|
McCain will regret calling for the firing of SEC Chairman, Chris Cox. Because that's about all McCain has done with respect to this latest economic issue.
And until the market faced it's own devastation on Monday, McCain thought the Fundamentals of The Economy Were Strong. Those were his own words that he's relied on for over a year. And he continued using those words even after the market crash was in full force.
This is just a precursor to the disaster that would be a McCain Presidency.
In contrast, Obama has been meeting with Sec. Treasure Paulson and SEC Chairman Cox. He has been reviewing plans that could take us out of this mess and he has reinforced that if the government is going to help Wall Street, it's going to help Main Street. He's been treated with equal respect by the administration officials who have briefed Obama and his staff and kept him aprise of the situation.
McCain will certainly regret his comments about firing SEC Chair Cox since it was Cox's swift action that stopped the epic bleeding. Cox moved to restrict short sales which reduced considerably the negative pressure on the market. His actions surely have prevented many peoples long-term portfolios from bottoming out.
And with the announcement from Washington today that there will be some bold new deal, with great patriots from both parties to work out the issues, you can rest assured the market bounce was in part due to not only the promise of an injection of money into Wall Street, but also because Obama is there to help broker the deal. Obama is moving to ensure the brokered deal will not benefit the rich CEOs and traders with golden parachutes, but instead preserve the institutions that all Americans rely upon and bring upward benefit to the Americans who have put their hard earned money in the trust of these institutions.
Obama has acted decisively with statesmenship. This is a great preview of how an Obama Presdidency will handle a crisis.
|