Wednesday, October 8, 2008

Looking into the abyss

The bailout has been signed into law and topped out at $850 billion smackeroos, not quite chump change. The result has been the largest financial collapse since 1933, now the fed is cutting the interest rate. I pose the question; DOES ANYONE KNOW WHAT THEY ARE DOING? I don’t think so.
The candidates for president had their second debate and by the way they are speaking they can solve all the problems, that‘s amazing, because nobody else can. They both propose cutting taxes, just how do America expect to pay for everything they propose? Of course McCain still wants to win in Iraq at any cost ($12 billion a month to the American public) which will never have a definitive moment when we can say it’s won. Obama had the most responsible approach. Turn over the responsibility for the fighting to the Iraqis, and get back to Afghanistan and end that debacle, which is the Bush’s legacy.
Americans are concerned with bread and butter issues and that is no small matter. It is conceivable that this financial crisis may linger and leadership is critical to restore confidence in the American financial system. McCain seems out of touch and his proposals speak too much of a chicken in every pot and two cars in every garage. His pick of Palin as his vice president shows a clear lack of judgment and his single minded obsession with getting to the White House and not about the danger to the nation should Palin actually replace him. This is unforgivable and sad for a man who has served the nation so well for so long.
Obama is still untested and untried but he possesses the intellect to deal with the job at hand. His selection of Joe Biden as his vice presidential running mate (not my choice) speaks to his need for experience in foreign policy on the ticket and unlike Palin, Biden would not be a national disgrace should he replace Obama.
What America is concerned with today is jobs, pensions, and foreclosures. There is now projected to be another 2 ½ million foreclosures on the horizon and if the financial meltdown continues and people loose jobs and home values continue to tumble it might be much greater. What is needed is to freeze all mortgage rate increases and lowering of the high interest rates people are paying that is creating the foreclosures. This is the very thing that started the crisis and it still has not been adequately addressed. If it is not addressed and these 2 ½ million more home foreclose then we are indeed looking into the abyss which could be another great depression.