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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?


To: Tenchusatsu who wrote (493967)7/10/2009 11:18:07 AM
From: Road Walker  Read Replies (2) | Respond to of 1582535
 
Got it, you're on the record claiming that 9/11 wasn't terrorism.

First you misquote me and then put words in my mouth; what a dumb jackass.

I'm saying our response to terrorism has been far more damaging than the terrorist acts themselves. If you weren't an idiot you would get that.



To: Tenchusatsu who wrote (493967)7/10/2009 11:32:45 AM
From: bentway1 Recommendation  Read Replies (2) | Respond to of 1582535
 
A Farewell to Harms

Palin was bad for the Republicans—and the republic.

By PEGGY NOONAN
online.wsj.com

Sarah Palin's resignation gives Republicans a new opportunity to see her plain—to review the bidding, see her strengths, acknowledge her limits, and let go of her drama. It is an opportunity they should take. They mean to rebuild a great party. They need to do it on solid ground.

Her history does not need to be rehearsed at any length. Ten months ago she was embraced with friendliness by her party. The left and the media immediately overplayed their hand, with attacks on her children. The party rallied round, as a party should. She went on the trail a sensation but demonstrated in the ensuing months that she was not ready to go national and in fact never would be. She was hungry, loved politics, had charm and energy, loved walking onto the stage, waving and doing the stump speech. All good. But she was not thoughtful. She was a gifted retail politician who displayed the disadvantages of being born into a point of view (in her case a form of conservatism; elsewhere and in other circumstances, it could have been a form of liberalism) and swallowing it whole: She never learned how the other sides think, or why.

In television interviews she was out of her depth in a shallow pool. She was limited in her ability to explain and defend her positions, and sometimes in knowing them. She couldn't say what she read because she didn't read anything. She was utterly unconcerned by all this and seemed in fact rather proud of it: It was evidence of her authenticity. She experienced criticism as both partisan and cruel because she could see no truth in any of it. She wasn't thoughtful enough to know she wasn't thoughtful enough. Her presentation up to the end has been scattered, illogical, manipulative and self-referential to the point of self-reverence. "I'm not wired that way," "I'm not a quitter," "I'm standing up for our values." I'm, I'm, I'm.

In another age it might not have been terrible, but here and now it was actually rather horrifying.

McCain-Palin lost. Mrs. Palin has now stepped down, but she continues to poll high among some members of the Republican base, some of whom have taken to telling themselves Palin myths.

To wit, "I love her because she's so working-class." This is a favorite of some party intellectuals. She is not working class, never was, and even she, avid claimer of advantage that she is, never claimed to be and just lets others say it. Her father was a teacher and school track coach, her mother the school secretary. They were middle-class figures of respect, stability and local status. I think intellectuals call her working-class because they see the makeup, the hair, the heels and the sleds and think they're working class "tropes." Because, you know, that's what they teach in "Ways of the Working Class" at Yale and Dartmouth.

What she is, is a seemingly very nice middle-class girl with ambition, appetite and no sense of personal limits.

"She's not Ivy League, that's why her rise has been thwarted! She represented the democratic ideal that you don't have to go to Harvard or Brown to prosper, and her fall represents a failure of egalitarianism." This comes from intellectuals too. They need to be told something. Ronald Reagan went to Eureka College. Richard Nixon went to Whittier College, Joe Biden to the University of Delaware. Sarah Palin graduated in the end from the University of Idaho, a school that happily notes on its Web site that it's included in U.S. News and World Report's top national schools survey. They need to be told, too, that the first Republican president was named "Abe," and he went to Princeton and got a Fulbright. Oh wait, he was an impoverished backwoods autodidact!

America doesn't need Sarah Palin to prove it was, and is, a nation of unprecedented fluidity. Her rise and seeming fall do nothing to prove or refute this.

