Thursday, September 23, 2010

Farce Threatens as Athletes Pull Out of India's Showcase Games

Oh Dear! Now folks might understand better how all the hype about India's vaunted rise to "major world power" status just manages to showcase the horrid state of our world. Any nation with such a rigid caste system, with such rigid class divisions -- and a history of corruption -- will be unmasked as a fraud if any real action is required of it.

Just the excuse that the collapsed bridge was not meant for either athletes or delegates, but for "the common man" says all you need to know.

Unfortunately, it seems the USA is going down that same road. It's not all the brown, black, poor, etc. folks that are the problem -- it's the new "masters of the universe", the ignorant MBA holders that can read a balance sheet -- but have np clue about running a business.

There was a time in America when the guys running a firm might have been vile, conservative, racist, assholoes -- but -- they knew their business, they understood something about what they were doing. They did not export jobs to places where people are incompetent.

Here in all its glory -- The 2010 Commonwealth Games: (follow link to original)


Farce Threatens as Athletes Pull Out of India's Showcase Games


By SUMON K. CHAKRABARTI / NEW DELHI Sumon K. Chakrabarti / New Delhi – Thu Sep 23, 3:15 am ET

The 2010 Commonwealth Games in New Delhi may have been intended to showcase India as a cosmopolitan emerging economic powerhouse, but with just 11 days to go, the event threatens to become a debacle of epic proportions. The collapse of a footbridge outside the flagship Jawaharlal Nehru stadium on Tuesday (which injured 30 people) and the caving in of the ceiling at the Games' weightlifting venue the following day appeared to symbolize the end of India's dream of hosting the "best ever" Commonwealth Games. Advanced parties dispatched to the venues by a number of participating countries have been so outraged by the hygiene and safety conditions at the athletes' village that they have threatened to withdraw from the event, and Commonwealth Games Federation President Michael Fennel will on Thursday hold emergency talks with India's Prime Minister Manmohan Singh in the hope of saving the games from degenerating into a farce. But Indian officials believe the complaints are wildly exaggerated, and some believe that unrealistic standards are being demanded of the organizers.

Indian organizers of the event are annoyed at Fennel, who they believe has changed his tone under pressure from some of the key participating countries. His previously upbeat assessment of preparations as recently as a month ago had given way to a harshly critical tone in a letter addressed by Fennel to India's cabinet secretary K. M. Chandrasekhar, appointed last month by the Prime Minister to oversee the Games' preparation after a litany of corruption allegations. (See what becomes of old Olympic stadiums.)

Many of the countries whose advanced parties has visited the facility have warned that "the Commonwealth Games Village is seriously compromised," Fennel wrote on Monday. Fennel changed his tone, a leading member of the Indian Organizing Committee alleged to TIME on conditions of anonymity, after some member associations had denounced conditions inside the Village as "unlivable". A meeting was held between the host committee and the Commonwealth Games Associations of Canada, New Zealand, Scotland, England and Wales on September 16 and September 17 to discuss the lack of "hygine, cleanliness and preparedness" of the residential areas of the Games' village. The minutes of that meeting, which TIME has seen, do little to support the claims by Indian organizers that New Delhi's Commonwealth Games would rival Beijing's 2008 Olympics.

The minutes reflect New Zealand's representative refusing to allow their athletes to use "these dirty and unhygienic bathrooms", which the English delegates called "disgusting". And Scotland pointed out that stray dogs loitered freely around the residential areas and even soiled beds in which athletes are expected to sleep by next week. There were piles of rubbish around the 34 apartment towers, delegates at the meeting complained, and some plumbing and wiring was not operational, while some ground-floor apartments were flooded and the standing water increased the risk of dengue fever - New Delhi is facing a major outbreak of the disease that has infected 2,450 people so far.(See pictures of India's turning points.)

With a number of countries having delayed the arrival of their teams because of the state of the athletes' Village, Fennel warned that "timely acceptable solutions to prepare for the arrival of athletes are of paramount importance." But the Indian organizers seem unfazed.

Urban Development Minister Jaipal Reddy, who is also the head of the Group of Ministers on the Commonwealth Games, was dismissive. "There are complaints about cleanliness and maintenance but these complaints are being addressed," said Reddy, whose ministry is responsible for most of the construction work around the Games, adding, "Some friends could be too finicky." Organizing Committee secretary general Lalit Bhanot even suggested that the problem was a cultural difference in standards of hygiene. "These rooms are clean to both you and us," Bhanot told reporters. "However, it may not appear so to some others. They want certain standards in hygiene and cleanliness which may differ from our perception."(Watch a video about Slumdog's opening in India.)

