December 5, 2008
Madam Speaker Nancy Pelosi.
Senator Barbara Boxer, Congresswomen Linda Sanchez
Honorable Members of the United States Congress
I write this letter to express my deep concern regarding the dilemma facing our economy and the American automotive industry. We have placed our trust in you to make decisions that serves the best interest of the United States of America. Today, we face a crisis that severely threatens the survivability of our nation’s economy. I believe it is absolutely imperative that you take whatever steps necessary to preserve the American automotive industry and grant these companies the assistance needed. I know this matter is very complicated, but I can assure you that the collapse of the American automotive industry will have irrevocably consequences that go far beyond our ability to ascertain.
In my opinion, we must error on the side of caution. We have all witnessed the devastation our nation has suffered because of our dependence on foreign oil. I can assure you, it is not in America’s best interest to allow this nation to become dependant on foreign automotive technology. Preserving the automotive industry is not only a matter of economy stability; it is a matter of national security. The automobile was invented in the United States; when America was forced into World War II, President FDR was able to call upon the automotive industry for support. This allowed us build the necessary tools to defend this nation, our allies and ultimately help to lift this country out of a severe depression. Perhaps under different circumstances and a stronger economy,
it wouldn’t be difficult to remain apathetic. However, this economy can’t absorb the amount of workers and businesses that would be displaced. The domino effect would reverberate throughout this nation and will ultimately lead to a significant decline in government revenue. I am not employed by the automotive industry, but I know what it is like to be unemployed. I have experienced first hand the hurt, humiliation and disgrace a person suffers when they can’t obtain viable employment. I know first hand the devastation that follows. I implore you, please do not let this happened to millions of Americans. I appeal to you on behalf of those who will return from combat to seek employment; those that are employed and relying on your decision to help them provide for their families; and on behalf of that Mom and Dad depending in these companies for employment to provide for their children. I pray that you will pass legislation and allocate funding to support the American automotive industry. This industry is a pillar upon which the future of our economic recovery rest. Considering the many obstacles facing President-Elect Barack Obama, the likelihood of his success becomes increasingly insurmountable if we hand him a broken economy with a bankrupt automotive industry. I am urging all Senators and Congressional leaders to give the American automotive industry the funding they need and a chance to change.
Best Regards,
Marvin G. Brown
CC: President-Elect
Barack Obama
Presidential Economic Advisory Board
We have a lot to be thankful for. We were apart of a grassroots movement to take back America. We had a tremendous leader and it is with tremendous honor that I say we now have a new President Barack Obama. Wow! What a long way we have come as a nation. I am so happy, a new area has begun. Believe it or not, my bother in-law was seeking employment for months. He was unemployed for more that a year. Right after it was announced that Barack Obama won the election a company called and offered my brother in-law a full time job.
I have been going to the same park to exercises for years; most of the people would never say a word to me. Now, every time I go I can't get around the park without several people speaking to me and say hello, how are you. Today, I had a open conversation with police officer. Were just talking and shooting the breeze, enjoying the day. I am 50 years old and that has never happened to me in all my years. I call it the OBAMA AFFECT or the OBAMA Blessing.
America is changing and I love it. My Father was in the US Air-force, but I have always felt like somewhat of a stranger in my own home and in my own country until now! I know this is hard to understand but imagine jogging down the street and having objects thrown at you from a passing car or interviewing 35 times with the same company and not getting hired or being pulled over for a traffic violation and having a gun pointed at you. Being denied opportunity time and time again and can't feed your children or take care of your wife. People really don't know the struggle and many of them don't want to know. However, with all this struggle, America has changed for the better.
Yes, many African Americans like myself, Hispanics and other minorities voted for Barack Obama, but I have no illusions about this, White Americans made this happen and without you it would not have been possible. I want you to know that I love you, and I thank you. I can never express what this means to me.. America is my home, it is my country too and now I feel like this is a welcome home party. There are no words to describe what I am feelings. God Bless you, God Bless America. God Bless President-Elect Barack Obama.
Senator Barack Obama is an Honorable man, he has run a tremendous campaign. He has proved to be a tremendous leader, he has inspired millions of Americans with a clear vision for change.. Some of those Democrats and Christian that are so blind by his skin color they can't see the tremendous character of Barack Obama. They have eyes but they can't see, ears but they can't here. There are millions of Americans Voting for John McCain against their own best interest. They are voting to trade their own children’s blood for oil. They are voting to deny women the freedom of choice. They are voting for America to stay the course. Well I hope you all work and fight hard because we are not just fighting for Barack Obama, we are fighting for America and we are fighting for ourselves and our children. I hope there are enough Americans that see what has happened to our country and the courage to vote for Change.
Pakistan is seeking 6 Billion from the IMF to for the so called purpose of staving of a looming recession. I say, don’t give them another dime; they received 10 Billion from US to assist, aid and/or capture Osama Bin Laden. They claim to have resisted American troop from breaching their boarders. My take is there is a deal on the table for Osama – if they capture him before Nov 4th it will shake up the election and serve as a major distraction. I say no deals,
On CNBC I heard that banks are holding the bailout dollars to do deals and pay employee bonuses. They are going to deal and steal away that money. The purpose of those funds was to strengthen the credit markets and prevent the economy from spiraling into a deep recession or depression. The banks need to use those funds to fix the housing market and provide necessary credit to consumers, business and industry. However, if we don’t fix the housing market we can not recover the economy.
