My Take on the Election

By: ispeculatornew
Date posted: 10.07.2008 (11:19 pm) | Write a Comment  (3 Comments)

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One of the reasons I started this blog is I am a very opinionated person and I wanted to voice my concerns about the problems I saw on Wall Street. I have written several posts on the greed of financial institutions and excessive executive compensation. I have avoided writing about politics but I feel this election is too important not to throw my opinion out there. Let me preface this post by stating that I consider myself an independent and I do not belong to either political party. However, I do lean more towards Democratic views and I plan to vote for Obama for president. Here is why.

First, let me say that special interests have been in charge of our country for quite some time. Our country is being run the way big corporations and other super wealthy lobbyists want it to be run. Our country is not being run to help the average American. I feel that both Democrats and Republicans deserve blame for this and the influence of specials interests needs to be stopped.

However, I believe that traditional Republican views, in addition to special interests, are causing great harm for our country. Republicans traditionally have favored big businesses and the wealthy at the expense of every one else. This is quite evident in the current policies of the Bush administration.

The economic crisis that we are currently facing is due in large part to the traditional Republican view of less regulation of business. Anything that might be a burden on business has been seen as bad by Republicans. That is why the banks, lenders, and credit rating agencies were allowed to run amok during the housing bubble. There was no oversight for these institutions and they therefore took excessive risk for their own greed. However, when these institutions’ foolish risks turned sour what happened? Was the “free market” allowed to work things out on its own? No. These same institutions that advocated for free markets, and were granted almost no regulation by the Republicans, wanted to be bailed out at taxpayer expense and they got their wish. Now the average American is going to pay the bill while the executives of financial institutions are set for life with there egregious compensation packages. The U.S. economy is definitely not a “free market”. It is socialism for the rich.

Also, if the government is so concerned about the excessive compensation being given out why don’t they do something about it? It seems like once or twice a year congress will call in some executives and scold them about their pay. It is laughable. What good is that going to do? When are they finally going to take some action? If they don’t limit excessive executive pay after the current crisis it is never going to happen. Also, why don’t they try to get some of the undeserved executive pay back, especially from the executives of failed financial institutions (Fannie and Freddie Mae, Lehman, etc.)? Once again I point out who is in control of our country.

Some more snake oil the Republicans have been selling is the idea of trickle down economics. This is the idea that if the government does things to help the super-rich then it will trickle down to the rest of us. That is a joke. More and more of the wealth in our country is being accumulated in the hands of a very small percentage of the population. Wealth is definitely not trickling down but is rather being hoarded by a small few. This is a major difference between Obama and McCain.

McCain wants to continue to economic policies of the Bush administration. This means the wealthy will pay fewer taxes than the rest of us and the idea of “trickle down” economics will continue to be in place. You can see how well that economic philosophy is working out.

Obama wants to increase the taxes on the rich, who obviously shouldn’t be paying lower taxes than the rest of us, and decrease taxes on the middle class. I think this will greatly help the economy because the middle class will actually spend the money from the tax breaks and everyone will benefit. The economy doesn’t benefit when a billionaire decides to buy another ten million dollar house. This brings me to another point. Somebody asked McCain how many houses he had and he didn’t know the answer. McCain is ridiculously out of touch with the average American.

If your main concern is about the U.S. economy how can you possibly vote for McCain? If you watch the debates he hasn’t refuted one time that he plans to continue the Bush economic policy which has obviously failed miserably. McCain has stopped even addressing the economic issues we are facing. He has become desperate and he has resorted to slinging mud at Obama.

I will touch on some more issues in my next post tomorrow.  

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  1. Comment by Andrew — October 8, 2008 @ 9:31 am

    I’d like to preface this by saying that I don’t particularly like McCain or Obama, Republicans or Democrats. I do agree that special interests run this country, but it’s special interests going both ways, and the Democrats really aren’t any better than the Republicans on this one. And I’m still a believer in the power of the free markets.

    To say that this crisis was caused by Bush’s failed economic policies is misguided. I find the “there isn’t enough regulation” argument difficult to swallow, because as I read, there are 12,000 people currently being payed to regulate the markets. Who knows if that number is correct, but what’s the proper amount of regulation nonetheless? The two best theories I’ve heard with regard to this crisis are the Fed’s policy and a bill passed by the Democrats over 10 years ago. The Fed (read Greenspan) kept money amazingly cheap for his last years at the top. That money made it not only possible for many new people to buy homes that they could only afford with cheap money, but it made homes seemingly the best investment option for these people. In addition, there was a bill that passed in 1995 by the Democrats that practically forced lenders to issue subprime loans, so that poorer people could buy homes, when they really couldn’t afford them.

    Now, this isn’t to say that our system didn’t get carried away, as everyone chased the quick buck, but for the most part, it really wasn’t Bush’s policies that did us in on this one. To me, a combination of terrible fiscal policy and the Democrats effectively requiring unsound business practices are far more plausible than “not enough regulation”.

    Anyway, it’s your right to not like McCain or Bush (because I definitely dislike both of them) and it’s your right to think the Republican’s economic policies are bad for the country. I guess it just bothers me when people just issue canvas statements, saying the Republicans are in the White House, and I don’t like Republicans; therefore, it must be their fault that everything has gone to sh*t.

    Please don’t take this comment as an insult, as it’s not meant to be. Everyone is entitled to their opinions. And I read your blog, so obviously I have an interest in what you write.

    I’d also like to thank you for the work you’ve put into the blog. And that it’s unfortunate that you no longer have the time to write for it.

  2. Comment by CyMoo — October 8, 2008 @ 11:18 am

    I will have to agree with Andrew. Our president and the republicans have tried to address the problems but have lost there control of congress. My understanding is that during the present Bush administration bills have been presented that were rejected that would of address the Fannie and Freddie Mae issues. I personally believe this finanical crisis is the results of democratic socialist policy. I do believe that congress should of taken steps to resolve the conflicting issues that have lead to the demise of our financial system. The blame goes around but blame will not solve our problems yet it will identify them. I also at the same time believe that we can recover from these issues. We our a country of relentless resolve and great GNP. Our energy independence can be improved with multi energy incentives programs that can create jobs, production, and public revenue. If we are importing 70% of our oil at a cost of $700 billion a year – four times the annual cost of the Iraq war. We should be able to create a new renewable energy network, and break our addiction to foreign oil by spending more for developing new alternative souces of energy supplies for our expanding demand. We should be implementing billions of dollars in government and or private programs that could create jobs and revenue that could bring our country an economical energy balance. Economic inbalance is one of the real problems I see. We should be working together to resolve these issues instead of blaming the other party. Of course we our all entitled to our own opinions which has made this country as great as it is today and will make it much great in the future.

  3. Comment by finance guru — March 2, 2009 @ 8:14 pm

    hey, is there a section just for latest news

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