Happy days for Obama

William Murchison's picture

So here we are — wherever “here” is, economically, financially speaking. The House balks at the bailout. The markets tumble. What next? No expert who tells you he knows what’s ahead is to be believed, and you can tell him a colleague said so.

I wonder if we might, anyway, engage in some guess work. I have a few notions of my own.

I think the election of Barack Obama has not been cinched, but that the Democratic ticket’s chances are vastly enhanced. It is a melancholy thought. I share it with reluctance.

If I correctly read human nature, I see my fellow Americans as ready for a brand-new version of the same-old same-old. I see them ready, that is, for “change.” For anything but news accounts about the crash of companies and the shredding of retirement accounts and stock portfolios.

The most sensible editorial page on the planet, the Wall Street Journal’s, saw the bailout bill as generally, under the anguished circumstances, OK. That gave some hope. Yet the House went ahead and shot the thing down.

I have the sense that Americans, whatever their view of the proposed bailout, are sick of the whole sideshow. They want it to go away. But it won’t. So they hope for something new.

Many are tired of the old doctors — associated as they are with painful treatment rather than cure — with bailouts, with takeovers, with anguish, with loss. They want a new set of physicians. In fact, I think what they want is that which children who cut their fingers want. They want authority figures to “kiss it and make it well.” But just get it done!

This is where we are politically, I think. The polls show Obama sprinting into the electoral lead. I do not think it is because he is Barack the Wonderful. I think it is because he was outside the room when the ceiling came crashing down unexpectedly and the moaning started.

Nor do voters require him to have infallible answers. They require only that he inspect the damage, pick up the phone, call in the work crews.

Which can be a problem for the new gang. What if they don’t work out? What if their plans aren’t any good, or anyway noticeably better than the old plans?

The Obama administration — see, I am starting to think of it in those terms — lacks ideas unconnected with enhancing the clout of “progressive” interest groups like labor unions and “community organizers.”

Tax increases, suffocating oversight of credit decisions, general dampening of the spirit of innovation and risk-taking — stunts like these can keep an economy stalled indefinitely, to the mounting anger of those who demanded “change” to begin with. Even the House has come to wish it had bailed out for dear life.

We shouldn’t say the Obama administration will, for sure, carry out such notions. Its members, some of them, might have better sense. Yet there is little in the Obama portfolio to suggest affection for private, as markedly distinguished from public, economic initiatives.

Yes, yes, yes! Agreed! Particular Wall Streeters have proved themselves at least as dumb and shortsighted as the nosiest regulator. Yet many of these merely responded to government initiatives such as the push for universal home ownership financed by interest rates held too low for too long by, yes, federal policy.

Successful economic policy for the long haul is biased in the direction of freedom and opportunity-seeking: commodities you want more of, not less.

I grant it’s early for pulling long faces over the expected humbling in a few weeks of those politicians generally wedded to freedom and opportunity-seeking. I have to encourage them all the same to get ready.

Things don’t get look good, and perhaps shouldn’t, for the party that ran Washington for most of the last eight years. There are tides in the affairs of men that wash out to sea those perceived, fairly or not, as complicit in failure.

I hope that’s not what I see right now — a tide forming up for Democrats as well as Republicans who consistently, and honorably, come down on the side of freedom as a basic ingredient for economic success. I hope, nevertheless, they know how to swim.

COPYRIGHT 2008 CREATORS SYNDICATE, INC.

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Spear Road Guy's picture
Submitted by Spear Road Guy on Mon, 10/06/2008 - 10:06pm.

You'd think we already had the election the way they ooze over the guy.

The laugher was the polls saying the people thought Obama was more capable of handling the crisis in the economy. What gives them that feeling?

Vote Republican


diva's picture
Submitted by diva on Tue, 10/07/2008 - 6:48am.

"The fundamentals of the economy are sound"

stock market crash.

"The fundamentals are the American workers"

sustained loss of jobs for 12 months plus 6+% unemployment

"I'm not too smart on economic issues"

Spear road guy, do you think we should not listen to your candidate and blindly assume he and mayor Palin know what the heck they're talking about? "We have trade missions with Russia" :$


Submitted by fluffybear on Tue, 10/07/2008 - 7:36am.

Do we really want to discuss all the factual errors that Barrack Obama and Joe Biden have made? Biden made something like 17 such mistakes alone during the VP debate.

Also, it might help if your candidate wants to speak about companies such as AIG that he actually knows what the acronyms stands for.

Did you know that this type of mess has happened before? 6 times to be exact! Both parties are to blame for this mess so let us not try and lay the blame just on George W. Bush. You might be surprised how dirty not only the democrats but your candidate really is.

