Obama takes a statistical lead on the 41st day before election; McCain suspends campaign and debate to address financial crisis

Presidential candidate Barack Obama gains 6 point lead over John McCain today September 24, 2008, 41 days before the November 4 election. Obama’s present advantage is probably a windfall from the blame the Republican party is getting from the financial meltdown bogging the market after Fannie Mae, Freddie Mac, Lehman Brothers, Bear Stearns, among others filed government protection from bankruptcy.

The genesis of the economic crisis is traced on long-standing corporate greed pervasive in Wall Street, the weak oversight by government regulators for many years, corruption, and the lack of accountability in the banking system, making both Democratic and Republican parties culpable.

In 2001, the Bush administration had pushed for a tightening of the mortagage lending, but Democrats like Cong. Barney Frank (D-MA) head of house financial services committee blocked the initiative.

Citing urgency of the matter, McCain,in a display of leadership, cancels a scheduled debate with Obama on Friday night, September 26, 2008, to focus in bringing a bipartisan solution to the crisis. A bail-out financial package is needed to be passed by the Congress to avert further damage in the economy.

At this time, Obama doesn’t want to stop his campaign. He thinks he can do the campaigning and helping fix the economic crisis at the same time. The impasse in the proposed $700 billion bailout of the financial institutions need to be addressed quickly to avert full-blown economic collapse. (Photo Credit: Mario Zucca)=0=

Terrorism, economic meltdown and other problems facing Americans and the world

There is a lulling effect of media’s downplay of other important problems affecting Americans. As an example, in a Gallup poll taken in March 2008, only 2% worry about terrorism—as though it’s a problem of the past.

This is partly an effect of liberal media’s dismissal that those who are bothered by terrorism are essentially “war mongerers” and “alarmists.” Many media people are averse to paying the high cost of security to a point of misleading the public. They ignore that enemies determined to harm us take their time and they wait. There are those who believe diplomacy is often effective and terrorists and Al Qaeda can be appeased in the name of friendship.

The hard reality is terrorism only needs one occasion to succeed. And terrorists are determined and clever. They pulled through in 911 at the World Trade Center (WTC) and in the cowardly killings in Spain, Bali, Kenya, Pakistan, UK, Saudi Arabia, Iraq, Philippines, and in other parts of the world. Being friendly with terrorists is therefore a risky business.

The problem issues that citizens (with changing and short attention spans) have grown. But would you believe, only 2% of Americans as of March 2008 Gallup Poll thinks terrorism is a problem?

The new economic woes in Wall Street divert the nation’s attention away from other equally significant problems. The world reacts the same way—finger-pointing on who is to blame after foolishly ignoring the danger signs of the economic meltdown before they blew in the people’s faces.

Reckless buying of houses that they couldn’t afford wasn’t a problem until the mortgage crisis took its toll. Many who were stuck to what they erroneously believed were gripped with panic. Denial, complacency and short memory proved to be dangerous to the security of these individuals, the nation, and the world.

The Most Important Problem(s) Facing America, March 2008

Economic Problems…………………….35%
Iraq War……………………………………21%
Health Care & Costs……………………8%
Fuel, Gas Costs………………………….8%
Immigration & Illegal Aliens……………6%
Jobs & Unemployment…………………..5%
Gov’t Corruption & Incompetence…..5%
Moral Decline………………………………4%
Education……………………………………4%
Inflation & Cost of Living………………..4%
Poverty & Hunger………………………….3%
National Security…………………………..2%
Terrorism…………………………………….2%

Source: Gallup Poll, March 2008/Fleeced (Morris, D; McGann E; Harper Collins Publishers, New York, 2008, pp. 46-47.) Photo Credit: Mario Zuccal. =0=

Iran’s Ahmadinejad & the Impotence of the United Nations

Side by side with the financial crisis rocking America, the threat of terrorism showed its ugly head when Iran’s President Mahmoud Ahmadinejad, made a controversial speech in the United Nations (UN) in New York City today September 23, 2008, highlighting the impotence and hypocrisy of current world politics. His allusion to a pessimistic outlook of America is as though the United States is alone in its march towards a rough ride into the future.

Faced with a global economy, exploding population, dwindling resources, differing value judgments and relativist view of truth, America shares its problems with everybody. This is what is happening in the current economic crisis. The financial flu sweeping the United States is threatening to be a world pandemic of economic and political woes whose end result for the world is scary to imagine.