"The elites hate her." The elites made her. It was the elites of the party, the McCain campaign and the conservative media that picked her and pushed her. The base barely knew who she was. It was the elites, from party operatives to public intellectuals, who advanced her and attacked those who said she lacked heft. She is a complete elite confection. She might as well have been a bonbon.

"She makes the Republican Party look inclusive." She makes the party look stupid, a party of the easily manipulated.

"She shows our ingenuous interest in all classes." She shows your cynicism.

"Now she can prepare herself for higher office by studying up, reading in, boning up on the issues." Mrs. Palin's supporters have been ordering her to spend the next two years reflecting and pondering. But she is a ponder-free zone. She can memorize the names of the presidents of Pakistan, but she is not going to be able to know how to think about Pakistan. Why do her supporters not see this? Maybe they think "not thoughtful" is a working-class trope!

"The media did her in." Her lack of any appropriate modesty did her in. Actually, it's arguable that membership in the self-esteem generation harmed her. For 30 years the self-esteem movement told the young they're perfect in every way. It's yielding something new in history: an entire generation with no proper sense of inadequacy.

"Turning to others means the media won!" No, it means they lose. What the mainstream media wants is not to kill her but to keep her story going forever. She hurts, as they say, the Republican brand, with her mess and her rhetorical jabberwocky and her careless causing of division. Really, she is the most careless sower of discord since George W. Bush, who fractured the party and the movement that made him. Why wouldn't the media want to keep that going?

Here's why all this matters. The world is a dangerous place. It has never been more so, or more complicated, more straining of the reasoning powers of those with actual genius and true judgment. This is a time for conservative leaders who know how to think.

Here are a few examples of what we may face in the next 10 years: a profound and prolonged American crash, with the admission of bankruptcy and the spread of deep social unrest; one or more American cities getting hit with weapons of mass destruction from an unknown source; faint glimmers of actual secessionist movements as Americans for various reasons and in various areas decide the burdens and assumptions of the federal government are no longer attractive or legitimate.

The era we face, that is soon upon us, will require a great deal from our leaders. They had better be sturdy. They will have to be gifted. There will be many who cannot, and should not, make the cut. Now is the time to look for those who can. And so the Republican party should get serious, as serious as the age, because that is what a grown-up, responsible party—a party that deserves to lead—would do.

It's not a time to be frivolous, or to feel the temptation of resentment, or the temptation of thinking next year will be more or less like last year, and the assumptions of our childhoods will more or less reign in our future. It won't be that way.

We are going to need the best.

Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved



To: Tenchusatsu who wrote (493967)7/10/2009 11:35:46 AM
From: bentway  Respond to of 1582535
 
California IOUs to be shunned by big banks after today

Bank of America and other big institutions plan to enforce a cutoff, making it harder to cash vouchers. To protect IOU holders from third-party speculators, the SEC defines the vouchers as securities.

By Tiffany Hsu
latimes.com
July 10, 2009

People holding California state IOUs -- including taxpayers, vendors and local governments -- will soon have a tougher time redeeming them, as most major banks are standing firm on a vow not to cash the vouchers after today.

Many credit unions say they will continue to redeem the IOUs for customers. But without mainstream banks as an option, recipients of the IOUs who need cash immediately could be tempted to sell them at a discount to third-party speculators, including ones popping up on the Internet.

Responding to that potential, the Securities and Exchange Commission determined Thursday that the IOUs are securities under federal law, which will generally require anyone trading them for profit to be a registered securities dealer.

The move is aimed at limiting the risk that IOU recipients could be defrauded by individuals or companies that offer to buy the scrip.

"The SEC's action has the potential to, at least a bit, reduce the shark factor and potential for taxpayers to get defrauded," said Tom Dresslar, spokesman for State Treasurer Bill Lockyer.

As lawmakers continue to butt heads over a $26-billion budget deficit, the state's payment system is expected to crank out nearly $3 billion this month in interest-bearing IOUs, also known as registered warrants.

