A little blowback | Arkansas Blog

Monday, September 15, 2008

A little blowback

Posted By on Mon, Sep 15, 2008 at 1:50 PM

At least the Crooked Talk Express is prompting some dissension.

David Ignatius: In suggesting McCain has sold his soul to the devil to win, writes:

McCain made the most important command decision of his life when he chose Sarah Palin as his vice presidential nominee. Two weeks later, it is still puzzling that he selected a person who, for all her admirable qualities, is not prepared by experience or interest to be commander in chief. No promotion board in history would have made such a decision

Andrew Sullivan: Another installment in the Lies of Sarah Palin.

Obama to McCain: "Senator, what economy are you talking about?"

Corrupt pol: Palin hires unqualified crony as payoff for political support.

Finally, WAKE UP PEOPLE. On the jump, some guest commentary from a financial maven of my acquaintance. Wise words, I thought.

 

I don't know if Main Street realizes exactly what is going on on Wall Street and just how big a deal it is. 27,000 people lost their jobs with Lehman's bankruptcy filing. A company that survived the great depression couldn't survive the current residential and commerical real estate meltdown.

I don't know how many will lose their jobs with BofA's puchase of Merrill, but certainly just as many as lost their jobs when Bear was bought by JPM.

The last vestiges of strength in the high end of the consumer economy are likely to disappear now --- oil falling by a third + three investment banks melting down simultaneously...if that doesn't scare the crap out of the top 1%, nothing will.

And unfortunately, AIG is a bigger problem than anyone realizes. They are bigger than Merrill, Lehman, and Bear put together. And if they fail, the losses will hit main street.

We now are poised to have a consumer meltdown at all income levels. The influx of foreign capital, I suspect, will come to a screeching halt now that multiple banks have given the finger to cash flush "strategic" investors from Singapore (Merrill), China (Bear), and Saudi Arabia (Citi) and our "safe" residential mortgage-backed securities weren't so safe, except for the Treasury stepping in. We have years of housing inventory to work through. We've seen our manufacturing economy disappear, our information economy become less profitable as competition flourishes overseas, and now our financial economy (which to be sure was only enriching a small slice of Americans, but at least it kept tax receipts high[er] in certain parts of the land, meaning more funds for infrastructure/schools/etc) is blowing up. The federal government really has no idea how to fix anything, and for the most part, other financial institutions don't seem to either. We are in big trouble.

If Obama can play it right, today should be a huge opportunity i) a reminder that we need to focus on real issues, not silly distractions ii) we need to get the chip about elites off our shoulder - WE NEED TO ELECT SMART PEOPLE. who cares if they can't use a gun? and iii) john mccain's lack of focus and intelligence on domestic issues is a real threat - we need to remember that he is the candidate.

Unfortunately, there's a 527 ad out now that seems to 'swiftboat' McCain. I can only imagine the "outrage" this will provoke. I hope it doesn't serve as another distraction.

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