John McCain’s bladder is acting up. As I sit and watch 10,000 people file out of Lehman Bros. in New York on television because it has filed for bankruptcy, the ticker across the bottom tells me that this 10, 000 jobs lost are only 40% of the companies employees. The same day that the stock market lost FIVE HUNDRED AND FOUR POINTS he’s making speeches saying that, “the fundamentals of the [American] economy are strong.”
Bear Stearns. Fannie Mae. Freddie Mac. Lehman Bros. Merrill Lynch Bank of America. AIG. The subprime mortgage crisis. The weak dollar. Six percent unemployment (highest in five years). John McCain’s OWN campaign is running an ad called Crisis, which says that the economy is in trouble. But John McCain still believes that “the fundamentals of the [American] economy are strong.”
It’s the economy, stupid.
Eight years ago, John McCain’s good friend and chief economic adviser, Phil Gramm, authored the legislation that precipitated much of the current financial crisis
“As Mother Jones reported in June, eight years ago, Gramm, then a Republican senator chairing the Senate banking committee, slipped a 262-page bill into a gargantuan, must-pass spending measure. Gramm’s legislation, written with the help of financial industry lobbyists, essentially removed newfangled financial products called swaps from any regulation. Credit default swaps are basically insurance policies that cover the losses on investments, and they have been at the heart of the subprime meltdown because they have enabled large financial institutions to turn risky loans into risky securities that could be packaged and sold to other institutions.”
McCain’s campaign is being run by individuals whose primary employment has been lobbying for less regulation for the very companies that are now collapsing, or seeking handouts from the government after their “deregulated” laissez faire business dealings for the last eight years have created this mess.
Alan Greenspan (former FED Chairman) thinks that John McCain doesn’t know what he’s talking about on the economy
“Sept. 12 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the country can’t afford $3.3 trillion of tax cuts proposed by Republican presidential nominee John McCainwithout corresponding spending reductions.
Greenspan, a lifelong Republican and longtime friend of McCain, said today on Bloomberg Television’s “Political Capital With Al Hunt” that “I’m not in favor of financing tax cuts with borrowed money.”
John McCain and Sarah Palin are talking about how “Washington has allowed this crisis to happen,” and how they’re going to go fix it. They’re still afraid to say President Bush has allowed this to happen, because they don’t want to be tied to him. But aren’t they? They are running on “smaller government,” but they’re going to go in to Washington and put some regulation in place to fix Wall Street? This kind of confusion is not what I’m looking to elect in November.
As I watch this man with so many houses he can’t remember them, a household staff that costs $250,000 per year (which is the cutoff point for Senator Obama’s “middle class” tax cuts), a parking lot which brings in 1.2 million dollars annually, who admits, “It’s east for me to go to Washington, and be somewhat divorced from the day-to-day challenges people have,” tell me that “the fundamentals of the economy are strong,” I know that there is something falling from the sky, but it’s not rain.
cross posted at Spreading the Word on September 16, 2008