Thursday, October 09, 2008

The Dow Jones closed at 8579 today, down another 679 points from yesterday. Americans are losing wealth by the minute, over a trillion dollars, so far, I heard; made me really nervous about opening the statements we got on our IRA's today. Of course, the totals were through the end of September and do not reflect what has happened in the first nine days of October. So now I know that a few of our dollars were in that trillion that disappeared.

I'm wondering if we're not witnessing another catastrophe of the 9/11 type. No one is jumping out of windows, yet, but the ruins of our economy, the fundamentals of which were strong, according to Bush and McCain until about a week ago, are collapsing into the smoldering inferno of dashed dreams and financial insecurity. Whoever comes out ahead in this election will inherit one helluva mess.

McCain's plan to rescue failing mortgages has upset supporters and opponents. In the latest revised version of his plan, the primary beneficiary is the banking industry. What taxpayer do you know who would be in favor of that? The Tampa Tribune, a conservative newspaper said this today of McCain's plan:

..he promises to spend billions to keep overextended homeowners in homes they might not be able to afford. That leaves us wondering where McCain would send the bill - to the majority of homeowners who aren't in financial trouble or to our children?
Many voices are calling for direct aid to homeowners, which may be possible. But McCain, who suspended his campaign to help reach a compromise on a rescue plan, now wants to take personal credit for a costly gift to a targeted minority. Such erratic behavior is uncharacteristic of the old McCain.

No wonder his campaign has gone back to old rumors that were debunked many moons ago. There's no ammunition left in the old man's arsenal.

My friend Jeanne sent a link to the Clarion Ledger article that her husband Steve wrote - Shattered dream? In economic crisis, voters may finally demand accountability. Take the time to read it. You'll be glad you did.

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