CanadaNews’ Reporter Notes

“I haven’t felt this good about being a democrat since, at least 2000. Dubya is leaving and ain’t comin’ back. Plus, Barack is turning things around.” That was the first thing I heard as I walked into the Omni-Shoreham Hotel in Washington, DC. For those of you who do not know, the Take America Back Conference is going on beginning today through Wednesday.

Take America Back is arranged by Campaign for America’s Future with sponsors by numerous organisations, publications and groups. This the sixth year for the conference. The conference attendance is teetering around 2,000. If you are a Blue-Dog Democrat, this might not be the place for you. The focus here is more for those progressive activist democrats.  And under that progressive umbrella seemed to be some strange bed-fellows in my opinion.  But it one thing was common:  they all dislike George W. Bush and reject the fighting in Iraq and Afghanistan.

Something that I heard quite a bit about was comments on stock market situation. I have to admit that I, as well, was interested in what was going on. The Dow Jones industrials looked to be in serious trouble earlier until the feds came to the rescue. Stocks fell nearly 200 points. The drop had many stockholders worried. By the end of last bell, stocks finished up close to 21 points. On a sad note though, Standard & Poor’s 500 and Nasdaq composite indexes ended lower. This is due to investors bailing out of investment banks and small-cap stocks. They ran to large companies apt to be reliable during a weak economy. They were more focused on established companies that have netted a guaranteed return in the past.

The bigger news was the the buyout of Bear Stearns. I can understand why people would be interested in the situation: it really is news. And with the looming/existing recession, some people think it is a sign of worse things to come. It’s true that coming to the aid of the fledgiling company is better than the alternative. You know the alternative: letting the investment bank collapse and causing huge losses for anyone linked to it. Those of you as old as me might have seen this palyed out in the 80s…or in a worse state, in 1929 (of which I am not old enough to remember).

The Federal Reserve did surprise me with their unpresideinted actions. They met on a weekend; I think it’s only be three times since the 1970s that this has been recorded. The Fed lowered the rate it charges to loan directly to banks by a quarter-point on. It seemed odd because they were secheduled to meet tomorrow. The central bank also set up a lending option for firms, including many non-bank financial services firms, to secure short-term loans for a broad range of collateral.

Bear Stearns was once one of the big boys on the block. They flexed their muscle and all those on Wall Street swooned. At the end of the day today, it’s stock was a minuscule $2.21 a share. It still totaled $260.5 million; but that worried some investors worldwide. Other banks could be on the chopping block.

The unearthly demise of Bear Stearns can directly be linked the 2007 buzzword: subprime. It was on the wrong end of the mortage problem plaguing the nation. If you didn’t know, JPMorgan is buying Bear Stearns. It’s even buying the Stearns’ midtown Manhattan headquarters. The Bear Stearns’ buyout arrives after a short-term bailout Friday organized by the Fed and involving JPMorgan.

Some people say that Lehman Brothers Holdings Inc. might be next to meet their untimely end. This the investment bank days are numbered.

Those attending Take Back America finds this to be a tell-tell sign that the conservatives’ days are also numbered. It’s interesting that the GOP is having to support someone that they all aren’t in agreement with. Usually you see the Grand Ol’ party, you know: the party of Lincoln, rally around their nominee with open arms. Having attended the event where Romney threw in the towel and McCain was received by boos [in the same hotel where Take Back America is going on, no less], it’s a wonder if the republicans aren’t where the democrats were in 2004. Hastert’s turned blue and a couple of key political races on the state level could turn out one person to challenge the democrats (like the Arkansas senate race). Could the country’s citizenry have had their fill of the conservative warmongering agenda?

It feels weird that there is an economic and financial crisis going on. President Bush is trying to ease the problem by giving the public money, that already belongs to them, to pump back into the economy. My advise is to take that money and walk past that new leather jack or trendy sundress and pay down your existing debt or put into a long-term fund that will reap positive long-term results.

I’ve heard that some economists and pundits call this the worst crisis since the depression.

The bottom line is clear to see. Those ivory tower dwellers, better know as conservative corporate leaders, have fought for a long time to keep wages pretty low – while the cost of living across the nation has increased. A person with no pension, no health insurance, no increase in pay to meet the demands of basic living turn to borrowing. They are borrowing to keep their families afloat. Some are using credit cards, taking out second mortgages, getting second and third jobs, and maybe even choosing more under seedy methods to make ends meet.

Deregulating and protecting the interests of the corporations looks to not have the best interest of America’s future at heart.

To find out more about Campaign For America’s Future: www.ourfuture.org and Take America Back: www.ourfuture.org/tba-live

And as usual, I am always interested in hearing from you!