The Political Voices of Women

First, let’s get the partisan politics out of the way.

It might have been the Clinton or the Bush (41& 43) administrations that got us in to this economic mess. And the policies of the Obama administration may be: correcting the problem; making things worse; simply applying a band-aid to a knife wound; or, all of the above. Your view of today’s economic news will probably depend on how you’re affected by it and your political affiliation. But one thing is true. Wall Street may be recovering but the average American is still maneuvering on a slippery slope.

Less than two months ago U.S. President Barack Obama stated that all signs indicated that the economy was starting to grow and financial markets were starting to work again. But while sending an encouraging message to Wall Street he did add the caveat that employment statistics did not indicate improvement and, in fact, could get worse over the next couple of months. This was the message that the President reiterated today.

No one should be surprised by today’s announcement that unemployment has reached 10.2 percent.

Columnist Lynn Sweet reported on details provided by the Department of Labor:

“In October, the number of unemployed persons increased by 558,000 to 15.7 
million. The unemployment rate rose by 0.4 percentage point to 10.2 percent, 
the highest rate since April 1983. Since the start of the recession in 
December 2007, the number of unemployed persons has risen by 8.2 million, 
and the unemployment rate has grown by 5.3 percentage points.

Among the major worker groups, the unemployment rates for adult men (10.7 per-
cent) and whites (9.5 percent) rose in October. The jobless rates for adult 
women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and
Hispanics (13.1 percent) were little changed over the month. The unemployment 
rate for Asians was 7.5 percent, not seasonally adjusted.

The number of long-term unemployed (those jobless for 27 weeks and over) was 
little changed over the month at 5.6 million. In October, 35.6 percent of 
unemployed persons were jobless for 27 weeks or more.

The civilian labor force participation rate was little changed over the month 
at 65.1 percent. The employment-population ratio continued to decline in 
October, falling to 58.5 percent.

The number of persons working part time for economic reasons (sometimes refer-
red to as involuntary part-time workers) was little changed in October at 9.3 
million. These individuals were working part time because their hours had been 
cut back or because they were unable to find a full-time job.

About 2.4 million persons were marginally attached to the labor force in October, 
reflecting an increase of 736,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labor force, wanted and 
were available for work, and had looked for a job sometime in the prior 12 months. 
They were not counted as unemployed because they had not searched for work in 
the 4 weeks preceding the survey.

Among the marginally attached, there were 808,000 discouraged workers in October, 
up from 484,000 a year earlier. (The data are not seasonally adjusted.) Dis-
couraged workers are persons not currently looking for work because they believe 
no jobs are available for them. The other 1.6 million persons marginally attached 
to the labor force in October had not searched for work in the 4 weeks preceding 
the survey for reasons such as school attendance or family responsibilities.”

Add to these numbers: the millions of workers who lost a job and replaced it with a lower paying one; the millions whose salaries have been frozen for a few years; the millions of retirees who lost a large portion of their retirement savings when the market crashed; the millions who lost a substantial amount of the equity in their homes: and, the Social Security recipients who will not get a cost of living adjustment (COLA) in 2010, and many Americans are still wondering when things will get better for them.

However, while many Americans are holding on by a life preserver the banking industry is preparing to throw them an anchor. Yes, the financial markets are definitely working again and working in the same old way.

Earlier today, Megan Woolhouse of The Boston Globe reported:

“Credit card companies are rushing to increase interest rates to historic highs of more than 30 percent, cut credit limits, and add new fees, even for customers who pay their bills on time.

Lenders are making the moves in advance of tougher federal regulations for credit cards scheduled to take effect on Feb. 22. The new rules will limit how companies can modify credit card agreements, specifically prohibiting them from retroactively raising interest rates and fees on existing balances.

US Representative Barney Frank, the Massachusetts Democrat who chairs the Financial Services Committee and is a leader in the effort to revamp credit card policies, said banks have ‘abused’’ the nine-month period granted them to re-tool their practices.