Chief Minister of Delhi, Sheila Dixit, couldn't understand the alarm raised by the bridge collapse. "The footbridge was not meant for athletes and delegates," she said on Tuesday. "It was for the use of common man." On Wednesday, she insisted that "minor hitches and glitches" would not prevent the Games from going ahead. But even as she was speaking, Scotland and Canada postponed the departure of their first parties of athletes for the Games, saying they hoped to give the organizers more time to address the problems.

New Zealand officials threatened to withdraw from the Games if the Village was deemed uninhabitable eleven days from now when the tournament is scheduled to begin, and indicated that they would support the decision of individual athletes to stay home. Australia took a similar position. A number of high profile individual athletes from England, Australia and Kenya have already withdrawn, citing health or security concerns, and more withdrawals are expected. Canada on Wednesday instructed its athletes to postpone plans to travel to India pending further review of conditions in New Delhi, and Wales took a similar stance.

Safety also remains a major concern for the 12-day sporting extravaganza scheduled to begin on October 3. India's Central Vigilance Commission warned in August that the infrastructure built for the Games is in poor shape, chiefly because of "large-scale corruption, usage of substandard material and repeated delays". The report warned that the games, expected to draw at least 150,000 spectators, could be hazardous for athletes and spectators. "There is no guarantee of quality of the work done for the games," the report warned, because quality certificates for much of the completed work are suspect or faked. "Electrical mishaps cannot be ruled out."

The footbridge and weightlifting venue collapses appear to have confirmed the Commission's premonitions. Even if it doesn't get any worse, the shambles on display this week suggests that India's best hopes for the Games have been sabotaged by corrupt and bungling officials.

Sumon K. Chakrabarti is the Chief National Correspondent of CNN-IBN

Wednesday, September 22, 2010

Some Funny stuff from Paul Krugnan

This from Paul Krugman's blog -- "Masters Of The Universe" -- bwahahahaha!! (follow link to original)

September 22, 2010, 5:58 pm
Waaaaah Street

A great piece about Wall Street rage by Max Abelson. Basically, they feel underappreciated. How dare Obama talk about fat cats, or suggest that runaway finance had something to do with the mess we’re in?

Bankers are offended. They speak of betrayal. Feelings have been hurt.

Did our nation’s elite always consist of such spoiled brats? I don’t think so. We’re in the new Gilded Age — but while the old robber barons said “The public be damned”, the new ones say “Ma! He’s looking at me funny!”

And these are the Masters Of The Universe

Sunday, September 19, 2010

This Week In Holy Crimes

This from Joe.My.God -- follow link for original


This Week In Holy Crimes

Over the last seven days...

Pennsylvania: Pastor Arthur Schirmer arrested for the murder of his wife. Schirmer is also suspected of having killed his first wife nine years ago.
Ontario: Father Kenneth Gibbs sued by five women for sexually abusing them as children. Last year Gibbs was convicted on eight counts of sexual assault.
Michigan: Pastor William Bendert arrested for attempting to have sex with a woman and her 11 year-old daughter. Bendert told the female undercover officer that he had lots of experience "training" young girls about sex.
Dominican Republic: Pastor Daniel Vasquez arrested for molesting 30 boys.
New Jersey: Father Charles P. Granstrand accused of child molestation.
Iowa: Rev. Timothy Parker confesses to child molestation of a female relative.
Britain: Pastor Malcolm Hoare on trial for molesting an 11 year-old girl.
Florida: Pastor Robert Riddle pleads no contest to embezzling $200K from his church.
Ontario: Father Alex Castillo accused of child molestation by two brothers.
Virginia: Pastor Jennifer Michelle Brennan convicted of unlawful sexual intercourse with a child.
Belgium: Father Eric Dejaeger may be extradited to Canada to face charges of child molestation. Dejaeger has been a fugitive since 2002.

This Week's Winner
California: Pastor Dino Cardelli has been arrested on multiple felony counts of sexual assault on a child under age 14. The victim is Cardelli's adopted daughter. His wife Nancy learned of the abuse in January of this year and committed suicide in March without reporting the attacks to police. Cardelli, who is being held in lieu of $750K bail, was an early proponent of Proposition 8 and signed Protect Marriage's vow to fight same-sex unions in California. Cardelli has been scrubbed from his church's website, but the Wayback Machine tells us that God personally told him to start his church. "During this visit, the Lord confirmed to Pastor Dino and his wife, Nancy, that He was calling them to start and Pastor the Calvary Chapel of Arcata." On his Facebook page, Cardelli is a member of Protect Marriage and the NOM affiliate One Man-One Woman. He faces 16 years in prison. Prosecutors have argued against lowering his bail, saying Cardelli has told family members he is prepared to flee to Canada with his victim.

