Tag: Saudi Arabia

This week, I had the opportunity to participate with my fellow 5th district candidates in a forum sponsored by WPSU TV to discuss job creation and economic conditions in the 5th Congressional District.  As we fielded questions on the various issues, I paid close attention to how my views on job creation and retention along with overall economic development strategy differed from my opponents.   What I heard from my Republican opponent was numerous statements about “incentives” and “tax credits” to entice businesses to locate or expand in the 5th district.  

When government provides “incentives” they give funding to a business through grants / loans, while “tax credits” grant certain exemptions that allow a business to omit paying some taxes by writing off eligible expenses.  Regardless of what form they take, “incentives” spend federal government funds and “tax credits” decrease revenue coming to the federal government.   While this may be a reasonable plan when the federal government is fiscally strong with a surplus, it is impractical to suggest at a time when the federal budget has a $482 billion deficit and $9.6 trillion in debt is owed to foreign countries including the likes of China and Saudi Arabia.  

Throughout this campaign, I have made the case to the voters in the 5th district the federal government cannot help revive our failing economy, much less deal with other important domestic issues, until the federal budget is balanced, a surplus is growing and the debt to foreign nations is paid down.   It is irresponsible when a candidate for federal office proposes creating new “incentives” or offering “tax credits” to corporate America while we have record deficits and debt at the federal level.   Sadly, this is more of the same failed fiscal policies we’ve seen during the last 8 years.

The same day as the WPSU forum, the Centre Daily Times printed a story about the recent unemployment rates released by the PA Department of Labor and Industry.  Throughout the 5th Congressional District, unemployment and economic conditions are some of the worst in the Commonwealth of Pennsylvania.   In fact, the 2 counties with the highest unemployment rates in the state were here in the 5th district with Cameron County at 7.6% and Forest County at 8.4%.   Perhaps even more troubling was the fact that 15 of the 17 counties in the 5th district are above 5% unemployment with the only exceptions being Warren County just slightly under at 4.8% and Centre County at 4.2%.

Not only do we have the highest unemployment rates, but the US Census Bureau reports that median family incomes in the 5th district are, on average, almost $12,000 less than the rest of the nation.   The US Census Bureau — 2006 American Community Survey lists the Median Family Income for the 5th Congressional District of Pennsylvania at $46,863 versus the U.S. average of $58,526.   Worse yet, while we are averaging significantly less in income than other areas of the country, we are paying the same rising costs for food, gas, energy, automobiles, clothes and other necessities that we need in daily life.  During the WPSU forum the issue of young people leaving the 5th district after graduating from high school and college was discussed.   It is obvious the difference in income levels plays a huge role in the departure of our young people from rural central Pennsylvania.

Of course, the question still remains, how do we create jobs, lower record unemployment rates and increase income levels in the 5th Congressional District and spur the economy at the national level?   The federal government isn’t going to fix this for us because they don’t have the financial resources to do so.   The time has come for certain sacrifices to be made by those who have profited in recent years.  

We need our business leaders to realize there are no more handouts for them if they are running a profitable business.   Too often, businesses on solid financial ground want the government to provide incentives and tax credits before they will expand and create new jobs.  We need corporate America to voluntarily reinvest their profits to rebuild our nation’s economy without the expectation of incentives and tax credits.  

And to the wealthiest citizens, the time has come to stop complaining if you have to pay a little more in taxes to get us out of the fiscal mess from the last 8 years.  To accomplish this, the Bush tax cuts for the wealthiest Americans must expire as scheduled in 2011.  Once we get the fiscal mess straightened out, then a new set of tax cuts for poor and middle class, roughly 90% of the working population, can be put in place.

At the federal government level, a strong, stable fiscal policy that balances budgets, builds surpluses, pays down the debt and stops borrowing from foreign governments will eventually allow the federal government to get back to supporting economic development and job creation.   This can only be accomplished if voters send fiscally responsible people to represent them in Washington.  Contrast my message of fiscal responsibility to that of my opponent who continues to voice support for failed fiscal policies that will continue to threaten our national security through higher deficits and more debt to foreign sources.

