Its the Economy Stupid!

With Merrill Lynch bought to protect it from bankruptcy and Leyman Brothers in bankruptcy while AIG teeters on the edge, it becomes pretty darn obvious that the US economy is in dire straits. I am personally pretty freaked out. I am not sure where the bottom is and I don't think anyone does.

• Will this affect the funding of my company?
  
• Will this affect our product launches in the near future?
  
• Will I ever be able to buy a house now?
• Will I lose my job?

I have to think that these are the thoughts of countless Americans now. So what does McCain say today? "despite fears over the "turmoil" on Wall Street, "the fundamentals of our economy are strong."

I don't care if you are a Neo-con, a Republican, a Libertarian, a Democrat, or an Independant, how the heck can you support that statement. The man is so out of touch that he is dangerous.

Here is Biden addressing both the economy and McCain's statement today. This clip is his stump speech in Michigan.


This whole mess can be traced to the Gramm-Leach-Bliley Act of 1999, the Gramm in the act is Phil Gramm, McCain's economic advisor. This bill was passed through a Republican Congress and Senate in 1999 and gutted the Glass-Steagall Act of 1933, which was put in place post-Great Depression to prevent exactly the kind of mess we are in now. Gramm is also tied directly to the Enron debacle and the UBS fiasco.

I can't imagine any reason to support a campaign that subscribes to Gramm's policies. Even if you are a billionaire, vote for Obama, it's the Economy stupid!

Updated: This clip from The Senate Committee on Energy and Natural Resources illustrates the point nicely.

During the hearing, Senator Sheldon Whitehouse of Rhode Island asked a question:

WHITEHOUSE: Gentlemen, we’re in the middle of a near total mortgage system meltdown in this country. We have a health care system that burns 16 percent of our GDP, in which the Medicare liability alone has been estimated at $34 trillion. We’re burning $10 billion a month in Iraq.

This administration has run up $7.7 trillion in national debt, by our calculation. And there is worsening evidence every day of global warming, with worsening environmental and national security ramifications. In light of those conditions, do any of you seriously contend that drilling for more oil is the number one issue facing the American people today?

(Long silent pause during which nobody answers.)

WHITEHOUSE: No, it doesn’t seem so.