Tuesday

Romney warns of Market Troubles in 08

The former Massachusetts governor, who made a fortune as a venture capitalist before entering politics, said he saw a worrying trend in growing numbers of U.S. banks seeking capital offshore following a blowout in sub-prime mortgages.

On Tuesday, Romney said U.S. markets were distressed and raised the possibility of a solvency crisis at U.S. banks

"We have to make sure these institutions have sufficient capital," Romney told Reuters after a speech to Florida's Republican Jewish Coalition, describing the U.S. stock market as "distressed" after a plunge in global stock prices.

He stopped short of predicting some banks would face the risk of insolvency. But in a speech earlier to Florida's Jewish Republican community he said he had been warned of such a crisis.

"We were talking about the credit crisis and how bad the credit crisis was and how to make sure the credit crunch is not spread, and someone sent a message back that said the credit crisis is so 2007 -- 2008 is a solvency crisis," he said.

"And that's obviously a very fearful perspective and hopefully one that does not rear its ugly head in reality. But people are talking about institutions having difficulty maintaining their level of capital," he added.

Stocks tumbled at the open on Tuesday, joining a global equity rout on fears of a U.S. recession. Investors dumped stocks despite the Federal Reserve's slashing benchmark interest rates by 75 basis points in a surprise decision.

Romney is in a close four-way race in Florida where the primary on January 29 is the next test in the state-by-state battles to determine the Republican and Democratic candidates who will square off in November's presidential election.

The multimillionaire former venture capitalist has retooled his campaign to emphasize his nearly 25 years of business experience that includes founding Bain Capital LLC, a successful Boston-based private-equity firm, in 1984.

*Reporting by Jason Szep, editing by Lori Santos

Martin Luther King would Appreciate Obama in 08

Remarks of Senator Barack Obama: The Great Need of the Hour

Atlanta, GA | January 20, 2008

The Scripture tells us that when Joshua and the Israelites arrived at the gates of Jericho, they could not enter. The walls of the city were too steep for any one person to climb; too strong to be taken down with brute force. And so they sat for days, unable to pass on through.

But God had a plan for his people. He told them to stand together and march together around the city, and on the seventh day he told them that when they heard the sound of the ram's horn, they should speak with one voice. And at the chosen hour, when the horn sounded and a chorus of voices cried out together, the mighty walls of Jericho came tumbling down.

There are many lessons to take from this passage, just as there are many lessons to take from this day, just as there are many memories that fill the space of this church. As I was thinking about which ones we need to remember at this hour, my mind went back to the very beginning of the modern Civil Rights Era.

Because before Memphis and the mountaintop; before the bridge in Selma and the march on Washington; before Birmingham and the beatings; the fire hoses and the loss of those four little girls; before there was King the icon and his magnificent dream, there was King the young preacher and a people who found themselves suffering under the yoke of oppression.

And on the eve of the bus boycotts in Montgomery, at a time when many were still doubtful about the possibilities of change, a time when those in the black community mistrusted themselves, and at times mistrusted each other, King inspired with words not of anger, but of an urgency that still speaks to us today:

"Unity is the great need of the hour" is what King said. Unity is how we shall overcome.

What Dr. King understood is that if just one person chose to walk instead of ride the bus, those walls of oppression would not be moved. But maybe if a few more walked, the foundation might start to shake. If a few more women were willing to do what Rosa Parks had done, maybe the cracks would start to show. If teenagers took freedom rides from North to South, maybe a few bricks would come loose. Maybe if white folks marched because they had come to understand that their freedom too was at stake in the impending battle, the wall would begin to sway. And if enough Americans were awakened to the injustice; if they joined together, North and South, rich and poor, Christian and Jew, then perhaps that wall would come tumbling down, and justice would flow like water, and righteousness like a mighty stream.

Unity is the great need of the hour -- the great need of this hour. Not because it sounds pleasant or because it makes us feel good, but because it's the only way we can overcome the essential deficit that exists in this country.

I'm not talking about a budget deficit. I'm not talking about a trade deficit. I'm not talking about a deficit of good ideas or new plans.

