Jason Jennings Blog

To All Our Volunteers and Supporters, Thank You!

noreply@blogger.com (Moderator) — Wed, 13 Feb 2008 23:39:00 +0000

THANK YOU TO ALL OUR VOLUNTEERS AND SUPPORTERS!

Why You Should Vote For Jason Over Al And Donna

noreply@blogger.com (Moderator) — Mon, 11 Feb 2008 19:47:00 +0000

Fighting For You, Our District, and Nation

Supporting Our Soldiers And Their Family

Your Vote Counts!

noreply@blogger.com (Moderator) — Wed, 06 Feb 2008 17:06:00 +0000

What An Incredible Time For Our District And Nation!

YOUR VOTE COUNTS!

Don't Let Lobbyists and Media Control Your Vote.

ON ELECTION DAY (FEB. 12, 2008),

VOTE JASON JENNINGS FOR CONGRESS (MD-4th)

IT'S YOUR TURN TO BE HEARD!

We Have A Chance To Write History This Primary Election.
Vote With Your Conviction.

Vote To Elect Leaders Who Represent You And Your Concerns!

Vote to Not Just Unseat The Incumbent
But For True Change and Vision!

This is our chance to make real change!

Leading The Charge For Change-Foreign Policy

noreply@blogger.com (Moderator) — Wed, 30 Jan 2008 22:53:00 +0000

Jason Jennings, Democrat For MD 4th Congressional District, Challenges The Establishment And Leads The Charge On Discussing Effective Foreign Policy. Special thanks to the PeaceAction for hosting forum on "The Role of Congress in U.S. Foreign Policy: Iraq, Iran, and Nationals Security." Jason stood out in his candor and passion for our country in restoring our leadership role in the world.

Jason Jennings On Effective Foreign Policy

noreply@blogger.com (Moderator) — Tue, 22 Jan 2008 02:50:00 +0000

Sun, 1/27/08
PeaceAction Montgomery Forum
Rockville, MD

Special thanks to the PeaceAction for hosting forum on "The Role of Congress in U.S. Foreign Policy: Iraq, Iran, and Nationals Security" on Sunday. Jason Jennings stood out in his candor and passion for our country in restoring our leadership role in the world. VIDEO CLIPS OF FORUM COMING SOON.

We Celebrate Martin Luther King, Jr's Legacy

noreply@blogger.com (Moderator) — Thu, 17 Jan 2008 05:04:00 +0000

On this day of celebration for a man who has done so much for our country, Martin Luther King, Jr., we would like to take an opportunity thank the many outstanding leaders all over the community who are making a difference. Realizing as Martin Luther King, Jr. who said, "Our lives begin to end the day we become silent about things that matter." Thanks you for your service and determination to improve our District and Nation!

SPECIAL THANKS TO LOCAL COMMUNITY LEADERS FOR THEIR COMMITMENT TO PROMOTING AWARENESS AND ACTIVISM:

Ms. Sandy Pruitt, founder of People for Change and the New Leaders Coalition, and the MLK Foundation of Prince George's County (Upcoming event: Dr. Martin Luther King Jr. Awards Dinner for Thursday January 24, 2008)

Monty Cooper, Esq. and the Prince George's SCLC (Website: http://sclcnational.org/content/sclc/splash.htm) for hosting the wonderful discussion on "Hip-Hop Music and the Community: An Intergenerational Discussion" on 1/19/08

The Prince George's SCLC for hosting the celebration of Martin Luther King Jr. on 1/20/2008

Kay Cave and the residents of the Collington Episcopal Life Care Community
PeaceAction Montgomery for organizing the Forum On "The Role of Congress in U.S. Foreign Policy: Iraq, Iran, and Nationals Security" on Sun, 1/27/08 at 2:00PM -4:00PM

NAACP, Prince Geroge's County; CASA of MD, Inc.; Alpha Kappa Alpha Sorority, Inc.; PRISM, Inc., Local 400 of UFCW; and ASASP, Inc. for hosting the upcoming congressional debate in PGCC on Mon, 2/4/08.

(Let us know what you are doing in the community to make a difference, email vote@jasonjenningsforcongress.com.)

An Exciting Time Of Change

noreply@blogger.com (Moderator) — Tue, 15 Jan 2008 00:07:00 +0000

New Day, New Way, New Man, Who Can! Jason Jennings

Jason Jennings who brings New Blood! New Ideas! and New Energy! was excited to participate in 4th Congressional Debate, sponsored by The People for Change and The New Leaders Coalition on Jan. 8, 2008 in Temple Hills, MD. The event achieved it's goal of actively engaging citizens of Prince George's counties and involving them in the voting of one of the most important office in Maryland and the country, the office of congressman for the 4th district.

