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Sunday, January 16, 2005

Education Failure - The Dream

Martin Luther King was just a man... noble side, fallible side. He, like other noteworthy people are more remembered for their vision and public persona than their personal lives. That's fair. We should ask our leaders to be leaders, not saints. Their vision and the risks they take should overshadow their personal shortcomings.

Rev. King is probably most remembered for the speech he delivered on August 29, 1963 in Washington, D.C.... known as his "I have a dream" speech. Unfortunately, that's about all people remember... those four words. Whites forget the history behind the words; blacks forget the challenge he also spoke...

But there is something that I must say to my people who stand on the warm threshold which leads into the palace of justice. In the process of gaining our rightful place we must not be guilty of wrongful deeds. Let us not seek to satisfy our thirst for freedom by drinking from the cup of bitterness and hatred. We must ever conduct our struggle on the high plane of dignity and discipline. We must not allow our creative protest to degenerate into physical violence. Again and again we must rise to the majestic heights of meeting physical force with soul force.

The marvelous new militancy which has engulfed the Negro community must not lead us to a distrust of all white people, for many of our white brothers, as evidenced by their presence here today, have come to realize that their destiny is tied up with our destiny. And they have come to realize that their freedom is inextricably bound to our freedom. We cannot walk alone.

It is ironic that his dream that the South would change has happened and that blacks are moving back from the North. Georgia, a specific target of Rev. King's speech, has become a target place for relocation.

The problems continue to exist in the North... maybe worse than before as manufacturing jobs are lost and schools are blamed for the failure of blacks to embrace the very education process that would allow them to live and compete economically while
conduct[ing] our struggle on the high plane of dignity and discipline
Forty-one years later, another prominent black is again speaking out about the problems of the black community... this time with a more inward perspective. Dr. Bill Cosby... yes, that's a correct title, not just a TV title... has been touring the North with his message:
The incarceration rate of our youth is accelerating with devastating consequences for our families and neighborhoods. Children are being killed by stray bullets in territorial gang and drug wars.

Many of us feel shocked and helpless. We don't need to feel passive.

Most of these ills stem from several factors, but an important one is the lack of education of too many of our young people. Studies show a correlation between inadequate schooling and a wide range of distressing outcomes, including early death, a propensity toward violence and substance abuse.

Our children are telling us something. Why are we not listening and paying attention to the messages?

Parent power! Proper education has to begin at home. We must demand that our youth have an understanding of spoken and written English, math and science. We must transform our communities with a renewed commitment to our children, and that means parents must show that they value education. We don't need another federal commission to study the problem.

What we need now is parents sitting down with children, overseeing homework, sending children off to school in the morning well fed, clothed, rested and ready to learn.

Easier said than done, Dr. Cosby. Especially when getting an education is seen as "actin' white" by too many young blacks. The biggest education failure is the failure to convince those who need education the most to accept their need.

Dr. Cosby's message is beginning to resonate among blacks... let's hope that it gains a following.

For the truly curious: GRADUATION RATES BY STATE BY RACE

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There is always an easy solution to every human problem—neat, plausible, and wrong.
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“The Divine Afflatus,” A Mencken Chrestomathy, chapter 25, p. 443 (1949)
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FEDERAL RESERVE & HOUSING

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February 3, 2006
Go back to 1999-2000 and see what the Fed did. They are following the same pattern for 2005-06. If it ain't broke, the Fed will fix it... and good!
August 29, 2006 The Federal Reserve always acts on old information... and is the only cause of U.S. recessions.
December 5, 2006 Last spring I wrote about what I saw to be a sharp downturn in the economy in the "rustbelt" states, particularly Michigan.
March 28, 2007
The Federal Reserve sees no need to cut interest rates in the light of adverse recent economic data, Ben Bernanke said on Wednesday.
The Fed chairman said ”to date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation”.

July 21, 2007 My guess is that if there is an interest rate change, a cut is more likely than an increase. The key variables to be watching at this point are real estate prices and the inventory of unsold homes.
August 11, 2007 I suspect that within 6 months the Federal Reserve will be forced to lower interest rates before housing becomes a black hole.
September 11, 2007 It only means that the overall process has flaws guaranteeing it will be slow in responding to changes in the economy... and tend to over-react as a result.
September 18, 2007 I think a 4% rate is really what is needed to turn the economy back on the right course. The rate may not get there, but more cuts will be needed with employment rates down and foreclosure rates up.
October 25, 2007 How long will it be before I will be able to write: "The Federal Reserve lowered its lending rate to 4% in response to the collapse of the U.S. housing market and massive numbers of foreclosures that threaten the banking and mortgage sectors."
November 28, 2007 FED VICE CHAIRMAN DONALD KOHN
"Should the elevated turbulence persist, it would increase the possibility of further tightening in financial conditions for households and businesses," he said.

"Uncertainties about the economic outlook are unusually high right now," he said. "These uncertainties require flexible and pragmatic policymaking -- nimble is the adjective I used a few weeks ago."
http://www.reuters.com/

December 11, 2007 Somehow the Fed misses the obvious.
fed_rate_moves_425_small.gif
[Image from: CNNMoney.com]
December 13, 2007 [from The Christian Science Monitor]
"The odds of a recession are now above 50 percent," says Mark Zandi, chief economist at Moody's Economy.com. "We are right on the edge of a recession in part because of the Fed's reluctance to reduce interest rates more aggressively." [see my comments of September 11]
January 7, 2008 The real problem now is that consumers can't rescue the economy and manufacturing, which is already weakening, will continue to weaken. We've gutted the forces that could avoid a downturn. The question is not whether there will be a recession, but can it be dampened sufficiently so that it is very short.
January 11, 2008 This is death by a thousand cuts.
January 13, 2008 [N.Y. Times]
“The question is not whether we will have a recession, but how deep and prolonged it will be,” said David Rosenberg, the chief North American economist at Merrill Lynch. “Even if the Fed’s moves are going to work, it will not show up until the later part of 2008 or 2009.
January 17, 2008 A few days ago, Anna Schwartz, nonagenarian economist, implicated the Federal Reserve as the cause of the present lending crisis [from the Telegraph - UK]:
The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble, and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce.
January 22, 2008 The cut has become infected and a limb is in danger. Ben Bernanke is panicking and the Fed has its emergency triage team cutting rates... this time by 3/4%. ...

What should the Federal Reserve do now? Step back... and don't be so anxious to raise rates at the first sign of economic improvement.
Individuals and businesses need stability in their financial cost structures so that they can plan effectively and keep their ships afloat. Wildly fluctuating rates... regardless of what the absolute levels are... create problems. Either too much spending or too much fear. It's just not that difficult to comprehend. Why has it been so difficult for the Fed?

About Me

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Michigan, United States
Air Force (SAC) captain 1968-72. Retired after 35 years of business and logistical planning, including running a small business. Two sons with advanced degrees; one with a business and pre-law degree. Beautiful wife who has put up with me for 4 decades. Education: B.A. (Sociology major; minors in philosopy, English literature, and German) M.S. Operations Management (like a mixture of an MBA with logistical planning)