Americans woke up this morning thinking about last night's debate, but the news headlines are all about the global crisis in the stock markets. Yesterday, the Dow dropped 500 points as an introduction to the debate. The Nikki is down 9.38% overnight in a post debate curtain-call. All the other Asian markets are down as well. The British now have their version of a bank bailout plan worth $87 Billion that will partially nationalize British banks. The Fed cut their rate 1/2 point this morning in a coordinated effort with international central banks to stop the losses - trillions of dollars in the past few days alone.
Congress voted, passing legislation, but that isn't the same as implementing it. You can't unwind years of mis-management in a couple of weeks. The world markets voted today with a no confidence vote on the US economy. This ripple effect isn't unexpected, just feared.
What we have to do November 4th is clear. We need to elect the brightest, best educated candidate we can in Barack Obama and make real changes to our financial market regulatory practices to restore investor confidence. The recovery from this crisis will be rooted in fundamentals. Americans are not going to be able to 'shop' their way out of this. That card has already been played, and now we are all having to pay for it.
Wednesday, October 8, 2008
Debate take 2 - What's New, and What's Not
If anything should be the headliner coming from this debate it's this new statement from McCain. Unfortunately for McCain it's a negative headline.
In regard to Social Security, McCain said “we are not going to be able to provide present day workers with the same benefits as present day retirees get today.” That means that he intends on CUTTING Social Security benefits for the middle ‘working’ class.
McCain tried to claim something new when he talked about the treasury buying out ‘bad’ mortgages. THAT ISN’T NEW - it’s authorized by the bailout package voted on last week. McCain never read the 3 page proposal from Paulson; now it seems he hasn’t read the legislation he just voted for. What is new is the way he suggests that the treasury implement this; direct with homeowners like a giant mortgage company. He would effectively nationalize the mortgage industry. That's an approach most Republicans would scream over. He clearly got off his talking points and campaign positions on this one, so I expect the spin from the campaign to be revising this tomorrow.
McCain suggested the former CEO of Ebay, Meg Whitman for heading up the Federal Reserve. What she knows about money policy or economics comes from business; not on the banking side which is what the Fed deals with. She is a quite capable CEO, but without a banking background I'm not convinced.
McCain seemed on edge and uncomfortable for most of the debate. Particularly while throwing his barbs at Obama he seemed very contrived. I have to say that his "That One" snipe was well beyond just disrespecting Obama; to me is smacked of a racial cast. Remember, that's SENATOR OBAMA you are referring to. He only looked at Obama briefly, never mentioned 'middle class'. There was a strange attitude coming from McCain all night affecting the entire tone of the debate. Perhaps it was because Obama got off to a great start, scoring points early. To me, McCain came across as a mix of desperate, condescending and petty. Not likable at all, and certainly not Presidential.
Clearly Obama made a strategic choice to not contest, nor argue these types of attacks, although clearly he could have, especially since they've all been contested and responded to in the press, in ads and on the campaign trail. Most of McCain's attacks have been proven to be either untrue or misleading by independent organizations. Obama didn't play into McCain's sleaze, taking and maintaining control of the debate by choosing his attacks on McCain on his own terms. When Obama did strike, it clearly set McCain back on his heels; particularly when he reminded McCain about his 'Bomb Bomb Iran', Bagdad's next, and obliterate North Korea statements. You could visibly see the reaction on McCain's face.
There wasn't much new on Health Care or Foreign Policy. The Health care issue question 'is Health Care a Privilege, Responsibility, or a Right?' put an interesting twist in the discussion. McCain feels it's a responsibility; Obama a Right. Clearly that fits with the Obama plan's goal to cover Everyone. McCain's plan leaves it up to individual families to set their priority in the context of food, housing, and other necessities, without setting a goal of providing health care for anyone. They spent the usual time on McCain's $5000 tax credit, or dividend, or whatever he wants to call it today. At least McCain didn't try to call it 'budget-neutral' like his running mate. I call it the largest windfall for insurance companies in history. Obama missed the opportunity again to call McCain's tax on employer paid health care benefits a new tax on the middle class. Every time McCain talks about Obama taxing the middle class, Obama should be striking back with what would be a huge new payroll tax that would hit the lower and middle class workers hardest of all. Those with the best health care plans through their employers or union would get hit the hardest on McCain's plan.
