Thanks for that little bit of info about Clinton's bill in '95, jwhop.
_________________________________________http://news.yahoo.com/s/ap/20080916/ap_on_el_pr/candidates_economy
The differences between Obama's and McCain's policies and perspectives on the economy is precisely where Obama loses my vote. McCain calls for a commission to find the source of this economic turbulence and Obama, as usual, rebuttles with a vague "plan" of his own: "leadership". This guy's ideas are so indistinct that they might as well be the fog in a swamp!
-What's that over there?
-Oh, that? That's change?
-How do we get through it?
-Leadership, duh!
Seriously, though, I can't believe McCain is receiving slack for saying that "the fundamentals of our economy are still strong"!
So is it completely wrong for someone to, aside from trying to reassure any general doubts and concerns, speak an obvious truth?
Newsflash: The economy is still going. This is not a depression. People need to calm down.
Of course, it's precisely the fiercely Democratic that would love for the economy to take a beating (despite it being against their own best interests) just so they can go around blaming it on Bush and the Iraq war. Well, guess what? I don't buy it!
Why is the media not covering the true source of this recent economic instability: the failing mortgages. If you ask me, the heads of those companies that grew from their mortgage lending should have had the foresight to see this happen but, unfortunately, you're not really expected to do your homework. I've seen the general practices that were exercised to try to get loans for clients. Lenders were expected to do anything they could to try to get the loan out to them. No questions. When they were selling, it didn't matter to them whether they would be able to pay the loan down the line or not. Lo and behold, it did matter because the companies would balloon with the provisions coming from these loans which would obviously begin to fail!
On the one hand, lenders should not have pushed their employees to sell by any means. On the other, people really need to take responsibility for what they can and cannot involve themselves in.
Aside: I'm glad the fed decided not to change interest rates today. The last thing needed is to transform people's concerns into hysteria.
Done ranting for now...