Fairness Doctrine

October 21, 2008

Most recently, a frustrated reader, evidently a Republican wrote the following letter to the editor, the San Jose Mercury News, October 20, 2008. – Thank you.

“Shame on the media for favoring Dems —

The media and Hollywood have lost all self-respect. The movie “W” comes out 19 days before the election.

The re-release of “Hanoi Hilton,” which portrays an actual true version of what happened to John McCain, is halted and will not be released until a week after the election.

I’m sure this is just coincidence. Joe the Plumber questions Obama; he gets investigated by the media.

Palin gets more scrutiny in a few weeks than Obama has for two years.

From Tony Rezko to William Ayers, to Rev. Jeremiah Wright, to ACORN, no investigations!

Thank God for alternative media. Without it, where would we get the news?

Oh wait, the Fairness Doctrine will fix this.”

Jon Hoefling

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The Fairness Doctrine has remained focused on issues concerning people in the United States and around the world. It is a true commitment and solemnly pledged for the welfare of humanity.

If the re-release of “Hanoi Hilton” is halted for political reason,

Then it undermines the democratic values and such practices have no place in politics or elsewhere.

Both Presidential campaigns are advocating “change” in Washington.

The Change must begin in the Campaign trail to have any impact and credibility upon their election to office.

It is appropriate for the electorate to have both sides of “Presidential Profiles” to help them make an informed decision on November 4, 2008.

In terms of non-partisan effort by the Fairness Doctrine, – please refer to the blogs –

Presidential Race – Sequel, May 24, 2008, Accountability – Aug 12, 2008 –www.padminiarhant.blogspot.com

or

Accountability – www.padminiarhant.com under U.S.Politics.

Further, the Fairness Doctrine in evidence of “transparency and accountability” would like to present the communication held with the Republican Presidential Candidate, Senator John McCain.

The original transcript of the letter from the Republican Presidential Candidate:

To: Padmini Arhant

From: John McCain

Tuesday Morning

Dear Friend,

I am 100% committed to leading our Party to victory in this November’s elections all across the country, and I need RNC Members like you, men and women who have done so much to help our Party in the past, working alongside me.

That’s why I made it my first priority , after securing the Republican Presidential nomination, to reach out to you today to ask you to stand with me in a criticially important undertaking.

The fate of all of our Republican candidates and the fate of our Party in the 2008 election is in the hands of Americans like you. We cannot succeed without your immediate and generous support.

That’s why I am asking you to join in the effort that I will be spearheading in the coming months to build and strengthen our Party’s national organization from the grassroots up. This RNC project will be known as VICTORY 2008.

My friend, it is absolutely critical that we kick-off Victory 2008 immediately – and with as much strength as we can muster.

Our challenge this year is greater than it ever has been – because our Democrat opponents are more determined to win total control of the government than ever before. They are raising unprecedented sums of money. And they have seen record-breaking voter turnout in primaries and caucuses nationwide.

That is why we must begin right now – to answer this challenge.

And that’s why it is so important to me to have Republicans like you join with me in making a 100% commitment to RNC VICTORY 2008 today.

So please take a moment to sign and return the enclosed RNC VICTORY 2008 Pledge of Support, along with your contribution of $1,000, $500, $100, $50 or even $25 to help us kick-off this campaign.

We’ve set an aggressive goal of raising $10 million in seed money in the next 30 days to jump-start our Victory effort. That’s why it is essential that you return your Victory 2008 contribution immediately.

Your gift will be used for promoting our Republican agenda, identifying Republican and Republican-leaning voters, conducting voter education and Absentee Ballot programs as well as implementing the RNC 72-Hour national Get-Out-The-Vote effort to get our voters to the polls on Election Day.

Perhaps most important of all, your gift to Victory 2008 will help fund the RNC’s voter registration program which has a goal of registering 2 million new Republican voters before Election Day.

Let me be perfectly clear about what is at stake for our nation if we fail to elect conservative Republican leadership in Washington, D.C.

If liberals like Hillary Clinton, Barack Obama, Harry Reid and Nancy Pelosi control the White House, Congress and statehouses across this country …

…they will raise your taxes. Already, leading Democrats have laid out plans to pass record-setting tax increases.

But if Republicans win, we will make the present tax cuts permanent, work to cut additional taxes and simplify the tax code. Republicans know that raising taxes in tough economic times is a recipe for disaster, but tax cuts are proven medicine for getting the economy growing again.

If liberal organizations like MoveOn.org have their way, our troops will be recklessly pulled out of Iraq and our enemies will be handed a victory they have neither won nor deserve.

But Republicans will not give up. We will see the war through to victory and make sure the radical Islamic extremists have no sanctuary and no victory.

If liberals have their way, government spending will skyrocket as they implement government-run health care and resurrect their entire portfolio of the failed welfare state programs of the 60s and 70s.

But not if we Republicans unite and work together. Our free-market solutions and conservative principles are better for America – and that has proven true time and again.

As the Democrats tear each other apart arguing over “Who will raise taxes the most ?” and “Who is more committed to cut and run in Iraq?”, you and I need to be getting organized and reaching out to our fellow Americans to let them know there is a BETTER WAY , our way, the Republican way of solving problems that does not rely on big government and high taxes.

History has shown that no nation has ever taxed its way to economic prosperity…

…And no nation has ever become more secure retreating from a conflict that they are winning or by standing down their troops in the face of a sworn enemy such as the radical Islamic terrorists who have made our destruction their sole purpose in life.

I know this because as a proud foot soldier in the Reagan Revolution some years ago, I witnessed first hand the strength and power of our conservative ideals and principles.

I was inspired to get into politics by Ronald Reagan. I respect and cherish the leadership President Reagan brought to our Party and our nation. And the principles that guided him provided the lessons needed to improve the policies of today.

I want to restore the trust of the American people in their government.

I want our Party to make the tax cuts permanent.

I want our Party’s candidates and leaders to strengthen ethical standards in government to eliminate the influence of big monied interests.

I want Republicans to stop Congressional earmarks that allow lawmakers to inject millions of dollars in pork-barrel spending into legislation with no accountability. And, as President, I will veto any bill that comes to my desk with earmarks.

I want Republicans to lead the way to expanding affordability and accessibility to quality health care with market-based – not big government – solutions.

I want to help elect Republicans who will fight to strengthen border security.

I want the Republican Party to ensure that our nation builds on the success we have achieved in Iraq under the leadership of General David Petreaus and the troop surge he orchestrated and implemented.

And I want to keep America safe, prosperous and proud so that our children and grandchildren will have even greater opportunities than the ones we were blessed with.

Our Republican agenda stands in stark contrast to our liberal Democrat opponents who are rallying behind a tired, failed agenda of creeping socialism, ever-rising taxes and a defense policy of retreat-and-defeat.

My friend, that is not the kind of change our nation needs.

But I cannot succeed, nor can our Party prevail over the challenges we will fact from the Obama/Clinton Democrats, without the support of dedicated Republicans like you.

That is why your immediate response is crucial and your generous financial support is urgently needed.

