Which Ticket to Address the Economy?

Think about this.  Goldman Sachs and Morgan Stanley are the only two major investment banking firms left standing and Goldman reported a 71% third quarter drop in profit, its worst since going public. Lehman is in flight from creditors, cowering in bankruptcy, Merrill Lynch and Bear Sterns are gone.  Alan Greenspan has never in his life seen anything like this and calls it a once in a hundred year event.  The federal reserve just agreed to bailout AIG, (a mega insurance company of all things) and the federal government is madly scrambling to avoid a systemic collapse.

The economies of other nations seem to be reacting dramatically to this news.  Part of the problem may be that after the Bear Sterns collapse last spring the Bush administration sent teams of economic advisers informing people around the world reassuring foreign leaders that the problem had been solved.  This may later be known as Bush’s “Mission Accomplished” statement about the economy.

McCain and Palin do not seem to see a problem, although after apparently listening to Obama Monday, McCain is beginning to talk about there being a serious difficulty.

Try to imagine three months from now.  Do you want Barack Obama and Joe Biden sitting down to address the problem or John McCain and Sarah Palin?  There is something profoundly Bush-like in the Republican candidates’ premature declaration of victory in war, their confusion of military and foreign policy, and in their failure to anticipate or even discern a domestic crisis.


4 Responses to Which Ticket to Address the Economy?

  1. Gary says:

    Don’t be a dummy!

    It will make no difference. Choose your new leader for a more substantial reason, for example, you like the brand of perfume/aftershave they do. 🙂

  2. Reverend Manny says:

    hahhaha @ Gary… touchee…

    Great post. The thing is we can’t even deal with our problems these days, because our gov’t just doesn’t wanna own up to them (that Rove-ist mentality). It’s terrible. The Investment Banking industry wants to blame homeowners.

    That holds little water. Pointing out that small investors were a little over-leveraged, ignores the point that these HUGE investment banks were VERY over-leveraged.

    I’m for Obama for the economy. Bill Clinton doesn’t escape my ire though. He oversaw the decimation of the Glass-Steagal Act (which prevented INVESTMENT banks from mixing with SAVINGS nLOAN banks). He also appointed Andrew “Bulging Pockets” Cuomo as Secretary of HUD. In many ways, he’s responsible for making alot of these shady loans (with hidden fees and absurd adjustable rates) LEGAL.

    Perhaps most alarming though, is our fellow citizens incapability to grasp the urgency of the moment. Don’t look for any FDR’s here. We are too buried in iPods and Dancing with the Stars. How disappointingly Roman of us…

    One Hope,
    –Reverend Manny and the Twilight Empire

  3. Gary says:

    Reverend Manny, thats good 🙂

    Maybe the dollar could be backed by the iPod. The new iPod standard. The new president could call confiscate them from the general populace and the iPods could be used to kick start the economy.

    You will know you are really in trouble when the president brings the troops home. Thats always the end.

    I feel very sorry for the average American though. No matter what is cited or claimed against them, I can’t bring myself to accept that they deserve what is coming. But so little in life has anything to do with what you deserve.

    Today AIG was purchased by the Fed. I am sturggling to comprehend what really bad news this is. It is a diaster, just waiting for the dust to settle to see how bad it is.

    God bless us all 🙂

  4. Reverend Manny says:

    Looking back on this week, I gotta tell ya, Gary, I still think Americans have little to NO comprehension of what their actual economy is based on.


    one love,
    -reverend manny and the twilight empire

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