The Rude Pundit

This from "The Rude Pundit" -- please follow link to original

I do not even have to make a comment -- just read it.


9/17/2010
America the Poorhouse:
In Fort Myers, Florida, the Salvation Army reports a 60% jump in families seeking its services.

In Tucscon, Arizona, a local soup kitchen has seen the number of people it serves nightly go from an 40 to 150-200.

In the last year, in Livingston County, Michigan, the number of people looking for food and cash assistance has risen by over 30%. In Jackson County, it's up over 24%.

In Texas, more than one out of every four kids under the age of 18 lives in poverty. That's higher than the national average of one out of every five. And over a quarter of the entire state is without health insurance. Charities there report 25-50% more demand for food and assistance since 2008.

In Steuben County, New York, homelessness has risen by 15% since 2009. And Catholic Charities says that it's serving 33% more people than last year.

In Minnesota, "At Families Moving Forward, a Minneapolis network of churches offering shelter to families with children, the number of calls for housing has shot up from 50 for every opening to 150."

According to the census, the poverty rate in the United States has risen from 13.2% in 2008 to 14.3% in 2009. For those of you doing math, that's one out of every seven Americans. Income has fallen. The number of people without health insurance has risen. Extended unemployment benefits are all that kept 3.3 million more people from falling below the cruel poverty line.

Oh, and by the way: "The top fifth of households accounted for 50.3% of all pre-tax income; the bottom two-fifths got 12%." When it comes to tax cuts and discretionary spending cuts, we're arguing about what now?

Saturday, September 18, 2010

KENNY DORHAM, Una Mas - parts 1 &2




Nina Simone - Funkier Than a Mosquito's Tweeter

Nina Simone Mood Indigo

Ella sings "Stormy Weather" with Joe Pass, Hannover 1975

Two GREAT musicians!


Spaniels - Stormy Weather

I remember all this stuff from the first time around. Damn!

Early Bluesy Rock and Roll - Lloyd Price - Lawdy Miss Clawdy

Early R&B : The Penguins : Hey Senorita

1955

The Penguins - Earth Angel

And now for something entirely different:

Divinyls "I TOUCH MYSELF" LIVE in CONCERT NYC 1991

This in honor of Christine O'Donnell.

"The public relations firm who had booked Christine O’Donnell on Face the Nation, CBS and Fox News Sunday, Fox says Christine O’Donnell will not be appearing on those news shows this Sunday. The public relations firm says it is so O’Donnell can attend a Republican rally events and picnics on Sunday.

Christine O’Donnell is the Republican candidate for the U.S. Senate in Delaware.

O’Donnell was warmly welcomed, applauded and given several standing ovations at the Values Voter Summit, in Washington DC on Friday. One of the people in the audience said that O’Donnell’s voice was better than Sarah Palin’s and that she was down to earth and not just some sweet talking politician.

On September 15th Citizens for Responsibility and Ethics in Washington, CREW, issued a statement concerning Christine O’Donnell.

“Ms. O’Donnell has had no discernable job for several years, and instead has lived the life of a professional candidate, using the generosity of her campaign donors for her support,” said Melanie Sloan, CREW Executive Director. “That may just be freeloading to most people, but it’s embezzlement for a federal candidate.”

“Ms. O’Donnell has demonstrated a disturbing pattern of fraud, lies and fiscal irresponsibility. On her campaign website she claimed to have graduated from a university years before she actually received her diploma – a mere two weeks ago. The IRS slapped liens against her to the tune of over $11,000, and records show that she has been essentially unemployed.”

“Rather, she has lived in her campaign office and makes a profit by renting out rooms – in clear violation of campaign finance law. Ms. O’Donnell also lied when claimed she had won two counties in her 2008 Senate race against Senator Biden and when caught, lied again claiming the two had tied. In essences, Ms. O’Donnell has demonstrated a total disregard of ethics and integrity.”

We asked the producers that CBS and Fox News if O’Donnell would be questioned about the statements made by CREW. Neither news organization responded to our questions.

