More fodder for Obama/Biden
 

This morning McCain stated with upmost conviction that our economy was sound, while throughout the day the DOW dropped over 500 points over the failure of two major financial institutions.

Now it looks like the biggest issue that could "potentially" smear Palin if true, and it does look somewhat credible, she's going to claim Liberal bias on and not cooperate.

http://www.msnbc.msn.com/id/26727937/

The Obama message is that McCain brings 4 more years of Bush policy. We're seeing the inability to recognize realty and the appearance of being above the law.

Sound familiar?

Will be interesting if this reflect in the polls the coming weeks.

-spence

Spence, the problem is that most americans dont understand how our economy works and are just going to vote on emotion.. who they 'like' better...as opposed to who will do a better job.

Including the most coached candidates for the presidential position, the messiah an the pow

sad but true.

from the AP

What had happened?
Some seeds of the current crisis were planted in the late 1990s, when Congress and President Clinton reshaped the financial landscape. They removed Depression-era barriers between commercial banks and investment firms and allowed the creation of financial behemoths where, years later, the risks of underwriting risky subprime mortgages were somewhat hidden.

A chief author of that law was Phil Gramm, then a Republican senator from Texas and until recently one of McCain’s top economic advisers.
McCain voted for a Senate version of the bill but did not vote on the final package. Democratic vice presidential nominee Joe Biden voted against the Senate version but for the final compromise that was signed by Clinton.

Its pretty obvious that we are also paying the price for all of that 'free' money from Alan Greenspan.. cheap credit cards.. spend spend spend.. Buy tons of chinese crap.. create a huge trade deficit.. but what do I know.. i am just a lowly artist.

I blame it all on Clinton.. not bush... he was too busy trying to screw us in other ways :hihi:

This is probably valid, although I'm sure there's more too it then that.

To be honest I don't hear much responsible economics coming from either side. As one newsmaker put it, it's just too complicated for most people to understand.

-spence

laissez faire economics

happened through out history

whats so complicated about it?

I'm gonna try that approach..
EPO: Sir...it appears that that striper measures 33 7/8"
SKW: I'm not going to cooperate in your investigation...I believe it's tainted by EPO bias!
Repub. Reality
EPO: OK sir...we'll let that slide this time (wink wink) I was being a little unfair in my investigation.
My Reality
EPO: Give me the keys to your boat and truck and put your hands behind your back.:cens:

1) Requires a nuanced understanding of how markets operate
2) Requires people comprehend and accept things they don't want to hear

Watch CNBC then listen to politicians. It's as if they're often living other realities.

-spence

Realities of the rich and pampered

The whole mortgage crisis is Enron on a national scale- People should see jail time for this mess..

I can see the congressional hearing now.

it will never happen

If there ever was a time to make the Dem argument for increased regulation...the time is now.

-spence

I dont' hear it.

I'm hearing it a bit from Obama/Biden and indirectly from McCain, but McCain is in a real pickle here.

He's asserting he'll "clean up" Wall Street, but the only way to enforce the "clean up" is through new legislation. If he were to come right out and say "regulation" the base would shoot him on stage.

The funny thing is that I think the Street likes limited regulation. It adds an element of protection and predictability to the investment process.

It's the corporations and their lobby ranks that want less as it makes it easier to game the system.

The result is going to be headline news for the time to some. I'm for limited regulation personally, we can argue what "limited" really means.

-spence

Then less lobbyists!!!!

I agree the two camps are in a real bind with this one.

Throw Nafta in the mix. Clinton very well was one helluva of a Republican president.

Your absolutely right, Spence. The Dems could really nail the coffin shut on this one with some ambitious policy. Obama should not even have to criticize the otherside, or lay fault; but rather present some headline stealing comprehensive solutions.

Palin is on the campaign trail right, is she taking questions yet?

Isn't the McCain campain staffed with a boatload of former lobbyists, including most of his closest advisors?

More fodder.

-spence

yeah right.. I am convinced she is the female GWB in the making.. a perfet puppet to convey the party message.. :hs:

Funny you should say that. There's already talk that the neocon crowd loves her for exactly that reason.

-spence

Looking backward, it's clear that the Bush administration needed a more comprehensive approach. The last time the financial system imploded, in the 1930s, the Franklin Roosevelt administration combined government recapitalization with tough regulation. But the government-loathing Bush administration has pumped in capital only in fits and starts, and remains allergic to regulation.
Looking forward, the next administration will need to do the job properly. If the next president is John McCain, one of his top financial advisers is former senator Phil Gramm of Texas, a key architect of the extreme financial deregulation that created this mess.
Barack Obama might be more like Roosevelt. Indeed, if Obama does a more effective job of connecting the dots between Republican ideology and the current financial crash, it might even save his faltering campaign.
Robert Kuttner's new book is "Obama's Challenge: America's Economic Crisis and the Power of a Transformative Presidency.

ahh good old Roosevelt..
screw the POW.. bring back the WPA.. :buds:

The problem is all these bow tie wearing young Republican Heritage foundation whack jobs that believe lower tax rates and less regulation is the freaking bible.

If taxes and regulation are so bad then let's eliminate them...ooops our Government just stopped working.

Same goes for the socialist freaks on the fringe left, but to be honest there are a lot fewer of them out there.

What's different this time around is that the Republican congress under Clinton used their power to change the rules so it was easier for them to get their way. Then they took K Street to new heights in an attempt to lock in their power eternally. Then Bush came along, made the lobbying issue even worse and expanded executive authority to get his way, because they're just smarter than everyone else.

It sure has made their friends really, really rich in the process. I wonder where all that money came from?

Oh yes, the burden falls on the taxpayer. And who can least afford it? Oh yes the middle class.

Obama, here's your message.

-spence

Obama is holding a $7000.00 a plate fundraiser with Barbara Striesand. Way to set the tone. Nothing like taking from the rich and giving to thyself. Once again, what's bad for America is good for the Dems. Ever wonder why that is?

well Buckman, usually the GOP screws everything up and the Dems have to come in and fix everything.. :hihi: