Polk County Enterprise (Livingston, Tex.), Vol. 126, No. 81, Ed. 1 Thursday, October 2, 2008 Page: 4 of 16
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PAGE4A
OPINIONS .
THE POLK COUNTY ENTERPRISE THURSDAY, OCTOBER & MOB
....
strong as Wall St. deflates
4l£TIN - With the U.S. Congress
on tn$ verge of passing a Wall Street
baikput bill what repercussions lie
in store for America remain to be
seepyv ,1-1A
Reports of troubled financial
markets, cause uneasiness or cast
gloom! Here in Texas, however,
there appears to be a bright spot
despite the financial turmoil.
The outlook for Texas-based
banks is strong, members of the
Independent Bankers Association
of Texas reported during the group’s
34th annual convention Sept. 20-
23.
Surveys conducted among
the membership of the'nation's
largest state community banking
organization showed that member
banks are well capitalized and in
good financial shape.
’Texas community banks did not
participate in the exotic mortgage
frenzy that created so much havoc
across the nation," IBAT chairman
Cliff McCauley said. ‘They stayed
pretty much with the types of lending
they have done for years, to local
consumers and small businesses.”
A small percentage ofTexas-based
banks will experience some losses
related to the financial crisis, but the
survey showed that none will be
damaged significantly.
McCauley said the Texas economy
is still strong and people still want
to live in the Lone Star State.
“Job growth, tax revenues, new
construction, home sales - while
no doubt impacted by the overall
slowdown in the national economy
• are still the envy of the rest of the
nation.
“Many of our members see an
increase in business opportunities
as consumers seek stability and
the comfort of doing business with
someone who knows them and
actually cares about their financial
well- being,” McCauley said.
The Independent Bankers
Assentation of Texas represents
sOmc, 2,000 Texas domiciled banks
and branches. McCauley is executive
vice president of San Antonio-
based Frost Bank, with 91 branches
ihroughd|t the state.
Hurricane recovery forges ahead
Now, rhore than two weeks since
Hurricane Ike tore through Texas
Sept. $-14, we’re still in the early
stages of recovery. Ike claimed 27
live! in Texas and damages may
reabh billion.
Repair,debris removal and salvage
crews are hard at work. Aerial
spray ing for mosquitos is under way.
But ifhaid-hit Galveston, water
and electrical services are not fully
restored.
FEMA and HUD are helping
displaced Texans find temporary
housingand the Department of Labor
approved a $16 million federal grant
to fund 600 temporary positions
HIGHLIGHTS
By Ed Sterling
to assist in clcan-up and recovery
efforts.
On Sept. 23 in Washington, D.C.,
Lt. Gov. David Dewhurst testified
before a U.S. Senate subcommittee
on disaster recovery.
After acknowledging that Texas
was granted 100 percent federal
cost share for evacuees for 30 days,
Dewhurst said, “Senators, 30 days is
a real hardship. The city of Galveston
with 57,000 inhabitants, the city
of Orange with more than 18,500
inhabitants, plus other heavy impact
areas, are wiped out.
“Most homes and businesses have
been damaged. Most electricity
remains out. Most water and
treatment facilities are damaged.
Most sewage service and treatment
facilities are down.
“It is estimated to take up to six
months to make Galveston, Orange
and other heavy-impact areas totally
habitable.
“Texas respectfully asks that
Individual Assistance be extended
until the heavy impact areas are
rebuilt and totally habitable. Again,
treat us as Louisiana was afforded
after Katrina.”
Insurers win in Sunset vote
At a Sept. 24 meeting of the Texas
Sunset Commission, lawmakers
deadlocked on a proposal to require
the state’s five largest insurance
companies to wait at least 30 days
before raising rates on homeowners'
insurance.
The deadlock translates to a win
for insurance companies, so they
will be able to increase rates without
approval from the state of Texas.
The proposal requiring a waiting
period to raise rates was made by
Sen. Juan “Chuy” Hinojosa, D-
McAllen, who noted that Texans pay
the nation’s highest rates.
Evidence preservation is topic
The collection, storage and
preservation of evidence were
discussed at a Sept. 25 meeting of
the Texas Criminal Justice Integrity.
Unit. State Rep. Jim McReynolds,
D-Lufkin, said he is concerned
about wrongful convictions and the
need for proper storage of biological
evidence.
Americans gag on Wall Street’s bailout
Whoa! The Wall Street bailout
bill was so nasty that even Congress
gagged.
Still, the White House,
congressional leaders and banking
lobbyists are likely to twist enough
arms and add enough artificial
sweeteners to make Congress choke
it down. But this doesn’t obscure the
fact that the bailout is a disgusting
glob of corporate welfare.
A sign of just how bad it is
came from the incredible last-
minute effort to disguise it as a
populist proposal. “The rescue
we’re negotiating,’.’ declared George
W. in a Saturday radio broadcast,
“is not aimed at Wall Street; it is
aimed at your street.” Surely he had
to strain to suppress a guffaw when
he let that one loose.
