Wall Street Hands Voters A Reality Check

The optimism of November 4 has been replaced by the simple reality of life. 

After plunging almost 500 points today,  having it’s 12th largest loss in history,  and being the worst plunge on the day after an election ever,  the stock market brought reality back to Americans.  Investors, a category anyone with a 401k falls into, were rightly skeptical of what an Obama Presidency will bring in terms of economic change.  Anyone who read his policy statements, there are only three of us, are not surprised by this drop.  Why invest money to make more money when you were told outright that the more you make the more you will have taken away from you by candidate Obama? 

Obama has already prepared the nation for his failures and his next run for the White House.  Forever the politician, Obama, in his acceptance speech last night, stated that it may take longer than 1 year or even 1 term to fix the “problems” in America.  Not quite the optimism his supporters wanted but as usual they were not listening to the words only the cadence with which he spoke.  But looking at the stock market today, Wall Street heard him and acted accordingingly. 

Reality is a bitter pill.

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“Don’t Worry Joe, I’m Here” Says Eiffel

Tonight’s Vice Presidential debate has the potential to continue the bias the media has towards Barack Obama.  With GwennEiffel as the moderator tonight, the media has another shot at taking down Sarah Palin despite her clear monetary stake in this election, I believe Eiffel should be retained as moderator. 

You can’t argue that Eiffel’s book, entitled “The Breakthrough: Politics and Race in the Age of Obama”, is not laudatory manuscript towards Obama.  The title is dripping with bias.  In addition her coverage of Palin has been anything but objective.  During the RNC, Eiffel reported on Palin’s speech from the floor of the convention by saying that it belittled Obama and his work in Chicago.  These two items alone would be grounds enough for a lawyer, judge or jury member to recuse themselves from any trial proceedings, yet Eiffel is still in place.   

As moderator,  look for Eiffel to ask the readiness question of both Biden and Palin.  If it is directed or redirected at Palin look for Eiffel to say something about her relative inexperience in the world compared to Biden’s 36 years of experience in the Senate.  Look for underhanded comments about Russia’s relevance to Alaska and praise for Biden’s trips abroad on the taxpayer’s dime.  And look for questions of family as Eiffel tries to show that Joe Biden put his family first when he was a new Senator while pointing out (slyly) that Palin will not be around much for her kids as VP. 

Keep Eiffel in as moderator, despite her clear bias.  Joe Biden knows he has home court advantage tonight, a situation Palin can clearly take advantage of to come from behind  and win.

Pointing Fingers-An Old Game Repackaged

Why did this bailout bill fail?  Here are a few suggestions:

  1. Senator Obama, Nancy Pelosi and Chris Dodd’s complete lack of leadership.  The Democrats control both houses of Congress yet they can not muster enough votes to pass what they see as an extremely important piece of legislation.  Senator McCain brought in over 60 Republicans on this issue when he was in Congress over the weekend.  Senator Obama called in his support but made little effort to support this legislation, instead relying on his Monday morning quarterbacking skills to praise or denounce the bailout vote, whichever was needed politically.  Chris Dodd, Speaker Pelosi and Barney Fife, I mean Frank, could not even get their members to agree on this bill, choosing instead to blame others for its failure.
  2. Politics. I don’t mean Presidential here either.  The Democrats wanted to be able to blame the Republicans for passing this bill.  13 of 19 Democrats who are in tight races across the country voted against this bill AFTER they saw the Republicans voting against it.  If it passed with Republicans putting it over the top, the Democrats would run stories and ads about how they didn’t really want the bill.
  3. Wall Street.  When the bill’s passage seemed certain stocks looked good.  However oil prices shot through the roof on speculation that consumers would have a lifeline to borrow from this winter to pay for oil.  As the bill failed stocks fell.  And now faced with the possibility that consumers could not afford to pay for oil this winter, oil prices fell to under $100 a barrel.  Wall street traders and speculators were once again left to find their own solutions and face the fact that they may lose money this year.
  4. The American People.  Finally enough of us woke up and said ENOUGH!, let Wall Street fail, we’ll cut back, we don’t need all this credit.  Unfortunately, there is little we can do to prevent eventual passage and we will have to swallow a $700 billion dollar pill in order to save a couple bucks, and I do mead about $2, in our 401K accounts.
  5. World Markets.  They need this just as much as our market.  They hold many of these bad debts and don’t want to lose money on them either.  Yes, Asian and European markets will get some of this $700 billion.  But as they begged for us to pass a bailout to save their economies, the people of these countries continued to rally against America and it’s trade policies.  Perhaps some of our Representatives finally realized that not all of $700 billion will go to Americans.
  6. Stupid Partisan Speeches.  Only one party to blame here and it is the Democrats.  When Speaker Pelosi stood up and said that Bush and his “right wing ideology of anything goes, no supervision, no discipline, no regulation” was to blame for this bailout, she effectively killed the legislation and allowed Republicans to not only make a stand but also push for more insurance on deposits and other provisions they wanted in the bill.
  7. Lastly, the Media.  America is at the beginning of a recession.  However so far it is the mildest recession in our nation’s history.  Today my newspaper reported a jobless rate of 6.1%.  When I moved back here 10 years ago the jobless rate was hovering between 8-10%.  Wages have gone up steadily until recently and it was only after the minimum wage bill passed in PA (now 7.25/hr)  and the Congress that unemployment stated to rise because small employers could not afford the increase.  By the way out of their laundry list of promises they made when they were regaining control of Congress, the minimum wage adjustment is the only one that has passed.  All of the others (think Iraq) have failed or not even been discussed out of committee.  Yet the media continues to prey on the fears of all of us and attaches stories about the Great Depression to discussions on the bailout.  Perhaps they played their monster in the closet card one too many times this week. 

