Tuesday, September 16, 2008

What Does the Wall Street Crisis Mean to Americans? Does McCain Know? Does Obama?

Treasury Secretary Hank I'm-Sorry-I-Ever-Left-Goldman Paulson has now clearly positioned himself as Leader of Our Country. Surely he turned a shoulder on Lehman Brothers this past weekend, which forced them into bankruptcy, because he foresaw that A.I.G., the largest insurer in the world, would need to be rescued by the federal government.

And tomorrow, we'll hear more about Money Market Funds unraveling.

Meanwhile, we have an election (or "election") coming in less than 50 days. One member of this blogging team is a genetic Republican. However, he's no longer sure who gets his vote for president.

What John McCain has to say about the economy is troubling. He's not getting "it," to put it mildly. And Barack Obama?

McCain thinks there was a "social compact" between Wall Street and investors (hello? free market anybody?) and he thinks a commission needs to be convened (like the one formed to study 9/11) to study what went wrong to generate the current Wall Street crisis. A "commission" is going to discover things long after our economy has dismantled itself and we belong to Russia or China, IOHO. The crisis can't wait to be solved--it needs immediate attention (hence Hank's actions).

See what we're talking about in the video below from MSNBC. McCain tries to clarify what he meant when he said "the fundamentals of our economy are strong." Really? On a day when two giant investment banks are disappearing, one into bankruptcy, the other selling itself off at a fire-sale price--all due to the mortgage crisis and plummeting housing values--really? Our "fundamentals" are strong? McCain claims he meant "people." Right. That's like Clinton splitting hairs over the meaning of "is."

For a different take on the economic picture, we're going to see what Michelle Obama has to say as the mouthpiece of her better half, Barack, this Wednesday, September 17, at the Virginia Women for Obama Voter Registration Rally. It's at Newcomb Hall Plaza, University of Virginia. The program begins at 4:50 p.m.; get there early.

We're also going to start looking at Real Estate in Canada...and Mexico.

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