SoHo Journal: The Magazine of Arts and Politics in SoHo and the Hamptons Soho Politics Blog Hamptons Politics Blog

January 30th, 2009

STOP THE DOB FROM DISPLACING CHINATOWN RESIDENTS. SEND OUT 100 LETTERS IN 100 HOURS.

by Joelle Panisch


Thanks to Rob Hollander for the heads up.

Ever since the economy has tanked, downtown activists have been especially fierce regarding housing issues. The ramifications of displacement are unquestionably dire and activists are doing everything they can to keep families in their homes. Recently, despite adverse efforts, the residents of 81 Bowery were evicted for unsafe conditions— a shallow reason, protestors believe, because it should fall on the landlord to institute repairs.

The CAAAV (Committee Against Anti-Asian Violence) has been seeking jurisprudence to allow displaced tenants back into their homes, and to enact legislation that will make it policy to have landlords remedy safety violations rather then to evict tenants in the first place. According to the CAAAV, the group has asked the Department of Buildings and Commissioner Robert LiMandr to meet with them, but they have repeatedly been refused. Continue Reading »

Filed Under: Commentary | Community | New York | News | Politics | Take Action

January 29th, 2009

SOUTHAMPTON CELEBRATES INAUGURATION IN HIGH STYLE.

by John Wegorzewski and Edward Callaghan


Councilwoman Anna Throne Holst and Town Justice Andrea Schiavoni.

While much of America watched with pleasure as President Barack Obama and First Lady Michelle Obama swirled around the dance floor at one of the 10 parties they would attend that night, several hundred revelers at The Southampton Inn’s Inaugural Ball cheered with enthusiasm and rattled noisemakers. It could just as easily have been a New Year’s Eve party for all the joy this traditionally Republican town took in laying aside partisan politics and coming together in celebration of the dawning of a new era.

Gordon Herr, himself the newly elected Chairman of the Southampton Town Democratic Committee and Grania and Tip Brolin, organizers of the gala along with Dede Gotthelf Moan, owner of the Southampton Inn, warmly greeted the almost 300 black tie and begowned partiers who braved the ice and sub-freezing temperatures to be part of a historic celebration. Continue Reading »

Filed Under: Arts & Leisure | Community | News | Politics | the Hamptons

January 27th, 2009

COUNCIL MEMBER LIU: “JUST SHUT THE ENGINE OFF.”

by John Coakley

Council Member John C. Liu introduced three pieces of anti-idling legislation yesterday. Two of the pieces strengthened existing laws, while Intro. 631-A, for which Liu is the prime sponsor, will reduce the legal idle time in front of a school from three minutes to one minute. Since one minute is an unrealistic amount of time to finish whatever one intends to do while leaving the car unattended, people would be more inclined to simply turn the car off, thus keeping the air cleaner and the sidewalks safer for our children. Last week’s tragic accident, in which an idling van killed two children because the driver mistakenly put it in reverse rather than park, is clearly the inspiration for this much needed change in our ways. We aren’t the most patient of drivers in this town, but it is clear that taking a little extra time to consider the consequences of our automotive actions is a good idea.

Filed Under: Community | New York | News | Politics | Take Action

January 27th, 2009

TRANSPORT WORKERS UNION TO PROTEST SUBWAY SERVICE CUTS AT PUBLIC HEARING IN BROOKLYN 1/28/9.

by Joelle Panisch


Spreading the word.

Members of the Transport Workers Union manned Metro stops in Brooklyn today, handing out flyers protesting service cuts in the MTA’s 2009 budget, warning that the lack of service will have dire effects on both riders and the economy.

This comes after months of debate and dread over how to manage the 2009 MTA budget with a reported deficit of close to $1.2 billion—hundreds of millions higher than projected in July.

