Looks like one more day before the ARRA bill is signed. I even went to the web site, but it is still in stand-by mode. I’m wondering how hard it will be to read, because I hear it is many pages long. I think I’ll wait until this thing is official, and then dig into it a bit.
Happy President’s Day. We are having a beautiful day in Northwest Washington. It is a bit chilly, but the sun is out and the skies are blue. The protesters who are gathering in Olympia today will be glad of the good weather. (Any day that is not raining is a good day) State workers and students from area colleges are getting together to protest planned budget cuts. There could be from 200 to 300 people there.
The rally takes place at 10:30 a.m. at Tivoli Fountain on the capitol campus in Olympia. Read report in one of our local news sources here.
The signing of ARRA will be tomorrow in Denver. On Wednesday President Obama is supposed to announce a plan to help struggling homeowners while in Arizona. The housing plan is supposed to be about $50 billion. From what I understand this plan is being called a “foreclosure prevention plan.” I am eager to hear this plan. We have entirely too many foreclosures in our region, and these foreclosures can’t help but bring home prices down. Just down the street from my own home is a house that is on the market at a much reduced price. As I drive by it each day, I’m wondering what it’s price is doing to my own home’s value. You can read what they are saying about the expected plan on MSNBC.
There is some talk going on now about the need to “Nationalize” our banks, and let government take over the banks. I was shocked by who brought this idea up on ABC with George Stephanopolis — Sen. Lindsey Graham (R-S.C.)! If the republicans are talking about this idea, then we have reason to think about it, because usually they are dead set against such a plan. What could happen if we actually did such a thing is this, government controlled banks could actually do something about all those so-called toxic loans. Once our economic mess got straightened out, the banks could be sold back to the private sector. Something to consider. I believe it has been done before, and worked. I must admit to being very, very surprised to hear this sort of plan from Sen. Graham. You can read more about the idea here. Nationalization is nothing more than public ownership. Actually, I have no problem with seeing banks in the realm of The Commons, but I know that many people are scared to death of the very thought of public ownership.
There is an underlying belief (matter of faith) that public ownership is “bad” and private ownership is “good.” Well, since I believe that people come together and form a social compact because what can be done together is greater than the sum of the parts, or what can be done together is better than what one person or small family can do on its own,(”The sum is greater than the sum of the parts.” ) I also believe that it important that the right stuff is placed in The Commons. Finding the right balance is what is important. How much do we leave in the private sector, and how much belongs in The Commons? There is a continuum of belief about what is the right balance from those who believe that nothing should be held in common — no public ownership of anything — and to those who believe everything should be held in common. Both extremes are problematic, but I think there is that place in the middle somewhere that makes for a healthy social compact that works for all.
Tags: banks, graham, nationlize, the commons
