Monday, October 13, 2008

All Are Guilty

The most impressive statement, in my opinion, made by Democratic Presidential Nominee Obama today to an electric crowd was the straight talk concerning the difficulties that we will continue to face in the future even after he is elected. "We are going to have to prioritize, make choices, and learn to live without things we don't need." He went on to say that we ALL are guilty (from Wall Street to Main Street - I add even Backstreet) of living beyond our means. Indeed the country has been permeated with a culture of greed and conspicuous consumption/materialism - the Church and the hood not excluded. This statement also exposed the double standard hidden in the ideology of personal responsibility. It is hypocritical to accuse Backstreet (or Blackstreet) and excuse other Streets of behavior that is not decent.
The future will depend upon responsible behavior of us all if we are overcome the deep hole that we are in.

Obama also unveiled a new economic plan. See Fumbling Toward Divinity for a full transcript. The items that I feel are helpful to Backstreet as well as Main Street include a) 90 day foreclosure moratorium, b) the Fed and Treasury to establish a mechanism whereby they can lend to State and Municipal Government, c)elimination of taxes on unemployment compensation, and d) funding for new jobs in infrastructure and alternative energy such as solar or wind. All of these will be beneficial to Backstreet in addition to Main St. even though the benefits may arrive indirectly. It is at the least, a step in the right direction.

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