What This is All About

This blog exists to present the case for "why Obama, and why not McCain". The idea is to, without dissing, provide a home for the interesting fact-based arguments that have and continue to persuade me.

Elizabeth George

I love the Inspector Lynley mystery series -- in print and on Masterpiece Theater. Elizabeth George is a wonderful writer, and her depiction of Scotland Yard Inspector Peter Lynley, a British aristocrat working in a decidedly non-aristocratic position, seems so believable.

So it came as a great surprise to me to learn that Elizabeth George is American, born in Ohio and raised in the San Francisco Bay area. And it comes as even more of a surprise to find that she is writing, just as eloquently and well-reasonedly, on the upcoming election. George has done a series of pieces on the various issues --healthcare, the war, taxes, the economy, etc. In them she lays out her personal positions and their rationale just as convincingly as ever she wrote about Lynley.

I encourage you to take a look. Read them all or read a few - she's really done some homework. Here's an excerpt about McCain to get you going...

"What then, historically, are the Senator’s achievements?

The Senator graduated from an all-white, all-boys Episcopal boarding school, before going on to Annapolis where his father and his grandfather had both studied. He graduated after what he himself described as “a four-year course of insubordination”, with a record of accomplishment that put him fifth from the bottom of his class. There were 894 graduates above him.

Some people, it’s true, get off to a slow start in life, and while I prefer in my Presidential candidates someone who has taken his studies at least somewhat seriously, I can see that perhaps the enthusiasm of youth might have led the future Senator to be somewhat slack in his studies. It could be argued that his naval career illustrates what his scholastic career does not:

An examination of the Senator’s naval career exposes the fact that he crashed two jet fighters in advance of the one that was shot down over Hanoi, and he crashed one single-engine ultralight afterwards. That he crashed three planes is certainly not a crime, but it is noteworthy as a remarkable situation because fighter pilots generally are removed from flying upon crashing their first plane. The fact that the Senator was not removed could be attributed to his skill behind the controls of an aircraft, or it could be attributed to the fact that his father was a high-ranking naval officer at the time. I cannot say which is actually the case.

It might be argued that his achievement surviving as a prisoner of war makes him heroic, and certainly we will come to that. But for the moment, moving into his other achievements, there might be something else suitable for emulation. He’s had a long career in the House and the Senate, but four of his most recent positions bear a little scrutiny, I think: his opposition to the new GI Bill, which would have increased benefits to veterans; his vote against supplying Iraqi troops with adequate body armor; his vote to repeal the federal minimum wage; and his position that sought to deprive government healthcare to 3.5 million children in need. If we look to the past, we can see that he voted twice against campaign finance reform; repeatedly voted to deregulate organizations currently in difficulties in Wall Street; and even today he sites as his “biggest legislative victory” a bill in 1989 that abolished catastrophic health insurance for seniors."

--- from "On Heroism" by Elizabeth George

Charlie Would Vote if He Could... Won't You?

You don't really want to see the equivalent of
this on the news, do you?

Powell's Position

If you didn't hear Colin Powell on "Meet the Press" this weekend, here's a replay of his endorsement of Obama.



He, too, is concerned about the increasing narrowness of the Republican party, the 'politics of polarization' approach of McCain's campaign, and McCain's selection of Sarah Palin. And Powell sees Obama as inclusive, inspirational, and a man of both style & substance.

Global Warming

Driving recently, we listened to a recent podcast of KQED's "Forum" that concerned McCain's and Obama's environmental policy proposals. Michael Krasny's guests are the candidates' environmental/energy advisers, and the show is relatively non-partisan and focused on what the candidates want to do and how they want to do it. If you're interested in environmental issues, you should definitely go listen to it.

During the course of the program, The League of Conservation Voters was mentioned as a good source of information, so I checked it out when we got home. Here is their comparison of the 2 candidates policies against the League's own positions (& rationale).

And in the words of a press release:
"DENVER - The League of Conservation Voters has endorsed Senator Barack Obama for President of the United States because of his record-setting plans for a clean energy future and his proven record as an environmental champion. As the party conventions highlight the differences between Senators Obama and McCain, LCV presents the Top Ten Energy and Enviromental reasons why every American should vote for Barack Obama and Joe Biden on November 4:

10. Look to the future: Senator Obama offers the most comprehensive energy plan of any Presidential nominee in history, it will end our dependence on foreign oil and create as many as 5,000,000 jobs. Senator McCain’s plan continues the Bush Administration’s policy of appeasement to Big Oil, does nothing to reduce our dependence on oil, and isn’t as good as Paris Hilton’s.

9. You pollute, you pay: Obama and Biden support plan to make polluters pay for pollution credits and to clean up toxic waste. McCain wants us to foot the bill for clean-up and to give polluters billions in tax breaks and subsidies.

8. Keeping us healthy: Obama and Biden have fought to keep our air and water clean. McCain has voted against clean water ten times and voted six times to make it harder for states and the EPA to keep our air clean.

7. Listening to the scientists: The Nobel Prize-winning Intergovernmental Panel on Climate Change says that America must reduce greenhouse gas emissions by 80% by 2050 in order to avoid the worst effects of global warming. Obama’s plan will reach that goal. McCain’s plan falls far short.

6. The record speaks for itself: Senator Barack Obama earned a lifetime environmental voting score of 86%. Senator Biden earned an 83%. Senator John McCain earned a 24% score.

5. Decisions are made by those who show up: In the last two years, John McCain missed EVERY SINGLE major vote on energy. One vital 2007 bill, to move billions of dollars in tax credits from the oil industry to wind, solar and other clean energy sources, failed by one vote: John McCain’s. Obama and Biden, also running for President, voted for it.

4. Saving money at the pump: Obama proposes to double the fuel efficiency of our cars in 18 years, reducing our oil consumption by at least 35% or 10 millions barrels per day. McCain voted against increasing fuel efficiency in 2003 and 2005. He missed the 2007 vote. Presumably, he ran out of gas.

3. We’re not alone: For more than 20 years, Joe Biden has been at the forefront of the fight against global warming. In 1986, he offered the first Senate bill to fight global warming pollution. Since then, he has been the Senate’s strongest voice for making America the international leader in reducing global warming pollution and exporting clean technology.

2. Higher standards: To create millions of new jobs, we must boost production of renewable electricity. Obama plans create 25% of our electricity from clean energy by 2025. McCain opposes any national renewable energy standard.

1. Judge him by his friends: Senator McCain accepted more than $2 million from the oil and gas industry, more than half of that since he changed his position on offshore drilling last month. His forthcoming plan to open America’s playgrounds and sandboxes to drilling is expected to net another $1.2 million."

Register to Vote!

If you're a US citizen who's going to be 18 by November 4th, and you're not yet registered to vote, it's time to take care of that. There's probably still time -- here in Oregon, for example, the deadline is October 14. And, since you can do it online, there's no excuse for not registering. This election matters, so go do it now!

Old News, But Not Forgotten

The VP debate has come and gone, but if you missed it, there's a superb interactive video of the full debate over at the NY Times. To the right of the video, you have a choice of two tabs - clicking on one gives you a transcript of the debate -- essentially, you can read along. The other tab, a more interesting one I think, provides annotations and analysis and also allows you to move quickly to whatever section of the speech you're interested in.

Politics

I found this article over at the NYTimes fascinating. It's a talk with Tom Davis, a long-time Republican who's leaving politics, and about the partisan rancor and broken process that we call our political process:
Tom Davis Gives Up

Obama Turns up the Volume

Here is the text of Obama's speech today in Reno, Nevada, in which he calls on both parties to get behind the bailout plan:

"This morning - like so many others over the last few months - we woke up to some very sobering news about our economy. Over the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.

Over one trillion dollars of wealth was lost by the time the markets closed on Monday. And it wasn't just the wealth of a few CEOs or Wall Street executives. The 401Ks and retirement accounts that millions count on for their family's future are now smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hardworking Americans who invested their nest egg to watch it grow are now watching it disappear.

But while the decline of the stock market is devastating, the consequences of the credit crisis that caused it will be even worse if we do not act and act immediately.

Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money. If all that meant was the failure of a few big banks on Wall Street, it would be one thing.

But that's not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won't be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow.

Let me be perfectly clear. The fact that we are in this mess is an outrage. It's an outrage because we did not get here by accident. This was not a normal part of the business cycle. This was not the actions of a few bad apples.