In November the Metropolitan Transit Authority’s Chief Executive, Elliot G. Sander, called the authority’s proposed budget “draconian,” and few would accuse him of being hyperbolic. In December, the MTA passed its “doomsday budget” by a vote of 13 to 1, which included both drastic fair hikes and service cuts. Continue Reading »

Filed Under: Articles | Commentary | Community | Events | New York | News | Politics | Take Action

January 27th, 2009

HAPPY BIRTHDAY, DORIS!

by D. Clark MacPherson


Photo courtesy of Ann Warner Arlen.

Doris Diether, Downtown activist, zoning expert and political luminary, had a special birthday celebration at the Judson Memorial Church on January 10th. Rumors abound that it wasn’t just Jack Benny who reached the ripe old age of 39 in excellent health.

Filed Under: Community | New York | News | Politics | Take Action

January 23rd, 2009

THE VANISHING CITY: MOVIE + PANEL @ DIXON PLACE: 1/24/9 @ 8PM.

by John Coakley


The Moondance Diner: vanished.

The issue of luxury development replacing entire neighborhoods in the city has become one of the most critical debates in post-9/11 New York, and something that we at the SoHo Journal take seriously. History is being erased, families are being displaced, and the fabric of our neighborhoods is being altered forever—just ask anyone who has been priced out of the Lower East Side or Chinatown in recent years.This event takes on this disturbing trend by featuring the acclaimed short documentary Twilight Becomes Night, which chronicles the loss of New York’s small businesses. The trailer to a new film-in-progress, Vanishing New York will also be screened; funds raised will help finance the completion of the film. A panel including Andrew Berman of the Greenwich Village Society of Historic Preservation, New York Assemblymember Deborah Glick, Director of Good Jobs New York Bettina Domiani and others will address audience questions. This Dixon Place event is well worth attending—you should go.

THE VANISHING CITY
Saturday, 1/24/9 @ 8PM
The NEW Dixon Place Theater
161 Chrystie Street (Rivington/Delancey)
RSVP: 212 219-0736 x113 OR www.dixonplace.org
$20 includes reception with panel to follow event
$15 general admission
$12 seniors/students

Filed Under: Arts & Leisure | Community | Events | New York | Politics

January 20th, 2009

SEE WHAT THE CITY HAS IN STORE FOR CHATHAM SQUARE: 1/21/9 @ 6:30PM.

by John Coakley

Thanks to Rob Hollander for the heads up.

There is a lot of history in Chatham Square. Seven streets converge in the spot originally named for the Prime Minister of Great Britain right before the American Revolution. It was originally an open air market where horses were sold, then became an area of ill repute as part of the notorious Five Points neighborhood during the mid-19th century. In the mid-20th century it was renamed Kimlau Square, with a Memorial Arch erected to honor the many Chinese American soldiers who died in the line of duty. The new name hasn’t entirely stuck, but the Square remains a vital part of Chinatown and New York as a whole.

So now that the City has plans to renovate the square, it’s up to us to make sure that they do it with a fair regard for the neighborhood’s needs. Community Board 3’s own traffic engineer, Brian Ketchum, will be present at the meetings listed below to answer questions and to review the City’s plans. Considering all of the ire that was raised when the Washington Square renovation plans were announced, we’d all be wise to see what’s in store here.

Wednesday, 1/21/9 @ 6:30pm
Confucius Plaza Community Room
33 Bowery

Wednesday, 2/18/9 @ 6:30pm
Confucius Plaza Community Room
33 Bowery

Monday, 2/23/9 @ 6:30pm
Public School 124
40 Division Street

Filed Under: Community | Events | New York | Politics | Take Action

January 20th, 2009

OBAMA’S INAUGURAL SPEECH REACHED THE 4 CORNERS OF THE GLOBE. EVEN SOHO.

by Joelle Panisch


Watching the Inauguration from the Cupping Room Cafe in SoHo.

The staggering attention to Barack Obama’s Presidential Inauguration has reached even the cobblestone streets of SoHo. In stores and shops, restaurants and bars, offices and residences nearly all televisions were tuned to the inauguration.

