A Remarkable Day by J

09/15/08 11:26PM
A Remarkable Day
“The fundamentals of this economy are strong”

John McCain September 15, 2008

I am a firm believer in looking at ones past to determine how they will do in the future. The last time America saw a huge housing bubble was in the 1980s, aka the Savings and Loan meltdown. I had just moved back from Japan, and was stationed in Phoenix AZ. When I arrived there were over 100 empty new homes within a 10 mile radius, and many subdivisions were half built, the remainder of the land held in court after Lincoln Savings went belly up.

McCain in the Keating Five scandal in the 1980s sought to undercut bank regulators and then refused to hold himself accountable for the ensuing bank failures.

Are we to believe that John McCain will be the man to bring change to Washington? Will we just see more empty rhetoric of change? McCain’s economist, Phil Graham, as a senator pushed through legislation that deregulated the financial and energy markets. This is what has allowed huge speculation in energy, and has brought together banks, traders, and insurance companies.

Speaking of which, this last weekend Merrill Lynch (Trader) sold themselves to Bank of America (Bank), Lehman Brothers (Investment Bank) went belly up, and AIG (Insurance Company) was seeking $50 B in loans.

Are you better off today than you were 8 years ago?

Inauguration Day 2001 Now

Unemployment Rate 4.2% 6.1%

Budget $281 B $357 B

Surplus Deficit

Debt $5.7 T $9.7 T

Oh, and we just lost $500,000,000,000 today in the stock market.

John McCain is a Republican, he supports the same economics that BushCo have supported, laissez-faire economics, pre-depression style regulations. They don’t work!!!



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