This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years. It's the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government. It's the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary. And this economic catastrophe is the final verdict on this failed philosophy - a philosophy that we cannot afford to continue.

But while there is plenty of blame to go around and many in Washington and on Wall Street who deserve it, all of us now have a responsibility to solve this crisis because it affects the financial well-being of every single American. There will be time to punish those who set this fire, but now is the moment for us to come together and put the fire out.

This is one of those defining moments when the American people are looking to Washington for leadership. It is not a time for politics. It is not a time for partisanship. It is not a time to figure out how to take credit or where to lay blame. It is not a time for politicians to concern themselves with the next election. It is a time for all of us to concern ourselves with the future of the country we love. This is a time for action.

I know that many of you are feeling anxiety right now - about your jobs, about your homes, about your life savings. But I also know this - I know that we can steer ourselves out of this crisis. Because that's who we are. Because this is the United States of America. This is a nation that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges - not as Democrats, not as Republicans, but as Americans. With resolve. With confidence. With that fundamental belief that here in America, our destiny is not written for us, but by us. That's who we are, and that's the country we need to be right now.

This is no longer just a Wall Street crisis - it's an American crisis, and it's the American economy that needs this rescue plan. I understand why people would be skeptical when this President asks for a blank check to solve a problem. I've spent most of my time in Washington being skeptical of this Administration, and this time was no different. That's why over a week ago, I demanded that this plan include specific proposals to protect American taxpayer - protections that the Administration eventually agreed to, as well as Democrats and Republicans in Congress.

First, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, I said that we cannot help banks on Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Third, I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.

And finally, I said that if American taxpayers are financing this solution, then you should be treated like investors - you should get every penny of your tax dollars back once this economy recovers.

This last part is important, because it's been the most misunderstood and poorly communicated aspect of this entire plan. This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street. If this is executed the right way, then the government will temporarily purchase the bad assets of our financial institutions so that they can start lending again, and then sell those assets once the markets settle down and the economy recovers. If this is managed correctly, we will hopefully get most or all of our money back, or possibly even turn a profit on the government's investment - every penny of which will go directly back to you, the investor. And if we do have losses, I've proposed to institute a Financial Stability Fee on the entire financial services industry so that Wall Street foots the bill - not the American taxpayer. I've also said that if I'm President, I will review the entire plan on the day I take office to make sure that it is working to save our economy and that you are getting your money back.

Even with all these taxpayer protections, I know that this plan is not perfect or fool-proof. No matter how well we manage the government's investments under this plan, we are still putting taxpayer dollars at risk. I know that there are Democrats and Republicans in Congress who have legitimate concerns about this, and I know there are many Americans who share those concerns.

But I also know that we can't afford not to act. Both parties are close to accepting this plan, and over the next few hours and days, we should seek out any new ideas that might get this done. This morning, I proposed one such idea that might increase bipartisan support for this plan and shore up our economy at the same time: expanding federal deposit insurance for families and small businesses across America who have invested their money in our banks.

The majority of American families should rest assured that the deposits they have in our banks of up to $100,000 are still guaranteed by the federal government. That guarantee is more than adequate for most families, but it is insufficient for many small businesses to meet their payroll, buy their supplies, and create new jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation. I've proposed raising the FDIC limit to $250,000 - a step that would boost small businesses, make our banking system more secure, and help restore confidence by reassuring families that their money is safe.

That's one idea. If there are others that can help shore up support for this plan and shore up our economy, I encourage Democrats and Republicans to offer them. But we must act and we must act now. We cannot have another day like yesterday. We cannot risk another week or another month where American businesses are afraid to extend credit and lend money. That is not an option for this country.

For the rest of today and as long as it takes, I will continue to reach out to leaders in both parties and do whatever I can to help pass a rescue plan. To the Democrats and Republicans who opposed this plan yesterday, I say - step up to the plate and do what's right for this country. And to all Americans, I say this - if I am President of the United States, this rescue plan will not be the end of what we do to strengthen this economy - it will only be the beginning.

People have asked whether the size of this plan, together with the weakening economy, means that the next President will have to scale back his agenda and some of his proposals. The answer is both yes and no. With less money flowing into the Treasury, it is likely that some useful programs or policies that I've proposed on the campaign trail may need to be delayed. And I've said that as President, I will go through the federal budget, line by line, eliminating programs that no longer work and making the ones we do need work better and cost less.

