The Hayseeds blog, No. 276 for the week starting September 28, 2008.
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Hayseeds No. 276
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So they will Open continue to have to work in a by-partisan way to get the people's business done.
The NY Times looks at the potential consequences of the $700 billion dollar bailout on Wall Street.
The find themselves adapting to the darking market conditions, and seeing the benefit of more governmental intervention.
It turns that many structures can be saved, if only they can find new residents to move in, take ownership, and repair them.
Since when does it become when a bunch of beer-guzzling bad ass construction workers, who are constantly being screwed by the local aggregates company get mad and decide to take things into their own hands, becomes a story of mob violence and terrorism?
So they had a protest, that after a few too many drinks turned violent, and Molotov cocktails where thrown, and largely fissed out at the Albany Aggregates plant. It's not like most of us haven't played with fire sometime in our life—although admittedly arson is a few steps beyond that. But enough alcohol and pent up fustrations can push people beyond that point.
Now all politicians who ever known the leaders of Local 190, the leading group of labors in our area, are guilty of association or taking campaign donations. It's not like the hard work of those at Local 190 didn't build much of the Capital Region. This labor union has a proud history, and some stupidity by fustrated members shouldn't be used against them.
More crap from the Times Union, clearly one of the worst newspapers out there in the whole world.
The stock market doesn't like the fact that Congress might rein in some of the excesses in the market, if they pony up $700 billion to a trillion in future tax revenues.
The Albany paper thinks that the ability to fund raise will be very important in deciding whether or not the Republicans keep their majority in the State Senate.
As more hospitals ban people from smoking on their premises, smokers are taking to the sidewalks, crowding out pedestrians, and promoting the possibility of smokers being banned from smoking on sidewalks near hospitals.
I'm all for it. People shouldn't be loitering on sidewalks, puffing out smoke. Smoking is a disgusting habit, that pollutes the inside of buildings and is discomforting to non-smokers that walk by. I do smoke occasionally, and realize it can be habit forming, but I don't see how bad restrictions on when one can smoke really is.
The forced upgrade to DTV is coming soon, which means many people with older televisions will soon be unable to watch television programs unless they buy an adapter box, or more likely, buy a new TV.
It's a bonanza for Chinese-crap television makers, when people toss those lead-filled television sets that have typically lasted much longer then the newer ones they are pushing upon us these days. It's kind of sucks for those of us who don't want more toxins in our landfill.
The state may need to cut more to deal with declining revenues, before the election. I'm sure that will be a productive session (not).
Several people write about abortion politics, and whether or not Catholic voters will decide on this one issue.
I know I'm certainly not a one issue voters—because if I was, I probably would not be a Democrat. There are some issues that a passionately disagree with some of the party leaders on, but I see the balance of the candidate to be the most important decider of my vote.
NPR looks at the continuation of the missile defense system program in United States and it's very mixed record for the $60 billion we've poured in it. Then again, $60 billion is cheaper then the $700 billion we are spending for cash for trash.
A look at the proposed $700 billion dollar bail out of all those subprime mortage holdin' banks.
Definately listen to this article.
Today's cartoon says much about the bailout.
They want to pull votes down the line to keep the Senate in Republican hands.
He does so by back at his campaign with a few remarks about Paul Tonko as being a compromiser, and the fact that he will get elected, bar a scandal regarding him and a goat.
So what. The man's single. Whatever he wants to do with goats, so be it. I mean I'm sure many people have done things on the farm. I also tend to disagree with his argument that the Times Union has a conservative bent and will ignore all wrong that Republican will do. It's more like the Times Union, has their own bias, based on their editor, which has whatever view he may have on a particular day, based on ad sales.
At any rate, I'm sure Tonko will be great Congressman, when he is elected in November. Unlike what Dan may be a thinking, a Congressman who is willing to work with other members, regardless of party or ideology, is a good thing. We don't need a Congressman who doesn't play good with the other kids, and sits outside of the sandbox complaining about how the other kids smell bad.
This is great.
How MoveOn became so strong in the liberal blogosphere.
This is so fascinating.
The other day I saw this article in the Times Union about families coming together after their children where so senselessly killed by gun fire.
My only question is what about those other "murdered" children that had to die because of other senseless government policies? Like those murdered children who died in automobile accidents? Those murdered children who died from cancer or lukemia from the toxins coming out of the neighborhood factory or the products everybody has in their homes?
I guess those murdered children don't get a meeting. They don't have a club for those who died do to stupid governmental policies. Those murders are tragedies, abit ones not assigned with fault or anger.
Uncertainy has continued to take a toll on the stock markets today.
Congressmen are skeptical of plans for a blank check for bailing out the economy.
I'm purty scared about the $700 billion first incidence plan to supposedly buy up all of the bad subprime mortgages out there in the market. All of that money will be from borrowed funds, that will have to be paid back eventually, with questionable benefit both to the economy, borrowers, and the federal government that is buying up all these mortgages.
If we can find or borrow $700 billion dollars for this plan, that means it can also been spend on public infrastructure, that will benefit more then wealthy bankers. That money is probably enough for a new wave of urban renewal that would make projects built in 1960s pale in comparison. $700 billion buys an awful lot of steel and concrete, and provides an awful lot of jobs. I can only imagine what all the Robert Moses protégées could do with those kind of funds.
The idea of a $700 billion first incidence appropriation is beyond absurd, it's scary. Remember, the Empire State Plaza started out with a first incidence multi-year appropriation of $40 million, which grew to $2 billion before it was completed 15 years later. All of this borrowing is going to bring back double digit inflation, and at the same time push up unemployment, as the money is not actually going to directly back into the labor markets. All while our public infrastructure continues to decline in our country, and basic social services get cut back.
What exactly does $700 billion dollars buy? I was wondering and did some research, comparing the great public works projects of yesteryear's cost, inflation adjusted to 2008 dollars. These facts are surprising:
Triborough (RFK) Bridge in 2008 dollars cost to build: $858 million.
The cost to build the Cross-Bronx Expressway in 2008 dollars: $1.08 billion. Until Boston's Big Dig, the Cross-Bronx Expressway the most expensive highway project ever per mile.
The Empire State Plaza $2.1 billion dollars (including interest).
The Big Dig in Boston: $14.6 billion dollars.
The total cost all projects built by Robert Moses in his 34-years in charge of Triboughbourgh Bridge Authority, NYC Parks Commissioner, City Planner, and NY Power Authority, as cited in the NYT Obituary of him: $60.1 billion in 2008 dollars.
The ENTIRE Interstate Highway program, including construction and repairs, has ONLY cost $500 billion over the past 51 years of it's existence.
So what do you want to do with $700 billion dollars, besides give it to already super-rich mega-corporations?
NPR has a good rundown over the problems congress sees with the proposed bailout plan as it relates to the transfer of power without accountability, to say nothing of the sheer cost of the proposal.
To those who gave their lives in the name of service for our country in the wars in Iraq and Afghanistan.
Those who died in Iraq from Sep 14 to 20:
CWO Corry Edwards 38 Kennedale TXSgt Daniel Eshbaugh 43 Norman OKSgt Anthony Mason 37 Springtown TXSgt Julio Ordonez 54 San Antonio TXCWO Brady Rudolf 37 Oklahoma City OKCpl Michael Thompson 23 Harrah OKRobert Vallejo II 28 Richland Hills TXCap Derrick Wright 37 Nashville TNPvt Leonard Gulczynski 19 Carol Stream ILCol Ralph Marino 46 Houston PASgt Wesley Durbin 26 Hurst TXSgt Darris Dawson 24 Pensacola FL In Afghanistan were killed:
Maj Rodolfo Rodriguez 34 El Paso TXCap Bruno Desolenni 32 Crescent City CASgt Nathan Cox 32 Wolcott IASgt Brandon Farley 30 Haworth OK Col James Wiley 46 North Bend ORSgt Joshua Harris 21 Romeoville ILCap Bruce Hays 42 Cheyenne WYSgt Jason Vasquez 24 Chicago ILLtn Mohsin Naqvi 26 Newburgh NY From www.icasualties.org
Best wishes to their families is this terribly difficult time.
That's how the NYT describes the current debate over the economic bailout that is being discussed.
The first thing to understand is that a bailout plan doesn’t have to cost anywhere close to $700 billion, so long as it’s designed well. The $700 billion number that you see everywhere is an estimate of how much the government would spend to buy deteriorating assets now held by banks. Eventually, the government will turn around and sell these assets, for a price almost certain to be greater than zero. So this $700 billion is very different from $700 billion spent on a war or on Medicare.
“Much of the discussion of the cost of the bailouts is getting it wrong,” David Colander, an economist at Middlebury College, says. “What matters is what price they buy the assets for and the price they sell them for. That’s where the real action is.”
Figuring out how much to pay for the assets is the first problem. The drop in house prices and rise in foreclosures have made it clear that these securities are worth considerably less than banks expected. But there is enormous uncertainty about how much less.
Based on the underlying fundamentals (like the current foreclosure rate and the one forecast for the future), many of the securities appear to be worth something on the order of 75 percent of their original value. But thanks to the fear now gripping the market — not necessarily an irrational fear, given that most forecasts have proven far too sunny over the last year — very, very few of those securities are trading hands. Among those that have, the sales price has been roughly 25 percent of the value.
Which price is the government going to pay? As Mr. Colander puts it, that’s where the action is.
It clearly shouldn’t pay 75 cents on the dollar, or anything close to it. That would mean the Treasury Department — which, in the end, is really you and me — was assuming nearly all the risk. But it probably can’t pay 25 cents. That might fail to fix the credit markets, because it would do relatively little to improve financial firms’ balance sheets. Firms might then remain unwilling to lend money to businesses and households, which is the whole problem the bailout is meant to solve.
That is one thing to remember. However, we all have to be somewhat concerned about the fact that the money won't get repaid if things don't turn around and the value in those subprime mortages is largely unrecoverable—ever.
The Times Union looks at the new state website that documents local government expenditures, at least in broad categories.
You can visit Open Book New York.com site directly if your interested.
Three Job Bob Mirch vs. Dan Levitan duke it out over the WFP line.
“This is a typical sort of Bob Mirch trick to steal the Working Families Party ballot line,” Levitan said Tuesday about Consuello’s candidacy. The purpose, he said, is to deny the line to the Democratic Senate candidate and thus benefit the Republican. The Democratic candidate is Michael Russo and the Republican is Roy McDonald.
Consuello did not actually steal anything. In fact, he won the Working Families nomination by defeating Democrat Brian Premo in the Sept. 9 primary election. He also has had the party line in prior races, including for mayor of Troy last year. He’s never been elected.
According to Levitan, Consuello has never been a real candidate, just a way for Mirch to keep Democrats from winning elections. Mirch is Troy public works commissioner and majority leader of the Republican-controlled Rensselaer County Legislature — although Rensselaer County Republican Chairman Jack Casey said he believes Mirch is a member of the Conservative Party.
So goes the game with the worker's family party stealing the party line once again.
Amusements of local politics in the Capitol Region.
Lots of people are writing letters to say no to the proposed bailout.
They are making sure counties are prepared for a potentially messing presidential election.
Polls suggest the NY GOP is struggling to keep control of whatever seats they have, with little chance to pick up new seats.
She wants changes to promote accountability among other things.
"I'm very concerned with the bill as it was drafted by (Treasury) Secretary (Henry) Paulson," said Gillibrand, D-Greenport. "There's no review how he spent $700 billion, no oversight, and no accountability. I'm also concerned how much he'll propose the assets be sold for, and how he'll sell them.
"This is not how government is run - to give one person $700 billion with no accountability," the congresswoman added.
The good news is from the President's speech last night, some changes seem quite likely to happen.
Nowadays our economy is experiencing financial crisis. The government is trying to solve it but still a big question to the officials if what is the best thing to do to solve this huge crisis that affects our living. Many people think that U.S. Secretary Henry Paulson planned to use the second half of the recent $700 billion financial rescue program to buy up all of those devalued mortgages that are fluttering in the wind. If you are among these “theorist”, you probably need to think again. That mortgage juice is going to be spent on consumer credit instead. Any industry that has any form of consumer credit, will receive aid, which should include a payday cash loan, but most likely won't. Paulson says he wants every American to have easier access to any traditional form of credit, such as car loans, student loans, and credit cards. “This is creating a heavy burden on the American people and reducing the number of jobs in our economy,” he says. Of course it is, but was it necess
— Comment By Lisa P
According to the NY Sun it looks like legislative leaders will be back in Albany to discuss the economy.
Or so he claims to be a unity candidate, selected to replace dualing power figures in a county increasingly marked by the suburbs vs city-rural coalition.
It's sounds great, but in practice I don't think it will be that possible to end tensions. Across Upstate New York, while maybe not as factitious as Albany, there are similiar factions that exist in the Democrat party.
It turns out that rural areas and cities share a lot more in common politically then the suburbs do. Both rely on a person-style of machine-like politics, highly dependent on patronage. Suburbs are more mass media, disaffected, where neighbors are anonymous and political bosses don't have much power.
Albany's city-rural relationship is strengthened by the rather unusual fact that both the rural parts of the county and city are the democratic strongholds in the county, while the suburbs tend to lean Republican.
They will look into a campaign ad that some are calling misleading.
