It's the Economy

Today's economic news of Wall Street failures does have a bright side. I am grateful that it took the campaign focus off mindless twitter about pigs, lipstick, bridges, and mooseburgers. (By the way, have you heard that Sarah Palin had a tanning bed installed inside the Alaska Governor's mansion? Apparently, the electrical service in the mansion was due for an update at around the same time. Coincidental, I'm sure. Seems that healthy appearances are important to executives, but I digress.)

This morning's news about the financial failures at Lehman Bros., Merrill Lynch, and ING caused the stockmarket to plummet. Meanwhile, John McCain was flying solo and struggling to deliver a reassuring message to the small crowd gathered. He announced that the "basic fundamentals of the economy are sound!" He went on to promise that reform is needed in Washington, that he was the man for the job, and claimed that this would never have happened on his watch.

As I see it, McCain is no reformer when he continues to deny the problem. He is no reformer when his advisors and friends promoted the policies that resulted in financial disaster. He is no reformer when he and his friends have profited from these policies while regular Americans have suffered. He is no reformer when he hasn't spoken up for the middle class in the last 8 years. Where has the reformer John McCain been, and what has he done for us lately?

McCain's friends at Fox News were arguing and bloviating on this very topic just last week."The economy is just fine, really; it's an evil main stream media exaggeration. They are inventing problems to cast a cloud on the Bush administration." Only yesterday, McCain's fianacial advisor and Washington Post writer, Donald Luskin in "Quit Doling Out That Bad-Economy Line," (washingtonpost.com) parrotted the same talking points. (I'm guessing that he's had a really bad Monday)

Over the last 8 years, John McCain's financial advisor, lobbyist Phil Gramm of "a nation of whiners fame," has fought hard for banking and mortgage deregulation. One of many Repubicans who support smaller government, Graham fought to loosen government oversight on mortgage and financial institutions. The result: hundreds of thousands of home foreclosures, sharp housing market downturn, tight mortgage loans, government bailouts, bankrupcy on Wall Street, and a falling stock market. This translates into further losses of jobs, pensions, home values, and investments for millions of Americans.

Recently, the government decided to bail out Fannie Mae and Freddie Mac to staunch the hemorraghing of home foreclosures. Taxpayers were outraged at being forced to assume the debt of private banking institutions, especially while banking executives escaped with bonuses in the tens of millions of dollars. In Colorado today, Sarah Palin proudly announced her good news. The government has refused to bailout LB, ML, or ING. They are on their own to declare bankrupcy. In other words, "WooHoo, financial markets are in the skids, but that doesn't affect us!" This kind of thinking goes to prove that even a blind pig can find a mushroom once in a while.

In his speech today, Barack Obama pointed to the disconnect between McCain's "cabin" in the mountains in AZ and the offices on Wall Street. Both Obama and Biden today asked their supporters if they agreed with John McCain's assessment of the U.S. economy. Much booing and sarcastic laughter ensued. The point was made that McCain just doesn't get it nor do his advisors.

As I see it, John McCain's plan to continue tax relief to big business and a trickle-down economic plan works just fine for the elite few, but it doesn't work for most Americans. A culture of greed and a lack of oversight and conscience has been allowed to flourish in 21st century America. In today's business world, executives' salaries are 500 times that of the average employee. Some, like Carly Fiorina another McCain campaign advisor, fired from Hewlitt Packard for mismangement and questionable ethics are paid $20 million to leave. That is outrageous!

I am not willing to put my faith for the future in the hands of someone who promises to become a reformer of the very policies he has supported and profitted from for decades. McCain has sat on his hands for 8 years and remained out of touch with the hardworking people of American. He doesn't deserve my vote.
I say no McCain, no Palin, no way!