SoHo houses a collection of people from all walks of life—many homespun, many foreigners who relocated to New York for its prestige.

“It’s in the air. Whether you are a salesgirl in Bloomingdales or whoever, everyone is talking about the same thing. Everyone’s talking about Obama,” said Favio Greene, a British tourist in Soho for a holiday.

When asked if his family was watching back home. “They’re watching everywhere,” Greene responded. Continue Reading »

Filed Under: Articles | Commentary | Community | New York | Politics

January 18th, 2009

PURE GOLD: WHO TO WATCH IN THE FALL.

by Ed Gold


Dark horse Tony Avella.

More city Democrats will be seeking the unglamorous positions of Comptroller and Public Advocate than Mayor this year. The reason is fairly obvious. Democrats will fill the two non-mayoral offices. But standing in front of City Hall this fall will be Daddy Warbucks and his $60 million bankroll, his candidacy due to the dispensation granted him by the City Council.

As of this writing, only three Democrats appear ready to take on Modest Mike: Anthony Weiner, the congressman from Brooklyn and Queens; Bill Thompson, the current comptroller, and Tony Avella, a Queens councilman and a very dark horse.

Six candidates have shown interest in the Comptroller post but one of them, Bronx Borough President Adolfo Carrion Jr., is reportedly slated for a role in the Obama Administration.

Meanwhile, seven candidates have indicated interest in filling the seat being vacated by Public Advocate Betsy Gotbaum.

The surprising interest in the lesser citywide positions may be related to an increase in public matching funds this year. Continue Reading »

Filed Under: Articles | Commentary | Community | New York | News | Politics

January 17th, 2009

PARTY IN NYC—NOT DC—ON INAUGURATION DAY.

by John Coakley

Can’t make it to DC? Or maybe you just dislike standing in the freezing cold for hours, no matter how momentous the occasion? We hear ya. Here are three places offering local celebrations on Inauguration Day:

APT
419 W. 13th Street
212.414.4245
10PM—4AM

Groove to the sounds of the Brooklyn Wonderland DJs: Stylus and Stone spin funk, soul, afrobeat, and world house from 10PM until 4AM.

Lupanar
103 Essex Street (North of Delancey)
212.260.2036
8PM—?

Lounge away in the basement room of this LES French restaurant whose name is slang for “bordello.” A-hem.

SOB’s Party For Change!
204 Varick Street @ West Houston
212.243.4940
11AM—11PM

This is the big one, folks, an “all-day Obama-Fest” with a live broadcast of the swearing in at noon, a re-broadcast at 7pm, DJ’s and live acoustic acts all day long and Potent Patriotic Cocktails & Obama Power Happy Hour from 5-7PM. Should be a hoot.

Filed Under: Arts & Leisure | Events | New York | Politics

January 16th, 2009

GET THOSE KIDS INVOLVED WITH THE INAUGURATION.

by John Coakley

Thanks to Mommy Poppins for the heads up.

Kids can’t vote, which seems unfair, seeing as how they would probably just vote for the candidate that makes them feel safest—just like most of us adults do. Well, there is no reason for the kids to be left out of the Inauguration. Even if you can’t bring em all down to DC next week, they can still get themselves involved and engaged with this big, big day. To wit:

Kids Inauguration Party
Borders Columbus Circle
10 Columbus Circle
212.823.9775
January 17, 2pm
FREE

Celebrate our nation’s new beginning with art activities, games, a scavenger hunt and an official oath ceremony. Continue Reading »

Filed Under: Arts & Leisure | Community | Events | New York | Politics

January 12th, 2009

TELL BUSH TO PARDON SOMEONE WHO ISN’T A FORMER BUSINESS ASSOCIATE, FRATERNITY BROTHER, OR POLITICAL CRONY. COME ON, JUST ONE.

by John Coakley


Jonathan Pollard has already served twenty years too many.

