Tag Archives: economic

McCain “Suspends” campaign, does some interviews, cancels on Letterman…what about Washington, John?

John McCain called Wednesday for the first presidential debate, scheduled for Friday in Mississippi, to be delayed (to Oct 2 in St. Louis from what Politico is saying…isn’t that supposed to be the VP debate date? Crafty, John, crafty. They would have to reschedule that too.) and urged Barack Obama to join him in Washington for a high-level meeting of congressional leaders to address the financial crisis. Obama responded that the debate should go on.

He also scrapped a planned appearance on David Letterman. Letterman was not having that. Um…did you not realize that he would see you taping an interview with Katie Couric after your girl, Sarah, tripped up and called our current economic mess what is really is…The Second Great Depression…2008 style?? Dumb. I agree with Letterman. You don’t suspend your campaign…you let your VP soldier on…oh wait…you can’t trust her. She can’t talk to the press without talking points. Oh well!

Meanwhile, President Bush has invited both men to come to the White House today for a summit meeting with congressional leadership. He needs to invite Warren Buffet (McCain suggested this…and I agree with him on that at least).

Obama rebuffed the proposal… “It’s my belief that this is exactly the time the American people need to hear from the person who in approximately 40 days will be responsible with dealing with this mess,” he told reporters in Florida, where he has been prepping for Friday’s event. “What I think is important is that we don’t suddenly infuse Capitol Hill with presidential politics,” he said.

He also took a real shot at McCain: “Presidents are going to have to deal with more than one thing at a time,” Obama said. “It’s not necessary for us to think that we can do only one thing, and suspend everything else.”

Multitasking, John. Multitasking!! You were in the military…Good Grief!

Debate organizers also said they have no plans to postpone. “We have been notified by the Commission on Presidential Debates that we are proceeding as scheduled,” said the University of Mississippi, which was to host Friday’s encounter. “We are ready to host the debate, and we expect the debate to occur as planned,” Ole Miss said in a statement. Continue reading

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Friday Question: Recession or Depression?

Today’s question:  Are we (ie the U.S of A) in a Recession or a Depression? From good ole Wikipedia…

“A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. Recessions may be associated with falling prices (deflation), or, alternatively, sharply rising prices (inflation) in a process known as stagflation. A severe or long recession is referred to as an economic depression. Although the distinction between a recession and a depression is not clearly defined, it is often said that a decline in GDP of more than 10% constitutes a depression.[1] A devastating breakdown of an economy (essentially, a severe depression, or hyperinflation, depending on the circumstances) is called economic collapse.”

“In economics, a depression is a term commonly used for a sustained downturn in the economy. It is more severe than a recession (which is seen as a normal downturn in the business cycle). Considered a rare but extreme form of recession, the start of a depression is characterized by unusual increases in unemployment, restriction of credit, shrinking output and investment, price deflation or hyperinflation, numerous bankruptcies, reduced amounts of trade and commerce, as well as violent currency devaluations. Unlike a recession, there is no official definition for a depression, even though some have been proposed. Generally it is marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced given current resources and technology (potential output). One could say that while a recession refers to the economy “falling down,” a depression is a matter of “not being able to get up.””

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Economics Play a Big Role in Black Abortions

NEW YORK (Associated Press) – “It doesn’t just happen to young people, it doesn’t necessarily have to do with irresponsibility,” said Miriam Inocencio, president of Planned Parenthood of Rhode Island. “Women face years and years of reproductive life after they’ve completed their families, and they’re at risk of an unintended pregnancy that can create an economic strain.”Activists on both sides of the abortion debate will soon be marking the 35th anniversary of the Supreme Court’s Roe v. Wade decision, which established a nationwide right to abortion.

In recent years, the number of abortions has fallen; the 1.2 million tallied for 2005 was down 8 percent from 2000, and the per-capita abortion rate was the lowest since 1974. But overall, since the Roe ruling on Jan. 22, 1973, there have been roughly 50 million abortions in the United States, and more than one-third of adult women are estimated to have had at least one.

Who are these women?

Much of the public debate focuses on teens, as evidenced by the constant wrangling over parental notification laws and movies like the current hit “Juno,” in which the pregnant heroine heads to an abortion clinic, then decides to have the baby.

In fact, the women come from virtually every demographic sector. But year after year the statistics reveal that black women and economically struggling women — who have above-average rates of unintended pregnancies — are far more likely than others to have abortions. About 13 percent of American women are black, yet new figures from the Centers for Disease Control show they account for 35 percent of the abortions.