“It’s hard to argue with records that say they were IRS liens. And it’s not that difficult to find out if somebody has been employed or unemployed. And there’ll also be a paper trail if she lived in her campaign office and rented out rooms there. It seems really likely that the reporters on those two news Shows would ask questions about those issues.” That according to Michael Adams and investigative reporter." (This from News Hawk Review - News Update)


Friday, September 17, 2010

125

Press Releases
North Shore Bank, FSB, Brookfield, Wisconsin, Assumes All of the Deposits of Maritime Savings Bank, West Allis, Wisconsin

FOR IMMEDIATE RELEASE
September 17, 2010
Media Contact:
LaJuan Williams-Young
Office: (202) 898-3876
Email: Lwilliams-young@fdic.gov

Maritime Savings Bank, West Allis, Wisconsin, was closed today by Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with North Shore Bank, FSB, Brookfield, Wisconsin, to assume all of the deposits of Maritime Savings Bank.

The nine branches of Maritime Savings Bank will reopen during normal business hours, beginning Saturday as branches of North Shore Bank, FSB. Depositors of Maritime Savings Bank will automatically become depositors of North Shore Bank, FSB. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Maritime Savings Bank should continue to use their existing branch until they receive notice from North Shore Bank, FSB that it has completed systems changes to allow other North Shore Bank, FSB branches to process their accounts as well.

This evening and over the weekend, depositors of Maritime Savings Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Maritime Savings Bank had approximately $350.5 million in total assets and $248.1 million in total deposits. North Shore Bank, FSB did not pay the FDIC a premium to assume all of the deposits of Maritime Savings Bank. In addition to assuming all of the deposits of the failed bank, North Shore Bank, FSB agreed to purchase approximately $177.6 million of the failed bank's assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-355-0650. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/maritimesavings.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $83.6 million. Compared to other alternatives, North Shore Bank, FSB's acquisition was the least costly resolution for the FDIC's DIF. Maritime Savings Bank is the 125th FDIC-insured institution to fail in the nation this year, and the first in Wisconsin. The last FDIC-insured institution closed in the state was Bank of Elmwood, Racine, on October 23, 2009.

124

Press Releases
Foundation Bank, Cincinnati, Ohio, Assumes All of the Deposits of Bramble Savings Bank, Milford, Ohio

FOR IMMEDIATE RELEASE
September 17, 2010
Media Contact:
LaJuan Williams-Young
Office: (202) 898-3876
Email: lwilliams-young@fdic.gov

Bramble Savings Bank, Milford, Ohio, was closed today by the Ohio Division of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Foundation Bank, Cincinnati, Ohio, to assume all of the deposits of Bramble Savings Bank.

The sole branch of Bramble Savings Bank will reopen on Saturday as a branch of Foundation Bank. Depositors of Bramble Savings Bank will automatically become depositors of Foundation Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Bramble Savings Bank should continue to use their existing branch until they receive notice from Foundation Bank that it has completed systems changes to allow other Foundation Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Bramble Savings Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Bramble Savings Bank had approximately $47.5 million in total assets and $41.6 million in total deposits. Foundation Bank did not pay the FDIC a premium to assume all of the deposits of Bramble Savings Bank. In addition to assuming all of the deposits of the failed bank, Foundation Bank agreed to purchase essentially all of the failed bank's assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-355-0814. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/bramblesavings.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.6 million. Compared to other alternatives, Foundation Bank's acquisition was the least costly resolution for the FDIC's DIF. Bramble Savings Bank is the 124th FDIC-insured institution to fail in the nation this year, and the second in Ohio. The last FDIC-insured institution closed in the state was American National Bank, Parma, on March 19, 2010

121, 122, 123

Press Releases
Community & Southern Bank, Carrollton, Georgia, Assumes All of the Deposits of Three Georgia Institutions
Bank of Ellijay, Ellijay, First Commerce Community Bank, Douglasville, and The Peoples Bank, Winder

FOR IMMEDIATE RELEASE
September 17, 2010
Media Contact:
LaJuan Williams-Young
Phone: (202) 898-3876
Email: lwilliams-young@fdic.gov

Community & Southern Bank, Carrollton, Georgia, acquired the banking operations, including all the deposits, of three Georgia-based institutions. The Bank of Ellijay, Ellijay, First Commerce Community Bank, Douglasville, and The Peoples Bank, Winder, were closed by the Georgia Department of Banking and Finance, and the FDIC was named receiver for each institution. The failed institutions were not affiliated with one another. To protect depositors, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with Community & Southern Bank.