Twenty-four years ago Jonathan Pollard was indicted on one count of passing classified information to an ally (Israel), without intent to harm the United States. The usual sentence for such a crime is 2-4 years. Neither the American or Israeli governments wanted to get involved in a long trial, so a plea bargain was offered and accepted. The problem is that Pollard is still in jail; he was sentenced to life with no hope of parole. Everyone from Rabbis to former heads of the NAACP to Senators who were made aware of the content of the classified information have come out to support Pollard’s being freed, to no avail.

Now it’s up to you. The last weeks of a presidency are traditionally pardoning season, and as these last few days pass we’ll no doubt see a long list of greedy white collar criminals go free. To be fair, Clinton did the exact same thing, so we can’t blame Bush too harshly for that. Still, you would think that our soon-to-be-ex-president would appreciate the opportunity to strengthen his legacy before he goes. This would certainly be a good start. You can help by calling, writing or faxing the White House; you can also sign this petition. Telling all of your friends about this matter certainly wouldn’t hurt either. Opportunities to help correct travesties of justice are rare. We should all take advantage of them when they arise.

Filed Under: Commentary | New York | News | Politics | Take Action

January 9th, 2009

PURE GOLD: A PERSONAL LOOK BACK AT CIVIL RIGHTS HISTORY.

by Ed Gold


Jackie Robinson

The prospect of the first black president to take the oath of office on Lincoln’s bible brought to mind a broad range of memories in our long struggle for civil rights: examples of outright bigotry, of courageous actions, of stereotypes, zealotry, redemption and exhilaration.

What follows is a collection of incidents in this unfinished struggle to “overcome” and fulfill King’s dream for America.

***

Norm Skinner was the first black basketball star at Columbia. He was recently quoted in the college magazine indicating he had never experienced racial prejudice during his undergraduate days.

Maybe it was just as well he forgot one incident I was witness to.

As an editor of the Columbia Spectator I was friendly with Skinner and in 1947 we were part of a four-couple dinner date, two black couples and two white. We were meeting in one of the dorm lobbies. Skinner and another ball player were there with their dates, and I had a brainy bundle of energy from Smith.

A classmate of mine and his girlfriend were to meet us there. They entered the dorm and stood near the front door, engaged in conversation. They could easily see the six of us sitting on couches. Then my friend walked over to us, told us his girlfriend had gotten a splitting headache and that he’d have to take her home. He turned to the door and they were both gone.

The event did not sit well with Skinner who took the exodus as a slight. I tried to minimize the incident at dinner but Skinner was right.

It was all about race. Continue Reading »

Filed Under: Commentary | Community | New York | Politics

January 8th, 2009

DEUTSCHE BANK HEARING @ CITY HALL: 1/9/9 @ 10AM.

by John Coakley

Thanks to 9/11 Environmental Action for the heads up.

There will be a hearing tomorrow on the decontamination and deconstruction of the Deutsche Bank building. Anyone with an interest in the machinations of civic politics is encouraged to attend, particularly if you’re curious about whether or not we’ve learned anything from cleaning up the World Trade Center site. Call in sick and go.

Lower Manhattan Redevelopment, Alan J. Gerson, Chair
Friday, January 9, 10:00 AM
Council Chambers – City Hall

Filed Under: Community | Events | New York | News | Politics | Take Action

December 29th, 2008

PURE GOLD: THE REPUBLICANS ARE SCARED OF A NEW KIND OF CHOICE.

by Ed Gold


Sen John Ensign: Not a fan of stronger unions.

A tough, highly partisan battle is shaping up in the new Congress to determine whether labor unions can make a real comeback following the 2008 elections.

The struggle will be over the Employee Free Choice Act (EFCA), backed by labor and considered the death knell of the Republic by those who hate the union movement.

During the recent Senate debate on the auto industry bailout, the anti-union sentiment among Republicans, particularly those from states with non-union foreign auto plants, became conspicuously pronounced. A majority of Republicans would not support the bailout unless UAW workers would agree to accept wage levels which exist at non-union auto plants.

