The True Causes of the Subprime Crisis...

Right Wing myths about subprime loans are yet another attempt by the NeoCons to blame Liberals, for a mess that unbridled Capitalism made...

--ryan



A Risk Worth Taking

Many ethical subprime lenders still manage to make plenty of money.

By Daniel Gross

"In recent months, conservative economists and editorialists have
tried to pin the blame for the unholy international financial mess on
subprime lending and subprime borrowers. If bureaucrats and social
activists hadn't pressured firms to lend to the working poor, the
narrative goes, we'd still be partying like it was 2005 and Bear
Stearns would be a going concern. The Wall Street Journal's editorial
page has repeatedly heaped blame on the Community Reinvestment Act
(CRA), the 1977 law aimed at preventing redlining in minority
neighborhoods. Fox Business Network anchor Neil Cavuto in September
proclaimed that "loaning to minorities and risky folks is a disaster."

"This line of reasoning is absurd on several levels. Many of the
biggest subprime lenders weren't banks, and thus weren't covered by
the CRA. Nobody forced Bear Stearns to borrow $33 for every dollar of
assets it had, and Fannie Mae and Freddie Mac didn't coerce highly
compensated CEOs into rolling out no-money-down, exploding adjustable-
rate mortgages. Banks will lose just as much money lending to really
rich white guys like former Lehman Brothers CEO Richard Fuld as they
will on loans to poor people of color in the South Bronx."

Read the rest HERE

20. January 2009: The End of an Error

It's Official: Caribou Barbie IS a Hatemonger...

I think the American People voiced their disapproval of her behaviour and tactics with their votes! Enit?

--ryan




Sarah Palin Blamed by the US Secret Service Over Death Threats Against Barack Obama

Saturday 08 November 2008

»

by: Tim Shipman, The Telegraph UK


The angry rhetoric at Sarah Palin's campaign events was cited by the Secret Service as a contributer to a spike in the amount of death threats against Obama.

Sarah Palin's attacks on Barack Obama's patriotism provoked a spike in death threats against the future president, Secret Service agents revealed during the final weeks of the campaign.

Sarah Palin's attacks on Barack Obama's patriotism provoked a spike in death threats against the future president, Secret Service agents revealed during the final weeks of the campaign.

The Republican vice presidential candidate attracted criticism for accusing Mr Obama of "palling around with terrorists", citing his association with the sixties radical William Ayers.

The attacks provoked a near lynch mob atmosphere at her rallies, with supporters yelling "terrorist" and "kill him" until the McCain campaign ordered her to tone down the rhetoric.

But it has now emerged that her demagogic tone may have unintentionally encouraged white supremacists to go even further.

The Secret Service warned the Obama family in mid October that they had seen a dramatic increase in the number of threats against the Democratic candidate, coinciding with Mrs Palin's attacks.

Michelle Obama, the future First Lady, was so upset that she turned to her friend and campaign adviser Valerie Jarrett and said: "Why would they try to make people hate us?"

The revelations, contained in a Newsweek history of the campaign, are likely to further damage Mrs Palin's credentials as a future presidential candidate. She is already a frontrunner, with Louisiana Governor Bobby Jindal, to take on Mr Obama in four years time.

Details of the spike in threats to Mr Obama come as a report last week by security and intelligence analysts Stratfor, warned that he is a high risk target for racist gunmen. It concluded: "Two plots to assassinate Obama were broken up during the campaign season, and several more remain under investigation. We would expect federal authorities to uncover many more plots to attack the president that have been hatched by white supremacist ideologues."

Irate John McCain aides, who blame Mrs Palin for losing the election, claim Mrs Palin took it upon herself to question Mr Obama's patriotism, before the line of attack had been cleared by Mr McCain.

That claim is part of a campaign of targeted leaks designed to torpedo her ambitions, with claims that she did not know that Africawas a continent rather than a country.

The advisers have branded her a "diva" and a "whack job" and claimed that she did not know which other countries are in the North American Free Trade Area, (Canada and Mexico). They say she spent more than $150,000 on designer clothes, including $40,000 on her husband Todd and that she refused to prepare for the disastrous series of interviews with CBS's Katie Couric.

In a bid to salvage her reputation Mrs Palin came out firing in an interview with CNN, dismissing the anonymous leakers in unpresidential language as "jerks" who had taken "questions or comments I made in debate prep out of context."

She said: "I consider it cowardly. It's not true. That's cruel, it's mean-spirited, it's immature, it's unprofessional and those guys are jerks if they came away taking things out of context and then tried to spread something on national news that's not fair and not right."

She was not asked about her incendiary rhetoric against Mr Obama. But she did deny the spending spree claims, saying the clothes in question had been returned to the Republican National Committee. "Those are the RNC's clothes, they're not my clothes. I asked for anything more than maybe a diet Dr Pepper once in a while. These are false allegations."

