Atlantis Alumni

Sunday, October 12, 2008

GOP Slime Machine

The GOP slime machine is in overdrive. The latest is that Obama is not a natural born US Citizen and thus cannot be President. Classic. There was also an allegation that rich people are pulling their money out of the US because Obama will be elected thus causing the slide in the stock market.

These are small people spewing large lies. People in the GOP, just admit it; you should have backed Romney, Huckabee or Paul and you would have been exactly 10,000 times better off. The lipstick on a pig analogy is very appropriate. McCain/Palin isn't real, it isn't even a vapor of a political campaign. Any one of your other choices would have been better/more appropriate and more up to the job of doing the right thing for the United States. It's the reason Obama and team are creaming McCain/Palin.

And by the way, you can't even vaguely claim to vote the bible for the GOP ticket. McCain left his wife in need for a rich heiress he met in a bar. Palin is leaving her kids at home (one of whom has special needs) while she pursues her national political ego. Perhaps if she or her husband was a bit less involved with shooting animals or fooling with pulling Alaska out of the United States they'd be paying better attention to their kids and her daughter wouldn't be knocked up.

I think most Americans are thinking the same thing; I don't have the cash to pay for my house this month and McCain/Palin are talking about shooting up Iran and capturing Bin Laden. Where the hell have they been for the last 8 years? I care about the next 8 years because my family will be headed off to college and I would like to think that maybe someday before I die I won't have to work a 10 hour day.

Folks, we are in a global economic meltdown. Read about it here. The truth of it is that it is a whole bunch of events put together, not just one item and certainly not due to anything Obama has done.

We can attribute this to our Republican President and Congress though. Much of the legislation specifically in the Gramm-Leach-Billey Act set the stage for the rapid chain of events that created many of our problems. President Clinton signed it into law though. Just means we gotta not get cynical and we have to watch every damned one of them!

Here's a little known item that happened in our recent $700 billion bailout (and please correct me if I have mis-interpreted this):

Market to Market valuations have been suspended. So what? Well, let's say Lehman Brothers bought a building in New York City for $10 million. Fine, who cares? Well, market to market means that the building is valued at what the market is willing to bear for the asset. Meaning that if the building is valued at $2 million because of a real estate bust than the firm must say so to their creditors.

Ok, so now Paulson and crew step in and market to market is suspended. So, if I understand this correctly, the firms that just tanked the global economy can now value assets including securities at their full purchase price on their balance sheets. Now maybe that's a rash oversimplification (and again, correct me if I am wrong) but that seems like one hell of a huge loophole to crawl through. And it is terminology that won't get picked up or acknowledged outside of the financial community. Bottom line is that it is like an invite to cook the books.

I mention this because the news media doesn't seem to want to. Stop thinking along Democrat and Republican!!! Last I checked, we are all Americans and we have to figure out how to pull together and yank our asses out of this mess. I just hope whoever is the next President has the good sense to call some of the brightest minds in our country and not try to make this stuff up as they go along!


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