Unions, which have been on the skids in the U.S since the mid-fifties, believe the Free Choice Act would go a long way towards helping unions organize and win bargaining rights. The Republicans feel the same way about EFCA, given their vehemence against it.

John McCain calls the act a “threat to democracy.”

The Wall Street Journal says it’s “unconstitutional.”

Sen John Ensign of Nebraska calls it “the most heinous piece of legislation in history.”

So what would the EFCA do? Continue Reading »

Filed Under: Articles | Commentary | Community | New York | News | Politics

December 25th, 2008

WHAT WE WANT FOR CHRISTMAS.

by John Coakley

A stable economy wouldn’t hurt either.

Filed Under: Articles | Commentary | Community | Events | New York | News | Politics | Take Action | the Hamptons

December 23rd, 2008

HAMPTONS POLITICS: A DOSE OF REALITY.

by D. Clark MacPherson


Henry Paulson: A good man to know if you happen to own a bank.

When a stupid man is doing something he is ashamed of, he always declares that it is his duty.
— George Bernard Shaw

We hang the petty thieves and appoint the great ones to public office.
— Aesop

As the Hamptons economy burns, the Southampton Town Board fiddles, the real estate industry implodes, Suffolk County D.A., Tom Spota arrests people. It’s not bad enough that Henry Paulson is saving his buddies at Goldman Sachs, JPMorgan Chase and Morgan Stanley—by dishing out billions from under the TARP to cover them for the losses that they created by handing out mortgages to anyone breathing—now Spota’s Economic Crimes unit is busy trying to criminalize the people who accepted the largesse. The bogus paper known facetiously as CDO’s and SVI’s—debts that were bundled into securities by thirty year olds pulling down $5 million dollar a year bonuses at Merrill Lynch, Goldman Sachs, Morgan Stanley, Lehman Brothers and Bear Sterns. One thirty year old from Merrill Lynch recently commented that he left the company with $20 million in cash and his only heartburn comes from trying to figure out how not to pay taxes on it.

You think he has a mortgage to worry about? Continue Reading »

Filed Under: Articles | Commentary | Community | New York | News | Politics | the Hamptons

December 22nd, 2008

PURE GOLD: HOW MUCH ROOM SHOULD THERE BE IN OBAMA’S BIG TENT?

by Ed Gold


Rick Warren: Better than the average pro-life, creationist, homophobic Evangelist.

There are a substantial number of reasons why liberals as well as the entire LGBT community might be upset by the selection of Evangelist Rick Warren to deliver the invocation at Barack Obama’s Inaugural.

But those of us who cheered Obama’s victory had better get used to his nuanced concept of diversity, even when it proves exasperating at times.

Let’s not fudge the issue. Warren, who runs the fourth largest church in the nation, goes against the liberal grain in many ways:

*He of course opposes abortion, arguing that life begins at conception and that ending that life is unacceptable.

*He has compared gay marriage to incest and polygamy (although he has recently modified that comparison) and sees gayness as unnatural and not a human right.

*He favors creationism over evolution.

*He puts great limits on stem cell research.

So how could Obama give such a person a featured symbolic spot at his inauguration? Continue Reading »

Filed Under: Articles | Commentary | New York | News | Politics

December 19th, 2008

PURE GOLD: DON’T UNDERESTIMATE THE KENNEDY GENES.

by Ed Gold


Caroline in her younger days.

The Kennedy dynasty continues to bewilder and dazzle. The three most famous, Jack, Bobby and Teddy, were all transformed by politics and all three emerged as inspirational leaders-unexpected, considering their early history.

Now we have a new family surprise with Caroline. Considered bookish and shy, she stayed conspicuously out of the limelight for almost all of her adult life. This daughter of Jack, niece of Bobby and Teddy, is emerging from the shadows of a mostly private life, seeking to replace a political icon, Hillary Clinton.

We have never had a family like the Kennedys and it is difficult to imagine another American family with similar impact.

