The insurance giant AIG is making noise about going under, the Merrill Lynch sale to Bank of America announced this morning and the rejection of emergency funds requested by Lehman Brothers over the weekend which has caused them to file bankruptcy, when stacked with the recent failures of Fannie Mae, Freddie Mac, Bear Stearns, et al has made it clear that the economic policies of the Republicans and the Bush Treasury department are so many chickens coming home to roost.
Folks, this election should be about our economy and the financial drain that is the Iraq War. Tax cut and spend "fiscal conservatives" have had a fine time raping our economy for 8 years and our Democrats in Congress have largely gone along with it. When it comes to big money Wall Street issues there is truly only one party in our country.
We need serious financial markets reform and we need it now. The fact that there has never been regulation of the financial derivatives markets, and the bundling of mortgages into financial instruments sold countless times to investors which has caused the real estate bubble to burst paired with the goofy policies of the US Treasury under Bush has caused the once vaunted US ecomony to tank should be our top argument for electing Democrats to Congress and Barack Obama to the office of President.
So where are the D's? Mostly silent. A few people have been working dili9gently behind the scenes to bail water out of the dinghy, like Senator Chris Dodd (D-CT) and in the House Reps. Barney Frank (D-MA) and John Larson (D-CT), but most of the Democrats running for Congress in Indiana have not been speaking much about the issue of our time that makes all other issues pale, save for Baron Hill. If we don't save our economy soon this whole grand experiment of the last 232 years could come crashing down around us.
If you have money in the markets, give serious consideration to cashing in and put your money in something safe like precious metals or even a simple savings account. If we as a nation decide to elect John McSame as president we are definitely going down the tubes financially. This is a man who has already admitted to not knowing much about economics. This fact alone ought to disqualify him for the office, and if Obama doesn't start hammering him on this point and soon we will miss the greatest argument we can make to the voters.
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