‘I didn’t think they would be as blatant as they were about doing this,’ he said. ‘There’s no justification for raising rates retroactively. This is really just a way for them to make more money.’ “

And by the way, have you noticed that gasoline prices are inching up?

Ok, I’m not going to say, “I told you….”

No I’m not going to say it. If you’re reading this blog, I’d just be preaching to the choir.

Related posts:

Bill Moyers’ Interview with Bill Black and How They Got Away With It

Saying “No One Saw This Coming”, Just Doesn’t Ring True.

Why So Many American Want Wall Street & The Banks to Suffer
originally posted on Pam’s Coffee Conversation

A Congresswoman, who reminds you of a beloved high school teacher, is giving hope to Ohio residents fighting off homelessness.

Rep. Marcy Kaptur (OH-9) urged residents facing foreclosure to demand the loan note and if necessary exercise squatter’s rights before leaving their homes.

No, Rep. Kaptur is not encouraging her constituents to break the law. In fact the opposite is true. She is encouraging individuals who are attempting to pay their mortgages and who have made every attempt to renegotiate their loans to exercise their legal right to fight eviction.

During an interview on Lou Dobbs Tonight, which aired on Thursday Jan 29th, CNN Correspondent Drew Griffin reported:

“Elected officials are saying Toledo is not in a recession, it is a depression. It is this bleak backdrop that inspired Toledo Congresswoman Marcy Kaptur to take the floor of the House earlier this month to tell her constituents to stay put.

Kaptur says she has had it with government bailouts for Wall Street banks, but nothing for homeowners. She is advocating for a legal revolution, a demand that not one of her constituents leaves their home without an attorney and a fight.”

The following video clip shows Rep. Kaptur explaining how Wall Street and the banks have manipulated the system during a Jan. 7th address on the House floor.

Rep. Marcy Kaptur Addresses Congress on the Bailouta

The following is an excerpt from the Lou Dobbs Tonight broadcast transcript:

” GRIFFIN (voice over): Kaptur is behind a strategy called produced the note. Mortgages have been so divvied up on Wall Street that banks are having a hard time finding that original paperwork, adding a delay to foreclosures.

She is also pushing banks to rework loans, especially those banks getting bailouts and holding mortgages of folks getting tossed out.

KAPTUR: They are vultures. They prey on our property assets. And I guess the reason I’m so adamant on this is because I know property law and its power to protect the individual home owner. And I believe that 99.9 percent of our people have not had good legal representation in this.

GRIFFIN: Without a lawyer, Andrea Guice bought a $147,000 home with nearly $40,000 down.

GUICE: I should have had an attorney. I really should have had the attorney. I did not know.

GRIFFIN: She admits she didn’t read the paperwork, didn’t learn, until it was too late, she had a sub-prime loan. Her payments of $883 a month jumped in a year to more than $1,500. When it did, she stopped paying.

(on camera) So they foreclosed on you?

GUICE: They have foreclosed on me, yes.

GRIFFIN (voice over): The law firm representing the bank in Guice’s foreclosure declined comment to CNN. Another one of the banks Guice believes holds her notes, Wells Fargo, said it wouldn’t comment on individual cases, but tries to work with homeowners.

Backed by her Congresswoman, Guice simply is not budging.

(END VIDEOTAPE)

GRIFFIN: Lou, no one’s saying, “don’t pay your mortgage.” What the Congresswoman is saying if you’re being foreclosed on, don’t just leave. Don’t assume you have to leave your house. And you’re going to have a run, I know.”

In the following video Rep. Kaptur explains how, given the “loan pooling” process, in many instances the institution initiating foreclosure proceedings has now idea where to locate the original loan note.

Marcy Kaptur Explains loan pooling

url: http://www.youtube.com/watch?v=cgckNg2L34M

During the same broadcast, Congresswoman Kaptur further clarifies her position with the show’s host, Lou Dobbs:

DOBBS: — … At what point does telling a person, as you have, to just exercise squatter’s rights — at what point are you bumping up against the issue of breaking the law?