Banks and companies that are receiving bailout dollars should change their compensation structure. That mean reduced salaries for CEO who has failed and bonuses should be paid on performance. The thought of taking tax payer dollars and giving bonuses to the executives and employees of a failing enterprise is gut wrenching. Let them earn their bonuses by turning around the company and making it profitable. I was very suspicious of this so call bailout and now even more so!
We need competent and responsible leaders running these companies, managing that money and forensic accountants overseeing those bailout dollars to ensure they are being used responsibly. We need leadership we can trust. We need Barack Obama for president.
Go Team Obama, let’s keep pushing until Barack Obama has the keys to the Whitehouse and after that, lets roll up our sleeves and go to work to fix this nation.
Fired up and ready to go!
Fired up and ready to win!
Fired up and ready to work!
KEYS TO THE WHITEHOUSE
I must say, this has been one of the most challenging times of my life and it has also been the most promising. It has been a tremendous honor to work on this campaign and to fight for the idea we call America. Senators Barack Obama, Joe Biden, their wives and all you supporters have given me hope for the future of our Nation. I have been inspired in ways I never dreamed possible. I registered voter, made cold calls, wrote blogs, attended rallies, gave money, wrote the DNC, raised money I even sent a letter to the US Department of Treasury and the Chairman of the Federal Reserve to discuss strategies and an approach to fixing the economy. I even wrote a Book. I talked to as many people as I could because I believe we are in a battle to take back America from those who have plundered this great nation for self-interest. We have come a long way and we are in for the home stretch. We must continue to fight hard and press on until President Barack Obama has the keys to the Whitehouse. I know there are many things that must be done but I summarized a few major points that I believe must be reiterated as we approach November 4, 2008.
THE HOME STRETCH
Now we are headed for the home stretch; the operative word here is “home”. This is the key to fixing our economy. Restructuring the home mortgages to lower 1995 to 2000 year levels will have a tremendous impact and may reverse this economic down turn. This would reduce household mortgage expense, provide consumers with additional discretionary and disposable income which will serve as an economic stimulus. Lower valued homes will attract new buyers and can lead to a recovery in the housing market. If we fix the housing sector we make a tremendous stride for economic recovery. The focus should be on current homeowners and existing troubled mortgages. If we can stabilize the housing market by creating a bottom, we will start to see a reversal.
BANK BAILOUT
Banks should only receive bailout dollars if they are willing to re-write (restructure) those existing home loans. This alone will increase their cash flow and improve their performance. They can also benefit from tax write-off and/or tax credits. If we can stabilize the credit market and the housing markets, the financial markets will follow. The financial markets are reacting to uncertainty in this troubled economy because of a lack of leadership. Investors will settle down when confidence is restored and so will the financial markets. The key to reducing market volatility in the future is leadership. I think it is important for Senator Barack Obama to indicate that he is going to bring in FORINSIC ACCOUNTS, to help ensure that those tax dollars are managed appropriately and not one dime of that 850 Billion will be wasted or stolen. This is the kind of leadership investors and tax payers are looking for and demonstrates a commanding knowledge of what is required to protect the interest of all stakeholders, particularly the American tax payers.
THE FOUR LETTER WORD TO VICTORY J-O-B-S
As Senator Obama stated, another key to the Whitehouse can be spelled in a four letter word. Getting this right will lead to victory in November and that word is Jobs. Increasing jobs in the US is a major point of our platform; new innovations in energy will be the catalyst for growth in this new American economy. If America is the lead to free world, we must seize the opportunities created by this new frontier, specifically in the areas of wind, solar, bio-fuel, hydrogen fuel, hydro power to name a few. These are just some of the alternative and substitute that will eliminate our need for fossils fuels and allow us to grow business and industry without further distorting the planet. It will also eliminate the devistating effects of OIL Induced Inflation, which has stripted Billions of dollars out of the econonic circular flow and reduced aggragate consumer demand for goods and services. Managing the price of fuel is critically important to our economy. However, the key to winning those red states and pushing them decisively in our corner is Senator Barack Obama’s commitment to revitalizing the manufacturing sector with no small commitment to the revitalization of the American Auto industry. Senator Barack Obama has a supeior plan to accomplish this and I think it is very impotrant to let Americans know that we must spend money to create these Jobs. It is not just tax and spend like McCain/Palin represents. It is spending tax dollars to develop innovation and technologies that will create jobs and help to restor the economy from the bottom up. The supply side trickle down theory has not and will not work because of greed and this is an economic philosophy that must change. For the American economy to work there must be a strong middle class without it, America would become like a thrid world country.
