In the Presence of Vultures

Since the collapse of the subprime mortgage, economies around the world await the actions to be taken by the U.S. In an attempt to meet the basic right to shelter, the US tried to deregulate some institutions to make housing accessible to all. In hindsight, this brought along with it gamblers of all sorts that eventually toppled the industry. My humble suggestion to avoid such a fiasco again and to give each American a place to call their own, here is a system that has actually worked in the Philippines.

1. Create an agency that will oversee the housing and development sector. This agency will also be responsible of collecting contributions of members. These members are the employed and self-employed. Contributions will depend on the income they make per month. After 30 months of contributions, the member may now avail of a housing loan. The size of the loan will be based on their monthly income. In cases wherein both husband and wife are members, their loan will be based on the combined monthly income. Their 30-month contribution will be used for emergency payments should they suddenly lose their job.

2. This agency will also ask real estate developers to bid on housing developments. They should have different categories of housing that will meet the demands of the members. This would ensure that members will not be getting homes that they could not pay.

3. Bank and other financial institutions can be tapped for financing but interests must be regulated to control the prices. This will stop runaway interests rates that could end up in foreclosures.

This may sound tedious but the mortgage industry will be shielded from unscrupulous practices. Homeowners will also be secured and would not default in their payments. If only the right form of capitalism was employed, America would not be in this mess now. The dark side of capitalism is that when unchecked, greed sets in and the entire system breaks down. Now, it is the ordinary taxpayer who must step up and be patriotic(?) to save a sinking economy. The bailout bill is good in some ways but it must be transparent. Oversight is paramount to ensure that the people will not be duped again by the government.

Now that Wall Street is reeling from a succession of failures, the greedy are running away with their loot. The sad part is the average investor is getting the short end of the stick. America maybe the most powerful country in the world but its economy is one of the most vulnerable. Now at least, the presidential campagn will now shift to issues instead personalities.

The greedy speculators and big business’s old boys club must be laughing at the poor retirees and ordinary folks who gave them their hard-earned money. But the stock market has always been the biggest casino in the world. Deregulation has allowed the greedy vultures to steal money from ordinary folks like you and me. We may not be players in the market but we are all consumers. When inflation wreaks havocs, those with deeper pockets have more bullets than us.

When oil and utilities were deregulated in the Philippines, we witnessed the birth of cartels. Neccesities like medicine and food became more inaccessible to ordinary people which brought poverty levels to new height. We were left to the mercy of big corporations who’s greed was simply insatiable. Our government gave tax breaks and holidays to big corporations to spur(?) investment. What happened was these companies shifted their expansion abroad. Oh I can see where America is heading, it will end up like the Philippines. Unemplyment is caused by big corporations investing abroad where labor is cheaper.

To arrest the rising rate of poverty, the middle class in the Philippines is now given tax cuts and even exemptions. If the people have more money in their hands, their spending will give the economy a big push. I suppose this is what Sen. Obama had in mind when he said that he will raise taxes on the rich and give tax cuts to 95% of the taxpayers. The American economists should focus more on the small entrepreneurs who invest locally and employ locals. Factories are closing down because sweat shops abroad offer lower production costs and give businesses a bigger profit.

The rich Americans should bear some of the responsibilties by paying a “little” extra. This is the patriotic thing to do. I know some of you will surely think this is absurd, but the Thais did not hesitate to give the Thai government their jewely just to prevent Thaindland from sinking during the Asian crisis of the ’90s. We have a saying in the Philippines that whenever America sneezes, the world gets the flu. No wonder that the European Union was created, this is to shield poor economies of Europe survive.

Everyone is now waiting with bated breath which company will crash. Somehow someone must be made accountable for this economi debacle. But NO, executives are walking away with fat wallets because the government sold the small investors out. So now the lowly taxpayer will have to prop up these companies so their CEOs and COOs can retire comfortably while the poor retirees who invested in these companies are facing a bleek future. When big businesses fall, it’s the little people who suffer. The domino effect of America’s financial woes has yet to reach its peak. When they fall, America falls. When regulation is nonexistent, the greedy always have a field day.

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My country the Philippines has had its share of female presidents. In just two decades of our new found democracy, weve had two already. The first was Corazon Cojuangco Aquino and the present, Gloria Macapagal Arroy. Both maybe women but worlds apart. Aquino was a plain housewife and Arroyo a seasoned politician.

