February 25, 1870, marks one of the most dramatic moments in American history. The First Black American to ever serve in the U.S. Congress was sworn in on that date at 4:40 PM. U.S Senator Hiram Revels, this day 139 years ago, became the first of only 6 African Americans who ever served in the Senate in almost 150 years, while during the same century and one half, a few thousand White Americans have.
Worldwide, industrial production has ground to a halt. Goods are stacking up, but nobody’s buying; the Washington Post reports that “the world is suddenly awash in almost everything: flat-panel televisions, bulldozers, Barbie dolls, strip malls, Burberry stores.”
Across the nation, hundreds of thousands of workers have lost their jobs — a record 2.8 million in 2008 — and some of the newly unemployed are gaining social lives.
People are traveling more, taking up hobbies, dating and having more sex.
It is only with a sense of optimism, preferably accompanied by a sense of energy and laughter, that we will be able to pick ourselves up from a broken Humpty Dumpty.
Yet another reason why bank nationalization is a good idea, Mr. Roubini continues, is that “we started with banks that were too big to fail, but what has happened, in the process, is that these banks have become even-bigger-to-fail. J.P. Morgan took over Bear Stearns and WaMu. BofA took over Countrywide and then Merrill. Wells Fargo took over Wachovia. It doesn’t work! You can’t take two zombie banks, put them together, and make a strong bank. It’s like having two drunks trying to keep each other standing.
Today, as the market continues to sell off and we plumb 12-year lows, we wish we had a different explanation. But like the U.S., which built the mightiest, most prosperous economy the world has ever known, is about to turn its back on the free-enterprise system that made it all possible.”
Many of our political leaders have stated that the passage of the second recovery plan is: “the beginning of the turnaround for the American economy.” This spending package coupled with the first stimulus plan will keep our country from avoiding an economic meltdown or catastrophe. This second stimulus plan costing $790 billion will supposedly save or create 3.5 million jobs.
Despite of our political success and the increased number of mega black churches, millions of African Americans still live below the level of poverty, our teenage ladies are still having babies out of wedlock, our rap music still degrade our women, our homes are broken, our high school drop-out rate is enormous, our rate of imprisonment is staggering, our black on black crime is embarrassing, and our gang activity is increasing.
All around the country African American politicians are becoming rich after being elected to office from a majority black constituency.