Black anti-abortion activists depict this phenomenon in dire terms — “genocide” and “holocaust,” for example. But often the women getting the abortions say they act in the interests of children they already have. Continue reading

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‘Catastrophic Times’ for Black America

By Max Fraser, The Nation. January 15, 2008.“I am not a pessimist,” said Sheila Jackson-Lee, the progressive Texas Congresswoman, midway through a panel on “The State of Black America” at the annual Wall Street Project Economic Summit. For Jackson-Lee, a Democrat who has endorsed Hillary Clinton but whose stances on issues like the Iraq War and immigration often put her well to the left of the party, encouragement came from the diversity of the Democratic field. “I am not unhappy about an Hispanic, a populist, an African-American and a woman running for the presidency,” she explained.

Yet pessimism was hard to avoid during the early sessions of this latest economic summit, convened January 5-9 in New York City by the Rev. Jesse Jackson’s Rainbow/PUSH Coalition. The summit’s theme, Jackson reiterated time and again, was the “structural inequality” that has persisted in American society long after the end of legal segregation. The main item on the opening day’s agenda was the subprime mortgage implosion, its impact on black communities and its larger ramifications for a national economy barreling toward recession. Black homeowners have been hit particularly hard by the mortgage crisis, largely because predatory lenders have been steering them toward subprime loans for years, even when they could afford prime rates. According to Valerie Rawlston Wilson of the Urban League, home equity accounts for nearly 90 percent of black homeowners’ total net worth. So as the housing market collapses, much of the trumpeted new wealth that has accumulated in black communities in recent decades will go with it.

“There is no question that a black or Latino family is twice as likely to receive a subprime loan as a white family,” fumed Lewis Fidler, a white New York City Councilman who participated in the day’s second panel, Continue reading

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Jesse Jackson and leaders speak on the subprime crisis

|Chicago Tribune staff reporter
Rev. Jesse Jackson joined with Chicago legislators and aldermen Tuesday to highlight what he described as an “economic tsunami” of foreclosures that are expected to affect homeowners unable to meet higher mortgage payments when their subprime loans jump to higher rates this year.

Jackson said 2 million U.S. homeowners faced foreclosure at the end of last year and the rates on another 2 million subprime loans are expected to change, or reset, this year, leaving families vulnerable to eviction and driving down property values, especially in African-American and Latino neighborhoods.

“We need to declare a moratorium on the resets and choose massive restructuring on the loans rather than massive repossessing,” Jackson said.

“Whole communities are sinking.”

Jackson and U.S. Rep. Danny Davis (D-Ill.) said they plan to invite major mortgage lenders such as National City Bank, Countrywide Financial Corp. and Washington Mutual to a Jan. 25 meeting and urge them to help families at risk of foreclosure by restructuring subprime loans.

“It will be a full-fledged discussion looking for solutions,” Davis said.  In addition, Davis urged families to seek help from community organizations and housing assistance groups if they are facing foreclosures.

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Black People and Weight Loss: Part Deux

By Makeisha Lee, Health and Nutritional Advisor

Columbus, OH (BlackNews.com) – Tyler Perry’s movie, Why Did I Get Married?, struck a cord of pain with our community for several reasons. However, there was one undeniable, universal appeal that of identification with the overweight character, played by Jill Scott. From the embarrassment that obesity caused the character when denied air travel, to the unrelenting ridicule from her mate, and even self-degrading comments was, “oh too familiar” for a lot of us.

According to New York Times reviewers, Perry charters waters that other writers only dare to present on-screen without the shield of humor. Agreeably and proudly we applaud him for having the courage to highlight such a pervasive and painful issue, while maintaining dignity and integrity!

We need to have this issue out in the open for dialogue, in an up-close and personal fashion so that we may get at the crux of the problem – once for all time. With obesity stats for Blacks off the charts like Tyler Perry’s movie sales, we need to turn on the floodlights so that we all can see clearly what our path should really be to get healthy and lean.

In my first column (African American Weight Loss Cycle – Part One), it was eluded to that there may in fact be some conspiracies involved in keeping the Black population sick and overweight for possible financial gains. Naturally, we would be prompted to ask – WHY us? Here are two possible reasons:

1) Some may be unaware that, based on recent studies conducted by Hunter Miller Group, research analysis, Blacks have powerful spending power, especially for certain things like “what we eat”. A lot of what we eat is unhealthy and ultimately makes us SICK and FAT. Various industries and entities know this and capitalize off of our spending habits; at great expense to our health and well being. Continue reading

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