In the last week, State Controller John Chiang's office issued 91,000 IOUs worth $354 million to people expecting tax refunds, as well as to state vendors and local governments, said spokeswoman Hallye Jordan.

The state will pay an annual tax-free interest rate of 3.75% on the IOUs, which creditors can redeem Oct. 2 when they are scheduled to mature. But if they need the funds immediately, they now may need to turn to credit unions and check-cashing companies.

Most major banks reiterated that customers could not deposit the IOUs after today. Others, such as City National Corp., said they would continue accepting the registered warrants but could stop taking them at any time.

The last time the state sent out IOUs, during a 1992 impasse between then-Gov. Pete Wilson and legislators, banks also eventually rejected the registered warrants.

"We agreed to help customers and clients on an immediate basis, but it doesn't provide an incentive for the state to reach an agreement if we just accept the IOUs through perpetuity," said Bank of America Corp. spokeswoman Britney Sheehan.

Last week, Bank of America said it would do the state a favor by redeeming IOUs from current customers at full value -- but only until today. Other major banks quickly and begrudgingly followed suit.

Wells Fargo & Co. was "pretty reluctant to accept the warrants in the first place," said spokeswoman Mary Trigg.

The bank also will reject the IOUs starting Saturday, but it will work with customers on a case-by-case basis to manage short-term financial needs, she said.

"We feel the state of California has to be responsible for living within its means," Trigg said. "The banks aren't the solution to the state's budget problems. We're trying to strike a balance between how grave the situation is and the needs of our customers."

Bank of America will try to use existing services and strategies, such as waiving account maintenance fees or clearing overdraft fees, to help customers who depend on state checks, Sheehan said.

Other banks may offer temporary lines of credit or short-term loans, said Beth Mills, a spokeswoman for the California Bankers Assn. Several smaller banks are planning to continue accepting the warrants; others may accept IOUs for some customers but not others.

Still, some say the banks are stranding their customers in desperate times. Lockyer's office intends to call banks that have set a cutoff for today and urge them to continue cashing the scrip.

"We would urge financial institutions to do right by their customers," Chiang spokeswoman Jordan said. "Private businesses and citizens are receiving these IOUs through no fault of their own, so why penalize them further?"

At least 60 California credit unions have agreed to accept IOUs, according to the California Credit Union League trade group. Most will not set a deadline to deposit the IOUs, and all will redeem the registered warrants at face value, said league spokesman Henry Kertman.

Though some of the member-owned credit unions may decide to redeem IOUs only for current account holders, many others hope to grab some market share from banks no longer honoring the IOUs, Kertman said.

"Some are looking at the situation as an opportunity to differentiate themselves and open their doors to more consumers," he said.

One advantage for many credit unions, which mostly avoided the risky loans that burdened banks, is that they can afford to sit on the IOUs until the state pays them off.

SchoolsFirst Federal Credit Union, one of the largest in the nation with more than 400,000 members, will accept IOUs until the end of the month, said Derek Longshore, vice president of marketing. Then the credit union will reevaluate its position month by month before deciding whether to continue.

"We'll be eating up capital when we do that, but we have conservative financial practices and have been able to amass a great deal of capital," Longshore said. "I don't know whether secondary markets are charging fees, but we definitely are not."

Check-cashing companies also are an option, though they are more likely to redeem the IOUs at a discount. Some, like Cash America, said they didn't intend to accept the registered warrants at all.

Nix Check Cashing in Manhattan Beach also will reject the IOUs at its store locations because its correspondent bank, one of the largest operating in Southern California, refuses to accept the scrip, said spokeswoman Laura Oberhelman.

But Nix customers also could go to Nix's parent company, Kinecta Federal Credit Union. Kinecta still welcomes IOU deposits.

"It was important that we continue to do this for our members, especially since we put in certain requirements to mitigate the risk," Oberhelman said.

"They need this, so we wanted to make it available to them so they don't have to go somewhere else."

tiffany.hsu@latimes.com

Times staff writer Tom Petruno contributed to this report.