2008 Continues to be Historic

When I decided to enter the race for the US Congress, I did so with a slight thought in the back of my mind that, in some small way, I might be involved in an election that was historic.   Now, with September upon us and just over 2 months until Election Day, it is obvious that history will be made in 2008.  We could see the first African American elected President of the United States in Barack Obama, whom I support,  or we could see the first woman elected Vice President in Sarah Palin (as part of the McCain ticket, I’m not so excited about that prospect).  At the DNC Convention in Denver, the speech by Barack Obama on Thursday was one of the greatest presentations I’ve ever watched.  He was flawless in his presentation and he showed the country and the world that he is the strong, articulate leader we need to solve the problems facing our country.  

And the announcement on Friday by Senator John McCain that his choice for a running mate was the first term Governor of Alaska Sarah Palin was a gutsy call to say the least.   It will be interesting to watch the rest of the campaign and learn more about Governor Palin.  

Happy Labor Day and Prayers for the Gulf Coast.

On behalf of the McCracken for Congress campaign, I want to offer a Happy Labor Day to the working people in the 5th district.  People in rural Pennsylvania are known for their strong work ethic.   All they ask for in return is a fair wage and benefits that will allow them to care for their families and put food on the table.

Finally, we all need to be sending our prayers to the people and communities on the Gulf Coast as Hurricane Gustav moves across the Gulf of Mexico.  We never want to see a replay of the destruction and despair that we saw during Hurricane Katrina.

Please help in any way you can to help the residents of the Gulf. You can donate to the Red Cross at this link:

http://american.redcross.org/s…

Mark B. McCracken

Your Candidate For Congress

————————————————————————————————–

This diary is cross-posted at McCracken’s campaign blog, PA’s Blue Fifth

Mark McCracken for Congress

ActBlue page

The hypocrisy of the modern Republican Party never ceases to amaze me. The Republican Party leadership is, and always will be the party of the mighty Greenback. Despite this they try to lecture all of us on things like moral values, and being tough on terrorists. However, if these things ever interrupt their endless quest for profits, they are easily forgotten if those profits are threatened.

A perfect case-in-point is the Congressman of Kentucky’s First Congressional District, Ed Whitfield. He paints himself as “tough on terror”, but the true terror to him is losing his precious profits.

As it ends up, he is tied to the Bush Family by more than just rubber-stamping every failed policy of a failed administration. Shortly before George W. Bush’s uncle, Jonathan Bush took over as CEO of Riggs Bank, Ed Whitfield bought some  Riggs Bank Stock. Whitfield held on to this stock, even though Jonathan Bush had been fined $30,000 in Massachusetts, and several thousands more in Connecticut for violating registration laws that govern securities sales in 1991 and was barred from securities brokerage with the general public in Massachusetts for one year.

But that is just the beginning. It appears that a Saudi named Omar al-Bayoumi housed and opened bank accounts at Riggs Bank for two of the 9-11 hijackers. Just two weeks after this assistance began, al-Bayoumi’s wife began recieving monthly payments totaling tens of thousands of dollars from Princess Haifa bint Faisal, wife of Bandar Bush of Farenheit 9-11 fame.

http://en.wikipedia.org/wiki/R…

When the FBI discovered these transactions, they began an investigation of the bank for possible money-laundering, and funding of terrorism. Riggs bank was fined a record $25 million in 2004 for allegedly violating anti-money laundering laws because of it’s handling of Saudi-controlled accounts that were under investigation for possibly funding terrorism. One of Whitfield’s fellow Republicans, Charles Grassley had this to say about the fine:

“Riggs Bank deserves every penny of this huge fine,” Grassley said in a statement Thursday. “Banks have a patriotic duty, not to mention legal requirement, to report suspicious activity. When banks look the other way, they put our national security at risk. Whether it’s through incompetence, negligence or greed, they are allowing terrorists to funnel their blood money through the system.”

http://www.usatoday.com/money/…

Do not Congressmen have a “patriotic duty” not to invest in such unscrupulous, criminal enterprises?

But it doesn’t stop there. Riggs bank also helped Chilean dictator  

Augusto Pinochet Ugarte hide millions of dollars of assets from international prosecutors while he was under house arrest in Britain. They came up with a clever and dishonest scheme to do this:

Senate investigators, who spent more than a year looking into Riggs, found that the bank attempted to use offshore and other accounts that were misleadingly named to obscure their connection to Pinochet. In documents required by federal regulators, for example, the bank referred to Pinochet not by name but as “a retired professional” who held a “high paying position in public sector for many years.”

http://www.washingtonpost.com/…

Riggs Bank was forced to plead guilty in early 2005 to felony charges that they failed to file suspicious activity reports and were fined another$16 million to resolve the anti-money-laundering deficiencies in it’s former embassy and international operations.