Aquino came to power to our first People Power Revolt. In 1983, her exiled husband and former senator, Benigno Aquino was brutally gunned down on the tarmac of our international airport. Then dictator, Ferdinand Marcos announced a snap election. Knowing very well that he has total control and with the opposition leaderless with the senator’s death, Marcos was confident he will be “elected” as president. With Benigno’s death, the splintered opposition nominated Benigno’s widow, Corazon. It was clear from the onset that there will be massive cheating to get Marcos elected. When tabulators walked out of the central counting center to show their disgust over the cheating, the start of the end for Marcos’s reign began.

Corazon though coming from a family of politicians never entered politics. She had no creditials to show. All she had was to realize the dreams her martyred husband dreamt of. She was well loved by the people but military adventurists with the aid of displaced politicians tried to unseat her several times. Through all this, she was able to keep herself as a model of public service. Remember, she was a palin houswife. She remains to be loved and revered by the Filipinos.

In stark contrast, Gloria Arroyo rose from the ranks. A daughter of a former president, Diosdado Macapagal, she became a senator and a vice president finally grabbing power through a bogus revolution. But she was not yet through, the ambitious Arroyo ran for president in 2004 and won in a highly suspicious manner. To this day, she reign with an iron hand, whisking her opponents and holding power through political bribery. Her term is to end in 2010 but being greedy, she is now spearheading a constitutional shift that could give her perpetual power.

With the U.S. elections just over the horizon, the Republicans has exposed their ace in the person of Sarah Palin. Within a heartbeat away from the presidency, I just wonder how she will run the country should she ascend to the presidency. As I’ve mentioned above, with or without experience, anybody is qualified to be president. The only that matters is what principles they have and the attitude they possess. At the end of the day, it is the voter who will decide. The Filipinos put their trust in Corazon Aquino and in more ways than one, she did not disappoint us. The same cannot be said of Gloria Arroyo, she has driven the country in the quagmire of despair.

Gender should never be an issue, it’s what’s in the heart of the candidate presented to you. Begging you to elect them into office. Experience is also not an issue, what matters is will they represent the people. I just hope that come November, Americans will vote wisely without prejudice to race, religion, gender or experience. Just keep in mind that vultures prey on the weak and exploit the wounded.

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Although I had took drink several cups of coffe just to keep myself awake, I had to endure the torture of the RNC convention just so I would know what McCain had to offer. I must admit, I got so bored hearing his story over and over again. My jaw dropped time and again while his gang praised the troops in Iraq. Those men wouldn’t be over there risking life and limb if not for the Republicans’ misdirected and totally miserable level of intelligence about where the real enemy is. Of course destroying Iraq could just be a way for the Saudis to control oil.

I also find stupid for America to drill oil in their own backyards. It’s a stupid economic move. Just imagine how America could monopolize their oil when the rest of oil producing countries have drilled themselves dry? America is a resource rich country and can tap different resources for their energy needs. The main reason why social services are lacking in America is because the Republicans decided to pour billions and waste young lives in Iraq.

I am apalled by the way the RNC expolited the people of Mississippi just to make it appear that McCain and his gang would looksympathetic and caring. I was also irritated by how the RNC showed pictures of 9/11 just to justify the war in Iraq. I heard the same rhetorics, the same scare tactics and the same garbage from McCain. Despite trying to distance himself from his party, knowing the way he operates, it was all a smokescreen. The real terrorists are those Republicans who are in government who continue to protect the rich and scare the people with talks that the whole world is against America.

Philippine politics is no different and by the way the RNC is conducting their campaign, the more I think that they are immitating Philippine politics. The RNC made the race personality based than address the issues confroting America. Does the RNC think that they have a monopoly on values and patriotism? Patriotism is not about dying in a senseless war. Values is not about how many children you have. I often say that tell the people what they want to hear and they will listen. This is exactly what John McCain is doing.

When one is so desperate to get elected, he will do and say anything. He will reinvent himself a million times over to portray himself to be the one you should embrace. McCain has been in the RNC for so long that he should have started the change he is advocating long ago. Instead he now tries “Flipflops are for the feet, they were never intended to be elected into office. So if McCain want you to fight with him, think again, he has millions and you don’t. He will have more left in his pocket long after yours is emptied. He is no working class citizen who has to toil day in and day out to make ends meet. The change he talks of should have taken place long before he entered the race for the presidency, it should have statrted the very first day he became a Republican.