Bail-Outs, Markets, and politics

Over the past week-end, the media told the American media told us that if the Congress did not pass the $700 billion bail-out, the economy as we know it would fail. The credit market would freeze, thus nobody could get a loan or even make a transaction on their credit card. The American economy will go south, and foreign investors will leave, leading to a massive depression.

However, the Bail-out bill failed 228-205 in the House. Both sides blame each other and nothing will be done until at least late Wednesday to early Thursday due to Rosh Hashanah. Sixty-five Republicans and 140 Democrats went along with this Bail-out Plan. However, 133 Republicans and 95 Democrats voted against the bill.

The Bail-Out bill, we are told, would stabilize the economy and assure foreign markets that the US government was committed to keep the global economy going. However, what the government was really doing was to assume debt, good and bad, from banks and lending firms so they can keep the economy growing by freeing up money in the credit market. Now, with the defeat of the bill and the two day wait until reconsideration, the economy might take a further correction. The Dow Jones plunged 777 points and more will be lost until a better bill is in place.

It is refreshing to see a bill that was flawed and bad for consumers and taxpayers alike defeated, to force it back to the conference room and renegotiated so it can become a better bill.

First Debate

The debate on September 26, 2008, between McCain and Obama was an interesting one. Despite the financial chaos and the potential Congressional bail-out, the format of the debate was on foreign policy and national security. McCain got off to a slow start but once the debate focused solely on foreign policy, McCain crushed Obama.

The candidates fought each other to a draw in the first part. When pressed to state what he could cut or not implement, Obama went on about what he would invest in and that the only real spending cut would be to get out of Iraq. McCain stated that he made a career of cutting spending and that he would get rid of ethanol subsidies. (Goodbye Iowa going for McCain).

In the second half, McCain went after what Obama has said. Obama promised he would attack terrorists in Pakistan and meet with dictators from Iran, Venezuela, and Cuba without preconditions. Obama responded by stating that McCain threatened North Korea with extinction and sang about bombing Iran.

In this debate, McCain showed up and made himself look experienced and presidential. Obama muddled through the debate without saying anything substantial. However, I expect the media to spin this into an Obama victory.

9-11

Last Thursday, the nation remembered the seventh anniversary of a historic and tragic day that changed most of our lives. September 11, 2001 was a turning point in this nation's history. No longer could we sit idly by and watch those that oppose our way of life get away with murdering people who did not believe in their religious views. The attacks of 3,000 people in the World Trade Centers, Pentagon, and in Pennsylvania turn our attention to confronting a group of people that wanted to institute a tyrannical regime over the world, based on their interpretation of the Koran.

After the attacks, the United States went to war in Afghanistan to remove a regime that supported Islamic radicals and Al-Qaeda in their attacks against the United States and our allies. We have removed the Taliban from power but we must stay on the offensive in that country to ensure that they do not return to power.

Another measure that the United States took after 9-11 was the invasion of Iraq. Although Iraq was not part of planning the 9-11 attacks, Iraq has been supporting terrorism via Saddam Hussein giving money to the families of Palestinian suicide bombers, and by giving terrorists training facilities in Iraq. Many people believed that the invasion of Iraq was a mistake. Personally, I believe the Iraq invasion was justified. American policy since 1998 has been to call for regime change in Iraq, the UN passed multiple resolutions denouncing Iraq for not cooperating with UN weapons inspectors, and Saddam Hussein's history of tyrannical rule of his state with his ambition to become the leader of the region made him a threat to global peace.

In the seven years since that fateful, we have not had another terrorist attack on our soil. Let us hope that this streak will continue.

September 15

The Conventions are finally over. Both parties gained a lot from the two weeks of 24-7 media coverage. The VP picks helped both candidates, especially the GOP ticket. Joe Biden added foreign policy experience to the Democratic ticket. Sarah Palin added a fresh face to the GOP and united the party that was unsure of McCain.

Now it's a dead heat and both campaign are looking forward to the debates later this month. The last two presidential campaigns have shown that whoever spins their way to victory in the first debate usually gains the momentum going into the Election Day.

This campaign season will surely be exciting.

2008 Election

This blog will cover the 2008 Election after the Party Conventions. Both Presidential candidates will make history in their own unique way. The choice of Sarah Palin as the GOP VP has shook up the political landscape in the final months of the campaign. This election could potentially be a turning point in American political history. What does this mean for domestic and foreign policy? Who has momentum? Who will emerge from this duststorm to control the levers of power? Stay tuned...