We’ve all seen the Democrats’ massive rallies, record-setting voter turnout and colossal fundraising reports. It is obvious they are pulling out all the stops to win.

Will you sit on the sidelines and let them take control of Washington? Or, will you join with me by signing and returning the enclosed Pledge of Support along with a contribution today?

The past few elections have shown that every vote counts.

You and I need to make sure the Republican Party has the resources it needs to fight for every vote, all across the country.

Clearly we must act immediately to be ready for the challenges ahead . The ambitious goal of raising $10 million in the enxt 30 days for Victory 2008 is just the beginning. And the fact is – we can’t afford to fall short .

So please take a moment right now to sign and return the enclosed RNC VICTORY 2008 Pledge of Support. Please also enclose your most generous contribution of $1,000, $500, $100, $50 or even $25 to help us fully fund our Party’s outreach efforts, voter registration and get-out-the-vote programs.

The future of our nation, our Republican agenda and our entire Republican campaign effort depends on the success of RNC VICTORY 2008 and on your support today.

Please let me know that I can count on you. Thank you.

Sincerely,

John McCain

United States Senator

P.S. The liberal Democrat agenda is wrong for America and we need to unite now to stop it. That’s why I’m personally asking you to support RNC VICTORY 2008. This effort is critical in giving Republican candidates the edge they need to win.

Please sign the enclosed Pledge of Support and return it with your contribution of $1,000, $500, $100, $50 or even $25 today. Your support is urgently needed to help us reach our goal of raising $10 million to kick-off Victory 2008 this month. Thank you in advance for joining me in this very important cause.

———————————————-

REPUBLICAN NATIONAL COMMITTEE

Victory 2008

PLEDGE OF SUPPORT

To: Senator John McCain 575590126

RNC Victory 2008 V08CA060

From: Padmini Arhant

Dear Senator McCain,

I am honored to be one of the first to join the RNC VICTORY 2008 effort. I realize how important Republican Party outreach, Voter Registration, and Get-Out-The-Vote programs are to strengthening our grassroots foundation and helping Republican candidates running for office all across the country. I pledge to do everything I can to help this critical effort succeed.

Enclosed is my personal contribution of:

$1,000, $500, $250, $100, $50, $25, $ other

Signature ____________________________

Padmini Arhant

Please make your personal check payable to RNC Victory 2008

Contributions to the Republican National Committee are not deductible as charitable contributions for federal income tax purposes.

—————————————————

Please note the Senator’s letter was received in May 2008, during the height of Democratic Primary election.

The requests still continues up until now.

My response to the above letter:

May 27th , 2008.

Private and Confidential

Intended for Addressee Only

From: Padmini Arhant

To: Hon. Senator John McCain

Presidential Candidate, Republican Party

Washington DC 20077-7252

Dear Senator McCain,

I am honored to receive information about your candidacy. I salute you for your service to this great nation as a war hero and a Senator representing the State of Arizona.

Your commitment to bring about changes on national and international issues is praiseworthy.

I am sure you will continue to work tirelessly for the welfare of all Americans and people around the world, if, you were to be elected the next “President of the United States ” in November 2008.

As an “Independent,” I pledge my support to the people of this nation and millions around the globe.

My position is to voice my concerns for humanity in all aspects.

With all due respect, to you and several other honorable Statesmen and women, I realized lately that politics is not for people like me seeking truth and justice.

My request to your candidacy for the office of “The President of the United States ” is, to address the great many challenges confronting our nation with effective policies that would benefit the people and not the Special Interests or the Lobbyists .

It is essential for the next administration to address every issue with diligence in providing immediate relief to the people from the economic, energy, education, health, and environmental crises.

It is evident from the recent polls that the nation is desperate for Change comprising "Fiscal responsibility, Accountability and Transparency” in Washington Politics.

I am confident that any candidate sincere in delivering the specified change can win the general election in November 2008.

I would like to add that candidates must have a legitimate time line for troop withdrawal from Iraq and divert investments to accelerate economic growth at home.

The national security and foreign policy is another major concern for the electorate.

I cannot possibly emphasize enough to pursue the path of Peace and Diplomacy at every opportunity over War and Aggression .

The nuclear proliferation is another culminating factor to the existing volatile world environment. These are bipartisan issues and matter to the entire humanity.

I hope the future “President of the United States ” would earnestly seek multilateral resolutions for international crises as we have learned a harsh lesson from the current Iraq war .

I wish you the very best in all your endeavors including the “Presidency of the United States” in November 2008.

Thank you.

Sincerely,

Padmini Arhant

P.S: There might be many deserving choices in the Republican Party and outside.

If, I may take the liberty of expressing the choice for your Vice Presidential candidate;

I think given the two most compelling issues – economy and Iraq war in the minds of the electorate,

The New York City, Mayor, Michael Bloomberg or the Nebraska Senator Chuck Hagel not only alienate your candidacy from the current unpopular administration but also bolster the Republican ticket as “centrist” among “independent” and crossover electorate.

I am almost certain that either one of these two choices will be a “win-win” situation for you in November 2008.

———————————————–

Finally, The Fairness Doctrine is to promote peace, progress and prosperity for all and bring forces against the maxim to justice.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Featured, Politics, United States | Leave a Comment 

Save the Planet

October 19, 2008

It is not merely a slogan. A grim reality dismissed as a myth by extreme political factions.

What is a slogan?

“Drill baby Drill, Drill now, Drill here ” … until there is nothing left and the entire species vanish in a black hole .

Such political psychodrama far outweighs the speculation of similar outcome from The Large Hadron Collider as the "Big Bang " experiment, conducted to unravel the mysteries of the origin of the universe across the border between France and Switzerland.

The nation, as the pioneer in virtually most frontiers of humanitarian needs is advancing towards the dangerous zone with policies like “offshore” oil and gas drilling… rejecting the real consequences to the environment.

Political rhetoric to satisfy the humanity’s insatiable appetite for energy demands is sweeping across the nation without any rationale or logic.

In the process, the moderate thinkers in the political aisle are forfeiting their commitments to the environmental cause and denying the call from the reasoning faculties within.

The electoral process is a mechanism to promote irrational ideologies to justify victory by any means.

Even, if such radical platform is detrimental to the existence and survival of self and other species on the planet.

It makes one wonder! What is the driving force behind the extremism preventing the political power from exercising judgment for the benefit of all inhabitants on the planet?

The simple response is — the Special interests or the “lobbyists” , the active and most successful operatives in every election.

Their argument as purveyors of the elections from Congressional to “Presidential ” is, electoral process is an investment vehicle to promote Corporate agenda based on profiteering at all expense.

In essence, Corporations determined to maximize personal gains against all odds run the government, supposedly “democratic ”.

The real authority behind the entire management of elections especially in the United States is the Conglomerate operating across the Atlantic, and thus far highly successful in the nomination of their choice of “Presidential candidate ” to advance the personal agenda and devious modus operandi worldwide.

That is why, the recent fear mongering tactics… against a candidate in opposition to such policies, is stigmatized a Socialist and cast as a threat to “Capitalism”.

