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New Yorker Cover, October 6, 2008
"I should like to paint the portrait of an artist friend, a man who dreams great dreams.... I paint him as he is, as faithfully as I can to begin with.
"But the picture is not yet finished. To finish it, I am now going to be the arbitrary colorist. I exaggerate the fairness of the hair, I even get to orange tones and pale citron yellow. Behind the head, instead of painting the ordinary wall of the mean room, I paint infinity, a plain background of the richest, intensest blue that I can contrive, and by this simple combination of the bright head against the rich blue background, I get a mysterious effect, like a star in the depths of an azure sky."
- Vincent Van Gogh, 11 August 1888, Letters 3:6.
Obama Statement on Treasury Proposal
Full text of Barack Obama's statement of principles for the Treasury proposal:
"The era of greed and irresponsibility on Wall Street and in Washington has led to a financial crisis as profound as any we have faced since the Great Depression.
"But regardless of how we got here, the circumstances we face require decisive action because the jobs, savings, and economic security of millions of Americans are now at risk.
"We must work quickly in a bipartisan fashion to resolve this crisis and restore our financial sector so capital is flowing again and we can avert an even broader economic catastrophe. We also should recognize that economic recovery requires that we act, not just to address the crisis on Wall Street, but also the crisis on Main Street and around kitchen tables across America.
"But thus far, the Administration has only offered a concept with a staggering price tag, not a plan.
"Even if the Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects some basic principles.
No blank check. If we grant the Treasury broad authority to address the immediate crisis, we must insist on independent accountability and oversight. Given the breach of trust we have seen and the magnitude of the taxpayer money involved, there can be no blank check.
Rescue requires mutual responsibility. As taxpayers are asked to take extraordinary steps to protect our financial system, it is only appropriate to expect those institutions that benefit to help protect American homeowners and the American economy. We cannot underwrite continued irresponsibility, where CEOs cash in and our regulators look the other way. We cannot abet and reward the unconscionable practices that triggered this crisis. We have to end them.
Taxpayers should be protected. This should not be a handout to Wall Street. It should be structured in a way that maximizes the ability of taxpayers to recoup their investment. Going forward, we need to make sure that the institutions that benefit from financial insurance also bear the cost of that insurance.
Help homeowners stay in their homes. This crisis started with homeowners and they bear the brunt of the nearly unprecedented collapse in housing prices. We cannot have a plan for Wall Street banks that does not help homeowners stay in their homes and help distressed communities.
A global response. As I said on Friday, this is a global financial crisis and it requires a global solution. The United States must lead, but we must also insist that other nations, who have a huge stake in the outcome, join us in helping to secure the financial markets.
Main Street, not just Wall Street. The American people need to know that we feel as great a sense of urgency about the emergency on Main Street as we do the emergency on Wall Street. That is why I call on Senator McCain, President Bush, Republicans and Democrats to join me in supporting an emergency economic plan for working families - a plan that would help folks cope with rising gas and food prices, save one million jobs through rebuilding our schools and roads, help states and cities avoid painful budget cuts and tax increases, help homeowners stay in their homes, and provide retooling assistance to help ensure that the fuel-efficient cars of the future are built in America.
Build a regulatory structure for the 21st Century. While there is not time in a week to remake our regulatory structure to prevent abuses in the future, we should commit ourselves to the kind of reforms I have been advocating for several years. We need new rules of the road for the 21st Century economy, together with the means and willingness to enforce them.
"The bottom line is that we must change the economic policies that led us down this dangerous path in the first place. For the last eight years, we've had an "on your own-anything goes" philosophy in Washington and on Wall Street that lavished tax cuts on the wealthy and big corporations; that viewed even common-sense regulation and oversight as unwise and unnecessary; and that shredded consumer protections and loosened the rules of the road. Ordinary Americans are now paying the price. The events of this week have rendered a final verdict on that failed philosophy, and it is a philosophy I will end as President of the United States."
- Barack Obama
Sydney H. Schanberg, a journalist for nearly 50 years, has written extensively on foreign affairs--particularly Asia--and on domestic issues such as ethics, racial problems, government secrecy, corporate excesses and the weaknesses of the national media.
Most of his journalism career has been spent on newspapers but his award-winning work has also appeared widely in other publications and media. The 1984 movie, The Killing Fields, which won several Academy Awards, was based on his book The Death and Life of Dith Pran - a memoir of his experiences covering the war in Cambodia for the New York Times and of his relationship with his Cambodian colleague, Dith Pran.
For his accounts of the fall of Cambodia to the Khmer Rouge in 1975, Schanberg was awarded the Pulitzer Prize for international reporting "at great risk." He is also the recipient of many other awards - including two George Polk awards, two Overseas Press Club awards and the Sigma Delta Chi prize for distinguished journalism.
"John McCain, who has risen to political prominence on his image as a Vietnam POW war hero, has, inexplicably, worked very hard to hide from the public stunning information about American prisoners in Vietnam who, unlike him, didn't return home. Throughout his Senate career, McCain has quietly sponsored and pushed into federal law a set of prohibitions that keep the most revealing information about these men buried as classified documents. Thus the war hero who people would logically imagine as a determined crusader for the interests of POWs and their families became instead the strange champion of hiding the evidence and closing the books.
Almost as striking is the manner in which the mainstream press has shied from reporting the POW story and McCain's role in it, even as the Republican Party has made McCain's military service the focus of his presidential campaign. Reporters who had covered the Vietnam War turned their heads and walked in other directions. McCain doesn't talk about the missing men, and the press never asks him about them.
The sum of the secrets McCain has sought to hide is not small. There exists a telling mass of official documents, radio intercepts, witness depositions, satellite photos of rescue symbols that pilots were trained to use, electronic messages from the ground containing the individual code numbers given to airmen, a rescue mission by a special forces unit that was aborted twice by Washington—and even sworn testimony by two Defense secretaries that "men were left behind." This imposing body of evidence suggests that a large number—the documents indicate probably hundreds—of the US prisoners held by Vietnam were not returned when the peace treaty was signed in January 1973 and Hanoi released 591 men, among them Navy combat pilot John S. McCain."...
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It's people just like you who will transform this nation.
Thanks,
Barack