Al Pao's Barack for President Blog

A Certain Glee

Al Pao in San Francisco — Tue, 20 Jan 2009 03:02:47 EST

A certain unexplainable guilty glee has come upon me this inaugural day, knowing that George W. Bush’s presidency is on its inevitable death bed, that it will die a long-awaited death followed by an immediate funeral. Perhaps the departing helicopter ought to be outfitted with a symbolic hearse. Eight years of torment will finally come to an end, but the consequences of Bush’s misappropriated, misguided, mismanaged and miserable leadership will last well into the future. It has left the world that is less safe, an economy that is less reliable and a monetary system that is less credible. So good night! And good riddance!

United States & Muslim Countries Sexually Compatible

Al Pao in San Francisco — Fri, 19 Dec 2008 14:38:35 EST

UNITED NATIONS – Alone among major Western nations, the United States has refused to sign a declaration presented Thursday at the United Nations calling for worldwide decriminalization of homosexuality.
In all, 66 of the U.N.'s 192 member countries signed the nonbinding declaration — which backers called a historic step to push the General Assembly to deal more forthrightly with any-gay discrimination. More than 70 U.N. members outlaw homosexuality, and in several of them homosexual acts can be punished by execution.
Co-sponsored by France and the Netherlands, the declaration was signed by all 27 European Union members, as well as Japan, Australia, Mexico and three dozen other countries. There was broad opposition from Muslim nations, and the United States refused to sign.
See http://news.yahoo.com/s/ap/20081219/ap_on_re_us/un_gay_rights

Finally, there is common ground: gay sex! And I was predicting the coming of Armageddon. It's huge blow to my ego, to be sure.

Lame Duck Ducked A Flying Shoe

Al Pao in San Francisco — Mon, 15 Dec 2008 14:44:52 EST

An Iraqi reporter threw a shoe at the lame duck while calling him a dog at his last press conference in Baghdad.

"This is a gift from the Iraqis. This is the farewell kiss, you dog," Muntadar al-Zeidi shouted in Arabic as he threw his shoe at Bush during a news conference with Iraqi Prime Minister Nouri al-Maliki. The shoe narrowly missed the president's head. See http://www.usatoday.com/news/washington/2008-12-14-bushshoe_N.htm

Apparently, Islamic custom interprets the action as an insult even though the west interprets a similar action -- throwing your shoe for your dog to fetch and chew on -- as playful. Given his ineptitude and resultant dismal failures, the lame duck should be flattered that anyone bothered to show up at all, and treat the unexpected presentation of flying shoes a gift of relevancy.

It is interesting to note that none of the world's leaders condemned the Iraqi journalist for terrorizing a head of state with his shoes. Even the lame duck's body guards did not bother to surround him immediately to protect him from an onslaught of shoes that could be thrown by the other journalists. Unlike al-Zeidi, perhaps they viewed him as irrelevant, undeserving and dispensable: a worthless nobody. Perhaps that is what he has become.

The "W" Ulcer

Al Pao in San Francisco — Mon, 15 Dec 2008 05:11:28 EST

[Ulcer] researchers have often suspected that perforations in the stomach lining were the result of stress caused by humiliation and shame. [R]ecent theories about bacterial infection have reduced the psychological hypotheses. That is, until the case of former first lady Barbara Bush and her ulcerated stomach lining.

The blood cells that make up the immune system are called T cells because they resemble the 20th letter of the alphabet. When Mrs Bush was examined for a painful ulcer that caused her hospitalization recently, doctors discovered a mysterious phenomenon. The lines of the perforation formed an almost perfect W on the ultra sound of the former first lady.

When radiologists consulted Presidential experts the enigmatic ulcer gave up its secret: " The lines of the stomach perforation clearly conform to the many disasters of this poor woman's son the President", offered Ulcer specialist, Dr Holey Moley, " You can trace the horrific path of worst President ever in the traumatized gut of his long suffering mother. There's the stolen election rift, the Katrina pustule, the 9-11 chasm and the intense scar of the Iraq Debacle. The strong old lady withstood the onslaught of a completely failing son without medical intervention until the second Great Depression. This was more than Momma Bush could endure and the poor woman ended up with a lengthy hospital stay and an ulcer that peaked for an unprecedented third time !!"
The story above is a satire or parody. It is entirely fictitious.
See http://www.thespoof.com/news/spoof.cfm?headline=s5i44708

Prince of Darkness

Al Pao in San Francisco — Mon, 15 Dec 2008 04:39:40 EST

Moving from one war zone to another, Bush flew secretly from Baghdad to Kabul, landing under cover of darkness for talks with Karzai and meetings with U.S. troops spearheading the fight against a resurgent Taliban. See http://news.yahoo.com/s/nm/20081215/pl_nm/us_bush_afghanistan

What's the matter? Afraid for your own life when so many soldiers on the front lines had fought and died for your personal war with Saddam Hussein? Pathetic.

The Enemy of My Enemy Is My Friend

Al Pao in San Francisco — Sun, 14 Dec 2008 15:38:39 EST

GW Bush sees Iraq through political spin in a vain attempt to save his legacy, while remaining manipulatively silent on the fact that he went into Iraq for WMDs that were never found, that thousands have died, tens of thousands were displaced and left homeless, and that there are those who are still living in fear, with anger or vengeance, all as a consequent of his lack of wisdom, intellect, judgment and vision to govern successfully, to bring peace to all nations and prosperity to all peoples. Today, the world is a more dangerous place, compounded by the economic turmoil which he could not have foreseen only because of his stupidity and his weakness of character, falling prey to those ruthless and greedy cronies he placed in positions of power. He is an unrepentent idiot, an alcoholic, a knee-jerk, ideological warmonger and one who knows no shame. What is truly sad is that he seems entirely oblivious of his faults. Perhaps it's about time he has another conversation with God, to get instructions on how to fix his mess in the remaining days that he is nominally the United States president.

In that God-forsaken, lame capacity, he went to Baghdad.

"For the first time in Iraq's history and really the first time in the region, you have Sunni, Shia and Kurds working together in a democratic framework to chart a way forward for their country," he said. See http://www.cnn.com/2008/WORLD/meast/12/14/bush.iraq/index.html

He forgets that the enemy of my enemy is my friend. How convenient.

He is also too dumb to realize that it is far more critical for him in his capacity as a leader to work with the Shia in Iran "to chart a way forward" than to waste time putting a political spin on his bloody mistake in Iraq, his "baby" from hell. But then again, I doubt he ever understood fully the qualifications of the job, its intricacies, or its burdens which he is, even after carrying them for almost 8 years, wholly unprepared to assume.

In his final days. he is continuing to demonstrate his utter failure as leader of the executive branch to solve the problems of the economic meltdown and his utter failure as commander-in-chief to finish an unnecessary war he unilaterally started in Iraq and the war in Afghanistan that he largely neglected.

Is It Too Late?

Al Pao in San Francisco — Fri, 12 Dec 2008 20:47:21 EST

[U.S. Rep. Jesse Jackson Jr.] denied participating in the "pay to play" politics that Blagojevich is accused of in a federal criminal complaint. Jackson also said he was eager to talk to U.S. Attorney Patrick Fitzgerald about his role.
"When it's over, I want every to know that I want my name back. ... I'm fighting now for my character, and I'm also fighting for my life," he said. "This is about my children being able to Google their name in five years and there be nothing there associated with them that suggests anything wrong." See http://www.cnn.com/2008/POLITICS/12/12/jackson.jr.blagojevich/index.html

Which is worse, the alleged act of corruption or the denial of the alleged act of corruption? Even if cleared, "Senate Candidate 5's" integrity maybe forever tainted.

No Wonder the World Is a Mess

Al Pao in San Francisco — Fri, 12 Dec 2008 03:56:30 EST

"WASHINGTON (CNN) -- President Bush reflected on his own struggle with alcohol in a White House meeting Thursday that touted gains in the war on drug abuse." See http://edition.cnn.com/2008/POLITICS/12/11/bush.alcohol/index.html "Bush ... quit drinking at the age of 40." Ibid.

There is not just a village somewhere that is missing an idiot, there is an idiot somewhere that is missing a brain not damaged by decades of alcohol abuse. No wonder the whole world is in the mess it is in today. I am speechless.

Obama Picks Brain Power Over Political Muscle

Al Pao in San Francisco — Thu, 11 Dec 2008 04:22:48 EST

Steven Chu, the Nobel Prize-winning physicist who is President-elect Barack Obama's choice for energy secretary, has been a vocal advocate for more research into alternative energy, arguing that a shift away from fossil fuels is essential to combat global warming.
Chu, a Chinese-American who currently is director of the Lawrence Berkeley National Laboratory in California, has in recent years campaigned to bring together a cross-section of scientific disciplines to find ways to counter climate change.
If action is not taken now to stop global warming, it may be too late, he argues.
Since 2004, Chu has been director of the Berkeley lab, the oldest of the Energy Department's national laboratories, with its 4,000 employees and a budget of $650 million. The laboratory does only unclassified work and under Chu has been a center of research into biofuels and solar energy technologies. He is a former head of the physics department at Stanford University.
Chu, 60, brings additional diversity to the Obama cabinet.
Born to Chinese parents in St. Louis, he grew up in the Queens borough of New York City. His father, a Massachusetts Institute of Technology graduate and professor of chemical engineering, and mother came to the United States in 1943 and two years later decided to stay because of the political turmoil in China.
One of the country's most renowned scientists, Chu in 1997 shared the Nobel Prize in physics with two other scientists for his research into ways to cool and trap atoms using laser light. By cooling atoms to minus-273 degrees Celsius, they found the movement of atoms can be slowed to a point where they could be trapped and manipulated.
http://www.google.com/hostednews/ap/article/ALeqM5h9UxSs58fjw-Taa9KfDV1YccfgbgD9505J8G1

Note to Dr. Chu: I am a proponent of nuclear power. Talk to the people at Areva and Thorium Power.

Chrysler Must Go Bankrupt

Al Pao in San Francisco — Fri, 05 Dec 2008 02:22:03 EST

May 14, 2007: "Private-equity firm Cerberus Capital Management on Monday agreed to pay $7.4 billion for an 80% stake in the Chrysler Group." See http://www.marketwatch.com/news/story/cerberus-buy-80-chrysler-74/story.aspx?guid=%7B4AD60D92-DDC1-44F3-BD8A-4F425726D1D0%7D "Cerberus already owns 51% of the financing unit of General Motors Corp," Ibid.

Cerberus Capital Management has the cash to give to Chrysler, its 80% subsidiary, but refuses. Yet, it wants US taxpayers to bail them out. What? Chrysler is asking for public funds to bailout a private entity owned by a cash-rich private entity?

NO WAY!

Incidentally, "Cerberus holds controlling or significant minority interests in companies around the world. In aggregate, these companies currently generate over $100 billion in annual revenues." See http://www.cerberuscapital.com/about_comp_prof.html

Hillary, the Messenger

Al Pao in San Francisco — Sun, 30 Nov 2008 04:35:15 EST

As the next Secretary of State, will Hillary be able to carry Barack's message around the world or will she set her own agenda, using words that could undermine the underlying wishes of the President-elect?

I am fairly certain that Barack Obama knows better than to give his trusted messenger unbridled freedom to set foreign polices at will. The question is whether his checks and balances would fulfill his idealistic expectations.

Hillary is an excellent choice for Secretary of State for a hawkish administration, one that will not hesitate to annihilate Iran or start a new arms race with Russia, in much the same way that GW Bush or Senator McCain would like to have it. Unless I have misunderstood the President-elect, I think he is determined to employ diplomacy to its fullest extent before considering any armed conflict. This seems to be in direct conflict with Hillary's military goals which looks awfully similar to GW Bush's. After all, she voted to allow Bush to invade Iraq.

That is in the past. Now is the time to look forward toward a new and improved future. Thankfully, Barack Obama at is at the helm. And we still have Hillary. In many ways, I like Hillary.

If Hillary substitutes her sometimes hawkish attitude with an appropriate degree of humility, something I believe that she is able and willing to do, then she could be the most effective and influential Secretary of State in United States history, helping Barack Obama shape his foreign policies which, hopefully, would usher in a just and peaceful world.

Thanksgiving 2008

Al Pao in San Francisco — Fri, 28 Nov 2008 04:58:41 EST

For many around the world, there is not much to be thankful for this year when people have lost their businesses, jobs, homes or a chance at an education, when retirement savings of the working class and the accumulated wealth of the well-to-do have dwindled, when terrorists have struck again at the center of a free civilization.

Leaders around the world have roundly condemned the killings in Mumbai, India, yet none of them have condemned the gun manufacturers who have profited from selling firearms to these terrorists.

And who exactly are these terrorists? Are they like the Joker in Batman who enjoys killing, unmotivated by greed or ideology, or do they exist merely as the “bad cops” to lend purpose to the “good cops”? Or do they have a simple agenda? To have a voice in their existence, to have their own “thanksgiving” with their families and friends and to have hope for a better future for their children?