As we approach the primary election on Feb. 12, 2008, our country is showing troubling signs of a recession. In addition to our national deficit being at 9.1 trillion dollars and growing, the effects of the sub-prime lending crisis in the real estate market is threatening to spill to other areas of the economy. We need our candidates to have honest discussions on real issues without tainting or putting a spin on the facts for personal benefit. Without addressing our economy, our nation's credit dependency, our national deficit, and the endless cost of the war, we can't be financially responsible to our district, state, nation, and future generations. How can we properly fund health care, social security, education, etc. if our economy slows further and enters a recession? We must be proactive and address these important issues. As noted by Martin Luther King, Jr., "Our lives begin to end the day we become silent about things that matter."

We must remember that "political seniority" in office by itself is not always the best for the nation because it does not necessary mean "effective leadership." Effective leadership is about vision, taking the bull of opportunities by the horns, and seeking honest discussions on tough issues. It's is proactive, not reactive. Long periods of incumbency in political office, in fact, can be a barrier to fresh ideas and solutions, especially if incumbents cease to make the people their primary focus for the greater good or if they lack vision to change with the times and the needs of the people. Many times it takes new people who are not entrenched in their fields to see new solutions that maybe overlooked. We are prepared for such a time as this.

At this cross-road, do we decide to foster a new era in the 4th district and our country's history--an exciting time of change-- or do we remain in stale passivity of the status quo? Let's realize our power and restore 4th District's and our Nation's role as the global leader of innovation and compassionate! Right now you have the power to effect change with fresh ideas and honest discussions.

NEW DAY. NEW WAY. NEW MAN, WHO CAN!
VOTE JASON JENNINGS FOR CONGRESS ON FEB. 12, 2008!

WE CAN AND WE WILL!

noreply@blogger.com (Moderator) — Fri, 11 Jan 2008 15:54:00 +0000

"Change is the law of life. And those who look only to the past or the present are certain to miss the future." -- John F. Kennedy

My fellow constituents,

We are in a new era in the 4th district and our country's history. An exciting time of change! I have a vision for Prince George's and Montgomery counties and for our country. America is the most powerful and wealthiest society the world has ever known. We have a great opportunity to determine our destiny as a nation and the destiny of future generations. We can overcome any challenges confronting us!

Some people cower in fear or inactivity--telling us that solutions can’t be found and that our problems are too hard. I reject these assertions. Those who preach these negative thoughts lack vision or just lack the ability to inspire innovative thinking. Solutions can be discovered if we have the will! As Martin Luther King Jr. said,

“Faith is taking the first step, even when you don't see the whole staircase.”

It’s about discipline, creativity, passion, and courage. It's about sacrificing short-term for the long-term benefit of our nation.

It's also about honesty and frank discussions. We cannot provide quality health care to all Americans if our nation has runaway debt and if we can't balance our budget. We can not maintain our security if we do not address our dependency on unsustainable resources. We can not protect our environment if we do not encourage innovation. We can not help our elderly retire in dignity and maintain social security if we don't fund these programs properly. We can not solve our immigration issue without taking in consideration the concerns of both sides of the debate or by not having a consistent national policy.

Sadly, many candidates and politicians spin facts and attempt to detract us from the real issues. It's no wonder Americans are growing more and more disillusioned with politicians and politics as usual. Leaders need to be honest with their constituents when discussing our problems. They must be courageous enough to cause change. They should not be allowed to make promises they can not keep. They must discuss the means of how they can achieve their promises.

We really are living in an exciting time of change. Let’s elect the right leader to light our way!

Sincerely,
Jason

Meeting Residents in Olney

noreply@blogger.com (Moderator) — Mon, 07 Jan 2008 17:11:00 +0000

District 14 Democratic Club's Election Extravaganza in Olney, MD
Jan. 6, 2008

This Sunday, Jason was excited to have the opportunity to meet with residents in Olney to discuss their concerns and interests. The District 14 Democratic Club did a great in organizing the events to introduce their residents to the candidates and inform them about voting procedures. Upcoming primary election, Tuesday, Feb. 12, 2008. UPCOMING EVENTS:

