Ellen Ratner interviews Lawrence Yun, the Chief Economist at the National Association of Realtors, about the troubled housing market (4:44).

 

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When asked what he would not miss about being President, Bush replied that he would not miss “the politics of personal destruction”, and stated that while he intended to change the tone of Washington, he was unsuccessful (0:45).

 

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President Bush said that he has not yet decided whether he will use TARP funds to bail out the auto industry (0:26).

 

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Ellen Ratner interviews Maya Angelou on her new book, Letter to My Daughter. (4:40)

 

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The UN Secretary-General, Ban Ki-moon, rounded up the year of activities and said he looked hopeful for the year ahead. He underlined how this is has been a difficult year– a year of multiple crises and “the coming year promises to be no less difficult.”

He underscored that human rights, in the year of the 60th anniversary of the Universal Declaration of Human Rights, are our shared responsibility and we must deliver. “In 2008, our record has been mixed in the face of economic recession. Climate change must be high on the global agenda. But the real test is to increase political will and policy priorities among leaders in order to resolve many of these global challenge issues-poverty alleviation included.”

Responses to natural disasters in Myanmar and Haiti were swift, but Ki-moon said Myanmar’s government has not been cooperative in the dialogue for democracy.  And the Democratic Republic of Congo has seen further escalation of violence. Deployment in Darfur through the joint UN African Union force has been slow and still lacks mission critical assets like helicopters. Renewed fighting also makes the peace agreement between North and South Sudan strained. The UN has helped to mitigate the potentially explosive situation in Kosovo.

He also stressed the global food crisis no longer dominates news headlines but it has not gone away. Ki-moon also underscored that 2009 will be the year for climate change. He would like to see a shared vision for long term cooperation from states. “We have no time to waste. We must reach a global climate change deal by the end of the year.” He cited the European Union’s historic agreement that has pushed climate change at the top of the world’s arena. The Secretary-General will put climate change at the top of the UN’s agenda at the General Assembly and is hopeful the Obama administration will contribute to the policy-changes needed to promote green initiatives.

The Secretary-General believes that peace and security have steadily been created between Israel and the Palestinians–with the creation of the Quartet  to move ahead the Annapolis negotiations on a two-state solution. “Potentially, 2009 could be a year of peace in the Middle East.” He also stated that peace has steadily increased in Iraq with the reduction of insurgent attacks and with the upcoming elections in the new year.

In Zimbabwe, Ki-moon said the southern African community has tried to lead international development efforts with little results. “As I told the Security Council, we need a fast and fair resolution for the country.”

In Somalia, Ban Ki-moon would like to see a multi-national force to deal with piracy and humanitarian aid issues. He hoped the strengthening of African Union forces and training Somali forces will be the right course of action. In Afghanistan, he said the worsening humanitarian situation require a political agreement to reduce ongoing insurgent attacks. “We know only to well the consequences of failure. It is again, our responsibility to deliver.”

 

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President-elect Barack Obama declined to address recent allegations that Rahm Emanuel, the pick for White House Chief of Staff, presented embattled Illinois Governor Rod Blagojevich with a list of ‘acceptable’ candidates to replace Obama in the Senate.

“We’ve done a full review of this. The facts are going to be released next week. It would be inappropriate for me to comment,” said Obama during a press conference at Chicago’s Dodge Renaissance Academy.

Obama was similarly tight lipped over whether he would support a special election and stated that while he does not believe the Governor will be able to serve effectively, he will leave the decision to the State Legislature.

The President-elect also filled one his final high profile cabinet positions, nominating the head of the Illinois school system, Arne Duncan, as Education Secretary.

Obama touched upon Duncan’s reform credentials, explaining that the nominee improved teacher quality and rewarded school officials for gains in student achievements.

“He’s shut down failing schools and replaced their entire staffs – even when it was unpopular,” said Obama.

The President-elect linked an improvement in education with long term economic benefits.

“We cannot continue on like this.  It is morally unacceptable for our children – and economically untenable for America.  We need a new vision for a 21st century education system – one where we aren’t just supporting existing schools, but spurring innovation.”

Speaker of the House Nancy Pelosi (D-Calif.) touched upon the plan for an economic recovery package and explained how it will be different from Roosevelt’s New Deal.

“This is not a 1930s public works project: this is a broad band modernization of the grid initiative for the future. The only thing it has in common with the thirties is the bold and persistent experimentation of that era, the entrepreneurial spirit,” said Pelosi during her final press conference for the 110th Congress.

While the Speaker did not say for certain the cost of the package, she did allude to a recent meeting between the Democratic Caucus and a series of economists, including McCain economic advisor Mark Zandi, who all agreed that the intensifying economic crisis called for a robust stimulus package.