I am not a sympathizer of terrorists. They have no right to take the lives of others, to cause others injury, to bring fear to those who only wish to go about their lives peaceably. They should be condemned for their action, and so should GW Bush be condemned for waging war in Iraq.

This deterioration we face, from the environment to the economy, from our safety to our freedoms, is a result of our individual action or indifference and cannot be reversed by military might, as many in power might want to believe. When the resources of this earth are used and trashed for our immediate gratification and convenience, when we kill each other, our civilization is headed for extinction. Finding another planet to “start over” is a waste of time and pride, for we are unable to divorce our shortcomings from ourselves even though we are capable of removing ourselves from one planet to perhaps exist in another.

Civilization cannot be perfected by a change of venue. Evil is in the hearts and minds of most. Those who are “well meaning” and whose extreme ideologies lie on opposite sides and bring them into conflict with each other. Both sides are evil, evil that is in shades of gray and not easily defined, evil that is often cloaked in self-righteousness. In the words of Justice Louis Brandeis: “The greatest dangers to liberty lurk in insidious encroachment by men of zeal, well meaning [unto themselves] but without understanding.”

Understanding is not difficult to master but difficult to accept. It is the only means for compromise since understanding is rooted in reason rather than passion. Reason ought to give those who were born with talents and abilities the responsibilities to inspire and help those who were born without. Yet, as simple as this concept maybe, it is one that has not been internalized by many of the best and the brightest or many who are in positions of power, for their minds have been poisoned by the notion that survival is for the fittest. They forget, however, that they are hypocrites, for they are not subscribers to such a notion. They, of all people, are likely the first ones to clamor for medical help when they are ill and the last ones to put at risk their own lives to advance their agendas or accept death even when they are at their weakest.

In this group are supposedly “the capitalists,” who are the most vocal proponents of capitalism (the type that is reserved only for the poor and the working class) and the most shameless benefactors of socialism (the type that covers only the rich and the powerful) when they are themselves victims of a free market. So do “the warmongers” and “the terrorists” who are opposite sides of the same coin belong here, for they are willing to go engage in battles and sacrifice the lives of others in vain attempts to compensate for their personal defects or to give themselves worth based on their war-making abilities. People in both these groups can be ruthlessly self-serving. For them, giving thanks to those less capable, less powerful or generally “lesser” than they, or to those under their dictates, seems like an empty gesture when their satisfaction and successes depend upon the expense of others.

Thanksgiving is an American tradition, but the spirit of giving thanks is universal. It ought to stem from an appreciation of life, of this planet and universe, of logic and reason, and end with enjoying and being thankful for the company of one another. From the beginning until the end, in that brief period during our brief simultaneous physical existence relative to time, we ought to learn about and appreciate the differences that make us unique, and be in awe of the similarities that connect us to the flow of humanity.

Timothy Geithner: A Perfect Match for Barack Obama -- Awesome!

Al Pao in San Francisco — Fri, 21 Nov 2008 16:17:37 EST

Timothy F. Geithner:

Mr. Geithner graduated from Dartmouth College with a bachelor’s degree in government and Asian studies in 1983 and from the Johns Hopkins School of Advanced International Studies with a master’s in International Economics and East Asian Studies in 1985. He has studied Japanese and Chinese and has lived in East Africa, India, Thailand, China, and Japan. http://www.ny.frb.org/aboutthefed/orgchart/geithner.html

Hillary for Secretary of State -- A Wise Choice for Obama

Al Pao in San Francisco — Wed, 19 Nov 2008 01:45:27 EST

While I am sticking to my first and second choices for Secretary of State, Fareed Zakaria and Colin Powell respectively, I find Barack Obama’s naming of Hillary Clinton to the post politically deft.

Firstly, since either John Kerry and Bill Richardson can claim credit for contributing to Barack Obama’s success (Kerry naming Obama the keynote speaker in 2004 and an early supporter of his run for presidency, and Richardson bringing the Latino vote), Hillary’s appointment silences them both since she got 18 million votes during the primary and unites the division within the democratic party.

Secondly, Hillary will provide a necessary counterbalance to Vice-president Elect Joe Biden whose knowledge of foreign policy made him the chairman of the Senate Foreign Relations Committee. That way, Barack Obama can play one against the other so that neither one of them can become overbearing.

Thirdly, Hillary has substance: intellect, articulacy and poise. All she needs is a scintilla of humility and she would be nearly perfect.

Fourthly, the goodwill that Bill Clinton has been generating with his organization, the Clinton Global Initiative, cannot be overlooked or minimized. Hillary will automatically bring all that goodwill with her wherever she goes.

Lastly, politics aside, I think Barack and Hillary genuinely like each other.

Together, they have all the ingredients to make an amazing team. I can’t wait to see how quickly and effectively they can unscramble Bush’s mess and restore respect around the world.

The Snake is Shedding His Skin Again

Al Pao in San Francisco — Thu, 13 Nov 2008 22:41:28 EST

The mulit-headed snake Lieberman started out as a Democrat, became an Independent, then a Republican, and is now trying to become a Democrat again.

Where is the best place to put a snake? Where it can be watched constantly. How about making him co-commissioner of social security? Then his peers will know if he is not doing his job.

Oh, is that job beneath that of a U.S. Senator? Let Lieberman tell the nation and his constituents that fixing social security is not deserving of his time, intellect and devotion.

Hillary Clinton for HHS

Al Pao in San Francisco — Thu, 13 Nov 2008 22:13:34 EST

My pick for Hillary Clinton is not Secretary of State, but Secretary of Health and Human Services.

The Post-Palin Politician

Al Pao in San Francisco — Thu, 13 Nov 2008 21:06:38 EST

Barack Obama had already redefined the role of the politician for this century. It is no longer about the amplification of the microphone that broadcasts the repetitive sound-bites that incite fear or bash political decisions with hindsight (see footnote below). It is about having concrete answers for difficult questions. It takes the power of intellect, knowledge, understanding and analysis to navigate through the complex nuances of an integrated world to arrive at realistic, workable and reasonable solutions before problems arise. The grab bag, talking points politics that rallies "the base," incites passion, resentment or anger and instills fear will likely be a chapter that had been closed by the last election.

What I Hope For In An Obama Presidency

Al Pao in San Francisco — Sun, 09 Nov 2008 21:28:25 EST

I am hoping for:

1. TRANSPARENCY -- a transparent government that focuses on long-term advancements rather than short-term political gains, airs high-level cabinet meetings on C-span, encourages broad participation and keeps democracy vibrant;

2. SOLAR AND NUCLEAR ENERGY -- an energy policy that concentrates primarily on solar and nuclear power and minimally on wind, "clean" coal, bio or fossil fuels;

3. NO HAWKISH FOREIGN POLICY -- a foreign policy that de-escalates tensions in the Middle East via a non-traditional, multi-dimensional type diplomacy (religious, economic, social, cultural, medical, educational and environmental), nullifies Bush’s missile shield agreements and halts the march towards Mutual Assured Destruction (MAD);

4. COVERT OPERATIONS -- a military strategy that emphasizes undercover operations over large scale invasions, eliminates non-emergent pre-emptive strikes and torture, and curtails wasteful, special-interest driven military spending;

5. NAME CHANGE -- a name change from the Department of Homeland Security to the Department of National Safety;

6. COMMUNITY WATCH -- a Department of National Safety that builds on effective neighborhood watch programs and community organizations, examines 50% or more of imported items and is conscientiously and constantly vigilant;

7. IMMIGRATION -- an immigration policy that ends illegal entry and identifies quickly and monitors closely legal non-immigrants who overstay their visas;

8. DRUG USE -- a drug policy that punishes those who deal in as well as those who use illegal substances;

9. ECONOMIC REGULATIONS -- an economic policy that regulates the proper valuation of assets, imposes fines and lifetime imprisonment on those who perpetrate fraud, breach fiduciary duties or betray the public trust in a significant way, measured quantitatively or qualitatively;

10. FISCAL RESPONSIBILITY -- a fiscal policy that balances tax revenues against aggregate spending (military and non-military);

11. TAX REVENUE ALLOCATION -- a tax form that allows each taxpayer to allocate his/her share of taxes to different departments within the government, the results of the prior year’s allocations to be published every January so that taxpayers can choose to re-allocate their tax dollars in the current tax year (non-individual and fiscal year taxpayers exempted);

12. MONETARY POLICY AND DEVALUATION REVERSALS -- a Federal Reserve chairman who is concerned not only with liquidity needs, mortgage rates, inflationary pressures and economic expansions or contractions but also with the value of the dollar against other currencies;

13. INFRASTRUCTURE RENEWAL, WATER PRESERVATION AND A NEW WATER GRID -- an economic expansion program that rebuilds the nation’s existing infrastructure, constructs new and tamper-proof "backyard" reservoirs on every block to collect snow fall and rain water and installs a water grid allowing the flow of such water, or freshly desalinated water, from a wet to a drought area;

14. PREVENTION HEALTH-CARE -- a health-care system that encourages prevention, exercise and a proper diet, discourages excess food consumption, smoking and drug use and rewards conscientious and dedicated health-care workers;

15. BASIC EDUCATION -- a return to excellence in education, teaching teachers and students grammar, the evolution of language, the gradual extinction of the adverb and the correct pronunciation of the word, "nuclear;"

16. VIOLENCE AND EXCESSES -- a national philosophy that rebukes violence in entertainment, excesses in indulgence and desires for instant gratification;

17. LIMITS AND TEMPTATIONS OF POWER -- an administration, from top to bottom, that is always mindful of a) the differences between totalitarianism and democracy, b) the limits of power, particularly powers that are in the presidential "twilight zone," and those below it that are subtle, self-serving and seemingly innocuous in isolation, but carry grave and lasting consequences when compounded and c) the omnipresent temptations that are all too often and too easily overlooked or rationalized; and

18. A GLOBAL PERSPECTIVE -- an American understanding and acceptance that we live in a diverse world, that enlightenment can come only from learning about each other’s differences and being in awe of the similarities, that in order to build a peaceful future, everyone must have a stake, a common purpose guided by reason that leads steadfastly toward the ideal, that provincialism, ideology, arrogance or prejudice will only deter, if not destroy, the refinement of civilization.

Economic Oval Table on C-span?

Al Pao in San Francisco — Sat, 08 Nov 2008 03:26:42 EST

Once upon a time, Senator Obama said something about airing his meetings on C-span. Will this promise be fulfilled?

It would be amazing if democracy can be transparent for transparency encourages participation and keeps democracy vibrant.

Secretary of State

Al Pao in San Francisco — Thu, 06 Nov 2008 19:47:32 EST

Please, NOT John Kerry. First choices: A) FAREED ZAKARIA; B) COLIN POWELL; C) CHRIS DODD

4thchoice: ANGELINA JOLIE AND BRAD PITT; 5th choice: BOBBY JINDAL

6th choice: JERRY BROWN, JR.

The Weight Of the World Is Upon Barack Obama

Al Pao in San Francisco — Thu, 06 Nov 2008 05:33:23 EST

Barack Obama’s first speech as President Elect on November 5, 2008, in the Land of Lincoln, was not celebratory. It was somber, with a tinge of hope supported by an unbreakable will to make this world a better place.

No wonder there was hardly any applause lines and no fireworks display. Barack Obama had just landed a responsibility so great that even if one were to realize its immensity, not many would not be able to comprehend its complexity or deal with it effectively.

GW Bush, with his limited knowledge, wisdom and intellect, ruled only by his whim, who understood nothing and muddled through an assignment, the Presidency of the United States, that was way over his head.

The facts are clear: Corporate earnings are dropping, layoffs are rising, and recession is deepening. While this Pandora’s mess is going on, Russia decided yesterday to respond to GW Bush’s maniacal paranoia and the Bush plan to place a missile defense shield in Poland by announcing that it will target Poland with its missiles. Vladimir Putin had also stated earlier that it would not hesitate in making a pre-emptive strike before Bush’s missile shield is in place.

The verdict has come in: The economy and prospects for peace that are in shambles.

Bush will pass to Obama not a baton, because he was not conducting the affairs of the country. He only has a shovel, that he and Cheney used to dig this nation into a hole economically and politically. Obama will inherit from Bush the burden and disgrace he originated.

Then there is the expectation, created by Obama's uplifting and inspirational speeches, now owned by those voted for and especially those voted against him, and everyone else around the world, that from these days forward, will come a tomorrow that will bring peace and prosperity, a tomorrow so soon that patience will be tested time and time again, and pushed yet again beyond its last revised boundary.

To fulfill this expectation, he will reason with us and will deploy his wisdom in judgment. On a day to day basis, he will need us and our cooperation. And in those very difficult moments, he will need our prayers.

I Cried Again

Al Pao in San Francisco — Wed, 05 Nov 2008 01:00:22 EST

Dear President Elect Barack Obama,

I am a naturalized citizen of the United States. For the first time, I feel like I am an integral part of America. You reached out to me. You spoke to me. These words I've heard, came not from your mind, but from your heart.

May God be with you and your family, always.

with all my love,

This Is Our Moment ...

