We are all familiar with the famous pop culture image of a street evangelist holding up a sign reading, “Repent, for the end is near!” But repentance is actually a fundamental religious theme, and one that’s often misunderstood. This week, one could imagine a group of pastors, priests, rabbis, and imams holding up a sign on Wall Street for the titans of the financial industry to see, reading, “Repent, or the end could be near again.”
The biblical meaning of repentance is to turn around, and start a new path. In a religious framework, it means realizing you have made a moral mistake, and deciding to change your behavior. It’s not enough to feel guilty or sorry for something; genuine repentance requires a change in decisions and actions, by moving in a different direction. Merely admitting you were wrong is not enough. You have to change.
In the past few months, I’ve had serious conversations with financial leaders about ethics, morality, and even faith. Some come like Nicodemus – a religious leader who came to talk to Jesus in private – at night. Many have felt remorseful about what happened on Wall Street and how it has hurt so many people. They describe the behavior in their profession with words such as “greedy,” “risky,” or “reckless.” These business and banking leaders do feel sorry, but repentance means that remorse must be coupled with a change in the behaviors that led to the problems.
Those who led us down the path to financial ruin – causing millions of people to lose their homes, jobs, and savings – now have some serious repenting to do. Yet, this week’s testimony by Goldman Sachs executives before a Senate committee investigating the bankers’ role in the economic collapse made it clear that repentance and accountability were far from their minds.
When you preach, one of the most important parts of preparing is selecting a text relevant to the issue of the day. And the clear and obvious biblical text for this crisis is 1 Timothy 6:9-10. “But those who want to be rich fall into temptation and are trapped by many senseless and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evil ?” Or, as Jesus succinctly put it, “You cannot serve God and wealth”(Matthew 6:24).
The critics of Wall Street call it putting self-interest above the public interest. But the Bible would just call it a sin. We could call it the sin of putting profit and personal gain above the common good, the good of your customers and consumers, and even your investors. And there are times when outside pressure is needed to change destructive behaviors – times like now.
Americans have always had a love-hate relationship with government and business. The climate shifts like a pendulum between eras of an “anything goes” mentality and periods of more careful public oversight and government regulation. The excesses of the 1920s, leading to the Great Depression, were followed by the reforms of Franklin Roosevelt – including the creation of the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, and new rules of the road for banks and investment companies intended to protect citizens from excessive risk and abuse. But over the last 40 years, many of these regulations were relaxed (by both Republicans and Democrats dependent on the political contributions of Wall Street), while new financial realities developed for which there were no regulations.
Because of the Great Recesssion, a new financial regulation debate is now raging in the Senate. And while religious leaders should not get into the details or partisan wranglings, there are some principles that – from a moral and even religious viewpoint – should guide those deliberations.
First, provide transparency and accountability. Given the human condition and the many temptations of money, we need transparency and accountability in financial markets and instruments, including high-risk and questionable ones such as the now infamous “derivatives.” To protect the common good, we need to enact greater regulation and oversight of all elements of the banking industry.
Second, provide consumer protection. Any pastor can now tell you stories of how parishioners were mistreated, cheated, and damaged by current banking practices. Many clergy strongly favor protecting consumers from predatory financial practices. They want a strong independent Consumer Finance Protection Agency, with jurisdiction and enforcement power over all companies in the financial sector, in order to protect people from fraudulent, misleading, and abusive practices.
Third, limit size and risk, so banks are no longer too big to fail – and are bailed out at public expense. This means setting limits on the size of financial institutions and the risks they can take. Ban bank ownership of private investment funds, and establish an orderly process to dissolve a failing bank, in order to avoid future taxpayer bailouts. Give a stronger voice to shareholders and investors in institutional practices and policies – including determining the executive compensation of companies, and the now infamous bank executive bonuses.
These principles – clarity, transparency, accountability, and protecting the common good against private greed – are not just economic policy matters. On a more transcendent level, they provide the metrics of real repentance for those who have behaved badly and now must change. So let’s have some sermons on the repentance of Wall Street, some pastoral care for the financial giants who sit in our pews, and maybe even some prayer vigils outside of the nation’s biggest banks. If the banks fail to repent, another financial meltdown could be very near.
