I have to say that I did not hear what I wanted to hear from either candidate as far as the economy is concerned - but McCain was a lot closer. Perhaps the best example of this during the lack-luster debate was the responses to the question about what sacrifices need to be made. Getting government incentives to become more energy efficient (Obama) is not a sacrifice - it is a government perk that once again will increase our debt.
Let's review what has been done to date to bailout the mortgage crisis.
In the US, the government has spent $1.12 trillion:
Congratulations Comrade, 1. We are now proud owners of an increasing share of the financial sector, made possible by buying off legislators. 2. Those capitalist pigs continue to loose money in the markets.3. We still are forcing those capitalist pigs to provide loans to the under-privileged, so they will continue to loose money in the future.
Only 25 Senators voted against the bill. They are as follows (per the Post) along with statements (where found) as to their reasoning and my grading of their understanding of the real issues involved (sadly, there is only one "A"):
Why is there a financial crisis?
The near-term answer to this is that several (most) major financial entities are all in financial trouble. As a result, they are apparently tightening their lending standards. The concern is that this tightening will spread to the point that small and then large businesses will be unable to access loans that they use to fund their operations.
What part of "NO!" don't these guys understand. First, Bush wanted to give Paulson a blank check for $700 billion. A dumb idea to not include any oversight and also dumb to not address the root problem, but at least it was money to be spent to address (although probably just temporarily) an urgent problem. Valid Problem - Wrong Answer.
The following is intended to provide a short summary of the current financial crisis that the US is facing. Future posts will provide more details about this process and make recommendations as to where we should go from here.
This You Tube video relates to the current post that I am working on, but very well done - though a bit fast moving. Watch soon, it would not surprise me if You Tube and/or the Obama camp will try find an excuse to take it down.Hat Tip: Doug J.