All of the branches of the three closed institutions will reopen as branches of Community & Southern Bank under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of Community & Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Bank of Ellijay has two branches (including the branch called Bank of Canton, which is a division of the Bank of Ellijay) in Georgia, First Commerce Community Bank has two branches in Georgia, and The Peoples Bank has 14 branches in Georgia. Customers of the failed institutions should continue to use their former branches until they receive notice from Community & Southern Bank that it has completed systems changes to allow other Community & Southern Bank branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Loan customers should continue to make their payments as usual.

As of June 30, 2010, Bank of Ellijay had total assets of $168.8 million and total deposits of $160.7 million; First Commerce Community Bank had total assets of $248.2 million and total deposits of $242.8 million; and The Peoples Bank had total assets of $447.2 million and total deposits of $398.2 million. Community & Southern Bank will pay the FDIC a premium of 1.0 percent to acquire all of the deposits of the Bank of Ellijay and First Commerce Community Bank. They also will pay the FDIC a premium of 1.25 percent to acquire all of the deposits of The Peoples Bank. Besides assuming all the deposits from the three Georgia institutions, Community & Southern Bank will purchase virtually all the failed banks' assets.

The FDIC and Community & Southern Bank entered into a loss-share transaction on approximately $602.5 million of the failed institutions' assets. Community & Southern Bank and the FDIC will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transactions can call the FDIC toll free: for Bank of Ellijay customers, 1-800-930-1849; for First Commerce Community Bank customers, 1-800-234-9027; and for The Peoples Bank customers, 1-800-357-7599. The phone numbers will be operational this evening until 9:00 p.m. EDT; on Saturday from 8:00 a.m. to 6:00 p.m. EDT; on Sunday from noon until 6:00 p.m. EDT; and thereafter from 8:00 a.m. to 8:00 p.m. EDT. Interested parties can also visit the FDIC's Web site: for Bank of Ellijay, http://www.fdic.gov/bank/individual/failed/ellijay.html; for First Commerce Community Bank, http://www.fdic.gov/bank/individual/failed/firstcommerce_ga.html; and for The Peoples Bank, http://www.fdic.gov/bank/individual/failed/peoplesbank_ga.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Bank of Ellijay will be $55.2 million; for First Commerce Community Bank, $71.4 million; and for The Peoples Bank, $98.9 million. Community & Southern Bank's acquisition of all the deposits the three institutions was the least costly option for the FDIC's DIF compared to alternatives. These failures bring the total number of failures to 123 for the nation and to 14 for Georgia. Prior to these failures, the last bank closed in the state was Northwest Bank & Trust, Acworth, on July 31, 2010

late again

Got involved watching the N.Y. Yankees baseball game -- and a thrilling game it was, won by A-Rod in the top of the ninth, with a 1-2-3 save by Mariano in the bottom. Good win.

The Tax Cut Racket

This by Paul Krugman in The New York Times -- Please follow link to original.

(Note: Though I do not have that many readers -- it's still important for all who do read this to go to Krugman's blog and bookmark it ----- DON'T MAKE ME SAY IT AGAIN!!)


Op-Ed Columnist
The Tax-Cut Racket
By PAUL KRUGMAN
Published: September 16, 2010

“Nice middle class you got here,” said Mitch McConnell, the Senate minority leader. “It would be a shame if something happened to it.”

O.K., he didn’t actually say that. But he might as well have, because that’s what the current confrontation over taxes amounts to. Mr. McConnell, who was self-righteously denouncing the budget deficit just the other day, now wants to blow that deficit up with big tax cuts for the rich. But he doesn’t have the votes. So he’s trying to get what he wants by pointing a gun at the heads of middle-class families, threatening to force a jump in their taxes unless he gets paid off with hugely expensive tax breaks for the wealthy.

Most discussion of the tax fight focuses either on the economics or on the politics — both of which suggest that Democrats should hang tough, for their own sakes as well as that of the country. But there’s an even bigger issue here — namely, the question of what constitutes acceptable behavior in American political life. Politics ain’t beanbag, but there’s a difference between playing hardball and engaging in outright extortion, which is what Mr. McConnell is now doing. And if he succeeds, it will set a disastrous precedent.

How did we get to this point? The proximate answer lies in the tactics the Bush administration used to push through tax cuts. The deeper answer lies in the radicalization of the Republican Party, its transformation into a movement willing to put the economy and the nation at risk for the sake of partisan victory.