I'm talking about a moral deficit. I'm talking about an empathy deficit. I'm taking about an inability to recognize ourselves in one another; to understand that we are our brother's keeper; we are our sister's keeper; that, in the words of Dr. King, we are all tied together in a single garment of destiny.

We have an empathy deficit when we're still sending our children down corridors of shame -- schools in the forgotten corners of America where the color of your skin still affects the content of your education.

We have a deficit when CEOs are making more in ten minutes than some workers make in ten months; when families lose their homes so that lenders make a profit; when mothers can't afford a doctor when their children get sick.

We have a deficit in this country when there is Scooter Libby justice for some and Jena justice for others; when our children see nooses hanging from a schoolyard tree today, in the present, in the twenty-first century.

We have a deficit when homeless veterans sleep on the streets of our cities; when innocents are slaughtered in the deserts of Darfur; when young Americans serve tour after tour of duty in a war that should've never been authorized and never been waged.

And we have a deficit when it takes a breach in our levees to reveal a breach in our compassion; when it takes a terrible storm to reveal the hungry that God calls on us to feed; the sick He calls on us to care for; the least of these He commands that we treat as our own.

So we have a deficit to close. We have walls -- barriers to justice and equality -- that must come down. And to do this, we know that unity is the great need of this hour.

Unfortunately, all too often when we talk about unity in this country, we've come to believe that it can be purchased on the cheap. We've come to believe that racial reconciliation can come easily -- that it's just a matter of a few ignorant people trapped in the prejudices of the past, and that if the demagogues and those who exploit our racial divisions will simply go away, then all our problems would be solved.

All too often, we seek to ignore the profound institutional barriers that stand in the way of ensuring opportunity for all children, or decent jobs for all people, or health care for those who are sick. We long for unity, but are unwilling to pay the price.

But of course, true unity cannot be so easily won. It starts with a change in attitudes -- a broadening of our minds, and a broadening of our hearts.

It's not easy to stand in somebody else's shoes. It's not easy to see past our differences. We've all encountered this in our own lives. But what makes it even more difficult is that we have a politics in this country that seeks to drive us apart -- that puts up walls between us.

We are told that those who differ from us on a few things are different from us on all things; that our problems are the fault of those who don't think like us or look like us or come from where we do. The welfare queen is taking our tax money. The immigrant is taking our jobs. The believer condemns the non-believer as immoral, and the non-believer chides the believer as intolerant.

For most of this country's history, we in the African-American community have been at the receiving end of man's inhumanity to man. And all of us understand intimately the insidious role that race still sometimes plays -- on the job, in the schools, in our health care system, and in our criminal justice system.

And yet, if we are honest with ourselves, we must admit that none of our hands are entirely clean. If we're honest with ourselves, we'll acknowledge that our own community has not always been true to King's vision of a beloved community.

We have scorned our gay brothers and sisters instead of embracing them. The scourge of anti-Semitism has, at times, revealed itself in our community. For too long, some of us have seen immigrants as competitors for jobs instead of companions in the fight for opportunity.

Every day, our politics fuels and exploits this kind of division across all races and regions; across gender and party. It is played out on television. It is sensationalized by the media. And last week, it even crept into the campaign for President, with charges and counter-charges that served to obscure the issues instead of illuminating the critical choices we face as a nation.

So let us say that on this day of all days, each of us carries with us the task of changing our hearts and minds. The division, the stereotypes, the scape-goating, the ease with which we blame our plight on others -- all of this distracts us from the common challenges we face -- war and poverty; injustice and inequality. We can no longer afford to build ourselves up by tearing someone else down. We can no longer afford to traffic in lies or fear or hate. It is the poison that we must purge from our politics; the wall that we must tear down before the hour grows too late.

Because if Dr. King could love his jailor; if he could call on the faithful who once sat where you do to forgive those who set dogs and fire hoses upon them, then surely we can look past what divides us in our time, and bind up our wounds, and erase the empathy deficit that exists in our hearts.