The ‘other’ news is the McCains left moments after the debate ended. The Obamas hung around for more than 20 minutes, shaking hands, signing autographs, posing for pictures, talking and greeting everyone personally. Big win for Obama on that; it was noted on the news coverage as well. It was a contrast from the 1st debate, when McCain tried to act victorious at the end. Clearly, McCain must have known that he didn't do what he needed to do, that he didn't win the debate or do anything to turn the tide of the election. There was no celebration. On a modicum of hand shaking, a few akward moments with Cindy clearly being uncomfortable, and a couple of waves - McCain was gone. So are his chances November 4th.
Tuesday, October 7, 2008
McCain Has Erratic Aviator Record Full of Mishaps
Three crashes early in his career led Navy officials to question or fault his judgment.
An article published in the LA Times outlines three separate crashes that were caused by pilot error and "clowning around". Furthermore, McCain in some cases lied about the circumstances in his autobiography
John McCain was training in his AD-6 Skyraider on an overcast Texas morning in 1960 when he slammed into Corpus Christi Bay and sheared the skin off his plane's wings.
McCain recounted the accident decades later in his autobiography. "The engine quit while I was practicing landings," he wrote. But an investigation board at the Naval Aviation Safety Center found no evidence of engine failure. The 23-year-old junior lieutenant wasn't paying attention and erred in using "a power setting too low to maintain level flight in a turn," investigators concluded.
The crash was one of three early in McCain's aviation career in which his flying skills and judgment were faulted or questioned by Navy officials.
In his most serious lapse, McCain was "clowning" around in a Skyraider over southern Spain about December 1961 and flew into electrical wires, causing a blackout, according to McCain's own account as well as those of naval officers and enlistees aboard the carrier Intrepid. In his 1999 autobiography, "Faith of My Fathers," McCain briefly recounts the incident, calling it the result of "daredevil clowning" and "flying too low."
Over the Eastern Shore of Virginia, McCain descended below 7,000 feet on a landing approach in a T-2 trainer jet, according to accident records. He said he heard an explosion in his engine and lost power. He said he tried unsuccessfully to restart the engine. He spotted a local drag strip and considered trying to glide to a landing there but finally had to eject at 1,000 feet.
In his autobiography, McCain said he had flown on a Saturday to Philadelphia to watch the annual Army-Navy football game with his parents. The accident report does not mention Philadelphia but rather indicates that McCain departed from a now-closed Navy field in New York City on Sunday afternoon and was headed to Norfolk, Va.
In a report dated Jan. 18, 1966, the Naval Aviation Safety Center said it could not determine the cause of the accident or corroborate McCain's account of an explosion in the engine. A close examination of the engine found "no discrepancies which would have caused or contributed to engine failure or malfunction."
The report found that McCain, then assigned to squadron VT-7 in Meridian, Miss., had made several errors: He failed to switch the plane's power system to battery backup, which "seriously jeopardized his survival chances." His idea of landing on the drag strip was "viewed with concern and is indicative of questionable emergency procedure." The report added, "It may be indeed fortunate that the pilot was not in a position to attempt such a landing."
Edward M. Morrison, a mechanic for VT-7 who is now retired and living in Washington state, said that the plane McCain checked out that day had just been refurbished and that he knew of no engine problems.
In today's military, a lapse in judgment that causes a crash can end a pilot's career. Though standards were looser and crashes more frequent in the 1960s, McCain's record stands out.
"Three mishaps are unusual," said Michael L. Barr, a former Air Force pilot with 137 combat missions in Vietnam and an internationally known aviation safety expert who teaches in USC's Aviation Safety and Security Program. "After the third accident, you would say: Is there a trend here in terms of his flying skills and his judgment?"
Naval aviation experts say the three accidents before McCain's deployment to Vietnam probably triggered a review to determine whether he should be allowed to continue flying. The results of the review would have been confidential.
McCain was on his 23rd bombing mission over North Vietnam when a surface-to-air missile struck his A-4 attack jet. He was flying 3,000 feet above Hanoi.
A then-secret report issued in 1967 by McCain's squadron said the aviators had learned to stay at an altitude of 4,000 to 10,000 feet in heavy surface-to-air missile environments and look for approaching missiles.
In his autobiography, McCain said 22 missiles were fired at his squadron that day. "I knew I should roll out and fly evasive maneuvers, 'jinking,' in fliers' parlance, when I heard the tone," he wrote. But, he said, he continued on and released his bombs. Then a missile blew off his right wing.
"Nobody broke off on a bombing run," said Tullo, later a commercial pilot and now an accident investigation instructor at USC. "It was a matter of manhood."
Great... Just who I want with his finger on the nuclear button.
An article published in the LA Times outlines three separate crashes that were caused by pilot error and "clowning around". Furthermore, McCain in some cases lied about the circumstances in his autobiography
John McCain was training in his AD-6 Skyraider on an overcast Texas morning in 1960 when he slammed into Corpus Christi Bay and sheared the skin off his plane's wings.
McCain recounted the accident decades later in his autobiography. "The engine quit while I was practicing landings," he wrote. But an investigation board at the Naval Aviation Safety Center found no evidence of engine failure. The 23-year-old junior lieutenant wasn't paying attention and erred in using "a power setting too low to maintain level flight in a turn," investigators concluded.
The crash was one of three early in McCain's aviation career in which his flying skills and judgment were faulted or questioned by Navy officials.
In his most serious lapse, McCain was "clowning" around in a Skyraider over southern Spain about December 1961 and flew into electrical wires, causing a blackout, according to McCain's own account as well as those of naval officers and enlistees aboard the carrier Intrepid. In his 1999 autobiography, "Faith of My Fathers," McCain briefly recounts the incident, calling it the result of "daredevil clowning" and "flying too low."
Over the Eastern Shore of Virginia, McCain descended below 7,000 feet on a landing approach in a T-2 trainer jet, according to accident records. He said he heard an explosion in his engine and lost power. He said he tried unsuccessfully to restart the engine. He spotted a local drag strip and considered trying to glide to a landing there but finally had to eject at 1,000 feet.
In his autobiography, McCain said he had flown on a Saturday to Philadelphia to watch the annual Army-Navy football game with his parents. The accident report does not mention Philadelphia but rather indicates that McCain departed from a now-closed Navy field in New York City on Sunday afternoon and was headed to Norfolk, Va.
In a report dated Jan. 18, 1966, the Naval Aviation Safety Center said it could not determine the cause of the accident or corroborate McCain's account of an explosion in the engine. A close examination of the engine found "no discrepancies which would have caused or contributed to engine failure or malfunction."
The report found that McCain, then assigned to squadron VT-7 in Meridian, Miss., had made several errors: He failed to switch the plane's power system to battery backup, which "seriously jeopardized his survival chances." His idea of landing on the drag strip was "viewed with concern and is indicative of questionable emergency procedure." The report added, "It may be indeed fortunate that the pilot was not in a position to attempt such a landing."
Edward M. Morrison, a mechanic for VT-7 who is now retired and living in Washington state, said that the plane McCain checked out that day had just been refurbished and that he knew of no engine problems.
In today's military, a lapse in judgment that causes a crash can end a pilot's career. Though standards were looser and crashes more frequent in the 1960s, McCain's record stands out.
"Three mishaps are unusual," said Michael L. Barr, a former Air Force pilot with 137 combat missions in Vietnam and an internationally known aviation safety expert who teaches in USC's Aviation Safety and Security Program. "After the third accident, you would say: Is there a trend here in terms of his flying skills and his judgment?"
Naval aviation experts say the three accidents before McCain's deployment to Vietnam probably triggered a review to determine whether he should be allowed to continue flying. The results of the review would have been confidential.
McCain was on his 23rd bombing mission over North Vietnam when a surface-to-air missile struck his A-4 attack jet. He was flying 3,000 feet above Hanoi.
A then-secret report issued in 1967 by McCain's squadron said the aviators had learned to stay at an altitude of 4,000 to 10,000 feet in heavy surface-to-air missile environments and look for approaching missiles.
In his autobiography, McCain said 22 missiles were fired at his squadron that day. "I knew I should roll out and fly evasive maneuvers, 'jinking,' in fliers' parlance, when I heard the tone," he wrote. But, he said, he continued on and released his bombs. Then a missile blew off his right wing.
"Nobody broke off on a bombing run," said Tullo, later a commercial pilot and now an accident investigation instructor at USC. "It was a matter of manhood."
Great... Just who I want with his finger on the nuclear button.
More Polling - Gallup quote and Yahoo EC map
The economy is tanking, and my portfolio is sinking, but I'm being buoyed by the Polls.