Tues, 1/8/08 at 7:00 PM People for Change and the New Leaders Coalition 4th Congressional DebateSt. Stephens Baptist Church, 5757 Temple Hill Rd, Temple Hills, MD 20748 You're Invited Directions
Wed, 1/16/08 at 7:30 PM Meeting at Collington Episcopal Life Care Community 10450 Lottsford Road, Mitchellville, MD 20721 Directions
Sun, 1/27/08 at 2:00PM -4:00PM PeaceAction Montgomery Forum The Role of Congress in U.S. Foreign Policy: Iraq, Iran, and Nationals SecurityThird-Floor Chambers of the Montgomery County Council Building, 100 Maryland Avenue, Rockville, MD 20850 Directions
Mon, 2/4/08 at 6:30PM -9:30PM NAACP, Prince Geroge's County; CASA of MD, Inc.; Alpha Kappa Alpha Sorority, Inc.; PRISM, Inc., Local 400 of UFCW; and ASASP, Inc.Candidates' Forum Districts 4, 5, 8 Prince George's Community College (Largo Student Center, Rennie Forum), 301 Largo Road, Largo, MD 20774 Directions

Straight Talk About Health Care

noreply@blogger.com (Moderator) — Fri, 04 Jan 2008 15:29:00 +0000

We Can Create A Better Health Care System With Sacrifice and Tough Decisions

The current health care failures are not permanent if we do not let it be permanent. Our country is at a cross road. Do we let fear, anger, and conflict paralysis in cycles of bickering, spinning half-truths, and inactivity? Or do we see this as an opportunity to reclaim our role as a nation of innovators and compassionate. I say let's act! We can be a nation who takes care of it's citizens and poor, but to do this we need frank discussions. We can't provide adequate, affordable health care to all our people if we don't address at the minimum:

how to pay for them. We can't effectively address the health care issue, taking in account our country growing debt. The U.S. National Outstanding Public Debt as of Jan. 4, 2008 is $9, 213, 200, 112, 131.15. The estimated population United States is "$303,989,022 so each citizen's share of this debt is $30,307.67. The National Debt has continued to increase an average of $1.53 billion per day since September 29, 2006!" [http://www.brillig.com/debt_clock/] Many time plan fail because the issue of cost is not adequately addressed.
compare existing health care systems around the world and explore new ideas of health care
how to reduce the cost of medicine
ensure that our elders, poor, and children are provided for
how to create a system of accountability and check and balance to ensure quality of treatment

--------------------------------------------------------------
PBS-Healthcare Crisis: Health Insurance (Who's At Risk?)
Producers: Fred Silverman & Michele Demak Epstein Associate Producer:

http://www.pbs.org/healthcarecrisis/healthinsurance.html

Rosemary A. Stevens, PhD is Professor of History and Sociology of Science at the University of Pennsylvania. She specializes in the history of medicine, medical institutions, and health policy and is the author of American Medicine and the Public Interest (1971) and In Sickness and In Wealth: American Hospitals in the Twentieth Century (1999). [For history of American health care system.] Excerpts from http://www.pbs.org/healthcarecrisis/Exprts_intrvw/r_stevens.htm:

"Who is at risk in our current system? I think we're all at risk to some extent. People who are uninsured are at a particular risk. We have 43-44 million people who are uninsured -- now many of those people are young, working and healthy. It may be a reasonable for them as individuals not to pay for insurance because they're just getting going, they've got housing, they've got cars. But they're taking a big risk. I think people who are poor are at risk because the health care system, as it operates, doesn't necessarily work well for them. And because healthcare isn't just healthcare. It's what happens to people's families when someone is sick. So, the lower you are in the income scale, the more difficult it is for you to be able to work this combination of getting to healthcare with transportation, with work, with looking after your children if you're sick. It's a terrible burden on people. It's not just the individual patient who's at risk. It's often the family as well.

The family is always going to have to carry some responsibility for people in their families who are sick. But we could do a much better job on family policy, on sustaining families who are under great stress because an older person is bedridden or someone with Alzheimers needs to be watched the whole time, literally the whole time. How can we maintain families in a sensible way so that when somebody get sick, there isn't family break-down or excessive stress on those individuals. And that may meanmore home care for some people. It may mean additional respite services so that a care taker, can get out, go to a movie, go shopping. There may be other ways to do it, but, as family policy, we've really ignored the burden on those families who are faced with a seriously ill individual.

Won't the numbers of uninsured rise without some sort of fundamental shift?

Yes, I think we are going to see the number of uninsured go up, particularly if the economy shifts and more people are out of work. The movement has been towards an increasing number of uninsured. And the question is, does that hit a point whereby it just becomes untenable? I mean in a way it's been untenable for a long time, but it hasn't, because many of these people are members of the working population who were young and relatively healthy, it hasn't reached screaming pitch in terms of the number of uninsured. But I think the number of uninsured will go up and continue to go up unless something is done.