Al Pao in San Francisco — Tue, 04 Nov 2008 15:16:59 EST

The time has come.

The world is waiting

For all Americans

Of every stripe

To exercise the right

To vote away the ignorance

The special interests

A misguided vision

A failed ideology

Political

Economic and

Environmental.

The world cannot afford

Another simpleton

A b-rated actor

An overprivileged son

A war-minded soldier

A provincial-minded beauty queen

It’s time to make history

Today is the day.

Very Sad.... I Cried ...

Al Pao in San Francisco — Mon, 03 Nov 2008 20:11:44 EST

Barack Obama wiped away tears flowing down his cheeks during a rally in Charlotte, North Carolina, when he spoke of his grandmother who passed away this morning.

May God Bless you and your family.

http://news.yahoo.com/nphotos/Obama-grandmother-dies-before-election/ss/events/pl/102108obamagrandmoth;_ylt=Aj_fpqbZODDavTNHArlDmO1h24cA#photoViewer=/081104/480/c5a0013ea6ab46e7b9b7df2c2a2187c9

With Deepest Sympathy and Highest Hopes

Al Pao in San Francisco — Mon, 03 Nov 2008 18:06:23 EST

Barack Obama has a new supporter in heaven, Barack and Maya’s grandmother.

Madelyn Payne Dunham, the maternal grandmother of Democratic presidential nominee Barack Obama, died Monday at the age of 86 after a battle with cancer, his campaign announced Monday. The Illinois senator has called his grandmother one of the "cornerstones" of his life.
In a statement released with his sister Maya Soetoro-Ng, Obama called his grandmother "a woman of extraordinary accomplishment, strength, and humility. She was the person who encouraged and allowed us to take chances." http://www.npr.org/templates/story/story.php?storyId=96175259&ft=1&f=1021

My hope that Madelyn Payne Dunham would live to see Barack sworn in as president did not materialize. I am not deterred. I believe that she saw the future, and she was satisfied. Her life's work was done, and she went home. The strength of her spirit and the spirit of Barack's mother, Stanley Ann Dunham, is with Barack in these last hours of the campaign, to give him the support he needs.

Palin Criticized the Press For Exercising Its Freedom of Speech

Al Pao in San Francisco — Sat, 01 Nov 2008 15:17:25 EDT

Palin doesn't understand First Amendment
In a radio interview that aired Friday morning, Sarah Palin said Americans' First Amendment rights are in danger. Ironically, it's apparently the press who's threatening those rights.
"If [the media] convince enough voters that that is negative campaigning, for me to call Barack Obama out on his associations," Palin said, "then I don't know what the future of our country would be in terms of First Amendment rights and our ability to ask questions without fear of attacks by the mainstream media."
That is, to be clear, a fundamental misunderstanding of what the First Amendment is about. Let's review the text:
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances.
To put it succinctly: the press can't violate Palin's First Amendment rights. If the government were to criminalize her speech, that would be a violation. But what the press is doing in criticizing Palin is exercising the First Amendment. http://www.salon.com/politics/war_room/2008/10/31/palin_first/

Thanking Iowa

Al Pao in San Francisco — Fri, 31 Oct 2008 19:49:00 EDT

Barack Obama looked a little tired in the Situation Room on CNN today. But he is not slowing down, even though he is leading in the polls four days before Election Day. He returned to Iowa to thank the Iowans who gave him their critical vote of confidence in his presidency during the primary.

Iowans gave Barack Obama the lift he needed when he needed it. I am almost certain that he will return the favor and Iowa will have a special place in his administration.

Obama on the Economy

Al Pao in San Francisco — Thu, 30 Oct 2008 23:02:24 EDT

Watch Senator Obama discuss the challenges during a recessionary economy in his interview with Brian Williams at http://www.msnbc.msn.com/id/3032619/#27462301

I cannot imagine how anyone can vote for a 72 year old President who had admitted that he did not understand the economy when the economy is the number one issue, and who had chosen a running mate whose avarice for absolute power is matched by an absence of intellectual curiosity, a lack of plenary knowledge of the world’s economic and political affairs, a reckless disregard for law and reason and the paucity of broad life experiences.

Clinton Passes Torch -- Bush Passes Shovel

Al Pao in San Francisco — Thu, 30 Oct 2008 01:12:19 EDT

In Kissimmee, Florida, Senator Obama appeared with President Bill Clinton at a rally that went past midnight. It was a symbolic torch passing ceremony, with the former Democratic president sharing the stage with, then yielding the spotlight to the new Democratic leader five days before Election Day.

Drawing a parallel, Senator Obama first credited President Bush with digging the country into a hole for the last eight years, then noted that the shovel had been passed to John McCain.

LOL! Bill Clinton laughed too, so did a lot of people.

VOTE NOW.

VOTE EARLY.

VOTE THIS ONE TIME.

VOTE OBAMA!

Senator's Obama Half Hour Infomercial

Al Pao in San Francisco — Thu, 30 Oct 2008 00:45:36 EDT

Spending an estimated $3.5 to 5 million, Senator Obama aired on several television stations during prime time a half-hour infomercial Wednesday evening, October 29, 2008. Major League Baseball agreed to delay the broadcast of a World Series game by about 15 minutes to accommodate the Senator.

Not to be outdone, Senator McCain chanted during that enitre time: "I will fight." :-)

(That was my lousy attempt at a Conan O'Brian style joke.)

A $600 Million Dollar Socialist -- I Want To Be One!!

Al Pao in San Francisco — Tue, 28 Oct 2008 22:45:41 EDT

["Socialist" Barack Obama] bought 30 minutes of airtime from the different networks, a very expensive purchase. But hey, he can afford it. Barack Obama is loaded, way more loaded than John McCain, way more loaded than any presidential candidate has ever been at this stage of the campaign.
Just to throw a number out: ["Socialist Barack Obama] has raised well over $600 million since the start of his campaign, close to what George Bush and John Kerry raised combined in 2004. See http://www.cnn.com/2008/POLITICS/10/28/campbell.brown.obama/index.html

Rolling in that kind of dough, who's afraid to be a socialist? SIGN ME UP: I AM READY TO BE A $600 MILLION DOLLAR SOCIALIST! Aren't you?

VOTE NOW! VOTE FOR OBAMA!!

The Candidate Who Will Work Hard

Al Pao in San Francisco — Tue, 28 Oct 2008 16:09:58 EDT

Barack Obama is a candidate who will work hard, even when he is leading in the polls:

Obama's advisers say they are confident of victory in the state. Still, they sent the candidate to rally supporters in Pittsburgh Monday night and to the battleground Philadelphia suburbs on Tuesday. About 9,000 people stood in the mud and a steady, cold rain at Widener University to hear him.
"I just want all of you to know that if we see this kind of dedication on Election Day, there is no way that we're not going to bring change to America," said Obama, uncharacteristically attired in jeans, sneakers and a raincoat. McCain canceled a second event 50 miles away in Quakertown because of the dismal weather. See http://news.yahoo.com/s/ap/20081028/ap_on_el_pr/campaign_rdp;_ylt=AprfYD8YqT68t1UpYF3P3X.s0NUE

106 Year-Old American Nun In Rome Votes For Obama

Al Pao in San Francisco — Mon, 27 Oct 2008 03:40:03 EDT

See video clip at http://abcnews.go.com/Video/playerIndex?id=6037734

Sister Cecilia Gaudette, who was born in New Hampshire in 1902 but has lived in Rome for 50 years, said the Democrats' contender struck her as "a good man".
"I'm encouraged by Senator Obama," the nun, who will be among the oldest Americans to vote, told the BBC. "I've never met him, but he seems to be a good man with a good private life. That's the first thing. Then he must be able to govern."
She decided to take part in next month's US federal election – her first since voting for President Eisenhower, a Republican, in 1952 – after learning that she could cast an absentee vote on the internet.
She said she hoped Senator Obama, if elected, will be able to bring an end to the war in Iraq and contribute to fostering world peace.
Since announcing her voting intentions, Sister Gaudette has becoming something of a media celebrity, with her religious order fielding calls from around the world.
But it has all proved a bit much for the frail nun, a member of the Religious Sisters of Jesus and Mary, and she now wants to be left in peace.
"Sister Cecilia is tired, she is startled and she is even a bit anguished by all the attention," said Sister Carmen Aymar, a deputy superior general at the convent in Rome where Sister Gaudette lives. "Now she wants to be left alone."
Sister Gaudette came to Italy half a century ago but remains fiercely patriotic.
"She is very proud to be an American," said Sister Aymar. "She keeps an American flag in her office. She is a very determined woman and still very lucid." See
http://www.telegraph.co.uk/news/newstopics/uselection2008/barackobama/3190402/106-year-old-nun-to-vote-Barack-Obama.html

Republican Socialism

Al Pao in San Francisco — Sun, 26 Oct 2008 17:21:12 EDT

Socialism for those who have everthing;
capitalism for those who have to struggle for everything.

An income tax structure benefitting primarily the unreasonably compensated such as the CEO's, entertainers, athletes and oil companies, bailouts for Wall Street businesses and zero estate tax in 2010 are just some of the mechanisms that run the republican welfare state for the well-to-do.

The christian Right's Political Erotica

Al Pao in San Francisco — Fri, 24 Oct 2008 21:22:04 EDT

From http://news.yahoo.com/s/ap/20081025/ap_on_el_pr/christian_right_attacks:

Terrorist strikes on four American cities. Russia rolling into Eastern Europe. Israel hit by a nuclear bomb. Gay marriage in every state. The end of the Boy Scouts. All are plausible scenarios if Democrat Barack Obama is elected president, according to a new addition to the campaign conversation called "Letter from 2012 in Obama's America," produced by the conservative Christian group Focus on the Family Action.

Then there is this other letter I've come up with, from 2012 in McCain's America:

Nuclear war on 7 continents. Sarah Palin speaking in toungues. John McCain forming a commission to study the $50 trillion national debt and the worthlessness of the U.S. dollar. John McCain giving his famous speech entitled: I WILL FIGHT, 76th edition.

The AIG Bailout Is Not Working

Al Pao in San Francisco — Fri, 24 Oct 2008 15:00:32 EDT

GW Bush appointees, Fed Chairman Bernake and Treasury Secretary Paulson took 85 million of taxpayer dollars to bailout AIG. When that was not enough, they gave them another $37.8 billion after AIG sales executives enjoyed a week of lavish entertainment and spa treatments at a 5-star resort hotel costing more than $440,000.

Bloomberg news reported on AIG today:

"American International Group Inc. declined 14 percent [today] to $1.80. [It is down from its 52-week high of $64.25, a return of –97.13 percent.] The insurer said it has used $90.3 billion of a U.S. government credit line since it was bailed out last month, an amount that exceeds the size of the original loan meant to save the company." See http://www.bloomberg.com/apps/quote?ticker=AIG:US and http://www.bloomberg.com/apps/news?pid=20601087&sid=aq.Vup9RcEKg&refer=home

The $85 billion bailout was announced the evening of September 16, 2008. In about 37 days, AIG had blown through all of that and more, $90.3 billion to be more exact. That is approximately $1,694,820 per minute for 37 days, 24 hours a day, 7 days a week.

McCain, who has admitted he does not know much about the economy and who has agreed with GW Bush 90% of the time, is being considered by some to be sufficiently intelligent and knowledgeable to lead the world through this unprecedented international economic crisis? Can they be serious? What is it with the republicans? They want another idiot to follow this one?

Senator Obama is the candidate who has the brains here, not Senator "Fight Everthing" McCain or Governor "Caribou Barbie" Palin.

The Presidential Race IS NOT Over

Al Pao in San Francisco — Thu, 23 Oct 2008 01:20:18 EDT

Polls have been showing Obama leading McCain and the margin in favor of Obama is widening. Everyone has to realize that it is TOO EARLY to celebrate, TOO EARLY to kick back and TOO EARLY to break out the California sparkling wines, but NOT TOO EARLY to go vote.

VOTE EARLY.

VOTE THIS ONE TIME.

VOTE OBAMA!

Madelyn Payne Dunham

Al Pao in San Francisco — Wed, 22 Oct 2008 03:06:55 EDT

As we all know by now, Madelyn Payne Dunham is Senator Obama's grandmother who took care of young Barack when he was a boy growing up in Hawaii. She recently returned home from the hospital and is reported to be "gravely ill."

I don't want to believe that Madelyn Dunham will not live long enough to see his grandson sworn in as the 44th President of the United States. I am determined to believe that she will recover, and be well enough to travel to Washington DC to watch the swearing-in ceremony. She is only 85, and will be 86 this Sunday, according to a news article.

For those who are non-religious, please wish Madelyn Dunham a consistent and certain recovery and send her your kind and heart-felt wishes. For those who pray, please say sweet prayers for Madelyn Dunham. For me, I pray for Mary, mother of God, to be by Madelyn Dunham's side, to be with Barack Obama, and to answer my prayers.

Biden the Soothsayer

Al Pao in San Francisco — Tue, 21 Oct 2008 01:43:45 EDT

Senator Biden: Perhaps you are better suited to be a fortune-teller than a Senator or Obama's running mate.