Let us also not forget that McCain introduced legislation on more than one occasion to reform Freddie and Fannie only to have it killed by the democrats. Names such as Chris Dodd, Barney Frank and Barrack Obama keep popping up as key people who blocked it.

diva's picture
Submitted by diva on Tue, 10/07/2008 - 7:47am.

SEA MINE Because no matter how many times you are hit over the head with facts; no matter how many sources you are linked to, you continue to read your email and then spout its unverified, unsourced contents as truth. Jeff C. did a far more patient job than I can ever do in leading you guys to facts, yet you refuse to drink.

First: The republican talking points say "14 lies" not "17." Might want to check that Towne Hall article again.

Second: Here is the well-sourced post from Jeff C. that you willingly ignore. Suits me fine. When you don't bother to source your own points, the only one left ignorant of facts is you. I'm not calling you ignorant. I'm just saying that, in this case, you are unaware, and willingly so, of the "facts" which you post.

If you have sources better than these, we'd love to see them.


JeffC's picture
Submitted by JeffC on Tue, 10/07/2008 - 9:51am.

The McCain camp is increasingly desperate and with good reason. Obama now seems to have put New Hampshire out of reach (a new prediction +4EV Obama) as well as New Mexico, Minnesota and Pennsylvania as predicted before.

NH gives Obama the win with 273.

Worse for McCain, Obama is now ahead significantly in Ohio, Florida and Virginia while leading slightly in North Carolina and Nevada. Worse still, polls show Obama trending up in all these states and McCain trending down. These states have an additional 80 EV's and McCain cannot win unless he sweeps the set plus takes another state from Obama in which Obama now appears to lead by over 5 points.

Palin seems to be leading the charge against Obama and pointing the way for the rest of the campaign with her guilt by association charges linking Obama with Ayers. Rev. Wright is coming soon. Greg Strimple, one of McCain's top advisers, stupidly allowed himself to be quoted in the Washington Post saying, "We are looking forward to turning a page on this financial crisis and getting back to discussing Mr. Obama.” His quote is already in Obama's stump speech and advertising giving Obama the opportunity to bolster his charge that the republicans don't want to talk about issues much less the economy.

For reasons that I do not have a clue as to why, the choice of Palin seems to be crippling McCain's support among Jewish voters, a strong and significant bloc in Florida which is now rapidly turning to Obama. Former defense ministers in Israel have produced a video for Obama and Bradley Burston who writes a column (called “A Special Place in Hell” denouncing perceived enemies of Israel) for Haaretz, Israel's largest newspaper, produced a scathing anti-Palin piece denouncing her tactics:

Obama-hate, and Sarah Palin's War on Terror

McCain and Palin's new “smear Obama” strategy will almost surely fail and will rebound to Obama's advantage. First, Hillary tried it and failed and the allegation is old news that has already been covered. Secondly, it allows Obama to respond in kind, linking McCain to the Keating Five and Phil Gramm, while at the same time still focusing on the economy and appearing to take the high road.

Four weeks to go. Four weeks ago AIS was the largest insurance company in the US, Lehman Brothers was one of the largest brokerage firms, Wachovia was an independent bank and Freddie and Fannie were solvent; so apparently anything can happen.

Tonight's debate will be interesting.


Fred Garvin's picture
Submitted by Fred Garvin on Tue, 10/07/2008 - 10:16am.

"Obama now seems to have put New Hampshire out of reach (a new prediction +4EV Obama) as well as New Mexico, Minnesota and Pennsylvania as predicted before."

Of course he's ahead - with his paid affiliates of ACORN working overtime in every state in the nation to register felons, illegals, and dead people to vote democrat, he's sure to steal the election.


Submitted by skyspy on Tue, 10/07/2008 - 11:16am.

They just touched on this today. The New York Post reported on the dems caught committing voter fraud. I guess if it is the only way you can win, you have to cheat. What else can the dems do? It's the only way they can win.

JeffC's picture
Submitted by JeffC on Tue, 10/07/2008 - 10:44am.

Y'all taught us well.


Submitted by Spyglass on Tue, 10/07/2008 - 9:53am.

and it will, in my humble opinion, be a disastrous 4 years of Obama. I sincerely hope I'm wrong about the disaster part. I have never thought it was a good idea to have ONE party control both the POTUS and HOUSE/SENATE.

I simply cannot see how either party can continue to pander and buy votes and it not continue to get us further in a HOLE.

Submitted by boo boo on Tue, 10/07/2008 - 2:21pm.

It took 8 years of greed to put us in this situation, it is going to take years if ever to get us back on track again. Personally I don't think the U.S. will ever be the same. You only have to listen to Cspan these past couple of days and watch these Corrupt CEO'S, COO'S AIG'S 700 person AIG Good Old BOYS Club who gave themselves bonuses, after bonuses after bonuses while losing Billions and Billions of dollars and yet telling the Share holders of AIG, Oh were doing just hunky dory...When this administration is removed from the White House, I believe we will see more and more corruption uncovered. While watching these people testify and try to justify their millions and millions of compensation, it is absolutely criminal..We have a very sick society, and this country needs to regulate the h--l out every business until these egotistical, greedy, self serving slime bags, are removed from all companies.