Congressman Roy “Bailout” Blunt Rakes in Wall Street Money as He Blocks Efforts to Hold Them Accountable
Blunt voted to deregulate the banks, led the effort to bail them out at taxpayers’ expense, and now opposes any action to rein in Wall Street
Again and Again, Blunt Sides with Wall Street Banks over Missouri Families, Proving he is the Very Worst of Washington
St. Louis, Mo. – As folks in Washington continue to debate whether or not to rein in Wall Street from future abuses, there’s a lot of lobbying and back-scratching going on to slow down the process. And once again, Congressman Roy Blunt is at the center of it all. He and Wall Street banks have a mutually beneficial relationship. For Wall Street banks: a free ride, then a $700 billion taxpayer funded bailout with no strings attached, and a reliable opponent of reform. For Blunt: a steady stream of hefty campaign contributions to fatten his war chest. According to McClatchy, Blunt now ranks second overall in the amount of money he has taken from commercial banks. [McClatchy, 4/25/2010]
“Congressman Blunt pushed through the $700 billion Wall Street bailout in 2008 and now is teaming up with Wall Street lobbyists to stand in the way of reform,” said Robin Carnahan, candidate for US Senate. “Washington should have been addressing Wall Street reform last year and it is completely unacceptable that Wall Street lobbyists have been given more time to block reform. As someone who has helped many wronged investors, I believe we need to hold Wall Street accountable and end too-big-to-fail institutions so taxpayers are never left on the hook again.”
According to the St. Louis Post Dispatch: “Mr. Blunt was in Congress throughout the late 1990s and early 2000s when, during both Republican and Democratic administrations, the banks got everything they asked for, subsequently wrecking the economy. Mr. Blunt has been a reliable pro-banking industry vote, from repealing the Glass-Steagall Act in 1999 to refusing to allow bankruptcy judges to modify mortgages in 2009.” [St. Louis Post Dispatch editorial, 11/10/09]
In October 2008, Congressman Blunt voted not once – but twice – and led the efforts to pass the $700 billion financial rescue (“bailout”) package championed by former President Bush and former Treasury Secretary Hank Paulson. After the bill was first defeated in the face of public outrage and opposition from his fellow Republicans, then Minority Whip Roy Blunt took the lead in convincing skeptical Republicans to support the bailout. Though the bill ultimately passed 263-171, 108 Republicans, including Missouri Reps. Akin and Graves and former Rep. Kenny Hulshof, voted “no.” Later,during an interview with the St. Louis Post-Dispatch, Congressman Blunt said Paulson had credited Blunt and Sen. Judd Gregg for making sure the TARP legislation passed. [HR 1424, Vote #681, 10/3/08; HR 3997, Vote #674, 9/29/09, St. Louis Post-Dispatch, 11/23/08; Office of House Republican Leader, Press Release, 9/26/08; Gannett News Service, 9/30/08]
And now, Congressman Roy Blunt is such a reliable ally for Wall Street that, according to Reuters, the ranking Republican on the Senate Banking committee Richard Shelby urged bankers opposed to reform to send a $10,000 check to Congressman Blunt’s campaign. And Congressman Blunt has delivered yet again, already voting once against reform to rein in Wall Street and promising to continue to fight it in the months ahead. [HR 4173, Vote #968, 12/11/09]
Congressman Blunt voted to deregulate the banks, led the effort to bail them out at taxpayers’ expense, and now opposes any action to rein in Wall Street … all that, while he keeps taking their money; it’s just another example of why he’s become the very worst of Washington.
Robin Carnahan is running for the U.S. Senate Seat currently held by U.S. Senator Kit Bond (R-MO) who is retiring. She is currently in her second term as Missouri Secretary of State where she has worked across party lines to protect consumers by standing up to big institutions and getting more than $10 billion returned to wronged investors, and to cut red tape for small businesses so they can save resources and create more jobs. A breast cancer survivor with a background in business and law, Robin also still oversees her family’s cattle farm in Rolla, MO. For more information about Robin and her values, visit www.RobinCarnahan.com
Many of you have been at work long before now. You’ve held strategy sessions all across the country to discuss how to most effectively help candidates in your community who are fighting to bring about change.
