Senate Apologizes for Slavery: Ask Me If I Care

Senate Unanimously Approves Resolution Apologizing for Slavery - washingtonpost.com

On June 18, the U.S. Senate unanimously passed a resolution apologizing for slavery and segregation in the United States.

Words which this event brings to mind: irrelevant, useless, waste of time, pointless, meaningless and all related notions.

One to Watch

Hat tip Hip Hop Republican

Ryan Frazier's got the oratorical gift no doubt. He's looking to claim a senate seat in Colorado. Definitely one to keep an eye on.

Pro-Black People Policy Alert: Support Republican low-rate mortgage proposal

Republicans push low-rate mortgage in U.S. stimulus | Economy | Reuters

Mitch McConnel is pushing for a provision in the stimulus bill that would drive down mortgage rates to 4%. 30 year mortgages at that price point would make it easier to purchase a home and for people who refinanced, could save them thousands of dollars over the course of a year of mortgage payments. This is a Political Season Pro Black People Policy Alert

Why should black folks support such a provision? Because the last decade or so has seen a tremendous growth in home ownership and homeonwership remains a traditional path to generational wealth building for the vast majority of Americans. This is perhaps even more true for blacks. The economic downturn is wiping out hard earned wealth gains among blacks as financially devasted families lose their homes. Before this is all over, blacks may lose two generations of wealth gains. A provision such as this one is very much in the interest of black folks to support. Think of it like a 30 year tax break that puts money in your pocket from the get. The even better aspect of this is that it costs the government very little to do it. Because of the economic crisis, investors are parking their money in US Treasury bills as the safest place to keep it for now, which means the government can borrow huge amounts of money at very low rates, like 3%. If they relend that money at 4%, they pass on the benefit of that low cost money to homeowners and the government even makes a little change on the spread. No deficit hit. Its a win win.

Not only should blacks support insertion of this into the stimulus bill though, we need to push a little further in terms of implementation. Many black folk who got mortgages in the last several years got put into sub prime loan products. Sometimes because that was the risk profile of the borrower, but sometimes despite the fact that they could have gotten into a conforming loan. Either way, those mortgages ranging anywhere from 8-11%, are draining black folk dry as they pay these heavy financing costs and leaving even more people exposed to foreclosure, which costs everyone. In addition, I suspect that people who are in sub prime products are more likely to spend the savings they get from refinancing, thereby stimulating the economy with their spending, which is in fact the whole point. This proposal in my view gets even better in terms of impact on black folks if provision is made to get people out of high cost sub prime loan products.

Now, the Heritage Foundation does not like it, and I actually agree with them with regard to doing this to stimulate home sales. Mortgage rates are already quite low, so I think this provision is of marginal benefit on that front. Their other major contention is that its an income transfer from the financial sector to homeowners who don't really need it, which feels more like an ideological issue that does not help anybody per se, which is why I think the additional twist ought to be providing relief to those stuck in sub prime products. Considering how much income in the form of taxpayer dollars has been transferred INTO the financial sector, I really don't think its a problem to let some of that circulate back where it came from in the first place.

With a tweak or two, I think this is a good idea and firmly in the interest of black folks to support. Its action time. Call and email your senator and your represenative and the White House. Tell them you support the republican proposal AND that you want provision to be made to make these low cost mortgages available to people stuck in sub prime loan products. Use the links above, get their phone number and call their office now. Ask for the legislative assistant working on housing or on the stimulus and tell them you support Mitch McConnel's proposal for lowering mortgage rates AND that provisions should be made for people stuck in high cost sub prime mortgage products to refinance out of them, because those people are likely to circulate those savings back into the economy, increasing stimulus. Do it now, do it today.

Why Is Roland Burris Playing Coy About Running to Keep His Senate Seat?

I listened to Roland Burris's sit down with Tavis Smiley aired on Jan. 28th and I would really appreciate it if he would drop this coy BS about thinking over running to hold the seat.  He knows he plans to run to keep the seat.  He didn't stick his head into the political threshing machine with Blago for nothing.  I ain't mad at him.  He made his play and got what he wanted. But it doesn't communicate trustworthiness or integrity to play games about your ambitions.  Burris wants the seat, wants the power and all the other stuff.  Stop talking to your constituents and the country like we're stupid.  Every time he claims he hasn't decided, it only cements my view of him as corrupt and a liar. 

Christian Ministries in the Crosshairs

FOXNews.com - Just 2 Ministries Submit Financial Data - Local News | News Articles | National News | US News

Charles Grassley and the Senate Finance committee have put christian mega ministries in their gun sights, on a crusade to ensure there is no abuse of tax exempt status. Of the six ministries they have asked for information, only a few have submitted the information. Still others, notably Creflo Dollar, are resisting the request and say the committee should either refer it to the IRS or subpoena them.

I have mixed feelings about this probe. I think its curious that only large christian ministries are being approached in this manner. Why these six in particular? Just because they are large and successful ministries? The probe seems to be based on the subjective judgment by the committee that the leaders of these ministries are living too good for preachers. Is that the basis upon which a senate investigation gets to be initiated? Grassley isn't saying he has evidence or allegation of wrongdoing. In fact, in media reports he actually said the following:

On referring the whole matter
to the IRS, Grassley said Thursday,

"I can't tell (the IRS) what to do.
I can't refer anything to them unless I know something is wrong. And I
won't know if anything's wrong until we get the information."

So this is nothing but a fishing expedition. So I have a problem with it on those grounds. He has no allegations of wrongdoing, nor even irregularities pointed out by the IRS.

As someone who has been a member of a large "mega-church" (Word of Faith International Christian Center - pastored by Bishop Keith Butler), I think its important to have some perspective about the people who lead ministries of that size. At Word of Faith, Bishop Butler is responsible for a ministry which has over 10 satellite churches in the US and abroad, which contributes to missions work world wide, and which ministered to the needs of a congregation numbering 20,000 plus. Doing all of that well requires organization and leadership identical to that of any corporate CEO. Dollar ministries took in over $69 million dollars last year. The management of that level of resources and the ministry operation that money supports requires serious CEO level business management.

Just as with CEO's of large companies, the demands on these ministry leader's time is severe. When satellite ministries are being established in locales which are far apart for example, the practical, business necessity of private planes is just as apparent for them as any other type of CEO. Large ministries require excellent management, perhaps even more so than private for profit companies.

Now, in the stories, some attention is paid to Creflo Dollar's million dollar mansion, Manhattan apartment and the Rolls Royce he drives. I can say out of my own experience that Bishop Butler did not engage in that sort of ostentatiousness. I find myself a little uncomfortable with that lifestyle choice on his part. Nonetheless, if thats all the basis for Sen. Grassley to initiate a Senate investigation, then I think thats an overreach. If anyone or anything can be the target of a Senate investigation simply because committee members sense of propriety and appropriateness is offended, I got a problem with that.