the holistic radical

September 29, 2008

Stop this Bailout! Kick out Palin! Stop Raping Homeowners!

A trifecta of non-conservative reporting in today’s NY Daily News. Man, when your own party is saying your veep candidate should step down, you know you have a problem in making choices.

—-

Calls rise among Republicans for Sarah

Palin to step down from GOP ticket

BY THOMAS M. DeFRANK and DAVID SALTONSTALL
DAILY NEWS STAFF WRITERS

Sunday, September 28th 2008, 9:53 AM

Sarah Palin faces the biggest test of her month-old candidacy with this Thursday’s vice presidential debate, but many Republicans are already convinced the Alaska governor is not ready for prime time – and may never be.

“It was fun while it lasted,” conservative National Review columnist Kathleen Parker regretfully concluded last week. “But circumstances have changed since Palin was introduced as just a hockey mom with lipstick.”

Those “circumstances,” Parker and others are now saying, include not just the Wall Street meltdown – a crisis that seems to cry out for seasoned leadership – but also Palin’s choppy, tenuous, even unintelligible answers to the few questions she has fielded on her own.

Palin’s interview last week with CBS’ Katie Couric is Exhibit A – a frightening glimpse, say fans and critics alike, into what happens when Palin is allowed to speak without a script.

“It’s very important when you consider even national-security issues with Russia,” she told Couric in explaining why being able to see Russia from Alaska should count as foreign policy experience on her résumé. “It is from Alaska that we send those out to make sure that an eye is being kept on this very powerful nation, Russia, because they are right next to, they are right next to our state.”

On the Wall Street meltdown and polls showing Republican nominee John McCain slipping, she added, “What I think Americans at the end of the day are going to be able to go back and look at track records and see who’s more apt to be talking about solutions and wishing for and hoping for solutions for some opportunity to change, and who’s actually done it.”

It made some GOP veterans yearn for Dan Quayle.

“You needed the Jaws of Life to pry a coherent sentence out,” moaned one Republican operative.

Palin’s uneven answers may help to explain why her handlers have let her grant only a handful of media interviews so far.

It may also explain why her poll numbers have started to slip, as in a Fox News poll last week that showed her favorable ratings dipping to 47% from 54%.

Republican guru Ed Rollins believes Team McCain did Palin a disservice by keeping her so walled off from the press.

Palin was thrust straight into the big leagues with ABC’s Charlie Gibson and Couric (and a softball toss with conservative Fox News host Sean Hannity).

“They put her in storage,” said Rollins, “and it broke her confidence.”

http://www.nydailynews.com/news/politics/2008/09/27/2008-09-27_calls_rise_among_republicans_for_sarah_p.html?print=1&page=all

______________________________________________________________________________

Right-wingers are scapegoating hardworking American families

Saturday, September 27th 2008, 8:06 PM

http://assets.nydailynews.com/img/2008/09/28/alg_gygi-drawing.jpgDarren Gygi

Conservative activists are busy concocting an utterly revisionist history of how America got into the current economic crisis.

Predictably, the talking points issued by right-wing bloggers, talk-show hosts and columnists lay blame on their favorite targets: Democrats, liberals, big government, neighborhood organizations – and above all, those irresponsible poor people who kept foolishly trying to snag a bit of the American Dream by becoming homeowners.

The starting point of the attacks  is the 1977 Community Reinvestment Act, a splendid and important piece of legislation requiring federally insured banks and thrifts to negotiate with local communities about providing financial services fairly throughout their entire service area.

Back when I worked as an activist in central Brooklyn, it was CRA that required bankers to bargain with churches, block associations and other groups about keeping branches open, depositing bank funds in community credit unions, donating bank furniture to neighborhood groups and so on.

I spent so much time arranging reinvestment deals that the state Banking Department – under Republican Gov. George Pataki – offered me a job monitoring bank compliance with the law. (I declined.)

The law was – and remains – an important corrective to decades of red-lining, in which banks would take in millions in savings and bank deposits in low-income areas but refuse to lend any of it to even the most creditworthy families and businesses in those neighborhoods.

It isn’t a mandate with hard-and-fast penalties and loads of onerous regulations. Banks are only required to try to serve all parts of their business area – and the penalty for noncompliance is maybe getting denied permission to merge or expand operations in the future, an exceedingly rare occurrence.

Nor has the law ever been exclusively about extending mortgage loans: Banks can also open branches in underserved areas, offer low-cost checking accounts, sponsor financial seminars and make donations to community organizations.

In other words, CRA represents America at her best: a good-faith attempt to get big, self-interested institutions to expand opportunities to hardworking people who would otherwise be left on the outside looking in.

But you’d never know that from listening to the right-wing echo chamber, which would rather add insult to economically injured families. Typical of the tone is an error-filled video diatribe prominently posted on the Drudge Report Web site.

“Deregulation did not cause this. A bad government regulation caused this that made Main Street banks become predatory lenders to fulfill a government mandate to offer souped-up, shell game ‘affordable mortgages,'” the video says. “Bad social engineering caused this.”

