In This Issue
The Scary Economy
Spotlight: Guess Who's Next
In the News
Reports & Publications
On the Air
Our Partners: Health Coverage for Maine
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"Democracy belongs to those who exercise it."
 
Bill Moyers
Facts
Exotic Futures
 
What brought down Wall Street and World Street? One reason was the creation of increasingly complex and 'creative' financial instruments that  many bankers and certainly most legislators - even if they had wanted to regulate - didn't fully understand. We're now getting a quick education. Here's today's vocabulary quiz:
  • Collateralized debt obligations
  • Credit default swaps
  • Mortgage-backed securities
  • Structured investment vehicles
  • Subprime
  • Toxic assets
  • Speculative bubbles
  • Moral hazard
When you have all the answers, let us know!
Figures


$550 Billion
Projected federal budget deficit for this fiscal year

$700  Billion
The added costs of the financial bail-out plan

$10.2 Trillion
Our current national debt
 
$4.6 Trillion
The amount the national debt has risen since President Bush took office
 
Source: Washington Post and Associated Press
October 2008
Greetings!
The economy has gone into free fall and election day is coming up. Since the Reagan area, we've been told that government should get out of the way of the market, that deregulation was good and that a rising tide would lift all boats. Well, guess who needs a life preserver? Our ship of state is about to set a new course. Remember to vote!
The Scary Economy  
It would be nice if the Maine Center had a quick fix for our current economic woes, but we are following the news as closely and with as much concern as everyHalloweenone. We expect a difficult legislative session ahead with many hard choices.  Low- and moderate-income Mainers have been struggling for a long time and our work on their behalf will continue unabated. We depend on our national partners to help make sense of the continually shifting sands. Some recommended readings and websites:

The End of Wall Street As We Know It
National Priorities Project: The Magnitude and Meaning of the Proposed Bailout
Economic Policy Institute: Bailout Plan Must Help the Middle Class
Center for Economic and Policy Research: Statement on the Need for Coordinated Stimulus

And you can download a podcast of our State of the State program: The Global Financial Crisis, Impacts on Maine.
Spotlight: Guess Who's Next?
Maine Biz coverMECEP's own Nicole Witherbee has been chosen as one of the top ten people shaping the future of Maine's economy. The Annual Maine Biz Next list came out this week and of course we're thrilled. According to Maine Biz, "these Nexters lead the way in energy and policy innovation, recruitment and retention and just plain old bright ideas and follow-through. They're Maine, today and tomorrow." Nicole joined MECEP in May 2007 as our first federal policy analyst and has quickly made a name for herself at the State House and with our Congressional delegation. Check out this week's Maine Biz and find out why Nicole's work matters

Nicole will be the keynote speaker on October 27 at this year's Maine Symposium on Poverty, Economic and Food Security.        

In the News
In the news
A selection of press releases, articles and opinion pieces from a variety of media on issues we care about.

10/21/08 Bangor Daily News: Working poor in state left behind
10/20/08 Associated Press: Tax supporters dispute opponents' claims in Maine
Reports and Publications
Publications Wind power is coming to Maine and with the current energy crisis this could be a very good thing. This month we present a two-part Choices series authored by Republican Senator Peter Mills on how Maine's policies on electric power, taxation and economic development intersect and how those policies must change if we are to benefit from wind power. Part 1 provides some history on national policies and Maine's electric utilities infrastructure. Part 2 explores current wind power plans and makes specific recommendations to ensure that Maine will benefit economically from this potential sustainable energy power source.
 
Megawatts from Mountain Tops: What's in it for Maine? Part 1: Power to rely on

Megawatts from Mountain Tops: What's in it for Maine? Part 2: Capturing the wind
  
On The Air
On the Air

State of the State is our weekly cable television show about issues facing Maine. Check here for programs, airtimes, schedules and podcasts, or contact us for a DVD.
Recently aired and upcoming programs:
  • Research on Early Childhood & Policy Implications
  • Maine Newspapers Adopt Content Sharing Agreement
  • The Global Financial Crisis: Impacts on Maine
  • The Woman's Vote in the Upcoming Election
  • The Employee Free Choice Act
  • Grow Smart and the Brookings Report Update
  • Dirigo and the No on One Campaign
  • Migrant Workers and the Economy
Partners in Prosperity: No on Question One

Health Coverage for Maine is a coalition of o
Glass of penniesrganizations urging Maine people to vote No on One. Maine's Dirigo Health Program makes health insurance more affordable to working families, small businesses and reduces costs throughout the health care system. Dirigo is currently paid for by a surcharge "savings offset payment" to hospitals and insurance policies. The new pennies-per-serving tax on beer, wine and soft drinks was passed by the Legislature and the Governor to achieve a fairer, more stable funding mechanism for Dirigo. A few cents more on beer, wine and soda will allow Maine to expand access and provide more affordable health coverage. The Maine Center for Economic Policy has been advocating for affordable, quality health insurance for all Maine people for over thirteen years. This is not the time to turn back the clock!

View the No on One Commercial
Sincerely,
 
Deborah Felder
Maine Center for Economic Policy