Much of the focus in tonight's vice presidential debate will be on whether Democrat Joe Biden or Republican Sarah Palin says anything stupid. Odds are fairly good that one or both of them will stick their foot in their mouths in front of millions of TV viewers.Though I am a political junkie, I am hoping that tonight's festivities are gaffe-free. The economy is in such a horrible state that Democrats and Republicans have to raise above partisan politics. In particular, they need to do something to address the heart of the problem -- the millions of people facing foreclosure. Many of them are there because they purchased homes they could not afford. I have heard all of the talk of letting the market correct itself and of moral hazard. That's simply not good enough.
I find it difficult to believe that the U.S. government lacks the resources or the know-how to figure out which homeowners should be helped and which should be left on their own. Why is it so impossible for the U.S. Congress to include some relief in the $700 billion bailout to Wall Street for homeowners? Housing advocates and some bankruptcy judges are arguing that judges should have the power to change the terms of mortgage contracts for people who have sought protection from their creditors. That seems like a sensible idea to me.
Unfortunately, I am not expecting much substantive talk about the economy tonight. Palin, the governor of Alaska, is being kept away from the press after making a fool of herself in some recent interviews. The Tina Fey caricature of her as a loudmouth hick appears to be taking hold. Polls indicate that most Americans believe she is not qualified to be president. John McCain is the only one who seems to think otherwise.
Democrats are keeping an equally tight leash on Biden. The Delaware senator is in love with the sound of his own voice. His handlers probably rigged him with electrodes to shock him whenever he blathers on for too long. Moreover, he has said many stupid things over the years in the heat of the campaign -- including calling Barack Obama "clean" -- that the Democratic nominee would rather voters forget.
In the end, the debate will probably be an entertaining but not informative bit of televison.
For a quick-read on the U.S. economy, check the price of gasoline
Closing Bell: What Friday 13th curse? (ANF, BA, GENZ, DIS, PALM, PLA)
Cramer on BloggingStocks: Recognize the ludicrous pattern
Reader Comments (Page 1 of 1)
10-02-2008 @ 8:06PM
cinderelle said...
Amusing that one would write such a thing. What are Obama's qualifications to be "PRESIDENT". I haven't heard or seen any except for "his desire for power". We are extremely lucky to have Joe Biden as his running mate because god bless this country if Obama were totally in charge. Give her (Palin) a break for look at the alternative of not having McCain and having that "Idi-t" for a president. We are all very tired of the way things have been for the last eight years but let's not go overboard and elect someone who is obviously incompetent, power hungry, incapable (except for having Biden as a running mate), I see nothing other than a mouthpiece in that man.
10-02-2008 @ 10:00PM
Jeff said...
This New York Times article from september 30, 1999 explains exactly how we got into the current economic situation in the first place. Read it for yourself. End the mindless Bush Bashing.
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A 96F958260&sec=&spon=&pagewanted=1
10-03-2008 @ 5:09AM
Divya Jain said...
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10-02-2008 @ 11:37PM
JCH said...
The article does no such thing.
But keep tryin'. Keeps you busy.
10-02-2008 @ 11:36PM
Donna said...
All the foreclosures are not about people who bought what they could not afford. Some were able to afford their payments until oil prices went up a lot higher fast, making everything else go up with them, except for their pay.
10-03-2008 @ 5:47AM
Charles Clark said...
We got into the current economic mess because Americans voted for a Republican president in 2000 and 2004. Plain and simple. Every Republican president since 1929 except Dwight Eisenhower has harmed our economy. Conversely, every Democrat president since 1929 excepting Jimmy Carter have improved our economy. Clinton left a great economy, a balanced budget and 559 billion dollar surplus, after inheriting the worst economy since the Great Depression from Reagan/Bush. And of course Republicans gave us the Great Depression itself. Sad so many are blind to the obvious. See http://en.wikipedia.org/wiki/Bill_Clinton
10-03-2008 @ 10:02AM
Andrew Abraham said...
Does it really matter what they say... how about what they do... this situation is very hard on so many people.. this week on MyinvestorsPlace.com so many people were chatting and so confused on what to do... nothing is clear.. the question is what should the layman do now.. what should the professional do now... these are such uncertain times... does it really matter if the $700 billion bailout passes or not?? What effect does it have on us the populace... The members want to hear your thoughts...
10-03-2008 @ 10:50AM
Gigi Messick said...
What professional's?
Its the big shots, that can't dig the paper out of there butts, that has gotten this USA and many countrys in so much trouble, the Goverment, is at fault, giving them selves lots of mony, and people that are retired only get 626.00 a month, why don't they try living off of that. I worked hard and paid taxes. and this is all I get.what ? they call the USA the land of the free, if it was, why is there so many people trying so hard, and the government can back stab all us Americans in the back. its there fault that people are loosing there homes, can't put food on there table, but Laura Bush can affor 10,000 dollar dress, and Bush will get to keep his money that he makes now, so who is corrupted. the Goverment. and Every one makes fun at Palin, shes down to earth. she has been there, she is trying to get things done, so thats it, its my story, and I am sticking too it.