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Saturday, September 20, 2008

Presidential Election and Financial Crisis

I’m of the strong opinion that in order to understand the problem that our nation is facing financially you would need to know all of the facts that caused it. It is wiser to have the facts before you than just present a plan for the sake of saying you have a plan. That is just the wrong way, and a very irresponsible way to do things when your nation is facing financial collapse. There is not a band-aid big enough for this problem facing America! Senator John McCain who is running for President thinks it is as easy as that and it is not.

Anyone that has worked in quality control knows that you just don’t guess on the cause of a systems failure. You wait to get all of the facts, examples, research the probable cause of the failure, investigate all probabilities, and eventually you find the root cause of the failure. CSI (Crime Scene Investigation) is very similar to a very well run quality management system. There are steps that need to be taken before you tell the chicken to stop laying eggs because an egg broke on Wall Street. As any good lawyer will tell you, you don’t ask a question in court when you know what the real answer is. Same thing works for quality control and the same thing needs to be in place before any politician races forward with a quick fix plan such as Senator McCain has done with this nations financial market meltdown.

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Barack Obama did the right thing by not offering a quick fix to this situation till he knows all the facts. Throwing hundreds of billions of dollars if not $1 Trillion dollars at this issue is not the only answer and Obama knows that. Changes in the way our nations financial markets work needs to be looked at very closely and the roll that our government played in this collapse needs to be looked at as well! There is no quick fix and as a Presidential candidate Obama and McCain are not privy to the information that President Bush, Secretary Paulson, and Fed Reserve Chairman Bernake are very well informed of.

When John McCain tells you he knows how to fix this problem and has the experience to back up his words I find serious doubt in his word. When his General Co-Chair campaign manager is Phil Gramm who derailed every opportunity he could to free up Wall Street and the financial markets and stripped the safe guards that Franklyn Roosevelt put in place to prevent another financial collapse. John McCain was right there with Gramm on these votes to suspend regulation of the banking industry so there is some root cause suspect right there.

When you look at what John McCain has said about privatizing Health Care just as he has DONE with BANKING then you see even more root cause for the financial crisis that we all will end up paying for. When you look at the stance that John McCain wanted to privatize Social Security and let it be market driven then you see more root cause to the financial crisis facing America today. Both scenarios point to a future bailout that would dwarf the current one we as American’s will have to pay for.

We all know what a lemon is when we buy it as a car, I think you can spot a lemon in a political candidate when you see one. Just last week John McCain wanted to change our nations Health Care system just like HE CHANGED our nations banking system.

If you know a retiree, then warn them that the checks they receive every month may rise or drop with the market on Wall Street if John McCain is President. Can they afford the gamble that McCain wants to take with all the years they paid into Social Security? Could they afford to live if the same crisis happened to their retirement benefit if it collapsed because Wall Street became greedy and started passing out millions of dollars in bonuses from get rich quick scams. That is exactly what happened in the housing finance markets and those that got paid are sitting fat and happy.

There was a reason why FDR put in the fail safe regulations on the markets and banking industry, it was to protect the people from losing their hard earned money. Their was a reason why John McCain and Phil Gramm removed those protections, there was money to be made by friends.

By all means, you can vote for John McCain for President but you had better learn to say “Paper or plastic” in the job you are going to have to get when you are seventy or eighty years old. Enjoy your golden years but get a job you free loaders that should have a secured retirement benefit from Social Security!


*****Reuters has picked up this entire post! Thank You

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