But if changing our hearts and minds is the first critical step, we cannot stop there. It is not enough to bemoan the plight of poor children in this country and remain unwilling to push our elected officials to provide the resources to fix our schools. It is not enough to decry the disparities of health care and yet allow the insurance companies and the drug companies to block much-needed reforms. It is not enough for us to abhor the costs of a misguided war, and yet allow ourselves to be driven by a politics of fear that sees the threat of attack as way to scare up votes instead of a call to come together around a common effort.

The Scripture tells us that we are judged not just by word, but by deed. And if we are to truly bring about the unity that is so crucial in this time, we must find it within ourselves to act on what we know; to understand that living up to this country's ideals and its possibilities will require great effort and resources; sacrifice and stamina.

And that is what is at stake in the great political debate we are having today. The changes that are needed are not just a matter of tinkering at the edges, and they will not come if politicians simply tell us what we want to hear. All of us will be called upon to make some sacrifice. None of us will be exempt from responsibility. We will have to fight to fix our schools, but we will also have to challenge ourselves to be better parents. We will have to confront the biases in our criminal justice system, but we will also have to acknowledge the deep-seated violence that still resides in our own communities and marshal the will to break its grip.

That is how we will bring about the change we seek. That is how Dr. King led this country through the wilderness. He did it with words -- words that he spoke not just to the children of slaves, but the children of slave owners. Words that inspired not just black but also white; not just the Christian but the Jew; not just the Southerner but also the Northerner.

He led with words, but he also led with deeds. He also led by example. He led by marching and going to jail and suffering threats and being away from his family. He led by taking a stand against a war, knowing full well that it would diminish his popularity. He led by challenging our economic structures, understanding that it would cause discomfort. Dr. King understood that unity cannot be won on the cheap; that we would have to earn it through great effort and determination.

That is the unity -- the hard-earned unity -- that we need right now. It is that effort, and that determination, that can transform blind optimism into hope -- the hope to imagine, and work for, and fight for what seemed impossible before.

The stories that give me such hope don't happen in the spotlight. They don't happen on the presidential stage. They happen in the quiet corners of our lives. They happen in the moments we least expect. Let me give you an example of one of those stories.

There is a young, twenty-three year old white woman named Ashley Baia who organizes for our campaign in Florence, South Carolina. She's been working to organize a mostly African-American community since the beginning of this campaign, and the other day she was at a roundtable discussion where everyone went around telling their story and why they were there.

And Ashley said that when she was nine years old, her mother got cancer. And because she had to miss days of work, she was let go and lost her health care. They had to file for bankruptcy, and that's when Ashley decided that she had to do something to help her mom.

She knew that food was one of their most expensive costs, and so Ashley convinced her mother that what she really liked and really wanted to eat more than anything else was mustard and relish sandwiches. Because that was the cheapest way to eat.

She did this for a year until her mom got better, and she told everyone at the roundtable that the reason she joined our campaign was so that she could help the millions of other children in the country who want and need to help their parents too.

So Ashley finishes her story and then goes around the room and asks everyone else why they're supporting the campaign. They all have different stories and reasons. Many bring up a specific issue. And finally they come to this elderly black man who's been sitting there quietly the entire time. And Ashley asks him why he's there. And he does not bring up a specific issue. He does not say health care or the economy. He does not say education or the war. He does not say that he was there because of Barack Obama. He simply says to everyone in the room, "I am here because of Ashley."

By itself, that single moment of recognition between that young white girl and that old black man is not enough. It is not enough to give health care to the sick, or jobs to the jobless, or education to our children.

But it is where we begin. It is why the walls in that room began to crack and shake.

And if they can shake in that room, they can shake in Atlanta.

And if they can shake in Atlanta, they can shake in Georgia.

And if they can shake in Georgia, they can shake all across America. And if enough of our voices join together; we can bring those walls tumbling down. The walls of Jericho can finally come tumbling down. That is our hope -- but only if we pray together, and work together, and march together.

Brothers and sisters, we cannot walk alone.

In the struggle for peace and justice, we cannot walk alone.

In the struggle for opportunity and equality, we cannot walk alone

In the struggle to heal this nation and repair this world, we cannot walk alone.

