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So there’s a big to-do going on about the words of one of McCain’s (now former I’d assume) financial advisers. This cat Phil Gramm said in an interview with the Washinton Times that ours is a “nation of whiners” and that the current recession is all in our heads. Well done Mr. Gramm, perfect timing for such remarks when McCain himself is hanging in Detroit Michigan, a place that’s been struggling under job loss and market collapse for some time now, mostly as a result of the failed economic programs and policies that McCain still to this day clings to.
Right now the two big government backed mortgage managing institutions Fannie Mae and Freddie Mac are continuing to post losses and the stock market is reflecting the downturn with drops in stock prices anywhere from 10-20%. There’s talk of the Treasury needing to step in and bail them out to the tune of roughly $1 trillion of the tax payer’s money, but such a thing is unlikely to happen either with this President, or the next due to the highly charged political climate. The collapse of these two institutions could prove to be worse than the fall of any investment bank.
Now I don’t know that Obama would prove to be any better when it comes to fixing our broken economy, but I know for a fact that McCain is stuck behind the times and clinging to a past that doesn’t exist, total reform is going to be needed to remedy our current troubles. Sadly I don’t think anyone in our government has the brass to step up and try to implement those changes.
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