At OFA headquarters, we’ve been poring over your ideas, your input, and the best data we can get our hands on to determine the most helpful role we can play.
Together, based on that feedback, we’ve crafted a comprehensive electoral plan that can make a big difference in the upcoming elections.
President Obama recorded a video message to share our goals for 2010 with you — and to remind us what’s at stake. Watch it now.
We’ve accomplished a lot together. But we’re in for a tough fight this fall.
Historical trends aren’t in our favor — the president’s party generally loses seats in the first midterm election. And even though President Obama has taken bold steps like the Recovery Act to put us back on the path to prosperity, escaping from a financial crisis like this one takes time.
The prognosticators and pundits are predicting steep losses for the Democrats. The Republicans are already measuring the drapes for their new offices, saying that anything short of an electoral landslide that gives them back control of Congress won’t be a victory.
But these are the same folks who said Barack Obama could never become president, the same ones who said we were trying to do too much, too fast — and that we’d never pass historic health reform. They were wrong then, and they’re wrong now.
I believe we can avoid the nightmare electoral scenario that Republicans in Washington have already convinced themselves will happen. But only if we work together.
Two years ago, we challenged a group of young and disaffected voters to participate in the 2008 election. They cast votes for the very first time and helped us elect a new president. You told us that your top priority for 2010 was to help these people head back to the polls — and we built our plan around that goal.
President Obama has America heading in the right direction. But our opponents want to repeal health reform. They’re standing with Wall Street banks to block any efforts to rein in reckless behavior and protect consumers. And they’re attacking a foreign policy that has renewed America’s standing in the world. They are eager to undo all we’ve done.
The stakes are high. And that’s the level of commitment we need from you. So watch the President introduce our 2010 plan — and find out how you can get involved in the fight:
Paid for by Organizing for America, a project of the Democratic National Committee — 430 South Capitol Street SE, Washington, D.C. 20003. This communication is not authorized by any candidate or candidate’s committee.
Tim Wise is an anti-racist writer and activist who recently wrote about how America and the media would be acting very differently toward the Tea Party if the majority of its members were not white. I’ve quoted a couple of sections from his piece, but it is definitely worth reading the entire work.
“Imagine that hundreds of black protesters were to descend upon Washington DC and Northern Virginia, just a few miles from the Capitol and White House, armed with AK-47s, assorted handguns, and ammunition. And imagine that some of these protesters —the black protesters — spoke of the need for political revolution, and possibly even armed conflict in the event that laws they didn’t like were enforced by the government? Would these protester — these black protesters with guns — be seen as brave defenders of the Second Amendment, or would they be viewed by most whites as a danger to the republic? What if they were Arab-Americans? Because, after all, that’s what happened recently when white gun enthusiasts descended upon the nation’s capital, arms in hand, and verbally announced their readiness to make war on the country’s political leaders if the need arose.”
“Imagine a black political commentator suggesting that the only thing the guy who flew his plane into the Austin, Texas IRS building did wrong was not blowing up Fox News instead. This is, after all, what Anne Coulter said about Tim McVeigh, when she noted that his only mistake was not blowing up the New York Times.”
“Protest is only seen as fundamentally American when those who have long had the luxury of seeing themselves as prototypically American engage in it. When the dangerous and dark “other” does so, however, it isn’t viewed as normal or natural, let alone patriotic. Which is why Rush Limbaugh could say, this past week, that the Tea Parties are the first time since the Civil War that ordinary, common Americans stood up for their rights: a statement that erases the normalcy and “American-ness” of blacks in the civil rights struggle, not to mention women in the fight for suffrage and equality, working people in the fight for better working conditions, and LGBT folks as they struggle to be treated as full and equal human beings.”
Last week, Republican Senate Minority Leader Mitch McConnell got all 41 GOP senators to promise to oppose Wall Street reform. He thought President Obama would back down in the face of a unified show of force.
He was wrong.