RENEWED COMMITMENT TO MAKE AMERICA SAFE
How on earth can the Republicans say that we are safer when the person who planned and successfully executed thousands of Americans is still at large and planning more attacts? The Republicans have had 8 years to capture this enemy yet the have failed. We must renew our commitment to catching the person who has been responsible for planning the largest mast murder in American history. This means responsibly ending the failed foreign polices of the Bush Administration and strategically withdrawing our troops from Iraq to be centrally focused on the entrenched locations between the boarders of Afghanistan and Pakistan. Our commitment to this endeavor must be relentless and unwavering. This is the key to keeping Americans safe and we must cause the nation and the world to understand our resolve regarding this matter.
LEADERSHIP AND VISION
These are among the most critical issues that face our nation. All Americans must clearly understand our position if we are to win the Whitehouse this November. There are many that would vote George W. Bush if he was runing again. However, if America is to survive we must open our eyes and see the truth. The most experience folks in Washington is exactly why we are here. It will take the hand of a Godly leader with a vision and a commitment to this very important phrase to take back America, "Liberity and Justice for all". I believe with all my heart that leader is Senator Barack Obama. We can trust him to make responsible decisions for America’s future. Indeed we can trust him to make responsible decisions with our lives and the lives of our loved ones.
I am a Christian American, and like Senator Barack Obama I am also have African ancestors but I am 100 percent All American. America is my home it is the home of my father, Airmen Edward Joseph Brown Jr. and the home of my child who follows. My skin is black but rest assured my colors are Red, White and Blue. If President Barack Obama ever calls the United States to war, I am completely confident it will not be to exchange Blood for Oil but to protect the vital interest of the United States of America. A call for which I would gladly give my life, "for what greater love than this for a man to laydown his life for his friends". You are my conntrymen, indeed you are my friends.
Senators Barack Obama and Joseph Biden, I may never see you personally, I may never get to shake your hands and or give you a huge to congratulate you on this wonderful campaign but I want you to know that I will be praying for your strength and divine protection each and every day. I will be out here using my skills in business, economic, managment and finance to develop strategies that will help to rebuild America from the Bottom UP. I want you to know that I love you all and I love America and all my countrymen. As stated by the beautiful and very Awesome Michelle Obama, I have never been as proud of my country as I am right now!
May God bless all of you, your families and May God Bless America
Lets pray for Barack Obama and his family, lets pray and believe God like never before. Barack Sees the danger, that is why he must run, we must do our part to restore America and take back the land of our fathers and restore it to our children
I right now, I pray for each and every one of you Obama Supports, and I pray we can take back our home, this land we call America.
THE ONLY WAY TO KEEP THEM FROM STEALING THAT 800 BILLION IS TO VOTE FOR SENATOR BARACK OBAMA.
GET THE WORD OUT, DON'T ROCK THE BOAT, BARACK THE VOTE.
I told you the 140 Billion Stimulus package would not work when I wrote this blog right after it was approved. Gues what, the 700 Billion will not work either if it is not done correctly. I will tell you why in my next blog. In any case, please review this add.
McCain + America = Depression
In John McCain speech he admitted that he didn’t no about the economy. Okay, I accept that and I am going to show you why a vote for Senator John McCain will send America into the worse depression since 1929. First, let’s look at what makes a healthy economy. Economic Growth – this occurs with the expansion of business and industry, which creates jobs. When people are working they buy homes, cars, appliances and other durable goods. As the demand for these products increase there is also an increase in the demand for the people who create, build or manufacture those products and provide the associated services to maintain those products - Economics 101. Senator John McCain’s response to the economy is to just to let it happen. That means he will allow the economy to hit bottom. Why do you suppose that is? It could be that he doesn’t care about the issues that facing us as American people or this nation. I think he does care but he really just doesn’t know. Perhaps his experiences just haven’t expanded his breath of knowledge to allow him to gain some thoughtful insight about the subject of economics. Who does that remind you of? We know that Senator John McCain will continue the fund the war effort. However, the war has not and will not have the same effect on the economy as world II did in the 1940 because of two reasons. First the corporate outsourcing strategies move employment opportunities offshore. Secondly another little thing called the “Marginal Rate of Technical Substitution” (MRTS). Oops we slipped into a more advance theory of economics. Don’t worry Senator John McCain, I’ll keep it simple and I promise there will be no graphs. Simply put, the way we manufacture products, equipment and machinery today has changed significantly since 1940. When the US entered World War II in December of 1941, tens of thousands of jobs were created for Americans. Men went to war and women went to work in factories. Perhaps you can recall stories about Roses the riveter. However, today Roses has been replaced by Robot the riveter. The more automation and robotic translates into less manufacturing jobs. Less jobs means less taxpayers, less taxpayers equal less revenue for the government. Did you get that John? This technical substitution is okay because jobs are created in other areas – high-tech jobs, software development and engineering. The economy can absorb and transaction displaced workers over a reasonable period of time as long as the new jobs stay here in America. That is why Senator Barack Obama wants to end tax credits for companies that ship jobs overseas. When corporations adopt strategies to sell products and other goods and services to Americans but move the support functions and technical jobs offshore the net result is less American taxpayers. In effect, the money generated from the sale of the product here in the US is use to pay people that are employed in other countries boosting their economy. When we create helpdesk support, call center, computer programming or manufacturing job in another