Why did you say that the world will test Obama's mettle should he become President? When did you acquire the ability to see into the future? Did God speak with you?

"Mark my words. It will not be six months before the world tests Barack Obama like they did John Kennedy. The world is looking," Biden said.
"Remember I said it standing here. if you don't remember anything else I said. Watch, we're gonna have an international crisis, a generated crisis, to test the mettle of this guy. And he's gonna have to make some really tough -- I don't know what the decision's gonna be, but I promise you it will occur. As a student of history and having served with seven presidents, I guarantee you it's gonna happen," Biden continued. See http://elections.foxnews.com/2008/10/20/biden-obama-tested-world-months-administration/

And what do you see for your son in Iraq? Will some enemy test his courage and when might that take place? Allow the world to mark your words on your son's fate.

Your ability to raise some good money here in San Francisco ought not to go to your head. Without Senator Obama, you are just another politician. Remember not too long ago, you lost your own presidential bid.

And if you are so good at predictions, why did you waste your time running for president when you knew you were going to lose?

Eat your words and try to acquire some humility.

I have liked you, but now I'm upset.

I Voted For Obama -- Twice

Al Pao in San Francisco — Mon, 20 Oct 2008 04:59:55 EDT

I voted yesterday! Yea! That was my second time voting for Obama. Before anyone gets the idea that I like to vote early and vote often, I just want to clarify that I voted for Obama during the primary, and I voted for him again for President.

PLEASE GO VOTE.

VOTE EARLY.

VOTE THIS ONE TIME.

VOTE OBAMA.

The “Joe”s in Palin and McCain’s Lives

Al Pao in San Francisco — Sat, 18 Oct 2008 19:13:50 EDT

Joe 6-pack

Sarah Palin has called out his name during the day and at night. He apparently drinks all day and all night. Joe 6-pack must be a chronic alcoholic, or a chronically recidivistic alcoholic.

Joe, the plumber

His first name is not Joe. It is Samuel. "Joe the Plumber has been confirmed as Samuel Joseph Wurzelbacher." See http://politicalirony.com/2008/10/15/mccain-plumber-08/

He is not a plumber. "The New York Times has turned up that he is not licensed, either as a plumber or a contractor. Also, Joe claims to be a member of a local plumber’s union on his Facebook page, but a union official says that is not true. So he has been working illegally as a plumber." Ibid.

He does not pay income taxes. "Joe has gotten into trouble for not paying them." Ibid. Perhaps he thinks that McCain will bail him out or pardon him.

So, Joe the "plumber" is actually a fraud. And he is McCain’s hero. No surprise there. Charles H. Keating, Jr. was as well. See http://en.wikipedia.org/wiki/Keating_Five

I don’t think either of these personal friends of Palin and McCain is symbolic of the American middle-class. The American middle-class comprises of hard-working men and women who pay their share of income taxes, who do not misrepresent to others intentionally and who are not chronic alcoholics.

It is clear who these "Joe"s are, but it is unclear how many across the United States are like them or identify with them.

I’d like to see a poll showing the percentage of American voters who think they are either a McCain and Palin "Joe" or a "Jane" or who aspire to become one.

"Spreading the Wealth"

Al Pao in San Francisco — Sat, 18 Oct 2008 02:56:38 EDT

McCain and his supporters are raising a concern that Barack Obama might be a proponent of socialism when he counseled a voter outside of Toledo, Ohio, to "spread the wealth" when he was concerned about having to pay higher taxes when his income exceeds $250,000 annually.

Their concern is unfounded.

Senator Obama's response does, at first glance, have a socialistic tinge to it. Those were not the choicest words to use under the circumstances. To understand the Senator’s words, one has analyze them from different perspectives.

First, the accumulation of wealth by Americans often comes with their generosity in their gifts to charities. What Senator Obama was referring to when he advised "Joe the Plumber" of Ohio to "spread the wealth" was to remind him of the Christian virtue of charity.

Furthermore, making a donation, and subsequently taking a charitable deduction on Schedule A on Form 1040 in the tax same year, is a transaction that is fully in comport with the spirit of capitalism.

Finally, having a higher marginal tax rate on earned income above $250,000 annually will provide GW Bush and McCain the money to pay for the wars they want to win without having to borrow it from China and thereby compromising American economic strength and national security.

Help Wanted: Sewage Plumbers

Al Pao in San Francisco — Sat, 18 Oct 2008 01:27:23 EDT

THE SITUATION

The republican attack dogs and their masters, McCain and Palin, together with their friends, are spewing crap all over the place, including this website.

THE CAUSE

Without the intestinal fortitude to address the critical issues this nation now face, such as a global economy in turmoil, large financial institutions in dire straits and two unfinished wars just to name a few, these extreme right-wing ideologues picked an inappropriate time to have a collective intestinal malfunction. There are not enough bottom feeders on the earth’s ocean floor to clean up their soils, an environmentally friendly and energy-conserving method.

HELP WANTED

We need plumbers, taxpaying or not, whether properly licensed in the state of Ohio or not, to halt the spreading of extreme right-wing ideologues' seemingly unstoppable diarrheic toxicity from now until Election Day.

JOB DESCRIPTION

This job entails cleaning up the contaminants dispersed by extreme right-wing ideologues, flushing out their remaining sludge, containing all that in a nuclear waste-style enclosure and removing the stench in the air.

THE PAY

Everyone who works on the job ought to be paid with an income that annualizes to just under $250,000.

Don't Count Your Chickens...

Al Pao in San Francisco — Thu, 16 Oct 2008 20:19:50 EDT

VOTER ALERT

GO VOTE, especially if you are for Obama. Poll results are phantom votes, just like the kind of phantom wealth that brought down Wall and Main streets.

Only real votes count. A lead in the polls does not.

DO NOT LET THE POLL RESULTS BRING OBAMA DOWN.

"Don't count your chickens before they are hatched."

SO ... PLEASE GO VOTE.

VOTE EARLY.

VOTE THIS ONE TIME.

VOTE OBAMA.

THANK YOU.

Obama’s Third and Final Presidential Debate

Al Pao in San Francisco — Thu, 16 Oct 2008 19:44:04 EDT

My favorite part is Obama’s take on Sarah Palin:

SCHIEFFER: Do you think she's qualified to be president?
OBAMA: You know, I think it's -- that's going to be up to the American people. I think that, obviously, she's a capable politician who has, I think, excited the -- a base in the Republican Party. See http://www.redorbit.com/news/health/1588874/transcript_of_obamamccain_debate/index.html

I would have answered Bob Schieffer’s question differently:

You know, I think it's -- that's going to be up to the American people. I think that, obviously, she's a capable politician who, by wearing her tight sluttish skirts, has, I think excited the -- the old maverick in ways Viagra alone could not.

OK. That’s only one reason I will never be president of anything. Anyway, what a brilliant response by Obama! But wait, Senator Obama wasn’t finished. Later on, when Bob Schieffer was on the topic of abortion, Senator Obama had this to say:

"We should try to prevent unintended pregnancies by providing appropriate education to our youth, communicating that sexuality is sacred and that they should not be engaged in cavalier activity, and providing options for adoption, and helping single mothers if they want to choose to keep the baby." Emphasis added. See http://www.hofstra.edu/pdf/debate/debate_transcript.pdf

This was a nice indirect swipe at Sarah Palin for not educating her teenage daughter, Bristol, properly as a mother should, that sexuality is sacred, and that teenage coitus is a cavalier activity that ought to be avoided.

McCain and Ayers

Al Pao in San Francisco — Wed, 15 Oct 2008 17:52:49 EDT

Fact: Bill Ayers conducted bombings of public buildings in the 60s and 70s.

Fact: Bill Ayers is a professor at the University of Illinois at Chicago.

[Bill Ayers] is now a professor in the College of Education at the University of Illinois at Chicago, holding the titles of Distinguished Professor of Education and Senior University Scholar. In 1969 he cofounded the radical left organization the Weather Underground, which conducted a campaign of bombing public buildings during the 1960s and 1970s. See http://en.wikipedia.org/wiki/Bill_Ayers

Allegation: Obama was associated with Ayers.

Implication: Obama is "palling around with terrorists," according to Palin.

Analysis: THEOLOGICAL PERSPECTIVE

Palin should know (maybe she doesn’t) that Ayers is no longer a terrorist. He is a professor at the University of Illinois at Chicago. He has repented. Palin apparently forgot she is Christian (assuming she is one) and forgot Jesus’ teachings about repentance and forgiveness. She is apparently unforgiving, and so is McCain.

Analysis: POLITICAL PERSPECTIVE

f they are bringing up this topic just to detract from the important issues that confront the nation and the world, then they are not qualified to be in the White House. The White House is reserved for those who are able to focus on what is important and not the trifles.

Analysis: NATIONAL SECURITY PERSPECTIVE

If Bill Ayers is a terrorist, McCain and Palin are aiding and abetting Ayers by not turning him into the authorities. They know where he is but have done nothing. They have chosen to let him remain at large, allowing him to threaten the safety of all Americans. McCain and Palin are therefore by extension terrorists themselves and are unpatriotic.

Fact: There is another known terrorist. His name is bin Laden.

Fact: McCain chooses to follow him to the Gates of Hell rather than to the mountains and caves near the Afghanistan and Pakistan border.

Speculation: Perhaps he is waiting for both bin Laden Bill Ayers to start running toward Hell before McCain as Batman will start chasing them with Palin as Wonder Woman carrying a moose-hunting rifle.

Son of Conservative Intellectual Endorses Obama

Al Pao in San Francisco — Tue, 14 Oct 2008 23:46:11 EDT

Christopher Buckley, an intellectual powerhouse in his own right and son of William F. Buckley, resigned from the National Review.

"Eight years of 'conservative' government has brought us a doubled national debt, ruinous expansion of entitlement programs, bridges to nowhere, poster boy Jack Abramoff and an ill-premised, ill-waged war conducted by politicians of breathtaking arrogance. As a sideshow, it brought us a truly obscene attempt at federal intervention in the Terry Schiavo case," [Christopher Buckley] wrote.
The resignation comes four days after Buckley formally endorsed Obama on the Web site The Daily Beast, writing the presidential campaign had made John McCain "inauthentic," and Obama appeared to have a "first-class temperament and first-class intellect." Emphasis added.
See http://politicalticker.blogs.cnn.com/2008/10/14/buckley-leaves-national-review-after-obama-endorsement/#more-24538

Barack Obama Is Doing The Right Thing Now

Al Pao in San Francisco — Mon, 13 Oct 2008 19:08:29 EDT

Senator Barack Obama is returning to his theme, asking us to believe in ourselves, so that we change the direction of this nation, so that we can be back on the road to prosperity.

Senator Barack Obama needs to inspire and impassion as a motivator as hard as McCain is fighting as a warrior.

When a leader leads the nation in a fight, it is certain that some, if not many, will perish in his battles. But when a leader inspires with hope and passion, and motivates us all to be better, to live better, then everyone can be on the road to prosperity and peace.

A Paltry $150 Billion Fiscal Stimulus Package

Al Pao in San Francisco — Mon, 13 Oct 2008 18:33:57 EDT

Taxpayers were forced to spend $700 billion to bail out the greedy bankers on Wall Street. Now Congress is proposing a $150 billion stimulus package. It's a paltry sum if the purpose is to generate jobs and renew infrastructure on Main Street. Over that tiny amount, the democrats and republicans are bickering as to how to spend it when there is only one good way to spend it.

A tax cut will not give the nation an efficient and energy-saving transportation system like high-speed rail, safe and efficient nuclear plants, safer bridges, more secure borders or better screening of imported goods; it will only make the fat cats fatter, and the not so fat ones eat more supersized fast food. It will neither improve the health of the job market or of those looking for a job.

Originally, I had suggested $500 billion for Wall Street and $500 billion for infrastructure and nuclear plants. I stand by that still, but just the second part now. $150 billion is not enough.

McCain's Fight

Al Pao in San Francisco — Mon, 13 Oct 2008 15:55:37 EDT

Fighting defines McCain’s life. He fought in the Vietnam War. He fought GW Bush for the presidency. He lost both. He is fighting a cancer that is reportedly in remission, and I hope this is a fight that he will win. He is fighting the inevitability of age, of mental and physical deterioration often associated with age, and of death, certainties no mortal can escape.

To insure the continuation of a republican presidency in the event he is elected, McCain chose Sarah Palin, a former beauty queen and mother of a baby, Trig Paxson Van Palin, born April 18, 2008, with Down’s syndrome, to be second in line. At best, Sarah is a simple-minded, undereducated, intellectually mediocre politician without in-depth international exposure of any kind in her life. She lacks the sophistication and finesse necessary to represent the United States on the international stage. And McCain is fighting some of his own republicans who are trying to replace her on his presidential ticket.

There is no doubt in anyone's mind that McCain is a fighter. He will bring his fight to Obama. If elected, he will bring his fight to the Oval Office. He will bring his fight to any country that disagrees with him, including those who are allies (McCain won’t even talk to Spain). He will engage the United States in a fight at all costs, and is determined to win all his fights at all costs without regard to the costs – the lives, the deficit, the respect, the economic and ultimately the military strength. And McCain confirms his willingness to fight:

Sen. John McCain on Monday told voters that they should elect him because "what America needs in this hour is a fighter." I will fight to take America in a new direction from my first day in office until my last. I'm not afraid of the fight, I'm ready for it," McCain said at a rally in Virginia Beach, Virginia. See http://www.cnn.com/2008/POLITICS/10/13/campaign.wrap/index.html

This comes back to the point that I have been making: Any idiot can start a fight; only a real leader will work to stop and prevent one. Senator McCain, based on what you have said, you are not a leader. More importantly, you are right: You are a fighter. Sadly, that is all that you are.

Palin Abused Power

Al Pao in San Francisco — Fri, 10 Oct 2008 22:09:55 EDT

"Republican vice presidential nominee Sarah Palin abused her power as Alaska's governor by trying to get her ex-brother-in-law fired from the state police, a state investigator's report concluded Friday," http://www.cnn.com/2008/POLITICS/10/10/palin.investigation/index.html

We know what the abuse of power has given us:

1. GW Bush and Dick Cheney in 2000 by Florida and the US Supreme Court

2. Iraq War by GW Bush

3. Guantanamo Bay by Bush and Cheney

4. Eavesdropping on US citizens by GW Bush

5. Record deficit spending by GW Bush

6. Loss of confidence in the credit market, turmoil in the stock market, and a non-functional economy by Wall Street

We don't need to put a power hungry and ruthless beauty queen in the White House.

A Global Turmoil Requires Global Solutions

Al Pao in San Francisco — Fri, 10 Oct 2008 00:15:43 EDT

The world’s economy is slowing down, grinding ever so slowly toward a standstill.

Unprecedented leadership is a must.

This is an extraordinary opportunity, a time more profound than the days following the bombing of the Twin Towers, for a leader, any leader from anywhere in the world, to unite not just the NATO members and the G8 countries, but every country on this planet and commit every citizen on this earth, to join and work together, to abandon warfare once and for all, to give everyone a stake in his/her future, and in the collective future of this civilization.

This is the time to forgive and forsake the past, to begin anew, to return to the fundamentals of society building, to engineer a foundation so that everyone will have the basic necessities, the health care, the education and the kind of work that will promote a prosperous, peaceful and environmentally sustainable future for all.

"My Fellow Prisoners"

Al Pao in San Francisco — Thu, 09 Oct 2008 19:52:01 EDT

"My Fellow Prisoners"? Are we going to be prisoners of a McCain administration and economy? Herr Hilter was not nearly as bold. See http://www.youtube.com/watch?v=0mBi7d6e5KI

Bin Ladin and The Wall Street Crooks

Al Pao in San Francisco — Thu, 09 Oct 2008 03:01:36 EDT

I don't see too much difference between the 2,996 lives that bin Laden ended and the actions of Wall Street executives that have resulted in squeezing hundreds of thousands of innocent people economically, stressing them out and torturing them with the prospect of losing their jobs, their homes and their right to basic necessities and health care on Main Street.

I can find no adjective in the dictionary for these people, but there could be a place in hell just for them, for their compound fraud, their treachery toward the unknowing, the weak or the defenseless: that dreaded 9th circle, Round 4 (Judecca) described in Dante’s THE DIVINE COMEDY, Canto XXXIV in The Inferno. See Alighieri, Dante. THE DIVINE COMEDY (John Ciardi, Translator) New York: New American Library, 2003. (Original work published in two parts: in 1314, The Inferno; in 1321 The Purgatorio and The Paradiso).

AIG Breached The Duties of Good Faith and Fair Dealing

Al Pao in San Francisco — Wed, 08 Oct 2008 20:37:53 EDT

By spending $440,000 of its bailout dollars on a bailout party, wining and dining and getting massaged, AIG executives have breached their duties of good-faith and fair-dealing. AIG should be allowed to fail. The $85 billion loan must be withdrawn.

Simply put:

Getting a government bailout: 85 billion dollars.

A week of bailout celebrations: 440,000 dollars.

Taking back every bailout dollar: priceless.

AIG Post-bailout Junket -- $440,000

Al Pao in San Francisco — Wed, 08 Oct 2008 19:49:11 EDT

We, the taxpayers, are the majority stakeholders in AIG. Its executives are our employees. These "servants" of ours are wining and dining and getting spa treaments at a 5-star St. Regis hotel. Is there no shame? AIG executives took $351,560 of our money(79.9% x $440,000) and spent it on a week-long junket. This is part of the 85 billion bailout dollars, delivered to AIG on the backs of the working class. Please read below, http://ca.news.yahoo.com/s/afp/081008/usa/finance_banking_insurance_company_aig_whouse:

The US Federal Reserve stepped in to save American International Group from imminent collapse on September 16, with a loan that gave the US government a stake of 79.9 percent in the insurance behemoth in the deal.

"Less than one week later, AIG held a week-long retreat for company executives at the exclusive St. Regis resort in Monarch Beach, California," Democratic Congressman Henry Waxman told the House Committee on Oversight and Government Reform on Tuesday.

Invoices showed that AIG paid the Pacific Ocean getaway resort more than 440,000 dollars, Waxman told the committee on its second day of hearings on the Wall Street economic crisis.

The charges included close to 200,000 dollars for rooms -- which cost between 425 and 1,200 dollars per night -- over 150,000 for meals and 23,000 in spa charges, he said.

Obama In His Element -- He Connected

Al Pao in San Francisco — Tue, 07 Oct 2008 23:03:08 EDT

Obama showed his ability to connect with his audience. He was not lecturing like a law professsor, even though he fed us a lot of information. Long after the debate, he remained in the room because the audience left their seats to join him on the floor, surrounding him. He became the professor for whom everyone seems to have a question. He was truly in his element.

No Quick Fixes

Al Pao in San Francisco — Tue, 07 Oct 2008 19:34:30 EDT

Federal Reserve Chairman Ben Bernanke's hint at lowering interest rates on top of the bailout is more about his desire to be in the limelight now that Treasury Secretary Paulson had stolen it from him. Lowering interest rates will only drive down the US dollar. It will not stimulate the economy. There is not enough liquidity out there for lower rates to make any significant difference.

As I have been suggesting all along, we need FISCAL STIMULUS in additional to the monetary stimulus of $810 billion. Money needs to be poured into building nuclear plants and replacing infrastructure. This will be the civil equivalent to wartime spending. Speaking of wars, call the Iraq war a draw and get out of there. Replace the troops in Afghanistan with "hide and seek" intelligence and spy novel detectives to smoke out bin Laden, now that the Taliban is looking to split ties with Al Quaida.

Be bold. Do something different. War is always the easy answer, but not always the most cost effective in terms of resources or lives. Dumb leaders go to war. Who doesn't? Even I know how to start a war. It is the smart ones who avoid them.

The Rise and Fall of GW Bush

Al Pao in San Francisco — Tue, 07 Oct 2008 13:34:47 EDT

The lack of liquidity on Wall Street has now given way to illiquidity on Main Street. People who are losing their jobs are now unable to pay their credit card debts, which in turn, will trim bank profits requiring more layoffs. This disaster has spread overseas. This global contracting economy is still looking at further contractions and more bank and business failures. Will this vortex that is spinning endlessly toward economic hell ever stop?

Although GW Bush cannot be blamed for every personal economic ill, but he can be blamed for the major ones. He is the president, wielding a lot power, power than can prevent the abuses on Wall Street with the enforcement of laws, especially the inviolate fiduciary duty toward those who are most vulnerable. He has failed miserably.

GW Bush has come full circle since his accent to the presidency without popular support. His rating is now at an all-time low, matching Richard Nixon's right before his resignation. Someone should write a book entitled The Rise and Fall of the Bush Monarchy.

New National Poll

Al Pao in San Francisco — Mon, 06 Oct 2008 18:25:49 EDT

"Fifty-three percent of likely voters questioned in the [new national] poll say they are backing Obama for president, with 45 percent supporting McCain," http://www.cnn.com/2008/POLITICS/10/06/poll.of.polls/index.html

Are there really 45% of Americans who are planning to vote for McCain and Palin? Now I do not expect Obama to take 100% of the votes, but those 45% who are willing to endure a continuation of the Bush/Cheney policies must be out of their minds or on a different planet.

People, there is a crisis here, not an academic crises but a real one, and it is spreading around the world. And what have McCain and Palin chosen to do? Not to lead the United States out of tihs quagmire, not to lead the world toward a peaceful and prosperous tomorrow, but to turn the page on the economy.

You know what? The next page is also about the economy.

Ignoring the number one issue, the economy, McCain and Palin are launching personal attacks against Obama. No matter what kind of character impeachment McCain and Palin are employing, they have all been aired during the primary. The McCain/Palin sequel is just a voice-over, using the same plot, the same cast and the same words. It was a bad movie to start with and it is playing on the air waves again.

Since the media, of which the blogsphere is a part, is so fixated on re-runs, let me contribute to it: IT'S THE ECONOMY, STUPID!

It is time to vote for the policies that would stop the abuses on Wall Street rather than McCain and Palin who are clueless about the economy.

McCain & Palin Dishonorable and Unpatriotic

Al Pao in San Francisco — Mon, 06 Oct 2008 14:26:35 EDT

The first things to do to honor every American are to make everyone feel safe in the home and give every person the belief and confidence that a better future is achievable through hard work. McCain and Palin are dishonorable by ignoring the painful facts that Americans are losing their homes to feel safe in, and that wealth that is being accumulated in portfolios for retirement or education or taking care of parents is disappearing. With the Dow dropping 32% in the last 52 weeks (14,198 - 9,591 / 14,198) as of today, and the down market is still fluctuating downward and has not yet closed, McCain and Palin are deathly silent on any attempt to help with the economic struggles and lift up the hopes of every American.

Patriotism is defined as the love of country. More importantly, it is the love of its citizenry, a citizeny that is called on for the defense of the country. When their future is staring at the real possibility of a depression, McCain and Palin are wasting time on issues that will not shore up a failing economy. They are denial that a strong military and a nation's security require a strong economy that does not run on borrowed funds. These are major issues, critical to a country's future. To ignore them is not only unpatriotic, it is reckless and unconscionable.

Scare Tactics and Swiftboating

Al Pao in San Francisco — Mon, 06 Oct 2008 03:14:52 EDT

The Cheney-Bush scare tactics and the republican swiftboating are so yesterday. They will not work this time around. People who have bought into them have not been given any reward in exchange. In fact, not only have they gotten nothing in return, they have been robbed of their trust, their jobs, their health insurance, their peace of mind, their comfort, their survival and their future.

Borders and ports are still not secure. Poisonous toys and food have come into the country. No one can be sure if WMDs (nuclear or chemical or biological) have slipped in as well. Bin Laden is still at large. An unfinished war in Afghanistan is deteriorating. An on-going and unnecessary war in Iraq is being paid by loans from China and lives of young soldiers. The tax laws are structured to favor extremely wealthy individuals and oil companies. A market is deregulated and replaced by unconscionable greed. The foundation of the economy, held up by huge financial institutions made barely solvent by almost worthless derivatives, is cracking. A $810 billion dollar bailout, now in the hands of the Treasury Secretary, is not a guarantee against further economic contraction. Sales have slowed. Jobs are being cut. Tax revenues have shrunk. California, the 7th largest economy in the world, will run out of money at the end of October.

And McCain, Palin & Company are turing the page on the economy, returning to scare-the-crap-out-of-voters politics without articulating a plan to restore stability to the financial markets and to earn the respect that America had before Bush, Cheney and the McCain and Palin republicans squandered it.

Palin to Raise Funds in San Francisco?

Al Pao in San Francisco — Sat, 04 Oct 2008 19:45:26 EDT

When I heard that Palin was coming to San Francisco to raise funds, I was suprised, just like when McCain came to this city for the same reason. She'll get some money, but how much will probably be kept under wraps for fear of embarassment. I suppose there are a number of closeted right wing Jewish and Christian republicans who hide in this gayest city on earth. LOL.

Bush Has Just Signed Bailout Bill

Al Pao in San Francisco — Fri, 03 Oct 2008 14:53:35 EDT

It is not a time for celebration. It's a bitter pill, but as Warren Buffet says, it is not a panacea. The alternative will be disasterous.

I have been a supporter of the bailout, even though I understand all the reasons why there shouldn't be one. It is not a guarantee that it will bring back jobs on Main street any time soon. But one thing is certain, the world will be turned upside down without it, and the ones celebrating would be those who live in caves.

Go Joe, Go!

Al Pao in San Francisco — Fri, 03 Oct 2008 01:17:31 EDT

Joe Biden: You were amazing. I choked up when you did. Kudos.

Doggone It!

Al Pao in San Francisco — Fri, 03 Oct 2008 01:08:53 EDT

Sarah, you did what you had to do, answered your own questions when you did not know the answers to the moderator's. I thought you did well relative to what I had expected. But doggone it, Senator Biden still won! Good luck to ya! By the way, you're darn right on your position on gays and lesbians, but I'd betcha your right wing Christian supporters, homophobic soccer moms and Joe 6-packs are not gonna go for it.

If I Were Gwen Ifill

Al Pao in San Francisco — Thu, 02 Oct 2008 18:53:14 EDT

If I were Gwen Ifill, I would begin tonight's debate between Senator Biden and Governor Palin with the following introduction and questions:

Introduction:

The single most important job for a Vice President is to be able to step in as President at any moment. Therefore, you should answer tonight’s questions as if you were in charge of the Oval Office.

First Question:

The bill, known as the 123 Agreement, passed by both houses of Congress, "reversing 34 years of U.S. policy opposing nuclear cooperation with India — a nuclear weapons state that continues to refuse to sign the 1968 Nuclear Non-Proliferation Treaty", http://www.time.com/time/world/article/0,8599,1846460,00.html

now sits on your desk. Will you sign it or veto it and why?

Second Question:

Georgian President Mikheil Saakashvili is on the line. He said he’s been captured and held by Russian soldiers. What would you do?

Third Question:

Why would it be prudent to spend upwards of $10 billion a month of taxpayer’s money to fund the Iraq war from first, a national security perspective and second, from an economic perspective?

Fourth Question:

Under your administration, what steps would you take immediately to secure America’s energy independence?

Fifth Question:

How would you convince Chinese Premier Wen Jiabao to reduce his country’s greenhouse gas emissions?

Sixth Question:

Do you agree with Iranian President Mahmoud Ahmadinejad that most people do not like homosexuality and do you favor a constitutional amendment that defines marriage as a union between a man and a woman only?

Attention: Red State Republican Voters

Al Pao in San Francisco — Thu, 02 Oct 2008 15:03:51 EDT

The total public debt on January 21, 2001, the date GW Bush was sworn in, was $5,727,776,738,304.64. Four days ago, on October 1, 2008, it was $10,124,225,067,127.69. See http://www.treasurydirect.gov/NP/BPDLogin?application=np

While $700 billion is a lot of money, it pales in comparison to an average increase of about $550 billion of public debt per year in the last 8 years, totaling approximately $4.4 trillion ($10.1 trillion minus $5.7 trillion, see above).

In the large scheme of things, it is therefore a bit late and anticlimactic to scream and yell about the bailout when the right to vote for the right candidate in 2000 was exercised with recklessness by those residing in "red" states. GW Bush carried the following states twice:

"Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia and Wyoming." See http://www.humanevents.com/article.php?id=19589

For those of you who reside in one of the above states and voted for GW Bush, the $700 billion bailout on top of the $4.4 trillion of new public debt is the final verdict of your collective judgment.

The Crisis and bin Laden

Al Pao in San Francisco — Thu, 02 Oct 2008 14:37:28 EDT

"‘It will cost more to solve this problem today than it did two weeks ago,’" said [Warren] Buffett yesterday, http://money.cnn.com/2008/10/02/news/newsmakers/buffett.fortune/index.htm?postversion=2008100212.

The credit markets around the world have come to a screeching halt, triggering bank failures across Europe. "The Dutch-Belgian bank and insurance giant Fortis failed and was provided with a $16.4 billion lifeline by the governments of Belgium, the Netherlands and Luxembourg. The British government nationalized the battered $91 billion mortgage lender Bradford & Bingley. Germany's regulators and banks bailed out Hypo Real Estate Holding AG, in a deal worth billions of dollars." http://money.cnn.com/2008/09/29/markets/stockswatch/index.htm?postversion=2008092909

"[A] spate of bank failures in Europe on Monday sparked one of the biggest stock market collapses since the start of the credit crisis. The FTSE 100 and the FTSE Eurofirst 300 recorded their biggest one-day falls since January 21, while the Irish stock exchange saw its biggest one-day plunge in a quarter of a century." http://www.ft.com/cms/s/0/f37d4bc4-8e4d-11dd-9b46-0000779fd18c,s01=1.html

The credit virus did not stop there. It spread to Japan and Australia. "The central banks of Japan and Australia hosed more cash at their banks to persuade them to resume lending to each other after a weekend of bank failures in Europe," http://uk.news.yahoo.com/rtrs/20080918/tbs-uk-financial-centralbanks-7318940.html.

Again, I cannot emphasize this more: bin Laden had won, even though it was GW Bush and his republican party who fulfilled his ultimate fantasy, which is to destroy the economy of the United States and her allies, to make us all poor just like they are poor. What a waste of lives and precious resources by invading Iraq when bin Laden is hiding in the mountains of Afghanistan and Pakistan! And people are still going to vote for McCain and Palin and the republican military machine and money shredder? I’m speechless.

Already Making Excuses

Al Pao in San Francisco — Thu, 02 Oct 2008 03:22:27 EDT

The republicans are already making excuses for Sarah Palin's performance tonight in her first and only vice-presidential debate by sugggesting that PBS's Gwen Ifill who is the moderator and is black, is partial to Barack Obama since she is writing a book that will talk about Obama.

The fact that Ifill is writing a book, The Breakthrough: Politics and Race in the Age of Obama, is not new. It is scheduled to be published by Doubleday on Jan. 20, 2009, the day of inauguration. "Time magazine [had already] noted she was writing a book in August, and that it has been available for pre-sale on Amazon.com. The book also [was] mentioned in a Sept. 4 interview she gave the Washington Post." http://news.yahoo.com/s/ap/20081002/ap_en_tv/debate_ifill;_ylt=Aqo.51Qnf1phlsKFcigUX2Ws0NUE

"[Raising] the topic of impartiality the day before the debate," Ibid, is as ludricrious as McCain suggesting that he would skip the first debate (he needed to be in Washington to assist with the bailout plan) because in both instances, an assumption about the future is being made. As it turned out, McCain did nothing (he didn't understand the complexities and had no idea where to begin), let alone negotiate a successful bailout plan; instead he sheepishly landed in Mississippi for the debate.

The Plum Card

Al Pao in San Francisco — Wed, 01 Oct 2008 01:55:11 EDT

If you run a small business struggling to survive in this economic climate, using your Amex plum card, or any other credit card, could turn your dream car into a lemon. So cut it up, shred it, melt it to stop the debt from mounting and claiming your home, ruining your family and limiting your future.

No More Derivatives

Al Pao in San Francisco — Tue, 30 Sep 2008 19:42:31 EDT

Get rid of Fannie Mae and Freddie Mac. If banks want to give out mortgages, they would not be able to package them and sell to these agencies, so that these agencies cannot then repackage them and resell them to investors as "mortgage backed securities." Instead, lenders would be required to hold on to the mortgages until the loans are fully paid off or the collateral sold. While this might reduce liquidity in the economy, at least capital transactions will be comprehensible and transparent, and the strength of the economy will be measurable in real terms, not by an accretion of phantom wealth.

For those whose living depend on conceiving such contracts should look outside the legal arena for employment that would help those who need a step up rather than those who step on others. And the regulators who are supposedly in charge of the financial markets should spend the next 10 years in a monastery with a supply of cilices. (Cilice, like the one used by Silas in The Da Vinci Code, not Cialis, the weekend drug.)

The Number "7"

Al Pao in San Francisco — Mon, 29 Sep 2008 18:13:03 EDT

7 years after 9-11, the Dow dropped 777 points in one day (today) over a $700 bailout plan.

We Need Perspective, Not Histrionics

Al Pao in San Francisco — Mon, 29 Sep 2008 17:50:20 EDT

The total public debt on January 21, 2001, the date GW Bush was sworn in, was $5,727,776,738,304.64. Four days ago, on September 25, 2008, it was $ 9,849,249,966,383.92. See http://www.treasurydirect.gov/NP/BPDLogin?application=np

While $700 billion is a lot of money, it pales in comparison to an average increase of $500 billion of public debt per year in the last 8 years, totaling approximately $4 trillion ($9.8 trillion minus $5.7 trillion, see above).

So all the histrionics coming out of the House of Representatives are just simply that, and nothing substantive.

No Bailout = Financial Meltdown

Al Pao in San Francisco — Mon, 29 Sep 2008 14:43:45 EDT

This no bailout = financial meltdown equation is not conjecture. It is reality. And those who clamor for no bailout might only have to wait weeks, if not days, to come face to face with more bank failures and feel the liquidity and credit pinch in their pockets.

Too Late To Complain About A $700 Billion Bailout

Al Pao in San Francisco — Mon, 29 Sep 2008 04:18:14 EDT

In the large scheme of things, it is therefore a bit late and anticlimactic to clamor for the attachment of voting rights to equitable ownership when the right to vote for the right candidate in 2000 was exercised with recklessness by those residing in "red" states. GW Bush carried the following states twice:

Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia and Wyoming.
See http://www.humanevents.com/article.php?id=19589

For those of you who reside in one of the above states and voted for GW Bush, the $700 billion bailout on top of the $4 trillion of new public debt is the final verdict of your collective judgment.

On The Precipice of Depression

Al Pao in San Francisco — Sun, 28 Sep 2008 20:57:28 EDT

In the face of the current credit crisis on Main Street and capital markets crises on Wall Street, we are, I believe, on the precipice of a depression. It is appropriate, therefore, to read, or re-read, what John Kenneth Galbraith had to say (quoting, in part):

… Writing in 1934, Joseph A. Schumpeter … concluded, "In all cases … recovery is sound only if it does come of itself. For any revival which is merely due to artificial stimulus leaves part of the work of depressions undone and adds, to an undigested remnant of maladjustment, new maladjustments of its own."
Had depressions always remained mild, the notion of a normal rhythm, which wisdom required be undisturbed, would have been reassuring. But depressions became more violent … Workers lots their jobs … Investors lost their savings and some businessesmen, more particularly the smaller ones, went bankrupt. … In the face of a really bad depression, the notion of a normal self-correcting cycle was calculated to provide uneasiness tailored for every temperament.

See Galbraith, John Kenneth, THE AFFLUENT SOCIETY, 4OTH ANNIVERSARY EDITION, UPDATED AND WITH A NEW INTRODUCTION BY THE AUTHOR, (New York: Houghton Mifflin Company, 1958, 1969, 1976, 1984, 1998), 38-39.

Congress Reaches Tentative Deal On Bailout

Al Pao in San Francisco — Sun, 28 Sep 2008 01:33:53 EDT

From http://www.cnn.com/2008/POLITICS/09/28/bailout.ap/index.html (44 minutes ago):

Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of billions of dollars.
The House could vote on it Sunday and the Senate on Monday. House Speaker Nancy Pelosi announced the accord just after midnight Saturday and said it still has to be put on paper.
Treasury Secretary Henry Paulson talked of finalizing the deal but added: "I think we're there."

Where was John McCain? In bed?

First Debate

Al Pao in San Francisco — Sat, 27 Sep 2008 00:59:19 EDT

I don't want to comment on the substance of the debate, for there are plenty of very eloquent opinions expressed by very smart and seasoned reporters, and by my fellow bloggers on here. But I do want to say that Barack Obama, who has recently been wearing very smart looking suits, probably by Armani, looked exceptionally handsome with his longer hair.

7 Years Later ...

Al Pao in San Francisco — Fri, 26 Sep 2008 17:15:59 EDT

September, 2008.

Seven years ago, on September 11, 2001, bin Laden wanted to tear down America's strength and targeted the Twin Towers in Lower Manhattan, symbols of American economic power and wealth. What the fiery explosion could not do, GW Bush and his team in the SEC, Federal Reserve and Treasury did with an implosion on Wall Street, a few blocks away from Ground Zero. This was accomplished by the ignornance at the White House, the absence of oversight at the SEC, the band-aid approach by the Federal Reserve (that includes decisions made by Alan Greenspan), and the casting of a blind eye toward the greed on Wall Street by a former Goldman Sachs CEO who is the Treasury Secretary.

My Understanding of Economics and My Economic Plan

Al Pao in San Francisco — Fri, 26 Sep 2008 10:15:12 EDT

Derivatives that were traded on Wall Street are worthless. They had value only because buyers gave them value, in the same way that buyers of Treasury notes give them value. Neither asset is backed by reserves in gold, but both assets are backed by investor confidence in continued economic growth, a real expansion of the economy that would generate wealth to support their worth.

Unfortunately, real growth did not take place; rather, artificial growth took its place. I define artificial growth to be a phantom economic expansion based on credit that had no realistic basis in repayment. That happened when consumers were over-extended, and still were buying homes, with no money down.

Well, as Shakespeare said in King Lear, "Nothing will come from nothing." So, with nothing supporting the phantom economic expansion, the market is now crashing, returning nothing to the consumer/investor. But reality is worse than simply having nothing; it is in debt, and there is not enough money in the market to service that debt.

When Paulson says he will issue bonds to give liquidity to the market, he is issuing a promise that the United States will have real economic expansion to pay for it, all $700 billion, on top of the nearly $10 trillion deficit that is already on the books. Who in the right mind will buy this promise? Not to worry, someone will, for if the United States goes down economically, so go the rest.