Instead, the President stood in front of Wall Street bankers Thursday, going to bat for consumers and confronting the toughest of crowds with a strong message: Reform is good for Americans, good for the market, and it’s time to get on board.
Bipartisan discussions have begun again — but Wall Street lobbyists are still swarming Capitol Hill, trying to trip up negotiations and maintain the gridlock that has defined Washington for far too long.
So now, it’s up to us. We need to show Republican senators that the American people are watching closely to see whose side they end up on.
The President laid out a bold plan to hold Wall Street accountable, to protect American taxpayers by ensuring they’ll never again be asked to bail out a big firm “too big to fail,” and to put in place the strongest consumer financial protections ever proposed.
But this fight isn’t just about fixing Wall Street. It’s also about fixing Washington.
For too long, it’s been a place where special interests have set the rules and petty partisanship has stood in the way of progress. As the President said Thursday, “We can and must put this kind of cynical politics aside.”
Thanks to strong leadership from the President and Democrats in Congress, the gridlock is starting to crack, and Republicans are slowly giving signs that they’ll come on board. The Senate has even scheduled a preliminary vote for Monday at 5:15 p.m.
But Wall Street lobbyists are flooding in to firm up opposition — trying to carve out loopholes and exemptions for big banks and lenders who have long exploited consumers.
The only sure-fire way to make sure that the special interests don’t get their way is to show Senate Republicans that Americans are standing firmly with the President. Tell them to join us to fight for American families who are counting on reform, not the big Wall Street banks. Send a letter today:
Paid for by Organizing for America, a project of the Democratic National Committee — 430 South Capitol Street SE, Washington, D.C. 20003. This communication is not authorized by any candidate or candidate’s committee.
I’m so pleased to let you know that we’re filing our quarterly fundraising report today and we finished strong – in fact, we raised nearly $1.5million in the first quarter of 2010! The most we have ever raised in a single quarter to date. What a terrific grassroots team effort. I can’t tell you how humbled and honored I am to have your support and support from all across Missouri, in every county.
But now is not the time to rest. We still have much work to do as my likely opponent, Congressman Roy Blunt, and his Washington insider friends continue to relentlessly attack us every day. We’ll need the resources to call bull on their attacks, and make sure folks know the true story about my record of standing up for Missourians… and the true story about Congressman Blunt’s record of wasteful spending, sticking it to the middle class and being part of the very worst of Washington for the past 13 years.
We’ve still got more than six months to go. But together, we can pull this off in November and bring common sense and reform to Washington.
Democratic National Committee Chairman Tim Kaine’s Statement On Rep. Roy Blunt’s Assertion that Adults Don’t Deserve Preexisting Conditions’ Protections
Washington – Democratic National Committee (DNC) Chairman Tim Kaine issued the following statement in response to Missouri Republican Senate candidate Rep. Roy Blunt’s contention that adults don’t deserve protections from preexisting-condition discrimination because adults with preexisting conditions “have done nothing to take care of themselves”:
“Roy Blunt’s callous assertion that adults with preexisting conditions like cancer, diabetes, congenital heart disease and others do not deserve the right to health insurance because they ‘have done nothing to take care of themselves’ shows an insensitivity to the people of Missouri and America.
“Thanks to Democrats’ hard work to pass health reform, millions of Americans who have been discriminated against by insurance companies because of their preexisting conditions soon will find that they no longer have to fear being denied health insurance.
“Starting this year, health insurance companies will no longer be able to deny insurance to children with preexisting conditions, and the most vulnerable adults with preexisting conditions will be able to enter a high risk pool to obtain insurance. In coming years, adults will no longer be discriminated against through coverage denial because of preexisting conditions. That will be a victory for Missourians and the American people.
“Sadly, if Roy Blunt and his Republican colleagues had their way, health insurance companies would still be able to continue their worst practices and leave millions uninsured due to preexisting conditions – even though many of the conditions are totally beyond the control of the person in need of health care.
“There is no mistaking who Roy Blunt and the Republicans stand with, and it is clearly not the people of Missouri. Fortunately, thanks to health insurance reform, Missourians and millions of other Americans across the country now have greater control over their health insurance decisions and have greater protection against insurance company discrimination.
