I know everyone has either seen or heard the debate/town hall from last night. Obviously, Obama handily won this debate on multiple levels - coherency, style, presence, and issues. Senator McCain.....not so much.
Just a few observations:
(1) McCain never said the phrase "middle class" during the entire debate. Should it matter? I don't know, but it seems like he just can't bear to bring himself to address the widest swath of the American electorate - just like he appeared unable or un-willing to look BHO in the eye during the first debate (and for most of the town hall).
(2) McCain's body language seems frustrated - like the "know-it-all" geezer who becomes indignant when he thinks someone less qualified is questioning his authority. I've noticed on too many occasions (more than I can count) - that McCain says "I know how to....(fill in the blank with 'win this war', 'catch bin Laden', 'fix this economy', etc.)" But, he never says exactly how he'll do it.
(3) Hidden racism - - not the "THAT ONE!" comment. That was just flat-out disrespect. I'm talking about McCain's dismissive assumption that the young Black man who asked about the direct impact of the rescue package on his individual situation - probably never heard of Fannie Mae or Freddie Mac prior to this crisis.
(4) I think BHO blew the answer on a so-called "Obama Doctrine" for committing forces to humanitarian efforts (Darfur, Rwanda, Somalia, Congo, etc). Granted, it was a curve-ball, but BHO had a weak answer. McCain was much more definitive and pragmatic with his answer - saying that the US should determine its involvement based on its ability to beneficially affect the situation.
But the whopper of the night was McCain's supposed genius idea that he thought up all by himself - the $300Billion taxpayer buy-out of all "bad home loans". His rationale is by doing so he will help house values stabilize and ultimately preserve the American dream. WTF?!?!?!?!? The conservative base just had a stroke! If that isn't socialism, I don't know what is!
A few things about this original idea -
(1) - it was already a provision in the $840 Billion package (included under a section that gives discretion to the courts to intervene on "bad loans "under certain specific conditions).
(2) - McCain's plan calls for the re-purchase of these "bad loans" at the value that they were issued, then re-negotiate them at the current market value. That means the banks stay whole, and the taxpayer/homeowner pays twice!
(3) - this $300B plan is in addition to the $840 Billion already pledged. How does this fit into his "across the board spending freeze" and position that government is too big?
(4) who qualifies? Just about everybody I know has seen their home value fall.
But - even though it's another wild attempt at a game-changer, McCain has hit upon something that will resonate with the un-educated voter. The plan sounds like "McCain will fix my mortgage and save me from foreclosure!" A desperate American at risk of being homeless might pull the lever for McCain solely on this empty promise. Not good for Obama, not good for America.
I found a great plan that would position Obama as a economic champion - in much the same way that FDR provided sound leadership out of the Great Depression. Check it out here.
It's really worth the read because my summary can't do it justice. But the points are simply:
(1) A 2009 tax credit of $10K to homebuyers for had the FICO score and verifiable income, but still got sub-prime loans because of unscrupulous lending practices.
(2) Convert the loans for these qualified people to a fixed 5.5% 30 year mortgage backed by the US govt.
(3) A 2009 & 2010 tax credit of $3000 each year to people who purchase a primary residence in those years (to encourage people to start buying again)
(4) Offer banks incentives to convert delinquent ARM loans to fixed rate loans and provide a 3 month grace period for borrowers to get back on sound fiscal footing so they can begin to make regular payments.
(5) A US Treasury bond purchase program for 401K participants to help finance this housing stimulus package.
(6) extended unemployment benefits, and a re-hire incentive program for companies who had to lay off workers because of the economic crisis.
(7) A one-time tax write-off for Americans over 55yrs old who lost at least 20% of the value of their retirement or 401K in 2008. They could write off 50% of the loss up to $50K
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Oh yeah, in today's AP wire:
"WASHINGTON — U.S. airstrikes in Afghanistan on Aug. 22 killed some 30 civilians, far more than the military has previously acknowledged, Defense officials said Wednesday.....Gen. David McKiernan has said there are not enough U.S. ground forces in Afghanistan, so the military is relying more heavily on air power _ a greater risk in a conflict where insurgents don't wear uniforms and intentionally mix with the general population for protection."
This is only the latest rash of civilian deaths due to American military blunders. It will be interesting to see how long the McCain campaign accuses Obama of being un-patriotic when he spoke about air raids and civilian casualties in Afghanistan.
Peace and blessings,
Mike.
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