Welfare for {White Male} Billionaires: $700 Billion Dollar Bailout


What in the hell on Gods green earth is going on? A $700
BILLION dollar bailout with our tax dollars.

With our pay 28% of your paycheck in taxes
tax dollars.

Who is going to pay for this?

Steven Pearlstein writes in the Washington Post about the
loss of wealth that we are facing,

What we are witnessing may be the greatest destruction of financial wealth that the world has ever seen — paper losses measured in the trillions of dollars. Corporate wealth. Oil wealth. Real estate wealth. Bank wealth. Private-equity wealth. Hedge fund wealth. Pension wealth. It’s a painful reminder that, when you strip away all the complexity and trappings from the magnificent new global infrastructure, finance is still a confidence game — and once the confidence goes, there’s no telling when the selling will stop.

He also ties in the connection between foreign wealth, cheap credit (loans
and credit cards) and the housing industry. He writes,

But more than psychology is involved here. What is really going on, at the most fundamental level, is that the United States is in the process of being forced by its foreign creditors to begin living within its means.

That wasn’t always the case. In fact, for most of the past decade, foreigners seemed only too willing to provide U.S. households, corporations and governments all the cheap money they wanted — and Americans were only too happy to take them up on their offer.

The cheap money was used by households to buy houses, cars and college educations, along with more health care, extra vacations and all manner of consumer goods. Governments used the cheap money to pay for services and benefits that citizens were not willing to pay for with higher taxes. And corporations and investment vehicles — hedge funds, private-equity funds and real estate investment trusts — used the cheap financing to buy real estate and other companies.

Two important things happened as a result of the availability of all this cheap credit.

The first was that the price of residential and commercial real estate, corporate takeover targets and the stock of technology companies began to rise. The faster they rose, the more that investors were interested in buying, driving the prices even higher and creating even stronger demand. Before long, these markets could best be characterized as classic bubbles.

Welcome to “Globalization”.

Republicans sure are quick to talk about handouts, a welfare
state, welfare queens, lazy liberals, but isn’t this bailout Welfare
for Billionaires
?

I have a fundamental understanding of what has happened in the housing
market. It is perfectly reasonable the government has to intervene.

BUT. The people who were responsible for monitoring this
need to be fired and there needs to be an examination
of, going forward, what kind of regulation will be taking place.

What message is the government sending if it preaches the fact
that the free market is the most efficient form of a market,
then steps in to bail out firms with our TAX MONEY without our
PERMISSION.

The roles and responsibilities of both the organizations and individuals
that profited need to be analyzed and held accountable.
The organizations need to be forced to dissolve to kick into the $700B
and the individuals need to be fired and replace by people screened
by the Office of Government Accountability or another similarly situated
institution.

What ever happened to “The Free Market”?

Why don’t we apply strict liability of No Child Left Behind to the banking/
mortgage/finance complex
? No Bank Left Behind?

What if the folks acted unconscionably, who were complicit in us winding
up in this mess, were fired.

The idea of a No Child Left Behind type of accountability being applied
to the banking and housing industry would be amazing.

$700B could sure buy a whole lot of Public Montessori preschool and
childcare.

If You Believe in Creative Capitalism I Have a Bridge and Some Crack to Sell You


Bill Gates has a interesting article up at Newsweek about how capitalism has helped many, but billions are still poor. He writes,

There’s much still to be done, but the good news is that creative capitalism is already with us. Some corporations have identified brand-new markets among the poor for life-changing technologies like cell phones. Others ? sometimes with a nudge from activists ? have seen how they can do good and do well at the same time. To take a real-world example, a few years ago I was sitting in a bar with Bono, and frankly, I thought he was a little nuts. It was late, we’d had a few drinks, and Bono was all fired up over a scheme to get companies to help tackle global poverty and disease. He kept dialing the private numbers of top executives and thrusting his cell phone at me to hear their sleepy yet enthusiastic replies. As crazy as it seemed that night, Bono’s persistence soon gave birth to the (RED) campaign. Today companies like Gap, Hallmark and Dell sell (RED)-branded products and donate a portion of their profits to fight AIDS. (Microsoft recently signed up too.)

There are many people who think that corporations can save people.

If that is the case then corporations are capable of serving two masters,
and we know how those narratives turn out.

If this is true, then explain to me, how can a corporation serve the interests
that it is created to serve, and also “help” people as well.

The next logical question is, what exactly is help?

There is a difference between giving and sharing.

There is difference between helping and eradicating poverty.

The entire time I am reading this article I am thinking
of Harvard Bankruptcy Professor, Elizabeth Warren’s, book
The Two Income Trap, and her comments from
her meeting with Citibank.