Anything you'd like to add?

I think it's important to stress some of the positive -- we're partly in this fix because the potential for healthcare is great and because we have assumed that technology and science are going to fix a lot of our healthcare problems. We believe in technology and we have a high cost system because we want a high cost system. We want to be able to stimulate science and technology in the American culture. Looking at the pluses -- think of people you know who are in their 70s, 80s, 90s, who are functioning very well, who may have hearing aids. They may have had a cataract operation, which is now mundane. It used to be a big, big deal. They may have had hip replacements. They may be on a whole passel of drugs. And look at those people you know yourself whose lives have been qualitatively dramatically improved and who haven't been impoverished as a result of having to pay for healthcare. I think we are not in a crisis in a sense of everything falling apart. We are in a process of trying to reinvent our healthcare system so it works better.

The healthcare system is in part a system of hope in this country -- and giving people access to that system, can we do it better? Can we do it better without spending much more money? Can we do it better by using American know-how? Can we do it better by having everybody on the same page, the major corporations, Congress, the professionals associations, consumer groups, most important? Can we do it better? History has shown that we can be very inventive, we can move fast as a culture, as a nation. How we're going to do this is currently up for grabs. So this is an exciting period. It's a very alarming period, but I believe we can create a better health care system, and have to."

[More]

The Search For Renewable Fuel

noreply@blogger.com (Moderator) — Thu, 03 Jan 2008 21:27:00 +0000

Many of the recent conflicts that our nation is addressing around the world stems from our dependence on oil. Finding new sources of energy, especially the renewable variety, is not an option. It's vital to our long-term national interest! Don't let oil companies and their hired politicians tell you that it's not possible.

There was a time when no one thought that America would be the first to send a man to the moon. Some even "derided the dream as lunacy." [Man on the moon: Kennedy speech ignited the dream, http://archives.cnn.com/2001/TECH/space/05/25/kennedy.moon/, May 25, 2001]. It only took strong leadership and vision to inspire the country to meet the challenge. Let's inspire investors, inventors and scientists to again to reach for the moon and find real solutions to our energy problems!

Does Cellulosic Ethanol Hold The Solution to Renewable Energy? See excerpts from http://www.pbs.org/e2/episodes/204_growing_energy_trailer.html:

DAN KAMMEN (Professor of energy and resources, public policy and nuclear engineering at the University of California-Berkeley; PhD in physics from Harvard University): What's happened in this country is there's been a series of
energy acts every few years. They've really been a cobbled together set of
subsidies. There's been no policy goals, there's been no statement like, we want
to be less dependent on foreign oil, we want to see the development of an
indigenous renewable energy industry. It's simply been a package of subsidies
that were done through the classic pork politics. So, there is absolutely no
policy."

JOSÉ WALTER BAUTISTA VIDAL (Brazilian physicist and biodiesel and
biofuel expert, credited as the "father" of Brazil's sugar cane-based ethanol
program): The flows of energy in the world can perfectly be managed. The more
energy we produce, the best it will be for everybody because it will not be
necessary to resort to war so that nations will survive. Of course when nations
are under pressure, they resort to war and we have to prevent this from
happening and the U.S. will play a fundamental role in providing harmony to the
world. I'm sure that the United States will do it...The flows of energy in the world can perfectly be managed. The more energy we produce, the best it will be for everybody because it will not be necessary to resort to war so that nations will survive. Of course when nations are under pressure, they resort to war and we have to prevent this from happening and the U.S. will play a fundamental role in providing harmony to the world. I'm sure that the United States will do it...The flows of energy in the world can perfectly be managed. The more energy we produce, the best it will be for everybody because it will not be necessary to resort to war so that nations will survive. Of course when nations are under pressure, they resort to war and we have to prevent this from happening and the U.S. will play a fundamental role in providing harmony to the world. I'm sure that the United States will do it."

VIJAY VAITHEESWARAN (Noted global energy expert, Vijay Vaitheeswaran
covered worldwide energy politics, economics, business and technology as a
correspondent for The Economist from 1998 to 2006): "What do we want from public policy? We want alternatives to oil, reduced geopolitical dependence on the Middle East, fuels that don't perpetuate global warming - these are the right goals for public policy. ...All ethanol is not created equal. America makes its ethanol from corn. Why? Because we have lots of corn and we have corn farmers who are very politically influential and we subsidize them to grow the corn, we subsidize the ethanol that we make from it, we have requirements that oil companies blend in that ethanol which is another kind of subsidy. The dirty little secret is corn is a lousy way to make ethanol. It's not environmentally friendly, it takes a lot of energy to grow the corn, to fertilize - corn itself is not an energy-intensive crop. This is, this is
terrible. You'd never do this if you really cared about the environment. We're
doing this mainly because we have politically influential politicians and
lobbyists from the Midwest."

