Political Punch

This ad is RIGHT ON THE MONEY, and is all over the air in the Hampton Roads area of Virginia. It's also all over the Internet.

Middle-Americans are beginning to realize that the abandonment of traditional lending standards caused this mess. Their neighbors, who shouldn't have been approved for loans in the first place, will get their mortgages lowered by tens of thousands of dollars to make them more "affordable," while these responsible homeowners still owe the entire amount on homes that are now worth far less. Further, they have been responsibly saving for entirement, and now the air has been let out of their 401Ks and retirement plans. So their home values have been hit, their retirement plans have been hit, and the DEADBEATS reap the rewards.

All because Barney Frank and his ilk wanted home ownership to be "more affordable" for the poor, and forced lenders to abandon appropriate lending standards and norms. There is huge middle class anger forming right now. Responsible citizens are FURIOUS, and aiming that fury at the social engineers on the left.

I live in Northern Virginia and have seen this ad quite a bit. Rightchange (see I even know their name they run so many ads) is spending a fortune in Northern Virginia.

Jake,
I live in Raleigh and have not seen the ad. In fact, McCain really has not advertised much at all here. Nor has he appeared here much. I've seen far more Obama ads and he has been here several times. McCain has taken North Carolina for granted. I think he may be in for a rude awakening. So will Elizabeth Dole. North Carolina is far more diverse than Republicans give it credit for.

john, no it is NOT the poor people's fault. It is the greedy individuals who preyed on the poor and low income families. The greedy individuals who reaped millions as the mortgage loan industry crumbled right before their eyes. It is the DEMOCRATS who protected these greedy individuals at the expense of the poor.

tinat, it was Jim Johnson who headed Sen. Obama's VP selection committee until he was forced to step down because of his connections to Countrywide and Fannie Mae.

Rick Davis, McCains Campaign manager was on Freddies payroll untill it was taken over buy the Government.
Randy Scheunemann, McCain's foreign policy head was a freign agent as recently as this spring.

Now tell me again who's campaign is in hock to special interests.

Yep, It's all the poor peoples fault.

You who buy this are fools. Don not come to me for help when McCain destroys this once proud country.

umm, does anyone care that Jim Johnson hasn't woked for fannie freddie since 1998...is he really responsible for the company problems 8 years later?

"...Pathetic..."
"Desperate times call for desperate measures."
"The Erpubs will do anything to fool America into believing Republican policies didn't cause this disaster."
"Obama has got nothing to do with Raines and Johnson."
"Way to help spread the lies."

YOU JUST CAN'T HANDLE THE TRUTH! It was the DEMOCRATS--during the Clinton Administration-- who, in their attempt to have more low income families own homes, passed regulations that FORCED lenders to LOWER their lending standards and THREATENED banks with heavy penalties and fines if they did not make the loans--REGARDLESS of whether the individuals had the means to pay the loans.

The Bush Administration and GOP senators tried for years to get the Senate to implement stricter oversight of Fannie Mae and Freddie Mac. But even though the Republicans held the majority in the Senate from 2003-2006, the DEMOCRATS WERE ABLE TO BLOCK EVERY ATTEMPT because it requires 60 votes in order have the entire Senate vote on a bill.

In spite of the warnings of the abuses and how they could effect our economy, the DEMOCRATS CONDEMNED the warnings and PROTECTED the abuses.

Yes, Franklin Raines and James Johnson HAVE advised Sen. Obama's campaign. James Johnson "earned" $21 million in just his last year at Fannie Mae (1998). Franklin Raines "earned" $90 million in his five years at Fannie Mae (1999-2004).

Sen. Obama received $126,349 from Fannie Mae in his first three years in the Senate.

So the DEMOCRATS ran Fannie Mae and Freddie Mac to the brink of bankruptcy. And it was the DEMOCRATS who FORCED the lowering of the lending standards which caused our current crisis. AND NOW YOU WANT TO GIVE THE DEMOCRATS LARGER MAJORITIES IN BOTH HOUSES AND THE KEYS TO THE WHITE HOUSE!!!!

Played in Florida too. Bunch of c#$p.

it plays in the los angeles area too

ACORN for Katrina relief. I am so sick of hearing about Katrina...those people down there got money and what did they do with it..bought jewelry, big screen tv's and who knows what other luxury items and are still belleyaching for more. The midwest was flooded, why didn't we hear from them wanting their share of the money. Those folks had pride and jobs...yeah that's right.
In Texas, Galveston almost distroyed, where are the beggers there. They weren't and aren't waiting for a handout. With Obama....you ain't seen nothing yet!!!

Jake, thanks for the link. This ad adds more fuel to the fire of what I have been saying for weeks, obama is on the take and now he has these guys, who knew they were creating an economic disaster, working for him. Obama cannot be trusted with our country. The change he wants will not be the change he is advocating to the public.

Should read:

Paulson wouldN'T go

Linda

Henry Paulson was on TV here on Australia's Channel 10's Meet the Press he said Obama was in contact with him daily he also said Obama was calm and clear in what he wanted and what he wouldnt accept...

Paulson would go into McCains reaction which was the butt of many jokes down here McCain looked like a headless chicken running here and there against it then for it.

PS We have the same system of voting in South Australia as Chicargo in you vote present so as not to kill a bill that with changes you would either vote for.
In Victoria Australia you can only vote for or against!

Please understand that different states have different voting systems!

DURING THE BAILOUT FALLOUT- BO WAS HUGGING THE FENCE SAYING- CALL ME IF YOU NEED ME, IN OTHER WORD SAYING I AM PRESENT AGAIN. HIS BUDDIES THE DEMOCRATS WERE THE ONES WHO PUSHED BANKS TO LOAN PEOPLE WITHOUT JOBS, A DOWN PAYMENT OR CREDIT- MONEY FOR HOUSES THEN THET POINT THEIR FINGER AT EVERYONE ELSE. AT LEAST MCCAIN TRIED TO COME UP WITH A SOLUTION VS THE DO NOTHING BO.

1977 - ACORN (Association of Community Organizations for Reform Now) liberal activist Martha Talbot NOTED PROUDLY that her organization and political allies were "DRAGGING BANKS, KICKING AND SCREAMING" into making these loans — hardly the free market at work.

For voicing what turned out to be very legitimate concerns- banks were labeled "racist" by the SAME political opponents who are now blaming them as "greedy.

Yes. Check opensecrets and I think you'll find that it's more accurate than not.

According to the Wall Street Journal- the staunchest defenders of Fannie were members of the Congressional Black Caucus. By a strange coincidence- the Fannie Mae Foundation was making annual contributions to the Caucus. And get this – Maxine Waters (D-CA) “cooed all over Mr. Raines” and Clay Lacy (D-MO) “played the race card by calling the hearings a ‘political lynching’ of Mr. Raines.”That would be Franklin Raines- an African American who stepped down as chairman and CEO of Fannie Mae on December 21 2004. This followed an investigation by the Office of Federal Housing Enterprise Oversight (OFHEO) and the Securities and Exchange Commission (SEC) that accused Fannie of cooking the books so that its officers could “earn” big bonuses. Two years ago- the OFHEO filed suit against Raines to try to recover the $50 million in payments that were made to him based on the faulty accounting. He settled for a small fine that was paid by Fannie’s insurance company.

former Clinton Commerce Secretary William Daley who served as a Fannie Mae board member collecting stock options and director’s fees and whose son Bill Jr. was a Fannie Mae lobbyist from 2002 until 2005. His connection to Obama: The Politico reports that he is serving as an advisor for the senator and he has been mentioned as a potential Treasury Secretary in an Obama administration.

FOX NEWS ISNT A REAL NEWS CHANNEL!

IT FAKE AND ALL OF AUSTRALIA IS SORRY THAT YOU GUYS HAVE RUPERT MURDOCH!

WE DONT WANT HIM BACK NEITHER DOES THE UK EVERY COUNTRY HE TAKES OVER HAS BAD GOVERNMENTS WHO HE CONTROLS!

PLEASE AMERICA WATCH ANOTHER NEWS CHANNEL!

FOX IS FAKE NEWS!

More government meddling occurred in 1999 under President Bill Clinton in regard to the Government Sponsored Enterprises (a concept antithetical to the free market) Fannie Mae and Freddie Mac. As The New York Times reported- "Fannie Mae- the nation's biggest underwriter of home mortgages has been under increasing pressure from the Clinton administration to expand mortgage loans among low and moderate income people."

Far from jumping into the sub-prime market with dollar signs in their eyes and greed in their hearts- banks wanted nothing to do with this scheme. In fact- ACORN (Association of Community Organizations for Reform Now) liberal activist Martha Talbot noted proudly that her organization and political allies were "dragging banks kicking and screaming" into making these loans — hardly the free market at work. For voicing what turned out to be very legitimate concerns- banks were labeled "racist" by the same political opponents who are now blaming them as "greedy.

i saw it - and it is quite effective in brining out that dems to blame and reps tgried to regulate but blockled by frank - fox is saying how frank dated an executive at frannie? or was it freddie ? and conflict of interest - so personally i do believe there was some funny business

Chuck

Mccain was wrong he got $120,000 to do Keatings buisness.

McCain has said: "The appearance of it was wrong. It's a wrong appearance when a group of senators appear in a meeting with a group of regulators, because it conveys the impression of undue and improper influence. And it was the wrong thing to do."

As far as i know there is nothing illegal about knowing or working on a board with Ayers. I understand many republicans served on the same board!
I also understand that it was a Reagan ambassador who donated the money that the foundation spent!

McCain and Palin have there own Church Problems!

Palin and her husband where members of the Alaskan Idependence Party who them selves say G*d damn america and her Insitutions!

Why dont you get back to the issues..

Thanks to Bush and McCain the whole worlds economy is going down the toliet!

You guys are going down and taking the world with you!

Vote Obama and get your nation on the right track!

Argue and spew all you like. The vote is all that matters and all electoral college predictions have Obama/Biden winning. Even Florida is turning blue.

Wonder when Bush/McSame gonna drag out Osama Bin Laden from his basement? Hey look America we caught the guy :)yeah..vote for me lol.. in this crazy campaign it could happen.

VOTE FOR TRUTH: OBAMA 08

swiftboatthis, take it easy on the crack pipe. It's making you paranoid. I only caught part of your rant (I could stomach only so much!) and you're wrong on the part that I did read. About Palin's husband being a successionist terrorist (ha ha)Palin burns books (funny!) and that she's homophobic (maybe the most obvious lie). Palin is not homophobic, and if you had paid attention, you'd have learned that Palin holds the EXACT same views on gay marriage and gay rights as Obama and Biden.
Try the coffee, instead, buddy.

"The heels are on, the gloves are off?"

Alrighty, Mrs. Palin, doggone it golly gee, if you want to spend the rest of this campaign wallowing in the muck of the Cheney-Rove playbook, let's play:

How about we ask why you think that having an unwed, knocked up 17-year old is a great American family value? Not for my daughter, thank you.

How about we explore why, if your daughter "chose to have the baby," that you want to remove that "choice" from everyone else's daughter who was a victim of rape or incest?

Suppose I suggested that every 17-year old single girl who gets pregnant has to, by law, have an abortion, or that any woman who gets an abortion is, by your logic, a murderer, and should go to jail for life?

We won't even talk about your secessionist terrorist husband, or your being publicly exorcised by a misogynist witch doctor, or your book-banning homophobia, or ...

To heck with that. Yes, we will. So, go ahead: Shrill, baby, shrill! There's a slimy counterpunch for every one you and Keating John throw.

Happy to accommodate you? You bethca!

McCain/Palin: More of the shame.

A lot of obama followers do so because of peer pressure. Because he is shoved down this country's throat by his campaign's money and by his adoring media.
So, how many days has he actually WORKED in the senate? That includes his irresponsible and pathetic "present" votes. What has he done for his district? It's even more crime-infested and crumbling than before.
He got his start in politcs by using crooks, criminals, a powerfully hateful church...and now can just escape the much needed scrutiny by a stutter and the same old "let me crystal clear again..."
Add to that all the promises he made and broke when it became politically adventageous- gun control, fisa, campaign money, then choosing the exact kind of person he's been saying he is against- the ultimate Washington good old boy, Joe Biden. He is no different than any other polititian who goes back on his word when he feels he needs to.

I don't think I will ever be comfortable with obama's character. He has shown terrible judgment in his choice of church for 20 years (the one who praised the nasty anti-semite Farrakhan), domestic terrorists, anti-white pastors, unrepentant terrorist and pro-Palestinian friends. That is not a smear and it is not a lie. And those associations are troubling to me. I prefer to not gloss over them like a lot of people. His message of coming together is phoney.

MCCAIN: "I just have to rely on the good judgment of the voters not to buy into these negative attack ads. Sooner or later, people are going to figure out if all you run is negative attack ads you don't have much of a vision for the future or you're not ready to articulate it."

(The NewsHour with Jim Lehrer, 2/21/2000)

It is odd that anyone supporting McCain would want to raise this issue -- McCain's involvement in the Keating Five episode was CRIMINAL - he is just lucky to have escaped prosecution. His wife is a DRUG ADDICT who only rehabbed to avoid PROSECUTION. What a family! A Richey Rich married to a Tricky Rich -- met AND got engaged while he was still married and his wife was recuperating from a serious accident. Character counts! McCain's character, and his wife's, leave much to be desired.

Your politics is so ugly! What is wrong with you guys ??

Calling Obama a terroist is pathetic.. How John McCain could drop this low is beyond me.

Palin is she Bush... Nothing in there but a nasty heart!

I hope all America condems these two shameless scum of the earth people and vote Obama!

You guys are better than this! You guys deserve better than this!

Aussie for Obama

I'd say vote for "None of the Above". How about a Colin Powell, Michael Bloomberg ticket?

I love it! I really hope America realizes how corrupt Obama is before it is too late.

Democrat for McCain/Palin 08

PEGGY HILL = Sarah Palin

From King of the Hill...annoying know-it-all know nothing.

Yes folks, lets vote Peggy Hill for Vice President. I THINK NOT!

VOTE SMART VOTE OBAMA!

Peggy, if you're concerned about education in this country, you should vote Obama. He's the only candidate who's even mentioned education. Obama's point is that we won't be able to compete in a global economy without excellent education, and he's right. McCain is probably for deregulating education, just like Wall Street. And see how well that worked out.

John McCain, a 'proven patriot'? Don't make me throw up. No one who cared about the country would even entertain the possibility of Sarah Palin being president. McCain is a liar, flip-flopper and a sell-out, and the only think this campaign has proven is that John McCain cares only about winning, not about the people of this country. I'm voting Obama - he's campaigned with honor and decency, and his argument for change is compelling instead of invented like McCain's.

Im concerned about education in this country. Cant believe so many can be so stupid as to believe the Obama is the cure all. Hope I dont have opportunity to say I told you so. McCain and Palin
are the real deal. Obama just talks and
talks and talks no wonder he picked Biden.

McCain's staff is FULL OF SPECIAL INTEREST LOBBYISTS ! He used to be a maverick compared to most Republican Robots [who love the zombie Fox channel]. ---- Did he put Country First in picking PHONY PALIN over 50 others better qualified, like Romney or Huckabee?? She could not even name a magazine or newspaper which she gets her daily information from!?! ------- Heck, a million smart high school students could have done that in a second !!! ---- And I still wonder if the new baby is hers? She doesn't show a bump, then gives a speech AFTER her water broke, flew back to AAA - LLAA - SSKKKKAAA, DIDN'T go to the closest hospitals, and there is no birth certificate at the hospital she finally did get to!?! ------- Isn't it quite possible, since she's obviously a BS artist and telling the truth is just a game for her, that Bristol had the baby? She was out of school mysteriously for months. ----- A zealot mother like Sarah might well go nuts hearing her kid is expecting and finally chose to "produce" the baby to save the family name. I saw a picture of Sarah when having an earlier kid, she looked more plump, etc.; this time she was nearly thin! --- Most of us thing this is too far out to be possible, but look at the evidence! Consider that this smooth-talking former beauty queen maybe is the type to do exactly that !

