Mr. Obama set out his general approach to financial regulation in March, calling for regulating investment banks, mortgage brokers and hedge funds much as commercial banks are. And he would streamline the overlapping regulatory agencies and create a commission to monitor threats to the financial system and report to the White House and Congress.
And the average voter won't have a clue about what that means for him or her and why Obama is the better candidate. All they know is the shitpile (H/T Atrios) is getting bigger and next thing you know, there'll be a run on mattresses.
Posted by BlueStateGirl at September 16, 2008 09:55 AMThe system is feeling the strain from the disapperance of one of its fundamental assumptions...namely, that energy supplies will contiunue to grow at a rate that will allow for it to be cheap and plentiful.
While energy costs are falling due to a price induced reduction in demand and and unwinding of leveraged investments, this is likely a temporary reprieve.
At one time, gold and silver served as the backer of the US dollar, then replaced by the petrodollar. We are thirty-seven years into the elimination of the gold standard and the entrusting of the value of our currency to a consortium of international bankers and now we stand at the precipice looking into the abyss. The inevitable result of allowing governments to print fiat currencies to fund fiscally irresponsible policies.
It is past time for the US government to wrest control of money creation from this cabal and return to its constitutional roots. Is there any politician out there who sees the handwriting on the wall? Oh yeah, sounds a lot like what Ron Paul has been predicting for twenty years.
But then again, he's nutty right?
Posted by brisa at September 16, 2008 10:00 AMWe are witnessing the logical conclusion of the failure to regulate the impulses of sociopaths.
Posted by The Creator at September 16, 2008 10:16 AMWell, we're all going to get "change", whatever happens when the BushAmerican Boobs push their "screens" trying to "vote". The change is called "destitution".
The world's financial firms are going to suffer catastrophic losses in the coming months, and there won't be enough credit available for a dog's breakfast. That means no commercial activity, that means no jobs, that means no consumption, that means no commercial activity, etc. etc. Repeat. There's no way out now.
The presidency in 2008 is the World's Biggest Booby Prize, but that doesn't mean it's fine if conservative McStooge wins---far from it.
What we're witnessing are the CERTAIN wages of the idiotic hands-off, let-the-market-titans-do-whatever-they-want, gub'mint-is-incompetent-to-oversee-anything conservative toxic waste that fools like McShit spread like manure for 20 years. Just like the financial crisis of the 1920s (led by securities, banking and credit fraud) led to the Great Depression, so will this lassez faire fraud lead to OUR Bush Depression.
This is what happens when a "conservative" party advocate that Gub'mint shouldn't do nuthin'!, nothing except scream about gay marriage and redneck gun rights and flag burnin' and "the little lambs!". When a party holds power in Congress for 13 years deregulating whatever its biggest campaign contributors demand, while servin' up a blowjob impeachment as its great "accomplishment".
When a worthless press spews out an ocean of hateful condemnation of Demonic Lib'rals who think that maybe we shouldn't just let the rich do anything they damn well please and that only gub'mint can hope to oppose their schemes. And when a pinheaded citizenry can't be bothered to have the slightest understanding of history or current events, just American Idol.
I'm not saying people deserve what's coming exactly, but they are going to get it. The question now is will they even understand who and what did it to them? And will they think two nitwit conserva-stooges now speakin' populism with a backwoods accent are the next Heroes of Murica?
Posted by euzoius at September 16, 2008 10:43 AMGotta agree with euzoius. Bad times are coming, and I'm wondering how fairly the blame will be distributed.
Posted by Meteor Blades at September 16, 2008 10:59 AMthe blame will be distributed about as fairly as will be the suffering. certain people will escape both...
Posted by Turkana at September 16, 2008 11:04 AMAt least zero will get a pass on his corrupt dealings with Chitown slum developers.
Posted by onar at September 16, 2008 11:09 AMThe blame of this meltdown will be put on the Dems just like 9/11 and other events in recent history. Bushie will sashay on back to Texas as the Repug hero of 9/11.
I am much more optimistic about the future than many of you guys. We are in the crapper now, but we will come back as we always have. I may be rolling the dice, but I am leaving my investments in place.
We just have to throw McLame and his asshole buddies out! They are running from their brand while simultaneously claiming to be the solution to our problems. How the hell do you do that and get away with it? We should be breaking this off way up in them...if you know what I mean.