Repeating a lie won’t make it true. For starters, CRA only applies to federally insured depository banks – not the investment banks, loan syndicators, mortgage brokers and other Wall Street players that fueled the subprime crisis. According to congressional testimony this year by Michael Barr, a law professor at the University of Michigan, 80% of subprime loans were made by those market players.

And nationwide, the number of agreements created between banks and community groups from 1977 to 1991 was only $8.8billion, a pittance compared with the hundreds of billions in shaky subprime loans now featured in the headlines.

Did some low-income Americans agree to risky loans that they knew full well they couldn’t pay? You bet. Did others try to game the system? Sure. But those were the exceptions, not the rule.

The Community Reinvestment Act was an opportunity-expanding watershed – in exactly the right way. It stands in a line with the 1932 Home Loan Bank Act, created at the height of the Great Depression, and the 1968 Fair Housing Act that outlaws racial discrimination in housing.

And guess what? Anti-government conservatives opposed each one of those landmark reforms, too.

This isn’t about policy. What we’re really seeing is a cramped, callous view of society in which the poor and the striving middle class are entitled to nothing in the way of help from the rest of us – not capital, not laws, not political activism, not even sympathy.

All those things are reserved for the Wall Street types, whose well-being and year-end bonuses, we are told, are now the nation’s highest priority.

There is plenty of blame to go around in this economic swamp. But the fiction being peddled by ideologues only helps the real crooks slip away.

elouis@nydailynews.com

http://www.nydailynews.com/opinions/2008/09/27/2008-09-27_rightwingers_are_scapegoating_hardworkin.html?print=1&page=all

______________________________________________________________________________

A whole lotta nothing: McCain, Obama offer not even two cents worth of wisdom on bailout

Saturday, September 27th 2008, 3:59 PM

John McCain delivered platitudes about forcing accountability ...Richards/Getty

John McCain delivered platitudes about forcing accountability …

... and Barack Obama spoke in generalities about protecting taxpayers. But neither offered any clear analysis or insight on the bailout.Dunand/Getty

… and Barack Obama spoke in generalities about protecting taxpayers. But neither offered any clear analysis or insight on the bailout.

For those who like boxing metaphors to score debates, here’s the most frightening one to come out of Friday night’s fight: Neither Barack Obama nor John McCain laid a glove on the financial meltdown.

That both men are trying, Muhammad Ali style, to dance like a butterfly around the crisis reveals neither has come to grips with the severity and its implications for the next President. After they delivered their platitudes about protecting taxpayers (Obama) and forcing accountability (McCain), their wells ran dry of ideas.

With the daily headlines filled with warnings of another Great Depression, we really do have something to fear: that our next President isn’t up to the job.

Obama and McCain railed vaguely against outdated regulations, but the same might be said of their campaigns. The world one of them will inherit has changed since they started running nearly two years ago, only they don’t seem to get it. Maybe the next bank failure will wake them up.

Then again, maybe not. The collapse of Washington Mutual happened hours before their first debate, yet it rated nary a word. It was the largest bank failure in American history. Ho-hum.

The disconnect is startling. Neither candidate would commit to voting for or against the proposed $700 billion bailout that could be finalized today. Nor could they talk about it with any plain-English detail. Do they even understand it?

McCain, who correctly said Wednesday the bailout discussions were more important than the debate, changed his mind Friday and never explained why. Perhaps the complexity of the issue and the lack of a risk-free political path convinced him the debate was actually safer turf than taking a stance on the largest government intervention ever.

Polls show that only about one-third of Americans support the bailout, yet the men vying to be responsible for it ducked the chance to explain to a huge TV audience why it is good or bad and what might happen next. They stuck to the tired refrain that the plan is more about saving Main Street than Wall Street, a Madison Avenue slogan as bloodless as it is outdated.

Moderator Jim Lehrer‘s prodding to detail how the crisis would reshape their economic plans was fruitless. Asked what they would cut in response to the new realities, the candidates fell back on promises crafted in the relatively flush times of last year.

They have their talking points and they’re sticking to them, facts be damned.

In biographical terms, Obama and McCain are unconventional candidates. But with a few exceptions – Internet fund-raising and made-for-YouTube ads – they are running utterly conventional campaigns.

They promise to be different, but I’m increasingly getting the creepy feeling that more of the same is what we’re in for, no matter who wins. The national landscape has changed in the blink of an eye, but the candidates are on autopilot.

We’re also getting a good lesson about why no senator since JFK has been elected President. The stereotype about Washington being the problem has more than a kernel of truth. Insiders navigate arcane procedures, busily scoring inside-baseball points while giving lip service to the global forces scaring the bejesus out of 300 million Americans.

It’s telling that Obama and McCain both deferred to congressional leaders of their parties during the summit with President Bush on Thursday. Instead of seizing the chance to set the agenda, they handed the baton to the people who either created or ignored the crisis while it was happening.

Come to think of it, that description also fits the two men who want to be President.

mgoodwin@nydailynews.com

http://www.nydailynews.com/opinions/2008/09/27/2008-09-27_a_whole_lotta_nothing_mccain_obama_offer.html?print=1&page=all

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: