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Justin Haskins: Great Depression Signals

Justin,

Sorry to have taken so long to respond to your article but I wanted enough quiet time to digest it in peace. I am one of the 11.1 million and growing, out of work, and have been working temp accounting jobs for past two years, which is no picnic due to the constant unknown, and the starts and stops.

First I want to congratulate you on not only a well written piece, but well researched one. If you google “historical unemployment rates” you will find a site that will give you month to month rates from about 1940, if not slightly before. I remember all too well Reagan’s drastic tax cuts which first put the economy into a tailspin and raised unemployment rates to 10.8%. If you viewed American Experience: The Reagan Revolution, there was a time when Reagan considered not running again, and when asked by the White House Chief of Staff what he should do, he responded, “I could try to get shot again,” making light of his increased poll numbers after that event.

Don’t get me wrong everyone hated stagflation and Carter’s inflation, too many dollars cashing too few goods, but inflation in itself is better than not having any dollars with which to chase. I was a Runner for Reagan then, and find Carter to be quite naive. I see though Obama much more astute.

I admire your writing style in that it reminds me of my own, but we digress on certain issues. I wish you had the opportunity to watch Shepherd Smith’s interview today with an economist (I believe, sorry I didn’t catch his name) who predicted  3 million jobs lost this year, and he quoted another economist (sounded like Nearulli Levini, sorry again) who actually quoted 9 million jobs lost, which at 500,000 a month currently, is approachable.

Some observations and my point of view on your assertions in your article:

First I have to disagree with your assessment that we are not, or would not have been in a Depression. The only reason we are not is that the Bush administration, who bow at the altar of capitalism and the free marketplace, bailed out institutions that if they failed would not have resulted in a depression but a financial collapse. AIG comes to mind as the biggest of those bailed out entities. Imagine if other brokerage houses and banks went the way of Lehman Brothers. Lost jobs, investments, et al. I believe only in years to come, much like an assessment of Bush, history will reveal exactly how close we just came to financial ruin. Pray Paulsen is alive so we could subpoena him.

Second, a depression now as opposed to then must be compared proportionately, meaning in the 30’s and 40’s our standard of living was an apartment to live in, food on the table and clothes for your back. That’s it; simpler times. I could never attract a woman these days saying “I pay my rent, eat and there are no holes in my clothes.”

Today a Depression would look like high unemployment where no one affords to pay their auto lease or mortgage. Bills for computers, on line access, cable TV, cell phones will go unpaid. These are costs that are no longer seen as luxuries but necessities, and again would not be seen as bragging rights for any potential paramour, but just standard fare.

Since our overhead is so high even at bare bones expenses, it will no longer take a 25% unemployment rate to create a depression. That number could be dumbed down to 15 to 18%. It sounds like it will not look like before, men selling apples on the street, but it will still be a depression, just a different kind. Leased cars abandoned on the side of a road, foreclosures sky rocket, carts full of computers and electronics.

I find it amusing that many capitalists scoff at Roosevelt saying our economy would have prevailed sooner without his bailouts and public programs. That’s only if you wait long enough for the economy to hit absolute bottom, then go up. How many more months, nay years, would that have been, and how many lost lives, given pure capitalists object to any gov’t intervention including unemployment, would that have cost? Roosevelt was worried about avoiding a 50% unemployment rate.

Capitalism is logical on paper, but not realistic in reality. Not to say it is bad, or I am one of those left wing radical socialists, but that no economy is perfect, and we need to find a compromise that is practical and realistic in terms of human existence.

Third, in the past we took men, unemployed or employed and drafted them into service, with those remaining to take the jobs of those shipped overseas. That immediately reduced the unemployment. These are the times of Rosie the Riveter, where we didn’t even have enough men behind that we enlisted women, who previously didn’t work, into the workforce. That is not the case today with a paid for “volunteer” army, although as more men enlist today because jobs are scarce, I wonder if the term “volunteer” is appropriate.

We do still benefit economically, but not to the same degree as in the past, with the military industrial buildup, but why then didn’t we mass produce those bomb resistant Hummers?

Why? Because we just had a discount war, one fought with not enough men, and savings in armament since the President wanted tax cuts during war time – absurd! What kind of sacrifice is that?

I am not against tax cuts, but we can’t go to that well all the time, it has a finite bottom as we see with the Fed rate, there is nothing left to cut. We need to start producing, but of course, thanks to globalization, we manufacture or purchase from overseas and outsource American jobs.

I supported Reagan since I was 16 in his first Presidential run. What I find illogical is this sudden hit to the economy, a massive shock to the system, where we drastically cut taxes with no respect to our federal deficit, which ultimately causes a devaluation of the dollar. That, not the sub primes, was the first sign of trouble this time around. Reagan cutting taxes from an absurd 70% rate to 28% was too much at once. I would have been happy to see a one-time hit of 15%, and 5% every year as long as we don’t destroy the national checking account, or at least pay for these cuts. I will hear the same diatribe that spending went up, but it only went up due to inflation. The loss of tax revenue created by tax cuts are what sent our dollar spiraling downward.

And for every dollar cut, we would have to produce $4 in revenue so to break even at the 28% tax rate. If we did do that, we would never have had deficits. That didn’t come to fruition in the 80’s and didn’t now. Unlike the 80’s, thanks to globalization that stagnated American wages, nothing, not even the most trivial in benefits, trickled down to the working class, those people who spend in volume to keep the financial engines running.

The sub primes are just a result of long fought deregulation by Phil Gramm and Republicans, but I will agree Democrats certainly joined the party too, under the guise of supporting low income people in their quest to fulfill Bush’s ownership society.

What I object to is the President, who stands at the desk where the buck stops, had to have known about these illegitimate loans but laid low because this industry bulked up GDP numbers, making his economy look good. Again, our economy is based on financials, not manufacturing; the buying and selling of paper, or trading of other’s assets, rather than pure manufacturing.

In the end it was everyone’s fault due to greed, brokers, buyers, investors. If I am getting money I am not going to question its origin i.e. CMO’s, and these are superficial shallow values that come back to bite people.

And so, Bush’s supply side economics, like Reagan before him, resulted in four good years and then crash and burn. And we are worse off after the fact.

As for the war itself, I am upset at the way it was run. I am not one of those crazy liberals: Saddam’s violation of UN resolution 1443 was enough justification, but I know the administration knew a rules violation wasn’t enough to convince Americans If one disagrees with the war in Iraq, that means we have to re install Saddam, and trust me, like any Godfather or Mob Boss, one will never find the money trail, oratory or writings that show that if Saddam wasn’t a co conspirator of 9/11, he was complicit. Good riddance. But I will tell you is that the reason other countries despise us is because when they were in need (the Kurds) we didn’t intercede unless there is a national interest, and that smacks to them of selfishness.

But it’s a hard choice; how do you tell a mother and father their son is going to war or died because of a conflict in another part of the world between peoples hell bent on each other’s annihilation.

My only last concern along with not sending in 500,000 troops like his father did in the Gulf War (father wasn’t consumed with tax cuts – far more reasonable man) was why not the Hills of Pakistan? Why not insert our influence, we pay them enough? We had Saddam contained.

Again wonderfully written article and I admire the research you put into it. I love to listen to Sean, but he is becoming unbearable lately, and he often quotes the 10% unemployment of the Carter administration (it was as high as 7.3% I believe for a few months) while never mentioning the 10.8% unemployment during Reaganomics. I know it’s a show, but the diatribe and rhetoric is overwhelming at times. We disagree economically, but I’m there for every Freedom Concert. I don’t care why or how one got into military service, it is the price they pay which I don’t that needs to be honored, and I am awed at their service and sacrifice. I only wish that more than 1% of our population shared the sacrifice rather than worrying about weekend plans or swilling imported wines.

Thank you. While I am sure we will agree to disagree, it is good to have intellectual discourse. Perhaps if we all did that as Americans, instead of being torn apart by a 24/7 news media that keeps the wounds fresh, we would be in better shape today, or interact more effectively. The price of innovation!

David DiBello,

Logical Party

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Hollywood - Put up and Shut up!

 

I listened to the audacity of Hollywood elites like Sharon Stones and Justin Timberlake who have told Americans they need to buckle down and volunteer more while they dine on foo foo cuisine and fly from one mansion to another. What have they done?

Here are privileged people playing in their "make believe," fantasy world, on a sound set for three months, or touring the country singing, then lounging out poolside for another three, working on their physical image two hours a day.

The audacity of telling people who already work two jobs, or have multiple spouse working households they need to do more, or buckle down is audacious and absurd. Millions of people volunteer their time and/or service to local charities, food shelters and aid to the homeless, people who don't make multi million dollar salaries while others earn minimum wage, surviving on government subsistence.

What of Hollywood's collective conscience that one person makes so much money acting in their pretend world while others can't make ends meet? The pip squeak Timberlake who's blood, sweat and tears to date was to sing in a boy band and partially disrobe Janet Jackson has some nerve. He knows nothing of what real people do day to day being so far removed, so superficial and childish he claims to have a "swagger" because of the election of Obama, before the President has accomplished anything.

We have many soldiers giving the ultimate sacrifice in foreign lands protecting our freedoms and luxuries at home. I am reminded of those actors and actresses who stopped what they were doing to enlist during the World Wars, and of the Hall of Fame pitcher Sal Maglie who could have stayed in America and had greater numbers, except that he felt there were more important things then playing a ballgame. What has Hollywood done in this regard?

I am sure that many in Hollywood already give under the precipes set forth by Matthew 6:24: "sound no trumpet before you ...that you may be prasised by others." I know of many who are concerned with their fellow citizens plight, like Springsteen and Bono, and I will never forget Sandra Bullock's donation of one million dollars towards the families that died on 9/11. Pray this epidemic catches on.

The last thing we Americans need is a lecture. We are the masses who feel the economic pain first, and feel the benefit, if any last. Mesasage to Hollywood: put action to your words and preach by example!


David DiBello

 

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The Right Man For The Times

It is fully understandable and historical to witness a barrier finally broken that was long since overdue, the electing of our first Black President. Even more unifying is the fact that Barack Obama is biracial at a time when we trully need to realize we are all on the same side in solving the ills of this country.
 
Black Americans have had achievements that were not acknowledged in the distant past. Thanks to the struggle for Civil Rights, justice and equality enjoined by White Americans this road to recognition is realized.
 
It is also importatnt to acknowledge again, that a majority of White Americans voted for Barack Obama not because it was time for a Black President, but because President Obama was the right man for the job and for the times.
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A Clear Vision in DramaticTimes

I am so proud today to have voted for Barack even though I supported Hillary. His speech was the best I have ever heard because it hit on all notes. Gone is the aberration of wealth redistribution, but stated better America as a whole can only prosper when all people, even the people who work hard to create profits for others, share in the good fortune.
 
I hope not lost in the aura of the moment was the substance of his message. This is going to be a long haul to recovery, especially after today's market downturn, and it is not going to be easy. It will require sacrifice, something my generation is not used to after the decade of greed in the eighties and another supply side crash and burn now. This is not the start of a Piñata from the goody tree. 
 
Barack dramatically reminded us that we are a nation built on hard and sometimes unknown times, we never quit and did not fail, whether at the time of our founding, or during a depression and World Wars, or the Cuban Missile crisis and Cold war. We will not fail now provided we take the steps necessary. 
 
Barack also reminded all countries that we remain at peace with all those who choose to do the same, and we will act more prudently and judiciously as we regain our leadership role. This too is a challenge to other countries to join us in peace, but to make no mistake that America will tolerate any less.
 
I can only add God Bless America, for we finally have a populist President and administration that will handle the problems as if we actually are all created equal and "one nation under God."
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Acknowledging Our First Bi Racial President!

Thankfully we will begin our National period of Hope and Change and what better way to start then with an open, honest, truthfulness. That would mean acknowledging the reality of the moment and not whatever our desires or the media want to display.

That truth is Barack Obama is our first Black President and our Forty-fourth White one. Our longing to break a mold and “overcome” by finally electing a Black President should not foreshadow the truth.

Barack came from a broken home, his Black Father abandoning his family, eventually returning for a one week stay and then leaving to pursue misogynistic endeavors ending in a drunken car crash. The most influential, supportive, consistent people in his life were the white maternal part of the family, which he often gratefully acknowledges. Why don’t we?

We have finally accepted the psychological community’s definition of what makes a healthy family; positive reinforcement by parents, and unconditional love. I would imagine in a biracial household there is no acknowledgements of differences, because none is seen; only love.

Based on our country’s ancient prejudiced, bigoted and racial past, mixed race children assimilated with others of “color,” because White Americans would not “accept” anyone with a hint of skin tone differential. This is a half truth, since many Black Americans also were prejudiced to those who claimed to be black, yet “caramel” in appearance; not black enough. In extreme situations where attitudes and political beliefs didn’t match what “the community” had in mind, they were damned as “Uncle Tom’s.”

The confusing part for White Americans is why they don’t get a ‘shout out” for their part in raising a child? Why is Halle Berry the first Black actress to win an Academy award when her mother Judith is white, her father Jerome black? Whoopi Goldberg speaks in her monologues of the “black community,” and has acknowledged being a Jewish-Catholic girl from New York, her mother white and father black. What of Alicia Keyes, Lisa Bonet and Lenny Kravitz, whose mother Roxie Roker portrayed the very life she lived in an interracial marriage on the Jeffersons.

It seems disrespectful to the White parent to be overlooked and for White Americans to keep them and their influence in the closet. One is confused thinking Mrs. Berry must have thought “what about me?” when her daughter received an award for portraying the biracial actress Dorothy Dandridge.

Of course within the interracial family, recognition is not a component, only the aforementioned values of unconditional love, and the desire for their children to grow up healthy and happy.

Only when we acknowledge the truth will our differences die. And to take a page out of Whoopi’s monologue, it is only when we start referring to one another as Americans, not White or Black that our differences will disappear. To quote St. John, “the truth shall free you.” If we want to be honest to virtues of Hope and Change, then let’s start by acknowledging the events of the day: we have our first bi racial President and it couldn’t have come at a better time.

David DiBello

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Economy by the Numbers

For those keeping track, stocks were up 262 on January 2nd and talk of a rebound was all abuzz, fostered by analysts who have an interest in instantaneous upswings i.e. CNBC and a return to the same old, same old unfetterred capitalism.

Then it fell 245, and after the first four days of trading in 2009, we have netted a growth of just over "3." Today we lost 125 points, and we are in the negative for the new year. This was based on bad profit numbers from major businesses. We have increasing unemployment figures still to hit the fan along with more mortgages in jeopardy since the sub prime "shock dates" mature this year, the final shoe to drop on this fraudulent industry.

Its time we stop putting stock in "impression" and start valuing the age old standards of hard work, savings and earnings. There will be no quick fixes and it is going to be a long year!

 
David DiBello
Tags: economy  
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Blagojevich, the Gambler

I wonder if Kipling and Tennyson had Gov Blagojevich in mind when writing their poems regarding enduring hardships. Surely if they had more foresight these poets would have added to their advice regarding life's trials, tribulations and injustices the caveat, "unless caught on tape."
 
My advice to Gov. Blagojevich for his next press conference is to quote from Kenny Roger's the Gambler song: "You got to know when to hold 'em, know when to fold 'em. Know when to walk away, and know when to run."
 
David DiBello
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Bailout a Catch 22

Whether or not one feels a “bailout” should be made, has to be made otherwise we will turn into the next great depression. To renege is to cut one's own nose to spite one's own face.
Capitalist purists want the marketplace to rule and self correct, which will mean business failures, bankruptcies and foreclosures and an unemployment rate that will jump up to the high teens. 
Usually the purest are at the other end of the totem pole where an economic crisis is an inconvenience, not devastation.
 
The Citigroup "bailout" is a better crafted one in that the Government will be given preferred stock for its contribution (The U.S. can actually make money). This is our new economy, created by another supply side crash and burn, where our government has a financial share in many big businesses, rather than just a "say." A limited socialism, if you will, as the medicine for casino capitalism.
 
It was refreshing to hear the President elect’s honesty in stating our economy will get worse before it gets better. He left out we will no longer be able to resort to financial gimmickry - junk bonds, dot com's and real estate bubbles to over inflate our economy and its financial values.
 
Finally, I love the moderate and experienced course the President elect is taking on his Cabinet choices. Being a Hillary supporter, it’s nice to see the old Clinton gang together again.
 
David DiBello
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Top 12 Notre Dame Excuses for Loss to USC

Top 12 Notre Dame Excuses for Loss to USC
 
12.  Nine total Yards Offense in First Half still an awful lot of running over thirty minutes
 
11.  Players had Third Quarter in the First Down Pool
 
10. Stayed out Late night before at OJ Simpson Museum and Celebrity Bus tour

9. Supposed to be “the Harlem Globetrotters” of College Football, then all these tough schools showed up

8.  Goal was six ties too so record could be spooky 6-6-6.
 
7.  Team got swept up in “Bailout Fever” and expected to be spotted 32 points

6. Oh, that USC! (Players thought University of Southwest Connecticut)
 
5.  Wanted to see if Knute Rockne actually could roll over from six foot under after all these years

4.  Other schools have really cool alumnae, while all ND has is Regis Philbin!

3.  “Win one for the Weiss Guy” just not as motivational
 
2. All the good players went to Ball State this year enticed by a Letterman autograph (NCAA violation?).   

1.   Hey we’re Notre Dame; they’re allowed to tackle us?
David DiBello
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Happy Thanksgiving!

Michael J. Fox had it all and was struck with his illness, his cross to bear, and chose through his ability and resources, to become an advocate for Parkinson’s disease. While most choose to get lost in the unfairness of it all, the loss of an acting career, he as Christopher Reeves chose more productive alternatives.
 
Listening to them ask for contributions for their specific concern, one would want to exhaustingly say, “Enough already.” But we suddenly realize why these men became afflicted with such a challenge – this is their calling; they had an acting career, but God wanted more of them, and He knew He would get more from the qualities of these two men.
 
In the late 80’s, the heydays, I left a restaurant carrying my doggie bag because my eyes were bigger than my stomach. A young homeless man asked me for help, so I gave him my food, expecting him to throw it down and be angered that I didn’t give him cash. Instead I got, “Oh man is that food, thank you, thank you.” We were taught they ALL wanted money for alcohol and drugs.
 
In the early 90’s, a seedy looking woman on 31st street and Lexington, two children in tow, was pleading for money. I passed her by in a hurry, then I thought, it’s Friday night and I’m off to meet friends at a bar; I’ll be drinking while this woman, with tears in her eyes, is crying for help. So I multiplied the number of drinks I thought I was going to have by $5, and felt I should give her something. I handed her $20, hey it was the roaring nineties for some, and rushed off to my destination. My background music was this woman yelling, “God bless, you sir, God bless you, God bless you!” that everyone on Lexington Avenue heard it to the point  I was blushing, something I was not prepared to do on a Friday night.
 
I was taught that once I handed her the money, she would waste no time and make a beeline to her crack dealer, her children just being a ploy. Two hours later she was still there hoping for more money for her children.
 
Recently I became blessed to witness this cross of life and the contradiction that exists. I applied to day labor, which means you come with a passport and wait in a colorless, makeshift room and sit on folding chairs if lucky, to wait with 100 other “indigent” people in the hopes of being chosen to clean dishes, carry all sorts of junk, or sweep streets. As I sat in this room, I saw all men from the night before who slept in the streets, a hallway, or a shelter if they were lucky, and if they didn’t fear getting beaten, robbed or raped.
 
Now I was told that they “want to be homeless, and don’t want to work.” Did this information not filter down to these men, men who wanted to make enough money that day so they can sleep peacefully in a SRO motel?
 
I also have become privy to the welfare system, that government money tree handout, which provides $144 a month in food stamps to a single person, an allotment of $230 towards rent a month, and you get to clean the public highways for about $136 a month. All “benefits” toll, it’s less than minimum wage – way less.
 
I was told that people easily take advantage of the welfare system to buy jewelry and fancy clothes, yet I saw no signs of this, no one “vogue-ing” through the hallways waiting on endless lines of bureaucratic red tape; no one snickering in the belief they are going to get over on a system that has a maze of paperwork requirements in an effort to trip an applicant up and disqualify them like some perverse “gong show.” The belief of abuse is so indoctrinated that even the welfare personnel asks for your cell phone number, which is an oxymoron considering the requirements to accept benefits.
 
I am reminded of an episode of MASH where the jeep Hawkeye told Margaret Houlihan “never let it be said I didn’t do the least I can do.” The government will provide “the least that they can do,” certainly not anything life sustaining. Something to think about while obeying our regimen of showering and shaving, dressing for work, eating the appropriate meals, remembering vitamins just to maintain the minimum standard to viable as a human.
 
We all have our cross to bear at times we all get a cross to bear, and sometimes this cross becomes a calling. It is said that God gives us a cross we can handle, and no more. Ronald Reagan professed in the belief of “tithing,” giving of one-tenth of one’s earnings, a suggestion from the Bible. The fact that we find it impossible to “tithe,” despite having two spouses both working should tell us something about how our economy is these days, and has changed from a few decades ago. It was in the eighties when “laissez faire” and “supply side” were unleashed that created the “decade of greed,” and multiplied the homeless populations tenfold. One can form their own conclusion, but we simply have to listen to the words of our Saint-elect, Holy Father’s words: “Unbridled capitalism with no moral compass is destined for ruination.”
 
As for everything I was told over the years, I have learned that in most nearly every case people aren’t homeless because they want to be, and not all resort to alcohol and drugs. We hypnotize ourselves with this belief to justify not “doing anything.” As thinking, feeling human beings, we know better. The guilt, like a party crasher, comes with no RSVP required.
 
I am not naïve to think people don’t use drugs or alcohol, or have become so hopeless, or long term unemployed they no longer see the light at the end of the tunnel. They have forgotten how to work, forgotten what it was like to have structure in their lives, if they ever had it at all. Some have used drugs or alcohol to get to this mess; others have gotten into this mess and resorted to drugs and alcohol for some comfort, a last ditch pain management regimen once hope, a pre-requisite for existence, is lost.
 
Others are mentally ill, many have suffered from broken homes with no parental guidance or financial support, and others have been sexually or physically abused. Many had their fortunes stolen or conned, construction jobs were closed, and businesses failed, many stretched beyond any unemployment benefits. Some became too old for the work force, had no training, and others became physically ill with no health insurance.
 
Of the most inane statements that we utter in an effort to diffuse any action on our part is the senseless belief that one needs to “pull themselves up by the bootstraps.” We must encourage people to not quit or lose hope, but if the Mayor of New Orleans can throw in the towel and bail because he lacks resources, what chances do people with no family history, intellectual ability or economic means have? To date I have never heard of a drowning man simultaneously save himself, never heard of someone screaming, “Help, help…oh, never mind.” Bootstraps are pulled up with “a little help from a friend.”
 
Our job is not to wonder how people got where they did, there are many as I stated, but our goal is compassion. It is at this time of year that we don’t become angered about how hard everything is, or what we don’t have, but take stock and be grateful for what we do have – the other side of that half empty glass. It is at this time that we thank God for our families, our safety nets, and our physical and mental gifts, and utter the phrase, “There but for the Grace of God go I.” Our focus is not ego and pride, but love and understanding, or at least acceptance; when we see a building on fire, we don’t start a debate on how it happened, we run to put out the fire.
 
The picture isn’t pretty; it’s not supposed to be, just like a natural disaster is devastating, not a major inconvenience. Hate the unfairness or injustice; don’t hate the victims, or the sight of homelessness. It looks the way it does, because it is what it is, and there is no way to make it antiseptic.
 
God made it easy for us; leave the judgment to Him, our job is compassion and help. While we struggle up Maslow’s pyramid, going from our basic needs to those back rubbing, ego-injecting urges, remember others are so far down on the pyramid they are being buried by it. If we are worried about “where the money goes, or how it is being used,” remember our responsibility ends at the “giving” stage, and a brief reread of the Serenity prayer would help here. Add to this the suggestion that we shouldn’t be so conveniently cynical; this will only lead to unsubstantiated self-justification; and guilt, no matter how we try to deny delivery.
 
It’s that old totem-pole theory – not to forget others as we climb our way up, keeping in mind that old philosophy of “what goes up, must come down.” Like watching football or baseball games in my 46th year on this earth, I’ve had it with the gifts – the sweaters, shirts, ties, cologne, CD’s – while others need food and clothing, the basics of life.
 
There is a belief that we should “give till it hurts,” only knowing then how much of a threshold until the giving reaches a substantive point, a real effort. But no such sacrifice is called for here, just a simple act of compassion and charity. While I do not take refuge in the notion that we should feel better about ourselves by witnessing the misery of others, a false value, it does give us some insight in knowing how much we actually do have in our lives; we can put down those daily grievances about not getting that promotion, not getting that girl, not being able to afford that car, live in that house or be physically appealing as we would like, and start to get a little perspective as to what we do have, and start counting those blessings. We would surely come away with the knowledge that we have so much, while others have so little, not even the minimal human requirements, and that should be unacceptable for any rationale, human being.
 
We will sense a greater fulfillment from knowing our brothers and sisters have a little hope in their lives; people who need people. It will open up a wall of emotions, and I’m sure we will start to sense the frustration Mr. Schindler felt towards the end of that movie, that another watch or ring or chain, or CD or IPOD or DVD could have helped feed and comfort dozens.
 
The Bowery mission is a good place to start; your local church, synagogue, mosque or community center soup kitchen is another. Holy Cross on 42nd street has the Crossroads Pantry, and there is the Metropolitan Community Church on 36th Street that hands out food 5 days a week, but sometimes just chocolate bars and cheese crackers, and that’s a disgrace in the greatest country on the face of the earth.
 
Unconditional giving; one will be surprised “what’s in it for them.” And “Happy Thanksgiving!”
 
 

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Notre Dame: A Pampered Classism

Once again we will observe a college benefiting from name recognition having beaten teams with a combined won lost record (excluding their loss to ND) of 22 and 41, a .350 winning percentage, yet preordained to a bowl game. Would this be true if they were the Indiana Fighting Cardinals?

Of course pride is consumed in their title, having allegiance from American Catholics and those of Irish decent, however their behavior, pelting fellow student players with snowballs was one of a ghetto mentality, certainly not befitting of what is believed to be one of the finest learning institutions in the nation. Is this how members of a “higher value” college act when things don’t go their way, or turn out wrong?

It is time we ended the façade of placing this university, its students and alumnae on a pedestal and let them experience the real world on its merits, starting with a more balanced schedule, and ending with them rewarded bowl games based on their achievements, not their personae. This year ND benefited by a Michigan team that fumbled seven times, and a San Diego State team that fumbled at the goal line and has been outscored by their opposition 446 to 231.

No other school enjoys a TV Contract to broadcast all its games. In addition to ND’s “bowl game in waiting” status, is this fair, or even honest to every other college that competes on a level playing field?

We have given a ten year contract to a coach who has assembled a few good talent, while the rest remain at division two level at best (can you imagine?). I am sure he will certainly feel the wrath of alumnae that feels there is only one outcome for them, unlike the rest of America.

It must be a bitter pill to swallow, to face challenges like the rest of us without having the luxury of a “fixed” outcome.

David DiBello

 

Tags: sports  
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Who's to Blame for Big Three Failure?

Forgive me, but I didn't hear of a rash of hi jackings or kidnappings in the 90's or early 2000's forcing Americans to buy Hummers and gas guzzling SUV's. Thanks to auto leases, even our second car was new, which put us more into debt.
 
Like with our stock, we bougth with reckless abandon while bowing at the alter of gluttony, giving no consideration to frugality. Where does balme for our current economic condition lie?
 
Of course the Big Three Auto Manufacturers played on the vulnerabilities and lust of their market, and via collusion with Big Oil, kept producing cars that had mileage rates that dated back to our Oil crisis of the Seventies.
 
As buyers, we didn't learn a thing. So while we are pointing fingers at GM it is important to remember the words of former Mayor Jimmy Walker who refered to his administration's corruption during his resignation speech: "I'm not the only fool here; you voted for me!"
 
To quote another famous pundit: "The fault lies not in our stars, but in ourselves."
Tags: economics  
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We are Now Concerned about Candidate's Clothing Allocation?

Obviously bad decision on the RNC's part to purchase all Sarah's clothes at once, especailly while espousing "brotherhood with Joe," but even "Six Pack" and "the Plumber" know how to dress when attending a wedding, their own or another's.
 
Have we gone from revealing a candidates tax return to detailing their clothing allowance? How much has Barack, Joe and John spent on their clothes?
 
Shouldn't we expect a VP candidate to dress the part? Is it that much money given the budgets? If one divides $150,000 by $21 million, the amount Barack has spent on polling, would we blink an eye? The campaign funds are now in the "BBBBBBillion dollar range, so if 1% were allocated to clothing, that would leave a spending allotment of $10 million dollars. $150,000 is 1.5% of that amount.
 
Even Dave the Accountant spends more money on clothes.
 
We have a Left Wing attack group led by Chris Matthews high standards of speech Sarah should have hade before second graders (should she have gone into detail about the clouture rule, or fillibusters - any thinking adult would be logically confused).
 
We have Keith "the sportscaster" Olberman laughing nightly at something only he finds amusing or defines as such, and lectured by Bill "I beat my African American Girlfriend within an inch of her life in a coke induced rage" Maher, regarding right and wrong.
Too bad they both couldn't stick to issues instead of these sophomoric locker room attacks. 
 
A word of warning to Obama: no matter how bad the economy, your surrogates are making it very hard to vote for you.
 
David DiBello
Tags: Politics  
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SEAN HANNITY – UNIFORMED OR JUST LYING?

 

SEAN HANNITY – UNIFORMED OR JUST LYING?

I’d be the first to drive Alec Baldwin to the airport next time he has a political tantrum, but the drama graduate might have hit upon something suggesting dual college dropout Sean Hannity spent too much time in Construction and not enough time reading an economics book.

Hannity’s latest pro business propaganda is that small businesses will pass on taxes to the consumer. In other words, owners will say “how dare you tax me, now take this sucker,” to the very market he wishes to attract. Is this cutting your nose to spite your face?

As a Financial Controller in small business for twenty five years, I know something about finances. Small business from its inception pays little to no taxes because it is working off start up investments as costs. A small business owner contributes their own capital, and once a bank is secure with an owner’s equity stake in the company, extends financing and a line of credit to purchase equipment and essentials to conduct business.

Most businesses do not turn a profit in the first few years of its existence, surviving off its startup funds and bank credit. There are no profits, so there are no taxes!

There are enough business deductions, loss carry forwards and ACRS depreciation (Accelerated Cost Recovery System) for those operating under the accrual accounting method to write off capital expenditures faster than its economic life, again allowing for no profits even if shown on their income statement.

However, this isn’t required because businesses are allowed to keep two sets of books – accrual for financial statements and cash basis for taxes, writing off all capital expenditures immediately. This allows a business to keep a bank happy regarding their risk due to profits, and allows more time to a company before paying taxes.

The most important feature of small business is that a majority are “S” Corporations –owners who use the corporate shield as protection against liability but whose profits are passed along to the owner who pays taxes at lower individual rates.

Hannity believes small business will fight any attempt at EVER paying taxes by extortion, inflating the price of their product or service out of the market with a tax pass-along’s once profitable. This is understandable if taxes were a fixed rate regardless of profit, but it is only a percentage of profit, which means an owner will always be ahead, unless greed (not enough profit) is factored into the equation. In that case, my suggestion to business is put your “big boy” pants on and pay your patriotic obligation like all we “average Joe’s.”

Sean further ascribes to the “look at the hand at the end of your arm” belief system in compassionate conservatism when it comes to “hand outs.” While we are all “created equal” in terms of dignity, we deviate as far as IQ and ability. Many come from broken, abusive or poor homes, have no resources and are not blessed with the upbringing of the St Pius X high school graduate Hannity.

My suggestion to Sean is to lose the diatribe and practice some humility; and crack open a business book or two before speaking.

David DiBello

Tags: Politics  
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It’s Audacious for Republicans to Complain

 

It’s Audacious for Republicans to Complain

The McCain camp and Republicans are now spreading fear that Democrats in control of the Presidency and both houses of Congress is a danger to Americans because they will remain unchecked and shape policy as they see fit. Correct me if I am wrong, but isn’t that what the Republican Party had for the 6 years from January 2001 to January 2007?

Many also criticize Democrats for not doing anything during the 1 and ½ years they were in charge of the House and Senate (barely) failing to mention that the Veto power remained in a Republican President’s hands stymieing all Democrat efforts, not possessing a super majority to overturn veto’s or overcome the cloture rule in the Senate requiring 60 votes to avoid filibuster.

Isn’t it time for another party to have a chance at running government and getting things done on behalf of the people? Perhaps the Republican Party is subconsciously saying of Democrats what they know true of themselves – unchecked, corruption flourishes. Look at Tom Delay, Denny Hastert, Ted Stevens, Jack Abramoff, Scooter Libby (who fell on his sword at Cheney’s request), Randy “Duke” Cunningham, all of whom served at great sacrifice on behalf of the American people, leveraging their power to personally and financially flourish, making their sacrifice a scam.

Add to it out of control behavior of Bittars, Craig, Foley and Fossella and maybe it is time for a change, placing people in charge who will take the business of the American People seriously and not look at Congress as their own little playground, where they feel above the law and preoccupied with their own gravitas.

A Republican President and Republican Congress have put us in this current economic supply side mess, reversing the Glass-Steagall act led by anti-whiner Phil Gramm, tightening personal bankruptcy laws but overlooking usury of credit institutions, and creating a Medicare prescription drug plan after efforts to block purchases of drugs from overseas failed. This is ironic from a party that believes in the law of supply and demand, and underscores their preoccupation with business and the rich over the good of all Americans.

The Republicans are really afraid that it’s no longer their turn, and they can no longer line their pockets with measures and bills that are pro business, pro wealthy and anti American worker. They must learn to work and play well with others.

David DiBello

RESEARCH FOOTNOTES

cloture - The only procedure by which the Senate can vote to place a time limit on consideration of a bill or other matter, and thereby overcome a filibuster. Under the cloture rule (Rule XXII), the Senate may limit consideration of a pending matter to 30 additional hours, but only by vote of three-fifths of the full Senate, normally 60 votes.

The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[1] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act

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