Posted by angryman at September 16, 2008 11:24 AMNow, let us see if we can get this right. The Republican Party, which has perfected techniques of “lie, cheat, steal” for the past eight years, e.g. WMD, obstruction of justice, Constitutional government is going to change the political environment by using these very same techniques to win an election in November? The party that was for experience and better judgment before they were for inexperience and snap judgments is going to push social warfare after they were in favor of “Country First?” They are going to “reach across the aisle”, as in punish your political opponents for not agreeing to their terms on town meeting arrangements or for using sly, carefully chosen words? They are outraged by most every word from Democratic spokesman, but hardly a blink for roaring homeowner foreclosures, the sucking sound of Wall Street bailouts, or the creak of military stressors? Their flag bearer is going to support tax cuts that he, himself, in 2003, deemed un-Republican and unaffordable? This party, that was accused by its own presidential nominee of succumbing to Beltway Transmitted Diseases is going to let the American public take the cure via the hair of the dog contained in the party platform? This crowd is going to regulate the financial markets that they deregulated, while reducing the influence of government? These devotees of “the truth is irrelevant” are going to talk straight to journalists who the party faithful claim to be totally incompetent tools of the opposition? This sounds more like high crimes or low comedy than political persuasion No wonder that the trolls spend so much time in this neighborhood.
"Earlier this month, Senate Majority Leader Harry Reid made a personal appeal to Barack Obama: Help me grow the Democrats’ Senate majority by sharing some of the $77 million you’ve got in the bank.
Obama’s campaign said no.
Although Democratic insiders say a better deal could still come, the Obama campaign so far has agreed only to let Senate Democrats use Obama’s name — as well as those of his wife and running mate — in mail and online fundraising pitches. The campaign has planned no joint fundraising events with House or Senate Democrats, and insiders say none is likely to be held before Election Day.
In rejecting a direct request from his Senate leader, Obama has put a fine point on the financial pressures he’s feeling as the presidential race turns toward the fall." From Politico
Things are getting tight everywhere. Obama's faith in his fellow Democrats isn't too high.
"COOPER: Candy, no doubt -- very quickly -- on the campaign trail, it obviously played a big role today. You anticipate, in the days ahead, issue number one, it's going to be front and center?
CANDY CROWLEY, CNN: Oh, absolutely.
I mean, listen, just as foreclosures were showing up on B-17, or in the real estate section, along comes this horrific headline out of Wall Street.
COOPER: Right.
CROWLEY: I mean, this is what they wanted. They believe, of course, that the economy is one of their strengths and that they can paint John McCain as George Bush." CNN's 360 program
"We are in the most serious financial situation in generations." Barry Obama
Ok, where's Congress? Where's legislation to address this "most serious" condition? More "do nothing" Congress? Seems to me there should be actions being taken in Congress. Where's the emergency in Congress?
Posted by peter at September 16, 2008 01:39 PMThey just set up a new GSE regulator (which the Repubs could never seem to do in over a decade) and authorized Paulson's capital restructuring of the GSEs in a little under two months.
The recent Housing bill was just passed to reduce foreclosures, which are what's sinking the mortgage backed debt markets.
They passed an economic stimulus package in a little over a month earlier this year.
You don't even know what a "do nothing" Congress is. It's true they didn't authorize any new invasions or wars, which is all your beloved Repub Congress ever did.
Posted by euzoius at September 16, 2008 02:49 PMThat was months ago, when Obama was leading in every poll. What are they doing today? Yesterday? Tomorrow? Conditions on the ground 'change', where's their emergency meeting to deal with this emergency?
***
"You're receiving this message for two reasons.
First, Election Day is seven weeks from today -- just 49 more days. That's not a lot of time.
Second, you live right next door to a state that is once again shaping up to be a crucial general election battleground -- Pennsylvania.
And Obama supporters from across the northeast are going to be crucial to putting us over the top in the Keystone State.
That's why we're organizing teams of supporters to come to Pennsylvania for Drive for Change weekend canvasses."
As sent to Obama supporters in Virginia!!!
Be sure and click on the link to Obama/Biden. Seems he's leaving Virginia behind. Another state bites the dust.
Posted by peter at September 16, 2008 03:17 PM