American Democrats for Obama
About the Author
This is a group devoted into electing Obama by first having Senator Barack Obama winning the Primaries then focus on the general election.
Jim Hightower, populist from Texas, used to be an elected official in the state and now publishes a monthly newsletter, "The Hightower Lowdown". If any of you are interested in subscribing...let me know and I will send you the 411 on how to subscribe. He writes extensively about Obama in this month's newsletter and I am putting a small article from it here.
Obama slip-sliding away?
MIXED EMOTIONS ARE WHAT YOU EXPERIENCE when you see your 16-year-old daughter come home from the prom with a Gideon Bible under her arm.
You get mixed emotions watching Barack Obama. While he clearly has progressive instincts and a phenomimal potential to be this century's FDR, he sometimes shows up carrying the Holy Bible of Corporatized Politics-As-Usual under his arm.
Look at his flip-flop on the domestic spying bill. It gives legal immunity to the telecom giants that helped George W spy on millions of us Americans. Obama had pledged this spring to go all out to defeat this-but then caved in and supported it (in fairness, he did fight to strip telecom immunity from the larger bill, but he knew that this would be a losing effort).
This is part of the Obama package-a man who, on occasion, will try to drift from progressive positions, crafting legalistic compromisese that fuzz the issue and fudge his own stand. Obama is not a pure progressive. Get used to that. If he is in the White House, progressives themselves will constantly have to challenge him, pushing him to be more FDRish, less Clintonesque.
The good news is that people are already onto this. When he reneged on his telcom pledge, the progressive netroots nation that has so strongly backed Obama exploded all over him, using his own website to rip him for breaking faith and to organize opposition to his switch. They didn't stop him this time, but they did sting him, making clear that they felt betrayed, could not just be ignored, and are expecting better.
To achieve progressive policies, democracy demands that the people themselves be noisy, feisty, and confrontational. That was true in FDR's time-and it's no less true in ours.
I'm asking you to believe. Not just in my ability to bring about real change in Washington...I'm asking you to believe in yours.-Barack Obama
Yesterday evening as I drove home from a meeting, I listened to a Terri Gross interview on NPR. The subject of the discussion was a book of poetry by Brian Turner. I had not read Turner, but was so taken by Gross' interview with the poet that I immediately searched for a copy of his book. The search was well rewarded. Read More »
T. Boone Pickens, the Republican Texas oil mogul who has been pushing a renewable energy agenda, will be among the experts testifying before a Senate panel Tuesday on energy security.
As oil prices continue to hover around the $140 per barrel mark, lawmakers on both sides of the aisle are likely Tuesday to use the Senate hearing as a forum to push for increased U.S. energy security, the idea of reducing foreign influence over the energy consumed in the United States.
Last week, Pickens began a public relations push for the energy plan he simply has titled, "The Pickens Plan." Pickens says installing wind farms in the midsection of the United States could produce 20 percent of electricity consumed domestically, alleviating the need to use natural gas to make electricity.
Under the Pickens Plan, natural gas along with biofuels would power all transportation, reducing foreign oil dependence -- according to Pickens' numbers -- by one-third.
The Economist magazine last week reported that Pickens' plan isn't entirely altruistic, however. According to the magazine, Pickens' company Mesa Power has invested $2 billion in a Texas panhandle wind farm. But Pickens, chairman and founder of BP Capital Management, also regularly points out he doesn't need the money.
The hearing, titled "Energy Security: An American Imperative," will be held at 9:30 a.m. Other panelists before the Senate Homeland Security and Government Affairs Committee will be Gal Luft, executive director of the Institute for the Analysis of Global Security; Geoffrey Anderson, president and CEO of Smart Growth America; and Habib Dagher, director of the University of Maine Advanced Structures and Composites Laboratory.
As oil prices continue to hover around the $140 per barrel mark, lawmakers on both sides of the aisle are likely Tuesday to use the Senate hearing as a forum to push for increased U.S. energy security, the idea of reducing foreign influence over the energy consumed in the United States.
Last week, Pickens began a public relations push for the energy plan he simply has titled, "The Pickens Plan." Pickens says installing wind farms in the midsection of the United States could produce 20 percent of electricity consumed domestically, alleviating the need to use natural gas to make electricity.
Under the Pickens Plan, natural gas along with biofuels would power all transportation, reducing foreign oil dependence -- according to Pickens' numbers -- by one-third.
The Economist magazine last week reported that Pickens' plan isn't entirely altruistic, however. According to the magazine, Pickens' company Mesa Power has invested $2 billion in a Texas panhandle wind farm. But Pickens, chairman and founder of BP Capital Management, also regularly points out he doesn't need the money.
The hearing, titled "Energy Security: An American Imperative," will be held at 9:30 a.m. Other panelists before the Senate Homeland Security and Government Affairs Committee will be Gal Luft, executive director of the Institute for the Analysis of Global Security; Geoffrey Anderson, president and CEO of Smart Growth America; and Habib Dagher, director of the University of Maine Advanced Structures and Composites Laboratory.
A Palestinian man from east Jerusalem rammed a construction vehicle into three cars and a city bus in downtown Jerusalem on Tuesday, wounding four people before he was shot dead, in a chilling imitation of an attack that took place in the city earlier this month.
The driver went on his rampage in a busy part of downtown Jerusalem, several hundred meters from the luxury hotel where U.S. presidential candidate Barack Obama is supposed to stay Tuesday night as he kicks off a visit to Israel.
Police said a civilian driving nearby saw what was happening, jumped out of the car and shot the driver, bringing traffic to a halt. A border policeman who rushed to the scene also shot the driver. Police sealed off possible escape routes into predominantly Arab east Jerusalem and were searching for two suspects who fled the scene, police spokesman Micky Rosenfeld said.
The driver of the bus said he was chased by the assailant as he wielded the construction vehicle's shovel.
"I was driving on the main road when the (construction vehicle) hit me in the rear, on the right hand side," the driver of the bus, who was not identified, told Channel 10 TV.
"After I passed him he turned round, made a U-turn and rammed the windows twice with the shovel. The third time he aimed for my head, he came up to my window and I swerved to the right, otherwise I would have gone to meet my maker," he said.
Witness Moshe Shimshi said the driver, who was wearing a large, white skullcap commonly worn by religious Muslims, slammed into the side of the bus, then sped away and went for a car.
"He didn't yell anything, he just kept ramming into cars," Shimshi said.
The driver then headed for cars waiting at a red light "and rammed into them with all his might," he added.
Channel 10 TV said a mother and her baby were wounded. Israeli rescue services said they had evacuated one person whose leg was partially severed; Israel media said he was in the car that was overturned.
"This was another attempt to murder innocent people in a senseless act of terrorism," said government spokesman Mark Regev. "All people who believe in peace and reconciliation must unequivocally condemn this attack. Unfortunately, it is clear that we as a society will have to remain vigilant against terrorism."
Minutes after the attack, the driver, wearing shorts and black shoes, was sprawled backward in the construction vehicle's cabin, his legs dangling lifelessly.
Firetrucks had massed at the scene, where the smell of gas was wafting and liquid had spilled on the ground.
Sirens wailed in the background, and a police helicopter hovered overhead.
The assault was eerily reminiscent of an attack earlier this month, when another Palestinian from east Jerusalem plowed his front-end loader into a strong of vehicles and pedestrians on another busy Jerusalem street about 3 miles away. Three people were killed in that attack and dozens of others were wounded before an off-duty soldier shot the assailant dead.
Tuesday's attack was carried out with the same type of front-end loader. A four-door sedan next to the vehicle had been rammed from the rear and had crashed into a utility vehicle.
A compact car stood nearby, its driver's side smashed, and its hood and engine destroyed. Another four-door sedan was overturned on the sidewalk.
Jerusalem Mayor Uri Lupolianski was in the area when he heard a commotion and rushed over to the scene.
