Weekly Update (9/21/07)

Democrats Work to Avert Republican Credit Crisis
In the US, the housing market is in its largest slump in 16 years. This news is especially frustrating because the collapse of the sub-prime mortgage market, which has created widespread economic problems, could have been avoided. As Rep. Barney Frank, the Chair of the House Financial Services Committee explained, the crisis could have been averted had the Republican-led Congress passed a bill last year that would have prevented predatory lending practices. DAPAC hopes that such a bill can be passed in the future, and we ensure that our candidates for Congress will support such legislation before we issue our endorsement.

The collapse of the sub-prime mortgage market created chaos in Great Britain this week, as a run on the Northern Rock Bank led to $2 billion in withdrawals. This forced the Bank of England to issue an emergency loan to the bank, which is the eighth-largest mortgage lender in Britain. This is the first time in 15 years that a bank has had to be bailed out by regulators in the UK.

In other economic news, Jim Nussle, the new Director of the Office of Management and Budget, was interviewed by Maria Bartiromo on CNBC on Tuesday. When asked how the US should correct fiscal problems, Nussle seemed intent on continuing President Bush's agenda, namely by cutting entitlement spending, like Social Security, Medicare, and Medicaid. This continues to be the administration's remedy for fixing the economy, while the real issues are ignored.

Political Turmoil Escalates in Iraq
Earlier this week, followers of the Shiite cleric Muqtada al-Sadr withdrew from the leading political alliance in Iraq. These politicians are leaving their posts because they are unhappy with Prime Minister Nouri al-Maliki's leadership, and they are not alone in those feelings – almost half the members of Maliki's Cabinet have left their positions. The followers of Sadr are especially at odds with Maliki over his refusal to set a timetable with the US for troop withdrawal.

These events illustrate once again the absence of progress in Iraq. The Iraqi government lacks cohesion and leadership, and because of this, the work of our troops in Iraq can do little to improve the situation. DAPAC supports immediate steps to end the war in Iraq and bring our troops home.

Poll of the Week
To explore what Americans want in their next president, Gallup asked those polled to rate 20 characteristics as either desirable or undesirable traits for the next president to have. The most desirable trait found was: will bring about change in Washington, followed by has been successful in business, has personally served in the military, has served in the US House or Senate, and has a lot of experience in Washington. The most undesirable traits were: has worked as a government lobbyist, is 70 years of age or older, has limited experience in Washington, has a strained relationship with his/her children, and has changed positions on issues over time. A majority of respondents did not care one way or another on characteristics including gender, race/ethnicity, religion, or whether the candidate has been divorced. You can see the full results of the poll here.