Capitalism Without Capital?

Stock Market

Stock Market

It has been long understood that our federal government is going deeper into debt, consistently raising the debt ceiling and demonstrating no fiscal restraint. In recent years, debt ceiling increases have been placed in “must pass” legislation as a means to guarantee that Republicans as well as Democrats would vote for them when Congress was under Republican control.

We also know our nation’s “negative savings rate” reflects the habits of private citizens, showing those habits to be not tremendously different than the habits of the public sector. Yet, the signs of decline are becoming ever more apparent. So apparent, in fact, that it seems unlikely that bailouts or other gimmicks will have even short-term success. More inflation, and creating moral hazard by bailing out egregious offenders, is a recipe for disaster. These activities can seem to provide some short-term relief, but it seems we are now at a significant crisis point, where monetary policy gimmicks don’t provide the band-aids they did in the past.

Not only is our nation on the verge of bankruptcy, but so are its people and private institutions. We are now repeatedly hearing about businesses “needing to access the credit market to make payroll.” This is an unmistakable sign of more dire consequences ahead for the economy. If businesses must borrow just to make payroll, this is evidence of a severe undercapitalization that cannot be sustained, even for the short run.

full article: www.insight-info.com

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Neither respected nor feared

Elihu Root

Elihu Root

In an exalted phrase, the keynote speaker at the Republican convention reviewed the record of the administration, and asked, “When have we rested more secure in friendship with all mankind?” That wasn’t in St. Paul, where the Republicans are gathered this week, but at the 1904 Republican convention in Chicago, when the speaker was Elihu Root, a past Secretary of War and future Secretary of State.

His words were sonorous then, and they are haunting now. They will not be repeated this year, because they could not be. A senior American politician might have said something similar in 1920, or 1945 or 1960. But no Republican now – and no Democrat – could utter Root’s words without inviting utter derision.

Today there might be a more bitter question: When has America rested less secure in friendship with all mankind?

And that explains the intense interest which this year’s presidential election has inspired beyond the shores of the United States. It’s not just Obamania – there’s no point in denying that Senator Barack Obama is the man most people outside the United States would like to win – but he was one of three potential candidates until Senator Hillary Clinton conceded defeat who were all fascinating simply in personal terms: a septuagenarian war hero, a woman, a black man.

The election absorbs us in Europe – and others in Africa and Asia – because we can see that a general crisis spreading around the globe is directly linked to the follies and failures of American policy. In his new book, “The Much Too Promised Land,” about the Israeli-Palestinian conflict, in which he used to be engaged as a State Department official, Aaron David Miller puts it with lapidary succinctness.

Having stumbled for eight years under the Clinton administration over how to make peace in the Middle East, and then for eight years under the administration of George Bush the Younger over how to make war there, the United States finds itself “trapped in a region which it cannot fix and it cannot abandon.” Still more to the point, throughout that region, for all of her seeming might, America is “not liked, not feared and not respected.”

full article: www.insight-info.com

Resume: George Bush

I will be available in January 2009, am willing to relocate.

RESUME

bush monkey

GEORGE W. BUSH
1600 Pennsylvania Avenue
Washington, DC 20520

EDUCATION AND EXPERIENCE:

Law Enforcement:
I was arrested in Kennebunkport, Maine, in 1976 for driving under  the influence of alcohol. I pled guilty, paid a fine, and had my driver’s license suspended for 30 days. My Texas driving record has been ‘lost’ and is not available.

Military:
I joined the Texas Air National Guard and went AWOL. I refused to take a drug test or answer any questions about my drug use. By joining the Texas Air National Guard, I was able to avoid combat duty in Vietnam while campaigning for a fellow Louisiana
Republican.

College:
I graduated from Yale University with a low C average. I was a cheerleader. My good grades got me into Harvard Business School , where I learned much of what you will find below under Work Experience.

PAST WORK EXPERIENCE:

I ran for U.S. Congress and lost.

I began my career in the oil business in Midland , Texas , in 1975. I bought an oil company, but couldn’t find any oil in Texas . The company went bankrupt shortly after I sold all my stock.

I bought the Texas Rangers baseball team in a sweetheart deal that took land using taxpayer money.

With the help of my father and our friends in the oil industry (including Enron CEO Ken Lay), I was elected governor of Texas .

ACCOMPLISHMENTS AS GOVERNOR OF TEXAS :

I changed Texas pollution laws to favor utility and oil companies, making Texas the most polluted state in the Union . During my tenure, Houston replaced Los Angeles as the most smog-ridden city in America .

I cut taxes and bankrupted the Texas treasury to the tune of billions in borrowed money.

I set the record for the most executions by any governor in American history.

With the help of my brother, the governor of Florida , and my father’s appointments to the Supreme Court, I became President of the United States , after losing by over 500,000 votes.

ACCOMPLISHMENTS AS PRESIDENT:

I am the first President in U.S. history to enter office with a criminal record.

I invaded and occupied two countries at a continuing cost of over one billion dollars per week.

I spent the U.S. surplus and effectively bankrupted the U.S. Treasury, driving the US dollar down to toilet paper status.

I shattered the record for the largest annual deficit in U.S. history.

I set an economic record for most private bankruptcies filed in any 12-month period.

I set the all-time record for most foreclosures in a 12-month period.

I set the all-time record for the biggest drop in the history of the U.S. stock market. In my first year in office, over 2 million Americans lost their jobs and after a short respite, that trend continues today.

I’m proud that the members of my cabinet are the richest of any administration in U.S. history. My ‘poorest millionaire, ‘ Condoleezza Rice, has a Chevron oil tanker named after her.

I set the record for most campaign fund-raising trips by a U.S. President.

I am the all-time U.S. and world record-holder for receiving the most corporate campaign donations.

My largest lifetime campaign contributor, and one of my best friends, Kenneth Lay, presided over the largest corporate bankruptcy fraud in U.S. history, Enron.

My political party used Enron private jets and corporate attorneys to assure my success with the U.S. Supreme Court during my election decision.

I have protected my friends at Enron and Halliburton against investigation or prosecution. More time and money was spent investigating the Monica Lewinsky affair than has been spent investigating one of the biggest corporate rip-offs in history. I
presided over the biggest energy crisis in U.S. history and refused to intervene when corruption involving the oil industry was revealed.

I presided over the highest gasoline prices in U.S. history.

I changed the U.S. policy to allow convicted criminals to be awarded government contracts.

I created the Ministry of Homeland Security, the largest bureaucracy in the history of the United States Government.

I’ve broken more international treaties than any President in U.S. history.

I am the first President in U.S. history to have the United Nations remove the U.S. from the Human Rights Commission.

I withdrew the U.S. from the World Court of Law.

I refused to allow inspector’s access to U.S. ‘prisoners of war’ detainees and thereby have refused to abide by the Geneva Convention.

I am the first President in history to refuse United Nations election inspectors (during the 2002 US election)

I set the record for fewest numbers of press conferences of any President since the advent of television.

I set the all-time record for most days on vacation in any one-year period. After taking off the entire month of August of 2001, I presided over the worst security failure in U.S. history

I garnered the most sympathy ever for the U.S. after the World Trade Center attacks and less than a year later made the U.S. the most hated country in the world, the largest failure of diplomacy in world history.

I have set the all-time record for most people worldwide to simultaneously protest me in public venues (15 million people), shattering the record for protests against any person in the history of mankind

I am the first President in U.S. history to order an unprovoked, pre-emptive attack and the military occupation of a sovereign nation. I did so against the will of the United Nations, the majority of U.S. Citizens and the world community.

I have cut health care benefits for war veterans and support a cut in duty benefits for active duty troops and their families in wartime.

In my State of the Union Address, I lied about our reasons for attacking Iraq and then blamed the lies on our British friends.

I am the first President in history to have a majority of Europeans (71%) view my presidency as the biggest threat to world peace and security.

I am supporting development of a nuclear ‘Tactical Bunker Buster,’ a WMD.

I have so far failed to fulfil my pledge to bring Osama Bin Laden to justice.

RECORDS AND REFERENCES:

All records of my tenure as governor of Texas are now in my father’s library, sealed and unavailable for public view.

All records of SEC investigations into my insider trading and my bankrupt companies are sealed in secrecy and unavailable for public view.

All records or minutes from meetings that I, or my Vice-President, attended regarding public energy policy are sealed in secrecy and unavailable for public review. I specified that my sealed documents will not be available for 50 years.

10 things you should know about John McCain (but probably don’t):

  1. John McCain voted against establishing a national holiday in honor of Dr. Martin Luther King, Jr. Now he says his position has “evolved,” yet he’s continued to oppose key civil rights laws.1
  2. According to Bloomberg News, McCain is more hawkish than Bush on Iraq, Russia and China. Conservative columnist Pat Buchanan says McCain “will make Cheney look like Gandhi.”2
  3. His reputation is built on his opposition to torture, but McCain voted against a bill to ban waterboarding, and then applauded President Bush for vetoing that ban.3
  4. McCain opposes a woman’s right to choose. He said, “I do not support Roe versus Wade. It should be overturned.”4
  5. The Children’s Defense Fund rated McCain as the worst senator in Congress for children. He voted against the children’s health care bill last year, then defended Bush’s veto of the bill.5
  6. He’s one of the richest people in a Senate filled with millionaires. The Associated Press reports he and his wife own at least eight homes! Yet McCain says the solution to the housing crisis is for people facing foreclosure to get a “second job” and skip their vacations.6
  7. Many of McCain’s fellow Republican senators say he’s too reckless to be commander in chief. One Republican senator said: “The thought of his being president sends a cold chill down my spine. He’s erratic. He’s hotheaded. He loses his temper and he worries me.”7
  8. McCain talks a lot about taking on special interests, but his campaign manager and top advisers are actually lobbyists. The government watchdog group Public Citizen says McCain has 59 lobbyists raising money for his campaign, more than any of the other presidential candidates.8
  9. McCain has sought closer ties to the extreme religious right in recent years. The pastor McCain calls his “spiritual guide,” Rod Parsley, believes America’s founding mission is to destroy Islam, which he calls a “false religion.” McCain sought the political support of right-wing preacher John Hagee, who believes Hurricane Katrina was God’s punishment for gay rights and called the Catholic Church “the Antichrist” and a “false cult.”9
  10. He positions himself as pro-environment, but he scored a 0—yes, zero—from the League of Conservation Voters last year.10

john mccain

Not in My Name

On my birthday last year, I declared my independence from a national leadership that, through its votes in support of the war machine, is now complicit in war crimes, torture, crimes against humanity, and crimes against the peace.

cynthia mckinney

I declared my independence from every bomb dropped, every veteran maimed, and every child killed.

I noted that the Democratic leadership in Congress had failed to restore this country to Constitutional rule by repealing the Patriot Acts, the Secret Evidence Act, and the Military Commissions Act.

That it had aided and abetted illegal spying against the American people. And that it took impeachment off the table.

In addition, the Democratic Congressional leadership failed to promote the economic integrity of this country by not repealing the Bush tax cuts. They failed to institute a livable wage, Medicare-for-
all health care, and gave even more money to the Pentagon as it misuses our hard-earned dollars.

We can add to that list, too, an abject failure to stand up for human rights and dignity.

If the Democratic and Republican leadership won’t respect the right of return for Hurricanes Katrina and Rita survivors, how can we expect them to champion the right of return for Palestinians?

If this country’s leadership tolerates the wanton murder of unarmed black and Latino men by law enforcement officials—extra-judicial killings—how can we expect them to stop or even speak out against targeted assassinations in the Middle East?

If the Democratic and Republican leadership accept ethnic cleansing in this country by way of gentrification and predatory lending, why should we expect them to put an end to it in Palestine?

If the leadership of this country impedes self-determination for native peoples in this country, why should we expect them to support indigenous rights for anyone abroad?

And sadly, the sensationalist corporate media would rather trick us into thinking that reporting on a pastor, a former Vice Presidential nominee, and a former cable TV magnate constitutes this country’s
much-needed discussion of its own apartheid past and present, so why should we expect an honest discussion of apartheid and Zionism?

By: Cynthia McKinney