In the end the result of the bill was the same- Republicans are to blame for the economy, according to Democrats.  If it passed it would have been a Republican President and Congressional Republicans who forced it on every one of us.  The news article in my issue of the Time Leader would have read ” Rather than repudiating their President for this mess, Republicans chose to support their President’s failed economic policies.”.  When it failed it was the Republicans who killed it because they did not support their President.  As the Times Leader paraphrased Barney Fife, oops again, Frank today  “Rather than a repudiation of Democrats…Republican’s refusal of the bailout was a rejection of their President.”  

I still hold to the fact that all Americans are to blame for this situation and not any one party.  Certainly rules were relaxed and it started when Clinton was in office and continued through Bush, but Americans did not have to accept money we could not pay back.  Case in point.  When I bought my house I was approved for a mortgage up to $150,000.  After laughing my ass off because I knew that the mortgage company had been drinking while doing these numbers, I chose to go with a mortgage I knew I could afford.  There are many others who took the full amount, thinking they could or would be able to afford it and are facing foreclosure because of that decision.  That’s not the fault of your leaders.

Cancer Survivors Need Not Apply!

In case you missed it, Brave New Films released a new ad against John McCain.  This ad questions John McCain’s health as a survivor of cancer.  Showing the scarred face of McCain, the ad actually questions if he is able to lead the nation because he had several bouts with melanoma.  What’s more is that this ad has some loose ties to Howard Dean, the chairman of the DNC.  

And they say McCain’s tactics are politics as usual!  As usual the media fails to talk about the underhanded tactics being used against McCain. 

http://news.aol.com/political-machine/2008/09/29/does-mccain-med-records-ad-go-too-far/?icid=200100397x1210712718x1200650301

Palin Action Figures

Sarah Palin action figures.  Buzz over these has been everywhere.  Check them out here. 

http://www.herobuilders.com/

Interdependence Day-Give me a Hug!

On the eve of the anniversary of Sept 11, it was announced today in our newspaper that there will be more events to commemorate Interdependence Day than events to remember 9/11.  What is Interdependence Day? 

First it is celebrated on September 12.  It is an annual event that started in 2003 to “celebrate and discuss the bonds between citizens of all parts of the world” and “call on world citizens to acknowledge and reflect on global interdependence” and “join together for a global civic society”.  (The Times Leader, Sept 10,2008 by Andrew Seder). 

Some of the events scheduled are as follows:

  • “Words that Hurt, Words that Heal: How to use Words Wisely and Well”
  • “Working,Learning and Living Together”

and

  • “Imagining an Interdependent World: Art as a Language for Justice”

Looking at these events I can only draw the conclusion that the people involved believe that if the world comes together and each of us embraces another, terror will be defeated and September 11 will never happen again.  The reality is that the people who want us dead will gladly accept an embrace if only to detonate themselves and assure another infidel is killed in the process.  