DAN KAMMEN (Professor of energy and resources, public policy and
nuclear engineering at the University of California-Berkeley;PhD in physics from
Harvard University): "Well, corn is good. We like to eat it, it's very tasty,
and we grow a lot of it. So, it's good for America on one level. But ethanol
made from corn is not a good thing in terms of greenhouse gases. It's not worse
than gasoline, but it's marginally better. Maybe it's 15 percent better with a
big error bar."

STEVEN CHU (A Nobel Prize-winning physicist): "The reason
we're interested in cellulosic ethanol, or really more broadly, cellulosic
fuels, is that the potential of per acre of how much land you need, how much
water you need, how much extra nutrients like fertilizer you need in order to
make a certain amount of biofuel like ethanol could be as much as a factor of 10
more than you can get from corn. Cellulose is the material that comprises cell
walls in plants. It is a long chain of simple sugars that are linked together in
what's called a polymer. The idea here is that you take a cell wall, you
separate out those molecules to protect the cell wall from assault by fungi or
bacteria and what you end up with then are these long chains of sugars that you
take apart into simple sugars. And at that point you sprinkle the yeast to make
alcohol. Why not get a microorganism that takes the place of yeast to develop a
better biofuel than ethanol? So that's one of the immediate goals. Let's develop
better microorganisms that break down the cellulose and start to produce better
fuels. I hope 30 years from now that a substantial fraction of transportation
fuel will be raised through crops."

[More]

noreply@blogger.com (Moderator) — Sat, 29 Dec 2007 01:26:00 +0000

ADDRESSING THE RESIDENTIAL SUBPRIME MORTGAGE CRISIS

Happy New Year to you and your family! As we enter a new year, an important issue that is on the minds of many Americans is the subprime mortgage crisis. The American Dream of prosperity, freedom and homeownership has been achieved by many Americans. As your congressman, I will work hard to support laws and programs (municipal and community-based) that promote saving, risk management, and financial literacy. The decision is in our hands. Do we seize this opportunity to change and make this dream a reality for more people or do we remain in denial? Let’s make a change for the better together! VOTE FOR JASON JENNINGS AS YOUR NEXT CONGRESSMAN!

The Not So Secret War Against the American Quality Of Life

Homeownershiphas always been synonymous with the American Dream. Sadly, this dream has turned into a nightmare for many low income and middle class families throughout our country as more and more homes are being foreclosed upon. How did we lose our way in the pursuit of homeownership and the American Dream? Why are so many local real estate markets in such disarray?

Our quality of life is being attacked and it’s time that we stand up and defend ourselves and our families! Debt dependency is so successfully encouraged and actively promoted by the lending industry that debt is the new servitude that is draining the financial health of our families and nation.

“In recent years, the personal saving rate in the United States has fallen sharply, and it is now at a very low level compared either to U.S. historical experience or to the savings behavior of many other industrialized countries. From 1980 through 1994, the U.S. saving rate averaged 8%; thereafter, it fell steeply, and since mid-2000, with allowance made for the tax rebates that boosted household saving in the months of July, August, and September 2001, it has averaged approximately 1%. By contrast, the personal saving rates from 1980 through 2001 averaged 13% in Japan, 12% in Germany, and 15% in France, with no steep declines after 1994; in fact, in France, the saving rate rose slightly. For the United Kingdom, the personal saving rate was close to the U.S. rate during the 1980 to 1994 period, averaging 9%, but it has since declined only modestly to an average of 7% after 1994, while exhibiting very large swings throughout the sample period. For Canada, the personal saving rate did decline sharply during the latter half of the 1990s, but it is still higher than the U.S. rates, averaging 16% from 1980 through 1994 and 7% since 1994.” [March 29, 2002, http://www.frbsf.org/publications/economics/letter/2002/el2002-09.html, What's Behind the Low U.S. Personal Saving Rate? FRBSF Economic Letter, Federal Reserve Bank of San Francisco, Milt Marquis, Senior Economist]

We, as a nation and as individuals, have become so heavily dependent on borrowing to maintain our standard of living, whether from mortgages, credit cards, car notes, student loans, or business loans that we have stretched ourselves too thin. Our circumstances is a result of being constantly bombarded everyday with messages encouraging us to borrow, to buy bigger homes, to borrow to get a nicer car, to borrow on credit cards for that vacation we do not have the money to pay for on our own.