countries, there are consequently fewer American taxpayers, which also translates into less revenue for the both the federal and local government. Senator McCain, please forgive me, I am really trying to make this simple for you and your supporters but as you can see, economic can become a little challenging. In any case, stay with me and I will continue to connect the dots so you can see why DOING NOTHING IS NOT AN OPTION! The less revenue the government has, the less government expenditures, the less support for the states, the less likely to provide grants, loans and other financial services necessary to support business development, stimulate Americas economy and the fewer jobs to spur economic expansion and growth. You see Senator McCain, your wealthy supporters want you to continue the war effort because they can continue to obtain the closed, no bid contracts and collect billions of dollars while the rest of the nations suffers. This is the Military Industrial Complex at full throttle. They get capital (tax dollars), expand their business offshore and jobs are loss in America. All funded with American taxpayer dollars. The Republicans are convinced that supply side economics is the answer and they fooled the American public into thinking that greed is good. As a result, the money doesn’t trickle down into the economy as the supply siders would suggest because greedy people get as much as they can and can as much as the get. The money is moved offshore and saved in offshore accounts. The money never finds it way back to the American economy. The economy must be repaired from the bottom up. Because the only thing that goes up and doesn’t come down is MONEY. I know you are saying “we Republicans love the American people”, we just approved a 140 billion dollar economic stimulus package. Now Senator, before you get too excited, let me explain to you why that economic plan will not work. The net result of this action will only deplete the budget and make it harder for the next president to bring the country out of the recession. Perhaps you are still not getting it. I have an idea, you are a military man, and I’ll use a simple but logical military analogy. Think of it this way. Let’s say we have a war with terrorist in Afghanistan. Would you spread your troops all over Europe and the Middle East or would you concentrate your troops in strategic positions along the Afghanistan borders? On second thought, considering the current strategy we are using to fighting the war with Iraq while the terrorists fortify positions in Afghanistan and Pakistan, maybe that is not a good question. Let me suggest that the later would be the best strategy and I think you’ll agree. If the terrorists are in Afghanistan, we have a greater opportunity to get them if we focus the troops on Afghanistan where the terrorist are. Now, let’s look at the economy and draw from the same military analogy. Considering the fact the we have a serious housing crisis and a lack of employment opportunities, doesn’t it make sense to use that 140 billion dollars to support the homeowners and create new employment opportunities or just give everybody in America 300 to 600 dollars? I hope you find that last question rhetorical. This strategy would obviously spreads your troops; I mean your money too thin. The 140 billion dollars could have been used to restructure current mortgages in a manner that would help the banks, the mortgage companies and the homeowners while protecting jobs in the process, a quadruple whammy. Instead, it’s a 140 billion dollars leverage opportunity gone. When the American public receives their tax rebate, they will either spend it on fuel or paying a couple of bills and nothing else will change. You see Senator McCain, there’s a big different between economic stimuli, economic expansion and economic growth. I wrote about this stuff in my new book and I promise to publish it before the political conventions this summer. In any case, apparently your last trip to the Middle East certainly lacked presidential luster to say the least. Moreover, your statement regarding your plans for the economy demonstrates a dismal lacks of knowledge about an issue that is critically important to the American people and the long-term stability of this nation. So then, with that said, I hope you will do the responsible and leave the war and the issues facing this economy to a person that does understand the economy. Someone like Senator Barrack Obama! If you do nothing about the economy and continue the foreign polices of the current administration, the American economy will spiral into a depression and the economic fallout will be devastating. THAT IS WHY SENATOR BARACK OBAMA AND THE AMERICAN PEOPLE ARE SCREAMING FOR CHANGE. It won’t matter who endorses you Senator McCain because if they are not wealthy or not working the “military industrial complex” in full throttle like some of your wealthy supporter then I am afraid they are not very smarter. I will leave you with one other point. I trust you are aware of the situation in the State of California. Due to recent budget cuts the Governor has found it necessary to layoff teachers. Teaching is considering one of the most stable occupations in the nation. When we start laying them off, it’s the preverbal handwriting on the wall that a depression is looming. Fewer teachers mean fewer taxpayers and you know the rests. Why do you suppose California is terminating teachers? Do you think it may have something to with that seventy billion dollar tax cut to the wealthy? Partly but is has more to do with the “laissez faire” hands off policy applied to the American children and taxpayers in our nation. I know that statement will draw criticism but be for you do, just try to look at thing for the point of view of a simple American like me. California has a Republican Governor and America has a Republican President. It stands to reason that the governor would request funding support from the president before terminating teachers, wouldn’t you agree? Assuming we all really care about our nation, employment, teachers and the children and all that talk about “No child lift behind” wasn’t just a bunch of political rhetoric. The problem I am having is that JP Morgan Chase didn’t have a problem getting federal government support to back its 30 billion dollar acquisition of Bear Sterns. I recall similar bailout program for the loan industry and defunct Airlines but no help the save the jobs of those California teachers. You see Senator McCain to be the president of the United States you simply must understand something about economics. If you don’t and your supporters succeed at getting you elected, as sure as there are star in the sky this nation will see the worse depression it has ever know. This is not the type of crisis you can delegate, understanding the economy is absolutely imperative.
