed, nor resolved deep fissures within the Whigs proved to be their undoing, and the party had relatively modest success on a national stage, eventually dissolving and being absorbed into the new Republican party around the time of the Civil War.      

An unforeseen consequence of the demise of the Bank was a destabilization of the entire financial system which contributed to another Panic, this one beginning in 1837.  Some scholars assert that had the Bank been allowed to stay in existence, what became a five year recession would not have occurred in the first place.  Others believe that the decision had a minimal impact and that other trends and causes were to blame.  Still, the lesson to be learned from this is that, despite the undeniable scope of unethical conduct perpetrated by politicians, making a change too sweeping without a firm sense and understanding of how to skillfully and lastingly rebuild a house of cards on sounder ground is bound to have negative consequences.  Financial systems in our modern economy are beholden to trends, currents, cross-currents, and influences that are both complex and completely in flux at all times.  We have seen recently the destruction of unilateral decisions made impulsively and how their detrimental impact lasts well beyond the tenure of person who put them into place.    

Establishing sufficient regulation and sufficient safeguards have serious limitations because of the way the system is structured.  The value of almost every commodity is up for debate and one need only consult the exchange rate between foreign currencies to observe that.  At this moment, the value of the U.S. dollar is changing value slightly, but nonetheless notably from second to second, minute to minute, hour to hour.  Provided our markets and other world markets happen to be actively trading, this is to be expected.  No amount of well-meaning legislation will prevent another recession, unless it proposes a credible way to address human fallibility.  However, this does not excuse complicity with the very entities reformers and regulators seek to hold accountable for their actions, either.  What this does mean is that financial reform needs to start with an educated guess that will undeniably have to be revised over time.  Greed finds a way to reassert itself, but so do the flaws in a supremely complicated system beholden to influencing events no one can predict ahead of time.  Some will guess correctly and some will guess incorrectly, but the best strategy is to be adaptive rather than punitive.

Maddow destroys Pro-SLAVERY American Corporations “You child labor endorsing, pro-slavery FREAKS!”

Crossposted at Daily Kos

    Very rarely does Rachel Maddow lose her temper. Rather, she usually engages even the worst issues with a snarky, cheerful grin, but if you see the look on her face at the end of this segment you will see the burning rage that I have a LOT of trouble surpressing, especially on topics such as these.

    Behold the TOTAL DESTRUCTION of America’s Pro-SLAVERY capitalist status quo, courtesy of the wit and brilliance of Rachel Maddow.

    Partial transcript and commentary below the fold.

It’s Time for a WPA — It’s Time to fix that Leaky Roof

The Problem: Unemployment, is just supposed to keep getting worse:

Unemployment rate rises to 10.2%

It’s the first time it has hit double digits since 1983.

By Don Lee and Jim Puzzanghera — Nov 7, 2009

Not since 1983, after a double-dip economic downturn had sent the auto, steel and housing industries plunging, has the jobless rate gone so high. And many economists predict that it will go higher still in coming months — and remain high for most if not all of next year.

Some 15.7 million workers now have no jobs, the government said in releasing its monthly unemployment report, and an estimated 5 million more are working fewer hours and drawing smaller paychecks than they were before the country fell into the worst recession in a generation.

http://www.latimes.com/busines…

Funny, you’d think that a Country with SO Much to Fix, in the Backlog, could find SOMETHING for ALL those Millions TO DO?

New meme: The GOP is Sabotaging America’s recovery for political gain. They hope WE fail

Crossposted at Daily Kos

    They don’t just hope HE (President Obama) FAILS, they hope America fails, and they (The Republican party) are helping it happen by obstructing reform and fighting job growing legislation that will help America recover.

    They hope you lose your job and go broke so that you are pissed off and miserable, and they hope this lasts until 2010 and 2012 so you can take it out on the incumbents who are in office, and when we “throw the bums out” Republicans will finally get back the political power that they crave so much.

    The Republican party is sabotaging America’s recovery for political gain.

    This is the new meme that we as Democrats should push in order to expose the elected Republicans for what they are, fake patriots who put politics above the best interests of their own nation.

    More below the fold.

Fannie throws a Hail Mary Pass

   Things are going from bad to worse at the mortgage giant Fannie Mae. They posted an $18.9 Billion loss in Q3, forcing them to borrow another $15 Billion fro the taxpayer. That raises the bailout total to $60.9 Billion, and counting.

  These massive losses are originating from an unprecedented surge in mortgage delinquencies.

 Fannie Mae said the delinquency rate on loans in its single-family guarantee business rose 0.28 percentage points to 4.45 percent in August, the latest month Fannie has data for, well above 1.57 percent in August 2008.

 With disastrous results like this it is easy to see why someone might panic and try some crazy gamble against long odds. That appears to be exactly what the executives at Fannie Mae did today.

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