So I ask you to walk with me, and march with me, and join your voice with mine, and together we will sing the song that tears down the walls that divide us, and lift up an America that is truly indivisible, with liberty, and justice, for all. May God bless the memory of the great pastor of this church, and may God bless the United States of America.

Sunday

Hillary Clinton Rolls Through Nevada on a Razor's Edge

New York Sen. Hillary Clinton has won Nevada's Democratic caucuses, giving her two early contest wins over her rivals for her party's presidential nomination.

"I guess this is how the West was won," Clinton told cheering supporters in Las Vegas. The victory was her second straight, coming after an upset win in the New Hampshire primary.

Illinois Sen. Barack Obama ran a strong second, with former North Carolina Sen. John Edwards finishing a distant third.

Voters told NPR that the economy was the most important issues on their minds, including job stability and the high number of foreclosures in the state.


More than 120,000 Democrats — nearly one-third of all of Nevada's registered Democrats and 10 times the number of Nevadans who participated in 2004 — showed up at 520 precincts around the state. This marks the first year Nevada has held an early presidential contest.

Exit polls conducted by the Associated Press and TV networks show that Clinton received the support of female voters, Latinos and senior citizens— winning despite the fact that two major union endorsements went to rivals Obama and Edwards.

Nearly half of Nevada Democrats surveyed in exit polls said they were looking for someone who can make changes. Clinton overwhelmed Obama among the quarter of Nevada Democrats looking for a candidate with the right experience.

Nevadans gathered Saturday in high schools, casinos and cowboy bars for the state's first early presidential caucuses.

As caucus-goers waited to register, candidates worked the long lines, shaking hands and taking photos with supporters. Former President Bill Clinton brought along daughter Chelsea to hand out buttons and fliers to union workers and urge them to support his wife. Illinois Sen. Barack Obama had already received the endorsement of the culinary workers' union, which has roughly 60,000 members.

Former North Carolina Sen. John Edwards left Nevada Friday to focus on other primary contests, after a week of feverish campaigning in the Silver State. Although he came in third in the caucuses, he secured the support of United Brotherhood of Carpenters, as well as the United Steelworkers.

Nine hotels and casinos had been designated as Democratic caucus sites, in a move aimed at making it easier for casino workers to participate. The state Democratic Party let the culinary workers' union, which has endorsed Illinois Sen. Barack Obama, choose the sites. The decision was challenged in court by the state teachers' union, which argued that the sites unfairly favor Obama. Ultimately, the court decided the sites were acceptable.

In the days leading up the Nevada caucuses, a Reno Gazette-Journal poll showed Clinton, Edwards and Obama in a statistical dead heat: Obama with 32 percent, Clinton with 30 percent and Edwards with 27 percent.

But Clinton spent little time savoring her victory in Nevada.

The candidates scattered Saturday afternoon to other campaign spots to prepare for upcoming primaries. Next on the calendar is the South Carolina Democratic primary on Jan. 26.

From NPR staff reports and the Associated Press.

Nevada Embraces Romney in 08 Primary

“Today, the people of Nevada voted for change in Washington. For far too long, our leaders have promised to take the action necessary to build a stronger America, and still the people of Nevada and all across this country are waiting,” Romney said in a statement. “Whether it is reforming health care, making America energy independent or securing the border, the American people have been promised much and are now ready for change.”

Following up on his win in Michigan and backed by a sizeable Mormon population, former Gov. Mitt Romney was projected to notch another victory in the Nevada caucuses Saturday, adding to his growing pile of delegates in the changing Republican race for the party’s presidential nomination.

The victory was widely expected and the Associated Press moved quickly to declare Romney the victor even before the first precincts reported. Long-shot Libertarian candidate Rep Ron Paul of Texas was the only other GOP candidate to mount a serious effort in the state.


As the Republican campaigns continue with different candidates scoring victories in different state contests, some analysts have started to say the campaigns should start focusing on the math of the delegate count — a fact Romney was quick to point out even ahead of Saturday’s vote.

“There are 24 delegates in South Carolina, and there are 34 delegates in Nevada,” Romney told reporters Thursday. “I want delegates, and I’m pleased that I’ve been able to get delegates. The fact that I came in second in a couple of primaries — I know some people think that’s a devastating thing — actually, I got delegates. And I’m looking to rack up the delegates I need to win the nomination.”

