Politics:
Basically, Barack Obama's pastor, Jeremiah Wright, seem to have some belief that "white America" is responsible for all the wrong in the world and that the US is responsible for everythign wrong in the world. Some of the comments by Wright include: "No, no, no, God damn America, that's in the Bible for killing innocent people. God damn America for treating our citizens as less than human," and "Barack knows what it means to be a black man to be living in a country and a culture that is controlled by rich white people." Such shallow viewpoints have no place in this modern world, and hate-mongering against people for the color of their skin leads to situations such as the economy of Zimbabwe and the Apartheid government in pre-1994 South Africa. To his credit Barack has stated that he does not agree with the views given in the sermons, but they still present troubling issues with what he believes if he attends a church where such drivel was once spewed.
Economics:
Ben Bernanke, also known in this blog as ''Helicopter Ben," today showed how much the Fed favors the self regulation of the market by bailing out failing mortgage banker Bear Stearns. In its enlightened judgement, the Fed has decided to allow a failing lender to continue operating even though said lender brought about its financial problems through lending in a manner that would make a drunken sailor blush. Such a development comes only days after the Fed secured hundreds of billions of dollars in securities to banks and brokers to keep lending and collateralized these securities with mortgage portfolios. Here at the Invisible Boot we like to summarize things to make them easier to understand so we translate economics into everyday language. Thus, what the Fed did was lend "money," which taxpayers will pay back as interest payments on the bonds, to mortgage brokers who used debt as collateral. This is like paying off the credit card with another credit card and then making twenty other people pay both. The end result of such policies comes from future higher tax bills and devaluation of the dollar, which is already reaching historic lows.
1 comment:
I don't really think just because someone attends a specific church they have to necessarily agree 100% with what the pastor says or thinks. As a Catholic, I don't think I many of the Church's followers agree 100% with the Pope's decisions (or their local parish priest's for that matter), so it's possible that Obama just goes to this controversial congregation because he feels a connection with the people who also attend there.
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