Aarrgghh!!

Confused About the Economy?

The current economic crisis is catching many people flat-footed and confused:

  • Why did financial entities that survived the Great Depression go belly up this week?
  • What do the two campaigns really have to say about the economy?
  • What's going to happen next?

If only there was some sort of site that took that sort of economic information from academic and industry experts and distilled it to the answers that you need… Wait a minute, I just happen to work for such a group…

This is my round about way of telling you all that Knowledge@Wharton (My current employer) has a special section this week on the Financial Crisis, and it's powered by ColdFusion and Flash Video.


September 17, 2008 Posted by Terrence Ryan at 10:15 PM

ColdFusion, Personal, Politics, Web Development,



Comments

Thanks for this post - I'll be checking out that website. The country is in a horrible mess! Very scary time for us all.


Posted by: Jerry at September 20, 2008 8:55 PM

I am beginning to agree that this bailout is not good for reasons other than the obvious fact that the bill for this hefty bailout will be mailed to "We the People," but also because of my skepticism of the rush to pass it. These problems did not happen overnight. So why are we in such a rush to fix them in 24 hours. Take the damn time to find the best solution. Yes, I believe that the government should act expeditously. We certainly don't want Congress to drag this process out like it does every decision that is placed on the table. But, when we are talking about this much money, which will mammoth the deficit even further, we need to think about the best interest of the people. All people. Not just the rich and these mega corporations! Not just whites, but minorities too. I am not one to point the finger, but the system that we have been operating under for so many years, is flawed. In my estimation, the root of the problemis racism and classism,designed to separate people into these categories. Why else do you think it is possible for a white person who makes the same income, and whom has the same credit rating as his black counterpart, to get approval for loans that would be denied to his black counterpart. That is why we have so many foreclosures in the vanilla suburbs, because the whites don't want to live next door to blacks or other minorities. So, they moved out to the burbs, and we aided by the government and business infrastructure including the banks, who enabled them to do so. They in essence have enabled these old cancers to survive by approving white people for loans that they otherwise would not be eligible for. Thus ensuring de facto segreagtion. Sadly, it is nothing new, but simply more of the racism this country was built upon. To remedy this situation, (yeah right, it hasn't happened in 400 years) Americans need to unite, and hold our lawmakers accountable. White, black, red, brown, and yellow, will all suffer because of the green. China and the Middle Eastern countries already own substantial pieces of America in the form of loans, banks, and companies. If this money were to be called due today, my God. If law makers don't make the correct decisions for us, the little man will be left holding the bag, and things will continue to worsen.


Posted by: Andrea at September 26, 2008 11:45 AM

I hope the bailout works! This is such a scary time - so many people that I know are afraid that their companies are going to fold and they will lose their jobs, and then their houses. We need help fast!


Posted by: Julie at September 28, 2008 4:33 PM

I can tell you this.I wouldn't be voting for Obama come Nov 4th.You really want to kill the economy this man is it.He's clueless.

I've listened to his speeches,debates, checked his record,his plans etc

The man is an empty suit that doesn't have an original thought.He just parrots everyone else and tells the middle class he's for them.

Pelosi has such poor leadership for one that she couldn't get her own party on board w/ this and then she so politicized the process you would cut the tension with a knife.

This wasn't the time for partisanship and it was up to her to set the tone.Right now what she cares about is getting Obama elected. What SOME in the Congress care about is getting re-elected and they didn't dare vote yes.

There were a few hold outs who know there is a possibility of a better bill if they hold out instead of having one shoved down their throats. Time is critical but this is just Congress at its finest. Obama plans on raising taxes and pushing programs.He's trying to keep as far away from Congress as possible so he doesn't have to get lined up with anything at all. NO spine. He'll do anything to get elected so he's being real fuzzy about where he stands on this. Remember this is the same guy that said folks cling to guns and religion because he thought that was a private conversation.No thanks. If he says one thing to one group of ppl and quite another to another group of ppl who honestly knows what he's thinking. Can't be trusted.I can tell you flat out one thing that won't cure this problem.Tax and spend. Back later-we'll take a look at Freddie Mac and Fannie Mae.Not that it was under-regulated.It was over regulated and created what happened.We'll take a look at famous last words of Barney Franks and all the warnings he got(and ignored calling it fear mongering)!