Please remember September 11 and forget the political correctness of Interdependence Day Sept 12. 

www.timesleader.com

Biden has a Bridge for Sale

Joe Biden is questioning John McCain’s judgement?  Saying that John McCain has been wrong on the most important national security issues of our time, Joe Biden cited a statement McCain made three years ago about violence in Afghanistan and how the US had succeeded there.  In promoting Sen Obama’s judgement, Biden only noted that a year ago Obama called for 2 more battalions to be sent to Afghanistan.   Biden also said that the Bush/McCain foreign policy neglected nations around the world, like Georgia, a new democracy as he called it, and ignored signs of an emerging Russian nation.  Biden also accused Bush/McCain of losing sight of the nuclear powered nations like Pakistan and the economic growth of China and India. 

What Biden neglected to mention in all of this was either his own judgement or that of his fearless leader, Obama.  Joe Biden’s judgement led him to vote AGAINST the first war in Iraq when Kuwait, a sovereign nation, was invaded by Sadaam Hussein’s army.  Joe Biden’s judgement led him to convince President Clinton to launch air strikes in Kosovo because of ethnic cleansing, not an imminent threat to the US or her interests.  It was Sen Biden whose judgement led him to vote for the Iraq war then denounce it and the now successful surge strategy.  It was also Sen Obama’s judgement to vocalize his opposition to the Iraq war at a time when he had no authority, as a state Senator, to vote for or against any action in Iraq.  It was also Obama’s judgement that led him to say that Iran and Cuba are too small to be real threats to the United States.  And it was Sen Obama’s judgement that led him to say that the troop surge in Iraq is not a success and attributes the reduction in violence to anyone other than our troops.

On the other hand, John McCain’s judgement led him to support the war in Iraq and Afghanistan for national security reasons.  Later, John McCain criticized the Bush administration, much to the dismay of his own party, for their handling of the war.  And still later, Sen McCain was the lone Republican to stand up and argue for a surge of troops in Iraq,  a stand so unpopular his own party stood against him.  It has been Sen McCain’s judgement that led him to denounce Russia’s invasion of Georgia immediately because he has been talking about Russia’s re emergence for a decade already.  It has been Sen McCain’s judgement that has led him to recognize Iran’s hateful rhetoric as the threat that it is and the penchant for destruction that country would have if it ever possessed nuclear weapons.  It was also John McCain’s judgement that helped him understand what an ally Pakistan, an country who has stood with America despite internal dissent, is in the war on terror.   It was also John McCain whose judgement compelled him to vote against the first round of tax cuts, a move his party decried, because of the wasteful spending attached to the bill. 

Joe Biden and Barack Obama’s judgement on the major issues of our day align 96% of the time with whatever their party tells them to believe. By contrast,  John McCain’s judgement on major issues has led him to vote against his party more than 14% of the time.  But despite Joe Biden’s obvious lack or distortion of facts tonight, I can’t question his judgement when he said that Obama was too inexperienced for the job.

Debates

McCain and Obama have agreed to 3 debates after the conventions.  The first debate will be September 26 at the University of Mississippi.  It will focus on foreign policy issues and national security.  A town hall style debate will follow on October 7 at Belmont University and Hofstra will host a debate on domestic issues on October 15. 

A VP debate is scheduled for Oct 2 in St Louis.

Where’s the Veep?

Either a really good or really bad  choice coming from Sen Obama.  It’s a make or break decision, despite what his pundits are saying.  Either way, if it’s not announced Friday during the AM talk shows and he waits until Saturday, will anyone care while they are shopping for back to school or cutting their grass?  Obama messed up the timing on this.  The only person who could inspire people to care is Clinton at this point and, while I don’t count her out, I’m not sure Obama wants that kind of help.

Published in: on August 21, 2008 at 11:20 pm  Leave a Comment  
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Uhhh..I…Uhh…will

Why is Sen Obama falling behind in the polls?  One word: Uhhh….

As was evident in Saddleback, Sen Obama is at a loss for words or eloquence when he does not have a teleprompter in front of him.  In a resounding defeat, Sen Obama spoke at length about nothing with a whole lot of “Uh.. I.. Uh…” thrown in to make his time on stage shorter.   Watching him answer the questions Rick Warren posed was painful,  even to a nonbeliever like myself.  On the other hand Sen McCain was quick and to the point, no ifs or uhs about it.

Published in: on August 21, 2008 at 10:29 pm  Leave a Comment  
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