Like all the Kennedy achievers, Caroline begins with a very thin resume, considering that she seeks the seat occupied most successfully by a superior political animal who now moves on as Secretary of State. Very big shoes to fill. Continue Reading »

Filed Under: Articles | Commentary | New York | News | Politics

December 17th, 2008

CURMUDGEON’S CORNER: LOBSTERS + SINKING SHIPS.

by Sean Jaeger

The Great Wall Street Panic of 2008 should have taught us all some very valuable lessons. Lesson number one should be to forget about all those people on Wall Street and in Washington, on television, and in the newspapers telling us everything is going to be all right and we should just hold on tight.

Just who do you think was selling all those stocks flushing the Dow Jones average down the toilet to levels not seen in years? That’s right, the very same people telling us not to panic. The rats don’t want us to panic because they want to get off the sinking ship first.

The lesson is, don’t just stand there; panic. Panic first, panic fast and panic often.

Simply put, the guy who panics first gets a lot of cash to put in the mattress where he or she can save it until the storm passes over so he can buy a lot of bargains. In other words he sells near the top so he can buy near the bottom. Call this guy your broker, your hedge fund manager, or your financial advisor. Continue Reading »

Filed Under: Articles | Commentary | Community | News | Politics | the Hamptons

December 17th, 2008

RUMORS & LIES—FAIR AND BALANCED IN THE HAMPTONS: THE RAZZLE DAZZLE.

by Jack Torrance


Andrea Schiavoni and Sally Pope.

By means of shrewd lies, unremittingly repeated, it is possible to make people believe that heaven is hell — and hell heaven. The greater the lie, the more readily it will be believed.
–Adolph Hitler, Mein Kampf

What most people don’t realize about the Hamptons is that it was one of the few locations that voted for Herbert Hoover. Residents of Villages and Towns, which are now Republican bastions, were busy wringing their hands over the incursion made by candidates who they perceived as riding Obama’s coattails to victory. Stealing the Obama signs apparently didn’t work. Of course, the faulty logic in that mind game is that African- Americans or Latinos are not supposed to win anywhere. But, Sally Pope, a Democratic candidate for Town Board in Southampton Town, edged out a hand-picked Republican. Linda Kabot selected Dan Russo, on the instructions of the Republican Party after a real Primary, which ejected Skip Heaney as Supervisor last year.

Although Anna Throne-Holst is a Democrat, holding hands with Russo was more than a romantic problem. The supposed changes after Throne-Holst became the lone Democrat amounted to little more than misinformed press pieces given to that stellar media source Hamptons.com and a misguided attempt at a “Green Law,” which was just another route for the Code Enforcement Police to get into your bedroom to check for illegal immigrants. Most of what Code Enforcement does is geared towards investigating people rather than correcting problems. If that were not the case, there would be a system in place to notify owners of problems needing to be corrected. Continue Reading »

Filed Under: Articles | Commentary | Community | News | Politics | the Hamptons

December 16th, 2008

NAUGHTY OR NICE: CHRISTMAS WISH LISTS FOR THE CANDIDATES.

by Christian McLean

It’s cold, it’s dark, and, like every year at this time, New Yorkers shed their sunny dispositions and brace for the long hard winter ahead. As we transcend from the communal “Oh, look at the leaves,” to the introverted “Leave me alone, I’m freezing,” some New Yorkers were willing to step out of their down-lined shells and share their early holiday wishes.

The Christmas Wish List; the stuff of dreams, a magical piece of paper that details the hopes and aspirations of good (and bad) little boys and girls across the world, was placed into the hands of New Yorkers and Hamptonites–but the wishes were not for themselves. In the true spirit of giving, we hit the streets, polled the public and compiled their list of gifts for the presidential and vice presidential candidates. Continue Reading »

Filed Under: Articles | Commentary | Community | New York | Politics | the Hamptons

December 16th, 2008

WALL STREET TO CITY: DROP DEAD.

by Joelle Panisch

The Specific (And Shameful) Subprime Loan Crisis in NYC Housing and the Looming Inevitability That Buildings Will Default.

Before 2006, ‘tenant harassment’ was not part of the common vernacular. Maybe landlord A disliked tenant B. The landlord gave the tenant a hard time; the tenant felt harassed, drank a few beers and moved. But since 2006 there has been a massive pervasion of physical, legal, and psychological harassment amongst low-income and rent stabilized households. How odd. Did landlords A, B, and C all get together, grease their mustaches and come up with a devious plan to oust their tenants, or is the shift indicative of a larger presiding force?

In May of 2008 the Association for Neighborhood and Housing Development (ANHD) released a study about the surge in tenant harassment and the subsequent loss of rent stabilized apartments. The report found that the spike coincided directly with an increase in developers backed by private equity investors. These investors were banking on the uncertain prospect that they could illegally evict tenants to convert buildings to market rate, and high mortgages reflected this hope. Sound familiar? Perhaps like a certain economic crisis fueled by greed, the despicable exploitation of average citizens and disregard for the laws of accounting that resulted in poisonous securitization? In a follow up report released in October the ANHD found that the investment in subsidized housing made by these “predatory equity” firms (as they were dubbed) is just New York’s version of “ninja lending” and 60% will probably result in likewise defaults. It turns out New Yorkers and Joe Plumber-Six-Pack have more in common than they realized. Continue Reading »

Filed Under: Articles | Community | New York | News | Politics

December 14th, 2008

PURE GOLD: A LOT CAN CHANGE IN 40 YEARS.

by Ed Gold

Yes, we did!

We changed the face of America on Nov. 4th, both literally and figuratively. When they play “Hail to the Chief” on Jan. 20th a tall, lanky black man will take center stage for all the world to see.

Ridiculed by the Republicans as a “community organizer,” Barack Obama put together the most expensive, technically advanced, best organized campaign for the Presidency in the nation’s his- tory.

He eradicated the red state myth, capturing the heart of the Confederacy, key pieces of the hard conservative Midwest and chunks of the rugged frontier Far West.

Virginia and North Carolina fell, along with Ohio, Indiana and Iowa, followed by New Mex- ico, Colorado and Nevada. And, of course, he took Florida, despite the robocalls that told Floridians he was Castro’s pal. Continue Reading »

Filed Under: Articles | Commentary | Community | New York | News | Politics

December 11th, 2008

THE RESTLESS MISCREANT: VERTIGO.

by Delbert Grady

Vertigo n. A disorder in which a person or his surroundings seem to whirl about in such a way as to make the person dizzy and usually sick.

Investment banks blowing up. Banks failing. Stock markets melting down. Millions (M) become billions (B) become trillions (T). Almost makes me feel like I was a cockeyed optimist in my previous economic articles (GUNS, BUTTER AND PIZZA – Spring 2006 issue, reprinted Fall 2008 and THE GREAT BOOMER BUST – Spring 2008 issue).

Trying to get a better handle on the diverse components of this Byzantine disaster, I’ve culled a pile of interesting facts from a wide variety of sources over the last few years, herewith submitted for your approval as Rod Serling used to say. (All figures approximate).

There is about $4.5T deposited in 8500 U.S. banks. The number of “troubled” banks jumped from 90 to 117 in the second quarter of 2008 and Bloomberg Markets estimates that 100 regional banks may fall next year costing the Federal Deposit Insurance Corp. (FDIC) $150B more than it actually has, and that doesn’t include potential losses on an additional $1.9T of deposits now covered due to the recent increase in coverage to $250K per account, up from $100K. The FDIC had only $45.2B on hand as of June after shelling out almost $9B for the IndyMac collapse.

Now to the subprime bailout: Continue Reading »

Filed Under: Articles | Commentary | New York | News | Politics

Articles

Search

Information

Extras

soho journal current cover
Newsletter

Yoga With April locations resource locations resource