The attacker "is from east Jerusalem," he said. "They keep on inventing ways to attack us," he said. "Every work tool has become a weapon."
The three latest attacks in Jerusalem have been carried out by Palestinians from the city's eastern sector.
The driver went on his rampage in a busy part of downtown Jerusalem, several hundred meters from the luxury hotel where U.S. presidential candidate Barack Obama is supposed to stay Tuesday night as he kicks off a visit to Israel.
Police said a civilian driving nearby saw what was happening, jumped out of the car and shot the driver, bringing traffic to a halt. A border policeman who rushed to the scene also shot the driver. Police sealed off possible escape routes into predominantly Arab east Jerusalem and were searching for two suspects who fled the scene, police spokesman Micky Rosenfeld said.
The driver of the bus said he was chased by the assailant as he wielded the construction vehicle's shovel.
"I was driving on the main road when the (construction vehicle) hit me in the rear, on the right hand side," the driver of the bus, who was not identified, told Channel 10 TV.
"After I passed him he turned round, made a U-turn and rammed the windows twice with the shovel. The third time he aimed for my head, he came up to my window and I swerved to the right, otherwise I would have gone to meet my maker," he said.
Witness Moshe Shimshi said the driver, who was wearing a large, white skullcap commonly worn by religious Muslims, slammed into the side of the bus, then sped away and went for a car.
"He didn't yell anything, he just kept ramming into cars," Shimshi said.
The driver then headed for cars waiting at a red light "and rammed into them with all his might," he added.
Channel 10 TV said a mother and her baby were wounded. Israeli rescue services said they had evacuated one person whose leg was partially severed; Israel media said he was in the car that was overturned.
"This was another attempt to murder innocent people in a senseless act of terrorism," said government spokesman Mark Regev. "All people who believe in peace and reconciliation must unequivocally condemn this attack. Unfortunately, it is clear that we as a society will have to remain vigilant against terrorism."
Minutes after the attack, the driver, wearing shorts and black shoes, was sprawled backward in the construction vehicle's cabin, his legs dangling lifelessly.
Firetrucks had massed at the scene, where the smell of gas was wafting and liquid had spilled on the ground.
Sirens wailed in the background, and a police helicopter hovered overhead.
The assault was eerily reminiscent of an attack earlier this month, when another Palestinian from east Jerusalem plowed his front-end loader into a strong of vehicles and pedestrians on another busy Jerusalem street about 3 miles away. Three people were killed in that attack and dozens of others were wounded before an off-duty soldier shot the assailant dead.
Tuesday's attack was carried out with the same type of front-end loader. A four-door sedan next to the vehicle had been rammed from the rear and had crashed into a utility vehicle.
A compact car stood nearby, its driver's side smashed, and its hood and engine destroyed. Another four-door sedan was overturned on the sidewalk.
Jerusalem Mayor Uri Lupolianski was in the area when he heard a commotion and rushed over to the scene.
The attacker "is from east Jerusalem," he said. "They keep on inventing ways to attack us," he said. "Every work tool has become a weapon."
The three latest attacks in Jerusalem have been carried out by Palestinians from the city's eastern sector.
Democrats and Republicans queasy about a federal rescue of mortgage giants Fannie Mae and Freddie Mac are coalescing around the idea of letting the government slap limits on the multimillion-dollar pay packages of their executives.
Key lawmakers â€" puzzling over how to explain to constituents why they voted to bail out the troubled government-sponsored firms â€" see new curbs on compensation for the top officers as a crucial measure to cut down on the cringe factor.
At a time when Fannie Mae's and Freddie Mac's (FRE: 8.75, -0.43, -4.68%) troubles have investors worried and the government ready to jump in with untold sums of cash, the lavish pay of the two companies' executives is increasingly difficult to defend, they say.
Sen. Bob Casey, D-Pa., says Fannie and Freddie "have had their hard-won credibility undermined in recent weeks," on the heels of major accounting scandals at the firms in 2003 and 2004.
"While the subprime mortgage crisis is hardly the fault of these companies, past practices of awarding huge bonuses and higher executive salaries calls into question the prudence of extending an unlimited credit line of taxpayer money to the companies whose management practices have been questionable over recent years," Casey said in a letter to Treasury Secretary Henry M. Paulson.
Casey called for capping the companies' executive pay "at reasonable levels" if they used the line of credit or need Treasury to step in and buy their stock. Casey also said their boards should sue to recover recent bonuses.
Last year, Freddie Mac paid Chairman and Chief Executive Richard Syron nearly $19.8 million in compensation even though the mortgage company's stock lost half its value. During the same period, Fannie Mae President and Chief Executive Daniel Mudd got compensation valued by the company at $12.2 million, including a $2.2 million bonus.
"I would like to know why taxpayers should extend Fannie and Freddie an unlimited line of credit at a time when their stock and investor confidence has fallen precipitously and their CEOs continue to make multimillion-dollar salaries and bonuses," Sen. Chuck Hagel, R-Neb., told Paulson in a letter last week.
Critics of Fannie Mae (FNM: 14.13, +0.73, +5.44%) and Freddie Mac, including Republicans who question the very existence of government-sponsored mortgage companies, have long denounced the firms for richly compensating shareholders and executives in good times while relying on taxpayers and the government to prop them up should they falter.
With the request for a federal lifeline, though, even their biggest boosters are embracing the idea of scrutinizing pay packages.
Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, said a new regulator for Fannie Mae and Freddie Mac should have the power to approve executive compensation. Frank and Sen. Christopher J. Dodd, D-Conn., the
Senate Banking Committee chairman, want to add the controls to a broad housing package that creates a new regulator.
The House could vote on the bill, which also includes a foreclosure rescue for 400,000 strapped homeowners, as early as Wednesday.
Fannie Mae and Freddie Mac together hold or guarantee $5 trillion in mortgages â€" almost half the nation's total. Their stocks have plummeted on fears about their financial stability in a chaotic housing market where falling home values and rising defaults have contributed to large losses at the companies.
Paulson's request for a government lifeline to them has shone an uncomfortable spotlight on the workings of the companies. Both wield armies of lobbyists and shower lawmakers with campaign cash â€" prompting critics to charge that their financial problems are of their own making.
Frank said the housing legislation already includes "any reasonable control over Fannie and Freddie," but that he now believes Congress should explicitly give the regulator power to approve pay packages.
The agency that oversees Fannie Mae and Freddie Mac already has the authority to bar them from awarding executives "excessive" compensation that's out of whack with what similar firms' top people receive. But the law expressly forbids capping Fannie and Freddie executives' compensation.
Both versions of the housing bill give the new regulator more latitude to decide what constitutes excessive pay, including taking into account wrongdoing by an executive. The Senate-passed bill also gives the government the power to limit or ban "golden parachute" payments for executives if either company becomes financially unstable, goes belly up or needed a federal bailout.
Key lawmakers â€" puzzling over how to explain to constituents why they voted to bail out the troubled government-sponsored firms â€" see new curbs on compensation for the top officers as a crucial measure to cut down on the cringe factor.
At a time when Fannie Mae's and Freddie Mac's (FRE: 8.75, -0.43, -4.68%) troubles have investors worried and the government ready to jump in with untold sums of cash, the lavish pay of the two companies' executives is increasingly difficult to defend, they say.
Sen. Bob Casey, D-Pa., says Fannie and Freddie "have had their hard-won credibility undermined in recent weeks," on the heels of major accounting scandals at the firms in 2003 and 2004.
"While the subprime mortgage crisis is hardly the fault of these companies, past practices of awarding huge bonuses and higher executive salaries calls into question the prudence of extending an unlimited credit line of taxpayer money to the companies whose management practices have been questionable over recent years," Casey said in a letter to Treasury Secretary Henry M. Paulson.
Casey called for capping the companies' executive pay "at reasonable levels" if they used the line of credit or need Treasury to step in and buy their stock. Casey also said their boards should sue to recover recent bonuses.
Last year, Freddie Mac paid Chairman and Chief Executive Richard Syron nearly $19.8 million in compensation even though the mortgage company's stock lost half its value. During the same period, Fannie Mae President and Chief Executive Daniel Mudd got compensation valued by the company at $12.2 million, including a $2.2 million bonus.
"I would like to know why taxpayers should extend Fannie and Freddie an unlimited line of credit at a time when their stock and investor confidence has fallen precipitously and their CEOs continue to make multimillion-dollar salaries and bonuses," Sen. Chuck Hagel, R-Neb., told Paulson in a letter last week.
Critics of Fannie Mae (FNM: 14.13, +0.73, +5.44%) and Freddie Mac, including Republicans who question the very existence of government-sponsored mortgage companies, have long denounced the firms for richly compensating shareholders and executives in good times while relying on taxpayers and the government to prop them up should they falter.
With the request for a federal lifeline, though, even their biggest boosters are embracing the idea of scrutinizing pay packages.
Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, said a new regulator for Fannie Mae and Freddie Mac should have the power to approve executive compensation. Frank and Sen. Christopher J. Dodd, D-Conn., the
Senate Banking Committee chairman, want to add the controls to a broad housing package that creates a new regulator.
The House could vote on the bill, which also includes a foreclosure rescue for 400,000 strapped homeowners, as early as Wednesday.
Fannie Mae and Freddie Mac together hold or guarantee $5 trillion in mortgages â€" almost half the nation's total. Their stocks have plummeted on fears about their financial stability in a chaotic housing market where falling home values and rising defaults have contributed to large losses at the companies.
Paulson's request for a government lifeline to them has shone an uncomfortable spotlight on the workings of the companies. Both wield armies of lobbyists and shower lawmakers with campaign cash â€" prompting critics to charge that their financial problems are of their own making.
Frank said the housing legislation already includes "any reasonable control over Fannie and Freddie," but that he now believes Congress should explicitly give the regulator power to approve pay packages.
The agency that oversees Fannie Mae and Freddie Mac already has the authority to bar them from awarding executives "excessive" compensation that's out of whack with what similar firms' top people receive. But the law expressly forbids capping Fannie and Freddie executives' compensation.
Both versions of the housing bill give the new regulator more latitude to decide what constitutes excessive pay, including taking into account wrongdoing by an executive. The Senate-passed bill also gives the government the power to limit or ban "golden parachute" payments for executives if either company becomes financially unstable, goes belly up or needed a federal bailout.
Thanks to everyone who posted constructive, unpresumptive comments to my last post to this blog. I am finding them helpful. To the rest of you who feel that they can spew unimaginative negative comments...please...get a life! To the others who posted emotion-filled hateful spew---yes, you WILL NEVER FORGET!!! I understand that. I have one question...Why bother to post? You sound stupid...really!
I think these institutions have outlived their usefulness and should die. Their disappearance may cause some temporary dislocation and “the system” as we know it may never be the same. The wonderful thing about markets though is that they tend to evolve new systems when it makes sense. The only people who should be scared are the Wall Street and Washington big shots who feed on this corrupt and obsolete system. But we shouldn’t let them scare the rest of us into rescuing them, because the destruction of this system and its replacement with something better will only be a minor blip in our lives and in the end will benefit us all. We should rejoice that this detrius may be swept away in favor of something better, newer and more equitable. We should be excited, not scared, that the future can be bright if we don’t insist on preserving the vestiges of the past.
FBI Looking Into IndyMac For Possible Fraud
The Associated Press has learned that the FBI is investigating now-defunct
IndyMac banks for possible fraud.
The Associated Press has learned that the FBI is investigating now-defunct
IndyMac banks for possible fraud.
You can see the details of this event by going to:
http://my.barackobama.com/page/event/detail/4gbrj
http://my.barackobama.com/page/event/detail/communityservice/4gbrj
---
Cathi Erman has sent you an update to 'Happy Barack Day!' -- click here to view the invitation and submit your response:
http://my.barackobama.com/page/event/detail/4gbrj
http://my.barackobama.com/page/event/detail/communityservice/4gbrj
Thank you to all of you who have signed up (680 and counting between the Obama page, the DNC page and the VA DNC page) and for those who have left me comments when signing up, I've thoroughly enjoyed your great enthusiasm and dedication. I've loved reading your comments and have tried to update the event description and emails to reflect ideas from some of you.
This is a one-day only event before the election!
I would STRONGLY encourage you all to take photos of everything you and your family does to celebrate Barack's birthday on Aug. 4th - even if what you're doing happens to be the day before or after - especially birthday card making, fundraising, bake sales, etc. Make sure there are lots of Happy Birthday signs and Obama signs in the photos. Afterwards, you can send the photos here:
Please email all of your photos to photos@barackobama.com.
Also, to actually send birthday cards and photos directly to Barack, here is the info:
To reach the Campaign Headquarters by phone, please call: (866) 675-2008
You can contact us by mail at:
Obama for America
P.O. Box 8102
Chicago, IL 60680
To donate on August 4th, go to www.barackobama.com and on the first page, click on the "Donate Here" button.
Special thanks to Brian Gustafson for holding a local BBQ Fundraiser & Happy Birthday event for which he has confirmed attendance of 150 people! Yay Brian!
Just to let you know, I plan to make donations throughout the day on August 4th and separate ones to memorialize and honor those who have written to me about having the same birthday or having lost a loved one on that date. I also plan on making a donation in memory of Kitty, a young US soldier who died this week from an infection due to wounds inflicted in Iraq. She leaves a husband and two young children.
I have so enjoyed reading your comments and suggestions. And, especially your enthusiasm. It's such a joy. Thank you all so very much.
Finally, as I know you've heard me say (to death, I know) that I personally cannot reach everyone on www.barackobama.com or on the DNC website. I really need your help!! Please just send the event site (one of the two Obama websites at the beginning of this message)to all your friends and Obama and DNC Groups and anyone at all you think might be interested, it would help so much. Some of you belong to hundreds of groups!
Thank you all again. Words cannot express my appreciation. Not just for me, but for Barack and all of us!
Fondly, Cathi
PS - If you already signed up on the DNC link or on the Virginia DNC link, could you please go to one of the posted links on the Obama pages listed and sign up there as well? It would really help me out with keeping an accurate count, plus I can email all the attendees at once as opposed to going to three different sites to do it. Thanks!
http://my.barackobama.com/page/event/detail/4gbrj
http://my.barackobama.com/page/event/detail/communityservice/4gbrj
---
Cathi Erman has sent you an update to 'Happy Barack Day!' -- click here to view the invitation and submit your response:
http://my.barackobama.com/page/event/detail/4gbrj
http://my.barackobama.com/page/event/detail/communityservice/4gbrj
Thank you to all of you who have signed up (680 and counting between the Obama page, the DNC page and the VA DNC page) and for those who have left me comments when signing up, I've thoroughly enjoyed your great enthusiasm and dedication. I've loved reading your comments and have tried to update the event description and emails to reflect ideas from some of you.
This is a one-day only event before the election!
I would STRONGLY encourage you all to take photos of everything you and your family does to celebrate Barack's birthday on Aug. 4th - even if what you're doing happens to be the day before or after - especially birthday card making, fundraising, bake sales, etc. Make sure there are lots of Happy Birthday signs and Obama signs in the photos. Afterwards, you can send the photos here:
Please email all of your photos to photos@barackobama.com.
Also, to actually send birthday cards and photos directly to Barack, here is the info:
To reach the Campaign Headquarters by phone, please call: (866) 675-2008
You can contact us by mail at:
Obama for America
P.O. Box 8102
Chicago, IL 60680
To donate on August 4th, go to www.barackobama.com and on the first page, click on the "Donate Here" button.
Special thanks to Brian Gustafson for holding a local BBQ Fundraiser & Happy Birthday event for which he has confirmed attendance of 150 people! Yay Brian!
Just to let you know, I plan to make donations throughout the day on August 4th and separate ones to memorialize and honor those who have written to me about having the same birthday or having lost a loved one on that date. I also plan on making a donation in memory of Kitty, a young US soldier who died this week from an infection due to wounds inflicted in Iraq. She leaves a husband and two young children.
I have so enjoyed reading your comments and suggestions. And, especially your enthusiasm. It's such a joy. Thank you all so very much.
Finally, as I know you've heard me say (to death, I know) that I personally cannot reach everyone on www.barackobama.com or on the DNC website. I really need your help!! Please just send the event site (one of the two Obama websites at the beginning of this message)to all your friends and Obama and DNC Groups and anyone at all you think might be interested, it would help so much. Some of you belong to hundreds of groups!
Thank you all again. Words cannot express my appreciation. Not just for me, but for Barack and all of us!
Fondly, Cathi
PS - If you already signed up on the DNC link or on the Virginia DNC link, could you please go to one of the posted links on the Obama pages listed and sign up there as well? It would really help me out with keeping an accurate count, plus I can email all the attendees at once as opposed to going to three different sites to do it. Thanks!
I need some advice. I have been campaigning for Barack Obama for some time on a one to one basis and have encountered a number of opinions and reactions. One that I run into somewhat too often is a racist one...anything from he's black and for the blacks to....I don't think he would be good for this country because he will divide the country between blacks and whites (implied that blacks will gain supremacy and oppress whites...). Also, a somewhat common response is...."Obama would not be right as president....he lacks experience...and I'm not prejudiced...I just think he does not have enough experience. Really!" I live in Massachusetts and the racism is here...but, it is not pc to say so. Also, I think that these folks really believe they aren't racist...well, they are, subconsciously, and maybe not so subconsciously! I need to hear how you (anyone who would like to share with me...) answer this. And please,...dont refer me to the anti-smear site. These are folks who do not go on the internet very much.
Geopolitics must be faced and dealt with as this writer points out....
Thursday, 07.17.08 How Geopolitics Intrudes
The Coming Anarchy February 1994 Robert Kaplan assesses how scarcity, crime, overpopulation, tribalism, and disease are rapidly destroying the social fabric of our planet. The Politics of Global Warming 6 June 2006 Clive Crook asserts that working out what is going to happen to the climate from now on is the hard part. Issues like climate change and sustainability were a major theme in this year's Aspen Ideas Festival, which concluded in early July. Aspen sang this year with pleas for the next president to make climate change --and the protection of dwindling resources -- the centerpiece of his foreign policy, thus fusing in a very concrete way America's national interest with that of the wider world. There was clearly a yearning for a new, more elevated brand of American patriotism that co-opted these global issues as national security interests - which indeed they are. Americans have always been a people of the frontier, and just as civil rights constituted a new frontier of enlightened patriotism in the 1960s, tackling environmental challenges looks like the new frontier of this and future decades. The facts presented were compelling, from falling water levels in the Great Lakes to rising sea levels world-wide that could kill and make homeless tens of millions of people in Bangladesh alone. It became obvious, listening to the briefings and panel discussions that we are on the verge of more cataclysmic events like the Indian Ocean tsunami of 2004 -- event that will reshape public perceptions of foreign policy. We inhabit an increasingly crowded world with extremely fragile infrastructures subject to the slightest shifts in climatic and seismic patterns. As I wrote in my 1994 Atlantic article, The Coming Anarchy, the natural environment will be the national security focus of the 21st century. But there is, nevertheless, a problem: the more mundane, less uplifting, narrower issues of geopolitics that will inevitably intrude. To relegate geopolitics to the background threatens to provoke other sorts of cataclysms that will permanently distract the new president from these newer concerns. Only by effectively handling Iraq and Afghanistan, the wider war on terrorism and the rising military power of China can a new president build up the political capital to lead the world on climate change and sustainability. Obviously, the two sets of issues are not mutually exclusive. The new president can and will focus on both at the same time. In the early months of his administration he will seek to consolidate and build upon the gains in Iraq over the past 18 months, even as he tackles global warming in a serious way, thus reversing the neglect of the Bush Administration. But a president cannot simply ditch geopolitics for post-national politics. He must make a serious adjustment to the policies of George W. Bush, not renounce them altogether. And my worry at Aspen was that while there were some excellent, dutiful panels on traditional national security concerns, especially on nuclear weapons, the audience's heart lay elsewhere. Tellingly, the dramatic rescue of three American military contractors from a five-and-a-half-year-long captivity in the Colombian jungles, as prisoners of the narco-terrorist group, FARC, elicited little or no chatter among the conference participants - even though the rescue in and of itself dealt a major strategic blow to the anti-American left throughout South America. As excellent and jam-packed with substance as the conference was, there was an element of narcissism among at least a few participants, who wanted to embrace issues like global warming to the exclusion of all else. A new president will not have that luxury. Only if he furiously concentrates on traditional, 19th century balance-of-power politics and gets that right will the path be clear for him to embrace the ultimately more critical issues raised at Aspen.
— Robert D. Kaplan
I know that the Obama campaign has protested this week's front cover of The New Yorker magazine, but I was wondering why. The New Yorker engages in the use of satire. I enjoy the magazine because of that...amoung other things!!! To me, satire helps to bring out issues that should be addressed in a less onerous and serious way. The Daily Show and The Colbert Report are both very popular shows and depend very heavily on satire. Anyone else have any thoughts? Please feel free to share them.
The aim of art is to represent not the outward appearance of things, but their inner significance.-Aristotle
The aim of art is to represent not the outward appearance of things, but their inner significance.-Aristotle
Is That an Obama in Your Pocket? Legendary Musician Songwriter Andy Fraser Throws down the gauntlet
Legendary Musician Songwriter Andy Fraser
Throws Down Gauntlet to Radio
Rock Star Supports Campaign Youth Groups with ObamaRocks08. com Web site,
"Obama, Yes We Can" Song, Video and iPod Shuffle Giveaway
LOS ANGELES, April 16 /PRNewswire/ -- Andy Fraser, the legendary musician,
songwriter and AIDS political activist, who penned the rock anthem "All Right
Now" while a member of the '70s British group FREE and wrote "Every Kinda
People," a hit for Robert Palmer, is no stranger to politics.
He has been a tireless supporter of causes related to AIDS and education
and has now turned his attention to the upcoming Presidential election, with
his support of Barack Obama, releasing his campaign song, "Obama, Yes We Can,"
as a free download on www. ObamaRocks08. com .
Fraser, a U.K.
native, wants to encourage young people to participate in
the election, and to that end, is offering a free iPod, loaded with his song
as well as Obama's speeches, for radio contests that encourage listeners to
call in and share their vision for making the world a better place.
"I may not
have a vote, but do have an opinion, and will enjoy equal freedom of
expression in voicing it," says Fraser.
ObamaRocks08. com recently presented an Obama youth center in Pennsylvania
with an iPod to make it easy for them to play music through speakers outside
of their office to draw people in to learn more about Obama and his position
on key issues.
They made great use by loading the shuffle not only with the
song, "Obama, Yes We Can," but also with the Democratic presidential
candidate's speeches. In other words, putting an Obama in everyone's pocket.
Fraser and ObamaRocks08. com have provided the iPod to encourage contest
winners to share with others on the spot by plugging in and playing it at
campaign rallies and events.
"We're challenging radio to encourage youth to take an active role in the
election process and weigh in on the country's most pressing issues by
offering iPods to those listeners who call in to volunteer their fervent
hopes," says Fraser.
"Hopefully, this song will not only draw attention to
Obama's revolutionary campaign, but spur young people to get involved, which
is their privilege in a democratic system.
"
The song is already causing a groundswell of support for Obama throughout
the country, much as similar virally distributed campaign songs for the
candidate from will. i. am and Obama Girl.
"Can we bring about a change?/Yes we can/Build a bridge to better days/Yes
we can/Can we lift the spirits up?/Yes we can!" sings Fraser, echoing the
Illinois Senator's resounding message of hope, change and unity.
Aside from offering a free download of the song, www. ObamaRocks08. com
supports voter education and involvement by providing links to Barack Obama's
official Web site and Rock the Vote, where prospective voters may register to
take part in upcoming Democratic state primaries.
About Andy Fraser:
Andy Fraser is best known around the world as the legendary bassist and
founding member of the '70s rock band FREE, as well as writing the rock anthem
"All Right Now," and for his mega-hit "Every Kinda People" by Robert Palmer.
Fraser has also written numerous hits for other artists, including Joe Cocker,
Chaka Khan, Rod Stewart, Paul Young and many others.
To access Andy Fraser's
discography, upcoming and recent releases, visit www. AndyFraser. com .
Contact:
Joan Myers
Phone: (714) 444-0900
E-Mail: joan@mctrax.com
SOURCE Andy Fraser
Joan Myers, +1-714-444-0900, joan@mctrax.com
Legendary Musician Songwriter Andy Fraser
Throws Down Gauntlet to Radio
Rock Star Supports Campaign Youth Groups with ObamaRocks08. com Web site,
"Obama, Yes We Can" Song, Video and iPod Shuffle Giveaway
LOS ANGELES, April 16 /PRNewswire/ -- Andy Fraser, the legendary musician,
songwriter and AIDS political activist, who penned the rock anthem "All Right
Now" while a member of the '70s British group FREE and wrote "Every Kinda
People," a hit for Robert Palmer, is no stranger to politics.
He has been a tireless supporter of causes related to AIDS and education
and has now turned his attention to the upcoming Presidential election, with
his support of Barack Obama, releasing his campaign song, "Obama, Yes We Can,"
as a free download on www. ObamaRocks08. com .
Fraser, a U.K.
native, wants to encourage young people to participate in
the election, and to that end, is offering a free iPod, loaded with his song
as well as Obama's speeches, for radio contests that encourage listeners to
call in and share their vision for making the world a better place.
"I may not
have a vote, but do have an opinion, and will enjoy equal freedom of
expression in voicing it," says Fraser.
ObamaRocks08. com recently presented an Obama youth center in Pennsylvania
with an iPod to make it easy for them to play music through speakers outside
of their office to draw people in to learn more about Obama and his position
on key issues.
They made great use by loading the shuffle not only with the
song, "Obama, Yes We Can," but also with the Democratic presidential
candidate's speeches. In other words, putting an Obama in everyone's pocket.
Fraser and ObamaRocks08. com have provided the iPod to encourage contest
winners to share with others on the spot by plugging in and playing it at
campaign rallies and events.
"We're challenging radio to encourage youth to take an active role in the
election process and weigh in on the country's most pressing issues by
offering iPods to those listeners who call in to volunteer their fervent
hopes," says Fraser.
"Hopefully, this song will not only draw attention to
Obama's revolutionary campaign, but spur young people to get involved, which
is their privilege in a democratic system.
"
The song is already causing a groundswell of support for Obama throughout
the country, much as similar virally distributed campaign songs for the
candidate from will. i. am and Obama Girl.
"Can we bring about a change?/Yes we can/Build a bridge to better days/Yes
we can/Can we lift the spirits up?/Yes we can!" sings Fraser, echoing the
Illinois Senator's resounding message of hope, change and unity.
Aside from offering a free download of the song, www. ObamaRocks08. com
supports voter education and involvement by providing links to Barack Obama's
official Web site and Rock the Vote, where prospective voters may register to
take part in upcoming Democratic state primaries.
About Andy Fraser:
Andy Fraser is best known around the world as the legendary bassist and
founding member of the '70s rock band FREE, as well as writing the rock anthem
"All Right Now," and for his mega-hit "Every Kinda People" by Robert Palmer.
Fraser has also written numerous hits for other artists, including Joe Cocker,
Chaka Khan, Rod Stewart, Paul Young and many others.
To access Andy Fraser's
discography, upcoming and recent releases, visit www. AndyFraser. com .
Contact:
Joan Myers
Phone: (714) 444-0900
E-Mail: joan@mctrax.com
SOURCE Andy Fraser
Joan Myers, +1-714-444-0900, joan@mctrax.com
Oil prices are tumbling, extending a massive sell-off the previous day, after of the government reported that U.S. crude supplies unexpectedly jumped last week.
Light, sweet crude for August delivery is down $6.44 at $132.30 a barrel in morning trading on the New York Mercantile Exchange.
The Energy Information Administration reported U.S. crude oil supplies jumped by 3 million barrels last week. That is the opposite of the 3 million barrel decline analysts surveyed by energy research firm Platts expected. Gasoline supplies also jumped unexpectedly
Light, sweet crude for August delivery is down $6.44 at $132.30 a barrel in morning trading on the New York Mercantile Exchange.
The Energy Information Administration reported U.S. crude oil supplies jumped by 3 million barrels last week. That is the opposite of the 3 million barrel decline analysts surveyed by energy research firm Platts expected. Gasoline supplies also jumped unexpectedly
Consumer prices shot up in June at the second fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.
The Labor Department reported that consumer prices jumped 1.1% last month, much worse than had been expected. Energy prices rocketed upward by 6.6%, reflecting big gains for gasoline, home heating oil and natural gas.
The big rise in prices cut deeply into consumers' earning power with average weekly wages, after adjusting for inflation, falling by 0.9%. It was the biggest monthly decline since a 1.1% drop in weekly wages in September 2005.
The 1.1% June price increase was the second largest monthly advance in the past 26 years, surpassed only by a 1.3% gain in September 2005 from a jolt to energy costs after Hurricane Katrina.
Separately, the Federal Reserve reported that industrial output rose 0.5% in June, the fastest pace in 11 months. The increase, the highest since a 0.6% gain in July of last year, reflected an end to an automotive production strike rather than any widespread strength in the economy.
The report on retail inflation followed similarly grim news on Tuesday that wholesale prices had shot up by 1.8% in June.
Wall Street turned higher on Wednesday as a second day of falling oil prices helped to offset the concerns about the jump in inflation last month. The Dow Jones industrial average was up more than 125 points in late morning trading.
Even with the two-day slide in the price of oil, a barrel of crude is about 80% higher than it was a year ago and 40% higher than at the start of the year. As recently as Friday, crude oil trade at record levels above $147 a barrel.
Federal Reserve Chairman Ben Bernanke, wrapping up two days of congressional testimony, repeated his concerns about inflation in remarks to the House Financial Services Committee on Wednesday. He said that the upside risks to the inflation outlook have intensified, reflecting higher prices for oil and other commodities.
Bernanke's comments underscored the bind the central bank is in, caught between a faltering economy that is struggling to overcome a prolonged housing slump and a severe credit squeeze, and the risk that inflation would move higher.
Democrats in Congress said the new inflation report emphasized the need to pass a second stimulus package because the Fed's room to boost growth through further cuts in interest rates was being limited by higher inflation pressures.
"We're now seeing danger for the economy on both sides -- growth is too slow and inflation is too high," Sen. Charles Schumer, D-N.Y., said in a statement. He urged the Bush administration to work with Congress to "pass some mainstream, bipartisan solutions for our economy."
The White House sought to signal continued concern about the economy's weakness but didn't indicate any change in the administration's opposition to a second stimulus package.
"The President is very concerned about the impact high prices are having on Americans, especially those who are on lower incomes. What the president would reiterate is what he said yesterday ... that the health of the overall economy is dependent on inflation remaining low," presidential press secretary Dana Perino told reporters.
