Monday, September 15, 2008

Historic Day On Wall Street

Lehman Brothers Files for Chapter 11 bankruptcy. Merrill Lynch agrees to sell itself to Bank of America for $50 billion, half of its 2007 value. Insurance giant AIG is teetering on collapse looking for a $40 billion lifeline from the Federal Reserve.

NYT article

I'm sure "Straight Talk" McCain, totally detached from reality, thinks the economy is doing well. What a farce. Rather than just give an honest assessment of the situation, McSame would rather pull a "heckuva job" move out of Bush's Book Of Denial. America needs a leader who sees problems for what they are, not political interpretations that may or may not make his/her party look good. McSame's blind optimism is good for his grandson's little league team, but our economy, and the true understanding and acknowledgment of crises, is what makes a leader.

I understand McCain is Bush and their Republican policies are the same. They let corporations control them, even as they outsource and run this country into the ground with greed. The Republicans borrow and spend mindset has torched our economy. Does America realize this?

Back in the real world, Obama on why the crisis means it's time for a change:
"I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years -- one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."
Watch the trailer for I.O.U.S.A. and see how borrowing against our debt is going to rock us. Soon.

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