As the very infrastructure of the American-dream collapses around us, McCain's senior economic advisor, Phil Gramm says that we are a nation of "whiners" and that the so-called economic crisis is only in our heads, "it's mental" the wise economist noted.
On the same day, the value of Fannie Mai and Freddie Mac, the two government-backed mortgage giants, plummeted on the stock market, sending panic through the investors that the US housing market might be on the verge of a total collapse. By the end of the trading day Thursday, Fannie Mai's stock was down 36% and Freddie Mac was down 41%, their lowest level in 17 years. These losses came on top of their $11 billion loss in the mortgage crisis. This means that they very idea of the American dream--that each hardworking family can own a home--is disappearing before our very eyes.
Since the two companies are by far the biggest providers of financing for domestic house loans, if they cannot borrow they cannot provide mortgages to commercial lenders. This means that it would become almost impossible for home buyers to obtain credit, bringing the US housing market to a standstill.
The Obama campaign has to run the clip of Gramm calling us a "nation of whiners" on a daily basis, reminding people that in a McCain administration, Gramm would be our Treasury Secretary.
I honestly believe that McCain lost the election yesterday.
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2 comments:
"I honestly believe that McCain lost the election yesterday."
I wish this were true. Unfortunatley, Americans have shown a completely counter-intuitive willingness to vote against the so-called "American Dream," to devastating effects before, so I wouldn't hold my breath over a comment that wasn't even made by McCain himself, even if Gramm is close to him.
As for Iran, both the US and Iran have been acting like international thugs - the former through unethical invasions, occupations, detainments and torture, the latter through extortion of neighboring states, theocratic bullying, and the illegal imprisonment - and in some cases even murder - of foreign citizens. It goes without saying that the situation becomes ever more daunting once one factors in the variable that the two leaders of these respective states may have Downs syndrome.
Its not in my nature to feel sympathy for the Revolutionary Guard, but the point is that US should no better than to poke Iran in the eye. It doesn't matter if they were members of the Waffen SS - you don't cross borders to interrogate foreign nationals. If they were captured in Iraq, thats quite a different story...
On the other hand, my final stance is lightly pro-US on this position (if one wants to break into binaries). The US, Europe, Israel, Saudi Arabia, the rest of the Gulf states are under absolutley no obligation to cowtow to Ahmadinejad's bravado. I am will not listen to anyone who evokes some psuedo-postcolonial (which has nothing to do with postcolonialism in reality) defending this subimbecile. That doesn't mean that there shouldn't be dialogue, just that dialogue can't take place under mutual threats.
Pug, I completely agree with you that both, the US and Iran are acting like international thugs. As well as with your argument that no one should cow under Ahmenanijad's stupid bravado.
Let's also remember that the Bush administration missed a great chance to engage the previous Khatami regime, which was more than willing to open up and sit down. But Bush's policy back then was: they are the Axis of evil and we will not talk to them, period. Ironically, it was with the arrival of Ahmenenijad's hardliners that the Bush administration started sending out feelers for diplomacy.
I think the reason for this (sort of counter-intuitively) is the fact that many in the Bush administration feel more at home with the ideologues of Iran's regime despite all the protests.
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