I still watch TV on an antenna(NO CABLE)...VHF...might not be carrying that AD.

Obama has done nothing but tell lies and point the finger at McCain. He has used his media hounds to spin the truth so it doesn't acknowledge that John McCain was the one who tried to pass regulations on Fannie & Freddie. Obama lied and now although late John McCain is calling Obama on his LIES! Let the Whinning and crying from Obama begin! He is the one that points the finger and cries foul when he is held accountable. No integrity whatsoever.

The most frightening thing McCain could put in an ad is this: Far Left President, Far Left Senate, Far Left House. Far Left radicals would have unchecked power in this country for atleast 2 years.

1929 would look like a cake walk compared to what a Far Left 2009 will be.

Yeah and what is wrong the ad? It is true. The Dems ran around the entire financial crisis shouting Republicans and Deregulation while failing to mention Fannie Mae and Freddie Mac with Barney Frank asleep at the swith with Moses. If they were there to solve the problem then solve the problem. Since that used the crisis to blame others and to score in the polls then the truth about the blame must be exposed. Barack Hussein Obama is second only to Dodd in donations by these twins of economic destruction. Fannie and Freddie donated all of that money for Obama to do their bidding and keep those pesky Republicans off their backs and off their financial sheets. The Dems all responded nothing is wrong. To the credit of Rep A Turner, he admitted they were wrong but the rest are too busy laughing at the dumb voters that think yes, once again, it just Bush's fault. There is one thing politicians can always count on and that is the utter stupidity of their voters,their inability to assess cause, and the willingness to accept all of the effects. Good luck with that, no crystal ball, but I see abysmal failure in the offing.

the olympics in chicago sounds like pie in the sky to me. hasn't chicago's murder rate exceeded the number of soldiers killed in iraq. mr obama really needs to get his own house in order and do his job before he tries to save the world.

QUEEN FANNY so i heard that bennie frank and herb moses (fanny executive) were involved in a very intimate way and had a long-term relationship. how cozy. conflict of interest anyone?

yeah touche the same thing happens here in Chicago when the Bears play foot ball at Soldier Field:

CHICAGO SECURITY PREVENTS GROUP OF MCCAIN SUPPORTERS FROM EXERCISING THEIR FREE SPEECH AT BEARS GAME LAST WEEKEND.

Chicago Democrats for McCain and young republicans for McCain were silenced at this weekend’s Bears game by a local security company-Please read the full account at Hillbuzz

Below is a snippet:

Monterrey Security, a private contractor hired by the Chicago Bears, repeatedly tried to keep McCain supporters from wearing McCain gear or supporting McCain at the Bears game, but DID NOT inhibit Obama supporters in any way. People were allowed to wear Obama tee shirts, buttons, etc. and walk freely into the parking lots and Bears game. People wearing McCain stickers, holding McCain signs, and wearing McCain shirts were stopped by Monterrey Security and told that no political items were allowed in the parking lot tailgating parties or inside the stadium.

It was the GOP Congress that dropped the ball on F&F regulation. When it finally came to a vote last year, the GOP still mostly voted against it, unlike Democrats.

These attempts to paint the GOP as the party of regulation are pretty funny. "No, really, we love regulating the free market, it's what the GOP is known for!" Like they weren't in charge of Congress up to 2006.

venus:
you said.. "she stated that they planted obama supporters in the mccain crowd to play the race card for obama by yelling terrorist during his speech. so very likely they did the same thing at the palin event as well"

not likely because the McCain and Palin people have their storm troopers preventing non-repubs and the press from having any close up access..... republican rallies are restricted to the faithful, hell, you can't even make it close if they don't like your t-shirt... their 'secret service' impersonators will come and threaten you....

The Right Change ads seem to be very well produced, but don't seem to outright endorse a candidate.

They say things like, "tell Obama what you think" or "tell McCain to keep fighting for xyz" which is a bit odd.

True David but they want you to be discouraged and not vote. Don't do that because even in Chicago where my vote s going to a blue state...you never know so do go vote. I know that there are people lying to the polls and saying that they are for Obama when they will not on Nov. 4th. So they polls maybe wrong and they usually are somewhat.

>>> venus | Oct 7, 2008 1:23:30 AM:
___
The only positive thing I can say about Obama is that he serves as living proof that the only way to win a Presidential Election today.... is to be a candidate who has done little and accomplished less.

What with his collection of "present" votes and days away from the senate considering the short time he's been a member, Obama fits that description to
a "B".

You can't be put down for something you haven't done..... and if you haven't done ANYTHING..... well, you're well ahead of someone who's had over twenty years of experience and actually put time, effort and opinion into the workings of our congress!!

Who cares about his murky associations... or the ease with which he can speak out of both sides of his mouth at the same time...... like when he clung to and then flung away poor Jeremiah.....

Forget about his lies about his relationships with Rezkko, and Nachmi Auchi and Rashid Khalidy, Farrakhan and William Ayers who, aas recently as 9/11 said he hadn't done enough as a terrorist!

He is blameless!

It's that teflon vest!

I've seen a ton of Right Change ads on Fox News (or possibly CNN, I flip back and forth) in San Francisco of all places. I imagine it is a national buy.

Electoral map is sooooo wonderfully BLUE..

i just received an email from a friend in albuquerque who is an obama supporter and she stated that they planted obama supporters in the mccain crowd to play the race card for obama by yelling terrorist during his speech. so very likely they did the same thing at the palin event as well.

Post rational,

People see what they want to see. With Obama the writing is on the wall that it will be a disaster when he gets in office. It may work for awhile because they will have to protect their investment and will not admit that they chose the wrong person. This happened a bit with Bush until 9/11 happened and then even the Repubs could not help him.

I had friends that I begged not to vote Bush but they did. Many of these are voting Obama. I think it comes down to we vote on people for different reasons but there is a formula. Whatever the norm is, I don't fit it. I will not vote foor a guy just because he is nominated by my party. I think the hardest two votes I ever had to make was for Dukakis and I was relieved that he lost.

McCain/Palin in 2008! I hold out little hope for it, but it is the right thing to do for this time in history.

Yep. I live in NC and I've seen the ad. I wish we could see lots more ads pointing out what a hypocrite Barack Obama is.

John McCain - Proven Patriot
Barack Obama - Not ready to lead

McCain/Palin in 2008!

Ryan Hagel was the driving force behind the actual bill but the Bush administration in 2003 during hearings recommended more oversight of Fannie and Freddie. These recommendations were presented during hearings by Treasury Secretary Snow and Housing Secretary Martinez. This was 2003 mind you. There is no such thing as "control"
even when you have a majority and you know that. Remember, the Dems have had to be nice to Lieberman for awhile because they need him to caucus with them even though the Dems have been in
the majority or in "control" for the past couple years. McCain's words in 2005 are on record as is Dodd's, Frank's, Waters and so on in regards to concerns or in the case of the Dems lack of concern about Fannie and Freddie. What did Obama have to say?

JV response to you regarding your comment about sarah. i guess you prefer the ivy league, insider wallstreet types and east coast geniuses that brought our economy to the brink of collapse.

as for me i will vote for the ticket with the citizen politician from alaska. who brings not political favor 30 year old baggage.

Good for you two DNC ... Mack and the rest. We have to all talk about what we have seen.

Palin's point about being responsible for not letting these things happen to the country are right on the mark.

I am extremely troubled by the attack rhetoric coming from the democrats - I was a democrat. Obama skates above the frey while his minions rough people up and threaten them. We cannot let that sort of totalitarian regime move in.

"I'm a lifelong Republican but I'm voting for Obama."

And I am a life-long Democrat that will never vote for Obama. Well that is not quite true, I am now registered as non-partisan.

