The EXEGETIST: A Library Of Independent Political Thought. By: Jack H. Dawsey

More Bank Failures?

By:  Jack Dawsey

A recent report said that Federal regulators expect bank failures to cost the Federal Deposit Insurance Corporation Fund (FDIC) about $100 billion in the next four years.  That’s up an additional $30 billion from an earlier estimate.  [The increase cost proves a point I use to make as Budget Director for a major Naval Installation.  I said the only qualification a person needed to work in the government was to know “only” their arithmetic addition tables, that subtraction and division wasn’t necessary (not even the knowledge of one’s multiplication tables), because the federal budget only increases]. 

The (FDIC) made the upward projections of $30 billion but its Board of Directors approved a requirement for banks to prepay an estimated $45 billion in (FDIC) insurance premiums.  According to Chairman, Ms. Sheila Bair, the plan requires the banking industry to belly up to the bar, and absorb the increase costs.   What does this mean to you?  Well, for starters, it probably means that you will be required to purchase additional (FDIC) insurance premiums on your life savings.  You will likely pay more for personal banking services too, including credit card interest, bank services, the opening and closing of accounts, and other requirements such as the maintenance on your checking account.  And to boot, (not to be facetious), you may be required to pay for the conversation between you and your bank teller, beginning with the customary: “May I help you sir…”  Be careful with your cordial comments, they may appear as a line-item cost in your next bank statement. 

The 2008 and 2009 bank failures have drained $billions from America’s banking industry.  And in order to recoup, the (FDIC) will levy this additional cost option on the banks rather than seek a special emergency loan from the U.S. Treasury Department.   

It’s been reported that ninety-five banks have failed thus far, this year.  Some say that America’s financial status is at its lowest point since the Great Depression.  I remember another low point in the banking industry.  It occurred in 1988 when the savings-and-loan debacle hit this country.  That boondoggle occurred in part, by another son of George Bush (41).   Remember the Lincoln Savings and Loan and its collaboration with the famous fab-five in the U.S. Senate?   How soon we forget those representatives that first rolled the dice against the people’s money.   It happened again “big-time” as they say in Texas in the final years of another Texan, Bush (43).  In this writer’s opinion, it continues to happen under this current Obama Administration, and the (FDIC) Chairman, Sheila Bair, a 2006 Bush appointee.

The additional $100 billion cost in the (FDIC) is expected because of future bank failures.  Some analysts expect hundreds more banks will fail.  And according to Ms. Bair, she hasn’t ruled out the possibility of tapping a $500 billion dollar credit line with the U.S. Treasury Department.  By the way, that’s your money!

Legalize thievery in high places is serious.  But when the working class loses their life savings, or their 401-K retirement plan is drained, and the real purchasing value of their money is reduced, it becomes catastrophic.  To add insult to injury, customers already pay the bank a handling fee.  They are assessed a service charge on top of that, almost at whim.  And as a result of this additional (FDIC) costs, bank customers will likely be required to purchase additional (FDIC) insurance premiums on their savings.  Who knows what that limit will be.  When is enough, enough?  To exacerbate the swirling issues of simple banking, the (FDIC) will probably permit the healthiest banks to retain more of their capital, thus drive the weaker banks into bankruptcy.  Is anyone listening?

Oh by the way, it’s been reported the (FDIC) has about $21 billion in “reserve” to cover losses from other prospective bank failures.  Someone was quoted saying, ”There’s lots of liquidity; there’s lots of cash.  Liquidity’s not an issue for the banking system right now,” said an economist.   Yea?  I have an Eskimo Igloo on Miami Beach that I want to sell.

The Party of No!

By: Jack Dawsey

I’d like for those who oppose more “government” involvement in their lives to start immediately and grow their own food, and make their own electricity, and keep their own water service functioning safe.  I want them to repair their own streets, and build and operate their own public transportation system, and refuse the services offered by their local fire, police, and EMS departments.    I’d like for those who oppose more government involvement in their healthcare to VOLUNTARILY opt out of Medicare, and demand that their aging mother or father (if on Medicaid) refuse that government program too.  I also want those that oppose government to return their unemployment and social security check, immediately.  And finally -because of their free market values- I want them to be the “stand-up” person they claim and refuse to drive and operate their motor vehicles on those dirty old socialistic roads and highways in their neighborhood, and refuse the federal highway system too.  It’s imperative that our capatalist’s friends stand up and be counted.  Also, I want them to refuse to send their children to that old socialistic, “commie” public school system in their community, and refuse to drink water from that fascist-owned and operated clean water service/system facility in their local town.   In closing, I want those people who hate government involvement in their lives to refuse the services of that ugly old government owned/subsidized socialistic garbage dump, and for god’s sake, stop buying their meat from their local supermarket, meat that was inspected by that undocumented, satanic Muslim socialist USDA certified food inspector.   NO!  On second thought, get a life!

Dog-Whistle Politics

By:

Jack Dawsey

Recently, when House of Representative Joe Wilson of South Carolina hollered out “You Lie” to President Obama, I was willing to bet a month’s pay that most Americans were disgusted.  In retrospect, it seems I was wrong. 

Many supportive republicans, including the far-right conspiracy theorists, and certain home-spun militia groups reacted positively.  They sent Joe Wilson over a $million dollars for his next campaign.  Ole Joe knew that if he blew the dog-whistle, the pack would “come-a-running” -bringing in the sheaves.   

Who is Joe Wilson?  According to Gail Collins, a columnist for the New York Times, Joe’s real name is Addison Graves Wilson, Sr.   Addison?  Addison?  Addison?   In political circles, (particularly among the right-wing homophobia), the name Addison could sound effeminate; hence, the name-change to the more masculine, Joe? 

Where do the republicans find these phony Joe’s?   Hum???  Let’s see.  John McCain had his “Joe the Plumber.”  And then there was Sarah Palin with her “Joe Six-Pack.”  Remember that?  And now we have the ole South Carolina fox-hunter himself, Joe “You Lie” Wilson (shotgun, fox-hound, dog-whistle and all) making a fool of himself.  Is it something in the water that causes a person like Joe Wilson to be the jerk he is, or is it a “squiggly” gene that comes from certain Family Trees having no fork at the top?  Joe’s supporters will argue that he was correct, that the President (is) a liar and that what we need are more Joe Wilson’s in Congress.   I would argue that we need another Joe in Congress about as badly as Custer needed another Indian at the Little Big Horn.

My late father, of the Great Depression era, use to say that republicans and democrats were alike, that they were an imaginative group, having more imagination than most; hence, their habitual habit of being less than honest on political issues.  But calling the President of the United States a liar -during a joint session of Congress where he, the President, was their invited guest- is crossing the line.  In my day, a school teacher would discipline a child for such an outburst.  Today however, the actions of the Congress and Joe Wilson encourage school children to be a juvenile.  Can you imagine the level of incivility in the next election if the GOP trumps the democrats in juvenile outbursts?  If that occurs, “We, the people…” are the real losers. 

I think my dad was probably correct.  He once told me of having a republican and a democrat school-yard friend.  He said their parents had the dubious distinction of holding Saturday night gala parties, without inviting guests, and they never gave their children a toy to play with, or provided them a balanced meal.  Each was required to wear “hand-me-downs” to school even though both were the oldest of seven in their respective families.  Eccentric behavior and rudeness must have paid off for them however.  Look at Joe “You Lie” Wilson’s success story in a Jerry Springer Congress.  Observe the daily sickness of talking heads like Glen Beck, Rush Limbaugh, Michael Savage, and the nation’s Republican Lap-Dog, the Fox News Network.