Many analysts believe that the central bank is likely to leave interest rates unchanged for the rest of the year out of concern that any tightening of credit policy could send the economy into an even worse tailspin.
Over the past 12 months, consumer inflation is up by 5%, the largest year-over-year gain since a similar 5% rise in May 1991.
Food prices also showed a big increase in June, rising by 0.7%, more than double the 0.3% increase of May. Vegetable prices shot up by 6.1%, the biggest increase in nearly three years.
Core inflation, which excludes energy and food, showed rising pressures too, with an increase of 0.3% in June, up from a 0.2% gain in May and the biggest one-month rise since January.
This increase reflected a 4.5% jump in airline ticket prices, the biggest one-month rise for airline fares since March 2000
The Labor Department reported that consumer prices jumped 1.1% last month, much worse than had been expected. Energy prices rocketed upward by 6.6%, reflecting big gains for gasoline, home heating oil and natural gas.
The big rise in prices cut deeply into consumers' earning power with average weekly wages, after adjusting for inflation, falling by 0.9%. It was the biggest monthly decline since a 1.1% drop in weekly wages in September 2005.
The 1.1% June price increase was the second largest monthly advance in the past 26 years, surpassed only by a 1.3% gain in September 2005 from a jolt to energy costs after Hurricane Katrina.
Separately, the Federal Reserve reported that industrial output rose 0.5% in June, the fastest pace in 11 months. The increase, the highest since a 0.6% gain in July of last year, reflected an end to an automotive production strike rather than any widespread strength in the economy.
The report on retail inflation followed similarly grim news on Tuesday that wholesale prices had shot up by 1.8% in June.
Wall Street turned higher on Wednesday as a second day of falling oil prices helped to offset the concerns about the jump in inflation last month. The Dow Jones industrial average was up more than 125 points in late morning trading.
Even with the two-day slide in the price of oil, a barrel of crude is about 80% higher than it was a year ago and 40% higher than at the start of the year. As recently as Friday, crude oil trade at record levels above $147 a barrel.
Federal Reserve Chairman Ben Bernanke, wrapping up two days of congressional testimony, repeated his concerns about inflation in remarks to the House Financial Services Committee on Wednesday. He said that the upside risks to the inflation outlook have intensified, reflecting higher prices for oil and other commodities.
Bernanke's comments underscored the bind the central bank is in, caught between a faltering economy that is struggling to overcome a prolonged housing slump and a severe credit squeeze, and the risk that inflation would move higher.
Democrats in Congress said the new inflation report emphasized the need to pass a second stimulus package because the Fed's room to boost growth through further cuts in interest rates was being limited by higher inflation pressures.
"We're now seeing danger for the economy on both sides -- growth is too slow and inflation is too high," Sen. Charles Schumer, D-N.Y., said in a statement. He urged the Bush administration to work with Congress to "pass some mainstream, bipartisan solutions for our economy."
The White House sought to signal continued concern about the economy's weakness but didn't indicate any change in the administration's opposition to a second stimulus package.
"The President is very concerned about the impact high prices are having on Americans, especially those who are on lower incomes. What the president would reiterate is what he said yesterday ... that the health of the overall economy is dependent on inflation remaining low," presidential press secretary Dana Perino told reporters.
Many analysts believe that the central bank is likely to leave interest rates unchanged for the rest of the year out of concern that any tightening of credit policy could send the economy into an even worse tailspin.
Over the past 12 months, consumer inflation is up by 5%, the largest year-over-year gain since a similar 5% rise in May 1991.
Food prices also showed a big increase in June, rising by 0.7%, more than double the 0.3% increase of May. Vegetable prices shot up by 6.1%, the biggest increase in nearly three years.
Core inflation, which excludes energy and food, showed rising pressures too, with an increase of 0.3% in June, up from a 0.2% gain in May and the biggest one-month rise since January.
This increase reflected a 4.5% jump in airline ticket prices, the biggest one-month rise for airline fares since March 2000
Texas Rep. John Culberson uses his Blackberry to post blurbs about his work onto Twitter, a social networking site on the Internet. The Internet has set him free from unfair media reports and other barriers between him and his constituents, enabling him to better represent them in Congress, he says.
But Culberson's actions have put him in possible violation of House rules that appear to ban blogging or other work-related activities on non-House Web sites.
Current rules "have been interpreted to prohibit (House) members from posting official content outside of the House.gov domain," Rep. Michael Capuano, D-Mass., chairman of the Congressional Commission on Mailing Standards, better known as the franking committee, wrote in a report late last month.
In a series of recommendations sent to House Administration Capitol Security Subcommittee Chairman Robert Brady, Capuano said some rules are necessary so as not to mix House official messages with commercial or political campaign material.
"Members of Congress who use taxpayer money to communicate with constituents should be held to the highest possible standard of independence â€" and the appearance of independence," he said last week.
"Official content" â€" like video â€" that is posted outside the House.gov domain should be clearly marked, should not appear alongside commercial or campaign content and should contain an exit notice for people linking out from the House.gov domain, Capuano recommended.
But those recommendations have riled Republicans like Culberson, who argue they limit his communications. The spat has reached the highest levels of the House, with Speaker Nancy Pelosi backing Capuano by saying his work won't restrict but will rather loosen the rules. In response, House Minority Leader John Boehner has rung alarm bells over possible Democratic-led censorship of the Internet.
By communicating on Twitter, Culberson said he can tell his constituents to watch a live video he's about to broadcast on a site called Qik.com. By blasting an announcement that he's going to hold a town hall meeting, Culberson said anyone with a mobile e-mail device, an Internet connection or a phone can tap into the discussion. Or if a vote on a confusing or quickly-moving bill is coming up he can shoot out marching orders as needed to his supporters.
"It's a great way to instantaneously communicate with a large number of people," Culberson said.
Banning video postings by House members also hands the media an advantage they wouldn't have if he were allowed to use new technology to get out his side of the story, beating biased reporters to the punch, he said.
"How do I distinguish between Twitter and e-mail? There is no distinguishing. How do I distinguish between my interview with you on FOX News, and this live video that I'm broadcasting through Qik? How do you distinguish between my interview on Qik, which is live, with an interview on The New York Times?" asked Culberson, pronouncing the Web site as "quick," in an interview with FOX News last week.
Culberson said he believes lawmakers should face few, if any, restrictions on Internet use. If House members run astray of good taste, their constituents will let them know.
But Capuano counters that the rules â€" while they don't specifically address capabilities of sites like Qik â€" appear to ban such activity for good reason, and Culberson learned the lesson last week when the two men got into a one-on-one confrontation.
In a video posted online of his interview with FOX News, Culberson relayed how Capuano got irritated when Culberson apparently tried to get Capuano on camera, but hadn't asked him first. After the video was posted, Capuano ended up receiving a torrent of e-mails and phone calls from Culberson backers.
Admitting he might have jumped the gun by posting the confrontation, Culberson said he apologized to Capuano and pledged not to film him again without his permission.
Still, Culberson defended his decision to go to Qik to post the video, saying he thought a rule was going to be voted on and he felt it was his only recourse to let Capuano know how the public felt.
"I told him today â€" and he's a good guy, and he understood this â€" I said, 'Mike, you're going to have about as much luck regulating the Internet as King Knut did when he ordered his men to put this throne on the beach, and he tried to order the tide to stop," Culberson said, summing up the phone call in a video message to his constituents.
But Culberson's actions have put him in possible violation of House rules that appear to ban blogging or other work-related activities on non-House Web sites.
Current rules "have been interpreted to prohibit (House) members from posting official content outside of the House.gov domain," Rep. Michael Capuano, D-Mass., chairman of the Congressional Commission on Mailing Standards, better known as the franking committee, wrote in a report late last month.
