John McCain got lucky last week. Less than 24 hours after the New York Times broke a story about McCain’s campaign manager, Rick Davis’ ties to the Freddie Mac, the big home lender that failed during the Wall Street collapse, the story disappeared from the headlines.
It had to happen: Some Republicans are trying to blame the Democrats for the mortgage meltdown, and for the stock exchange crisis that this has triggered, because Democratic politicians have allegedly pushed laws to make it easier for lower income, inner city householders to get mortgages. Also, some are asking what’s the big deal about owning property anyway? Wasn’t it presumptuous and stupid for people who are one paycheck away from poverty to take on mortgage debt they couldn’t afford?
The turmoil in financial markets and the bailout to the tune of $700 billion has turned the public eye and wrath on Wall Street and Washington. While millions are aware of the triggering causes, ranging from predatory lending to deregulation to insatiable greed, what isn’t so obvious is the longer-term process that brought our financial system and economy to the edge of the abyss.
In a vote that was heard around the world, reactionary Republicans along with some progressive Democrats in the House torpedoed a bill to stabilize financial markets. The compromise deal was better than what was initially proposed by Bush and Paulson, but did little to stimulate the economy or attend to the crisis of everyday living experienced by millions of ordinary Americans — who, it should be said, played by the rules.
The Bush administration has proposed a massive bailout plan of at least $700 billion (maybe as much as $1.7 trillion) to stabilize the financial system amid the biggest economic crisis since the Great Depression. Treasury Secretary Henry Paulson, a Bush appointee, and the president are pushing for Congress to rapidly pass the plan this week with little debate and no amendments. The right wing and the banks want a plan that gives a blank check to Wall Street with no oversight.
Wrong? Capitalism in crisis The truth about oil 9/11 Land for the landless
The ugly days of the 1950s witchhunts returned to the headlines this month, hitting me in a very personal way.
The world has watched with enormous admiration as storm-battered Cuba pulls itself together after the unprecedented devastation of Hurricanes Gustav, Hanna and Ike.
The largest crisis in U.S. financial history shook the foundations of Wall Street this week. The aftershocks of the earthquake that toppled the 158-year-old Lehman Brothers investment bank, Merrill Lynch and the AIG insurance giant — all within a 24-hour span — shook capitalist markets around the globe.
The numbers are finally in! John McCain’s Double Talk Express has been hitting Barack Obama hard at every opportunity spreading all kinds of misinformation about his tax plan. According to McCain, Obama’s tax plan will mean more taxes for you. By “you,” either McCain is mistaking his audience for wealthy businessmen, or he is outright lying. Either way, the numbers are in, and the right-wing “maverick” has gone down hard over the facts.