Springfield TV Station Busts Blunt On-Air; Says Blunt “Would not stop insurance companies from denying people with pre-existing conditions”
Jefferson City, MO – During a weekend visit to Missouri from Washington, Congressman Blunt was caught on tape by a Springfield TV station saying that he believes insurance companies should deny people with pre-existing conditions access to health care. Watch the video here: http://www.youtube.com/watch?v=-0suhOSV3TI.
Congressman Blunt tried to hide the ugly truth saying that he has offered a health care alternative, but KSPR also fact checked Congressman Blunt’s DC double-speak and said that, “his proposal would not stop insurance companies from denying coverage from people with preexisting conditions.”
“Congressman Blunt said last year that ‘Medicare has never done anything to make people more healthy,’ and this weekend took it a step further saying that Missourians with preexisting conditions don’t deserve health insurance,” said Ryan Hobart, Communications Director for the Missouri Democratic Party. “Congressman Blunt’s position is clear: he is for whatever the insurance companies want, no matter how badly it hurts Missouri families, and that’s why he’s the very worst of Washington.”
What independent analysts have said about Congressman Roy Blunt’s health care plan – The non-partisan Congressional Budget Office says Congressman Blunt’s bill would increase the number of uninsured by 6 million. This is what happens when you let the insurance industry write your bill for you.
“Their [Congressman Blunt’s] legislation won’t prevent health insurers from denying coverage to those with preexisting conditions, and it won’t provide money to help those without health insurance.” [MSNBC http://firstread.msnbc.msn.com/archive/2009/11/03/2117404.aspx , 11/03/09]
“[Congressman Blunt’s bill] would not explicitly prohibit insurers from denying coverage to people because of pre-existing medical conditions, even though many Republicans have said they agree with Democrats that the federal government should outlaw such denials.” [New York Times http://www.nytimes.com/2009/11/04/health/policy/04health.html?scp=6&sq=ROBERT%20PEAR&st=cse , 11/04/09]
“People with pre-existing medical conditions would pay up to 50 percent more for insurance coverage under a draft version of [Congressman Blunt’s] health care plan.” [Roll Call http://www.rollcall.com/news/40203-1.html , 11/3/09]
“[Congressman Blunt’s] legislation won’t end insurance industry practices that discriminate against high-risk individuals or provide tax credits to help the uninsured purchase coverage, even though both were included in rank-and-file GOP bills.” [Politico <http://dyn.politico.com/printstory.cfm?uuid=B79EB102-18FE-70B2-A8F5D07587C57756> , 11/02/09]
Democrats have spent the last year and a half enjoying the benefits of operating as the majority party in Washington. They have been able to pass, and have signed into law, a large portion of President Obama’s agenda.
But those benefits are about to come up against three major hurdles in the upcoming election season. The waters are getting choppy.
TIME TO EVALUATE
The three hurdles are historical statistics, current events and opposition anger. The historical hurdle is the fact that in mid-term elections, the President’s party typically loses seats in Congress. The current event hurdle is the economy. Hurdle three, opposition anger, should not be underestimated.
The first hurdle is electoral tendency. The President’s party losing seats in a mid-term election has a lot to do with voter apathy. Because the President’s party has been in control, it’s easy for voters to ignore the reality of upcoming elections.
This apathy has been reinforced by the statistic that only two elected Presidents in the last 42 years have had only one term, George H.W. Bush and Jimmy Carter. All other Presidents have been voted to a second term. Voters tend to believe that a second term is easily won.
The second hurdle is the economy. The Obama administration has taken steps to get the economy moving again. But if the unemployment levels are still high by November, it will spell trouble. Voters who are not working tend to be less optimistic and more punitive.
High unemployment helped sink President Bush and the Republicans. It could do the same to Obama and the Democrats. No immunity exists.
The third hurdle, anger and frustration of the opposition party can be a serious one. Having lost the election in 2008, the Republicans have tapped into a powerful emotion of bitterness. That fervor could propel them into winning back seats they lost just two years ago.