Mack, LOL. They will get carjacked. I hope that Chicago does not get it. It is already a corrupt mess because the site they want for the Olympic stadium is under some contractual hold-ups. The Michael Reese Medical Center Corp Hospital in Chicago-sought bankruptcy protection for the second time in almost six years and may shut its doors for good.That impacts the Olympics because of its proximity to the stadium.

I'm a lifelong Republican but I'm voting for Obama. It's an insult to my intelligence that McCain picked that idiot Palin as VP.

Post Rational,

I am a die hard democrat and I am not voting for Obama. There are many others who are not voting for him. My family for one. I was just in the hardware store on Sunday and the guy who owns it has been a democrat since forever. Being in Chicago I just knew he was for Obama but when I went to check out he had a little tv set playing near the register and Obama came on some WTTW news and the clerk started criticizing Obama. I just came ut and said I was not voting for Obama. I was surprised when the guy said he and his family was voting McCain. He is Greek and has issues with Obama and his association with IL State Treasurer Alex Giannoulias who has ties to the Mafia (surprise surprise)

"That may be your motive to disrupt. Is this the "in your face politics" Obama instructed his army to put forth? No one likes being invaded."

He just graduated from indoctrination camp with the singing sensations, the Children for the One.

How come the attack ad after attack that Barry spams the airwaves with here, never gets mentioned on the news. Hmmmm???

"Ryan C what is delusional about my story? I am not a right winger and Chicago is a finalist for the 2016 Olympics? Many feel that Obama's win will help with that."

Better do something about that murder rate first. The competitors will be getting car jacked on the way to events.

David,

I blame George Bush and the congress for letting it happen. George W. created the environment that let it happen.

"
Why the dollar is so cheap
By Peter Morici

The dollar is trading at all-time lows against the euro and gold for good reasons. The George W Bush administration has flooded the world with greenbacks, and global investors have little confidence in the management of the US economy.

During the Bush years, the US trade deficit has doubled. Thanks to dysfunctional energy policies and tolerance for Chinese mercantilism, the deficit has exceeded US$700 billion each of the past three years and is more than 5% of gross domestic product.

The Bush energy policy emphasizes incentives for domestic oil production and letting rising prices instigate conservation, but those have failed. Domestic crude oil production is falling, the price of gas has risen from $1.51 to $3.21, automakers have populated US roads with fuel-guzzling sports utility vehicles, and

petroleum now accounts for about $380 billion of the trade deficit.

Cheap imports from China have chased millions of Americans from manufacturing jobs, as the US purchases from the Middle Kingdom exceed sales there by nearly five to one. The trade deficit with China is about $250 billion.

China has engineered this competitive triumph by keeping its yuan even cheaper than the dollar, euro and gold. Annually, it sells at deep discount about $460 billion worth of yuan for dollars, euros and other currencies in foreign exchange markets. That provides a 33% subsidy on Chinese exports and keeps Chinese goods cheap on the shelves at Wal-Mart.

The Bush administration has sought changes in China's currency policies through diplomacy and has failed. Paradoxically, Treasury Secretary Henry Paulson has managed to tar as protectionist any proposal for US government action to offset Chinese subsidies.

The remainder of the trade deficit is largely autos and parts from Japan and South Korea, which through various means have kept the yen and won cheap too.

The huge trade deficit must be financed either by attracting foreign investment in new productive assets in the United States or by printing IOUs. Investment has only provided about 10% of necessary cash, so each year the United States sells currency, bank deposits, Treasury securities, bonds and the like to foreigners. Those claims on the US economy now total about $6.5 trillion.

That floods world financial markets with US dollars and paper assets that function much like US dollars - what economists call liquidity. And, it evokes an iron law of the universe. If you print too much money, it won't have any value.

Until recently, most of that borrowed purchasing power was put into the hands of US consumers by large Wall Street banks. Essentially, through mortgage brokers and regional banks, those Wall Street banks loaned Americans money to buy homes and refinance their mortgages. In turn, the banks got the cash needed by bundling mortgages, as well as auto loans and credit card debt, into collateralized-debt-obligations - bonds backed by consumer promises to pay - for sale to fixed-income investors, hedge funds and others.