But, if he does not, what will become of the markets? They will suffer, and the economy will contract and economic misery that has already permeated throughout America and the world will worsen, for a contracting economy will keep on contracting, pushing the world over the precipice and into a deep and extended depression. That means no jobs, no money, no house, no health care and no meals on occasion.

What if Treasury issues $700 billion and it stops working a few months down the road? Politically speaking, Paulson does not care. It’s another administration. But everyone else on Main Street has to care. Therefore, I suggest again, as I have already, that Treasury spend a trillion, $500 billion on Wall Street for immediate liquidity, letting money flow from the top down, and $500 billion on Main Street for infrastructure and alternative energy, to create jobs and stimulate the economy from the bottom up.

My Letter to Detroit

Al Pao in San Francisco — Fri, 26 Sep 2008 02:33:42 EDT

To: Detroit Free Press, Detroit News, Grand Rapids Press, Battle Creek Enquirer, The Herald-Palladium
Subject: Losing Your Home: You Can Be Next
Message: The economy is still precarious, so is the housing market.When the Treasury issues $700 billion in new bonds, the US dollar will devalue, and interest rates will rise. That means the most important import, oil, will go higher and mortgage payments based on a variable rate loan will increase.

When income is flat and costs are going up, the chances that more people will lose their homes will also go up. If that happens to be you, your loved ones or your friends, and someone takes away your fundamental right to vote, that is an insult on top of misery.

Macomb County Republican Party Chairman James Carabelli is leading the charge to suppress voters who have recently lost their home due to the foreclosure crisis. That is unconscionable.

My Letter to West Virginians

Al Pao in San Francisco — Fri, 26 Sep 2008 02:24:58 EDT

To: Charleston Gazette, Herald-Dispatch, Charleston Daily Mail, Register-Herald, The Dominion Post
Subject: Misery
Message: For those of you West Virginians who will not vote for a black man, or in this case, half a black man and half a white man, you must realize that your financial misery is neither black nor white; it is red -- red ink everywhere, in your home, in your business, in the lives of your loved ones and friends.

Red is also the color of blood, blood of soldiers who had already lost their lives in Iraq and those who may lose theirs. It is a war that did not have to be fought, a war that has not resulted in anything beneficial to the United States. It continues to add red ink to the looming deficit that was about $9.6 trillion in December, 2007, compared to the $5.8 trillion in January, 2000 when GW Bush took office.

When you go into your voting booth, think not of the racial divide but keep in mind the economic schism between the haves and the have-nots. A McCain administration will only enrich the already rich,leaving the struggling to continue struggling.

Personally, I am not one who is worried about my financial situation, whether the next administration belongs to McCain or Obama. However, because I am a Christian, I am concerned about the welfare of those who are not financially secure, who are on the brink of bankruptcy, or who have already lost their homes with nowhere to turn.

Think about your own precarious position if you are middle-class; if you are wealthy, examine your conscience as you think about those less fortunate than you when you cast your vote, knowing that McCain will trample on the down-trodden but Obama will lift them up.

Tomorrow -- Another Defining Moment for Obama

Al Pao in San Francisco — Thu, 25 Sep 2008 18:36:45 EDT

I expect Obama to destroy Bush, McCain and their republican cronies this Friday with undisputed facts and in-depth analysis tying the crumbling economy to the Iraq war spending to international diplomacy and to the pursuit of al-Qaeda, whether McCain shows up or not. It will be another defining moment for Obama.

If McCain shows up, there will be a debate, but McCain will stick to his script and repeat the positions on his changing platform over and again. If he does not show up, Obama will give a statement, another eloquent speech that the McCain barracudas will try their best to rewrite with different words, twisting Obama’s meaning and intentions to gain an impression of leadership, however weak or evanescent.

Such will be the legacy of McCain and Palin: a vapid, ineffective and inarticulate administration, nearly imperceptible leadership and its lack of vision and inspiration for a peaceful, prosperous and orderly world.

It is clear to the Obama supporters that Obama should lead this nation as president of the United States, based on his knowledge, wisdom, judgment and temperament. After Friday, there should be little doubt left for those who are still undecided that Obama is the one to inspire, to lead and to renew hope for a stable, respected and financially secure America.

Who Is McCain?

Al Pao in San Francisco — Thu, 25 Sep 2008 02:38:35 EDT

McCain is a soldier who knows how to follow orders from a commander well. Out of uniform, he is simply a reactionary without a vision. To insist that he can lead the United States through an economic, diplomatic and military quagmire in a fast-changing and complex world is pure hoax.

Shame On McCain

Al Pao in San Francisco — Thu, 25 Sep 2008 02:08:19 EDT

McCain stopped in his tracks when the nation is about to spend $700 billion -- he suspended his campaign. It is a huge amount, but pales in comparison to the $4.89 trillion ($9.66 trillion as of December 31, 2007 minus $5.77 trillion in January, 2000) GW Bush and McCain’s republicans has added to the deficit in almost 8 years. Admittedly, Congress controlled the purse strings (a republican controlled Congress for 6 of those years -- 2000 to 2006), but it is GW Bush who signed the bills.

More importantly, McCain, a decorated war veteran, did not stop campaigning when soldiers died in Iraq and Afghanistan. He obviously cares a lot more about $700 billion than lives.

McCain, shame on you.

When the Going Gets Tough...

Al Pao in San Francisco — Wed, 24 Sep 2008 20:44:30 EDT

When the going gets tough, toughman McCain suspends his campaign and returns to his Senate office to hide.

McCain CANNOT MULTITASK. McCain is running for the top job in the nation when a whole host of issues will hit him at once. What will he do? Suspend the wars in Iraq and Afghanistan or suspend the nation's economy? Suspend emergency rescue for hurricane victims or suspend emergency rescue for (God forbid) terrorist victims?

Seriously, what will McCain do when he sees one crisis piling on top of another like falling dominoes? Suspend his role as president of the United States?

McCain cannot run a campaign, participate in a debate and make policy at the same time. What good is he?

What About $10 Trill For Infrastructure?

Al Pao in San Francisco — Tue, 23 Sep 2008 20:10:47 EDT

I suggested $50 billion each for Wall Street and Main Street yesterday, http://my.barackobama.com/page/community/post/alpao/gGgypx.

After hearing what Hank Paulson had to say on Capitol Hill, which was nothing except "gimme the money, gimme the power," I have decided to yank the $50 billion for Paulson and give the whole trillion to replace America's worn out infrastructure and build new ones for clean energy, including safe nuclear plants, so that jobs can be created on Main Street, so that income can fill the pockets of citizens, so that THEY can provide liquidity for the banks. The economic recovery may take longer, but the foundation will be solid. If Morgan Stanley and Goldman Sachs have to downsize, merge or be bought out, so be it.

Suggestion for Congress

Al Pao in San Francisco — Mon, 22 Sep 2008 11:36:49 EDT

Two days ago on this website, I suggested the $700 billion bailout for Wall Street be a first instalment and another $700 billion for Main Street be the second in the comment section, http://my.barackobama.com/page/community/post/alpao/gGgmpD. Yesterday, I wanted Obama to call for approval of the first $700 billion to be contingent upon the approval of the second $700 billion, http://my.barackobama.com/page/community/post/alpao/gGg9lc.

Today, I mellowed out and decided that a more palatable compromise between the White House and Congress would be to increase the total bailout to $1 trillion, to split equally between Wall Street and Main Street, each getting $500 billion.

While Hank Paulson who was the genius at the helm of Goldman Sachs and who created the instruments that increased profits for the investment banking firm and that caused directly and indirectly the economic disaster today, he should be the one to unravel the mess. After all, it is a well-known maxim that it takes a crook to catch a crook.

Obama's Statement On Bailout Is Correct But Falls Flat

Al Pao in San Francisco — Sun, 21 Sep 2008 16:58:31 EDT

Obama's statement on the bailout, http://news.yahoo.com/s/politico/13703;_ylt=AgvIOCBYZUqgj_LLYeRKsBms0NUE:

“The era of greed and irresponsibility on Wall Street and in Washington has led to a financial crisis as profound as any we have faced since the Great Depression.
“But regardless of how we got here, the circumstances we face require decisive action because the jobs, savings and economic security of millions of Americans are now at risk.
“We must work quickly in a bipartisan fashion to resolve this crisis and restore our financial sector so capital is flowing again and we can avert an even broader economic catastrophe. We also should recognize that economic recovery requires that we act, not just to address the crisis on Wall Street, but also the crisis on Main Street and around kitchen tables across America.
“But thus far, the administration has only offered a concept with a staggering price tag, not a plan.
“Even if the Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects some basic principles.
• No blank check. If we grant the Treasury broad authority to address the immediate crisis, we must insist on independent accountability and oversight. Given the breach of trust we have seen and the magnitude of the taxpayer money involved, there can be no blank check.
• Rescue requires mutual responsibility. As taxpayers are asked to take extraordinary steps to protect our financial system, it is only appropriate to expect those institutions that benefit to help protect American homeowners and the American economy. We cannot underwrite continued irresponsibility, where CEOs cash in and our regulators look the other way. We cannot abet and reward the unconscionable practices that triggered this crisis. We have to end them.
• Taxpayers should be protected. This should not be a handout to Wall Street. It should be structured in a way that maximizes the ability of taxpayers to recoup their investment. Going forward, we need to make sure that the institutions that benefit from financial insurance also bear the cost of that insurance.
• Help homeowners stay in their homes. This crisis started with homeowners and they bear the brunt of the nearly unprecedented collapse in housing prices. We cannot have a plan for Wall Street banks that does not help homeowners stay in their homes and help distressed communities.
• A global response. As I said on Friday, this is a global financial crisis and it requires a global solution. The United States must lead, but we must also insist that other nations, who have a huge stake in the outcome, join us in helping to secure the financial markets.
• Main Street, not just Wall Street. The American people need to know that we feel as great a sense of urgency about the emergency on Main Street as we do the emergency on Wall Street. That is why I call on Sen. McCain, President Bush, Republicans and Democrats to join me in supporting an emergency economic plan for working families — a plan that would help folks cope with rising gas and food prices, save one million jobs through rebuilding our schools and roads, help states and cities avoid painful budget cuts and tax increases, help homeowners stay in their homes and provide retooling assistance to help ensure that the fuel-efficient cars of the future are built in America.
• Build a regulatory structure for the 21st century. While there is not time in a week to remake our regulatory structure to prevent abuses in the future, we should commit ourselves to the kind of reforms I have been advocating for several years. We need new rules of the road for the 21st century economy, together with the means and willingness to enforce them.
“The bottom line is that we must change the economic policies that led us down this dangerous path in the first place. For the last eight years, we’ve had an 'on your own-anything goes' philosophy in Washington and on Wall Street that lavished tax cuts on the wealthy and big corporations; that viewed even common-sense regulation and oversight as unwise and unnecessary; and that shredded consumer protections and loosened the rules of the road. Ordinary Americans are now paying the price. The events of this week have rendered a final verdict on that failed philosophy, and it is a philosophy I will end as president of the United States.”

Senator Obama, while I respect your command of knowledge and the eloquence of your words, your criticism of Henry Paulson's $700 billion bailout is premature, and therefore wrong at this very juncture. The liquidity is needed immediately to stop the contraction of the economy. Liquidity needs to get the heart of the economy before you can use your Mozartian tactics to harmonize your ideals with the harsh realities. Otherwise, your music will be without an orchestra or an audience.

What you should have said is that the $700 billion should be a first instalment for Wall Street, to be followed by another $700 billion for Main Street, and make the approval of the first instalment contingent on the second. Only then would your statement be appropriate, applying it to the second instalment.

Now, that would be leadership. That would tell the world that you understand big numbers, trillions that would assure prosperity in this global economy, not just millions that could rescue Altgeld in your book, DREAMS FROM MY FATHER, from destitution.

I am a bit upset, but still supporting you 100 percent.

McCain's Worn Out Tricks and Tiresome Tactics

Al Pao in San Francisco — Sat, 20 Sep 2008 16:32:27 EDT

McCain’s cannot run on the GW Bush record, because that record is dismal. He cannot run against Obama on his record, because it has integrity, even though it is not perfect. So what does McCain do? He runs against a phantom Obama, one he imagines and sets up as a straw man so he can tear it down with applause lines. Those are worn out tricks.

McCain’s "fix" for this nation amounts to simple generalizations without specifics, because he does not understand or know how to talk about them. His mind is limited to following orders, just as one would expect of a good soldier. It is not wired for the absorption of knowledge and analysis of it.

McCain sees himself as a reformer, but he uses the same tiresome tactics of GW Bush, promising one thing to the citizens but ignoring not only those promises but also the laws of the United States. He is a warrior in a suit. If elected, he will be a shoot-first, diplomacy later warmonger-in-chief.

