Friday, September 26, 2008
Chew Gum & Debate
The bailout is coming, it just might not look like the original package of $700 Billion. These politicians have to go back home to their constituents and ask to be voted in for another term and they know that a $700 Billion dollar pill may not be so easy for the electorate to swallow. So, as is usually the case, they will break it up into pieces and put whipped cream on top of it so the people don’t really get a good look at the golden pie the guys that screwed up are getting.
But, it seems like there are a lot of economists that do not like this bailout and they are writing and speaking up. Perhaps we will see some corrective action along with the bailout. But, believe me, just as I write this and you read it, there are people still pushing the philosophy of deregulation of the banking and securities business. These people are called lobbyists because they talk to the politicians in the halls of congress. And believe it or not they still believe that deregulation of the markets and putting aside the securities laws is the best way to go. Why are we not hearing from former Senator Phil Gramm? He wrote the law that did away with the Glass-Stegall Act.
Deregulation and lack of enforcement got us into this mess. It will be interesting to see how many politicians have their head on straight and understand this. The Republicans who have been pushing for deregulation since the ink on the New Deal was just dry, have now seen first hand what deregulation and soft enforcement brings. I would like to have hope, but today the TV will carry any lies spoken and leave them alone. The Republicans will talk shit and no one will call them on it.
Now for the debate tonight.
This is the classic Republican strategy: go after your opponent's strongest suit and try and make it his weakest. Kerry, a Vietnam veteran, was as they say Swift boated. The guy he ran against never saw Vietnam during the war, yet Kerry was vilified for his service.
Obama can think on his feet, but McCain can’t walk and chew gum at the same time. Answer, cancel the debate. What a crock of shit. I sure hope even the most red (neck) Republican can see through this and ask himself, what gives, can’t this guy McCain even stand up to this guy and debate? Well, we will see.