KAPTUR: Well, you know, Lou, the problem is that these families haven’t had proper legal representation. Most of these companies on Wall Street can’t even find the loan, and they have not properly noticed the homeowner under the Truth and Lending Act and the Real Estate Practices Act.

DOBBS: Right.

KAPTUR: If you really look at the fine print, these Wall Street firms can’t find the loan. They’ve divided it up into so many pieces, so there’s a legitimate question in the law as to where that deed, where that loan actually is.

DOBBS: In point of fact, it’s not — to be clear, if there’s no note, there is no debt?

KAPTUR: That’s right.

And if you don’t have proper legal representation — and I mean good legal representation — what happens to the homeowner in places like our region is, they’re law abiding people. They’re afraid and they leave the property.

I say your biggest right is to hold on to your property. The law is on your side.

DOBBS: Marcy Kaptur, I’m sure that millions of Americans and the folks in Ohio appreciate you being on their side

Yes, Rep. Kaptur, I’m sure that millions of Americans are grateful that the people of Ohio elected someone who really cares about them. Thank You

If you are facing foreclosure and need legal advice contact your local Bar Association and investigate your state’s “squatter’s rights” laws. You can also inquire about law firms that specialize in real estate and/or offer pro-bono services.

If you are a senior citizen check with your local AARP branch or similar group which might offer low cost legal services.

And finally, everyone should contact their elected State and Federal representatives and encourage them to pass legislation that will help consumers and not just Wall Street and the banks.

originally posted on Get The Facts & Get Involved

You can follow Jill on this historic speech at her blog Writes Like She Talks.

Link:  Barack Obama’s “Closing Arguments” Speech

SEE FULL VIDEO OF THIS OBAMA SPEECH HERE

Shocking! Today, Allen Greenspan admitted that the deregulation of banks was a mistake.

From The Associated Press…

From Wonkette…

So here are three major factors that contributed to our country’s world’s current financial misfortunes: prolonged periods of historically low interest rates (even negative real interest rates), the complete deregulation of such derivatives as credit default swaps, and encouragement from Washington that the inflated housing boom was nothing to worry about. It’s rare that you can pin so many large factors on one person, but, well, former Fed chief Alan Greenspan set the low interest rates, led the pressure on Congress to keep derivatives markets wholly deregulated, and was the voice from Washington that said everything was fine.

From Rachel Maddow…

I always felt like Allen Greenspan had some kind of “God Complex” when it came to the economy. I never understood why we gave one guy so much power over our economy (especially, for so long). It now seems obvious, that this was a bad idea.

What do you think? How much blame can be put on Greenspan for our economic crisis? Does he gets points for admitting he made a mistake? Let me know what you think in comments.

Here is the full video of the last presidential debate before the 2008 election. What did you think? Who won the debate?

My thoughts on McCain’s performance…

• McCain hit a home-run with his base, especially the “anti-choice” crowd, and plumbers making over $250,000.
• McCain pulled a “Sarah Palin” in his avoidance of answering just about every question.
• In John McCain’s attempt to be “mavericky” – he came off as just plain rude.
• McCain doesn’t think the “health” of women is important, and has no idea of the true cost of health insurance.
• John McCain appears to be living within his own stump speech, and not actual reality.

My thoughts on Obama’s performance…

• Barack Obama started off weak, but ended strong.
• Obama actually answered the questions that were asked.
• I liked what Obama said about taxes, jobs, and women’s rights.

That’s what I thought.  Well, I have to admit, most of the time I was just thinking…

• This whole election can’t be over soon enough.
• How bad would I look, if I just pulled all of my hair out right now?
• Is a lobotomy covered in my health care plan?
• Why?  Why?  Why?  Why?

So, that’s me.  What did you think?

So, what are the candidates plans for the economy?

