Thursday, September 18, 2008

Sound Fundamentals

"The economy is fundamentally sound."  John McCain.

Apparently Presidential hopeful John McCain does not live on the same planet nor in the same country as you and I.  This statement is beyond comprehension.  The mortgage world is beyond absurd.  I work in Stockton, CA, the city with more foreclosures than any other.  The unemployment rate in the county I live in, is over 13% and the nationwide unemployment is 6.1%.  I have no idea how many manufacturing jobs have been moved overseas in the last 8 years but I would hazard a guess that it is more than in the history of the country.  In fact, we are in danger of losing every manufacturing job in the country to overseas labor.  My brother-in-law works for Sylvania lighting in So. California and most of the light bulbs they now sell are made in China. This process has a demonstrated 60% failure rate and yet Sylvania accepts that failure rate because the labor is so cheap it still is profitable.  We have not had a true anti-trust suit since Bobby Kennedy was Attorney General (for your youngsters that would be 1963).  Now we see the federal government nationalizing AIG.  This of course after such colossal failures with Bear Stearns, Fannie Mae, Freddie Mac, and Lehman Brothers.  AIG will cost the taxpayers 85 Billion dollars -- that has got to be close enough to salvage a lot of personal home mortgages.  Couple that with the 100+ Billion dollars spent in Iraq funding George W. Bush's and Dick Cheney's friends.  Washington Mutual is about to go under.  In the meantime oil companies announce record profits of 10-13 billion dollars per QUARTER.
Enter presidential hopeful, John McCain.  John has 7 homes which he sometimes cannot remember.  I do not know if that is he cannot remember he has 7 homes, where they are or why he has them.  John believes that middle class income is $4million.

The economy is fundamentally sound the same way the emperor is dressed.  It is because I say it is, and, if one says it enough then we will all believe it.  I genuinely feel like I have fallen through the looking glass.
I am ready for a change -- the kind of change that John McCain cannot bring because he cannot see anything but a fundamentally sound economy.
John, you will get my vote --- when pigs (with or without lipstick) fly!

Don't believe me?  Try this:

"Wall Street's Just Deserts"