Where are Africans in all this?

I read today's column by Thomas Friedman, it could be easily retitled the case for a strong immigration. In his essay, in response on how to stimulate our economy, Friedman quotes Shekhar Gupta, editor of The Indian Express newspaper saying: “All you need to do is grant visas to two million Indians, Chinese and Koreans,” . And he goes on praising the Indian culture who believes that not paying mortgage is considered shameful. A thought came to my mind: what about my fellows Africans? Indians, Koreans and Chinese are recognized "worthy" of getting green cards but not Africans?
Well, not long ago I had lunch with a friend who informed me of a Madoffish scheme ran by some Kenyans here in our great metropolitan area: $15 Million in tax fraud conspiracy. You can enjoy the story here. Another source reveals the name of all the parties involved, all of them except one in their 20s or 30s, hard workers and very resourceful. After all, one needs to be very astute to come with a way to bereave Uncle Sam of $15 million U.S.
About a year ago, it was four Cameroonians who got themselves arrested in a bank robbery for half million dollar. It's truly unfortunate to see this immigrant generation whose parents (most likely) have sacrificed to send abroad to further up their education, who have taken upon themselves to give the best to their children and now have to suffer the humiliation to see their family names cited in those crimes.
There are so many of us African Immigrants here, doctors, lawyers, engineers, accountants, nurses, researchers and so on, why can't we get recognized for our hard work and have the same impact as Chinese, Indians and Koreans have in this country? I have no empathy for those criminals. They steal to keep up or impress the Joneses, to reflect a lifestyle that they'll see pass away from their jail cell. They buy big houses and big cars, my friend told me one of those Kenyans used to ride a hummer. May be a grain of sympathy could be uttered their way, were they building baseball field for universities like A-Rod.
Our economy is already in bad shape, Africa in a worse shape and we sure don't need scums like these to ruin it for everybody else who has come here in a hope of realizing their own american dream.

SERIOUSLY??

Oh no, he didn't!! "Half of that sum, in a worse economy, simply isn't enough firepower", seriously?!!! You must be kidding me Hank!!(please, I hope you don't mind the familiarity, after all, I just gave you almost a trillion dollar of my money)! How much more of our tax money do you want to "rescue" your friends on Wall street? "More, baby, more" I bet that's your answer. After blatantly confessing your incompetence and I quote: "There is no playbook for responding to turmoil we have never faced", why should I trust you with more money? And don't get me wrong, as much deference I give you for your shrewdness regarding some economical matters (excluding the current crisis), as much disdain you'll get from me as you so openly mismanage this financial carthasis. Your Wall street friends should be held accountable for their unscrupulous deeds. Their assets should be seized and their offshore accounts frozen, then they should be prosecuted and be sent in vacation to ones of those FCIs. Thousands are seeing their retirement account shrink by the hour, some are forced to stay longer in the work force and others will just have to file for Chapter 11. And to your friend Bernanke who thinks "it will not be productive to disclose the names of the banks" that are lining up for a piece of the big pie (SERIOUSLY??!!) , I have a question: If any significant other of yours were to ask/borrow from you only $1million, wouldn't you inquire what they intend to do with the money and how and when you'll get it back? So what makes you think we, the tax payers, we, the people on main street, do not deserve the same respect? This is not about experience, PhDs and other big diplomas from Ivy League schools, it's about judgment, astute judgment and accountability.

Whose Bailout is it anyway?

How should the Bailout money be used?
No need to be a savvy to understand the current lockdown in our economy. As a matter of fact that's Econ 101, ok granted maybe Econ 102, but it was rather bemusing to notice how long it took Mr. Treasury Secretary Henry (Hank) Paulson to conclude that he needed a way to force banks to loan money again. For beginners, the financial market is in such deep doo-doo because of markets freeze on cash lending. Even an 850 fico score does no longer guarantee that you'll get a loan to pay for that new "beemer", and let's forget about that Heloc you thought you could tap into.
This whole mess started with the subprime mortgage. "Predatory borrowers" as would say Phil Gramm, bought houses with money they didn't have, took loans they couldn't afford, and got ensnared into payments they couldn't make. Gramm, who has been quoted lately, thus coining the phrase "a nation of whiners" referring to America, is a strong advocate of free market and an ardent forceful voice of market deregulation, argues that "subprime lending is the American dream in action" as he recounts how his mother, a young nurse working double shifts to support her family of 5, bought a bungalow as a "result of a finance company making a mortgage loan that a bank would not make".
On a slightly different note, Gramm goes as far to say it is hard for him "to feel sorry" for Social Security beneficiaries and has urged for a reduction, if not an extermination of the food stamp program. I used to think like him, more so as an Immigrant who has worked her behind off to get where I am today, until about two years ago I watched a video of this middle age woman who had to rely on such program and charity to support herself and her family to meet ends. She had two bachelor degrees and a master, had a good job, owned her house. Then one day she got ill, very ill and was forced to take some time off her job, then some more time off, ran over her FMLA and finally got axed because her company could no longer afford her absences. With her source of income been cut off, her medical bills started piling up, she had to get rid of her house (or did she lose it through repossession? I can't quite remember), finally found herself on the street. I had no choice but soften my views on federal aids and their recipients. Of course, there are some abuses and I would agree for some more stringent laws that can curtail them. However, no need for a PhD to figure out that GREED will break loose if not carefully "monitored". Greed got hold of Fannie Mae executives as they would fattened up their pocket books with bonuses as high as $11.6 millions in salary for its former CEO Franklin Raines, $86k in bonuses for 749 lucky as reported by Peter Miller from the Realty Times. Even at a microsystem scale, we've seen spouses kill their partner in a hope of cashing some life insurance money, or empty their bank accounts and flee to greener pastures with their "grinner" lover. We've seen people confessing of the most gruesome acts thinking they would not get caught. What's make Mr. Gramm & Cie think the same wouldn't not have happened with those big shots that, we, tax payers are now imposed on to bail out? With the "blamees" been identified, what about an effective solution to get us out of the ditch? Paulson has shown some modicum of intelligence by first stopping short from buying bad assets from those companies that need "help" and second by recognizing that banks need to resume lending. For a small illustration, this is what the lending freeze is creating. For a company that sells goods and services, their clients need to borrow money that will allow them to acquire the good or service (may it be a new software that enhances or improves in many aspects the way they conduct their business and overall increase profitability). Now if the banks refuses to loan the cash, the client can't purchase the good or service, the selling company no longer makes money, thus can no longer afford to pay its employees, which leads to some layoffs, and the laid off employee can't pay their bills, which leads to more credit card debts, ultimately bankruptcy. Third, Henry Paulson need to find a way to force those banks to lend again and let the economy flow. The law does not currently oblige banks to lend money, that's why the term "negociations" exist. Paulson could upon pouring our tax money into those troubled companies require them to:
- Fire all those execs who were incompetent enough to allow this mess to see daylight;
- Improve lending practices using regulatory methods that would still generate reasonable profits for them and permit small and big businesses to keep current jobs and why not, expand.
Home owners should definitely be given priority (although some of them should not qualify) as well. It would reduce the exponential rate of foreclosures, which in turn will help deserving homeowners to keep the value of their house if not higher than what they were bought for, then equal to their selling price.
Hopefully, this economical downturn will teach each one of us a lesson: America please learn to live within your means.