Wishing bad things to happen for America isn’t good to the peace and stability of its global neighbors. Just as the full-blown effects of the present US economic downturn are starting to be felt, the world waits on the edge; nobody knows how it will end. But even without this, Iran has been suffering under the current Islamic regime of Ahmadinejad. Outside the UN headquarters, he is met by protests and jeers by those who disagree with him.

The United Nations (UN) has been inutile in convincing Iran to stop its nuclear program. Effective in fighting certain world problems, UN is “forced” to give air time to Ahmadinejad whose horrific support for terrorism and promotion to destroy Israel sends goose bumps to decent people worldide. Most observers doubt Ahmadinejad’s hyperbolic rhetorics and many don’t believe his vitriol and clever pretentions. With a sluggish UN, few nations however speak up and stand against his way.

For not suspending its uranium enrichment, three rounds of UN sanctions hasn’t deterred Iran from continuing its nuclear activities. It’s this type of UN sanctions that Sadam Hussein endured until after 16 unheeded resolutions which led to the Iraq war that was supported albeit lamely by the UN.

The possibililty of nuclear war is ever more real in the current stockpiles of weapons whose oversight is increasingly becoming more difficult. Serving as a political tool and a weapon of intimidation, the acquisition of nuclear arms by unstable countries like Iran, Pakistan and North Korea is a scary step towards the planet’s destruction. It encourages terrorists and extremists to work harder to destabilize the world and make the nuclear cloud closer to reality.

With rogue nations sitting side by side in UN in “cooperation” with those committed to make the world a peaceful place, the challenge of diplomacy is ever more complex and daunting. The world body cannot even agree on who are the terrorists. Having reckless leaders like Ahmadinejad who denies the holocaust, lacks accountability, threatens Israel, and wages proxy wars (Hezbollah and Iraq) could be the signs of what lies in the future. It’s at this late hour that world is learning. Sooner or later, it must wake up and confront the reality at hand. Photo Credits: Ben Heine; Nickolette22; MihaiRomanciuc)=0=

With market still bleeding, corporate greed blamed for financial woes in Wall Street

With last week’s unprecedented government bail out of Fannie Mae and Freddie Mac to the bankruptcy of Lehman Brothers, the United States and the financial world are finding ways to avoid further meltdown in Wall Street. Spooked by financial uncertainties, money institutions are finding ways to avert market collapse.

American International Group Inc. (AIG,) the largest insurance company of the world, suffered losses as its shares fell down 92% after fool-heartedly insuring risky bonds. The Federal Reserve had to loan $85 billion to save the company from financial ruin which could disrupt markets and put the economy in jeopardy if its losses aren’t contained. This is in addition to the Treasury Department’s commitment to infuse up to about $100 billion in funds to the Fannies, America’s top mortgage lenders to keep them from going insolvent. Merrill Lynch, Bear Stearns, and Washington Mutual suffer money problems too, feeding uncertainty, confusion, fear and distrust in the banking system. At this point it is unclear whether these measures will reverse the on-going bleeding in the market.

To where this economic woes will end is anybody’s guess. For ordinary citizens, the uncertainties that shake the market bring new realities and offer opportunities to reassess where their investments will go. In spite of their efforts to improve their finances, people have been gripped with scary concerns about jobs, higher taxes, social security, healthcare, retirement and the future in

The financial crisis had been predicted since the Clinton administration. When the stock market slumped in 2000, the housing market boom that followed built unrealistic expectations and over-taxed the lending system. After a long run of profitable home buying and selling, prices slumped in 2006 and continued to the fall thereafter. In the midst of mounting mortgage debts, many borrowers were unable to pay their loans, forcing them to default. The accrued losses quickly mounted, triggering the current financial crisis.

The crisis caused by multifactorial reasons didn’t happen overnight and the blame is shared in many fronts. Corporate greed of Wall Street is partly responsible. CEO’s and money managers, pandering on their interests, rake astronomical profits in overseeing stocks and investment funds to the disadvantage of regular shareholders. Government regulators were remiss in protecting the public when they did little to restrict flagrant money lending schemes and shady business deals of corrupt opportunists.

The Congress on the other hand had been slow in updating the laws that regulate the business of Wall Street. Loans in banks were approved by mortgage lenders in spite of the borrower’s questionable ability to pay. The bullish optimism among house-buyers had caught them ill-prepared for the ups and downs of the market. Investigation and prosecution of corporate malfeasance and abuses had been inadequate.

To promote stability, the government has little choice but to bail-out the floundering companies at the expense of tax payers. To clean up the mess, it has to recognize the weaknesses and failures of the system that lacks oversight. With a huge trade deficit, America needs a correction and tougher regulations in the financial markets to avoid further damage to the economy.