It is common knowledge that the free market or “Capitalism” is always healthier for the enrichment of ideas and competitiveness to benefit consumer based economies provided,

The monetary gains and welfare are widespread among the investors and consumers alike including the work force/ human Capital, the most important resource for “Capitalism” to succeed.

Therefore, a threshold is necessary to define the role of “Capitalism” in a democracy.

Both extremes — the extensive Corporate role in the legislation and government intervention in the micromanagement of free market system undermine the success of democratic market economies.

In the environmental front, there are serious challenges confronting the global community.

The solutions to the problems created by none other than human force for various economic reasons are within the realm of people power.

Every individual can make a difference in resolving the current environmental crises. The first and foremost strategy is to reflect on the cause and effect factor.

Simple actions like recycling, supply and purchase of environmental friendly products and services, cutting back on carbon emissions and recreating lifestyle would greatly contribute to the cause.

The lifestyle by an average household with modified energy consumption could help the humanity in general.

The recent article shed light on the impact of global warming on other living species.

Government declares beluga whale endangered

By DAN JOLING Associated Press Writer – Thank you.

Article Launched: 10/17/2008 07:38:33 AM PDT

Qannik, a 6-year-old beluga whale, swims in a tank at his new home at…

ANCHORAGE, Alaska—First, there were the polar bears. Now, beluga whales. Washington and Alaska Gov. Sarah Palin just don’t see eye to eye on wildlife protection.

The beluga whales of Alaska’s Cook Inlet are endangered and require additional protection to survive, the government declared Friday, contradicting Gov. Sarah Palin who has questioned whether the distinctive white whales are actually declining.

It was the Republican vice presidential candidate’s second environmental slap from Washington this year.

She has asked federal courts to overturn an Interior Department decision declaring polar bears threatened under the Endangered Species Act.

The government on Friday put a portion of the whales on the endangered list, rejecting Palin’s argument that it lacked scientific evidence to do so.

The National Oceanic and Atmospheric Administration said that a decade-long recovery program had failed to ensure the whales’ survival.

"In spite of protections already in place, Cook Inlet beluga whales are not recovering," said James Balsiger, NOAA acting assistant administrator.

The decision means that before federal agencies can issue a variety of commercial permits, they must first consult with the National Marine Fisheries Service to determine if there are potential harmful effects on the whales.

That has the potential to affect major Alaska projects including an expansion of the Port of Anchorage, additional offshore oil and gas drilling, a proposed $600 million bridge connecting Anchorage to Palin’s hometown of Wasilla and a massive coal mine 45 miles south of Anchorage.

The state does have serious concerns about the low population of beluga whales in Cook Inlet and has had those concerns for many years, Palin said in a statement.

"However, we believe that this endangered listing is premature," she said.

Palin in April successfully lobbied for a six-month delay in a listing decision until a count of the whales this summer could be included in deliberations.

That count showed no increase over 2007 numbers—375 whales, compared with a high of 653 in 1995.

Federal regulators and conservation groups said further delay would be harmful.

NOAA said Friday the Cook Inlet population declined by 50 percent between 1994 and 1998 and "is still not recovering" despite restrictions on the number of whales that Alaska’s native population can kill for subsistence.

It said recovery has been hindered by development and a range of economic and industrial activities including those related to oil and gas exploration.

The National Marine Fisheries Service "will identify habitat essential for the conservation of the Cook Inlet belugas in a separate rule-making within a year," the agency said.

The federal decision pleased environmentalists.

"We can finally focus now not on whether the belugas are endangered, but what we can do to protect them," said Brendan Cummings, an attorney for the Center for Biological Diversity, one of the groups that petitioned for the listing.

Cook Inlet stretches 180 miles from the Gulf of Alaska to Anchorage.

It is named for Capt. James Cook, the British explorer who sailed into the inlet in 1778 on a quest to find the Northwest Passage.

Beluga whales feed on salmon and smaller fish.

They can also eat crab, shrimp, squid and clams. During summers, the whales, which reach a length of up to 15 feet, often can be spotted from the highways leading away from Anchorage, gathered at river mouths, chasing salmon that have schooled before a run to spawning grounds.

Beluga whales’ natural enemies are killer whales, but something else has been keeping their numbers down in Alaska’s Cook Inlet.

Craig Matkin, an independent biologist who has worked in south central Alaska for 25 years, said the delay in the listing had held up a comprehensive research plan to find out why the population had not recovered after subsistence hunting was curtailed.

The concern is not just in numbers, he said, but in distribution. Whales in recent years have been staying in northern Cook Inlet near Anchorage.

"They’re just gone from these areas," he said of his own home near in Homer, near the tip of the Kenai Peninsula and about 100 miles from Anchorage.

"Why they aren’t coming down into this habitat is a question I’d like to answer."

Future development won’t be helpful to the recovery, Cummings said, starting with the noise and pollution associated with industrialization of the inlet, which includes oil rigs off the Kenai Peninsula.

Global warming, changing ocean conditions and higher temperatures in salmon streams may be another factor, Cummings said.

The Port of Anchorage, helped by congressional earmarks secured by Sen. Ted Stevens and Rep. Don Young, has embarked on a $500 million project to double the port’s size and replace its aging docks.

Environmental groups also have expressed concern about a planned coal mine 45 miles from Anchorage across Cook Inlet, where developers propose to mine 300 million metric tons of sub-bituminous coal, roughly equal to the energy of a billion barrels of oil, over 25 years.

That would mean noise and boat traffic associated with building and operating a mine, a potential effect on salmon streams and more warming.

The Cook Inlet beluga whales are one of five populations in Alaska waters and the only one endangered.

Other beluga populations off Alaska inhabit Bristol Bay, the eastern Bering Sea, the eastern Chukchi Sea and the Beaufort Sea.

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Reality Check :  Gov. Sarah Palin — Welcome to the National Political Arena!

Your performance on SNL last night may well be the cause for celebration as an “anti-environmentalist. ”

Even though, your judgment or the lack thereof, in the environmental matter is analogous to the rhetoric on your campaign trail invoking fear and Anti-American euphemism against your opponent, the Democratic Presidential Candidate, Senator Barack Obama.

As one among many advocates for the voiceless and defenseless species, I am obligated to pose the following questions to you:

1. What exactly is the issue you don’t understand about the environmental crises?

2. As a self proclaimed maverick , how do you propose to sustain the ecological balance, crucial for your present survival… against the cavalier offshore oil and gas exploration and other projects?

3. Please, explain to the American electorate your bizarre stance in the pivotal issues —

A. Your personal claim, highlighting the foreign policy experience equivalent to the panoramic view of the residence of Russian Prime Minister, Mr. Vladimir Putin from the convenience of your porch while,

B. You choose to remain oblivious to SOS calls from the native species of your home state Alaska.

Perhaps, this could be a revelation for you —

Global warming is real due to reckless policies and irresponsible human behavior.

Save the Planet , for Life matter .

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Environment, Featured | Leave a Comment 

Unethical Practice

October 15, 2008

Unethical Practice

Politics is never fair and has several “ugly” heads that arise precipitously, especially during election time.