This economic mess is going to be handed to our next President to fix, so it's more important then ever, now that the $700 Billion has been approved, that we make sure the right man gets elected to do the job. Who would you rather have; A man who barely made it through the Naval College, graduating fifth from the bottom, known to all to be the 'maverick' because he was in more trouble than he was anything else, not getting kicked out because his daddy was an Admiral, or a man who broke barriers at Harvard and was elected to be President of the Harvard Law Review?
Here's the Yahoo! News Political Dashboard - EC map. This one is based on the RealClearPolitics organization. Look at this map and reason for John McCain's desperation is obvious. The data is a little different than CNNs, but they aren't bashful about the projected 341 EC votes for Obama either. Also, included is the InTrade market prediction. Interesting stuff, and lots of data behind it. You can click on a state and see the polling numbers graphed to see trends, etc.
Gallup:
On another note, Republicans are hinting voter registration fraud in Indiana. We should remind them of voter fraud in Ohio and Florida (insufficient polling places/machines, 'roadblocks' and intimidation of black voters) during the '04 election. They are just tired of getting their butts kicked by the best grassroots campaign organization ever assembled.
A heartwarming example is what's going on in North Carolina. This state has gone Republican since 1976. McCain is being forced to defend this state, one that most of the politicos thought was safely in the fold. Why? Because of massive voter registrations drives that are 6 to 1 Democratic.
As written in the Washington Post yesterday:
This economic mess is going to be handed to our next President to fix, so it's more important then ever, now that the $700 Billion has been approved, that we make sure the right man gets elected to do the job. Who would you rather have; A man who barely made it through the Naval College, graduating fifth from the bottom, known to all to be the 'maverick' because he was in more trouble than he was anything else, not getting kicked out because his daddy was an Admiral, or a man who broke barriers at Harvard and was elected to be President of the Harvard Law Review?
Here's the Yahoo! News Political Dashboard - EC map. This one is based on the RealClearPolitics organization. Look at this map and reason for John McCain's desperation is obvious. The data is a little different than CNNs, but they aren't bashful about the projected 341 EC votes for Obama either. Also, included is the InTrade market prediction. Interesting stuff, and lots of data behind it. You can click on a state and see the polling numbers graphed to see trends, etc.
Gallup:
This 10-day stretch of a significant Obama lead is the longest since [Obama] became the presumptive nominee back in early June, and the longest for either candidate at any point in the campaign.Hope that helps take your mind off your 401k balance.
On another note, Republicans are hinting voter registration fraud in Indiana. We should remind them of voter fraud in Ohio and Florida (insufficient polling places/machines, 'roadblocks' and intimidation of black voters) during the '04 election. They are just tired of getting their butts kicked by the best grassroots campaign organization ever assembled.
A heartwarming example is what's going on in North Carolina. This state has gone Republican since 1976. McCain is being forced to defend this state, one that most of the politicos thought was safely in the fold. Why? Because of massive voter registrations drives that are 6 to 1 Democratic.
As written in the Washington Post yesterday:
The ratio is more lopsided in North Carolina, where Democrats have added 208,000 voters this year. The 34,000 voters the Republicans have added lags well behind the 148,000 new independents. Four years ago, when Bush won the state with 56 percent of the vote, the picture was different -- Democrats added 192,000 voters during all of 2004, but Republicans nearly matched them with 179,000 new voters of their own.
A disproportionate share of the new voters in North Carolina are minorities. At the start of the year, white voters in the state outnumbered blacks by nearly 4 to 1, and Hispanic voters by 10 to 1. Yet the 146,000 black and Hispanic voters added to the rolls represented nearly three-quarters of the growth among white voters.
Gary Pearce, a Democratic political consultant in North Carolina, said the gap in new registrations is a big reason he thinks Democrats have a chance of carrying the state for the first time since 1976. "It's huge. You talk about a surge -- we think we're going to see it here," Pearce said.
Monday, October 6, 2008
Latest CNN polls show Obama widening lead
The latest poll results are in from Time/CNN. CNN shows an 8 point lead nationally for Obama. The CNN 'Poll of Polls' shows his lead as 6 points.