Posted by: p sarver at September 30, 2008 3:18 AM

DON’T FALL FOR THE SWEET TALK!!! TEN COMPELLING REASONS TO VOTE MCCAIN 1. CHECK ON LIBERAL CONGRESS. The only way the liberal Congress will be checked at all is if McCain gets elected. Otherwise Pelosi, Dodd, and Frank(the very same people who contributed greatly to the current crisis through resisting reforms to Fannie Mae and Freddie Mac and pushing “affordable housing� to those who weren’t credit worthy) will have unchecked freedom to cause further economic havoc and impose irresponsible, unaffordable spending programs on this country(we’ve had a Democratic Congress for the last two years and frankly they’ve done a terrible job—-the last thing we need to do is to give them unchecked power) 2. OBAMA TAX POLICIES WILL TURN CRISIS INTO CATASTROPHE Obama, despite his promises, will turn a crisis into a catastrophe if his economic policies are implemented. This will not help the average “Joe�. Raising taxes in a weak economy is the worst possible economic policy one can do. In 1932, for example,(in an effort eerily similar to the rationale Obama is using) Congress raised taxes on the wealthy and the result was an 8 point jump in unemployment. Moreover, taking money from the pool of funds job creators have means less money to pay wages, less money to pay health care and other benefits, and less jobs. What good is a $500.00 government check if the tax punishment meted out by Obama on your boss forces your boss to cut salaries, health care benefits, raise prices on consumers or, in the worst case scenario, close the business? 3. REAL OBAMA VIEWS MIDDLE CLASS AS “BITTER CLINGERS� AND OBAMA’S JOE THE PLUMBER ENCOUNTER SHOWS HIS TRUE DISDAIN FOR THE MIDDLE CLASS We’ve seen evidence of what Obama really thinks about the average “Joe� and it isn’t encouraging or pretty. Remember Obama’s remarks that Pennsylvanians were “bitter clingers to guns and religion�. These remarks were made when Obama wasn’t expecting them to be recopied(they thus represent the real Obama). And why should we be surprised at this elitist worldview given the fact Obama is a Ivy League lawyer who spent 20 years in the hate filled church of Jeremiah Wright? Further, look at Obama’s appalling treatment of “Joe� the Plumber. “Joe� is an average guy who wants to buy a business but his dreams can not happen under the Obama tax plan because Obama takes away any incentive to gross more than $250,000.00 in income. And both Obama and Biden essentially mocked “Joe the Plumber� once they learned he was probably a McCain supporter. They and the media made sure(within a days time) that this average “Joe� would have numerous embarrassing details about his life exposed worldwide in an effort to discredit him. And why, all because(when Obama came to his house—he didn’t seek out Obama—Obama sought him out) he dared to ask a reasonable straightforward question that any private citizen should be able to ask their President? Vote for other Democrats if you like(except Murtha who in my view shares the same elitist worldview as demonstrated by his comments Pennsylvanians are “racists� and “rednecks�) but we don’t need more elitists like Obama in leadership positions. 4. DEMOCRATIC PARTY LARGELY RESPONSIBLE FOR CURRENT CRISIS. Obama, Pelosi, Reid, Dodd, and Barney Frank, and ACORN have pushed for the “affordable housing� policies that have encouraged or pressured banks into making loans to poor minorities and whites who weren’t credit worthy. These bad loans are at the root of the current crisis(not “deregulation� as Obama demogogically claims---there was little to no financial “deregulation� under Bush---in fact even more financial regulation in the form of Sarbanes Oxley---and Gramm Leach Bliley was under Clinton and may have helped the current crisis by making mergers between commercial and investment banks easier). Obama and Dodd were the top two recipients of Fannie Mae campaign contributions. Obama also picked Jim Johnson(former Fannie Mae executive) to lead his vice presidential team. According to the Washington Post, one of Obama’s economic advisers is Franklin Raines(another Fannie Mae executive who in Raines’ case raked in 90 million dollars from Fannie Mae). Obama represented ACORN, trained ACORN workers, he and Ayers gave $200,000 to ACORN, Obama’s campaign gave $800,000.00 to ACORN, the Democrats included a grant for ACORN in the original bailout bill and ACORN intimidated many banks into giving bad loans to minorities with discrimination lawsuits. John McCain, in contrast, called for reforms of Fannie Mae and Freddie Mac, while Obama, Reid, Pelosi, Frank, and Dodd, resisted those reforms. Bush called for numerous reforms of Fannie Mae and Freddie Mac and the Democrats also opposed these reforms. So why in the world, given the fact the Democrats largely caused this crisis, would we want to put Obama, Dodd, Reid, Pelosi, and Frank in total unchecked command of the country? 