So, about those tax cuts: back in 2001, the Bush administration bundled huge tax cuts for wealthy Americans with much smaller tax cuts for the middle class, then pretended that it was mainly offering tax breaks to ordinary families. Meanwhile, it circumvented Senate rules intended to prevent irresponsible fiscal actions — rules that would have forced it to find spending cuts to offset its $1.3 trillion tax cut — by putting an expiration date of Dec. 31, 2010, on the whole bill. And the witching hour is now upon us. If Congress doesn’t act, the Bush tax cuts will turn into a pumpkin at the end of this year, with tax rates reverting to Clinton-era levels.

In response, President Obama is proposing legislation that would keep tax rates essentially unchanged for 98 percent of Americans but allow rates on the richest 2 percent to rise. But Republicans are threatening to block that legislation, effectively raising taxes on the middle class, unless they get tax breaks for their wealthy friends.

That’s an extraordinary step. Almost everyone agrees that raising taxes on the middle class in the middle of an economic slump is a bad idea, unless the effects are offset by other job-creation programs — and Republicans are blocking those, too. So the G.O.P. is, in effect, threatening to plunge the U.S. economy back into recession unless Democrats pay up.

What kind of political party would engage in that kind of brinksmanship? The answer is the same kind of party that shut down the federal government in 1995 in an attempt to force President Bill Clinton to accept steep cuts in Medicare, and is actively discussing doing the same to Mr. Obama. So, as I said, the deeper explanation of the tax-cut fight is that it’s ultimately about a radicalized Republican Party, which accepts no limits on partisanship.

So should Democrats give in?

On the economics, the answer is a clear no. Right now, fears about budget deficits are overblown — but that doesn’t mean that we should completely ignore deficit concerns. And the G.O.P. plan would add hugely to the deficit — about $700 billion over the next decade — while doing little to help the economy. On any kind of cost-benefit analysis, this is an idea not worth considering.

And, by the way, a compromise solution — temporary tax breaks for the rich — is no better; it would cost less, but it would also do even less for the economy.

On the politics, the answer is also a clear no. Polls show that a majority of Americans are opposed to maintaining tax breaks for the rich. Beyond that, this is no time for Democrats to play it safe: if the midterm election were held today, they would lose badly. They need to highlight their differences with the G.O.P. — and it’s hard to think of a better place for them to take a stand than on the issue of big giveaways to Wall Street and corporate C.E.O.’s.

But what’s even more important is the principle of the thing. Threats to punish innocent bystanders unless your political rivals give you what you want have no legitimate place in democratic politics. Giving in to such threats would be an economic and political mistake, but more important, it would be morally wrong — and it would encourage more such threats in the future.

It’s time for Democrats to take a stand, and say no to G.O.P. blackmail.

We're up to 120!

Press Releases
New Century Bank, Phoenixville, Pennsylvania, Assumes All of the Deposits of ISN Bank, Cherry Hill, New Jersey

FOR IMMEDIATE RELEASE
September 17, 2010
Media Contact:
LaJuan Williams-Young
Office: (202) 898-3876
Email: Lwilliams-young@fdic.gov

ISN Bank, Cherry Hill, New Jersey, was closed today by the New Jersey Department of Banking and Insurance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customers Bank), Phoenixville, Pennsylvania, to assume all of the deposits of ISN Bank.

The sole branch of ISN Bank will reopen on Monday as a branch of Customers Bank. Depositors of ISN Bank will automatically become depositors of Customers Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of ISN Bank should continue to use their existing branch until they receive notice from New Century Bank that it has completed systems changes to allow other New Century Bank branches to process their accounts as well.

This evening and over the weekend, depositors of ISN Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2010, ISN Bank had approximately $81.6 million in total assets and $79.7 million in total deposits. New Century Bank did not pay the FDIC a premium to assume all of the deposits of ISN Bank. In addition to assuming all of the deposits of the failed bank, New Century Bank agreed to purchase essentially all of the failed bank's assets.

The FDIC and New Century Bank entered into a loss-share transaction on approximately $64.8 million of ISN Bank's assets. New Century Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-3067. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/isnbank.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be approximately $23.9 million. Compared to other alternatives, New Century Bank's acquisition was the least costly resolution for the FDIC's DIF. ISN Bank is the 120th FDIC-insured institution to fail in the nation this year, and the first in New Jersey. The last FDIC-insured institution closed in the state was First BankAmericano, Elizabeth, on July 31, 2009