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Courtesy of Protect Our Bridges
This nation has not taxed itself enough for 13 years. As a result, we have not spent enough on our infrastructure….Driving on roads with potholes, doesn’t scare me that much. But being on a very tall bridge, knowing it can collapse any second including the ones in which I’m crossing it, does scare me… With my luck… it will be the I 95 bridge across the Susquehana at Port Deposit, Maryland. That one always scares me. If you haven’t heard, a bridge just collapsed in Washington State, on Interstate 5 north of Seattle. The Republicans running that state had gutted all maintenance to cut expenses. Now they have one big expense to pay for. The accident occurred 3 hours prior to this writing. So far there was no loss of life, just many loss of cars.
Being afraid of bridges, I immediately checked Delaware…. Out of our 862 bridges across this state, we have 53 that are listed as severely deficient, just as was the one in Washington State that collapsed…. We are lucky. Only 6.1% of our bridges are severely deficient. Nationally, eleven percent of our bridges are severely deficient. Neighboring PA with 5,540 bridges out of 22,669, comes in with a 24.4% deficient bridge ratio.
Just remember that the next time you drive up into the sky across the Schuylkill River. One of of every 4 Pennsylvanian bridges, can drop out from under you into the water at any second… one out of four.
The time for wringing hands is over. It is time to make our bridges safer and the wealthy to gladly foot the bill… Actually if you ask those people who 3 hours ago found themselves in the Skagit River, … it’s way, way past time.
I’ll be brief.
The reason?
Most Republicans stayed home. Why bother they said. I’m voting Democratic anyway.
Therefore to a normal Republican, it doesn’t matter whether Luger or something worse gets the primary vote. The Republican Party is so repugnant, that in comparison, chemical toilets actually smell decent.
They are either voting Democrat, or not voting… What was the turnout in Indiana? Apparently only 16% thought enough to vote…..
Meaning 84% of Republicans, said fuck it.
The party is dead.
Rick Santorum is a Catholic. He has incessantly called all Catholics who use contraceptions against Church doctrine, as being “non Catholics”, as worshiping some phony religion. Santorum minces no words when he declares Catholics have to follow the teaching of their church…..
In an op-ed piece in the Philadelphia Inquirer in December of 2009 entitled “The Elephant in the Room: Catholics Must Heed Teachings,” Santorum wrote, “Catholics must be true to their consciences. But that is not a free-floating guide that we can define ourselves. A Catholic is required to form his conscience in accordance with the church’s teachings on faith and reason, and to act in a morally coherent and consistent way, both privately and publicly.”
That bold line bears repeating…
A Catholic is required to form his conscience in accordance with the Church’s teachings…. Rick Santorum (2009)
That is a very dangerous thing to say because the Church has been around for a long time… Over its life-long history, the Church has said quite a bit…
For example, one of the things the Church under Pope Leo XIII said back in 1891…. was that the Church would always be solidly supportive of labor unions…. and solidly against unfettered Capitalism…..
In the Rerum Novarum (1891- Pope Leo XIII) occurs the following……
Among the remedies it prescribed were the formation of trade unions and the introduction of collective bargaining, particularly as an alternative to state intervention.
Why does Santorum want to get rid of labor unions? To do away with these (listed below) responsibilities ordained to be done by the Catholic Church?
Some of the duties of employers are:
1) to pay fair wages
2) to provide time off for religious practice and family life
3) to provide work suited to each person’s strength, gender, and age
4) to respect the dignity of workers and not regard them as slaves…
(Fair wages are defined in Rerum Novarum as at least a living wage, but Leo recommended paying more than that: enough to support the worker, his wife and family, with a little savings left over so that the worker can improve his condition over time…)
Just ask any teacher in Nashville, which this year wiped out all teacher’s unions, whether or not they can fulfill these requirements sanctioned by the Supreme Holiness himself….?
(The answer is : NO, THEY CAN’T)….
The Catholic Church sanctioned Labor Unions for a good reason… so much so that it codified deep within it’s canon, that protecting Labor Unions would be a necessary requirement for every Catholic to comply with….
So when you see Rick Santorum next time, ask him why it is that women, … MUST obey the Catholic Church canon, but large corporations…. must not? Either it works both ways, Rick, or… it works neither way…… You don’t get to pick and choose…
Anyone against the formation of labor unions is in violation of Catholic Church Doctrine ……….
Because… ..
