Archive for November, 2007

Wall Street Plans $38 Billion of Bonuses as Shareholders Lose $74 billion and Food Pantries Struggling with Shortages

November 19, 2007 – 11:14 am

Wall Street Plans $38 Billion of Bonuses as Shareholders Lose

Bloomberg - Nov. 19

Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won’t prevent Wall Street from paying record bonuses, totaling almost $38 billion.

That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year.

The bigger bonus pool derives from a record $9 billion of fees for arranging acquisitions and $5 billion for underwriting initial public offerings and sales of junk bonds, the most lucrative securities, Bloomberg data show. Bankers’ record fees help explain why 2007 will prove to be the industry’s second- most profitable after the subprime mortgage market collapse led to losses at Merrill and Bear Stearns.

Food pantries struggling with shortages

Associated Press - Nov. 19

Operators of free food banks say they are seeing more working people needing assistance. The increased demand is outstripping supplies and forcing many pantries and food banks to cut portions.

Demand is being driven up by rising costs of food, housing, utilities, health care and gasoline, while food manufacturers, wholesalers and retailers are finding they have less surplus food to donate and government help has decreased, according to Lisa Hamler-Fugitt, executive director of the Ohio Association of Second Harvest Foodbanks.

“I’ve been doing this for 20 years, and I can’t believe how much worse it gets month after month,” she said.

“We have food banks in virtually every city in the country, and what we are hearing is that they are all facing severe shortages with demand so high,” Ross Fraser, a spokesman for America’s Second Harvest — The Nation’s Food Bank Network, the nation’s largest hunger relief group, said Friday. “One of our food banks in Florida said demand is up 35 percent over this time last year.”

Evangelical flocks on their own at the polls - LA Times

November 15, 2007 – 7:48 am

Conservative Christian leaders are increasingly reluctant to get political, leaving a key Republican voting bloc divided. The trend may help Giuliani but hurt the GOP in the long term.

 

By Stephanie Simon and Mark Z. Barabak
Los Angeles Times Staff Writers

November 15, 2007

COLORADO SPRINGS, COLO. — A fundamental shift is transforming the religious right, long a force in presidential politics, as aging evangelical leaders split on the 2008 race and a new generation of pastors turns away from politics altogether.

The result, in the short term, could be a boost for the centrist candidacy of former New York City Mayor Rudolph W. Giuliani, whose messy personal life and support for gay rights and legal abortion have not produced the unified opposition from Christian conservatives that many anticipated.

Over the longer term, the distancing of religious leaders from politics could prove even more consequential, denying the GOP one of the essential building blocks it has used to capture the White House in five of the last seven presidential races.

The shift is evident in this Rocky Mountain community at the heart of the evangelical movement.

“As far as me standing in the pulpit holding a voter guide, that’s not going to happen,” said the Rev. Brady Boyd, 40, who leads a congregation of 10,000 at New Life Church. He will use his position to teach the Bible to believers. “I won’t use it to influence their vote,” he said.

That suits many in his congregation just fine. “If he starts talking politics, that makes me very uneasy,” said Wolfgang Griesinger, 56, a political independent.

“It’s not his place to tell us who to vote for,” said Marsha Thorson, 54, a Republican who is leaning toward Giuliani.

Black churches have a long tradition of political activism, mostly on the Democratic side. White evangelical churches did not assert themselves politically until Ronald Reagan’s 1980 campaign, when first the Moral Majority and later the Christian Coalition began organizing on behalf of Republicans.

The term “evangelical” refers to Christians who claim a personal relationship with Christ and consider the Bible the word of God, to be faithfully obeyed. They are a huge group — about one in four voters — and far from monolithic; their ranks include Pentecostals, charismatics, Southern Baptists and many others. Some worship to rock music, others to hymns; some speak in tongues. Some believe God preordained those headed to heaven; others hold that anyone can achieve salvation by accepting Jesus Christ as their savior. Former Presidents Carter and Clinton are evangelicals, as is President Bush.