McCain is now forced by the broken economy to draw a line between Wall Street to Main Street, but he will NEVER draw a line between the looming deficit and his desire for virtually unlimited war spending. McCain is in denial. He continuously distorts the truth to reinforce his warped views. He will be willing to bankrupt the United States and send troops to their death in the name of patriotism, with red ink soaking the economy and blood flowing in his battlefields. McCain is a ultimately a military man, with no understanding of the underlying commerce that can make or break military strength.

United States Treasury Secretary Henry Paulson's Bold Move

Al Pao in San Francisco — Sat, 20 Sep 2008 04:35:58 EDT

This is a fight to restore the faith in American capitalism and markets worldwide. In light of a collapse of this magnitude, U.S. Secretary of the Treasury, Henry Paulson made a bold and spectacular move on Friday, September 19, 2008, to issue new bonds, i.e. print money, to purchase all the failed mortgages brought upon by the subprime fiasco and excessive speculation. While this expenditure by the Treasury may seem simple in theory, and certainly necessary in the short-term to transfuse needed liquidity into the arteries of the economy, its medium- and long-term effects are as yet undetermined as to their magnitude and length.

So far, the 1/2008 economic stimulus plan is $150 billion. The 3/2008 Bear-Stearns bailout is $29 billion. The 9/2008 Freddie Mac and Fannie Mae bailout is $200 billion. The 9/2008 AIG bailout is $85 billion. Altogether, they add $464 billion to the national debt, which as of 12/31/2007 was 9,664,631,803,259.07 per the U.S. Treasury. See http://www.treasurydirect.gov/NP/NPGateway. Curiously, the number had not changed as of 9/18/2008 on the website.

But it will, when $464 billion that is being spent this year, in addition to the unknown amount that Secretary Paulson needs to ask Congress for to stabilize the market, are finally added. I estimate that to be $1.372 trillion.

Adding the $0.464 trillion of stimulus and bailouts to my estimate of $1.372 trillion of bad debt purchases to the existing $9.664 trillion existing national debt, the new national debt will be about $11.500 trillion.

A big number, $11,500,000,000,000, relative to $5,776,091,314,225 in 1/2000 when GW Bush was sworn in after he stole the presidency from Al Gore.

And Bush and his republican cronies want to spend money on missile shields all across Europe while funding an unending war in Iraq and an expanding war in Afghanistan and Pakistan. McCain probably wants a proxy war with Russia in Venezuela, if not a nuclear one with them and Iran directly.

In addition, money will need to be spent on oil until America becomes somewhat energy dependent. To start becoming energy independent, more money had to be spent first, thus increasing the debt even more before it will level off. That may take another decade.

Meanwhile, social security will go bankrupt when the baby boomers start asking for their checks.

McCain has no clue what this all means. He thinks America has unlimited resources because he is simply stupid. He graduated near the bottom of his class and spent years in the Hanoi Hilton. He chose a 44 year-old beauty queen turned soccer mom to be his running mate and first runner-up to assume the most powerful post on the planet.

Unlike Obama, who actually has a desire and the intellect to solve some of the problems confronting the United States, McCain wants to dig the United States into a vortex of debt in an attempt to democratize the whole world while sending more soldiers to their death. All this McCain wants to do for his ego and vanity. Why else would an ignorant and undereducated soldier want to be president?

Can't Believe I am Citing Jack Cafferty

Al Pao in San Francisco — Fri, 19 Sep 2008 17:02:24 EDT

From http://caffertyfile.blogs.cnn.com/2008/09/19/how-does-the-wsj-article-affect-mccain/

FROM CNN’s Jack Cafferty:
When you graduate 894th out of a class of 899, eventually it will show up.
And John McCain’s mediocre performance at the Naval Academy is showing up big time this week in his total lack of understanding of the nation’s financial crisis.
He told us he didn’t know much about the economy… now he’s proving it.
So much so that the Wall Street Journal, perhaps America’s leading financial publication, is blasting McCain over what its editorial board sees as inaccurate and, “unpresidential” comments about the crisis in America’s financial system.
If you’re a Republican running for president of the United States and the Wall Street Journal basically says you’re an incompetent buffoon, you’re in serious trouble.
Specifically the paper pointed to comments McCain made yesterday about SEC Chair Christopher Cox.
McCain pointed the finger at Cox and said if he were president, he’d fire him for “betraying the public’s trust.”
The Wall Street Journal called that assault “both false and deeply unfair.”
The Journal also said, “In a crisis voters want steady, calm leadership… not easy, misleading answers that will do nothing to help.”

SEC Bans Naked Shorts On 799 Financial Stocks

Al Pao in San Francisco — Fri, 19 Sep 2008 15:55:35 EDT

The Securities and Exchange Comission ("SEC") has finally woken up and flexed its muscle. They had been asleep at the wheel causing a global financial train wreck that led to the crashing of one major financial company after another like dominoes.

Today, the SEC has banned the naked short-selling of 799 financial stocks. In other words, you cannot short a stock, betting that its price will go down and realize a gain when it does without having that stock in your portfolio first. This ban discourages speculators and stabilizes the stock price.

This ban will be temporary, even though I would argue that it ought to be permanent. The financial markets require stability, in good times and bad, and shares of financial institutions should not be played like chips. Those who argue that short-selling provides liquidity, I say to them that liquidity gained by having share price fluctuations based on uncollateralized speculation undermines the integrity of the financial system. In other words, it is better, and way less expesive, to prevent a fallout rather than clean up after a debacle like the one the world is having.

The biggest losers here will not be the long-term serious investors but the big rollers that are always looking to manipulate the market for a quick profit. Today, the tables have turned against them. It is about time they feel some pain.

The Blind Leading the Blind

Al Pao in San Francisco — Wed, 17 Sep 2008 15:04:01 EDT

McCain misspoke, saying that the economy was strong before the fall of Lehman Brothers, Merrill Lynch two days ago, and AIG today.

So, Palin, the beauty queen turned soccer mom, went on the air afterward, "interpreting" McCain's word, "economy," to mean the American workers and the American ingenuity.

First of all, does America need another president who does not know the proper use of the English language?

Secondly, is the job of a potential vice-president to interpret the words of a potential president? Should America wait for her explanation of McCain's words everytime he speaks? Who is in charge here?

Finally, does Palin even know what she is talking about, the economy, or in her case, the American workers, the American ingenuity, when there is NO WORK FOR THE AMERICAN WORKER, NO MONEY TO INVEST IN AMERICAN INGENUITY, WHEN THERE IS NOT ENOUGH LIQUIDITY IN THE MARKET, WHEN THE ECONOMY IS SHRINKING, WHEN THERE ARE GOING TO BE BANKRUPTCIES AND LAYOFFS AND CONSOLIDATION OF JOBS, WHICH MEANS EVEN MORE LAYOFFS, A MORE SEVERE ECONOMIC CONTRACTION, AND A PRECIPITIOUS DROP IN THE AMERICAN STANDARD OF LIVING?

I CANNOT BELIEVE THE STUPIDITY THAT IS COMING FROM THE MOUTHS OF THESE PEOPLE AND THE REPUBLICAN CRONIES, WHILE AMERICAN PROSPERITY IS BEING DRAINED FROM THE POCKETS OF THE MASSES INTO THE ESTATES OF THE WEALTHIEST.

McCain's Ignorance Of The Market

Al Pao in San Francisco — Wed, 17 Sep 2008 03:08:43 EDT

"We’re going to need a 9/11 Commission to find out what happened and what needs to be fixed," the Arizona senator said on ABC’s "Good Morning America."
See http://thehill.com/campaign-2008/mccain-wants-9/11-commission-style-panel-on-wall-street-2008-09-16.html

What? McCain is drawing a parallel between the toppling of the twin towers on 9-11-01 with the toppling of Lehman Brothers and Merrill Lynch on Wall Street on 9-15-08?? You’ve got to be kidding!

This is not the first time Wall Street had crashed. There was at least one other, Mr. McCain, and studies had been done on it.

Is McCain not aware of the studies on the Great Depression, the New Deal, the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC)?

The lesson that was supposed to be learned is that a laissez-faire market economy left to its own device will ultimately meet its demise.

Senator Barack Obama is right:

"This isn't 9/11," Obama told a noisy crowd of more than 2,000 at the Colorado School of Mines, dismissing the idea of a need for study. "We know how we got into this mess. What we need now is leadership that gets us out. I'll provide it. John McCain won't."
See http://news.yahoo.com/s/ap/20080917/ap_on_el_pr/candidates_economy;_ylt=AtX48IahCLtJMX3nM1kPr0us0NUE

Two of Wall Street’s venerable icons, Merrill Lynch and Lehman Brothers on September 15, along with Bear Stearns, Fannie Mae and Freddie Mac earlier this year, fell because there was an absence of understanding, oversight and enforcement of the brokerage firms and banks for the last eight years by the federal government. That means GW Bush and his republican cronies in the executive branch.

Bush and the republicans left the financial institutions free to increase their earnings by designing instruments so complicated that few along the stream of commerce were able to grasp fully the attendant risks inherent in those instruments. While the sophisticated financial institutions were looking out for their own self interest, they were simultaneously preying on the unsophisticated consumer with fantasies of equity building and temptations of enduring comfort that had no foundation in reality. But reality will always catch up with a fantasy, and it has, and is still unfolding.

John McCain, obviously unaware of the risks inherent in sub-prime lending that he called for a 9-11 style Commission to do a study on the failures of Wall Street. It is plain that Mr. McCain is clueless as to what have been going on, on Wall Street and on Main Street. And he wants to be President of the United States and run the country. John McCain will run the United States to the ground with exponential borrowings to expand the military to start his own Vietnam wars and in the process, sacrificing lives of young soldiers to satisfy his ego and vanity.

I suppose there is always going to be a bigger idiot to come along who thinks that he is smart enough to undertake responsibilities beyond his comprehension. McCain is that bigger idiot.

Those who are going to vote for him are simply dim. I sure hope that they do not form America’s majority.

I am just about to publish this blog, and I see this: "Another day, another bailout. The U.S. government stepped in Tuesday to rescue American International Group Inc., one of the world's largest insurers, with an $85 billion injection of taxpayer money." http://biz.yahoo.com/ap/080917/aig.html, dated Wednesday September 17, 1:57 am ET.

To McCain: It is too late now for you to study or call for a study. You are 72 years old. You should know something about economics by now, but you do not. The White House is not a retirement home for the elderly, nor is it a castle for a beauty queen from Wasilla.

McCain Is Pitiful; Palin Is Afraid of What America Might Ask

Al Pao in San Francisco — Tue, 16 Sep 2008 01:44:33 EDT

John McCain, a possible future president of the United States has to read off a script, with trepidation, in making general comments on the Wall Street disaster on September 15, 2008. Pathetic.

Palin, ignoring reporters and avoiding being questioned is acting like a suspect in a criminal case taking the 5th amendment. For goodness sakes, Palin, you are only a candidate and relatively new on the political stage and you are already running as if you had something to hide. What exactly are you afraid of? Do you in reality have something to hide?

Not Enough to Tie McCain to Bush

Al Pao in San Francisco — Tue, 16 Sep 2008 01:15:03 EDT

GW Bush has not always acted alone but in concert with his republican cohorts. Therefore, it is not enough to mention McCain and Bush in a single breath; it is necessary to lump McCain with Bush and the republicans for their malfeasances.

From now on, it's Bush-McCain and their republican friends.

Bush-McCain and their republican friends.

Once more: Bush-McCain and their republican friends.

Bin Ladin's Wish Comes True

Al Pao in San Francisco — Mon, 15 Sep 2008 17:05:15 EDT

GW Bush accomplished what bin Ladin was unable to do, to ruin the American economy, and he did it with his ignorance of capital markets and without proper executive oversight, allowing greed on Wall Street to run amuck.

McCain, who proclaimed that he knows nothing about the economy, will end American prosperity and in the process, expose the United States to unprecedented national security risk with a higher deficit, a weaker dollar, higher energy costs and an entrenched "right-wing" ideology that fuels the insatiable desire to expand "democracy" around the world regardless of monetary and human costs and escalating Cold War and Persian Gulf dangers. McCain's short answer is to "borrow and spend," to strengthen the military, which will only exacerbate the woes, likely exponentially.

And a word for Palin: God is never on the side of war.

Obama will not be able to wave a wand and stop the current economic hemorrhage on Wall Street. What is clear, however, is that GW Bush and his republicans have failed, and the impact of their failures are reverberating from Wall Street to Main Street and will continue for some time, perhaps two years, barring major natural disasters and serious political misjudgments.

The pain, I think, is just beginning. Today is that fateful day that Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be bought out by Bank of America. From Bear Stearns to Fannie Mae and Freddie Mac, the nation's economic troubles are still percolating.

Lehman Brothers Goes Bankrupt and Merrill Lynch Is Ready to Be Bought Out By Bank of America

Al Pao in San Francisco — Mon, 15 Sep 2008 03:42:50 EDT

Test for McCain and Palin: What went wrong and what do you plan to do?

Question for Bush and the Republicans: You guys are good with money and the accumulation of wealth, so can you please explain what has happened to these historic financial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers and Merrill Lynch?

For Barack Obama: Can you fix this?