The adverse effects of this economic downturn have serious repercussions on the economies abroad. There is volatility of stocks traded abroad. There is worry across Europe, Asia and Russia. If the confidence to USA’s financial institutions weakens or altogether lost, economies worldwide will suffer affecting the most, the poorest nations.

Taxpayers, shareholders of investments and portfolio owners have to foot the bills to keep the economy going. They scramble for solutions to counter depreciation of homes and restore confidence in doing business. They need to bring back the profits in the stock market, lower the cost of borrowing, and stimulate the growth of businesses.

Yet new policies instituted by the emergence of global economy stand on the way. Saddled with debts and the on-going war on terrorism, the US finds itself in weaker economic footing now than in the past. If the American economy suffers further and reversal of the financial turmoil comes late, a possible worldwide recession can result to social and political instability.

The lessons learned from past hardships—the great depression and the world wars however make Americans resilient and hopeful. As they watch the events unfold, they try to find a wiggle room to solve their problems to escape the worst. The Bush administration is doing unprecedented measures to do just that, though its choices for solution are pretty limited. Photo Credits: Gingerbugjones; BeebsandChi; Steely.scott)=0=

Amidst complacency and denial, terror persists, USA & the world still on the edge

Two days before the 7th year after 911, a bipartisan report suggests that the United States is still dangerously at risk of being attacked by weapons of mass destruction (WMB’s.) Democrats critical of Pres. George W. Bush are quick to highlight the dangers. And they don’t leave the psyche of Americans traumatized by the randomness of the attack.

“The report and supporting studies describe the failure of international cooperation to prevent terrorists from obtaining weapons of mass destruction, which they call a major problem. Many countries continue to ignore a United Nations mandate to prevent the spread of weapons; the ability of many countries to monitor potential bioterrorism is “essentially nonexistent,” and dangerous chemical weapons stockpiles remain in some countries, including Russia and Libya, the report said.” AP (09/09/08, BlackledgeB; SullivanE.)

In spite of moves to make the homeland secure, the nature of terrorism makes it hard to wipe out the threats. This worry is part of the legacy of 911 when the rules of engagement of war have been defined by a small group of extremists who are bent to make America and the rest of the civilized world accede to Al Qaeda’s and other Islamic toxic ideology of hate.

Bringing America down has serious implications in emerging and poor countries like the Philippines whose economies will further suffer in the midst of a threat of war, worldwide recession, dwindling resources, and exploding population. Though Pres. Bush must be credited for foiling a number of plots and in improving security during his administration, many don’t look at it this way. It is hard to see success in prevention that has an astronomical price tag.

The cost of underwriting a protective shield for Americans and the world is causing a toll on the US economy. Only when another attack as spectacular and hideous as 911 will Americans, (especially the cynical and complacent) will realize that the world they know has been turned upside down by a few rogues who wait for the singular chance to do harm and damage. Terror resonates in 911 and the attacks in Madrid, London, Jerusalem, Riyadh, Nairobi, Bali, Manila and other cities worldwide. As security experts experts have said, it’s not a question of if that another attack will be waged, but when. (Photo Credits: AP/TayloC;bp.blogspot)=0=

RP’s rising inflation rate: highest in 17 years

The American Heritage Dictionary defines inflation as a persistent increase in consumer prices or a lowering of the purchasing power caused by an increase in currency and credit beyond the proportion of available goods and services. It is said that if the supply is equal to the demand, there should be no inflation. But in the real world this doesn’t happen so often and inflation is as shifty as it fluctuates with the economy. It is rampant from the United States, Europe, and Asia and elsewhere in the world as one sees in the chart.

Inflation Rate (%)
Egypt——————23
France—————–3.6
UK———————4.4
Italy——————-4.1
Japan——————1.9
Spain——————5.3
Denmark————–4
Norway—————4.3
Czech Republic——6.7
China——————6.3
Bulgaria————–14.4
Germany————–3.3
Philippines———–12.2
Romania—————9
USA——————-5.6
Zimbabwe———–2.2 million %

The Philippines’ 12.2% national inflation rate of July has increased to 12.5% in August 2008 driving it up to a 17-year high, pushing the prices of commodities to rise. The new inflation rate is at the high end of the central bank’s prediction range of 11.8 to 12.6%. Philippine provinces are affected more than the National Capital Region.

“The central bank will have September inflation data before its next rate decision on Oct. 9 and many analysts said the monetary authority may raise rates for a fourth and final time next month to bolster the weakening peso and because domestic inflationary pressures are still prevalent.” Philstar (O9/06/08, Ferriols, D.)