Their election calculator map shows 250 Obama, 189 McCain however their poll tracker shows an even better story. The latest polls show Obama with leads in Iowa, Wisconsin, Ohio, Michigan, New Hampshire, Pennsylvania, and Florida. In fact, the only states left that are within a 'margin of error' are Nevada, Colorado, Missouri, Indiana, Virginia and North Carolina
Total EC votes up for grabs - 64. Obama at 311 and McCain is at 163.
Two states that were 'leaning McCain' , Indiana and North Carolina, are now 'toss up' states.
Moved to Obama from toss up now are Wisconsin, Ohio, New Hampshire and Florida.
Smile ! Stay Positive ! Keep Working !!!!!!
Their election calculator map shows 250 Obama, 189 McCain however their poll tracker shows an even better story. The latest polls show Obama with leads in Iowa, Wisconsin, Ohio, Michigan, New Hampshire, Pennsylvania, and Florida. In fact, the only states left that are within a 'margin of error' are Nevada, Colorado, Missouri, Indiana, Virginia and North Carolina
Total EC votes up for grabs - 64. Obama at 311 and McCain is at 163.
Two states that were 'leaning McCain' , Indiana and North Carolina, are now 'toss up' states.
Moved to Obama from toss up now are Wisconsin, Ohio, New Hampshire and Florida.
Smile ! Stay Positive ! Keep Working !!!!!!
Keating Economics - Responding to the Smear Campaign with FACTS
The Obama campaign is not going to let the mudslinging and 'swiftboating' go by without launching a salvo of it's own. Remember this - Obama is responding with FACTS to McCain's LIES and mis-representations.
Launched today is the Keating Economics website. This is a comprehensive review of John McCain's involvement with the S&L bailout of the late 80's and early 90's. There is research and reference material along with a 13 minute video documentary. It's clear that he hasn't learned his lesson. McCain's campaign manager Rick Davis is/was a lobbyist for Fannie Mae and Freddy Mac. Taking a LOA while holding a ownership position in the lobbying firm is a joke. He did the same thing to head McCain's 2000 campaign only to return to his lobbyist ways immediately afterwards. Read about McCain's current ties, and Rick Davis on my previous post "The $2 Million Man" .
It's clear to me that McCain is desperate to turn the tide of the campaign. Obama is expanding his lead, especially among independents and women voters. McCain has nothing left to campaign on other than 'character' issues (code word for Race, Patriotism and Smear tactics). Sending his fuzzy bunny Sarah Palin out to sling the mud is probably a good idea. If the Obama campaign tries to combat her winks and folksy sarcasm, she can cry 'foul' and 'unfair' and 'sexist'. Besides, she can't say anything worthwhile anyway and we've heard all her talking points already.
Obama, on the other hand is playing hardball against McCain. His associations with the financial industry and clear track record of calling for Deregulation are FACTS. I just saw a bit of video from a public press conference in March of this year where he called for "deregulation and removing impediments to capitalization' in response to the housing market weakness. Now THAT is a FACT.
Launched today is the Keating Economics website. This is a comprehensive review of John McCain's involvement with the S&L bailout of the late 80's and early 90's. There is research and reference material along with a 13 minute video documentary. It's clear that he hasn't learned his lesson. McCain's campaign manager Rick Davis is/was a lobbyist for Fannie Mae and Freddy Mac. Taking a LOA while holding a ownership position in the lobbying firm is a joke. He did the same thing to head McCain's 2000 campaign only to return to his lobbyist ways immediately afterwards. Read about McCain's current ties, and Rick Davis on my previous post "The $2 Million Man" .
It's clear to me that McCain is desperate to turn the tide of the campaign. Obama is expanding his lead, especially among independents and women voters. McCain has nothing left to campaign on other than 'character' issues (code word for Race, Patriotism and Smear tactics). Sending his fuzzy bunny Sarah Palin out to sling the mud is probably a good idea. If the Obama campaign tries to combat her winks and folksy sarcasm, she can cry 'foul' and 'unfair' and 'sexist'. Besides, she can't say anything worthwhile anyway and we've heard all her talking points already.
Obama, on the other hand is playing hardball against McCain. His associations with the financial industry and clear track record of calling for Deregulation are FACTS. I just saw a bit of video from a public press conference in March of this year where he called for "deregulation and removing impediments to capitalization' in response to the housing market weakness. Now THAT is a FACT.
Hey Sarah Palin - another Musical Missive
So I start posting musical missives, and now they are arriving in my mailbox. Here's one I couldn't help but laugh through:
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