A Catholic is required to form his conscience in accordance with the Church’s teachings…. Rick Santorum (2009)
Duffy is God’s answer to a prayer.. I miss the old days of blogging when we were debating principals instead of people… Duffy has stuck to the old line of debating principals with facts, and that is what makes him special in the eyes of bloggers everywhere…
Since the passing of Steve Newton, he has been the only one to challenge me in any argument, and usually some pretty good stuff comes out of both sides during the exchange… I have respected that.. Cause once again, opinions mean dick. Facts are what we steer by.. It is my hope that in responding to his challenge that an answer may make itself apparent.. Who knows? It may not come from me… But if I’m the catalyst for bringing it out in the open, then… none of this was in vain..
Why I like to debate Duffy is simple.. Neither side, he or I, is concretely set in their opinions… We accept it when the other side makes sense… I usually go into such debates having no idea where they’ll end up… I hope the rest of you enjoy the ride as welI….
That said..
kavips rebutt’s:Uh… Mr. President. That’s not entirely accurate.
First off, the Community Reinvestment Act of 1977 was developed for, and locked in on, urban developmental areas and had no part of the subprime boom, which primarily occurred out in western desert regions where owning 4 to 5 investment homes was normal… Those homes were overwhelmingly funded by loan originators NOT SUBJECT to the act… We all know the crises was not because people couldn’t afford a payment on their house. It came about, because with no occupants, people could not afford the payments of 4 to 5 houses….. Instead of one loan per borrower turning up in default; four to five were.
Second off, The housing bubble reached its point of maximum inflation in 2005.
Courtesy of NYT
Third off, During those exact same years, Fannie and Freddie were sidelined by Congressional pressure, and saw a sharp drop in their share of loans secured by the Feds… Follow the dotted line on the very bottom of the graph…
Courtesy of NYT
Fourth off; During those exact same years, private secures, like Delaware’s own AIG, grabbed the lions share of the market.
Courtesy of NYT
Remember these graphs for later on when I discuss the results of deregulation, versus regulation… But like it or not, these graphs conclusively show that private insurers, who thanks to Marie Evans, we now know were deregulated by Phil Gramm in the 2000 Omnibus Bill, were the primary cause of the worlds financial collapse.. Probably put best by these words of AIG’s spokesperson, who when asked why they didn’t have sufficient funds to cover losses, said point blank, “We were deregulated. We were no laws requiring us to keep any funds, ..so we spent it…”
kavips rebutt’s:Uh… Mr. President. That’s not entirely accurate. I agree that the hedge funds did survive better than the banks. Not because of bailouts, but because they sold short during the crises and made billions while firms closed and people got thrown out of work. There is nothing wrong with that; I did the same. In fact close readers may remember my warnings that the crises was impending almost a year earlier. Very close readers may remember my telling them exactly when to sell, and at what point the stock market would rebound… I must say: I called it rather well. 🙂
De regulated hedge funds are not the issue… De-regulated, excessively leveraged, mortgage securities, are a different story however… They, not the banks that held them, are the cause of the crises…Years from now, when academics search for causes of the stock market crash of 2008, they will focus on the pivotal role of mortgage-backed securities. These exotic financial instruments allowed a downturn in U.S. home prices to morph into a contagion that brought down Bear Stearns a year ago this month – and more recently have brought the global banking system to its knees.
Where you err is when you state that banks too big to fail, assumed they would be bailed out… By implication, you say imply they failed from squandering money, and wanted the bailouts.. But your tax dollars didn’t flow directly to the bottom line.
So in that sense, the bailout money represents an expense for banks. That’s one reason a number of banks have said they want to give the money back as soon as possible.
You say big banks were counting on a bailout, and they got them? That didn’t happen to these banks. New Mexico, Georgia, and Florida each lost a bank just last Friday. That brings to 8, the number of banks failed in June. Unfortunately if a bank is failing, it can’t bet on itself to fail, as can a hedge fund.