As he crisscrossed the state on Friday, Romney stressed his campaign theme of traditional politics failing to help ordinary voters.

“As you think about the promises made and compare them with the promises delivered, you realize that Washington is broken. And I’m going to Washington to finally bring change and get the job done,” Romney told about 200 people in snow-covered Elko, according to the Las Vegas Review Journal.

Turnout, which had been doubted during the chaotic days ahead of the vote, appeared to be heavy and forced a 45-minute delay at some sites, according to the GOP officials.

“I can’t believe how many showed up,” Marilyn Brainard told the Reno Gazette-Journal.

One of the cornerstones of Romney’s Nevada victory appeared to be Mormons, who went nearly 90 percent for the former Massachusetts governor.

“They are very powerful here,” David F. Damore, a professor at the University of Nevada, Las Vegas, told The New York Times. “Normally you see this antagonism between the Christian right and Mormons. You don’t see that here.”

Mormons, according to projections, made up nearly 20 percent of the voters in Saturday’s contests.

But beyond their faith, Nevada voters cited the economy and illegal immigration as the overwhelming issues behind their voting. The issues largely paralleled what NewsHour reporters found during a week-long series of reports from Las Vegas in November.

McCain Takes S. Carolina


With the ghost of 2000 behind him, McCain told the Associated Press, "It just took us a while. That's all. Eight years is not a long time."

Arizona Sen. John McCain won the South Carolina GOP primary on Saturday, edging out former Arkansas Gov. Mike Huckabee in a tight race in a state that effectively ended his presidential bid eight years ago. With nearly all precincts reporting, McCain had a lead of about three percentage points over Huckabee.

Since 1980, the winner of this primary has also been the party's nominee. McCain also collected a victory in the New Hampshire primary on Jan. 8, but lost the contest in Michigan on Jan. 15 to former Massachusetts Gov. Mitt Romney, who also won Saturday's caucuses in Nevada.

But in South Carolina, widely respected for its kingmaker role in recent GOP nomination fights, Romney finished a distant third — not far ahead of former Tennessee Sen. Fred Thompson, whose campaign seemed to be on the ropes. Thompson had said he needed a strong showing in South Carolina to revitalize his prospects.

Huckabee told supporters that he wished that he had won and then complimented his rival McCain.

"I want to thank him for running a civil, good campaign. That's one of the things that I'm proud of," Huckabee said.

The race was closely watched not only because of South Carolina's predictive role in the past, but because polls had shown several candidates in a close contest here this month, with many voters remaining undecided.

South Carolina Republicans went to the polls in drab, cold weather, with snow in the state's upper regions, where many of the state's more conservative, evangelical Christian voters live.

Voters in the capital city of Columbia told NPR they were most concerned about national security, immigration and the economy. Unemployment in the state has reached 6.6 percent, the third-highest rate in the country.

Early exit polls conducted by the Associated Press and TV Networks showed that moderate voters and older voters supported McCain, while those attending church most often (more than once a week) more often voted for Huckabee. Military veterans made up one fourth of the Republican voters, and McCain had a 10-point lead over his rival with this group.

Former Baptist minister Huckabee had the advantage of campaigning in a state where at least 40 percent of the voters consider themselves evangelicals. More than half of those voting Saturday identified themselves in this camp.

Some of the vote count was delayed on primary day as voters in Myrtle Beach reported malfunctioning electronic voting machines, and some were forced to use paper ballots.

In the days leading up to the primary, there were reports of campaign smear tactics, including fake Christmas cards and phony telephone surveys intended to slander candidates. One leaflet that circulated even tried to cast aspersions on McCain's five years as a prisoner-of-war in Vietnam. The calls and leafleting were paid for by independent groups, which may not coordinate with the candidate under federal election law.

The tactics harkened back to McCain's defeat here in 2000, when rumors circulated that McCain's wife was a drug addict and that his adopted Bangladeshi daughter was a mixed race child he had fathered out of wedlock. McCain lost the South Carolina primary that year to George W. Bush.