There are “entities” with ulterior motive to serve their interest over the country’s future that deserve attention by the electorate.

As stated earlier, communication with political figures is not out of ordinary for private citizens, particularly during elections.

However, there are occasions when citizens get involved in the political campaign; the political candidates expect monetary contributions and other assistance to prevail in the elections.

There have been requests from both “Presidential Campaigns” in this regard.

With a firm commitment to help people and their interests, my position has been clear from the beginning. That is, to support… the policies, the strategies and solutions for all the crises confronting our nation rather than a political “rhetoric” or a “personality.”

I share the recent communication with the “Presidential Campaign” of Senator Barack Obama.

The original transcript from the Vice Presidential Candidate, the Hon. Senator Joe Biden:

To: Padmini Arhant

From: Joe Biden, Obama for America, Chicago, IL 60680.

Dear Ms. Arhant,

Barack Obama and I come from very different places, but we share a common story – an American story.

He was the son of a single mom who sometimes struggled to support her kids. But she raised him to believe in America; to believe that in this country, there is no obstacle that can keep you from your dreams, if you are willing to work hard and fight for them.

I was an Irish-Catholic kid from Scranton with a father who – like too many people today – fell on hard times in a tough economy. Buy my parents raised me to believe that it is not how many times you get knocked down, it’s how quickly you get up.

That’s the American promise that Barack Obama and I believe in. And it’s a promise that’s been knocked around under eight years of George Bush and John McCain.

The McCain campaign wants us to think he believes in change – that he’s a maverick who’s independent of George W. Bush. I know better.

I’ve served with John McCain in the Senate for 22 years. I know him as a courageous patriot and an honorable man. But what he is not — not by any stretch – a maverick.

You’re not a maverick when you vote with George W. Bush 90 percent of the time, as John McCAin has.

You’re not a maverick when you boast – and these are John’s words, not mine – that “no one has supported President Bush on Iraq more than I have.”

You’re not a maverick when you endorse the tax cuts for the wealthy that have been George W. Bush’s only excuse for an economic policy.

And I don’t know what you are – or where you’re living, unless it’s is in one of seven houses you need your staff to count – when you say, as John McCain has, that “there’s been great progress economically” under the Bush Administration.

Still, there was one sense in which I thought John was different from George W. Bush – and I have to tell you I’ve been disappointed to learn how wrong I was.

Whatever our other disagreements, I always thought John and I agreed that the slash-and-burn, divide-and-attack, Swift Boat brand of politics that the Bush machine popularized were debasing our democracy and tearing our country apart.

But today, as he seeks the presidency, John McCain has changed. He has become a practitioner of the very politics he once deplored.

He hired a protégé of Karl Rove to help run his campaign. After condemning the Swift Boat attacks of 2004, John took tens of thousands of dollars from their architects – and, with no sense of irony, even put one of them on his “Truth Squad” for 2008.

Meanwhile, John McCain has blanketed the airwaves with misleading attacks on Barack Obama. They’ve attacked Barack’s character and distorted his ideas.

When it comes down to, I regret to say, is that “John McCain campaigning on the high road” has become as much of a myth as “John McCain the maverick” always was.

And America can’t afford another campaign like this – a third George Bush campaign focused on small attacks rather than big ideas – any more than we can afford the four more years of George W. Bush’s policies that John McCain wants to give us.

Barack and I are committed to running a different kind of campaign — one that addresses our greatest challenges and appeals to our highest ideals.

But to do that, we need your continued help and support.

We are going to have to respond to every attack – every one, every time – while simultaneously keeping our campaign focused on positive ideas. And the cost of running that kind of campaign will be enormous.

Padmini, I know you share both our vision for fundamental change in America and our disgust with the Swift Boat style of politics that John McCAin once decried but now practices. And I hope you’ll continue to help us fight back by rushing a generous contribution of $250 or even $500 to Obama for America.

And please don’t wait a single day. The American promise that gave Barack and me so much has been knocked around for eight tough years. Let’s get up – and restore it – together.

Sincerely,

Joe Biden

P.S. Padmini, the McCain campaign’s attacks on Barack Obama may be the product of desperation, and they’re certainly a poor substitute for vision and ideas – but that doesn’t mean they won’t work. If Barack and I lack the resources to respond, John McCain will be able to distort our ideas and distract America from eight years of Republican failures. We can’t let that happen – and if you’ll stand with us by supporting Obama for America, we won’t.
———————————

I responded to Senator Joe Biden’s letter:

October 9th, 2008.

Private and Confidential

Intended for Addressee Only

Hon. Senator Joe Biden
Vice Presidential Candidate
Democratic Party

Dear Senator Biden,

Thank you for your email, letters and kind remarks.

I have communicated with the Presidential candidate, Senator Barack Obama recently regarding my involvement in the campaign.

The letter received by Senator Barack Obama, lays out the premise of my engagement in the crucial Presidential contest.

I am awaiting response from Senator Obama in that respect.

To reiterate the viewpoint, I have forwarded the letter again and the scenario to Senator Obama for clear understanding.

I am hopeful that Senator Obama’s decision will be in favor of the better outcome for all.

Your cooperation and effort might expedite the communication as well.

As soon as I have a positive response from Senator Obama, I will consider it my patriotic duty and honor to support Obama Biden candidacy and assist the Democratic Party prevail in the highly contested general election on November 4th, 2008.

Thank you.

Sincerely,

Padmini Arhant

The Recent Incidents Indicate That Neither Of The Candidates Is In Receipt Of My Letters Sent By Priority And Certified Mail With Delivery Confirmation.

SUGGESTING – Déjà vu!

REF: Ethical View – www.padminiarhant.com

With great humility, I would like to let America and the rest of the world know about the flurry of communication from all corners on different subjects. It is an honor and at the same time a huge responsibility to express one’s opinion and ideas in public with the national and humanity interests at stake.

I have always tried my best in all circumstances to remain honest, sincere and genuine in the presentation of my thoughts. Further, considering the nature of the situation like the general election, I have prioritized my response to the “Presidential Candidates” requests over other issues.

Unfortunately, within Senator Barack Obama’s campaign, an individual with authority is being highly successful with the interception and even confiscation of my communication with both the Presidential and the Vice Presidential candidates.

It is very disturbing and a matter of concern since, such “unethical practice” in tampering with “private mail” is, in essence a “federal crime” and does not appear to bother this individual because the entity considers “oneself” above the law.

With the Presidential campaigns pledging to eradicate corruption and cronyism in Washington, it raises a serious credibility issue when “individuals” within the campaign pose threats to such commitments of tall order.

Secrecy, dominance and authoritarianism is the cause for the “status quo”… the nation brought to a freezing point and any resemblance of this kind in the future administration will not serve in the best interests of the people of the United States or the global community.

Democracy is active only, when there is absolute transparency and access to information at all levels.

The lack thereof, signifies imminent danger with “sense of entitlement” and abuse of “power” in the horizon.

Finally, it is worth remembering that “Man Proposes and God Disposes.”

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Ethics | Leave a Comment 

Stock Market Crisis

October 10, 2008

Courtesy: http://www.godlikeproductions.com – Thank you.