In a series of recommendations sent to House Administration Capitol Security Subcommittee Chairman Robert Brady, Capuano said some rules are necessary so as not to mix House official messages with commercial or political campaign material.
"Members of Congress who use taxpayer money to communicate with constituents should be held to the highest possible standard of independence â€" and the appearance of independence," he said last week.
"Official content" â€" like video â€" that is posted outside the House.gov domain should be clearly marked, should not appear alongside commercial or campaign content and should contain an exit notice for people linking out from the House.gov domain, Capuano recommended.
But those recommendations have riled Republicans like Culberson, who argue they limit his communications. The spat has reached the highest levels of the House, with Speaker Nancy Pelosi backing Capuano by saying his work won't restrict but will rather loosen the rules. In response, House Minority Leader John Boehner has rung alarm bells over possible Democratic-led censorship of the Internet.
By communicating on Twitter, Culberson said he can tell his constituents to watch a live video he's about to broadcast on a site called Qik.com. By blasting an announcement that he's going to hold a town hall meeting, Culberson said anyone with a mobile e-mail device, an Internet connection or a phone can tap into the discussion. Or if a vote on a confusing or quickly-moving bill is coming up he can shoot out marching orders as needed to his supporters.
"It's a great way to instantaneously communicate with a large number of people," Culberson said.
Banning video postings by House members also hands the media an advantage they wouldn't have if he were allowed to use new technology to get out his side of the story, beating biased reporters to the punch, he said.
"How do I distinguish between Twitter and e-mail? There is no distinguishing. How do I distinguish between my interview with you on FOX News, and this live video that I'm broadcasting through Qik? How do you distinguish between my interview on Qik, which is live, with an interview on The New York Times?" asked Culberson, pronouncing the Web site as "quick," in an interview with FOX News last week.
Culberson said he believes lawmakers should face few, if any, restrictions on Internet use. If House members run astray of good taste, their constituents will let them know.
But Capuano counters that the rules â€" while they don't specifically address capabilities of sites like Qik â€" appear to ban such activity for good reason, and Culberson learned the lesson last week when the two men got into a one-on-one confrontation.
In a video posted online of his interview with FOX News, Culberson relayed how Capuano got irritated when Culberson apparently tried to get Capuano on camera, but hadn't asked him first. After the video was posted, Capuano ended up receiving a torrent of e-mails and phone calls from Culberson backers.
Admitting he might have jumped the gun by posting the confrontation, Culberson said he apologized to Capuano and pledged not to film him again without his permission.
Still, Culberson defended his decision to go to Qik to post the video, saying he thought a rule was going to be voted on and he felt it was his only recourse to let Capuano know how the public felt.
"I told him today â€" and he's a good guy, and he understood this â€" I said, 'Mike, you're going to have about as much luck regulating the Internet as King Knut did when he ordered his men to put this throne on the beach, and he tried to order the tide to stop," Culberson said, summing up the phone call in a video message to his constituents.
Received a nice endorsement/solicitation note from Wes Clark today. Text is below. You know my feelings on Rick Noriega. He is a very good man, running against a very bad man. He will be a very good United States Senator, replacing a very bad United States Senator. Contribute Now - Rick Needs Our Help Read More »
Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing "numerous difficulties" including persistent strains in financial markets, rising joblessness and housing problems -- despite the Fed's aggressive interest rate reductions and other fortifying steps.
At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks.
The situation, he said, poses "significant challenges" for Fed policymakers as they try to chart the best course for keeping the economy growing, while making sure inflation doesn't dangerously flare up. All the economy's problems, including slumping home values, which threaten to make people feel less wealthy and less inclined to spend in the months ahead, represent "significant downside risks" to economic growth.
Over the rest of this year, the economy will grow "appreciably below its trend rate" mostly because of continued weakness in housing markets, high energy prices and tight credit conditions.
On Wall Street, stocks slumped. The Dow Jones industrials were down around 50 points, after suffering steeper losses earlier in the morning.
Inflation has remained high and "seems likely to move temporarily higher in the near term," he warned.
Indeed, before Bernanke delivered his twice-a-year comprehensive economic assessment to Congress, the Labor Department reported wholesale prices jumped 1.8% in June. That left inflation rising over the past year at the fastest pace in more than a quarter-century.
"Given the high degree of uncertainty" about the Fed's economic outlook, Fed policymakers will need to carefully assess incoming information about inflation and economic growth, he said.
The Fed in June signaled an end to its nearly year long rate-cutting campaign because of growing concerns about inflation. Bernanke kept up his tough anti-inflation talk on Tuesday but stressed many other problems that could short circuit economic growth. He seemed to be keeping his options open in terms of rates. Given all the risky cross currents, economists believe the Fed will leave rates alone when they meet on Aug. 5.
Righting wobbly financial markets is key to getting the economy back on track, he said. "In general, healthy economic growth depends on well-functioning financial markets," Bernanke said. "Consequently, helping the financial markets to return to more normal functioning will continue to be a top priority," he said.
Bernanke's testimony comes just two days after the Fed and the Treasury Department came to the rescue of mortgage giants Fannie Mae and Freddie Mac, offering to throw them a financial lifeline.
The companies hold or guarantee more than $5 trillion in mortgages -- almost half of the nation's total. The Bush administration is asking Congress to temporarily increase lines of credit to Fannie and Freddie and to let the government buy their stock. The Fed has offered to let the companies draw emergency loans.
The pledges of aid have raised concerns about the government's role in such financial problems and the risk to taxpayers.
Strengthening regulatory oversight of Fannie and Freddie, Bernanke said, is "job one." Congress is moving ahead on a broad housing rescue package that includes provisions to tighten regulation over the two companies. Bernanke said legislative efforts to help stabilize the housing market -- the biggest threat to the economy -- are of vital importance.
Bernanke, in the first day of back-to-back appearances on Capitol Hill, said investors are nervous in general because of the cloudy outlook for the economy and credit conditions, feeding a vicious cycle that can be hard to break.
"Many financial markets and institutions remain under considerable stress, in part because the outlook for the economy and thus for credit quality, remains uncertain."
The Fannie and Freddie troubles came on the heels of the failure of IndyMac, a big bank. "Its failure ... was inevitable," Bernanke said because the bank was weighted down by low-quality mortgages. "All banks are being challenged by credit conditions now," he said, adding that the Fed is keeping close tabs on the nation's banking sector.
And, earlier this year, a run on investment bank Bear Stearns pushed the company to the edge of bankruptcy and into a takeover by JPMorgan Chase, which was backed financially by the Fed. That was a controversial move that prompted critics to call it a government bailout, putting taxpayers money at risk.
Bernanke defended its decisions in the cases of Bear Stearns as well as Fannie and Freddie, and rebuffed claims that the government is helping Wall Street at the expense of Main Street. If problems aren't contained, they can ripple throughout the economy, hurting everyone, he said. "Financial stability is critical to economic stability."
The Fed, in new projections, now believes inflation will be higher this year than previously thought, with prices rising as high as 4.2% under one inflation measure.
Growth for the year will be sluggish -- at best 1.6% growth -- but not as bad as previously forecast, helped by the government's $168 billion stimulus, including rebates. The unemployment rate, which could rise as high as 5.7 % this year, is the same as earlier projections.
At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks.
The situation, he said, poses "significant challenges" for Fed policymakers as they try to chart the best course for keeping the economy growing, while making sure inflation doesn't dangerously flare up. All the economy's problems, including slumping home values, which threaten to make people feel less wealthy and less inclined to spend in the months ahead, represent "significant downside risks" to economic growth.
Over the rest of this year, the economy will grow "appreciably below its trend rate" mostly because of continued weakness in housing markets, high energy prices and tight credit conditions.
On Wall Street, stocks slumped. The Dow Jones industrials were down around 50 points, after suffering steeper losses earlier in the morning.
