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Wednesday, February 08, 2012

Blackthink

SEARCH BLOG: RACE and EDUCATION

Recently, Newt Gingrich got into the "racist" swamp by taking a swipe at the food stamp program.  Most politicians shy away from using words like food stamps because they are bound to be seen as racists.  Why?  Not because they are referring to programs that cater exclusively to blacks or as a metaphor for racial preference or racial incompetence.  No, they get into the racist swamp because someone else who only thinks about possible racial subtext makes the connection.

What was said [source]:

"I'm prepared, if the NAACP invites me, I'll go to their convention and talk about why the African American community should demand paychecks and not be satisfied with food stamps," Gingrich said. 
The former House speaker has made a habit of calling President Obama the "food stamp president" -- a nickname he used on Thursday as well -- and has often painted the contrast between himself and Mr. Obama as a choice between paychecks and food stamps. 
"The fact is, if I become your nominee we will make the key test very simple: Food stamps versus paychecks," Gingrich said. "Obama is the best food stamp president in American history. More people are on food stamps today because of Obama's policies than ever in history. I would like to be the best paycheck president in American history." 
The use of food stamps in America has continued to climb in recent years, and hit an all-time high of nearly 45 million in 2011. 
According to U.S. Census Bureau, about 28 percent of households that receive food stamps are African American, while 59 percent are white.  According to the same report, about 78 percent of American households are white, while about 12 percent are black. (The overall population is 72.4 percent white and 12.6 percent black.)
The issue Gingrich was attempting to address was economic policies that take people off payrolls and make them food stamp recipients.  Unfortunately for Gingrich, statistics split by race show that blacks are twice as often the recipients of food stamps than whites... an example of how Obama's economic policies are failing blacks... a fact which was immediately deflected into the realm of being a racist.

That was pretty daring on the part of Gingrich to use any reference to race, even if it wasn't the central issue.  It's the political equivalent of sitting on a stockpile of decades old dynamite; a very unstable situation.  He strayed into the realm of "Blackthink."

RELATED:
THURSDAY, NOVEMBER 10, 2005Ethnic Divisiveness - Shades of Black

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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)