McCain, Obama offer little on economy

The current financial woes started with the variable interest rate loan programs. This was the beginning of the abolition of risk management. How do you predict the risk of an individual's income growth years in the future? This requires a nonlinear analysis and is only valid for short foresight horizons, very much like predicting the changes in the stock market. Compound that with second mortgage investment and the impacts of making this a policy are exponential. There is nothing at this point time that either candidate can add to help the situation, it will take an analysis bigger than Enron. Therefore we can only look at how each candidate is approaching the issue. Obama and his crew are back in BLAME mode. McCain is at least approaching the situation with a active response. If either candidate supports a bailout, we are setting the stage for nationalization, socialism and government to government economies. One thing is certain, the lack of proper risk management in the financial sector and both branches of the government over the years have had a role in the events that brought about this catastrophe, the executive branch with it's dependence on a single financial advisor and the legislative branch with their complete lack of oversight.

There are two aspects of this that come to mind. First---the debacle was created by the notion that EVERYONE should own a home and the Democrat idea of making homes affordable to low-income earners and immigrants. The NO MONEY DOWN Mortgage was created. This was far more dangerous than the variable-rate mortgage because it required that the borrower had NO INVESTMENT AT RISK in the home. This is a wonderful liberal idea that should have been stopped in its tracks. But with the notion of huge profits to be garnered by the drive-up in home prices, everyone took their eye off the ball. EVERYONE. If there is NO INCENTIVE TO PAY THE MORTGAGE THEN WHO WOULD PAY IT? So, defaults became the obvious way to go for these people. ---The second thing I want to say is this: The only way to solve the crisis in this country now is to CUT SPENDING. Not tax people into oblivion, not create a huge federal bureaucracy, not give handouts, etc. CUT THE FEDERAL BUDGET IN HALF ON THE SPENDING SIDE. JUST SLASH IT. CUT EVERYTHING FOR FIVE YEARS. Pay our bills. Be responsible. Earn money. Save money. Pile up the CASH. And what President has the courage to do this? Only one: McCain.

I am an independent. I listened to McCain and Obama this morning. Neither one of them had much of any thing concrete to offer to resolve the problem. But while McCain had little to offered Obama was criticizing him for what he had said. Unfortunately I like this type of politics on the part of Obama even less. The Democrats are in control of the Congress however, they like to blame the problem in the current president and then want to compare McCain to him. Why not offer solutions like Pendamon below. I definitely agree with him. The problem here is that the government wanted to help many low income people get a piece of America by lowering the interest rate and a lot of people got greedy and began to increase their home prices as the interest rates were going down. And to top it off the mortgage companies began to allow a lot of this mess that we are in now by allowing many of these people to buy such expensive homes. Rather than the mortgage companies putting a stop to it so that the average seller would be force to sell for less. What needs to happen now, you might ask. Like Pendamon said stop the expending. Of course a lot of people are not going to like that and who ever is in office will not want to do this because he will want to give the people what the people want, even if what the people want is not good for them and the country. It will only take someone with courage to do this and I am becoming to believe that McCain and Palin would be the two who would had the courage to do it.

Of course they don't have any real solutions.It's too complex for their pea-brains to grasp.Both fell asleep in the senate along with the other 98.They will spew insults and put forth more of the same useless solutions.Where was the oversight by congress?Where is it now?When are the citizens going to hold these politicions accountable?The answer is:There won't be any real meaningful hearings.Fannie and Freddie got bailed out because they owned congress and the administration.Are the moroons of the country aware the 4 trillion dollars of debt assumed by the gov.for this bailout aren't going to show up as part of our debt.Also that SS and medi-care aren't included either!Folks I don't know how many books you keep for your household but only one tells the true story.In 20 years or less there will be NO MONEY to pay our debt and unfunded liabilities.That means we won't even be able to pay our military,the most basic responsiblity of our gov.I don't know about anyone else but electing the Dems or Reps for any office is the same old thing!!!!!I don't like bad-mouthing my fellow countrymen but just open your eyes and look at the things they and the media are discussing.Not one important issue facing this nation is being answered!Our government and the people are lost and deserve this mess.I don't know if the USA will make it or not.I do believe it won't if we stay on the same path.Please my fellow Americans start voting with your brain and not your emotions.Forget this party affilation nonsense and focus on ideas that are the best for our country,not yourself.

If economics and especially economic policy making were so easy we would all be millionaires. Funny story - real story. Something happened on the way to Congress. Instead of passing a bill that would make us all rich, which Democrats could easily have done after taking over in 2007, what actually happened is the Democrats overlooking the financial sector, especially the revered Fannie Mae and Freddie Mac, managed to enrich themselves with special "VIP" loans obtained with the help of the head of Fannie and at the expense of Countrywide (which, coincidentally is now just about kaput from giving loans that make no money). Meanwhile Charlie Rangle, instead of making us all rich by helping to pass that bill used his extensive tax code expertise (after all he wrote a large portion of the code) to shelter some of his income in an off-shore tax haven (i.e., he hid his income from himself). At least that is what he thought since as we now know even Rangle can make an "honest mistake" because he cannot understand the very tax code he is in charge of. But don't worry America. We'll all be rich as soon as we put Democrats in charge of even more of our government. Help is on the way. Vote Democrat in November and come next year the bill to make us all rich will be first up on their agenda. The bill, known as the "WAR" bill (We're all rich) will declare just what its name implies - that we are all rich. Of course the next bill that is passed will be the Obama Tax bill that only taxes the rich.

I'm no financial wizzard, but it seems to me that the only time an ARM makes sense is if you only plan to live in a home for a couple of years, and smart homebuyers would not wait for too long to refinance into a fixed rate mortgage, if they intend to stay in the home. That said, I think that Americans have to wake up to the fact that not everyone should be able to buy a home, and are better off renting until they can. There are people who jump into buying a house, a car, furniture, and a lot of other stuff in order to live the American dream, only to find out in a few months time when the bills come due they have no way in Hades to pay for it. I don't begrudge these people anything. They just have to pay the bill. Otherwise, we are the ones who will suffer. I didn't own my first home until I was over 50 years old, which is a long time to wait. I see young people who think they have to start out with everything their parents worked 20-30 years to earn. It's WRONG, if they can't afford it. And it is even more wrong for lending institutions to grant loans to people who can't afford a home, knowing that they will sell the paper, get their money, and someone else will take the hit when the home has to be foreclosed. Where is our sense of decency/outrage/accountability that this can happen? CONGRESS has been sitting back and letting it happen, particularly the dems because they want trouble with the economy. It is only through dissatisfaction with the current administration that they have a prayer of getting back the power they lost in 2000. So they will do everything in their power to make things as bad as possible, no matter who it hurts, so that they can "save" us. Knowing all along that their real intent is to continue to grow the government and nudge us ever closer to a socialist country. I would say that I hope I am in my grave before that happens, but I can't go down quietly when I have family to think about. It is something to think about.

It's very clear to see that the Alaska GOP has been hijacked by the crimminals running the McCain camp,if she has nothing to hide why is she running like a wounded Moose?This women is so dirty she makes Bush look like a saint.If she refuses to corperate with the Investagation then she should be impeached