THE TRUTH OF THE GLOBAL POVERTY ACT OF 2007
"To require the President to develop and implement a comprehensive strategy to further the United States foreign policy objective of promoting the reduction of global poverty, the elimination of extreme global poverty, and the achievement of the Millennium Development Goal of reducing by one-half the proportion of people worldwide, between 1990 and 2015, who live on less than $1 per day."—Text of "The Global Poverty Act of 2007" S. 2433 as sponsored by Senator Barack Obama D-IL.
You will note that on the site WorldNet Daily nor on the site Accuracy in Media is the text of this proposed bill posted or linked to and this is for no other purpose than to obfuscate the truth. This bill does not create a tax on Americans or anyone else what these two "media outlets" have done is nothing short of lying for political purposes. Having read the bill in its entirety with revisions in place We, Ourselves of the Collective note that this bill requires the President acting with Cabinet member s and the heads of state of other governments should formulate a consensus plan to ameliorate the living conditions of those struggling with poverty in its harshest forms and attempt to reduce poverty among those making less than USD 1 per day [h! 0 d. 0 s.43]. Within the scope of this bill is no new tax, no increase in an existing tax or any other taxation. This bill merely provides a foundation for a strategy for the application of foreign aid to those in nations stricken by poverty that need it the most.
Both the WorldNet Daily article by Bob Unruh and the Accuracy in Media article by Cliff Kincaid are fabrications of data designed to paint Senator Obama as someone who will give away the Treasury to the poor at the expense of the American lifestyle. This is an odious effort that is nothing short of libelous. Worse than this, Unruh quotes a blogger Duane Lester in his article when that blog commenter was actually quoting Kincaid's February 12, 2008 article about the Global Poverty Act of 2007:
"In addition to seeking to eradicate poverty, that declaration commits nations to banning "small arms and light weapons" and ratifying a series of treaties, including the International Criminal Court Treaty, the Kyoto Protocol (global warming treaty), the Convention on Biological Diversity, the Convention on the Elimination of All Forms of Discrimination Against Women, and the Convention on the Rights of the Child."
And here when Lester quoted Human Events from 6 September 2006, Unruh also stated this as a direct quotation of American Blogger:
"On January 8, 1964, President Lyndon Johnson declared "all-out war on human poverty and unemployment in these United States." This "all-out war" would last through the presidencies of Nixon, Ford, Carter, Reagan, H.W. Bush, Clinton, and George W. Bush. We have spent billions of dollars fighting this war, and what have we achieved?"
We feel We must point out even the smallest of these infractions. The truth is the truth even if it hurts the political ambitions of candidates we support. To Us it appears that such ethics do not apply to those who view the world through a prism stained red with the blood of innocents for the purpose of creating a permanent ruling class of Theocrats and chickenhawks.
Witness the number of idiots enabled with misleading information in such a short period of time.
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1 Comments:
EtdaPAIN:
This measure gets brushed aside at America's own peril. There's a TV quip making the rounds that everyone ought to memorize today. An economist was asked which "inning" of the mortgage/banking crises the US was in.
"We're in the 5th inning," he replied, "of the first game of a double header."
That is pretty clever but it is no joke. How does Merrill which has always been an "equity sales" house end up carrying a Lady Godiva-like naked $58 MMM UN-MARKED-TO-MARKET of Mortgage Rollups on its books? How?
I'm not a great lover of the Dilbert-speak bullshit but trading is not a "core competency" of Merrill. Never has been. Never will. Their recruiting, their training and HR policy has always been to groom superior equity salespeople. That's fine. But if you're going to stray from your core competency isn't 580 naked TEXAS UNITS kind of a big gamble to take?
CDOs, CMOs, Kitchen-Sinks, Rollups, Mortgage-Backed securities, whatever the nickname of the day is require a tremendous amount of analysis by the best quants on your desk before you jump in. Pre-1991 Salomon Brothers was the pre-eminent trading house and Ranieri ran the mortgage desk. He had a generalist's approach to trading but he was a good boss and knew what he didn't know: that to make good reads on errors in the CMO market required better mathematcians than he was. So, that's what they did. And there was no way in the world they were taking naked long positions in those things putting a huge portion of the company at risk. You best believe they had priced the probabilties of default AND pre-payment. They were looking for pair-off carries where possible. If they loved something and could find an organic hedge, they'd pay a little extra to get some fool to write them a put so they were protected if it went ass-over-tea-kettle.
Merrill didn't even have to be that smart. All they had to do WAS FUCKIN PICK UP A GODDAMNED COPY OF LIAR'S POKER AND READ THE FUCKIN MORTGAGE SECTION! God.
What does this have to do with global poverty? The early 1930's tells you that it very much CAN happen "here." There are certain countries in Sub-Saharan Africa for example that are growing but could use a little help taking care of those left behind. The same is true for some of the FSU states. How about Palestine if it ever comes to pass?
Panama is a very good example of how a former punchline-to-a-joke-country with a little help from President Clinton got into a position to be a banking power with trillions on account an a mortgage back security exposure of all of $30 MM. If Obama is president and the US is in flames, he'll be able to go and ask Panama or Ghana or Botswanna or Turkmenistan for a little help. They'll remember who was a friend and who wasn't when it was 180 degrees different.
The Global Poverty Act is a good idea that cost zipola in "your taxes." It's a rounding error in the budget for cheese sandwiches for the military. Come on.
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