I read recently that Presidential candidate John McCain said "the fundamentals of our economy are strong."
Let's review the events of the last week, shall we? Fannie Mae and Freddie Mac (who Sarah Palin initially said have "gotten too big and too expensive to the taxpayers", as if it was yet another example of a wasteful government bureaucracy) were bailed out by the Treasury Department. Washington Mutual, a medium-to-large bank, is thought to be on shaky ground, though it has rebuffed offers of purchase by other banks. Lehman Brothers, a venerable investment bank with a history of over a century, went under because the Treasury Department opted not to bail it out. Bank Of America is buying Merrill Lynch, because it was teetering on the brink. Finally, I see that the Treasury Department is loaning money to American Insurance Group (AIG), one of nation's largest insurers, to keep it afloat.
And oh yes, unemployment is up, and consumer confidence is down. I'm not even going to mention the part where surveys show that over a third of homeowners in this country currently owe more on their mortgage than their house is probably worth.
I'm sorry there, Mr. McCain. I know that as soon as you say the word "Recession", you may as well plan your concession speech. I can't but think that your economic ideas are pretty much in line with those of Herbert Hoover. I'm feeling about a few hops and a skip from seeing bread lines on the street. More Hoovervilles we don't need.
on 2008-09-16 at 6:14 p.m.
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