Just so it isn’t lost in the shuffle, AIG deserves to be left to die. Why are we surprised the $85 billion we gave them to remain solvent was used on spas. Government money is squandered when it is given.
I had the pleasure of watching tonight’s presidential debate with my lovely bride. That is a first, I believe. It was great. She was yelling and screaming at the television. I was actually the calm one. She was once a McCain fan (circa 2000). She isn’t so hip on him right now, although announced she would vote for him.
Gert commented that the audience groaned just like I did when Obama announced healthcare is a right. According to Frank Luntz, that is what swung the control group in Obama’s favor. I find that difficult to believe. Healthcare a right? Holy shit we are doomed.
BTW, after commandeering more than $1 trillion from us, the financial market sure is acting stable, isn’t it? The Dow was down another 500 today. I sure feel a lot better now. Don’t you?
Bill O’Reilly presented what John McCain should say to Barrack Obama. The video is up at Fox News, but it will disappear eventually.
I do not expect McCain will ever take this tact, but it would be something.
The idea is that since the economy is so bad, ask Obama what he will do as president. Since government money is needed to bailout Wall Street, there is no money for any of Obama’s social programs. There are no capital gains to tax and will be far fewer folks worth more than $250,000 to hike taxes on. Given that, everything Obama has presented as to a reason to vote for him is out the window.
Why should one vote for Obama now?
Admittedly, McCain will never do this, but it is quite an enlightening basis of thought. What is the rationale for an Obama presidency if the economy is in recession? He will not be able to deliver on anything.
It looks like Congress has found a way for the government to spend $700 billion and everyone, at least in D.C., be happy. The taxpayer feels as though he has visited the proctologist.
The compromise seems to be that the government instead of buying the bad debt will insure it. The difference? You got me. Our money is still be used to prop up bad legislation and bad business. Nothing changes. Folks who could not afford the homes they bought will get better terms. The banks that loaned them the money will have taxpayer government insurance. You and me, dear reader, will continue to pay our mortgages, but have our taxes skyrocket. This money doesn’t just get drawn from the coffers; it has to come from somewhere. And given the latest polls, it sure looks bleak for any taxcutter to make it 1600 Pennsylvania this round.
“This is something that all of us will swallow hard and go forward with,” said Republican Sen. John McCain of Arizona. “The option of doing nothing is simply not an acceptable option.”
The option of doing nothing is letting a capitalistic market work without governnment interference. It’s what the entire model is built upon.
This video is going viral. It very simply highlights the financial mess we’re in now . . . set to music. It’s a bit long, but well worth it. I just wish the last minute was dropped. Just so there is no misunderstanding, I am not supporting McCain-Palin.
The hits just keep coming. As I post this, Wacovia is looking for help. Big surprise. At least they are searching for a partner and not a government handout. Yesterday one my banks (WaMu) was seized by the government and sold to JP Morgan. Last week another business of mine (AIG) was taken over too.
I’ll grant that my initial reaction to McCain’s move was WTF? followed closely by This may be a very good political move. Then it dawned on me that while it garners all the attention now and shines an interesting, if not positive, light on McCain, it only works in the end if his work in D.C. is productive.
And what is McCain going to do while in D.C.? Lobby hard for spending $700 billion of taxpayer money to bail out private businesses.
