News for September 9

Rescuing Freddie and Fannie

On Sunday, the Treasury Department announced that it was essentially taking over government-sponsored mortgage giants Freddie Mac and Fannie Mae. Political and economic thinkers on the Web offer their thoughts on what it takes to keep the economy of not only the U.S. but the world afloat, and what responsibilities public officials have to make the economy work for everyone and not just a few. Links include:

Brookings Institute |  “Senior Fellow Douglas Elmendorf, whose federal posts have included the Federal Reserve Board, U.S. Treasury Department, Council of Economic Advisors and Congressional Budget Office, offered his views on the federal government’s plan, announced on September 7, to take control of troubled mortgage lenders Fannie Mae and Freddie Mac.”

Slate |  “When U.S.-based banks fail, the outcomes are pretty unpleasant. Still, there’s a tried-and-true mechanism in place to deal with them: the FDIC. The damage—closed branches; job losses; angry shareholders, lenders, and depositors—is real, but it is generally contained to the geographical areas in which the bank operates. But with Fannie Mae and Freddie Mac, and to a lesser degree with Bear Stearns, it’s more like an airborne virus than a localized explosion. They had the capacity to inflict huge damage around the globe and to cripple the international financial system. And for that reason, they couldn’t be allowed to go down.”

Matthew Yglesias | “Faced with something like the Bear Stearns meltdown, it would be absurd for public officials to step aside and just “let things play out” irrespective of the damage done to the economy merely in order to bring practice into closer alignment with free market rhetoric. But by the same token, an obligation exists to make sure not just that the economy “works” instead of collapsing, or works just for the richest and best connected, but rather works for everyone who’s willing to work hard and contribute constructively to society insofar as he or she is able.”

McCain’s 10 Worst Ideas  |  Foreign Policy Passport

Last week, FP roasted Barack Obama’s 10 worst ideas. Now, it’s John McCain on the hot seat.

Why Rednecks May Rule the World  |  BBC News

During this US election cycle we are hearing a lot from the pundits and candidates about “heartland voters,” and “white working class voters.” What they are talking about are rednecks. But in their political correctness, media types cannot bring themselves to utter the word “redneck.” So I’ll say it for them: redneck-redneck-redneck-redneck.

Why We Need a People’s History of Sports  |  Dave Zirin @ The Huffington Post

The real story of how the beauty of play developed into a trillion dollar business can only be understood by looking at the profound economic changes that took place as this country transitioned from a farming society to the military and economic colossus it is today.

Martin Marty Laments Retrenchment in Religion Reporting  |  Religion Blog @ The Dallas Morning News

True, there are some wonderful examples of religious comment on TV and radio (see note at the end). But most religious news in such media has to be sensational, sound-bite length, accessed by those who are lured by grabbing headlines, and less frequently attracting attention by those who now learn much about religion in news because it leaps out from or sneaks into pages in which other items, mainly non-religious, are also being treated.

Ban on Political Endorsements by Pastors Targeted  |  @ Pew Forum on Religion & Public Life

Declaring that clergy have a constitutional right to endorse political candidates from their pulpits, the socially conservative Alliance Defense Fund is recruiting several dozen pastors to do just that on Sept. 28, in defiance of Internal Revenue Service rules.

Related link: Endorse  |  Spiritual Politics