Titanic Post

It amazes me to hear what I assume to be working class people working hard for their money calling other working class people “whiners” when they speak up in outrage over getting the shaft from giant corporations who can’t cover their losses for high-rate loans they made to low income people caught up in our tanking economy.

Fanny May and Freddie Mac are sub-prime lenders of money to high-risk people who would not otherwise be able to qualify for a loan to buy a house. They were originally funded by the government so that they could cover eventual losses due to the fluctuating market and to the risk involved. This is called “welfare,” corporate welfare. I also think it was a good idea to give poor families the opportunity to buy a home and to start accumulating wealth.

Now Fanny May and Freddie Mac are whining to the government to bail them out, because they were too shortsighted to put enough money aside, even with the high interest rates they charged their customers. Instead they pocketed the profits and underfunded their coverage.

If the government is brash enough to bail them out, as they invariably do with bank and oil companies that are in trouble, the profits are privatized by the rich corporations and the losses are socialized and handed down to the taxpayer.

Instead of complaining about poor people who are rightly complaining about their crappy situation, you should all be outraged at our government for screwing us all to the benefit of the rich. Karl Rowe is an evil man and a criminal who should be imprisoned.

Nicholson

From “The New Republic” July 9, 2008

This past Wednesday, President Bush called for ending a federal ban on offshore oil drilling, two days after John McCain flip-flopped to take the same position. The idea may or may not have merit in the long run, but what it won’t do is lower gas prices in the short term: The Department of Energy estimates that it would take more than 20 years for either production levels or prices to be affected by a repeal of the ban on offshore drilling. Because the amount of oil at stake is so tiny (about 19 billion barrels, equivalent to around seven months of global consumption), it won’t do much at all to ease jitters or help deflate a bubble in oil markets.

Look on the bright side, though: At least it wasn’t the worst idea Bush proposed in his energy speech. He also urged Congress to allow oil shale leasing on federal lands in the Green River basin in Utah, Colorado, and Wyoming. Unlike the offshore-drilling idea, oil shale development, at least in theory, promises a lot of oil: The Green River basin alone may hold 800 billion recoverable barrels.

Unfortunately, the idea has a number of problems. For one thing, nobody really knows how to do it:

Read the rest of this entry →

While the U.S. oil industry wants access to more federal lands to help reduce reliance on foreign suppliers, U.S.-based companies are shipping record amounts of gasoline and diesel fuel to other countries.

A record 1.6 million barrels a day in U.S. refined petroleum products were exported during the first four months of this year, up 33 percent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department.

The surge in exports appears to contradict the pleas from the U.S. oil industry and the Bush administration for Congress to open more offshore waters and Alaska’s Arctic National Wildlife Refuge to drilling.

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By Joseph L. Galloway | McClatchy Newspapers

It took just eight decades but H.L. Mencken’s astute prediction on the future course of American presidential politics and the electorate’s taste in candidates came true:

On July 26, 1920, the acerbic and cranky scribe wrote in The Baltimore Sun: ” . . . all the odds are on the man who is, intrinsically, the most devious and mediocre — the man who can most easily (and) adeptly disperse the notion that his mind is a virtual vacuum. The presidency tends, year by year, to go to such men. As democracy is perfected, the office represents, more closely, the inner soul of the people. We move toward a lofty ideal. On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be adorned by a downright moron.” Read the rest of this entry →

The following are my notes from the Forum on Substance Abuse held by the Otero County New Mexico Chapter of PDA June 25th – Ken Nicholson

The Otero County chapter of Progressive Democrats of America hosted a panel discussion on the substance abuse situation in the county. Panel members Dr. Gil Heredia, physician and chair of the Otero Libertarian Party, Sharon Hodges of the New Mexico Department of Health, and Ken Larson, Certified Peer Specialist and Recovery Mentor presented a comprehensive survey of the drug problems we are facing in Otero County to an interested audience of local activists. Al Kissling of PDA NM was the moderator.

Dr. Heredia said that the so called “War on Drugs” was having a more devastating effect on our community than the actual use of drugs. He cited the emphasis of the drug war being on law enforcement and leading to incarceration rather than treatment and rehabilitation. When those caught in the system have finished their time, they are released back into the community, still addicted, without the root of their situation being addressed. Heredia noted the high cost of incarceration versus treatment. Also, drug crimes are crimes against oneself and not directly against the community. He said that if drugs were legal, market forces would pressure dealer profits, and the supply of drugs would dwindle. One community activist added that the prison industry has lobbied for mandatory minimum sentences to the benefit of the private prison industry while removing judges’ discretion. Read the rest of this entry →

I have always suspected that we citizens are not too bright or very well informed about a lot of things. In the back of my mind, I suspected that this ignorance had something to do with the dismal state of affairs in this country and that our politicians were getting along without our input. Supposedly, democracy still depends on a well informed electorate to function well or at all. To find out more and what we can do about it, I recommend you read “Just How Stupid Are We?” by Rick Shenkman.