In fact, even before Monday’s
vote, the administration’s rescue
was having a decidedly anti-populist
impact that both Washington and
Wall Street don’t want you to
notice: the elimination of banking
competition. In the past several days,
with no input from the public, there’s
been a drastic reduction in banking
choices for consumers and borrowers
— and more shrinkage is coming as
Treasury Secretary Henry Paulson
unilaterally rolls out his scheme.
On Monday — poof! —
Wachovia, the nation’s fourth-
largest bank, disappeared, forced by
JIM HIGHTOWER
federal regulators into the maw of
Citigroup. Last week, Washington
Mutual was pushed into JPMorgan
Chase. Ten days earlier, Merrill
Lynch was consumed by Bank of
America. The three behemoths
doing the swallowing now dominate
nationwide, wielding unrivaled
power to set fees and interest rates
on our credit cards, mortgages,
checking accounts, local business
loans and every other banking
product.
Rather than using the assets
of failing banks to establish new
competitors, the corporate mindset of
Paulson (who came to his job straight
from the Wall Street powerhouse of
Goldman Sachs) is to consolidate
America’s banking power into ever
fewer, ever bigger hands. His ally
is fear, which the White House has
been feverishly pumping out.
“This sucker could go down,”
Bush shrieked a week ago in a
meeting with congressional leaders.
Don’t question us, is the message
— even as they rush to impose
monopolistic banking power on
“your street.”
Particularly pathetic has been the
performance of Democratic leaders
in Congress. Yes, they did take an
awful bill and make it somewhat
less awful. But is that the best they
have to offer? I mean, you can put
earrings on a hog, but it doesn’t hide
the ugliness.
Take the Democrats’ signature
reform: limiting the pay that CEOs
of bailed-out banks can grab. Good
idea! But the actual language of the
bill provides a super-sized loophole,
allowing executives who already
have an obscenely high pay package
and a golden parachute to keep every
dime. The “restriction” is limited to
new contracts for CEOs, and even
then it affects only the few banks
that the government will actually
take over.
Worse, though, is the shameful
failure of either party to stand up for
homeowners. Wall Street gets real
cash, while the rest of us are given
vague promises that credit might
loosen up someday and that some
banks might voluntarily renegotiate;
the home loans that are crushing so j
many families.
Congress could have made one.
change that would keep families in'
their homes, halt the downward slide;
of housing prices antfeoit taxpayers;
nothing. What is it? Simply allows
bankruptcy judges to reduce the;
mortgage payments of distressed!
families (currently, every kind of
loan can be adjusted in bankruptcy
court — except the mortgage on
your home).
This alternative was proposed, but
the same bankers who were standing
in line for their bailout howled
in protest. Republicans joined
the howling; ahd astonishingly,'
Democratic leaders meekly
capitulated, surrendering an effective
reform that would have put them on
the side of ordinary folks.
In Monday's effort to ram the
bailout bill into law, one House
leader cried, ‘There are no other
choices - no other alternatives."
What he meant is that there am not
alternatives that come with Wall
Street’s seal of approval — your
street be damned.
To find out more about Jim Hightower,
and read features by other Creators
Syndicate writers and cartoonists, visit
the Creators Syndicate web page at
www.creaSors.com. COPYRIGHT 20UH
CREATORS SYNDICATE INC.
LETTERS TO THE EDITOR
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POLKGOTNTY
WEBSITE: www.EMtTfcxaiNtwt.Can
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ters to the Editor Policy
,)()Tfte Polk County Enterprise encourages readers to submit letters
expresslhg their views and opinions. The letters will be published in
the Enterprise’s “Letters to the editor” column on Thursday or Sun-
day.
The letters may be written on any subject or issue of general inter-
est.
Letters must be accompanied by a name and mailing address and
will be subject to editing for grammar, punctuation, spelling and
length.
Utters must include a telephone number for verification. We will
not publish the telephone number.
Readers should keep their letters brief and to the point. Each letter
should contain no more than 650 words. Utters exceeding that length
will be subject to editing or withheld from publication. Utters will
also be subject to editing for libelous statements and commercialism.
This column is not meant as a forum for political candidates, al-
though we welcome comments from the public concerning campaign
issues. During election campaigns, we will not allow reference to spe-
cific local candidates.
Utters may be submined in person; mailed to “Utters to the edi-
tor,” Polk County Enterprise, P.O. Box 1276, Livingston, TX *77351;
sent by fax to (936) 327-7156 or sent-via e-mail to polkrwwstfgmail.
com.
Deadline for letters is 5 p.m. Tuesday for Thursday’s newspaper and
noon Friday for Sunday’s newspaper. ' *
Respect human life
most of all
What a fascinating juxtaposition
of letters to the editor in Sunday’s
Enterprise! The letter by Mr. Palmer
Cameron encourages the observation
of “World Farm Animals Day"
(WFAD) on Oct. 2, while Mrs. Karen
Cobum urges us to observe Sunday,
Oct. 5 as “Respect Life Sunday”
(human life, that is) and participate
in the annual Polk County LifeChain
that afternoon from 2 to 3 p.m.
On the surface, these two
events seem to share in common
a commitment to life, but closer
examination shows that their
underlying philosophies differ
greatly.
I do not know Mr. Cameron’s
personal philosophy on these
matters, so I do not want to insinuate
that he subscribes to what follows.
Generally speaking, however, the
animal rights movement, and events
such as WFAD, base their teachings
and actions on the principle that
there is no moral distinction between
animals and humans.
Dr. Peter Singer, author of the
book Animal Liberation, which is
considered by many to be the “bible"
of the animal rights movement,
writes that “humans and animals are
equal in the sense that the fact that a
being is human does not mean that
we should give the interests bf that
being preference over the similar
interests of other beings.
That would be speciesism, and
wrong'TOf the same reasons that
racism and sexism are wrong. Pain
is equally bad, if it is felt by a human
being or a mouse. We should treat
beings as individuals, rather than as
members of a species.”
The same Dr. Singer is an ardent
supporter of the right to abortion on
demand and even infanticide. He has
written, “Killing a defective infant
is not morally equivalent to killing
a person. Sometimes it is not wrong
at all.” He does not consider infants
to be persons until they have reached
a certain level of consciousness
about the future; until that time, he
considers them fit to be slaughtered
at the will of the parents. With that
view on the status of a newborn, you
can imagine what he considers the
status of unborn babies to be.
I am not accusing ail supporters
of animal rights or WFAD of
holding to the same positions as Dr.
Singer, nor do 1 want to promote
cruelty to animals (a phrase which,
lamentably, is open to almost
limitless interpretation). However, I
mention the philosophy of Dr. Singer
in order to challenge everyone to
research and examine the history and
principles undergirding the animal
rights movement. You will find that
the animal rights movement is not
based on the biblical view of the
world that human life is created in
the image of God and therefore is
sacred, and a moral distinction is
made between Man and beast.
I commend Mrs. Cobum and the
Life Chain organization for promoting
the view which upholds human life
as sacred, and therefore, most worthy
of respect and concern.
The greatest moral crisis of our ti me
is the disrespect—no, hatred-shown
toward human life by advocates
of abortion and related evils like
infanticide and euthanasia.
One need not be^ Christian to
view such altactfson human-life
as abominable, but faith in the
wonderful news of the incarnation of
God the Son does escalate our sense
of sadness and horror. God loved us
enough to unite Himself permanently
with mankind in the flesh of Jesus
Christ! His conception in the womb
of the Virgin Mary, perfect life,
suffering, death, and resurrection has
merited eternal life for all sinners.
In response to God's gracious
bestowal of temporal and eternal life,
how can we be anything but pro-life
in all that we say and do? With that
in mind, I urge you all to consider
participation in, and prayer for, the
Polk County Life Chain on Oct. 5.
Sincerely,
Carl Roth
Livingston
Neighbors cleared
road of storm debris
I just want to say thank you to a
bunch of our neighbors who worked
so hard to clear the trees from
Menard Chapel Road. We could not
have gotten to our homes if not for
their making the road passable.
Thanks to Ricky Redden, John
Hill, Patrick Dillon, Jack Neff, Shane
Burnette, Mr. James, Michael Brown
and a couple of friends of theirs.
Good job — good neighbors.
D.Roberds
Wall Street troubles
not a crisis
Dear Editor,
Lately we .have been urged to
urge the House of Representatives
and the Senate to support a financial
'bailout'bill.
Both Senator McCain and Senator
Obama have urged us to urge others
to pass thq ‘bailout* bill.
Both McCain and Obama halve
received ample campaign donations
from employees and others connected
with or working directly for the vfcry
same companies that the ‘bailout’
would help.
Today I learned a friend had
his jaw blown off when he was
performing inspections at achemical
plant-that is a real crisis.
Also today - another family friend
and my mother-in-law just entered
the ‘donut hole’ which is code for
having to pay out food and rent
money for necessary medicine to
keep them alive because Medicare *
and Social Security only pay part
of the costs each year. That is a real
crisis.
Wall Street is not a crisis.
Very rich people were trading
mortgages of fixed worth at many
times their true value. Imagine
someone selling your 100,000dollar
mortgage for250,000dollars. That's
stupid, right? That’s the sort of thing
they were doing.
Now these very rich people want
people like my wounded Mend and
my elderly friend and my mother-in-
law to pay fortheircaviar, their kids’
tuition and (he new car.
On September II, 2001 Mayor
Giuliani urged firemen to run into
the World Trade Center while it was
fallingdowa, .!■•;”
They died along with many
citizens.
September 30, 2008 President
Bush is urging us into 3Mdl Street.
Sincerely,
aIAbmI Rrack
■ fS!! mST
Wayne, Mien.
i
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Reddell, Valerie. Polk County Enterprise (Livingston, Tex.), Vol. 126, No. 81, Ed. 1 Thursday, October 2, 2008, newspaper, October 2, 2008; Livingston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth820694/m1/4/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Livingston Municipal Library.