Hoist by their own petard

In 2004, John Kerry, a Democrat US Senator from Massachusetts, was running for President. The Governor of Massachusetts at the time was Mitt Romney, a Republican. The Democrats were worried that if Kerry won, Romney would appoint a Republican to replace him. So, they passed a law that says if a US Senate seat is vacated, the Governor can't do anything about it. A special election must be called to fill the vacancy.

Fast-forward to today. Senator Edward Kennedy's favorite bit of legislation (health care reform) is up for consideration. His health is failing fast. The Democrats have a majority in the Senate, but it's shaky, and some moderates have already bolted. His seat cannot be empty if his pet project is to pass. So he's back in Massachusetts, trying to get the lawmakers to pass a new law to get rid of the almost-new law, and allow the Governor to appoint a successor.

As the Republican House Leader, Brad Jones, puts it, "If this is going to move forward, people are going to have to explain what's changed between then and now."

(And lest anyone think I'm picking on the Democrats here, well, I am. But I know that Republicans could easily try something so blatantly underhanded and partisan. In the northeast, this is politics as usual. In most of the rest of the country, it wouldn't even cross people's minds to try something like this.)

Collegian Gets it Right!

It isn't often I read something in the KSU Collegian that's worth the time it took to read it, but today's editorial by Tim Hadachek is wonderful. In discussing the party switch by Senator Arlen Specter, Hadachek reminds both parties that nothing much will change. Specter already voted with the Democrats most of the time.

Hadachek also tells us that Specter's party switch isn't about ideology, or a perceived swing to the right in the GOP. It's all about Specter, and his reelection in 2010. Interestingly, Specter was livid in 2001 when Senator Jim Jeffords changed from Republican to Independent. That move cost Specter his chairmanship of the Veterans' Affairs Committee.

The whole party switch is to preserve Specter's cushy Senate seat. Surprised?

Quoting the last paragraph of the editorial:

So Republicans can politely ask that Specter not let the door hit him on the way out. Nothing changes in the Senate -- except that another slimeball career politician will probably be reelected in 2010. But that's hardly a new development.

Read the whole column here.

Lessons from SARS in dealing with North American Flu

The news about the North American Flu (normally called "Swine Flu" ... but there's apparently some good reasons to believe pigs are not to blame) makes this article from 2008 particularly interesting. There's some wonderful stuff on the rest of the website, too!

The Heroes of SARS

The environmental cost of spam

Tree-hugger or not, here's some news from the BBC we can all take an interest in:

Spam produces 17m tons of CO2

Here we go again ...

MADISON, Wis. (4/15/09)--Credit unions are a "bright spot on the banking front," Arianna Huffington wrote on her blog Monday in The Huffington Post (April 13).

"They're lending, their balance sheets are solid, and their capital levels are near record highs," Huffington added.

She also wrote that credit unions are owned by shareholders, put member service ahead of profits and have avoided the subprime loan fiasco.

Huffington mentioned on her Facebook page and to her followers on Twitter that she was going to write about credit unions, and asked readers to send in their thoughts.

Some reader responses posted on her blog:

"My own experience suggests that if you are looking for a secure financial institution in these turbulent times, think small and think local ... look for banking and credit institutions that have ties to your community," a reader wrote about his positive experience going to a credit union.
"A credit union saved me from Bank of America. Every day BoA had a way to take some amount of money from me--every day a fee ranging from 25 cents to 35 dollars. Once I went credit union, transparency came back into my life. I woke up with the same amount of money I went to bed with ... The robbery was over. I will never trust a large bank again."
"All I can say is that nothing beats the personal attention a credit union offers. It's the 'Cheers' bar where everybody knows your name."
"My 19-year-old daughter, with no previous credit history, was unable to get a car loan even when she was putting 50% down. Our credit union came through for her."

More on Credit Unions ...

Here are national average interest rates from DATATRAC as of March 26, 2009:

Numbers are: Average Credit Union rate, Average Bank Rate.

Savings
Savings: 0.56%; 0.36%
Interest-bearing Checking: 0.39%; 0.29%
1-Year CD: 2.17%; 1.69%

Consumer Loans
Regular Credit Card: 11.65%; 12.72%
48-month new car: 5.38%; 6.69%
48-month used car: 5.64%; 7.24%
36-month unsecured: 10.62%; 12.46%

Mortgage Loans
Home Equity Line of Credit: 4.40%; 4.77%
1-year ARM: 4.81%; 4.98%
30-year Fixed: 5.16%; 5.15%

Easy to see the difference, isn't it? Credit Unions win every category but one, and that one is almost a tie.

Credit Unions and the financial meltdown

At a time when many banks are failing, and the one's that aren't can be blamed for many of the economic problems facing our country, there's one bright spot: Credit Unions.

In testimony yesterday (March 24) before the Senate Banking Committee, Credit Union National Association (CUNA) CEO and President Dan Mica said that Credit Unions stand ready to loan as much as $10 billion to small businesses who have lost their lines of credit due to banks' hunkering down. The problem is that bankers years ago pushed for unrealistically small limits on how much money Credit Unions can loan out to businesses.

Senator Charles Schumer (D-NY) asked bank representatives why the cap on business lending should not be lifted, even temporarily. The bankers were unable to give a reasonable answer. The truth, which could never be stated aloud, is that bankers fear competition from Credit Unions, and will do absolutely anything they can to limit their influence.

You can be a part of the solution! Look around for a local Credit Union and join. You'll meet good people, who make sound investments in people of your community. They have money to loan, and at rates which give bankers bad dreams. If you're depositing, you'll find better rates too. Why? Because unlike banks, Credit Unions are not-for-profit, run by volunteer boards, with dividends paid out to the members. Their costs are lower.

If you "live, work, worship, volunteer or attend school in Riley, Pottawatomie or Geary County" Kansas, an excellent choice would be the K-State Federal Credit Union. Check them out here.

Also, read the whole story of Mr. Mica's testimony here.