Monday, August 18, 2008

Evening Wrap Up...Obama in New Mexico, Pounce McCain on Definition of "Rich"

Obama and Governor Richardson at Rio Grande High School in Albuquerque, NM


This Economy is Tanking by the Minute

Obama has a couple of ads up, but the one in Indiana really speaks to me. It is about folks who sound worried about this economy, but more importantly John McCain's response and lack of understanding about this economy. Yes, these folks should be worried when McCain believes that the economy is OK. We all should worry about handing this job over to someone who, well, really don't understand or have never felt the brunt of many Americans who are living paycheck to paycheck. He has lived a well traveled and privileged life.

Now reality, the economy. Looks like Fannie Mae and Freddie Mac will need a financial bailout in reality.

Fannie Mae (FNM.N) and Freddie Mac (FRE.N) shed more than 20 percent each after Barron's reported that the U.S. Treasury may need to bail out the home finance giants, which could wipe out shareholders and effectively nationalize the government-sponsored enterprises.

This is grave news. It means that we, the public have to bail out these two institutions. In the end, we will.
"We are still in the throes of the credit crisis," said Steve Goldman, market strategist at Weeden & Co in Greenwich, Connecticut. "There's risk that Fannie Mae and Freddie Mac may require capital from the government."

So, this news had wall street crumbling.

The fact is this as explained on bonddad's blog:
Confidence among U.S. homebuilders was unchanged in August at a record low, signaling there is no relief in sight from the worst housing slump in a quarter century.

The National Association of Homebuilders/Wells Fargo sentiment index held at 16 for a second month, the Washington- based group said today. Readings under 50 mean most respondents view conditions as poor.

Builders are delaying projects as sales drop, foreclosures throw more houses on the market and prices tumble. Job losses, stricter lending rules and growing buyer pessimism indicate builders will need to cut prices further to stimulate demand.

All major home builders are in LOSSES, some more than 4 quarters. But these experts are still trying to spin this?

My take, walk through your neighborhood. How many "for sale" signs do you see? But more importantly, how long has that sign been sitting there? And do you trust McCain with this economy? I don't.


equal pay in new mexico


Obama Shows Increased Spending
Presidential hopeful Barack Obama beat John McCain in fund raising for July, but the Illinois Democrat appears to have needed every penny, because the expense of his large field operation ate up several million dollars more than he took in for the month.

The Obama campaign said over the weekend it raised more than $51 million last month, typically a slow time for fund raising. Sen. McCain reported $27 million in July donations.

While Sen. Obama's fund raising has smashed records -- his campaign claims two million people have given a cumulative $390 million to his campaign -- the Illinois senator is spending at a record clip. The campaign said it ended the month with $65.8 million in cash, about $5 million less than it reported on hand June 30, excluding debt. That suggests the campaign's spending more than doubled month to month, to nearly $56 million in July from $25.7 million in June. Sen. McCain also spent more than he took in: He ended July with about $4 million less on hand. But his monthly spending remained steady in July at about $31 million. Wall Street Journal



Obama Going After McCain and his definition of "Rich"
On almost every issue, the two presidential candidates have staked out opposing positions. Their contrasting views on wealth surfaced during their back-to-back appearances in Southern California on Saturday night when each was asked to define "rich."

Obama didn't hesitate. "I would argue that if you are making more than $250,000, then you are in the top 3, 4 percent of this country," he said. "You are doing well."

McCain took a far more discursive approach to answering the question but ultimately settled on a dramatically higher figure: "I think if you're just talking about income, how about $5 million?"

The Arizona Republican quickly added that he was "sure that comment will be distorted," and his campaign said Sunday that he was joking.

Even so, the remark highlighted the candidates' disparate outlooks. Analysts who study income distribution said the answers appeared to reflect shifting political calculations more than economic reality. continue

Well, of course, McCain would say 5 million. The man has never been off the government dole his whole life, and with a 100M Beer Queen Wife, your viewpoint on rich would definitely not be in the same league as the Wal-Mart shopper.



Cindy McCain and her invisible half-sister.........................

Presidential race $$$ numbers......................

Obama's Vice Presidential Running Mate Search Nears End .........................

Does McCain have a woman problem?.............................

Is race the drag on Barack Obama's poll numbers?.....................

John McCain, F#$%ing Liar................................

and Morning Break is here................................

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