Whats Driving the Stock Market Chaos??

Denninger Speaks… – Thank you.

Quote

What The Media *Didn’t* Cover

So yesterday the “news” was all about the long end of the Treasury curve rocketing higher (yield), which many people believe is about “risk acceptance” and The Fed (along with other central banks) cutting rates by 50 basis points.

Uh huh.

Let’s talk about what’s really going on.

First, our rates. The EFF (Effective Fed Funds) rate has been trading at 1.5% now for a couple of weeks. Two percent schmoo percent; a target rate only in name is no target at all. In reality the 50 bips cut, even though it resulted in an instantaneous 40 handle rocket shot in the /ES futures Wednesday morning, was entirely a CONfidence game (with the emphasis on “Con”!)

The RTS (Russian Market) is down 87% YTD, and is closed until further notice. The Nikkei is trading below the DOW – that’s not good. Indonesia’s stock market was shuttered Wednesday and remains closed after tripping “lock limits” within 90 minutes of the opening bell. As of Thursday morning the RTS was closed again after Putin allegedly strong-armed a whole bunch of Russian wealthy to “stick it in” (to the stock market); this sort of v-fib in a market does horrifyingly bad things to ordinary investors who find themselves out just before the market rockets higher without underlying economic cause.

Iceland has essentially melted down. Their currency went straight into the toilet and two of the three largest banks were nationalized – all in the space of 24 hours. The culprit? Bad loans. Where have we seen this movie before?

Mexico’s peso has fallen some 40% in days against the dollar. Great if you’re traveling there as an American. Sucks severely if you’re a Mexican. That alleged fence on our southern border is going to need reinforcements.

Wednesday morning Britain and the EU zone all announced major bank rescue operations. Same deal – “throw money at it, paper it over.”

Nowhere a mention of forcing balance sheet transparency and truth.

Except in one place – here in the US! Plans to standardize CDS contracts and force them onto an exchange are actually under way. This is a major positive move and fulfills one of the three prongs of my view of how to solve this problem, once implemented. We’ll see how much pushback we get, and whether OTC derivatives are actually banned (as they should be), or whether the big trading houses and banks insist on being able to play “pick pocket” along side the “regulated” world.

The NY Fed announced plans to extend a further $39.6 billion credit line to AIG. The tab is now almost $120 billion dollars. Where did the other $80 billion go? Has it been vaporized trying to raise capital to pay down CDS contracts that have gone the wrong way on them?

Speaking of which, Thursday is D-Day – D standing for either “derivative” or, if things go sideways on people, “detonation.”

See, this is the day that Lehman’s CDS contracts are supposed to be resolved. Since Lehman’s bonds are trading at ~20-30% recovery (horrible, on balance) the writers may have to fork up 60 to 70 cents on the dollar.

The $64,000 question is how many of those contracts net out. The real liability is what’s left once everything is “balanced” (a long and short held by the same guy net to zero, assuming that both contracts are “money good”, leaving the holder with no liability – and no asset)

This has the potential to be a big “nothingburger”, a minor tremor, or a 250′ high tsunami that washes over Lower Manhattan (and the City) tomorrow. There’s no good way to know in advance which outcome will manifest, since nobody (at present) knows what the true netted-out open interest is. This is one of the problems with not having a public exchange; lack of knowledge.

The bright light of reality will shine tomorrow……

The architects of this, by the way, are the folks who took the cuffs off the banks, going back to the Gramm-Leach-Bailey law and the repeal, piece-by-piece prior but finished by GLBA, of Glass-Steagall. GLBA, by the way, was passed in 1999 – just as the Internet bubble was in full force. Coincidence? No. The root cause of this mess? Right there. Thank Congress, and make sure you include those members who have been around for the entire thing, including John McCain.

On the equity market side shorting is once again available, the order having expired. The lack of shorts was a definite factor in the stiff selloff that we’ve seen, and Chris Cox owes investors in America an apology – on the air. This was an objectively stupid decision, as shorts provide necessary liquidity during serious downturns. Without them you get “no bid” circumstances, and they sporadically appeared during the last few days in financials, which certainly exacerbated the selloff.

In the bond markets Treasury refunded some “off the run” bonds and got an ugly surprise – the market didn’t want them. They had to pay a 40 bips “tail” to get them to go, which may be the start of a really troublesome trend. See, Treasury is now throwing over $100 billion a week into the market, and this only works on days when the market is crashing. THEN you can get people to suck up all you puke out, but the rest of the time you’re going to have to pay up, and Treasury has had to do so – dearly.

This may be the start of the “bond market dislocation” that I have long feared. I hope and pray not, but if this trend continues Treasury is going to find that it cannot sell its debt into the market without slamming rates higher, especially on the long end of the curve, which means an instantaneous implosion of what’s left in the housing market.

The ugly is that 3-month LIBOR widened today, as did the TED Spread. Both should have come in. They did not. LIBOR is essentially unsecured lending and the bad news is that a lot of corporate (and some personal) borrowing is indexed off it. If you are, you’re screwed.

Why has LIBOR refused to come in despite these “coordinated” effort? Its simple: the underlying trust issue has not been addressed, and nobody is seriously proposing to do so.

Paulson and Bernanke now are truly caught in the box, as I have been talking about for more than a year. As they introduce and fund these silly programs like the “TARP” each new program produces more foreclosures by depressing home values and thus tightens the spiral.

See, as long rates go up house prices go down, since the value of a home for most people is Dependant on what they can finance, and that is directly related to interest rates. Get out your HP12C and run the principal value change for a fixed payment if interest rates change from 6% to 8% or 10% – that’s the impact on the value of your house from these changes that are occurring in the Treasury marketplace.

This outcome is what I warned of in “Our Mortgage Mess” back in April of this year; a potential ramping of borrowing costs for government debt, which will not only make sustaining government spending (and perhaps government operation) impossible, but in addition destroy private credit by driving costs in the private sector skyward as well.

Simply put, the “TARP” or “EESA” must be repealed here and now.

It is unacceptable to risk Treasury Funding destruction in order to bail out some bankers. And make no mistake – there is and will be no benefit to taxpayers.

We are also now entering into earnings season, and Alcoa was a warning blast. They missed badly. That won’t be the last.

This is the “value trap” problem that many investors fall into. You see the market down 30% and think its a great buying opportunity.

It is a great buying opportunity only if earnings going forward can be sustained. But in this case, they cannot. It is flatly impossible; with Treasury borrowing money like a madman, tacking on more than 20% to the national debt in the space of months, carrying costs will inevitably rise as will taxes. Both of these have a multiplier effect (in the wrong direction) on corporate profits, and in addition the “faux profits” from financial engineering have all disappeared at the same time.

The S&P 500’s profit, in terms of gross dollars, are almost certainly going to come in by 50% from the highs, and that assumes we get a garden-variety recession and not something worse. This of course puts “Fair Value” on the SPX down around 750, or another 25% down from here.