In an atmosphere of high emotion, the memory of Republican incompetence will be passed over in favor of winning for its own sake. The fact that Republican leadership led the nation and a large part of the world into a near depression will be forgotten in a highly emotional electoral atmosphere.
Currently, news stories depict the Republican Party in disarray. Their troubles are not few. But, if you recall, soon after George W. Bush won his second term, the Democrats were also considered to be in disarray and defeat.
It’s a funny thing about political disarray. It can be quickly reversed and result in huge voter turnout.
Democrats cannot afford to set on their hands thinking that Obama’s success will yield a second term unaided. Nor will Congressional success yield success in state and local elections. There is a real chance for the Democrats to lose big in November.
Do not dismiss the possibility.
ENTER RUSH LIMBAUGH-
During the recent year-long health care battle, the Republicans were under the direction and generalship of Limbaugh. He is the one who was calling the shots for the party. From his big chair and that golden microphone in his radio booth, Limbaugh orchestrated the entire campaign.
The proof is in the public reactions to his antics and outlandishness.
Time and again, one politician or another- usually a Senator or Representative- tried to distance themselves from Rush. They would make a statement in a news conference or interview that disagreed with some particular position that Limbaugh touted on his program. Either that, or they criticized him outright, claiming to be independent of his influence.
Big mistake!
Within just a few hours, the person was publicly apologizing to Rush- both on camera and in print. They either re-phrased their remarks or gave a genuine heart-felt apology. Hardly a week went by that some never-before-known political personality kowtowed to him.
Any Republican politician who tried to outflank or outwit Rush found themselves on the outs and under the gun. Not one legislator on the conservative side of the aisle in either chamber of Congress or at the Republican National Committee could stand up against his self-anointed authority.
The reason is obvious.
Limbaugh’s listeners and supporters worked quickly and decisively. They brought unbelievable pressure to bear. Through phone calls, faxes, e-mails, letters and other instant media like Facebook, MySpace, and Twitter, the “DITTOHEADS” as they like to call themselves, were a powerful force to be reckoned with.
The Republicans caved.
Rush now operates a true-to-life, old-fashioned, influence wielding, political machine. THE LIMBAUGH MACHINE is a powerful enemy.
Thus, the Democrats have their newly ordained opponent for the November elections- Rush Limbaugh.
If they can shape the elections as a choice between them and the Limbaugh politicians, you have the makings of an effective campaign.
If Republicans are elected and gain seats- nationally, statewide or locally- this country will be run by Limbaugh. He will dictate when, what, where, how and why. For anyone who rebels there will be retribution.
ELECTING REPUBLICANS IS ELECTING RUSH LIMBAUGH (good bumper sticker)
And that is no exaggeration. If the prospect doesn’t frighten you, then your apathy is in full flower.
[Reggie Marselus is a retired electrician and President of the Retirees Club of IBEW Local 124. He lives in Lenexa]
Good Ol’ JPS has been a great liberal justice. Better than Democrats hoped for considering he was appointed by a Republican. He is 89 years old, but still pretty sharp. And that’s from personal experience. I attended oral arguments at the Court in October of 2009. Stevens was still on his game.
In the last decade especially, Stevens has been a beacon for liberals. He wrote the dissent in Bush v. Gore. Stevens also wrote the dissent in the recent Citizens United case, where he argued against unlimited corporate ad buys (independent expenditures) in elections. He also wrote the majority opinion in Atkins v. Virginia, the case that banned the death penalty against the mentally retarded.
Here is a recent article, with excerpts from his clerks, detailing their experiences working for Stevens.
Hopefully President Obama appoints (and the Senate confirms) someone as liberal as John Paul Stevens. The Court is as center-right as its ever been right now.
Many thought President Obama would savor his healthcare reform victory and wait before completing other important tasks.
Not so. Since healthcare reform passed, President Obama visited Afghanistan, reached a new deep cuts agreement with Russia to reduce both country’s nuclear arsenals, and expanded off-shore oil drilling.
Hopefully he can keep this pace up into the mid-terms. There is plenty to discuss on a lot of these policy issues, but one thing is clear; while Bush was the President of vacations–Obama is the President of GTD.
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