We must capture and own this issue of restructuring mortgages. I was able to call a radio talk show and speak to Ron Regan about this very issue and explained why the mortgages should be restructured and the effect it would have on the economy. He was so excited he said I should immediately go to Washington. The fact is the financial markets are under pressure because of the financial sector. The financial sector is in trouble because of the banks and other financial institutions. The banks and other financial institution are in trouble because of the sub prime mortgages mess has created a bubble in real estate values. Too many homes in this economy are over valued and the economy is contracting. I recommended that they infuse capital into the banks by unwinding all of those mortgages and rebate the overage back to the bank. This is only part of the solution but it will work to stablized the Market and the economy. This will have a tremendous effect on the economy and could reverse this economic down. Senator Barack Obama needs to get out in front of this issue. This is the only thing McCain has ever said that is economically correct. I have writing letters to both Sectary Henry Paulson and Fed Chairmen Ben Bernanke with a CC: Senator Barack Obama. This is an important issue because and we need to own.
If you would like a copy of the letter, please email me a m.g.brown@att.net
Obama 08
Senator Barack Obama,
We have them on the ropes, but the fight is not over. The issue is not one of experience, it is one of vision. That is what it will take the lead nation, vision and good judgment, you have demonstrated both. No one contending for the office of the president has experience holding that office. What it takes is Vision. However the worst thing the government can do when the economy is slipping into a recession or depression is reduce government expenditures, which cuts jobs and takes money out of the circular flow. That is a tactic used for slowing down the economy when it is over heating and interest rates are high. To get the economy going, the Government (the nation’s largest employer) must spend money to create jobs and pay for goods and services. This helps to stimulate economic growth. Senator John McCain plan will spell doom for this nations failing economy. Senator John McCain said he doesn’t understand economic and he has proven it once again. Exploit his weakness here should increase our spread.
Keep fighting; I am so proud of you. I know your colors are RED, WHITE and BLUE.
Keep fighting; I am so proud of you. like me, your colors are RED, WHITE and BLUE.
John McCain Not ready to debate, not ready to lead.
This is a critical juncture for our nation and it is fair to expect those individuals who intend to hold the office of the president be ready to discuss their position with the American people. I suspect and do believe that the president should be expected to handle multiple tasks simultaneously. If Senator John McCain, is not ready to debate this debacle with Senator Barack Obama then he is not ready to lead. This is an opportunity for John McCain to prove that he is ready to lead this nation, that mean showing up to address the American people on critical issues.
You can't just shut down something so critically important to America because a major crisis has occurred. Look for the McBush camp to start to slander Barack as “Wanting to win more then wanting to solve the economic crisis”. McCain is just using this issue as an excuse to avoid being held Accountable for the Misfeasance and Malfeasance of the Republican Party. It seems to me that the Republicans want to capitalize on our pain by pruchasing our properities for pennies on the dollars without helping home owner and I am saying hell no. Sorry, I am just so angry that it is making me sick.
I would like to call for all of us, especially the evangelical Christians to pray for our nation, and Senator Barack Obama. I know he is a Christian and an honest man. I am sorry but I don't believe Bush, they lied to go to war, and I think they are lying right now.
The Financial Crisis
I find it truly amazing that all of these experts can’t seem to figure out what the problem is, how it happened or how to resolve it. It seems to me that the only person that is willing to apply some gray matter and think about this very serious financial crisis is Senator Barack Obama. Senator John McCain does not understand economics and has proven once again that he makes irrational, emotional decisions that are self-serving, and offer little value and no solution. Senator John McCain suggesting that he would fire the SEC Chairman is voter pandering at its worst, not unlike his decision to select Governor Sarah Palin as his running mate. Now we are to believe that the best choice to second seat the CEO and Commander and Chief in the Republican ticket is Governor Sarah Palin. This choice should serve as an insult to any smart Republican. Nevertheless, I heard the Bush administration is attempting to place the American taxpayers in further debt by handing over another 700 billion dollars to support these failing business enterprises. Without going into too much detail I am going to explain how we got here and what must be done to correct it.
If you can recall, during the Clinton Administration we enjoyed a robust economy. There were plenty of good jobs, a good supply of fairly priced homes and a good balance with regards to the creation of new jobs and graduating students entering the workforce. Now keep in mind, during a healthy economy, it’s not unusual to raise interest rates to keep inflation in check. The last three years of the Clinton Administration, during his second term the stock market went bearish. Aside from the weak stock market, the fundamentals in the economy were strong. There was an ample supply of new and existing employment opportunities, a fairly decent supply of skilled and unskilled labor, coupled with growth and business expansion in several industries and the dollar was competitively strong and there was a stable housing market with ample inventories of affordable housing.
What was the Fed’s response to the week stock market during the Clinton Administration under Fed Chairman Allen Greenspan? It was to do nothing! The Fed could have moderately lowered interest rates, which may have resulted in stimulating the stock market and further strengthening this economy and the underlining economic fundamentals.