Yep, it will take much more than 4 years..Just because they wear a fancy suit and tie, doesn't make them any less a criminal. What is amazing, to listen to them talk, they have done nothing wrong. Yep, sic!

Submitted by skyspy on Tue, 10/07/2008 - 4:05pm.

We will recover from the clinton subprime housing mess.

Our country will recover and maybe be even stronger. America has survived many disasters and wars. Remember if it doesn't kill you it makes you stronger.

Submitted by boo boo on Tue, 10/07/2008 - 7:31pm.

Clinton sub prime mess, yep, him along with Phil Graham, McCain's side kick, who created the bill for Clinton to sign...Dem's, Re pub's all share in the complicity. I believe everyone assumed they were dealing with honest people and would be honest in how the Mortgages would be given to people. When we bought our homes we were checked out thoroughly, these banks/lenders did not do this, they didn't need to. They all came up with a plan to just keep selling the same Mortgages over and over again. Why not, NO REGULATIONS, no one told them they couldn't. Hey look at this they even signed a bill telling us we can loan money to anyone we want, YAHOOOOO! No one held a gun to these bank/lenders, heads. These lenders did not care if these people could afford to pay for these loans. After all they never kept the loans, not my bank/lender problem. All along each bank was getting fees(thousands of dollars) each time it was sold. Now here we are holding the empty houses so to speak. Stronger Country, I hope so, but not as long as the Foxes are still in the Chicken Houses.

Cyclist's picture
Submitted by Cyclist on Tue, 10/07/2008 - 3:02pm.

...and this country needs to regulate the h--l out every business until these egotistical, greedy, self serving slime bags, are removed from all companies. I'm curious as to what degree of regulation would satisfy. Surely, you are not implying a centrally planned economy?

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Caution - The Surgeon General has determined that constant blogging is an addiction that can cause a sedentary life style.


Submitted by boo boo on Tue, 10/07/2008 - 4:03pm.

I believe that would be communistic. The foxes have been living in the chicken houses and eating all the chickens. The farmer survives only because of the eggs from the chickens. What would you suppose the Farmer do? Being somewhat of a Farmer, I would either corral the Foxes or shoot them. What would you do?
After we gave AIG over 80 Billion dollar loan, what did the big shots of AIG do...well, they went to some fancy California resort to the tune of almost half a billion dollars to discuss their dilemma. What is wrong with this picture?

Cyclist's picture
Submitted by Cyclist on Tue, 10/07/2008 - 4:11pm.

Absolutely, shame on them. But my fear about the regulation thingy is how it will impact the multitudes of us that rely on companies making profits for our retirements since social security is a scam. Of course realizing my 401K today is shrinking - fast. (eyes rolling)
-------------------------------------------
Caution - The Surgeon General has determined that constant blogging is an addiction that can cause a sedentary life style.


sniffles5's picture
Submitted by sniffles5 on Tue, 10/07/2008 - 10:17am.

History has shown us that one party control of the presidency and the house and the Senate leads to excess, whether Republican or Democrat.

Nonetheless, unless Saxby Chambliss totally craters on November 4th, the Republicans should maintain an obstructionist 41+ filibustering minority in the Senate (thank you, Judas Lieberman!) which should derail most progressive policies.


Submitted by Spyglass on Tue, 10/07/2008 - 11:23am.

You can take that to the bank. And maybe, just maybe, we should give the "Founding Fathers" a little more credit than we sometimes do. The Senate sometimes needs gridlock. In my opinion, they've done WAY too much the last 20 years.

Submitted by susieq on Tue, 10/07/2008 - 12:01pm.

I like your posts. They are short and to the point. You give your own opinion without linking to or copying the opinion of others. And you are not overly critical of those with whom you disagree.

Submitted by Spyglass on Tue, 10/07/2008 - 12:22pm.

You are too kind...thanks...

Submitted by fluffybear on Tue, 10/07/2008 - 8:25am.

So it was not 17 factual errors but 14. Big deal! Still quite a bite!

diva's picture
Submitted by diva on Tue, 10/07/2008 - 8:30am.

Fluffy? Have you ever heard of quitting while you're behind? No. That's why you march on like a zombie through a hail of bullets. "Must eat flesh. Must regurgitate talking points. Must attack their candidate. Must eat flesh...."

Look, fluffy. Just click the link and then answer us back with factual support for your claims. It's that easy. You back up what you say and we shut up. Honest.


Submitted by fluffybear on Tue, 10/07/2008 - 6:30am.

The media tends to be easily manipulated by con artists and charlatans.

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