Who's Really Buying Us a Bailout Now?

I wish the bailout terminology were more accurate for those of us non-economists who are trying to keep things straight. How can it be a "taxpayer bailout" when:

Whether you look backward or forward a couple of years, we are getting tax CUTS not tax hikes.

It would just make more sense if - at least periodically - they reminded us that this bailout is being brought to you by foreign creditors who are buying a trillion or so in new treasury bills.

At some point, it will be us taxpayers who pay back the loans to these creditors like China and at that point, we will owe them a chunk of interest in addition to the 1 - or is it 2 - trillion we've just borrowed over the past couple of months. Will these creditors ever get tired of buying our treasury bonds? Will they ever get surly and start breaking legs if we don't stay on a payback schedule?

"Driven Out" Chinese Purge

I wrote a blog some months back about a town near where I grew up, called Pekin. The high school's moniker was the Pekin Chinks and nobody seemed to recognize they were using a racial slur as they cheered their teams. One longtime Pekin resident wrote a bitter comment decrying my comments about institutionalized racism. It made me want to find out more about the roots of the term "chink."

I still haven't found any answers, but in a well written and researched book, called "Driven Out: The Forgotten War Against Chinese Americans", by Jean Pfaelzer (2007), I found out about vicious cruelties to Chinese residents in Washington and California justified by some of our highest courts. There are dismaying parallels to events today.

In late 1885, the mayor of Tacoma, Washington, led a mob of 300 into Chinatown one night and forced everyone out of their homes and marched them out of town, forcing them to leave their businesses and belongings. The Chinese brought it to court, citing the U.S. government's Burlingame Treaty which made it illegal to deprive Chinese immigrants of the same privileges in respect to residence as others in our country. The mayor's lawyers cited the Dred Scot case of 1857 that allowed slave owners to fetch their slaves who escaped to free territories because slaves did not enjoy the same rights as citizens. The mayor's side won - just like Bush's side won against the prisoners of Guantanamo who thought they'd have the right of habeus corpus and a civil trial as prisoners of the United States. I guess the "supreme" in "Supreme Court" refers only to power and not wisdom or justice.

In San Jose, California, near where I live, the first statewide anti-Chinese convention was held in 1886, attended by anti Chinese clubs and the Anti-Coolie league. In 1880, the California legislature had made it illegal to hire a Chinese person. Ranchers, growers, and canneries were forced into mass firings. The more things change, the more they stay the same. Only the nationality has changed. But in San Jose, the Chinatown neighborhood was burned down six times and rebuilt seven. San Jose passed ordinances limiting Chinese laundries and fireworks. They posted police in doorways of Chinese owned businesses to discourage would-be customers. When two drunk men shot at and assaulted a Chinese man in 1879, they were each fined $10.

Pekin "Chinks"

I was pleased and surprised that the "Not In Our Town" conference (community responses to hate crimes) was held in Bloomington, Illinois. I grew up 40 miles away in Peoria, Illinois. I don't think of that area as a leader in the realm of diversity awareness. The town next to Peoria is Pekin, named originally after Peking, China. The high school moniker was the "Pekin Chinks!" I remember one year in the late 60's when Pekin High went all the way to the state basketball finals. I imagine newspapers all over the state carried a headline about the "Chinks Victory" without thinking anything about it. At least as a kid, I never thought about it. There was also an ice skating rink in Pekin. You guessed it..... "Chink Rink." They had a local TV commercial that portrayed a simple line drawing of an old Chinese man on ice skates, mixed with their voiceover and maybe some music. "Institutional racism" is the boring term for when racism is so pervasive it is invisible or like wallpaper. I'm sure it wasn't like wallpaper to any Chinese folks who lived around there, but I didn't know any.

I went to Wikipedia and found that there was an attempt to change the high school moniker around 1974, but it didn't actually get changed until 1980. (My family moved around 1969.) Now they are called the Pekin Dragons.

Link to a blog with more detail.