In a quick reassuring statement by monetary officials (the usual they do with bad news) there are “moderating” factors that may cut down prices. Banko Sentral ng Pilipinas (BSP) governor Amando Tetangco, Jr blames external factors like the fluctuations of fuel prices as the main reason for the rising inflation trend. (Photo Credit: Ian Riley)=0=.

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Nurse glut made worse by apathy & self-interest

Almost everyone knows it is coming. The nation produces about 100,000 licensed nurses per year. The joblessness of 400,000 board-certified nurses is expected as students enrolled in the course has surged to more than 450,000 since 2006 in the Philippines which can only employ 60,000.

But few people want to talk about the nurse problem—either they are apathetic or they just wanted to move ahead on their own. There has been inadequate public national debate on the issue, in the government and even among interest groups. Perhaps, they are intimidated.

The apparent lopsided popularity of nursing didn’t dissuade students against choosing the course, among them, second-courser doctors who wanted a shot at higher paying jobs abroad, even if they had to downgrade their positions in the healthcare ladder. Acceptable to many, they had their career plans on hold, wasting away time before they could be productive. They believe the situation was only temporary; once they escape their jobs for high paying jobs abroad, it would be OK.

But we’re seeing the full-blown effects of failure in planning and labor-allocation. The exceedingly high number of unemployed nurses translates into millions of lost productivity. Since overseas labor is a major leg that shores up the Philippine economy, the impact of joblessness is staggering.

The Education Department was slow in averting the mass unemployment when it recognized the folly of loosely permitting new schools to open until its ban 2004. Legislators sat on the side (even allowing their relatives to join the nursing tide) without coming up with solution(s) to the profession’s freak overrepresentation in the workplace.

In a matter of few years, positions filled up, leaving thousands without jobs. Like beached whales in the sand, nurses with plans to work as overseas foreign workers (OFWs) quietly looked at their situation with worry and trepidation, hoping the bottle neck of employment would ease up. For survival, others had taken local jobs in alternative professions. On their own, they wonder what the government could do to alleviate their plight.=0=

Pres. George Bush & his fading presidency

It’s a hell of a job to be the president of the United States. Pres. George W. Bush, for all his efforts to make his second term appealing to the Americans and the world, has been met with doubts, opposition, and ridicule.

He is accused of lying about Iraq though he decided to wage war on the basis of bipartisan approval by the US legislature, on the series UN resolutions versus Saddam Hussein left unimplemented, and on data supplied to him by CIA and the intelligence circles. Since 911, there is no major terrorist attack in the American heartland. Al Qaeda has withered and the troop surge in Iraq is showing positive results. That’s consoling enough for some grateful Americans, but not for the majority.

There are worrisome issues on the economy, homeland security, healthcare, illegal immigration, social security, climate change, abortion, gay marriage, stem cell research and education which stand on the way— on which the verdict of his presidency will be based. Though history hasn’t spoken, the president’s enemies have dunked him, even campaigned for his failure. His call to drill for oil which is supported by fellow Republicans and 70% of Americans to ease up future fuel shortages, have been rebuffed by Democratic party leader Nancy Pelosi.

As Pres. Bush fades towards November, when the election of a new president comes, he visibly enjoys a respite at the 2008 Beijing Olympics. In the sands of Chaoyang Park Beach Volleyball Ground, in August 9, 2008, he exchanged fun and laughter with Kerrie Walsh, a veteran US Olympian. (Photo Credit: Reuters/Downing, L)

Hungry Filipinos, Release of 16 Innocent Prisoners And Cholera Death Toll In Mindanao

14.5 million
—-Is the estimated number of Filipinos (representing 2.9 million households) who experienced involuntary hunger between April and June 2008 according to a SWS survey. The occurrence of severe hunger rose to 4.2% which corresponds to about 3.3 million people in 760,000 families.

34—-Of the 67 prisoners attended to by the Justice on Wheels in Caloocan City, Philippines, 34 were released. Nineteen of them finished serving jail time while 16 were found innocent of their crime. The incredibly crowded Caloocan City jail keeps 1,500 prisoners in a facility that’s intended for only 500.

21—Death toll of the cholera outbreak in Sultan Kudarat in Mindanao between July 27 to Aug 6, 2008. Residents became ill in what experts believe to be linked with drinking contaminated water. As of Aug 6, 2008, 147 individuals are suspected to harbor the disease.

10,000—From January to June 2008, the total number of Filipino nurses who took the licensure examination in the United States. The number is 107 shy of the total number of nurses who took the same test in the same period last year. Almost 500,000 students are currently enrolled in nursing in the Philippines today.