But there are certain investments in our future that we cannot delay precisely because our economy is in turmoil. You can always put off giving your house a new paint job or renovating your kitchen, but when your roof is crumbling or your heater goes, you realize that these are long-term investments you need to make right away.

The same is true of our economy. We cannot wait to help Americans keep up with rising costs and shrinking paychecks by giving our workers a middle-class tax cut. We cannot wait to relieve the burden of crushing health care costs on families, businesses, and our entire economy. We cannot wait to create millions of new jobs by rebuilding our roads and our bridges and investing in the renewable sources of energy that will stop us from sending $700 billion a year to tyrants and dictators for their oil. And we cannot wait to educate the next generation of Americans with the skills and knowledge they need to compete with any workers, anywhere in the world. Those are the priorities we cannot delay.

As soon as we pass this rescue plan, we need to move with the same sense of urgency to rescue the families on Main Street who are struggling every day to pay their bills and keep their jobs. I've said it before and I'll say it again: we need to pass an economic stimulus plan that will help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits for those Americans who've lost their jobs and cannot find new ones.

Beyond this immediate stimulus that I've called on both parties and the President to pass, we need an economic agenda to restore opportunity for Americans and prosperity to America. We need policies that will grow this economy from Main Street to Wall Street and everywhere in between - so that the 21st century is another American century. So that we're not borrowing debt from China and buying oil from Saudi Arabia. So that the jobs of the future don't go to better-educated workers in India and the cars of the future aren't made in Japan. So that we can leave a legacy of greater opportunity to our children and their children. That is how we will emerge from this crisis stronger and more prosperous than we were before, and that is what I will do as President of the United States.

I will begin by reforming our tax code so that it doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it. I will eliminate capital gains taxes for small businesses and start-ups, so that we can grow our economy and create the high-wage, high-tech jobs of tomorrow.

I will cut taxes - cut taxes - for 95% of all workers and their families. And if you make less than $250,000 a year, you will not see your taxes increase one single dime - because in an economy like this, the last thing we should do is raise taxes on the middle-class.

I will reform our health care system to relieve families, businesses, and the entire economy from the crushing cost of health care by investing in new technology and preventative care. If you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most.

To create new jobs, I'll invest in rebuilding our crumbling infrastructure - our roads, schools, and bridges. We'll rebuild our outdated electricity grid and build new broadband lines to connect America. And I'll create the jobs of the future by transforming our energy economy. We'll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool so that the fuel-efficient cars of the future are built right here the United States of America. I'll make it easier for the American people to afford these new cars. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced

And if I am President, I will meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I'll invest in early childhood education. I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American - if you commit to serving your community or your country, we will make sure you can afford a college education.

Finally, I will modernize our outdated financial regulations and put in the place the common-sense rules of the road I've been calling for since March - rules that will keep our market free, fair, and honest; rules that will make sure Wall Street can never get away with the stunts that caused this crisis again. And I will take power away from the corporate lobbyists who think they can stand in the way of these reforms. I've done it in Illinois, I've done it Washington, and I will do it again as President.

These are the changes and reforms that we need. Bottom-up growth that will create opportunity for every American. Investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. Common-sense regulations for our financial system that will prevent a crisis like this from ever happening again.

I won't pretend this will be easy or come without cost. We will all need to sacrifice and we will all need to pull our weight because now more than ever, we are all in this together. What this crisis has taught us is that at the end of the day, there is no real separation between Main Street and Wall Street. There is only the road we're traveling on as Americans - and we will rise or fall on that journey as one nation; as one people.

This country and the dream it represents are being tested in a way that we haven't seen in nearly a century. And future generations will judge ours by how we respond to this test. Will they say that this was a time when America lost its way and its purpose? When we allowed our own petty differences and broken politics to plunge this country into a dark and painful recession?

Or will they say that this was another one of those moments when America overcame? When we battled back from adversity by recognizing that common stake that we have in each other's success?

I believe that this is one of those moments. I know that many of you are anxious about your future and the future of this country. I realize that you are cynical and fed up with politics. I understand that you are disappointed and even angry with your leaders. You have every right to be. But despite all of this, I ask you to believe - believe in this country and your ability to change it. I ask you what has been asked of the American people in times of trial and turmoil throughout our history - what was asked at the beginning of the greatest financial crisis this nation has ever endured. In his first fireside chat, Franklin Roosevelt told his fellow Americans that "..there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. Let us unite in banishing fear. Together, we cannot fail."