Yesterday, the McCain campaign put out another “economic recovery” plan, that appears to push policies that will not benefit the middle-class at all. In fact, in a deceptive move, McCain is slipping in a policy that the Republicans have been trying to pass for years with no success.  John McCain is claiming that capitol gains taxes need to be cut in half to help the economy.  What?  Maybe you think that’s no big deal, because most people haven’t made any capitol gains this year? Well, for one, if anyone did make capitol gains this year, they are the very rich (maybe even some of the same people that contributed to this mess). And, two, the economy will recover, and this is just another tax break for the rich, this will not help the middle-class one bit…Unless, you are still buying the whole trickle down thing.

Here is Rachel Maddow on the recent history of the McCain Economic Policy.

What about the Bailout?

Read more »

It’s obvious that more economic relief is needed to help the middle class. Speaker Nancy Pelosi, announced her proposed stimulus package earlier today…

CNN Money…

House Democrats will propose a new stimulus package to “rebuild America” and “help the middle class,” Speaker Nancy Pelosi, a California Democrat, announced Monday.

The package will have some of the same features as one passed earlier by the House but rejected by the Senate, she said, including “aid to the states” on healthcare, food stamps and unemployment.

From The Washington Post…

Determined to keep the campaign spotlight on the economy, Sen. Barack Obama has added $60 billion in new tax breaks and other benefits to his economic stimulus plan, and will urge Congress to act quickly after the election to provide middle-class relief.

While his opponent, Sen. John McCain, has reportedly considered but not yet spelled out additional economic recovery steps, the Democratic nominee is expected to outline several new proposals at a speech here this afternoon. They include:

• A temporary tax credit for firms that create jobs in the U.S.
• Penalty-free 401(k) and IRA withdrawals through 2009, to allow struggling families to withdraw up to 15 percent of their savings, up to $10,000.
• A 90-day foreclosure moratorium for homeowners making “good-faith efforts” to keep up with their mortgage payments.
• Creating a new entity to lend to state and local governments, allowing for an effort similar to the liquidity assistance that the Federal Reserve recently extended to commercial banks.
• The temporary elimination of taxes on unemployment insurance benefits.

Obama also will raise the prospect of government aid to the automobile industry and more aggressive government action to help banks and free up consumer credit. He has already outlined benefits such as a middle-class tax break — delivered immediately in the form of a check — and small-business incentives that total about $115 billion over two years.

The Toledo speech coincides with a meeting of House Democratic leaders this morning to discuss action on a stimulus bill when the chamber reconvenes, as planned, after the election.

Also See:

What Is a Fiscal Conservative and Who Are They?

On the brighter side of the economy – Dow Takes A Giant Leap…

Last week’s gloom turned into euphoria as investors sent the Dow Jones Industrial Average up 11%, the biggest one-day gain since 1933. It was the fifth-largest percentage gain ever, and it came immediately after an 18% weekly decline, the worst such drop in the Dow’s 112-year history.

The head-snapping shift in sentiment, spurred by global plans for governments to rescue banks through direct capital injections, left investors debating whether this marked the end of the past year’s frightening bear market, or just a temporary respite.

So.  What do you think?  Do we need another economic stimulus plan?  Is this plan going to be good enough?  Let me know what you think in comments.

Tonight’s Town Hall Debate, Latest Polls, and the Differences Between Obama and McCain.

This post will take a look at what to expect at tonight’s debate, the latest attempt to turn the election away from the economy, and links that can help you find out what candidate agrees with you on the issues.

Read more »

“Keating Economics: the Making of a Financial Crisis” is a documentary that shows why John McCain’s failed philosophy and poor judgment are a recipe for deepening the economic crisis.

WOW.

What did top executives at Lehman Brothers know, and when?  Who is to blame?  Who benefited?  Will anyone pay (besides the American people)?

Congress heard Monday, that Lehman Brothers, only days away from becoming the largest bankruptcy in U.S. history, was pleading for a U.S. rescue on one hand while steering millions of dollars to departing executives on the other.

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