Obama's economic theme a Democratic tradition

Around the dinner table a few nights ago we did a back and forth on the presidential candidates, and the economy was front and center. I reminded everyone the economy has always been the Democratic platform—whether things were good or bad you could count on that theme. We love to talk about Wall Street greed, but greed is a part of human nature, and especially when it comes to our personal economy. If that weren’t true, there’d be no rich people in Congress. Many liberals wail about corporate greed, but anyone with a 401k probably should cheer Wall Street on. Many retirement funds rely on Wall Street greed, and more importantly, on all those small businesses and corporations that provide jobs. Unless you live in a socialist country where the government owns all the jobs. I searched for a few videos of past presidential campaigns just for fun and I  think you'll enjoy what I found.

It's my opinion the government should take a hands-off approach to the economy, especially when it comes to lending. Look at what Fannie Mae and Freddie Mac did to the mortgage industry.

Media loves a theme and so they’ve run (some might say overrun) with Sen. Barack Obama’s economic genius. Like other presidents, he’ll rely on economists. The trick is to know how to select them. Newsweek says Obama’s turned to President Bill Clinton’s A-team—“Larry Summers, Robert Rubin, Laura Tyson—who now routinely travel with him.” Summers served under Clinton as Secretary of the Treasury. His bio says he "led the effort to enact the most sweeping financial deregulation in 60 years." And you thought that was just a Bush thing. What will we do with these politicians of ours?

Sen. John McCain tends to turn to people who’ve actually produced money and jobs—Fortune 500 CEOs like Meg Whitman of eBay.

The latest economic upheaval has many Americans worried, according to polls. If you watch TV or surf the Web, your worry will compound like interest because the economy is the 24/7 news cycle right now. Personally, I think it’s a good time for thrifty types—if you have even a small amount of money, there are still very stable stocks in the market and there are some amazing prices on real estate. Interest rates are low. Gas prices are down, which means food prices will decrease (other products too—freight is a significant factor in pricing). Whatever happens, economic implosions are a Democratic candidate’s best friend, one reason so many conspiracy theories about the bailout are floating around. Check out Lyndon B. Johnson's Great Society speech in 'References' below. One thing Democrats know how to do is hire good speech writers.

It bears repeating no economy is static. Good times and bad times move at random through the circulatory system of the money politic.

I still find it ironic that while the Democratic Party is promising an economic fix, supporters held two major fundraisers in Europe. Think of all that dough spent in foreign lands when it might have benefited the U.S. Outsourcing fundraising—what’ll they think of next?

A word of advice. If a Democrat wins, start making your tax plans now. Robert Rubin has Obama’s ear—I think he’ll dance to the tune of ‘I never met a tax I didn’t like.’  The Wall Street Journal did a story on Rubin, ‘Rubin’s Tax Gambit,’ noting, "That was fast. A mere two days after Democrats capture Congress claiming they wouldn't raise taxes, former Treasury Secretary Robert Rubin tells them they should do so anyway." (11-14-06) Check out the videos below for a fun look at past Democratic candidates and you’ll note a recurring theme. I figure we’re still paying for the New Deal and Lyndon Johnson’s Great Society. We'll be paying for Fannie and Freddie for a long time to come. Rep. Nancy Pelosi wants to do up another stimulus package. Memo  to Pelosi: get your head examined for the benefit of the country. 

The best idea I've heard from any candidate is John McCain's pledge to cut spending. When he says the words 'embargo spending,' that resonates. That's exactly what families do when we run short on cash.

And remember one more thing. Words like ‘hope’ and ‘change’ are the oldest pickup lines in politics. I guess if you’re between 18-20 years old maybe this is the first time you’ve heard them. You’ll hear them again in  4-year cycles. I promise.

Comments

[Republican Joe]

I’m sure Obama supporters, especially in the Midwest, would be surprised to hear that his advisors are enthusiastic proponents of free trade and globalization. This information, in combination with a further exploration of Summers beliefs and controversial past, could be very fruitful for the Republican party. For instance, publicizing Obama’s association with Summers and Harvard helps frame him as an elitist. Moreover, Summers is a firebrand that tends to polarize people. It’s amazing that during his brief tenure as President of Harvard he managed to offend members of nearly every demographic category. First, I wouldn’t recommend any use of the Cornel West or anti-Israeli academic conspiracy theory comments because there too incendiary. On the other hand, RNC and McCain Campaign, please mention Summers’ World Pollution memo and sociological summary of the differences between the sexes. The latter can be especially damaging to the Obamas because Michelle they are well-versed in Sociology. I believe they will be inclined to explain Summers’ statements. Obama demonstrated a similar inclination to provide sociological synopses. Does anyone else remember the gun and faith clinging small town population he mentioned a few months ago?

If Obama wants to talk about McCain’s extensive property holdings, why isn’t he exposed as being just another Ivy League candidate for President? How can you bring the much needed ‘change’ if you’re no different from any of the previous candidates? Here is further support for the elitist case against Obama or disproof of his rags to riches story; he attended Columbia and Harvard. His mother held a PhD in Anthropology from the University of Hawaii and his father received a Masters degree in Economics from Harvard. His wife attended Princeton and Harvard. His brother-in-law attended Princeton and the University of Chicago.

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[Kay B. Day, Editor]

Joe, thanks for posting. I've always said elections are based on personality--it's a matter of branding. Couple Obama's huge money coffers with the Hollywood union types, add in the fact most mass media has turned a blind eye to any errant act by Democrats and there you have it.

I realized last night I'm beginning to not even care. We've positioned ourselves in case the Dems take all in November--sold stock (because capital gains will go up; I think others have probably done the same), donated to charity, etc.

Considering the mess the Democratic Congress made in 2 short years, I figure the American people will wise up by 2012.

And I confess it's going to be fun to write about all the hijinks that will sure to come if Pelosi and Reid have a president they can control. Just look at Mahoney's scandal. And there's more on that to come.

Thanks for posting--I'll visit your site in a bit.

best, Kay