Despite that diversity, evangelicals have become a reliable — and increasingly crucial — Republican voting bloc. Many were drawn to Bush in 2000 because of his conservative stance on social issues and his story of turning to Christ to overcome a drinking problem. He won the support of more than eight in 10 Christian conservatives in 2000 and nearly nine of 10 in 2004, according to Los Angeles Times exit polls.

But in the three years since, many Christian conservatives have expressed a growing unease about the entanglement of politics and pulpit. Among young evangelical adults, nearly half say involvement in politics is problematic, according to a new book, “unChristian,” from the evangelical research firm the Barna Group.

Some of that disillusionment comes from disappointment with Bush’s policies, including the war in Iraq. But there’s also shame at the often-bombastic, sharply partisan rhetoric of the traditional standard-bearers for conservative Christian values, including televangelist Pat Robertson, 77; the Rev. Jerry Falwell, who died this spring at age 73; and radio host James C. Dobson, 71.

One-third of evangelicals under 30 told Barna that they were embarrassed to call themselves believers.

“They’re tired of the hard-edged politics that the Christian right has practiced in the last couple of generations,” said John C. Green, senior fellow at the Pew Forum on Religion & Public Life. “They see all this division, all this anger, without a lot to show for it.”

Mega-church pastors have capitalized on that frustration by offering a different brand of Christianity. With sunny, affirming services, they cast a broad welcome net — and fill arena-size sanctuaries each Sunday.

They may promote a cause, such as AIDS relief in Africa. But endorse a candidate? Push a partisan agenda? That could empty half their pews. Few up-and-coming pastors want to risk such a backlash.

“There’s nothing in it for them,” said Timothy Morgan, deputy managing editor of the evangelical monthly Christianity Today. “It just gets people stirred up.”

Florida pastor Troy Gramling, 40, recently preached a series he called “My Naked Pastor,” which involved airing his every thought to webcams that followed him around the clock. Make that almost every thought: Gramling said he would never announce to his congregation of 14,000 how he planned to vote.

“That would be putting pressure on them to agree with me, and I don’t feel I have a right to do that,” Gramling said. “God doesn’t call me and tell me who’s his favorite.”

Mega-church pastors often argue that Christians don’t need big names to tell them whom to vote for; they need solid biblical teaching, which they can use to screen each candidate for proper values. But that leaves it up to the voters to determine which values should be the litmus test.

In previous years, the test was obvious: A godly leader must oppose abortion and gay rights and possess a strong Christian faith. This year, the evangelical establishment has sent voters a strong signal that they can feel free to branch away from that trinity.

Robertson, for instance, overlooked Giuliani’s three marriages, his brief cohabitation with a gay couple, and his support for abortion rights to endorse him as the best candidate to fight terrorism.

Fundamentalist Bob Jones III, 68, made it clear that he believed that former Massachusetts Gov. Mitt Romney, a Mormon, follows a false religion. Yet Jones, chancellor of the university that bears his name, backed Romney on the grounds that he could win the White House.

Dobson has declined to endorse anyone — despite repeated pleas from supporters of former Arkansas Gov. Mike Huckabee, an ordained Southern Baptist preacher who holds textbook religious right positions on social issues. Instead, Dobson has hinted that he may support a third-party candidate.

The disarray on the Christian right — coupled with the striking silence of mega-church pastors — means that Republicans can’t count on the mass voter turnout drives that helped so much in years past.

“The days when Ralph Reed [and his Christian Coalition] could mobilize tens of thousands of followers are gone,” said Rich Galen, an advisor to GOP presidential candidate Fred Thompson, a former senator from Tennessee. “In terms of suddenly turning on a spigot of funds and volunteers and direct mail, that just doesn’t happen anymore.”

Marvin Olasky, editor in chief of the Christian newsmagazine World, offers this perspective: “Anyone who talks about delivering the evangelical vote might as well apply for a job as a herder of cats.”