Citibank brought her in to show them how to reduce the losses incurred
when folks file for bankruptcy. She brought out her charts, graphs and they
listened to her say, “You need to stop loaning to people who cannot afford
to pay you back”.

The chair of the board responds saying ” We can’t do that Professor Warren,
that is where we make most of our profits”.

And that was that.

The credit card companies make most of their profits off of people who
can barely afford them in the first place.

It is a fee based industry that thrives on those who can’t afford them
in the first place.

The reason why most of your credit card bills come from South Dakota
is because South Dakota has the highest cap on interest rates, 24%,
in the country.
Capitalism primary goal is to enhance the pockets of its shareholders.

Not to eradicate poverty, not to create progressive images of hip
hop
and certainly not restructure families so that homes environments
are less oppressive to men, women and children.

Expecting capitalism to help people is like expect dope dealers to save
the ‘hood. In fact, In many ways the crack game is capitalism in its
purest form.

Move your product, buy low and sell high and if any one gets in
your way, they get eliminated.

Sounds like a Clipse song to me. It also sounds like Mergers and Acquisitions.

This is grim, but it has to be said. Too many people have laid their lives down
for us and if we do not say or do something our children will pay.
I will not have that on my heart.

It is only when we envision a future that is about sharing
rather than giving, about being a visionary, will we set forth
vision, strategy and an agenda that will cause us to bring forth the future
that we want for our children.

The Knowledge

Knowledge, Wisdom and Understanding are beautiful things.
With that in mind, I request that you fill out this tiny, short,
sweet,
survey. You all KNOW how I feel about feedback.

I LIKE feedback.

I also know many of you are at work, school and busy
parenting, so I kept it short. I know, moi, keeping something
short?!?!?! Here is the survey. Will take you 90 seconds, max.

I promise.

Click Here to take survey

I have been meaning to share this editorial with you
about Crack. Its Toure’s piece in The Times about the
crack house on his block, titled A Snitch Like Me. He writes,

ONE hot night last summer, just past midnight, I discovered that in the apartment building across the street from my duplex in Fort Greene there was a little crack house.

I was parking my car after a late movie, the windows down because my air-conditioning was broken, when I heard a man and a woman arguing on the sidewalk. I didn?t know them, but they weren?t new faces to me. In the four years I?d lived in the apartment on South Oxford Street, I?d walked past them many times. They were constantly moping around the block with glassy eyes, scratching themselves, and muttering. Any New Yorker could tell they were crackheads.

I never gave much thought as to why these two crackheads were on my block so often. Some days in Fort Greene you walk past celebrities like Adrian Grenier or Colson Whitehead or Mos Def. Some days you walk past a crackhead.

Some days Mos Def. Some days a crack head.

That sounds like the hood to me.

The Clipse Don’t Agree with Nas.

Member when Nas said “Sometimes the Rap Game Remind me of the Crack Game”. The Clipse ain’t feelin’ that sh*t tho.

Pusha T, however, is still griping about his current workplace. “No ethics, no code, no morals,” he says. “It’s worse than drug dealing. No one works on principles. At least in the crack trade, there’s a code of honour. The music business is the worst. You turn into a number as soon as you sign the papers.”

You have to have a code or you have nothing.

Clipse find Oprah’s campaign self-serving. It is illogical, they say, to treat them the same as a highly paid, loud-mouth white radio shock jock. Unlike Imus, they say, they don’t use those words to describe women who are seeking an education, like the basketball players, but about the people who would buy the crack from them. [ NICE!!! B/C only crack heads are nappy headed hoes.]

This has been a refrain that I have heard from cats in the hood. This was the Snoop defense too. Watchall think?

Sometimes the rap game remind me of the crack game.
~Nasir

When I tell people I want to do Merger’s and Acquistions.

They ask why.

And I say, honestly, that sh*t reminds me of the 80’s crack game.

You can imagine white peoples faces, when I say THAT sh*t.

Think about it.

a. You have “You either run with me, or imma put you outta business, take your customers AND your real estate”.


b. Oh. You THOUGHT this sh*t was YOUR Block. Naw. Homie. This my sh*t now. You can work for me though.
c. X and Y are getting macked by Z, so they formulate like Voltron to avoid the take over.

De.LI.CIOUS.

Now that. Is a code.

Bjork likes Tha Clipse?

Bj?rk says …

I’ve always listened to hip-hop. Not tons, it’s not been a way of life for me, but I’m of a generation where Public Enemy changed my life. What I like most is the love of rhythm; though I don’t think I’ve ever used those rhythms, I think it would just be wrong. Right now, Clipse have some freshness. It’s the emotional aspect that attracts me.

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May is here.

Half the year is gone.

How are your goals doing?

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