20
—-The number of Filipino girls rescued from illegal recruitment by human trafficking syndicates recently. Coming from poor towns in the provinces, the girls are locked up by their recruiters while they wait for assignments abroad as OFWs, mostly in the Middle East as domestic workers. Some of these girls end up being abused by employers and they seek help from the Philippine embassy.

12.2%—-Inflation rate of the Philippines in July 2008. Exceeding the previous inflation rate of 11.4% in June, this is the highest in 16 years. Inflation rate averaged 8.3 percent in the first six months of the year, surpassing the government’s original forecast of 3 to 5 percent for 2008

P2.50-P3.50—-Price of pan de sal this week after a 50 centavo rise. Correspondingly, the price of a loaf bread went up to by P3 and now runs at P50-55/ loaf.

66%—The percentage of Filipinos who are scrimping on food, said Pulse Asia in a survey conducted last June and July 2008 in response to high prices of commodities. The same survey disclosed households consume and spend less on electricity, cell phones, transportation, water, and medicine.

90%—-The percentage of disabled persons who are poor, according to Geraldine Ruiz, president of the Organization of Rehabilitation Agencies. As per World Health Organization (WHO) estimates, 10 to 15% of the Filipino population has some kind of disability.

1,536
—The number of families (with a total of 6,547 individuals) that are displaced due to a new wave instability and chaos perpetrated by the secessionist group MILF in Midsayap and Aleosan towns alone. Burning of houses, destruction of plantations, looting of properties and cattle rustling, among others are the reasons why civilians are forced to leave the troubled spots in Cotabato, Mindanao, Philippines. =0=

The essence of being a nurse, a P10 million bribe, an OFW’s complaint against RP officials in Saudi Arabia, & Dolphy’s secret of being young

“Palagay ko, it’s my job. Kapag nasa linya ng comedy, wala akong iniisip kung hindi katatawanan at puro comedy ginagawa ko. Making people laugh is fun talaga. It’s better sa buhay.”
—Dolphy remarks on his secret of being young at age 80.

“Considering our depressed condition and lowered people’s morale, it is clear that uncoordinated, quickie and populist projects will not work and be just a waste of time, resources and goodwill,”
—Former Pres. Fidel Ramos on the dismal policies of Pres. Gloria M. Arroyo

“Should we worry? There will be pain but maybe worrying too much is too much. We will survive this eventually.”
—Dr. Cayetano Paderanga Jr., a professor at the UP School of Economics on the deteriorating economy and lack of morale of the people.

“More than three million children between the ages of 6 and 15 are now out of school. What is her administration going to do about it? Judging from her SONA — nothing, other than hand out a few scholarships,’’
—ACT-UP Chairman Antonio Tinio asks the government on what to do with children who can’t afford to go to school.

“My advantage of being half-Filipino, half-German is having an exotic beauty which I think is not common with other people. But for me, it’s my multi-cultural values which set me apart because these make me a better and stronger person.”
—Princess Uhrig, a mixed-race candidate in the Miss Limburg-Belgium beauty pageant to be held in September.

“Promoting an NFP-only policy goes against our commitment to the Millennium Development Goals, which targets increased access to reproductive health services and contraceptive prevalence rate — covering both modern natural and artificial methods — to 60 percent by 2010 and 80 percent by 2015,”
—Ramon San Pascual, director of the Phil. Legislator’s Population and Development Foundation Committee, airing objection to the Roman Catholic Church stand against artificial contraception.

“So, they were talking of a win-win situation, which meant offering P10 million for me to give way to Justice Reyes. I politely declined that offer and told the emissary that it was not only a matter of principle but that it will [also] affect the integrity of the court. Before he left, he told me that they were still hoping that I could see it their way,”
— Court of Appeals Justice Jose Sabio bares a scandalous bribery offer he got from someone whom he believes to be an emissary of Meralco.

“Palitan n’yo na lahat ng nakaupo mula sa ibaba hanggang sa itaas. Imbes na sila ang makatulong sa amin, sila pa nagpapahirap sa amin”
—OFW Armando Navarro who said while calling for the replacement of Philippine Consular officials in Saudi Arabia.

“I regret what I did. I’m ready to face any punishment because he is my son,”
—says a desperate man of Legazpi City who stabbed his three month old baby for he can’t care for him any longer.

“When you decide to become a nurse, you have to have passion to serve and to care. The essence of nursing is to care for the people,”
—Nurse Board topnotcher Aira Therese S.Javier said. She believes going abroad must not be the primary motivation of her colleagues in the profession. =0=