America, together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can't afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves. Now is the time to make them proud of what we did here. Let's give our children the future they deserve, and let's act with confidence and courage to show the world that at this moment, in this election, the United States of America is still the last, best hope of Earth. Thank you Nevada, God bless you, and may God bless America."

Garrison Keiller at Salon

And here's the last little tidbit from my explorations at Salon. I love Garrison Keiller, and he just published Where is the outrage? there.

He writes:

"Mr. McCain is a lifelong deregulator and believer in letting brokers and bankers do as they please -- remember Lincoln Savings and Loan and his intervention with federal regulators on behalf of his friend Charles Keating, who then went to prison? Remember Neil Bush, the brother of the C.O., who, as a director of Silverado S&L, bestowed enormous loans on his friends without telling fellow directors that the friends were friends and who, when the loans failed, paid a small fine and went skipping off to other things? Mr. McCain now decries greed on Wall Street and suggests a commission be formed to look into the problem. This is like Casanova coming out for chastity. "

You know I had forgotten all about McCain's association with that whole Lincoln Savings and Loan/ Charles Keating mess. And now that I remember, it doesn't comfort me, because actions tend to speak louder than words.

Keiller goes on to say:

"The Republican Party used to specialize in gimlet-eyed, steel-rim, crepe-soled common sense and then it was taken over by crooked preachers who demand we trust them because they're packing a Bible and God sent them on a mission to enact lower taxes, less government. Except when things crash, and then government has to pick up the pieces.

Some say the tab might come to a trillion dollars. Nobody knows. And Mr. McCain has not one moment of doubt or regret. He switches from First Deregulation Church to Our Lady of Strict Vigilance like you might go from decaf to latte. Where is the straight talk? Does the man have no conscience?"

Now get over there & read the whole thing for yourself.

Why I Don't Read the Editorial Pages Anymore

I don't know whether Obama does this or not; I hope not; but the McCain campaign is apparently doing it - ghostwriting letters to the editor for placement in newspapers around the country: I ghost-wrote letters to the editor for the McCain campaign

So, the next time you read a pro-McCain or pro-Palin editorial in your paper, ask yourself whether it might have been made up by a Dutch newspaper columnist or a Russian guy in yellow suspenders far away in McCain headquarters.

Letter to Independants

Check out an article at Salon. Gary Kamiya has written a piece, "in as neutral a way as possible", about how the candidates stack up on key issues facing the country. If you're like me - an independant who is fiscally conservative and socially liberal, who's tired of partisan rancor, and wants someone who will deliver... on foreign and domestic issues, this article is worth a read:

"An Open Letter to Independent and Undecided Voters"

Dirty Secret of the Bailout

Now here are some disturbing words that I don't recall seeing in the newspaper or on television:

• "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

This single sentence constitutes Section 8 of the bailout package proposed by the Bush administration.

It means that the Secretary of the Treasury (Henry Paulson now & who knows who in the next administration) will have total control over the bailout funds. His decisions are non-reviewable by anyone; there's no oversight -- not by another administration agency, not by the court system. As a friend of mine says, "its the Patriot Act for the economy."

Robert Kuttner has an interesting article in The American Prospect. He says, "The differences between this proposed bailout and the three closest historical equivalents are immense. When the Reconstruction Finance Corporation of the 1930s pumped a total of $35 billion into U.S. corporations and financial institutions, there was close government supervision and quid pro quos at every step of the way. Much of the time, the RFC became a preferred shareholder and often appointed board members. The Home Owners Loan Corporation, which eventually refinanced one in five mortgage loans, did not operate to bail out banks but to save homeowners. And the Resolution Trust Corporation of the 1980s, created to mop up the damage of the first speculative mortgage meltdown, the savings and loan collapse, did not pump in money to rescue bad investments; it sorted out good assets from bad after the fact, and made sure to purge bad executives as well as bad loans. And all three of these historic cases of public recapitalization were done without suspending judicial review."

Bailout or no, we need to carefully watch both candidates and parties for their positions on this and to ensure that the oversight that's been missing is re-instated and that adequate supervision is established going forward.

Friday Debate

Don't forget -- this Friday is the first 2008 U.S. Presidential debate! This first one (of three for Obama & McCain) will focus on foreign policy and national security and be moderated by Jim Lehrer of PBS. From what I can discover, it will be a traditional lectern-style format with a twist: a five-minute discussion period will follow two-minute position statements for each of 9 questions posed by Lehrer.

According to the Commission on Presidential Debates, which is the sponsoring agency and negotiated the formats, this allows "time for each candidate to comment on that issue followed by a free-flow conversation/ discussion between the candidates including the possibility of direct exchange between the candidates. ... Televised debates have been hampered by restrictive time limits resulting in scripted, poll-tested, bumper sticker responses. In 2008, when stakes are higher than ever, issues more complex than ever, voter interest more intense than ever, voter education calls for a more expansive discussion."

Anything that gets us away from sound-bite politics sounds good to me. And if Lehrer can herd them into discussing the issues rather than going off onto scripted only-marginally-related tangents, it'll be really great! Check your local TV listings for details, but keep 6-7:30pm Pacific/ 9-10:30pm Eastern free if you want to watch the live event.

Econ 101 - Understand the Problem

On Tuesday, McCain said, referring to a 2006 Republican-led regulatory overhaul proposal, “Two years ago, I warned the administration and the Congress that Fannie Mae and Freddie Mac needed to be fixed. It turns out, the problem was even bigger. They waited too long, and now we have a housing crisis, three bailouts with taxpayers’ money, and a financial crisis.” But does he get it?

His comments refer to a Congressional effort to respond to accounting scandals at government-sponsored enterprises Fannie Mae and Freddie Mac earlier in the decade. And, while these internal problems needed to be addressed, they had little or nothing to do with the current credit crisis. That has far more to do with Congress' 1999-2000 deregulation of the complex financial products coming out of the investment banking industry, e.g. credit default swaps -- essentially just highly leveraged bets on whether loans would default or not. It's not just that he lacks a good plan, McCain's remarks are just completely off the mark!

I know John McCain's not an economist, but this issue is quickly becoming the most important one we have to deal with. More critical, even, than health care, in my opinion. So having good advisors and becoming knowledgeable on the issue should be critical. And when I think of his having Phil Gramm as economic advisor, Phil Gramm who sponsored the very 1999-2000 deregulation that led to the current meltdown... well, that really worries me. Because after the last 8 years, we all know just how important advisors can be.

The Bridge to Nowhere

If you want the truth, it's here at *factcheck.org: What's the full story on the Bridge to Nowhere? Palin supported it, reiterating support in her gubernatorial campaign, until last September, when insufficient Federal funds were forthcoming from Congress. Only McCain really has an anti-earmarks track record. Palin's "thanks, but no thanks" line is just that --- a catchy line.

*Note: Factcheck is a project of the Annenberg Public Policy Center of the University of Pennsylvania and accepts no funding from corporations, unions, political parties, lobbyists or individuals, so they have no axe to grind.

"Alaska Women Reject Palin" Rally

Last Sunday there was a "Welcome Home Sarah Palin" rally in Anchorage, followed by an "Alaska Women Reject Palin" rally. I've been curious about how Palin is received in her home state and found the following on Mudflats, a blog about Alaska politics.

"Basically, in Anchorage, if you can get 25 people to show up at an event, it’s a success.... Never, have I seen anything like it in my 17 and a half years living in Anchorage. The organizers ...clicked off well over 1400 people (not including the 90 counter-demonstrators). This was the biggest political rally ever, in the history of the state. ["Mudflats'" emphasis, not mine.] ... So, if you’ve been doing the math… Yes. The Alaska Women Reject Palin rally was significantly bigger than Palin’s rally that got all the national media coverage! "

And here's an interesting YouTube video of some of the attendees:

Our Confusing Economy

I found Terry Gross' interview with Michael Greenberger so interesting that I hunted up this interview from April. In it Greenberger explains in simple terms (that even I can understand) what the "shadow economic system" is. Here are some interesting factoids from the interview:

• There is more money tied up in complex banking "derivative" products like credit default swaps and hedge funds than in stocks and bonds.
• Phil Gramm, who introduced the legislation to completely deregulate derivatives (read that "and caused the current economic fiasco"), was John McCain's chief financial advisor until July 2008 and he continues to be his unofficial adviser on economic and financial matters.

