Reviving the US Economy – How? Fil-Am Files Racial by Marivir R
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MHC FREE HEALTH SCREENING AT ST. MICHAEL CHURCH, 11/16/2008 9 to 5PM, PAGE 16. October 2008 • Volume 1 Issue 5 • The Official Publication of the Migrant Heritage Commission • www.migrantheritage.org/mhc-chronicle.html Reviving the US Economy – How? Fil-Am files racial By Marivir R. Montebon discrimination vs. Ruby Tuesday resto By Rodney J. Jaleco ABS-CBN News Network Hold on tight, the US economy is not getting At this point, the rise in unemployment takes on Nancy Dizon just wanted a quiet dinner with any better despite the infusion of some $700 Billion the fastest pace in the last five years. The Labor husband Jack Korionoff Ruby Tuesday, a popular rescue funds from the Federal government. Department has reported that 760,000 jobs were Alexandria restaurant. It turned ugly when a Economic experts are quite certain that the lost this year, and counting. About 9.5 million waitress served her Caucasian-looking husband meltdown will even get worse up to next year. people are jobless this year, compared to last year’s the steak-and-crabcake meal they ordered, but Harvard senior lecturer on economics Jeff 2.2 million. Unemployment rate now stands at 6.1 allegedly refused to give her food. And when she Miron said the bailout plan is useless because the percent from last year’s 4.7 percent. complained, Dizon alleged the manager accused policies that created these problems are still in Economists predict that the unemployment place, he said in an interview over Fox Business rate could reach to 7 or 7.5% in the late 2009. the pair of abusing the salad bar. News. They say that the joblessness could worsen even Dizon, a native of Calinog, Iloilo, has filed a “The economy was on the way down before signs of economic recovery could be felt. racial discrimination complaint with the Human even before the latest tightening in the credit So how should the US economy be Rights Commission in nearby Fairfax County. “The crunch,” said Global Insight economist Nigel Gault revived? This is the nagging question that every lady took our order, she was not pleasant at all,” in an internet news service. ordinary American citizen is asking. Dizon told ABS - CBN ’s Balitang America. “From Continued on Page 23 the beginning, nafi-feel ko na bias sa akin, parang ayaw sa akin.” Filipina Domestic Denounces Diplomat Abuse Dizon and Korionoff, half-Russian, half- Another Filipina domestic helper has come out Filipino, said it was the second time they INSIDE to denounce a member of the diplomatic patronized the restaurant along Richmond community in Washington, DC. Highway. They obviously liked their first visit Ma. Loisa Gil – Malou to friends - tells ABS- EDITORIAL - enough to come back. CBN News that Oren Sagir, allegedly a member Bailout, for Wall Street of the Israeli Embassy security staff, violated the Asian features or Main Street? Page 2 work contract they signed in Quezon City in Her Asian features were unmistakable but September 2006 before she agreed to go to the Korionoff, with his white hair and fair complexion, Our Indigenous Culture United States. The contract specified wages of Page 4 looked Caucasian. Dizon is convinced this was $284 a week plus overtime but Gil alleges she was the root of the demeanor allegedly shown by the paid barely half of that promised amount. Closopen, “Sana $1,200 a month, ang ginagawa $500 a waitress, a certain Marie who is Bhite. A short story of international acclaim by month lang. Kukuhanan pa ‘yan ng renta ng bahay. “After she took our order umalis na siya, sabi Janet B.Villa. Page 8 Kaunti na lang matitira, mga $300 a month na lang, ko doon sa hostess: ‘Can we please have another papadala ka pa sa Pilipinas,” she said. Peace in Mindanao - At What Price? waitress?’ Kasi I’m not really comfortable with Gil, a single mother, is supporting a child who this lady, sabi ko medyo hindi pleasant ang attitude Last of Two Parts. Page 10 lives with her parents back home. She claimed to have regularly worked 10 to niya sa akin. Sabi ng hostess: ‘Sorry, she is the MHC Community Trek 12-hour days - on some days - close to midnight only one assigned to that section,” Dizon A closer look at community events. Page 12 taking care of her employer’s five-month-old child, recounted. without overtime pay. Continued on Page 23 Continued on Page 23 2 October 2008 Volume 1 Number 5 EDITORIAL Bailout, For Wall Street or Main Street? By Arnedo S. Valera, Esq. As public pressure mounts, Congress in a cathartic brink of panic. Nobody knows what exactly this between bankruptcies and medical bills. “Study Ties fashion, gave its stamped approval to a revised “ $700 “collapse” is all about—even the government was Bankruptcy to Medical Bills”, published in New York billion financial bailout package.” It’s the greatest “surprised” by it. Economists, politicians and media Times on February 2, 2008 shows that hundreds of economic news of the week, as President Bush enacts pundits are in unison in declaring that back in August thousands of Americans file for personal bankruptcy the historical rescue of the decade, only to be 2007 the bubble started to burst—"when sub-prime each year because of medical bills—even though they overshadowed by the announcement of another mortgage backed securities began imploding in the have health insurance… Many lost their jobs (and 159,000 losing their jobs in September and stocks portfolios of banks and hedge funds from around the their insurance) because they got sick, while others continue to fall. Obviously, the bailout package was world”. Since the middle of September, 2008, major faced thousands of dollars in co-payments and signed because there was no alternative presented and investment banks, of which three are considered the deductibles and for services not covered by their the political risk is better than a “to do nothing icons of finance capitalism—Lehman Brothers, Bear insurance. This is indeed a revelation. attitude”. The impact of the government’s decision Stearns and Merrill Lynch—became non-existent On the other hand, equally revealing is one of the to invest billions to save Wall Street remains unclear entities. lead stories at New York Times of September 22, 2008 especially to Main Street, Martin Luther King Street, Of course it is still fresh in our minds when, on March “BIG FINANCIERS START LOBBYING FOR Chavez Street and all the inner streets across the nation. 14, 2008, “the US Federal Reserve guaranteed the loans WIDER AID”, which tells us: “Even as policy makers Hence, we need a cue analysis of this financial bailout of JP Morgan to rescue Bear Stearns, the fifth largest worked on details of $700 billion bailout of the so we can have a full grasp of its influence and whether investment bank in the US with $2.5 trillion worth of financial industry, Wall Street began looking for ways our government did the right thing or the wrong thing. trading contracts with firms from around the world.” to profit from it. Financial Firms were lobbying to “Financial meltdown” that’s how the economists Followed by the Federal Government unprecedented have all manner of troubled investments covered, not describes the current crisis. This will adversely affect decision to take over the two biggest mortgage lending just those related to mortgages. At the same time, the entire global economy through its main links: trade, agencies in the country—Fannie Mae and Freddie Mac investment firms were jockeying to oversee all the investment, debt, banking and financial systems—a last September 7, 2008. Placing US housing finance assets that Treasury plans to take off the books of “Global economic Armageddon”. Robert J. Samuelson under direct government control and increasing the financial a role that could earn them hundreds of mildly described our woes when he said: “What we are gross liabilities of the US government by $5.4 trillion, millions of dollars a year in fees. Nobody wants to be witnessing, in the broadest sense, is the bankruptcy which is equal to 40% of GDP. Then on September 16, left out of Treasury’s proposal to buy up bad assets of of modern economics”. 2008, the US Federal Reserve agreed to extend an $85 financial institutions. “Collapse” and “bailout” are the favorite economic billion loan to American International Group (AIG), one The September 26 issue of Daily News has this buzzwords at Wall Street and Main Street in the last of the World’s biggest private insurers with operations story: Rudy Giuliani is positioning his law firm to few days. However, an ordinary taxpayer at Main in 130 countries to save it from bankruptcy. With the cash in on Wall Street’s train wreck- a move that has Street seems to be in a state of confusion and at the U.S at the epicenter, this financial earthquake has become a gift to political enemies of his pal John created “economic tsunamis” that has shaken and McCain…… Even as the nation’s $700 billion, shocked stock markets around the globe—”forcing the taxpayer-funded Wall Street bailout was still being world’s leading central banks to band together and hashed out, the former mayor announced Thursday inject $300 billion into the global financial system to his high-powered law firm has set up a task force. Its ease the credit crunch and prevent further panic.” mission: to help corporate clients get a piece of the Wall Street, as expected welcomed with open arms, action…..Giuliani is not the only one poised to profit the proposed “bailout” of $700 billion, touted as a from opportunities created by the mega-meltdown, but Arnedo S.