The bankers could get reasonably rich on this scheme, but they got greedy. Last summer, we learned that the banks were not creating legitimate bonds. Instead they sliced, diced and pureed loans into incomprehensibly arcane securities, and then sold, bought, resold and insured those contraptions to generate fat fees, big profits and generous bonuses for bank executives.

Now investors ranging from US insurance companies to Saudi royals are not much interested in buying bonds created by large US banks, and the banks can no longer make loans to many creditworthy consumers and businesses. Without credit, the US economy cannot grow and prosper.

The Federal Reserve has direct regulatory responsibility for the large US banks, and it is chairman Ben Bernanke's job to require them to fix their business practices and resurrect the market for bonds backed by bank loans.

Yet, Bernanke has offered no plan to address these problems, or even acknowledged the urgency of the situation. And, without a well-functioning banking system, the US economy heads into recession of uncertain depth and duration.

International investors, recognizing the US economy lacks competent helmsmen at the Treasury and the Federal Reserve, are fleeing the dollar for the best available substitute - the euro and gold.

When Bush was inaugurated in January 2001, the euro was trading at 94 cents and gold cost $266 an ounce. Now they are trading at $1.52 and $985 an ounce. That is a plain vote of no confidence in the Bush-Bernanke economic model.

Peter Morici is a professor at the University of Maryland "

"but yet he would tax small business' who provide the jobs, who would then have to lay off employees and raise prices for their products right? "

Not to worry, we'll all be working for the Government, picking up trash along side of the road.

a nameless person posted "Its playin on CNN in California and guess what. We aint buying it!!"

People want to believe what they currently believe. I wonder what it would take to have a die hard democrat change their opinion on Obama? We have this chain of events where Obama has an association with people who are not well liked by most Americans. Rev. Wright comes to mind.

I think it is kind of like UFOs. I do not believe in them and I would hae a difficult time accepting any information that would work against my belief.

Obama is kind of like a UFO. Imaginary to some and not to others.

america*centric you sound informed i have a question for you. regarding when obama says 95% of ALL people will get a tax break does that include people that don't work, so then wouldn't obamas tax break be more like a welfare check? but yet he would tax small business' who provide the jobs, who would then have to lay off employees and raise prices for their products right?

"I love the guy who lectures others about financial discipline about doing the right thing is a tax cheat."

Yeah. Charlie Rangel too.

Saturday Night Live does a skit two nights ago making fun of how the Democrats are trying to blame Bush & the GOP for the problems that are their fault.

If Saturday Night Live is seeing the light, there is hope for the rest of America.

President McCain - get use to it!

Uber liberal Alec Baldwin last friday on Bill Maher's show talking to the audience:

"The democrat party let you down. Barney Frank let you down."

If Alec Baldwin is seeing the light, then there is hope for the rest of America.

President McCain - we salute you.

Hagel was the driving force behind the bill, not Bush.

And the bill went nowhere in a Republican controlled committee.

Ryan C The Bush administration started pushing for regulatory oversight of Fannie and Freddie in 2003, it took quite awhile for that bill to make it through committees so the actual bill and speech on the Senate floor came after sometime. That bill and that speech didn't just all get put together and happen within 24 hours so the actual date of that speech and bill isn't that relevent because the concern was clearly there prior. You can dismiss McCain is you so choose but you can't the other three who were all Repubs who sponsored the bill. I saw no Democrat on that bill and it didn't pass because of the Democrats and the Homebuilders Association's opposition to it. Obama was in the Senate in 2005, where was his voice on Fannie and Freddie? It was already apparent by that time that there were major concerns about Fannie and Freddie and their accounting. So again you can dismiss McCain if you want to but where was your candidate?

Ryan. I am not sure who you are but who are you to say what my friends and colleagues that work at city hall are saying? There is a general consensus in Cook County that an Obama win will secure Chicago's bid for the 2016 O