So extensively is borrowing incorporated in American culture that we define our success by it. Even colleges and universities are encouraging debt to obtain an education while collecting millions of dollars from credit card companies to solicit students on campus (not to mention how many students’ financial well-being was hurt by compromised advice provided by some university financial aid offices). If you look beneath the surface, you can see how stressed our families are: living paycheck to paycheck…one layoff, one crisis, one accident, one missed payment, away from financial ruin…

The Subprime Mortgage Crisis

The root causes of the current problems in the residential subprime mortgage market are greed, envy and a lack of financial literacy. In the past, Americans used to be more deliberate about their long-term financial planning/investment and cautious in their home purchase decisions. The normal practice back then was to save years to accumulate a 20% down payment to avoid private mortgage insurance (PMI) and only took out 15 or 30 year fixed-rate conventional mortgages. They avoided debt as much as possible in order to limit their financial risk and the risks associated with foreclosures. Unfortunately, in the pursuit of the Joneses, we lost this common sense wisdom. [Mortgage Meltdown - 44min. documentary, http://www.youtube.com/watch?v=fG5Z9_VFI8U]

America’s risk barometer is broken. We now assume enormous amount of risks that was unheard of in prior generations and we naively assume that the lending industry and government is protecting our interests. The average American is now painfully aware of the mortgage industry’s attempts to shift the risk to the consumer by spinning the beneficial use of “creative” subprime lending/mortgages (arms, adjustable-rates, balloons, 80-20 loans, etc.) as a way for all Americans to purchase homes.

"A type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Quite often, subprime borrowers are often turned away from traditional lenders because of their low credit ratings or other factors that suggest that they have a reasonable chance of defaulting on the debt repayment. " [http://www.investopedia.com/terms/s/subprimeloan.asp]

"Typically, subprime loans are for persons with blemished or limited credit histories. The loans carry a higher rate of interest than prime loans to compensate for increased credit risk. Many have questioned why minorities appear to be over-represented in the subprime lending market. Studies reveal that even in upper-income African-American neighborhoods one is one-and-a-half times as likely to have a subprime loan than persons in low-income white neighborhoods. In neighborhoods where Hispanics comprise at least 80 percent of the population, they were 1.5 times as likely than the nation as a whole to have a subprime mortgage loan." [http://www.hud.gov/offices/fheo/lending/subprime.cfm]

Our basic desire of homeownership and the lifestyle associated with it has been used against us to manipulate us into credit dependency. Lenders made so much money in transaction fees that they were willing to take the risk of some loss and used Wall Street to transfer that risk to investors. The tremendous amount of profit that lenders devised from subprime lending encouraged them to promote these devices even more.

“Steeply rising house values tempted new buyers to borrow beyond their means, and existing owners to borrow money by re-financing their existing mortgages, using as collateral the increased value of their real estate. In the case of loans made to marginal credit-worthy customers, commonly known as subprime loans, the lenders tended to "look the other way". Then prices began to turn around….[R]ising interest rate environment which caused people with adjustable rate mortgages to see significant increases in their loan payments amid declining property values. This left many borrowers unable or unwilling to meet their financial commitments, and many lenders without a means to recoup their losses.” [http://en.wikipedia.org/wiki/Subprime_lending]

Sadly, “[n]early a fifth of consumers with bad credit who borrowed money to buy a house in the past two years will default on their mortgages and lose their homes, an industry survey projects.” [Dec. 21, 2006, Group Sees Spike In Subprime Mortgage Foreclosures. A Nonprofit Critic Of Predatory Lending Says Delinquency Rates Are Rising As Housing Prices Fall, The Associated Press, http://articles.moneycentral.msn.com/Banking/HomeFinancing/GroupSeesSpikeInSubprimeMortgages.aspx]

Real Long-Term Solutions

We did not arrive at this state because of one individual, act, or company, but as a result of the cumulative effects over the last six years:

Greed, blatant manipulation and misinformation by some of those who profited from the transactions;
Buyers’ lack of knowledge about the risk associated with borrowing instruments;
Unhealthy use of debt;
Lack of financial literacy and responsibility to the future generations;
Avoidance and lack of enforcement of consumer protection laws against abusive predatory lending/credit practices and collection activities.

Our elected officials and regulatory agencies have failed to protect our families by allowing lending institutions to help dictate our national polices. Many elected officials have abdicated their responsibility to protect average Americans. They allowed lending institutions’ powerful lobbyists to guide the very laws that are supposed to protect the consumers. Instead of protecting the interest of the consumer, our leaders have instead invited these industries to help write our laws (including amendments to the bankruptcy law). Isn’t this like asking the fox to guard the hen house?

Unfortunately, there are no quick-fixes for the crisis created by excessive subprime lending. Like cutting the stems of a dandelion will not preventing it from growing back, for long-term solutions to our mortgage problems, we must deal with the root causes, including short-term and long-term strategies. Even now, our government has not worked to protect consumers, only putting a band aid on a gaping wound.

“It isn’t just the debt collection agents who get a black eye in this series; it is the government officials who are charged with the responsibility to watch out for the public and who instead made themselves the dupes of out-of-control debt collectors.” [Aug 2, 2006, Warren Reports On The Middle Class, The Dark Underbelly of Debt Collection, Elizabeth Warren, Leo Gottlieb Professor of Law at Harvard Law School, http://www.tpmcafe.com/blog/warrenreports/2006/aug/02/the_dark_underbelly_of_debt_collection]
It’s time that our elected officials stepped up to the plate on behalf of the people. The recent proposed government bailout is a good start but it’s only a temporary relief for a small number of people. As a long-term strategy, we must make fundamentals changes to our relationship with debt, including:

Strengthening existing consumer protection and anti-predatory behavior laws and their enforcement. (Increase penalties for predatory behaviors against consumers like unscrupulous collection practices.)

Promoting long-term savings incentives

Support local, community, and national-level programs that teach financial literacy to aid current people under financial crisis and teach them and the future generations how to not get into over leveraging.

----------------------------

RESOURCES:

March 29, 2002, http://www.frbsf.org/publications/economics/letter/2002/el2002-09.html, What's Behind the Low U.S. Personal Saving Rate? FRBSF Economic Letter, Federal Reserve Bank of San Francisco, Milt Marquis, Senior Economist
Jan. 30, 2006, U.S. savings rate hits lowest level since 1933Consumers depleting savings to buy cars, other big-ticket items, http://www.msnbc.msn.com/id/11098797/
1994, Global Debt and Third World Development, Vincent Ferraro and Melissa Rosser, http://www.mtholyoke.edu/acad/intrel/globdebt.htm]

[June 5, 2005, A Daily Reckoning White Paper Report, US Consumer Spending: Consuming America, Dr. Kurt Richebacher, http://www.dailyreckoning.com/rpt/USConsumerSpending.html]

Dec. 21, 2006, Group Sees Spike In Subprime Mortgage Foreclosures. A Nonprofit Critic Of Predatory Lending Says Delinquency Rates Are Rising As Housing Prices Fall, The Associated Press, http://articles.moneycentral.msn.com/Banking/HomeFinancing/GroupSeesSpikeInSubprimeMortgages.aspx

http://www.youtube.com/watch?v=6borpDebEHc, Maxed Out's James Scurlock and Elizabeth Warren on NightLine

Aug 2, 2006, Warren Reports On The Middle Class, The Dark Underbelly of Debt Collection, Elizabeth Warren

Unequal Burden: Income and Racial Disparities in Subprime Lending in America (April 2000, 15 p.), http://www.huduser.org/publications/fairhsg/unequal.html

Subprime Lending, US Dept of Planning an Urban Development, http://www.hud.gov/offices/fheo/lending/subprime.cfm

Jason Upclose and Personal

noreply@blogger.com (Moderator) — Thu, 27 Dec 2007 15:58:00 +0000

noreply@blogger.com (Moderator) — Sun, 23 Dec 2007 14:42:00 +0000

Our National Debt Dependency

Previously, we used to be a nation of savers and investors, following timeless principles of living below your means, spending only what we could afford, saving to pay for children’s education, saving for retirement. This is no longer the case. Somewhere along the way, we lost this common-sense and stopped teaching them to our children and the next generations.