Speaking as she returned to her native Alaska, Mrs Palin claimed to be baffled by what she claims was sexism on the national stage. "Here in Alaska that double standard isn't applied because these guys know that Alaskan women are pretty tough, on a par with the men in terms of being outdoors, working hard," she said.

"They're commercial fishermen, they're pilots, they're working up on the North slope in the oil fields. You see equality in Alaska. I think that was a bit of as surprise on the national level."

20. January 2009: The End of an Error

Paradigm Shift...

"We refuse to believe that the bank of justice is bankrupt. We refuse to believe there are insufficient funds in the great vaults of opportunity of this nation..."

--Dr. Martin Luther King Jr.

In America, almost every child is told by some adult, most often a Parent, Grandparent or sometimes a Teacher, at some point during their childhood: " One day you could grow up to be President..."

I remember being told this myself when I was young. I remember how proud and empowered this assertion made me feel every time I heard it.

I can also remember when the statement lost its magic, its power, its promises of unlimited potential for me. Because when I looked into a mirror, a brown face looked back at me. A brown face like my Mother's, like my Father's, like my Grandparents. But, I was smart and observant enough to realize, it was a brown face unlike any of the Presidents in my schoolbooks. That was when the promise the possibility of becoming president became mythic and apocryphal.

Today, 5 November 2008, the Sun rose on a different America. An America where any child, of any colour, first the first time has unlimited future potential. Last night the Citizens of our country spoke to our future generations with their votes, the message is that we are all Human and we are all Americans, regardless of our colour, race or ethnicity.

"So we have come to cash this check -- a check that will give us upon demand the riches of freedom and the security of justice..."

I am grateful that the Creator blessed me with the opportunity to both vote for President-Elect Obama and to see him victorious. One year ago, I would have never believed this to be possible within my lifetime; someday, but not today. I'm so glad I was wrong about that.

This day, 5 November 2008, finds me with renewed faith in both my country and my fellow citizens. I am, once again, proud to be an American...

--ryan

20. January 2009: The End of an Error

Victory for Obama!

Welcome back America. We've missed you...

--ryan


Obama's Victory Speech

Democrat Barack Obama has become the first African-American to win the White House. Here are his remarks as prepared for delivery to a huge crowd in his home city of Chicago:

If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer.

It's the answer told by lines that stretched around schools and churches in numbers this nation has never seen; by people who waited three hours and four hours, many for the very first time in their lives, because they believed that this time must be different; that their voice could be that difference.

It's the answer spoken by young and old, rich and poor, Democrat and Republican, black, white, Latino, Asian, Native American, gay, straight, disabled and not disabled - Americans who sent a message to the world that we have never been a collection of Red States and Blue States: we are, and always will be, the United States of America.

It's the answer that led those who have been told for so long by so many to be cynical, and fearful, and doubtful of what we can achieve to put their hands on the arc of history and bend it once more toward the hope of a better day.

It's been a long time coming, but tonight, because of what we did on this day, in this election, at this defining moment, change has come to America.

I just received a very gracious call from Senator McCain. He fought long and hard in this campaign, and he's fought even longer and harder for the country he loves. He has endured sacrifices for America that most of us cannot begin to imagine, and we are better off for the service rendered by this brave and selfless leader.

I congratulate him and Governor Palin for all they have achieved, and I look forward to working with them to renew this nation's promise in the months ahead.

I want to thank my partner in this journey, a man who campaigned from his heart and spoke for the men and women he grew up with on the streets of Scranton and rode with on that train home to Delaware, the Vice-President-elect of the United States, Joe Biden.

I would not be standing here tonight without the unyielding support of my best friend for the last 16 years, the rock of our family and the love of my life, our nation's next First Lady, Michelle Obama. Sasha and Malia, I love you both so much, and you have earned the new puppy that's coming with us to the White House.

And while she's no longer with us, I know my grandmother is watching, along with the family that made me who I am. I miss them tonight, and know that my debt to them is beyond measure.

To my campaign manager David Plouffe, my chief strategist David Axelrod, and the best campaign team ever assembled in the history of politics - you made this happen, and I am forever grateful for what you've sacrificed to get it done.

But above all, I will never forget who this victory truly belongs to - it belongs to you.

I was never the likeliest candidate for this office. We didn't start with much money or many endorsements. Our campaign was not hatched in the halls of Washington - it began in the backyards of Des Moines and the living rooms of Concord and the front porches of Charleston.

It was built by working men and women who dug into what little savings they had to give $5 and $10 and $20 to this cause.

It grew strength from the young people who rejected the myth of their generation's apathy; who left their homes and their families for jobs that offered little pay and less sleep; from the not-so-young people who braved the bitter cold and scorching heat to knock on the doors of perfect strangers; from the millions of Americans who volunteered, and organised, and proved that more than two centuries later, a government of the people, by the people and for the people has not perished from this Earth.

This is your victory.

I know you didn't do this just to win an election and I know you didn't do it for me. You did it because you understand the enormity of the task that lies ahead. For even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime - two wars, a planet in peril, the worst financial crisis in a century.

Even as we stand here tonight, we know there are brave Americans waking up in the deserts of Iraq and the mountains of Afghanistan to risk their lives for us.

There are mothers and fathers who will lie awake after their children fall asleep and wonder how they'll make the mortgage, or pay their doctor's bills, or save enough for college. There is new energy to harness and new jobs to be created; new schools to build and threats to meet and alliances to repair.

The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America - I have never been more hopeful than I am tonight that we will get there. I promise you - we as a people will get there.

There will be setbacks and false starts. There are many who won't agree with every decision or policy I make as president, and we know that government can't solve every problem. But I will always be honest with you about the challenges we face. I will listen to you, especially when we disagree.

And above all, I will ask you join in the work of remaking this nation the only way it's been done in America for 221 years - block by block, brick by brick, calloused hand by calloused hand.

What began 21 months ago in the depths of winter must not end on this autumn night. This victory alone is not the change we seek - it is only the chance for us to make that change. And that cannot happen if we go back to the way things were. It cannot happen without you.

So let us summon a new spirit of patriotism; of service and responsibility where each of us resolves to pitch in and work harder and look after not only ourselves, but each other. Let us remember that if this financial crisis taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers - in this country, we rise or fall as one nation; as one people.

Let us resist the temptation to fall back on the same partisanship and pettiness and immaturity that has poisoned our politics for so long. Let us remember that it was a man from this state who first carried the banner of the Republican Party to the White House - a party founded on the values of self-reliance, individual liberty, and national unity.

Those are values we all share, and while the Democratic Party has won a great victory tonight, we do so with a measure of humility and determination to heal the divides that have held back our progress. As Lincoln said to a nation far more divided than ours: "We are not enemies, but friends… though passion may have strained it must not break our bonds of affection."

And to those Americans whose support I have yet to earn - I may not have won your vote, but I hear your voices, I need your help, and I will be your president too.

And to all those watching tonight from beyond our shores, from parliaments and palaces to those who are huddled around radios in the forgotten corners of our world - our stories are singular, but our destiny is shared, and a new dawn of American leadership is at hand.

To those who would tear this world down - we will defeat you. To those who seek peace and security - we support you.

And to all those who have wondered if America's beacon still burns as bright - tonight we proved once more that the true strength of our nation comes not from our the might of our arms or the scale of our wealth, but from the enduring power of our ideals: democracy, liberty, opportunity, and unyielding hope.

For that is the true genius of America - that America can change. Our union can be perfected. And what we have already achieved gives us hope for what we can and must achieve tomorrow.

This election had many firsts and many stories that will be told for generations. But one that's on my mind tonight is about a woman who cast her ballot in Atlanta. She's a lot like the millions of others who stood in line to make their voice heard in this election except for one thing - Ann Nixon Cooper is 106 years old.

She was born just a generation past slavery; a time when there were no cars on the road or planes in the sky; when someone like her couldn't vote for two reasons - because she was a woman and because of the colour of her skin.

And tonight, I think about all that she's seen throughout her century in America - the heartache and the hope; the struggle and the progress; the times we were told that we can't, and the people who pressed on with that American creed: Yes we can.

At a time when women's voices were silenced and their hopes dismissed, she lived to see them stand up and speak out and reach for the ballot. Yes we can.

When there was despair in the dust bowl and depression across the land, she saw a nation conquer fear itself with a New Deal, new jobs and a new sense of common purpose. Yes we can.

When the bombs fell on our harbour and tyranny threatened the world, she was there to witness a generation rise to greatness and a democracy was saved. Yes we can.

She was there for the buses in Montgomery, the hoses in Birmingham, a bridge in Selma, and a preacher from Atlanta who told a people that "We Shall Overcome". Yes we can.

A man touched down on the moon, a wall came down in Berlin, a world was connected by our own science and imagination. And this year, in this election, she touched her finger to a screen, and cast her vote, because after 106 years in America, through the best of times and the darkest of hours, she knows how America can change. Yes we can.

America, we have come so far. We have seen so much. But there is so much more to do. So tonight, let us ask ourselves - if our children should live to see the next century; if my daughters should be so lucky to live as long as Ann Nixon Cooper, what change will they see? What progress will we have made?

This is our chance to answer that call. This is our moment.

This is our time - to put our people back to work and open doors of opportunity for our kids; to restore prosperity and promote the cause of peace; to reclaim the American Dream and reaffirm that fundamental truth - that out of many, we are one; that while we breathe, we hope, and where we are met with cynicism, and doubt, and those who tell us that we can't, we will respond with that timeless creed that sums up the spirit of a people: Yes We Can.

Thank you, God bless you, and may God Bless the United States of America.

20. January 2009: The End of an Error