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Some Random Thoughts October 6, 2008

Posted by Kate Ryan in Economy, National Politics, Racism.
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….I am appalled at the rank racism of the latest McCain-Palin tactic as they scramble to win this election.  This weekend, Palin was using Barack Obama’s tenuous connection to 60’s radical Bill Ayers to paint Obama as somehow “un-American”.    I thought it would be Reverend Wright in the bag of dirty tricks.  Instead, it is “domestic terrorist” Bill Ayers.  Why is this racist?  Well – Wright, though a bit unbalanced IS a Christian.  If you say “terrorist” in this country – it means “Muslim”.  This tactic feeds into all those Cletuses who believe Obama is a secret Muslim terrorist who hates America.  The not-so-subtle undercurrent is so racist.  It plays up the “he’s VERY different from you and you can’t trust him” card.  I’m ashamed for John McCain.  I wish he had some shame left……

….If we’re talking guilt by association, John McCain and Sarah Palin better be careful.  People still remember Charles Keating and the Keating Five.  And have you seen Sarah Palin being prayed over by the Kenyan witch doctor?  What about her association with a secessionist organization in Alaska?  What about Mr. McCain’s association with big telecoms? 

….Did you see “60 Minutes” last night?  There was a story about the recent economic meltdown and what is responsible for it.  Apparently, there are these financial instruments called “credit swaps” that are behind the whole thing.  Apparently, a credit swap is a financial instrument that was sold to buyers of mortgage-backed securities to minimize the risk of those investments.  They are like an insurance policy – but not.  Apparently, they function like insurance, but can’t be called insurance, because if they were – they would have to be regulated.  Those people who sell insurance, by law, have to have reserved to cover the insured value.  Credit swaps did not require those reserves.  So what happened?  As homeowners began defaulting on these subprime loans, the owners of the mortgage-backed securities called in their insurances, and the banks and brokers that sold the swaps did not have the money to cover the losses.  And we are melting down because of it…..

…..McCain pulled out of Michigan last week.  How long before he pulls out of Pennsylvania?  All the polls I’ve seen have Obama 10 points up…..

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Comments»

1. Jamie Holts - October 6, 2008

Hi. I read a few of your other posts and wanted to know if you would be interested in exchanging blogroll links?


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