Which team would you hire?

Got this interesting comparison in email from a friend. Let's look at the educational background of the two tickets:

Obama:
Occidental College - Two years.
Columbia University - B.A. political science with a specialization in international relations.
Harvard - Juris Doctor (J.D.) Magna Cum Laude

Biden:
University of Delaware - B.A. in history and B.A. in political science.
Syracuse University College of Law - Juris Doctor (J.D.)

vs.

McCain:
United States Naval Academy - Class rank 894 of 899

Palin:
Hawaii Pacific University - 1 semester
North Idaho College - 2 semesters - general study
University of Idaho - 2 semesters - journalism
Matanuska-Susitna College - 1 semester
University of Idaho - 3 semesters - B.A. in journalism

Now, which team do you want to 'hire' ?

Economic Meltdown

Fresh Air is just a wonderful show and this 9/17 interview between host Terry Gross and Michael Greenberger is no exception.

Greenberger is a law professor and a former director at the U.S. Commodity Futures Trading Commission, and he explains the AIG situation and why it was so important to do a bailout. Greenberger's clear and articulate, and if you have questions about what this meltdown is all about, it's definitely worth a listen!

And... I don't know his political leanings, but he goes a step further to say that:

• the bailout $ (Bear Stearns, Fannie Mae, Freddie Mac, AIG, etc.), as well as the $ spent on Iraq are not being counted in the federal deficit #s the current administration is reporting to the public
• the current situation is a result of deregulation that was pushed through by the 1999-2000 Republican congress
• Obama and his advisors have a better grasp of the problem than McCain. McCain & the Republicans aren't talking about regulating these problem products; they're talking about making it easier to do government bailouts.

If...

This one's making the rounds. It's a little on the edge of what I'm interested in posting, but there's enough interesting facts in here to qualify, I think.

• If you grow up in Hawaii, raised by your grandparents, you're 'exotic, different.'
• Grow up in Alaska eating mooseburgers, a quintessential American story.



• If your name is Barack you're a radical, unpatriotic Muslim.
• Name your kids Willow, Trig and Track, you're a maverick.



• Graduate from Harvard law School and you are unstable.
• Attend 5 different small colleges before graduating, you're well grounded.



• If you spend 3 years as a brilliant community organizer, become the first black President of the Harvard Law Review, create a voter registration drive that registers 150,000 new voters, spend 12 years as a Constitutional Law professor, spend 8 years as a State Senator representing a district with over 750,000 people, become chairman of the state Senate's Health and Human Services committee, spend 4 years in the United States Senate representing a state of 13 million people while sponsoring 131 bills and serving on the Foreign Affairs, Environment and Public Works and Veteran's Affairs committees, you don't have any real leadership experience.
• If your total resume is: local weather girl, 4 years on the city council and 6 years as the mayor of a town with less than 7,000 people, 20 months as the governor of a state with only 650,000 people, then you're qualified to become the country's second highest ranking executive.



• If you have been married to the same woman for 19 years while raising 2 beautiful daughters, all within Protestant churches, you're not a real Christian.
• If you cheated on your first wife with a rich heiress, and left your disfigured wife and married the heiress the next month, you're a Christian.



• If you teach responsible, age appropriate sex education, including the proper use of birth control, you are eroding the fiber of society.
• If , while governor, you staunchly advocate abstinence only, with no other option in sex education in your state's school system while your unwed teen daughter ends up pregnant , you're very responsible.



• If your wife is a Harvard graduate laywer who gave up a position in a prestigious law firm to work for the betterment of her inner-city community, then gave that up to raise a family, your family's values don't represent America's.
• If your husband is nicknamed 'First Dude', with at least one DWI conviction and no college education, who didn't register to vote until age 25 and once was a member of a group that advocated the secession of Alaska from the USA, your family is extremely admirable.

OK, much clearer now.

President Palin?

This piece with 2 MDs ("John McCain's Health Records Must Be Released") was a real eye-opener. I did not realize how high the chances are that Palin might have to serve as president if McCain is elected.



Thanks, Curt and Duncan, for turning us on to this!