To be honest, I’ve been someone shell-shocked that the country could have fallen into this mess. I’ve been worried about the state of the economy, and this “sub-prime” mess confirms that there’s a serious problem.
Well, problems we can deal with. But the problems originated with the Carter Administration and the Community Reinvestment Act. Then it was Clinton (with a Republican congress) that opened up the already-large can of worms, and in 2005 a few knew what was coming (like McCain) and tried to stem it, only to be blocked by folks like Chris Dodd, who are eager to blame the greed-mongrel Republicans for this crisis.
And guess what? Nobody has talked about fixing the problem in the first place– that the Congress required banks to give high-risk loans to a certain percentage of the population.
Now we have a “Community Organizer” running for President. His job was to work to make sure people didn’t strip away the high-risk loans, because being able to promise the poor that they’ll get what they want if they just vote for him is a good thing.
Dodd didn’t act– Fannie Mae/Freddie Mac gave him tens of thousands of dollars.
Obama’s been silent on this– and why not? He’s waiting to see who will step up to funnel him money now that Freddie Mac/Fannie Mae have gone belly up.
But don’t look so much to McCain for principled leadership. He’s trying to buy your vote, too.
Here’s the problem: people only care about themselves, ultimately, when it comes to governance. What can the government do for me? It’s a valid question, especially if you’re paying oodles of dollars into government.
Me? I don’t get squat. In fact, a few more thousands of dollars and I’ll be “rich”– that is, part of the population that pays 95% of the share of income tax. I don’t get anything in government assistance. But I pay into this beast, and hear how my money is going to be put to work, buying votes.
But Obama is out there, touting his tax cuts, his spending plans, and how he’s going to “bring change” to government. Bull. He’s going to spend, just like he did in Illinois with nearly $1 billion in earmarks. All to garner votes. For some people, people think Obama is better on the economy than McCain. In fact, most think Democrats are better than Republicans on economic matters. Bush has mangled enough of his Presidency to become toxic, and his policies are toxic, so you need a hatchet to get in there and fix it, not a scalpel. There’s waste-galore in D.C., but Obama’s not going to fix it. He’ll make it worse.
And McCain is talking about a tax-cut as well. Neither of these geniuses wants a flat tax. Neither wants Capital Gains Tax reduction. McCain’s performance in the last debate was dreadful on economic issues, and most people watching were more interested in the economics. But his tax program is muddled. I have no doubt he’ll try and fix the budget, but the $3.2 trillion budget needs to be reigned in. And you can’t buy votes by telling people you’re going to cut away programs, as that would make you an easy target.
McCain has no balls. He needs to stop pandering, stop bribing with tax cuts, rebates, and sweetheart deals. He needs to lay out a Plan of Pain– What’s going to get cut. But he won’t, because people don’t like to hear that.
And now, the bailout. Will all the crap we spend money on, absorbing toxic debt to prevent an all out flatline in the credit markets is a good thing, but we can’t bring ourselves to spend that recklessly. Huh? Go figure. No Child Left Behind cost $454 billion (just a reminded, the Feds don’t run elementary or high schools).
And don’t forget the stimulus checks. “It’s all good. Go back to being ignorant slobs. Sincerely, George Bush, Harry Ried & Nancy Pelosi”. How can you justify giving everyone $600 when we’re nearly $10 trillion in the hole?
Pay of the national debt before you pay me off.