Why did Allen Greenspan allow the stock market to flounder and do absolutely nothing for almost three years? Although no one can say with certainty I would like to advance a theory. I believe that partisan fiscal policies were working to help secure the Republican Presidential ticket in 2000. It is fair to say that President Bill Clinton did an excellent job running this country and the logical choice for President was Vice President Al Gore. With all the confusion and distractions during the 2000 election, George Bush became America’s 43rd President.
The Fed Chairman’s response was to aggressively lower the interest rate; eight consecutive interest rate cuts right after the President took office. Now, the stock market responded to the first several cuts and began moving up. Nevertheless, Allen Greenspan continued to reduce interest rates to an all time low and kept them low far too long. This not only stimulated the stock market but it quickly dried up the inventory of available housing thus, creating a housing shortage and artificially driving up home values creating a bubble in the stock market and a bubble in the housing market.
People in existing homes either traded up or began to spend the equity in their homes causing the economy to appear to be strong when it was in fact anemic at best. When something seems to swell disproportionately it’s a sign that something is wrong. This was the case with home values, which attracted developers and investors to the home building industry. It was also decided to loosen banking regulations which would allow Wall Street firms to participate in the housing boom and consequently home values started moving up like stock prices.
Allen Greenspan’s partisan monetary policy was only part of the problem. The economy actually appeared to be over heating as indicated by inflation. However, the inflation was not caused by an increase in demand for consumer goods and services; I argue that the inflation was in fact caused by rising oil prices what I call, “Oil Induced Inflation”. Allen Greenspan began to react to economic indicators such as the Consumer Price Index (CPI) and the Producers Price Index (PPI), which were giving false positives.
Allen Greenspan raised interest rates when they should have been left alone. One of the primary reasons for raising interest rates is to slow down the economy to stave off inflation. This is accomplished by increasing the cost of money (interest rates), which reduces the amount of cash in the circular flow (the economy) and has the effect of slowing consumer demand for goods and services, which reverses the undesirable affect of inflation.
Simply put, Allen Greenspan should not have raised interest rates the last time because there was already something stripping billions of dollars out of the economy – the price of gas, oil, fuel and petroleum based products. The inflationary effect of the higher fuel prices would have resulted in slowing down the economy sufficient enough to counter consumer demand for goods and services. There was no need to curve consumer demand by raising interest rates.
I would argue that rising petroleum prices was enough and already more than the economy could stand, there was no need to further tighten the cost of money because consumers and the economy were already responding to the effects of the oil induced inflation. I think they finally figured out the need for a new Fed Chairman and as a result, we have Chairman Ben Bernanke who in my opinion has done a fantastic job. I have been following most of his decisions up until now, and believe they have been spot on!
Greenspan was not the only problem, deregulation in banking coupled with the unfettered and ever increasing price of oil, and other petroleum-based products have all operated in concert to create this fiscal mess that we have appropriately called a financial crisis. The anemic attempt to resolve this problem by the Bush administration failed because the economic stimulus package was not implemented strategically.
The 140 Billion dollar stimulus package offer by the Bush Administration could have worked; however, without outlining a specific strategy earmarking those funds for the express purpose of restructuring troubled mortgages, the economy could see no real benefit. The affect of a sound strategy for applying the 140 Billion dollar stimulus package would have resulted in the following:
First, restructuring those mortgages would have resulted in infusing capital in the banks for the expressed purpose of restructuring mortgage debt, which could have negated this crisis. Furthermore, this strategy could have reduced monthly mortgage expenses providing house holds with more discretionary and disposable income. In laymen terms, this simply means that instead of tax payers receiving a one time check of three to six hundred dollars. Mortgages would have been reduced and homeowners could have had a thousand dollars or more of extra income per month, which would have effectively stimulated the economy in a sustainable manner.
The fact is, the end of President Clinton’s Administration marked the end of an era. This was an idea time for change, and Vice President Al Gore would have been the agent of change for America. A strong commitment from the leadership in Washington to reduce America’s dependency on foreign oil would have virtually ensured continued economic expansion and growth. That commitment would have also kept downward pressure on oil and fuel prices and homeowners would have realized modest appreciation in the values of their homes.
Failing to make the necessary changes has stifled our nations ability to expand and grow. Our economy only grew in industries that involved real estate. The bubble created in the real estate market, much like the bubble created in the stock market, continued to attract more and more developers, contractors and investors. The issues that have caused this economic crisis are the collapse of the real estate market, the burst of the bubble created in the equities markets, coupled with oil induced inflation and the associated domino effect.
Needless to say, spending 700 billion dollars on the war and 700 billion dollars on petroleum products, and 10 Billion dollars a month on the war has and will continue to undermine the economic fundamentals of the US economy. The 700 billion dollar bailout only has a chance of working if those funds are used strategically. The key focus must be the repair of the middle class, job creation, and our economic infrastructure. Congress must take its time and develop a concise economic strategy and tactical plan that will certainly work. This is not the time for guessing games. We simply must get it right this time because there is a long way down from here.
As the middle class goes, so goes America. We are the backbone of this nation. America needs leadership that understands this and will be committed to change. This is not the time for pandering for votes or partisan politics. This is a time for Change. These problems were not created overnight, and I sincerely hope we don’t attempt to resolve them in like manner. I believe this will take time to fix and the leadership of Senator Barack Obama. Senator, if this letter should find you please remember me! I want to help you to fix this great nation of ours. Like you, my skin is black but my colors are Red, White and Blue and I love this Country. I hope America gets it right this time.
The issue is not one of experience it is an issue of VISION!! The bible says without vision the people perish. The Vision of the Republican party is WAR! None of the President or vice presidential candidates have experience as CEO and commander and Cheif of America. All we can go by the their political consultant, advisors and their vision. Barack Obama has vision and the qualifications to save this nation.
The McCain camp is playing the same old scrip just using a different cast of characters. McCian has let America down, Palin was not properly vetted and is not qualified to be President and Camander and Cheif of the USA. They know she was not properly vetted and MaCain has lied to the American people say that she was. This is their strategy to belittle a tremendous presidential candidate like Barack Obama. Well, I hope we fire back. Is this the best ticket the Republican can produce? An old man with no vision and a young hockey mom who is not qualified. Can they acctually get enough votes to allow this mess to continue another four years? The selection of Palin is an open demonstration of McCain's lack of judgement.
Barack Obama has impecable crediential, he has been a statsman operating in the highest level of government for more that 12 years. DOSENT BEING A STATE AND UNITED STATES SENATOR COUNT FOR SOMETHING? WHAT ABOUT BEING A LAW PROFESSOR or Editor of Harvard Law review.
I feel cheated and I feel sorry for America if McCain become the next president. I hope all of those McCain/Palin receive the consequences of their vote. Republicans are saying they protected the American people but if I am not mistaken 9-11-2001 happend on their watch. What about those four thousand plus America soliders that have died. Were they protected from the lie that got them killed. What about those thousand of katrina victims.
Barack Obama tried to keep those soliders alive because he had the judgement to oppose the war. How many more American must die and give their lives for this WMD LIE? When will America wake up?
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Remember the disaster that occured in Chernobyl. It was the worst accident in the world’s history caused by a failed reactor in a nuclear power plant. Thousand died and cities were evacuated for hundreds of miles. That land is still un-inhabitable today. Who wants to put nuclear plants in your state, city or perhaps even right in your back yards? Who want more hazardous waste vehicles on the street of America? John McCain dosen't understand that this action would convert America’s infrastructure into a target rich environment for terrorist - More oil and 45 nuclear power plants on American soil is a giant step in the wrong direction America. John McCain - same old energy policies.
Barack Obama want America to use more win power, solar energy, hydro electric power, bio-fuels and natural gas which are all cleaner sources of fuels that can be produced right here in America. Barack Obama strategic approach to our energy problem would:
· Puts Americans to work which will improve the economy,
· Reduces carbon emission to help reverse the effects of global warming
· Elevate American dependency on foreign oil.
One strategy to solve several problems -
Barack Obama, new leadership for a new America.
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Hey,
This is my idea for a new ad for Obama, please help pass it on to the ad development team. We need to go on the offence. Let's pick John McCain old polices apart.
You must tell the nation why you are not for Nuclear Power. I suspect it is because it would transfer our Nation’s infrastructure into a target rich environment for the Terrorist. Has John McCain forgotten the Nuclear Disaster that occurred in RUSSA? 45 Nuclear Plants should be out of the questions. America has enemies both foreign and domestic, to proliferate the development of Nuclear power plants on American soil is a giant step on the wrong direction. This plan of McCain would not make our nation safer; it would do exactly the opposite. Come on ad campaign, ask America the tough questions Ad Campaign. Who wants nuclear plants in their State, city, neighborhood, or back yard? Answer John McCain….. Let’s get them Senator. The gloves must come ofg, we can do this and stay on the high road. Come on!! Let's figh Back!
Turn McCain’s “Big Idea” against him and stay with your Gut. Is the answer to our energy problem to dig for more oil, Is more drilling the answer? Not according to T Boone Pickens, a well respected oil man for many years McCain entire plan is not change, that is more of the same thing. We have many more alternatives some that can be implemented now. Hydrogen fuel, biodiesel fuel, methanol, win power, solar power, and the list goes on.
John McCain want to continue the same course of action, more oil, and America’s dependency on foreign oil. 700 Billion dollars a year and some of these very dollars end up in the accounts of Terrorist. .
Come on Obama camp, lets get these guys, bring them back on the issues. Bring John McCain back on point. With John McCain’s old ideas, he is just not ready to lead a new America. Not the president is supporting offshore drilling as solution. Or is he, if president bush was sincere he could simply open the strategic oil reserves. That would have an immediate effect on market prices. The president has allowed fuel prices to sky rocked and has done nothing in 7 years. Now he proposes to lift the moratorium on offshore drilling, this is just to support John McCain and is disingenuous.
Also, the knowledge we have about the effect carbon emission on the ozone layer and John McCain’s recent bout with Melanoma I am amazed that he is just proposing more of the same thing. Come Folk lets get in their and fight. If you need help putting these ideas to get, please, please, please call me. Get me involved in the fight.
