Thursday, October 30, 2008

Sept. 30, 2008- Update- In Brief

Because if I don't do this I won't do anything...

If you didn't see the debate Friday or don't read any newspapers or watch any news here is a brief rundown...

Obama and McCain's first debate was... Not that spectacular... Where McCain should have shined( Foreign Policy) he fell short; instead of showing the how and why's for the "victory in the surge" in Iraq and the reasons behind staying and exactly why Afghanistan (where the terrorists have been located) has been neglected and instead of Pakistan being engaged diplomatically instead of hostile etc. etc. he just continued saying that "The surge is working and Senator Obama does not think so"... But please note that Senator Obama has defintiely admitted many times over that the surge has in fact worked, however, it is past time to turn the working surge over to the Iraqis.

Next Senator Obama should have had the economy and healthcare on lock; however, he as well fell short. Especially with the financial market turned on it's ear and McCain making all that hoopla about "I am suspending my campaign to focus on the economy" (By the way I have direct knowledge of people fundraising on behalf of the McCain campaign all during this "suspension")... As I said before it is Obama's golden opportunity and I hope the subsequent debates he lampoons McCain.

If you did not see the debates here you go

In regards to the economy basically the chickens have come home to roost! About 15 years ago or so President Clinton vowed to increase homeownership to 70% by the end of his Presidency he drafted a bill that would allow this to take place.

Basically the legislation was meant to downgrade the requirements needed to receive a home loan; it actually was a win for all sides more consumers could bye homes and banks and the real estate sector stood to make alot of money. However, a problem arose... In the mist of requirements being lowered for loan approval many consumers got in over their heads and bought houses they couldn't actually afford but was approved through means of predatory lending (not properly explaining terms of a contract -and their consequences if not followed- to a potential loanee), along with that homeownership became a investment instead of an American Dream component with people buying multiple properties to flip them later after some half done "improvements" had been made.

People began having homes foreclosed on and banks and financial instiutions went into the business of buying debt and that became big business and while companies were carrying debt they made it appear as assets building up their self-worth for investors to continue to put money into the company through stock and (you see where this is going right?) Anyway the "mess" hit the fan and now the government who initially set this in motion is now scrambling to stop the hemorraghing in the form of a $700 billion bailout for the companies that have been running wild on wallstreet for far too long. But now the politicans are racing against the clock to pass this bill in a form that their constituents won't go ape on them and keep them from being re-elected AND keep the economy from spiraling into a modern day Depression.

Fun isn't it!!?!??!

"Growth is always worth the price you pay, because the alternative is a limited life with unfulfilled potential"- Anonymous

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