kavips rebutt’s:Uh… Mr. President. That’s not entirely accurate. The idea is that the banks made bad decisions knowing taxpayers would bail them out is the issue that is inaccurate. For the record, I have no qualms that it was the Clinton legacy who tore down the wall between banks and investment banking. Like you, I feel it was a good idea to do so… Again the problem was not primarily with banks making loans to people who could not pay.. Although, it was as late as October 2009, when I was made aware of one private Bank in Denver still exaggerating income to make loans look good enough on paper to get approval of securitization. What caused the collapse was the leveraging of those loans as securities, so that as the housing market became overextended, and the ARM jumped past the low cost opening years, the damage was 100 times worse because of leveraging. What made the collapse criminal, was that the insurance most financial institutions had bought from AIG, to cover such an improbable event, had already spent by that companies executives, out on bonuses to themselves. What made it doubly criminal, was that when they received government dollars through a taxpayer bailout, those same executives assumed it was to first go towards paying their bonuses again. However, very recent events may give some cover to the argument that some collusion was implicit in the bailing out of Goldman Sacs and AIG… Basically, once bailed out, AIG paid Goldman Sacs for shares twice as much as they were worth. The documents also indicate that regulators ignored recommendations from their own advisers to force the banks to accept losses on their A.I.G. deals and instead paid the banks in full for the contracts.
Recently in Delaware, a well know auto parts company did a comparative study and decided that Delaware was ripe for expansion. The acquisition costs were low, taxes low, and competition was archaic and outdated. They received the required financing and moved in.
They built a new store every 120 days. Gradually they had received all but the most loyal of its competitor’s regulars. They began to set the standards of how business could be run. Were one to write a textbook on how to succeed in acquiring a new market, they would have been the most quoted source. Comparatively their service times per transaction were faster, their customer satisfaction results the highest, and their return to the bottom line was better than those same company’s stores in other states.
Every opportunity was met with success. Investors as well as customers were happy they had moved in.
Then, almost inexplicably, the upper management decided to buy a local strip club that was up for sale. They tackled the purchase with meticulous detail. They wined and dined, then cold shouldered the prospective seller, until he, desperate to unload the property, gave it up for a song. No one is certain as to why this company would go into a venture half-cocked. Some thought it was for reasons, deep, secret personal reasons, that guided the chief executives decision. But for a song, the place was acquired and a great party was thrown to celebrate the new diversion. It was even whispered by some, that all entertainment costs charged to the auto parts conglomerate, would be at cost, if even charged at all. Those few who fearlessly stood up to the executive and challenged him to explain his weird choice of action, were chastised publicly and told not to worry, it would pay for itself ten times over……
But no one knew how to run it……Apparently upper management was so concerned with the acquisition and the possibility of future profits, that in their rush, they had failed to plan for its management.
“Don’t worry. We will do it” they said. They chose a bright young parts manager and put him in charge. Since the facility was intact, they placed want ads for employees and prepared to open their doors. But being new to the porn arena, caused many of the local entertainers to become a little leery of signing up. “Let’s wait and see” was their approach.
Desperate, because of upper management pressure to get something done immediately, the young part’s manager asked some of the company’s most loyal employees to moonlight for him in their off hours………Opening day was a flop.
Jeers, hoots, holla’s were shouted at the dancers. The locals treated them with contempt. Who pays to see a middle aged pot bellied male clerk, dance around in a thong? Not only did the employees get shouted off of stage, but they failed to receive tips as well. Desperate, the young parts manger made deals from his car’s window with hookers off of Route 13. He asked them to come in and fill his roster. The hookers would do so only if he stipulated that they could ply their other trade within the club’s walls. He felt he had no choice but to agree.
Costs were running 200% more than anticipated. They had underestimate the clientèle. Southern businessmen, these locals were not. Heroin was sold openly.
They had bitten off more than they could chew. Those who had supported the diversionary financial venture, began to come under fire by stockholders. Over and over the CEO reassured them that all would work out.
Close it down to stop the financial bleeding he was told. No he insisted. That would be a failure. He would not do that. Instead we will staff it with all our employees. Every employee will work half a day at one of the stores, and the other half would be at night, inside the strip club.
As the staff levels increased, operations stabilized. However the client base hemorrhaged. Most nights were devoid of customers. Occasionally a group would arrive from out of town. The strip club soon sucked up more profits than the auto part’s stores could afford. For the first time, the company dipped into the red. It never recovered…………
Then came the vice squad. Arrests were made and prostitutes and management were incarcerated. Fines were levied against the holding company. There was no money left to pay them. Under court order, the doors were closed.
For whatever the reason, whether it was due to loyalty, or trust in his past brilliance, or personal fear, no one stood up to the CEO. All who came to advise him, left with head hung, hat in hand……No one pushed back…at least not hard enough…….and as the result,…..the entire enterprise was eventually auctioned off to pay the creditors no more than 18 cents per dollar invested……….
Moral of the story: Extravagant adventures sometimes end where you least want to go……Planning make perfect……
Relevance of the story: I’m sure you are smart enough to have figured it out by now.