The upheaval has also left an opening for Democrats, who are aggressively wooing evangelical voters by framing issues such as global warming, healthcare reform and the war in Iraq as moral priorities. Sens. Hillary Rodham Clinton of New York and Barack Obama of Illinois, the party’s two presidential front-runners, discuss their faith openly and often, a notable contrast with past Democratic hopefuls.

The Democrats don’t expect to swing the entire bloc of conservative religious voters their way next November. “But it’s going to be such a close election that even 2 percentage points would make a huge difference,” said D. Michael Lindsay, author of a new book on evangelical influence, “Faith in the Halls of Power.”

Here at New Life Church, the congregation includes Democrats as well as independents and Republicans, and Boyd says he figures they all come to hear his take on the Gospel, not the latest Gallup poll.

“I don’t think that as believers, as Christians, we should back away from the political scene. . . . But there’s a correction happening now in the local church,” he said.

New Life’s founder, Ted Haggard, never hesitated to remind his congregation of his close ties to the Bush administration. Haggard resigned last year after encounters with a male prostitute, but the church’s reputation as a political force remains; Boyd said he had been courted by several elected officials since arriving in Colorado Springs.

He meets with the politicians — but only to see if he can offer them spiritual guidance.

“I’m a pastor,” he said. “That’s what I’m called to do.”

A year before voting, Americans discontented, divided - USA Today

November 1, 2007 – 7:04 am

Call us the Unhappy States of America.

 

One year before Election Day 2008, most Americans are dismayed by the country’s direction, pessimistic about the Iraq war and anxious about the economy. Two of three disapprove of the job President Bush is doing. Nearly a year after Democrats took control of Congress, three of four Americans say it isn’t achieving much, either.

In all, 72% of those surveyed in a USA TODAY/Gallup Poll taken Oct. 12-14 say they are dissatisfied with how things are going in the USA while just 26% are satisfied. Not since April have even one-third of Americans been happy with the country’s course, the longest national funk in 15 years.

“Don’t get me wrong, America’s a great country,” says Lori Jones, 46, a medical assistant in Phoenix. But she worries about her family’s finances and prospects for the next generation. “I think we’ve somehow lost our way.”

Link to full article: http://www.usatoday.com/news/politics/election2008/2007-10-31-mood-cover_N.htm

Politico.com: The anti-Washington mood
in the country — aimed at both a Republican
president and a Democrat-controlled
Congress — have reach breathtaking levels

November 1, 2007 – 6:28 am

The angry voter: Bad news for Dems
By: John F. Harris and Jim VandeHei with Politico.com
November 1, 2007 09:05 AM EST

http://www.politico.com/news/stories/1007/6666.html

Congressional Democrats certainly know the power of a throw-the-bums-out message. It vaulted them to power a year ago this week. Little wonder anxiety is boiling over inside the new majority as lawmakers ponder a succession of polls and reach an inescapable conclusion: Lots of people think they are bums, too.

The anti-Washington mood in the country — aimed at both a Republican president and a Democrat-controlled Congress — has reached breathtaking levels. One has to reach back almost 30 years, to the low points of Jimmy Carter’s presidency, to find a time when there was such simultaneous disdain for both the executive and the legislative branches, as measured by Gallup approval ratings.

Amid the bloodshed and flawed execution of the Iraq war, there is no question why Bush is unpopular.

The political problems of congressional Democrats are more debatable — both their origins and how serious they are likely to be a year from now.

Interviews with lawmakers and top party operatives make clear that the Democratic House and Senate caucuses are divided into two camps. One group views the numbers with concern. The other group views them with panic.

“There are a lot of Democratic members who are consumed with” the sour state of public opinion, said one top party operative who works closely with the Democratic leadership.

From the Democratic perspective, there is definitely a case to be made for alarm. It is based on the history of recent decades that shows whenever voters get this unhappy, unpredictable things can happen.