“Mark talked about 600 billion dollars … 400 billion for investments in infrastructure [and aid to the States] and 200 billion in tax cuts.”

Pelosi said that Democratic leadership in Congress has been communicating with the President elect, and is confident that they will arrive upon a consensus.

The Speaker also discussed the auto bailout and reaffirmed her view that Troubled Assets Relief Program (TARP) funds should be used to help the big 3 auto manufacturers. While the White House has been reluctant to use these funds, Pelosi believes the administration will not allow the companies to go bankrupt following Congress’ failure to pass legislation supporting the big 3.

As for the rest of TARP funds, Pelosi said that she has been working with Rep. Barney Frank (D-Mass.) to create legislation that would only give the Treasury Department the second half of TARP funds when the provisions of the initial legislation, namely the requirement to provide aid to those suffering from the housing crisis, are met.

“It was very clearly spelled out in the initial legislation that funds would be used for mortgage foreclosure forbearance. As you recall, there were no votes to pass this legislation … and it was only until we intensified the provisions that related to keeping people in their homes that this legislation even passed the House of Representatives,” said Pelosi.

“It has been totally ignored by the administration. Absolutely nothing has been done to respect that part of the legislation, which is the only part of the legislation that had support in the Congress and enabled it to pass.”

Representatives of the newly formed “Quartet” which includes Russia, the United States, the European Union and the United Nations released a statement in support of recent Security Council and Arab League resolutions that seek to boost the peace-building process between Israel and Palestine. Panelists included UN Secretary-General Ban Ki Moon, Russian Foreign Minister Sergei Lavrov, U.S. Secretary of State Condoleeza Rice, European Union head Javier Solana, European Commissioner Benita Ferrero-Waldner, and French representative Gerard Araud.

The Secretary-General, Ban Ki-Moon began the session by stating that the main goal of the Quartet is to seek a two-state solution for Israelis and Palestinians. The Quartet calls on all states to demonstrate their support for the peace process by contributing to an environment conducive to an end to the conflict. In this regard, it notes that lasting peace can only be based on an enduring commitment to freedom, security, justice, dignity, respect and mutual recognition.

 

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Democrats, liberals and other traditional President Bush detractors must always give credit where credit is due, and this time the president deserves the credit. He bucked his own party on the issue of immigration and worked closely with the Democrats to no avail on this major legislation. His own party fought him tooth and nail. He also stood up and supported real standards within the education system in the No Child Left Behind legislation. That legislation is far from perfect, but it is a start. He has confronted the part of his own party that does not believe in the loan, or bailout, that has been proposed for Detroit. Taking on senators who have supported him in the war and in domestic policy can’t be easy in the last month of his administration when he would like to leave with lots of goodwill.

He is about to turn on a green light for the $15 billion loan to the industry. It’s described by the White House as a bridge loan to somewhere, either financial solvency or a structured bankruptcy. Republican senators are shamelessly exploiting this national corporate debacle in an effort to get cheap political points at the expense of one of America’s core industries. That industry right now may be a handful of fat cat executives, but it’s also tens of millions of workers and retirees. This labeling, however, lets us forget that these workers and retirees are someone’s grandparents, parents, fathers, daughters, mother, sisters, brothers, sons and daughters. They represent family members of tens of millions of Americans. In short, this is a community problem, not too different from how your local church responds when there has been a fire, flood or some local tragedy in the neighborhood.

Sure, maybe the UAW should be looking at future cuts in pay and benefits, but my questions to the naysayers on this government loan are the following:

• When Honda and Toyota successfully sought to build plants in the South to access our markets, did we demand that they pay our workers what their counterparts were getting at General Motors, Chrysler or Ford? Did we hurt our own people for the benefit of Japanese corporate fat cats?
• Did we sweeten the deal for these foreign companies by offering them goodie bags full of land deals, specialized zoning and tax credits?
• How many factories does Detroit have in Japan? If the wages are so much less there then why hasn’t the Japanese government encouraged our automotive companies to come there? If there are none, then why not?
Does this seem fair to you? Of course not, but the Japanese model has been touted in America under the guise of “Detroit doesn’t get it.”
So, maybe President Bush has finally figured out that the free trade he and others have been touting really isn’t so free after all. The American workers in Detroit are realizing that their counterparts may be earning substandard wages and benefits just a few states away on a very similar assembly line. The challenge then isn’t to take more money from working people. It is to help them keep what they have and to still be part of the American dream. President Bush understands that, and he is providing the leadership we need in his final days.

Speaker of the House Nancy Pelosi (D-Calif.) says that she has been working with Rep. Barney Frank (D-Mass.) to create legislation that would only give the Treasury Department the second half of TARP funds when the provisions of the law, namely the requirement to provide aid to those suffering from the housing crisis, are met (0:20).

 

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