5. HEALTH CARE PLAN DISASTROUS On health care, Obama’s plan is unaffordable and will lead to a total collapse of the system ultimately. Obama wants a single payer system(he doesn’t say that now outwardly but that’s what he wants—-in 2003 in a speech before the AFL-CIO he said he favored a single payer system—-further his plan will ultimately lead to single payer because private insurers will be crowded out of the market—-they will be subject to costly new mandates and won’t be able to compete with Obama’s government subsidized plan) And single payer is an abject disaster and the the worst possible choice for health care. Why? For one thing, if you have single payer, you never get rid of it and you have no other option if you don’t like the way the single payer treats you. Further, in single payer countries like Canada, you have enormous wait lines(many Canadians flock to the US for care because of these wait lines), health care gets rationed(the government covers less because they have to in order to cut costs), and quality doctors leave the system(because they are paid low wages under single payer systems or less than they could make elsewhere). So Obama’s health care plan will not only not help the average “Joe�, his single payer dream will only lead to further hardship for the average “Joe� and a collapse of the system. 6. OBAMA ENERGY PLAN LEADS TO GREATER, NOT LESS DEPENDENCE ON FOREIGN OIL On energy, Obama’s energy policies will do next to nothing to help this country achieve “energy indepedence�. The last time a “windfall profits tax� was imposed(under Carter) our dependence on foreign oil grew and this happened because the windfall profits tax kills innovation on the part of oil companies(why should they drill more if they can’t make any profits from more drilling because Obama will take the money away) Moreover, Obama and the Democrats have historically railed against more drilling(Obama even scoffed we could save more energy by inflating our tires than we could gain from drilling for more oil) and nuclear power(two energy sources which are critical to helping us lessen dependence on foreign oil) so McCain and Palin are much more reliable in terms of drilling for more oil and building more nuclear power plants. Biden also said he and Obama wouldn’t build any “clean coal� plants. You should also note Obama wants to keep gas prices high(in fact he said he wasn’t upset about the fact gas prices rose, only that they rose too fast). Keeping gas prices high certainly doesn’t help the average “Joe�. And Obama also favors keeping gas taxes high while McCain has favored suspending the gas tax in the summer. The gas tax clearly hurts the average “Joe� because everyone has to buy gas(regardless of income level) yet it is McCain, not Obama, who is willing to give the average “Joe� the tax relief. 7. OBAMA FISCALLY IRRESPONSIBLE There is also no reason to believe Obama will be more fiscally responsible than McCain. McCain has proposed a spending freeze while Obama propses a trillion dollars in new spending. The resulting debt burden created by these spending programs will place an incredible burden and yoke on future generations. McCain is much more likely to keep spending in check. 8. MCCAIN MORE EXPERIENCED. OBAMA’S FOREIGN POLICY DISASTROUS In terms of foreign affairs, McCain has 26 years experience, Obama has 2. And Biden’s experience shows he has made the wrong judgment numerous times so he can’t be counted on to offer much help to Obama(after 9/11 Biden proposed giving $200 million to Iran—-a ridiculous idea, Biden also proposed partitioning Iraq—an idea Iraqis almost unanimously rejected, Biden and Obama opposed the surge while McCain’s judgment was vindicated on the surge). In terms of an unsteady hand, Obama has certainly shown an unsteady hand with his foreign policy gaffes already(e.g. wrong on the surge, 3 different answers on the Georgia situation, talking with dictators “without preconditions�, invading Pakistan). And, more recently, Biden said Obama would experience an international crisis if elected because he’s so inexperienced and that “America hang with us because our response won’t seem to be the right one�. There’s no evidence therefore Obama is capable of handling foreign policy crises better than McCain. 9. PALIN MOST EXPERIENCED ON ENERGY ISSUES, PALIN AT LEAST AS EXPERIENCED AS OBAMA In terms of Palin, Palin has at least as much experience than Obama. And on the critical energy issues, it is Palin who arguably has the most experience and knowledge of ALL the candidates on energy issues(because Palin was an oil and gas regulator, her husband has worked in the oil business, Palin negotiated the natural gas pipeline deal in Alaska, and Palin has lectured and given speeches on energy issues). Palin also hasn’t been given a fair shake by the media so if you’re relying on CNN, ABC, CBS, MSNBC, or the New York Times for your information on Palin, you are not, in my view, getting a fair picture of her. You should know that in the ABC interview Palin had, portions of it were edited out and were not shown to the public(these edited out portions would have made her answers appear more complete). 10. OBAMA’S ALLIANCES RAISE CRITICAL DOUBTS ABOUT HIS JUDGMENT AND SHOW HE LIKELY HAS RADICAL POLITICAL LEANINGS. And I haven’t even discussed Obama’s numerous alliances with radicals, party hacks or corrupt individuals such as a) Reverend Wright b) Bill Ayers/ACORN c) Tony Rezko d) Rashid Khalidi e) Khalid al Monsour f) Stroger g) Richard Daley h) Father Pfleger

Ten compelling reasons to vote McCain over Obama.


Posted by: Liberty11 at October 26, 2008 10:03 PM

Posted by Who at January 6, 2009 1:07 AM

Post a comment











Remember personal info?