The ugly stick potential is what I discussed yesterday, and that risk is very real. Treasury borrowing cost ramps can produce a 1930s-style dislocation in credit, and if it happens then you will see mass bankruptcies not only in corporate America but among individuals as well as borrowing costs ramp to the point of shutting down the marketplace for credit.

Treasury and Bernanke claimed that “credit markets seized”; this is only half-true. Credit markets always close to those who are lying, because there is no reason to loan someone money if you’re not reasonably sure you will get paid back.

But there is a second form of seizure and this is the frying pan into which we’ve now jumped – that is a credit market that prices beyond what the market can bear at its imputed rate of return. In that market credit is available but it does not matter, as you can’t make enough profit to generate a positive carry on the borrowed money, and consumers in that environment fall into a vortex of interest payments that spiral faster than they can borrow to stay ahead of them.

That rabbit hole is how we got the 1930s, and it is the danger we now face. Congress was in fact conned by Treasury, George W. Bush and the banking industry (including Ben Bernanke), who instead of forcing the malefactors into the open and exposing those who were bankrupt (or just plain corrupt – notice the common stem on both words?) threw them a line – unfortunately, the line is cleated to the entire economy of the United States, and they have enough negative buoyancy to drag us all under the waves.

——————————————————

Analysis: This is one of many opinions floating around all over the cyberspace regarding the latest downward spiral in the stock market. The consensus is clear; a few operatives with a major stake in the gamut of the financial world are driving the mania for their profiteering with utter disregard for the rest of the population around the world.

It is time for the people of the United States and around the world to rise to the occasion and intervene as the snowballing of losses in market shares is not a natural event. Clearly, this kind of manufactured, well-orchestrated and premeditated mechanism is the result of greed, corruption and cronyism that is rampant and has now come to surface.

Not surprisingly, there is no investigation or reports by the media as the Corporations, the de facto beneficiaries own them. The world must awaken now and deal with the reality to bring all of these entities to justice. It is time to make every one of them accountable for their actions and inaction as well as make them absorb all of the losses generated by their devious “modus operandi”.

The current situation is not an isolated occurrence. The cause and effect factor is evident in the existing stock market turmoil. As suggested earlier, the unethical practices resulting from the lack of accountability and oversight is contributing to the pandemonium in the market worldwide with the infusion of the “survival of the fittest” theory.

The world is shocked and in despair, seeing no end to the plundering of wealth that rightfully belongs to the righteous and not the self-righteous. However, it is presumptuous of those involved in this mass abduction of world treasury that they will not be exposed and brought to spotlight.

Perhaps, Armageddon is the only alternative now to restore morality and world order. The degradation of principles, ethics and democratic values by the ruling power will not escape the judicial verdict.

Therefore, it is in the best interest of all those involved in the conspiracy to come forward and demonstrate figment of integrity by stabilizing the stock market decline or be prepared to deal with the wrath of natural phenomenon.

Further, to those entities responsible for the current economic disaster, “the end justifies the means”.
Any attempt to ignore the warning will be an invitation to their peril.

If the authorities in power fail to exercise diligence, proper management, and immediate interventional policies to stabilize the market, they will share similar destiny as the recently convicted O.J. Simpson.

The judicial mantle seized by the power is in denial and defiance of the existence of force that will deliver justice.

The mortals brought nothing upon their birth hence; take nothing upon death.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Business | Leave a Comment 

Investment Prospects

October 8, 2008

Existing and potential investors should view the current stock market situation as an excellent opportunity for investments in different sectors. They range from blue chips to housing and manufacturing industry. All sectors are bound to get a major boost from innovative technology and major breakthroughs in science this year alone.

With the energy crisis, there is great enthusiasm and capital infusion into manufacturing clean and green energy products. The automotive and energy companies are involved in research and development in deriving energy independent solutions to the global problem.

The recent legislation of the “rescue” plan involving tax credits for solar and wind based manufacturing companies is a window to promote renewable energy products and services. This is one of the best measures by Congress and deserves praise for the action. It must also ensure that the tax credit benefit trickles down to retail consumers as well. More is required in addressing serious environmental issues at both national and global front.

Despite the doom and gloom in the housing sector, all those investors with surplus cash have enormous opportunity to invest in real estate for long-term gains and perhaps contribute to the revival of the housing market. The energy sector is involved in alternative energy programs to combat the global energy crisis. Therefore, there are opportunities in this industry as well.

The technology sector is robust with a wide range of activities throughout the industry. The high tech companies are competing with one another in the innovative technology areas such as high -end microprocessors other hardware and software products challenging the technological pace more than ever.

There is never a dull moment in the biotech industry with major breakthroughs in modern medicine like “sequencing DNA and Human Genome Project”. The stem cell research is another area drawing deserving attention and investments. The pharmaceutical companies’ progress in research and development of new drugs is in synchronization with the biotech advancement.

The finance sector is not going to fall apart as they are the “gateway” to the flourishing of “commercial sectors”. The financial institutions with necessary regulations and stopgap measures are attractive in many ways. It must address the foreclosures effectively and cooperate with the government in expediting the financial liquidity in the housing and commercial sectors.

Investors must get into a buying frenzy and not the other way around, as the prospects are far greater in the near future and an opportunity for people of the United States to own their assets rather than leaving it for foreign venture capital.

The United States as a nation has never failed in its endeavors and will never fail now or in the future. It is important for the people of the United States to restore confidence in their ability to rebuild a great nation that has accepted a great many challenges in the past, emerged successful in all frontiers and shared the progress and prosperity with the rest of the world.

The present time may appear to be tough but this nation has sailed through rough seas and the “Superpower” status is testimony to the resilience and intellectual power of the people.

The United States has every reason to be proud of all its achievements. The future ahead of us is bright, with a remarkable work force prepared to overcome all obstacles in their path to success and glory.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Business, Economy, Featured | Leave a Comment 

Foreclosures

October 7, 2008

The stock market performance particularly on October 6 and 7, 2008 is a strong indication of the lack of effective measures to address the problems that triggered the financial crisis and subsequently the economic meltdown. The tumbling of the stocks due to aggressive selling day after day is from panic and deep concern among investors across the globe.

The “Treasury” has secured the financial package for the “rescue” plan as an instant relief to the current crisis. However, in preparation to relieve the financial institutions from “bad debts” and “toxic assets”, it has failed to look beyond the “Corporate” horizon. The immediate priority is to lift the nation from the burgeoning “housing market” crisis i.e. “foreclosures” and provide relief to the “homeowners”.

The Congress must act now on bipartisan basis to implement “Moratorium” on the “foreclosures”, and vigorously re-enact the “Bankruptcy provision” to relieve homeowners across the nation. It should not be at the discretion of the financial institutions that are primarily responsible for the mortgage crisis to resolve on their own terms and conditions. As stated earlier, the “foreclosures” are the result of the multi-tiered structures in the financial and real estate industry engaging in unethical practices and reckless conduct with no oversight.

If the “rescue” package does not involve the solutions to the problems of the current economic and stock market turbulence, the entire effort by the Congress is futile. Therefore, it is necessary for government intervention to relieve all homeowners dealing with “foreclosures” and delinquency on their mortgage payments due to the sudden increase in interest rates initially offered as “teaser” rates on the subprime mortgage loans.