One person who knows that well — his Democratic clients were beneficiaries of the phenomenon in such politically seismic years as 1992 and 2006 — is pollster Stan Greenberg. He came back from the field in October with numbers for NPR that showed 69 percent of voters disapprove of the job Congress is doing — up 20 points from last January and the highest disapproval rating since Democrats reclaimed their congressional majorities. More striking than the data was a focus group Greenberg observed with James Carville, a fellow consultant for the Democracy Corps project and his partner in Bill Clinton’s first presidential campaign.

“We’ve never seen people as angry and frustrated as they are now, … even more than in ’92,” he said.

As it happens, however, Greenberg is firmly in the stay-calm camp of the Democratic debate. Along with pollster Mark Mellman, who also consults with Democrats, he has been trying to reassure anxious members with this sunny-side-up message: The public dislikes Republicans even more than they dislike you.

“It’s certainly true that people are disgruntled with Congress and lukewarm about the Democrats in general,” Greenberg said, adding that, “However modest Democrats’ numbers are, Republicans’ numbers are much worse and dropping.

“The main story is Republicans are seen as backing the Iraq war, backing Bush and blocking change,” he said.

Greenberg’s favorability index (voters are asked to give the “temperature” of their feelings, from “very warm” to “very cold”) showed that the public had a negative perception of congressional Democrats by four points, and a negative perception of congressional Republicans by 17 points.

Mellman said that Democrats in part are confronting disappointment from their own backers, who are hoping for more immediate results from the new majority, particularly on Iraq.

According to Democrats who have seen a poll he conducted last week, however, Democrats in Congress had a 48 percent favorable rating, with 44 percent reporting an unfavorable opinion.

Republicans in Congress had just a 32 percent favorable rating, with 62 percent unfavorable.

Rep. Rahm Emanuel, who led the House Democrats’ campaign committee during last year’s election, said he can live with these numbers for now. “I would not call it a grand slam, but you are on a base,” he said Tuesday.

He appealed for realism: “If 70 percent of the country feels rotten about how things are going, you are not going to get them to feel positive about any institution or person.”

Mellman said history supports Emanuel’s confidence: “There’s no consistent relationship between congressional approval and electoral outcomes.”

Weak approval ratings for Congress did lead to a change in power benefiting Republicans in 1980 and 1994, and benefiting Democrats in 2006, Mellman noted. But Democrats scored big gains, even with lackluster approval ratings in 1982, and suffered only modest losses despite abysmal ratings in 1992.

On issues such as protecting the environment (higher CAFE standards for automobiles) and product safety (cracking down on dangerous Chinese toys) and, above all, the war in Iraq, the public is much more sympathetic to Democrats than Republicans, Mellman’s data found.

That’s why Emanuel is urging his members and political reporters alike to take a breath. “The biggest problem for Bush and his party — besides his unpopularity — he has no agenda, and they have no agenda,” he said. “We are the ones proposing. … Over time, that comes across. At least we are offering to do something.”

Still, Republicans know that dissatisfaction with Congress at least offers them a potential opening.

A survey by the Field Poll in California last week showed that in her home state, House Speaker Nancy Pelosi for the first time in her new job has a plurality of voters disapproving of her performance — 40 percent to 35 percent.

And at a news conference Tuesday, House Republican Whip Roy Blunt (Mo.) chortled, “Never has a Congress spent so much time to accomplish so little.”

In making this case, the GOP has been getting a boost from Jay Leno, who mocked House Democrats in his monologue on Monday and Tuesday nights, in particular the recent news that Democrats are backing off their 2006 campaign pledge for longer workweeks. “I guess they realize they don’t need a full five days to do nothing,” Leno cracked. “They can now do nothing in four days.”

“I hope I shall possess firmness and virtue enough to maintain what I consider the most enviable of all titles, the character of an honest man.” ~ George Washington