“Americans’ personal savings rate dipped into negative territory in 2005,
something that hasn’t happened since the Great Depression. Consumers depleted
their savings to finance the purchases of cars and other big-ticket items. The
Commerce Department reported…that the savings rate fell into negative territory
at minus 0.5 percent, meaning that Americans not only spent all of their
after-tax income last year but had to dip into previous savings or increase
borrowing. The savings rate has been negative for an entire year only twice
before — in 1932 and 1933 — two years when the country was struggling to cope
with the Great Depression, a time of massive business failures and job layoffs.”
[Jan. 30, 2006, U.S. savings rate hits lowest level since 1933Consumers
depleting savings to buy cars, other big-ticket items, http://www.msnbc.msn.com/id/11098797/ ]

Our debt dependency is weakening our position as a superpower and is jeopardizing America’s future. We learned in history that debt can cripple a country. This was seen in 1919 when a massive debt was imposed upon Germany by the Allied Powers as reparations for World War I. Economist, John Maynard Keynes, wrote:

“The policy of reducing Germany to servitude for a generation, of degrading the
lives of millions of human beings, and of depriving a whole nation of happiness
should be abhorrent and detestable - abhorrent and detestable, even if it were
possible, even if it enriched ourselves, even if it did not sow the decay of the
whole civilized life of Europe. Some preach it in the name of justice. In the
great events of man's history, in the unwinding of the complex fates of nations
Justice is not so simple. And if it were, nations are not authorized, by
religion or by natural morals, to visit on the children of their enemies the
misdoings of parents or of rulers. Twenty years later, the debt, partially
responsible for the rise of the Nazis, had been repudiated and Keynes's views
had been confirmed. Seventy-four years later, the world confronts another
massive debt, although not one imposed by a treaty of peace. Indeed, this debt,
totaling $1.362 trillion in 1991… has had the effect of plunging millions of
people into conditions of economic despair and desperation. Most tragically,
this debt will jeopardize the chances for the happiness of millions of children
who will have committed no crime other than that of being born into a poor
society.” [1994, Global Debt and Third World Development, Vincent Ferraro and Melissa Rosser, http://www.mtholyoke.edu/acad/intrel/globdebt.htm]

If America continues to borrow without saving, we will lose our power to other countries.

“America has too much international credit. Not from private investors, but from
central banks. Central banks are the marginal key influence. And therefore, when
you consider the American fundamentals, America is certainly the most backward
country in the world, among industrialized nations. From a fundamental point of
view, the American economy is in incomparably worst condition today than in
2000. Income growth for the individual is stagnating. It is negative. And there
is no savings. America has no reserves to protect itself against the next
recession. The fact is, Americans are trapped…America's super-liquidity all
comes from borrowing. Credit has played a major role in all U.S. financial
markets…There are many who say that deficit spending by the government is bad.
But they don't say that deficit spending by the consumer is equally bad, or
worse. The American idea that everything good comes from consumer spending
is preposterous. And that is the key fallacy in America today.”
[June 5, 2005, A Daily Reckoning White Paper Report, US Consumer Spending: Consuming America, Dr. Kurt Richebacher, http://www.dailyreckoning.com/rpt/USConsumerSpending.html]

As your congressman, I will work hard to support policies that promote balanced budgets, transparency, and fiscal responsibility. The decision is in our hands. Do we seize the opportunity to change and take the actions necessary to fix our financial house or do we remain in denial? Let’s make a change for the better together!

To Find Solutions, We Must Listen To The Concerns Of Our Constituents

noreply@blogger.com (Moderator) — Tue, 18 Dec 2007 15:12:00 +0000

Jason Meets With The Montgomery County Green Democrats

[Full Minutes of the Meeting ]
November 28, 2007

Jason wants to better represent the views of constituents of the 4th district. Because issues are complex and there are many view points, not everyone may get everything that they wish for, but Jason is passionate about talking to people directly so that they know that they are being heard and that their congressman cares about their opinions and concerns. He believes that by listening, he can truly support what the majority in his district wants and strive to find solutions to our district and national problems.

On Nov. 28, 2007, Jason met members of the Montgomery County Green Democrats to discuss their concerns at Juanita's Restaurant, 15883 Redland Rd., Rockville at 7:35 p.m. In this meeting, topics that were discussed included: the impact of our energy needs on the environment, deforestation, destruction of habitat and ecosystems, expulsion of indigent people from land bought up by wealthy individuals in underdeveloped countries, population control and this country's approach to it, biological pollution with the introduction of non-native species (both plants and animals) to our Eco-system, global warming, abolishing No Child Left Behind, Iraq war, introducing capital efficiency in government, simplifying health care paperwork, traffic in the county, the ICC, Konterra, affordable housing, and redevelopment of commercial property. [Full Minutes of the Meeting ]

Jason wants to hear about your concerns and the issues that affect you! Email him at vote@jasonjenningsforcongress.com or schedule an meeting. Learn more about Jason at http://www.jasonjenningsforcongress.com/.

Jason Jennings Talking About Issues Other Candidates Don't

noreply@blogger.com (Moderator) — Wed, 05 Dec 2007 07:09:00 +0000

Photobucket Album