Now, according to his seemingly incomplete 2006 personal financial disclosure, Ed Whitfield sold off his Riggs Bank holdings on Sept. 9, 2006. My question to Exxon Ed Whitfield, is why after this bank was taken over by a former criminal CEO, paid a fine for laundering possible terrorist Saudi money, and pled guilty to hiding money for a ruthless dictator, did it take him so long to sell off his stock? Are these the kind of “Family Values” that Whitfield sees fit to invest in? How can one be tough on Terrorism if they invest in institutions that possibly fund such activity?

This investment shows where the priorities of Exxon Ed Whitfield truly lie. The fact of the matter is that through two criminal investigations, guilty pleas, and fines, Exxon Ed Whitfield still saw Riggs Bank as a worthwhile investment, whether it supported terrorism and ruthless dictators or not.

Now, I am all for Americans investing, and bettering themselves. Part of the American way is the ability to grow your wealth, and be successful. However, don’t the investments you choose to make reflect upon your character and judgement? The fact that Whitfield supported all this illegal activity with his own invested money speaks volumes about his ability to lead, and make decisions for the citizens of Kentucky’s First Congressional District.

We need a new direction from this seat in our Congress. Exxon Ed Whitfield has become a millionaire while representing our district, and the average working family has fallen further behind. Now more than ever, we need new leadership in the Congress from this district:

We can win this race if we let the voters here know just how bad the judgementExxon Ed Whitfield has exercised truly is.

To do that, we need your help. Please consider supporting Heather Ryan, and helping her gain momentum going into the Fancy Farm Picnic, which kicks off the political season in Western Kentucky. You can do so here:

It is time to retire members of Congress like Exxon Ed Whitfield, whose poor judgement puts profits over ethics, and blindly invests in criminal activity.  

First, I want to wish you all a Happy 4th of July. I’ve been thinking about the meaning of Independence Day, a day on which we as a people publicly declared our desire to be masters of our own destiny, to chart our own course as a free and independent society no longer under the control of others. For 232 years we Americans have done just that. We have governed ourselves, and I’d say that our record is one in which we can justly take a great deal of pride.

On this 4th of July, I’ve also been thinking about another kind of independence, namely energy independence. We are a strong country with our best days yet ahead of us. Right now, however, we face tremendous problems because we are deeply dependent on foreign oil. And we’re not just importing oil from friendly democracies like Canada, but from places like Iran, Saudi Arabia, and Venezuela, countries who have very different values and interests from our own.

More after the jump.

We’ve seen the price of oil go through the roof since George Bush, supported by Chris Smith, invaded Iraq and destabilized the Gulf region. Energy independence is vital because too many families can’t afford to fill up their gas tanks or heat their homes, and also because too much of what we spend on energy ends up with regimes or terrorist groups that want to hurt us here at home and attack our brave servicemen and women in Iraq and Afghanistan.

In the summer of 1776 our Founding Fathers literally put their lives on the line to declare our independence from King George III. We need to honor their bravery, and to defend our country’s independence for the sake of our children by taking serious measures starting this summer.

We must increase fuel economy standards for vehicles and invest in more renewable energy. We also need to increase the Hybrid-Vehicle tax credit so all working families can afford a new, fuel efficient vehicle for the cost of their current car payment. Greater fuel efficiency means we import less oil and help families pay the bills. Think about it. If your car got twice as many miles to the gallon, it would be like cutting the price of gas in half because each gallon would get you twice as far.

For more details about my ideas on energy issues, take a look here and here.

George Bush and Chris Smith’s answer to our energy problems is to ask the Saudi king to increase oil production, which will do nothing more than send more American dollars into Saudi coffers.

The time has come to decide whether we are going to elect leaders who fight for energy independence or whether we will continue to send politicians back to Washington, DC who won’t push for change because their party is in the pocket of multinational oil companies. That’s why we need a change, why we need new leadership. That’s why I’m running for Congress.