Inflation has remained high and "seems likely to move temporarily higher in the near term," he warned.
Indeed, before Bernanke delivered his twice-a-year comprehensive economic assessment to Congress, the Labor Department reported wholesale prices jumped 1.8% in June. That left inflation rising over the past year at the fastest pace in more than a quarter-century.
"Given the high degree of uncertainty" about the Fed's economic outlook, Fed policymakers will need to carefully assess incoming information about inflation and economic growth, he said.
The Fed in June signaled an end to its nearly year long rate-cutting campaign because of growing concerns about inflation. Bernanke kept up his tough anti-inflation talk on Tuesday but stressed many other problems that could short circuit economic growth. He seemed to be keeping his options open in terms of rates. Given all the risky cross currents, economists believe the Fed will leave rates alone when they meet on Aug. 5.
Righting wobbly financial markets is key to getting the economy back on track, he said. "In general, healthy economic growth depends on well-functioning financial markets," Bernanke said. "Consequently, helping the financial markets to return to more normal functioning will continue to be a top priority," he said.
Bernanke's testimony comes just two days after the Fed and the Treasury Department came to the rescue of mortgage giants Fannie Mae and Freddie Mac, offering to throw them a financial lifeline.
The companies hold or guarantee more than $5 trillion in mortgages -- almost half of the nation's total. The Bush administration is asking Congress to temporarily increase lines of credit to Fannie and Freddie and to let the government buy their stock. The Fed has offered to let the companies draw emergency loans.
The pledges of aid have raised concerns about the government's role in such financial problems and the risk to taxpayers.
Strengthening regulatory oversight of Fannie and Freddie, Bernanke said, is "job one." Congress is moving ahead on a broad housing rescue package that includes provisions to tighten regulation over the two companies. Bernanke said legislative efforts to help stabilize the housing market -- the biggest threat to the economy -- are of vital importance.
Bernanke, in the first day of back-to-back appearances on Capitol Hill, said investors are nervous in general because of the cloudy outlook for the economy and credit conditions, feeding a vicious cycle that can be hard to break.
"Many financial markets and institutions remain under considerable stress, in part because the outlook for the economy and thus for credit quality, remains uncertain."
The Fannie and Freddie troubles came on the heels of the failure of IndyMac, a big bank. "Its failure ... was inevitable," Bernanke said because the bank was weighted down by low-quality mortgages. "All banks are being challenged by credit conditions now," he said, adding that the Fed is keeping close tabs on the nation's banking sector.
And, earlier this year, a run on investment bank Bear Stearns pushed the company to the edge of bankruptcy and into a takeover by JPMorgan Chase, which was backed financially by the Fed. That was a controversial move that prompted critics to call it a government bailout, putting taxpayers money at risk.
Bernanke defended its decisions in the cases of Bear Stearns as well as Fannie and Freddie, and rebuffed claims that the government is helping Wall Street at the expense of Main Street. If problems aren't contained, they can ripple throughout the economy, hurting everyone, he said. "Financial stability is critical to economic stability."
The Fed, in new projections, now believes inflation will be higher this year than previously thought, with prices rising as high as 4.2% under one inflation measure.
Growth for the year will be sluggish -- at best 1.6% growth -- but not as bad as previously forecast, helped by the government's $168 billion stimulus, including rebates. The unemployment rate, which could rise as high as 5.7 % this year, is the same as earlier projections.
I know that so many of you have received this invite many times. For that I apologize. However,
this is a one day event that will only occur once in this entire election. It is an event that each and every one of us can participate in in some way. I can't think of a better day for a donation than Barack Obama's birthday on August 4th. Not only will it provide much needed help to him, but will be a direct honor to him on his birthday.
There are also so many other ways to participate. Many are for the first time agreeing to wear their Obama gear all day, place an Obama sticker on their car and place an Obama sign in their yard.Please have someone take your photo doing this. Maybe even get a "Happy Birthday" sign to show in the background. Many have written me that they plan to hold garage sales and bake sales the weekend before and then donate part of the proceeds to Barack on his birthday. There has been a great idea about making an audio or video recording of children singing "Happy Birthday" to Barack in as many languages as possible. A video would be great because we could put it on YouTube for mass viewing. As audio version can be sent directly to the Chicago Headquaters. Many people are having their kids create really creative posters, happy birthday cards, their versions of a perfect Obama poster, etc. Please take photos of the participation of all these things and upload them to Barack Headquarters or send copies directly to the campaign. I honestly believe if we have enough participation and high donations on his birthday, that the campaign will run a story on it.
But it will take ALL of us to make a real impact. I am physically unable to contact each and every member on Dashboard, so if you could each agree to participate and then pass the event along to all your friends and Groups, the news could spread like wildfire and the possibilities for ways to celebrate are endless. By the way, the Event is also listed on "Eventful" and the barackobama.com website. I also got my local paper to run it in their "Events" section.
This event is not about me and I don't care a wit about receiving any recognition from it at all. It's about bringing people together to honor the man we believe in so deeply, and I can't think of a better day to do this.
So please, we have over 400 people already committed much we need many more. Please do everything you can on August 4th to make this not only the best birthday Barack has ever had but to show him our full-out support and effort to make a difference.
Following is the link to the event and I hope you all will join me and 400 (and counting) participants and make a concerted effort to pass this along to literally everyone you have email or phone access to.
If you think of more ideas of ways to celebrate and document in photos what you plan to do, please let me know, and I'll continue to pass on your ideas.
Thank you all from the bottom of my heart!
Cathi Erman
http://my.barackobama.com/page/event/detail/4gbrj
(If this doesn't show up as a link, please just copy and paste it into your browser)
this is a one day event that will only occur once in this entire election. It is an event that each and every one of us can participate in in some way. I can't think of a better day for a donation than Barack Obama's birthday on August 4th. Not only will it provide much needed help to him, but will be a direct honor to him on his birthday.
There are also so many other ways to participate. Many are for the first time agreeing to wear their Obama gear all day, place an Obama sticker on their car and place an Obama sign in their yard.Please have someone take your photo doing this. Maybe even get a "Happy Birthday" sign to show in the background. Many have written me that they plan to hold garage sales and bake sales the weekend before and then donate part of the proceeds to Barack on his birthday. There has been a great idea about making an audio or video recording of children singing "Happy Birthday" to Barack in as many languages as possible. A video would be great because we could put it on YouTube for mass viewing. As audio version can be sent directly to the Chicago Headquaters. Many people are having their kids create really creative posters, happy birthday cards, their versions of a perfect Obama poster, etc. Please take photos of the participation of all these things and upload them to Barack Headquarters or send copies directly to the campaign. I honestly believe if we have enough participation and high donations on his birthday, that the campaign will run a story on it.
But it will take ALL of us to make a real impact. I am physically unable to contact each and every member on Dashboard, so if you could each agree to participate and then pass the event along to all your friends and Groups, the news could spread like wildfire and the possibilities for ways to celebrate are endless. By the way, the Event is also listed on "Eventful" and the barackobama.com website. I also got my local paper to run it in their "Events" section.
This event is not about me and I don't care a wit about receiving any recognition from it at all. It's about bringing people together to honor the man we believe in so deeply, and I can't think of a better day to do this.
So please, we have over 400 people already committed much we need many more. Please do everything you can on August 4th to make this not only the best birthday Barack has ever had but to show him our full-out support and effort to make a difference.
Following is the link to the event and I hope you all will join me and 400 (and counting) participants and make a concerted effort to pass this along to literally everyone you have email or phone access to.
If you think of more ideas of ways to celebrate and document in photos what you plan to do, please let me know, and I'll continue to pass on your ideas.
Thank you all from the bottom of my heart!
Cathi Erman
http://my.barackobama.com/page/event/detail/4gbrj
(If this doesn't show up as a link, please just copy and paste it into your browser)