Go Obama, go team for America, Let McCain continue his low road adds if he wishes, we must keep our campaign and America focused on the issues that face us as a nation.
Answer The McCain "is Barack Obama ready to Lead ad" with a big fat " YES HE IS!"
I would love to see Barack Obama fly into the flood Zone by helicopter with Rubber hip boots on encouraging the folks in those battle ground states. Explaining to them that the reason we are knee deep in water is because washington have allow our infrastructure to go unattended. We have known since Katrina that there were problems with the levies but Washington has done nothing. By the way, where is the National Guard???
That's how we win over those folk in the Midwest, get in the trenches with them and help. Get some Obama organizers out there and let's show them that we care by helping. Go for it Senator, get your hand dirty and if you need someone to help, give me a call.
Get me some folks with Obama Gear and lets get out there and help our fellow Americans. Any taker? Let me know, I am RWA (Ready Willing and Able)
Wake UP all you Obamacans and Obamacrats, we can savor this victory but this battle is not over until Obama is in the white house. We must reach out to Hillary supporters and remind them that we are voting for a person that has the Authority to send our children to war. Simply ask them this question, do you really want that power to rest in the hands of a man who is a presidential candidate Singing “Bomb, Bomb, Bomb, Bomb, Bomb Iran as if it were a Joke. Rest assured, this person has little regard for human life. All of you Hillary supporters wake up; snap out of it, we are the same party with essentially the same set of fundamental values and beliefs. I can’t believe that you would cast a vote against you own best interest and that of your children. However, I will pray for you with the hopes that you, your family and your children receive the consequences of your vote. I hope you pray the same for me.
We are about to go heads up with the Republicans neo cons and we all know what will happen if they win. Let’s dig deep and donate, let’s finance this election to make certain the best candidate for President wins the election.
Let’s work hard for the next President of the United States of America.
President Barack Obama
Will someone please explain to George Bush and John McCain the difference between Diplomacy and Appeasement? While you are at it, please tell John McCain the name of the Song is "Barbra Ann" NOT BOMB IRAN! This is an appeal to all sensible Democrats, Republicans and Independents this is an election we must win! George Bush and John McCain are confused and don’t know the difference between Diplomacy and Appeasement which may explain why the have failed to use either.
First, it was the League of Nations headed by Great Britain and France that were attempting to appease Adolf Hitler in the 1930 and there are over 21,228,813 Million reasons why this attempt was made, that is how many people died during World War 1. Neville Chamberlin - the Prime Minister of Great Britain was desperately attempting to avoid a second war Europe. Hitler lied and millions died because of it. However, it is important to note that the United States under President Woodrow Wilson was not a part of the League of Nation. As a result, they did not have the military strength to pressure Hitler to comply with the terms of the Treaty of Versailles. The lesson to learn is that you can’t negotiate effectively from a position of weakness.
Great Britain’s leadership did what it could to avoid World War II; they were unsuccessful because they were dealing with a weak hand and negotiating with a dishonest dictator who wanted war. As a result over 75 Million people died in World War II. When Senator Barack Obama becomes the next President of the United States of America he will command the resources of the most powerful nation on earth. When he speaks and represents America in the UN, it will be with passion, concern, care and empathy, not to be confused with weakness or inexperience. President Barack Obama will exhaust every reasonable diplomatic option before making an order that will result in the lost of a single life, this is responsible leadership. However, he will not hesitate to defend and protect America are her allies.
Senator John McCain was singing BOMB, BOMB, BOMB, BOMB, BOMA IRAN as if it were a joke. When I heard him singing the song I could tell that it was not original. This man has the nerve to suggest that attempting to use diplomacy shows a lack of experience. I strongly beg to differ; its John McCain that lack experience and that statement should disqualifies him as a Presidential candidate in the mind of any sensible American. He doesn’t understand economics; he is confused about foreign policy. He doesn’t understand the difference between Diplomacy and Appeasement and he wants to lead this nation. Where do you suppose his leadership will take us? RIGHT BACK INTO WAR!!
Experience should not be measured in the number of years but in the amount of growth. A person that holds the same opinion and does the same thing year after year for 30 years has no growth because they have learned nothing. One year of experience 30 times should not be confused with 12 years of experience; there is a big difference indeed.
America, let’s give Diplomacy a chance and vote for a responsible President. There are over 65 Million people in Iran including women and children. It is wise to talk with the leadership of that nation and that’s not a sign of weakness. Beating up someone just because you can doesn’t make you better, it make you a bully. What if the tables were turned and they had our military strength and was voting for a leader singing let’s Bomb USA TODAY. If they had the power to do it and the resolve the carry it out and if they had already bomb Canada or Mexico, we would be terrified.
America is the most powerful nation on earth, Senator Barack Obama is a world leader and very sensitive to the needs of all people both foreign and domestic. Senator Barack Obama is the man America needs in the white house. We as Americans can’t allow the policies of George W. Bush to continue for another four years. John McCain doesn’t represent change he is 4 more years of George W. Bush, four more years of out of control fuel cost, four more years of a troubled economy four more years of being bushwhacked, four more years of war, four more years of being Bushwhacked! NO!
Obama O8