The urgent and direct focus on the “housing market” is the only prudent economic strategy available to revive the “housing sector”, one of the structural foundations of the economy. The consistent decline of “home values” is a major factor for the “economic stress” with a ripple effect on the entire financial and commercial sectors.

The “housing” and “energy” industry are fundamental components of the economic infrastructure. Hence, the rescue plan must address the “cause” of the current financial crisis i.e. the “foreclosures” besides facilitating financial liquidity in the commercial sector to stimulate economic growth and development. In terms of the economic stimulus package under consideration, the “energy” subsidies would highly benefit the economy and ease the burden on the “main street” anticipating high “energy” costs in winter.

The impending purchase of the mortgage-backed securities under the “rescue” plan must follow the guidelines to benefit the investor i.e. the taxpayers in both the short and long run. It is important to address effectively any concern by experts such as “The HOPE for Homeowners Act needs to pay less than 36.5 % of the face value of the subprime mortgage backed securities. If more is paid the government loses money in the long run and owners of the securities profit now” and any loopholes that might hamper the deal in the investor i.e. taxpayer’s favor must be eliminated as a safety measure.

The consensus on the legislation of the bill “HOPE” for The Homeowners Act, 2008 is promising and expected to provide relief to an estimated 400,000 families. It is important to follow through the process and ensure transformation of “HOPE” into reality for “homeowners” severely hit in the “housing” market crisis due to massive “foreclosures”.

“Congress” and the financial institutions could reverse the current stock market decline through diligence and prudent economic strategy combined with robust fiscal policy and financial measures to boost investor confidence. Meanwhile, domestic and foreign investors must restrain short selling in the wake of current crisis that is contributing to the pandemonium in the stock market.

The stock market turmoil will cease upon following all of the above measures with no further procrastination to protect the interests of all i.e. the “main street”, the “wall street” and the global market.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Business, Economy, Featured | Leave a Comment 

Bailout Failure

September 29, 2008

The democratic system has failed to rescue the nation at the hour of crisis. The party bickering and “partisan politics” has taken precedence over “main street” struggles. It is clear from the action of the legislators voting against the “emergency” plan that their concern for the return to power is paramount than the “average citizen’s” livelihood. The explanation for their refusal to cooperate does not resonate with the realities in the “main street”. The nature of global economy is slighted with distracted opinions and determined position in this crucial legislation.

Excerpt of one of the legislators reason to vote against the bailout.

Source : Democracynow.org – Thank you.

According to Democratic Congressman Rep. Dennis Kucinich – “Is this the United States Congress or the Board of Directors of Goldman Sachs?” Rep. Dennis Kucinich Rejects $700 Billion Bailout
The House is set to vote today on a $700 billion emergency bailout plan for the financial industry. The proposed legislation was forged during a marathon negotiating session over the weekend between lawmakers from both parties and Treasury Secretary Henry Paulson. The 110-page bill would authorize Paulson to initiate what is likely to become the biggest government bailout in US history, allowing him to spend up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates.

AMY GOODMAN: Right, but the Democrats are in charge of this.

REP. DENNIS KUCINICH: Right. You know, I’ll tell you something that we were told in our caucus. We were told that our presidential candidate, when the negotiations started at the White House, said that he didn’t want this in this bill. Now, that’s what we were told.

AMY GOODMAN: You were told that Barack Obama did not want this in the bill?

REP. DENNIS KUCINICH: That he didn’t want the bankruptcy provisions in the bill. Now, you know, that’s what we were told. And I don’t understand why he would say that, if he did say that. And I think that there is a—the fact that we didn’t put bankruptcy provisions in, that actually we removed any hope for judges to do any loan modifications or any forbearance. There’s no moratorium on mortgage foreclosures in here. So, who’s getting—who’s really getting helped by this bill? This is a bailout, pure and simple, of Wall Street interests who have been involved in speculation.

AMY GOODMAN: Congressman Kucinich, can you explain how it is that the Democrats are in charge, yet the Democrats back down on their demand to give bankruptcy judges authority to alter the terms of mortgages for homeowners facing foreclosure, that Democrats also failed in their attempt to steer a portion of any government profits from the package to affordable housing programs?

REP. DENNIS KUCINICH: Well, I mean, those are two of the most glaring deficiencies in this bill. And I would maintain there was never any intention to—you know, well, many members of Congress had the intention of helping people who were in foreclosure. You know, this—Wall Street doesn’t want to do that. Wall Street wants to grab whatever change they can and equity that’s left in these properties. So— .”
____________________

Review: There is no disagreement in this context. However, the repercussions of failing to act is far greater than the stakes involved in the initial bailout that is being carried out cautiously and judiciously by the remaining members of the “Congress”. The legislators’ rhetoric does not serve the purpose as the U.S economy is the engine of the global markets and the ripple effect is already felt in Europe and worldwide. Today’s plummeting of the stock market is yet another sign of the “financial catastrophe” at our doorstep.

With respect to the elimination of “bankruptcy provision” as discussed in the above interview, the “Democratic Presidential Candidate”, i.e. Senator Barack Obama’s position is apparent in the “housing market” debacle. It is time for the Democratic Party to be forthcoming to the democratic base as well as others and explain the reason behind such notion to alienate the worst hit population i.e. the “homeowners” in this bailout proposal.

As for the GOP members of Congress, defying the national interest by voting against the bailout proposal, the following questions arise,

1. Where were the legislators when the economic meltdown was happening under their watch?

2. Why did they not alert their own party and the administration that is notorious for reckless
policies and “bankrupting” the economy under their reign of power?

3.Whatever happened to the passion and pessimism about the “Wall Street” performance leading
the world’s economic power on the verge of collapse?

Alas, “Rip Van Winkle” is awakened by the financial “thunderbolt” and causing havoc in the “Capitol Hill” , the heavenly abode of the legislators.

Ironically, the two extreme political factions appear to come in terms with agreement on a single platform , i..e. protests the bailout and attempts to derail the entire economic infrastructure. The spectacular performance is to earn voter confidence and retain power for further economic disasters.

It is time to focus on the dire situation and market reaction in the United States and worldwide that is beckoning to act promptly and effectively by facilitating liquidity in the financial market.

The lawmakers concerned about taxpayers must also realize that taxpayers’ investments are the major casualty in the current political fiasco.

It is the duty of every legislator to put “partisan politics” aside and act diligently by coming forward and resolving the national and world financial crisis in the best interest of the people, responsible for their power.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Business | Leave a Comment 

Congress Adjournment

September 29, 2008

Review of the current article on;

Congress moves to adjourn with no deal on AMT

By JIM ABRAMS, Associated Press Writer 25 minutes ago – Thank you.

WASHINGTON – The House prepared to adjourn for the year Monday with no deal on a major tax relief package, increasing the odds that businesses will lose out on critical tax breaks and millions could get hit by the alternative minimum tax this year.

House Majority Leader Steny Hoyer, D-Md., suggested that it might be next year before consensus can be reached on a tax initiative that includes adjusting the AMT, providing tax relief to disaster victims and extending tax credits for renewable energy development, business investment and individual education and child care costs.

Lawmakers in both the House and Senate stressed that the bill would create tens of thousands of jobs and contribute to the nation’s energy independence. But House Democrats insisted that more of the package, totaling $138 billion in House bills, be paid for so as not to increase the deficit. Senate Republicans, averse to new taxes, said any changes in the Senate-passed tax bill would kill the entire package.

The House “has taken the morally and fiscally responsible position,” said Rep. Mike Ross, D-Ark., a leader of the 49-member Blue Dogs, a group of fiscally conservative Democrats. Meanwhile, “Republicans in the Senate continue to hold up this important legislation,” he said.

As Ross spoke, across the Capitol Senate Majority Leader Harry Reid, D-Nev., tried to bring up a House-passed bill dealing with renewable energy and extension of business and individual tax breaks that expired last year or will lapse at the end of this year. Republicans objected to consideration of the bill.

Reid acknowledged that “we can’t get it done” because Senate Democrats don’t have the votes to move the bill without GOP cooperation. He said he hoped the Blue Dogs “would understand we are not trying to embarrass them or anyone else.”

Hoyer, joining the Blue Dogs at a news conference, said “there’s not an intention” to return to Washington after the House votes on the financial bailout bill and adjourns Monday afternoon.
“I’m going to continue to work with Sen. Reid to see what can be done even if it is next year,” he said.

That delay would be a blow, at least temporarily, to a wide group of business and individual taxpayers. Without congressional action, those affected by the AMT, originally aimed at just a few very rich tax dodgers, would grow from around 4 million to up to 26 million. Those hit by the tax, most earning less than $200,000, would pay an average extra tax of $2,000.

The solar industry alone has estimated that it could create more than 400,000 jobs if it receives an eight-year extension of its investment tax credit.

“With hundreds of thousands of American jobs and billions of dollars in clean energy investment at risk, we urge congressional leaders not to leave for the election recess” until reaching an agreement, the CEOs of national hydropower, geothermal, solar and wind energy associations said in a statement.

Business groups have warned of serious repercussions if Congress does not renew the R&D credit, which expired at the end of last year, and various advocacy groups have pleaded for renewals of individual tax breaks affecting those paying college tuition, those from states with state and local sales taxes and teachers with out-of-pocket expenses.

The Senate last week, on a 93-2 vote, passed a massive package that included AMT relief, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana, and some $78 billion in renewal energy incentives and extensions of expiring tax breaks. In a compromise worked out with Republicans, the bill does not pay for the AMT and disaster provisions but does have revenue offsets for part of the energy and extension measures.

That wasn’t enough for the House, which insisted that there be complete offsets for the energy and extension part of the package.

Fiscal irresponsibility was a major factor in Wall Street’s meltdown and the need for Congress to step in with a bailout plan, said Rep. Dennis Cardoza, D-Calif. “It’s time for us to say no more.”
The House included steps to boost tax revenues from the oil and gas industries and close loopholes used by hedge fund managers and corporations to avoid taxes on their overseas incomes.
Senators also included in their bill a far-reaching measure to ensure parity in insurance benefits for mental health problems.
______________________________

Review and Analysis: The democratic society exercise voting rights to elect a representative in Congress and Senate to address issues affecting their daily lives and pass necessary legislation to primarily benefit the people through businesses and other economic infrastructure.

The legislators’ “priorities” from the above article should be of concern to the constituents. Their decision to leave for the election recess “after having returned from a long recess in August”, without reaching an agreement on issues like energy independence, tax relief to millions in small businesses, education and childcare costs reflects minimal importance to major economic crisis.

With election around the corner, it is important for legislators to recognize their obligations to the electorate and fulfill the commitments in restoring the nation back on track. In a gloomy economic climate, that is saddled with multi-trillion dollar debt conveniently passed on to the hard working lower and middle income groups struggling to meet ends, vacation should be the last thing on the mind of the lawmakers.

The electorate should demand that their elected officials resolve all of the above issues related to tax initiative that includes adjusting the AMT, providing tax relief to disaster victims and extending tax credits for renewable energy development, business investment and individual education and childcare costs with no further procrastination.

To quote the House Speaker “Nancy Pelosi” at the announcement of bailout deal “The Party is over” not just for the “Wall Street” but the entire “Power” specifically elected for policymaking and solving problems confronting the nation at all fronts.

When the “Presidential candidates” are advocating “performance based” salaries for “teachers” and others , the same principle should apply to “Washington” and “Wall Street” that are primarily responsible for the current economic mess.

The voter frustration and disappointment with “Washington” and “Wall Street” should be clearly demonstrated in the forthcoming electoral process.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Energy, Featured | Leave a Comment 

Economic Security

September 28, 2008

The legislators are currently addressing the financial crisis confronting our nation and it appears that a consensus has been reached to bailout the Corporations from the burden of bad debts. According to the lawmakers, the “bill” is structured to largely benefit the taxpayers and assist with the stabilization of the financial market.

It is important to recognize the fact that the twenty first century economy is a global economy and the investments are tied to one another directly or indirectly and traded in the global markets. Therefore, it is vital for the U.S. economy to remain stable and provide necessary market assurance to both domestic and foreign investors with stakes in U.S. investments.

The other important factor for the unprecedented government intervention in a “free market” environment is to eliminate loopholes to avert such catastrophe in the future. When the actual agreement proposal is presented to the taxpayers, it should reflect the absolute protection of the taxpayer’s funds and profitable return on any investments.

At the same time, politics should not take precedence over “American taxpayers” interest in terms of “Appropriation of funds” for a certain political faction like “ACORN” or for that matter a “private sector” from the “Wall Street” with any misrepresentation to provide insurance on the “mortgage backed” securities with no prospective buyer in sight.

The “bill” must include provisions for full disclosure of the deals regardless of the nature and size of the bailout amount.

Further, it is essential for the “impending bill” to fund the bailout in “installments” rather than a lump sum settlement as it would indicate the initial results on the venture carried out on a “trial and error” basis. This would also allow public opinion to analyze the “pros and cons” of such investment and facilitate the required liquidity in the financial market with a “majority” approval.

The task ahead of our nation is to restore economic security with the revival of the “housing” and “job” market. As stated earlier, the “housing market” crisis is directly related to the “credit crunch” and “subprime mortgage” failure leading to “foreclosures” and that could be resolved by overhauling the lending practices and assisting the “homeowners” with affordable revised mortgage package. The foreclosed homes should be made available for sale to potential investors with verifiable income and credit history.

Commercial lending should resume freely yet carefully to promote and revitalize the small businesses and Corporations relying on credit for the growth and development in the job market. The flow of goods and services without any disruption will contribute to the anticipated growth and help the nation in reducing the multi-trillion dollar debt due to trade and budget deficit which otherwise will be the inevitable burden on the next and future generation.

It is time to focus on this crisis as “national” rather than “individual” and collectively deal with the issue for a better future of all.

Thank you.

Padmini Arhant

Written by Padmini Arhant · Filed Under Economy, Featured | Leave a Comment 

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