After the major stall and decline in the housing market, the country came to grips with the effects of aggressive deregulation of the financial market by the Bush administration. This laissez-faire attitude toward Wall Street allowed unethical behavior on the part of knowledgeable financiers from repeatedly and rapidly approving mortgage loans to customers would could not afford them to using downright deceptive practices to lure customers into the housing and refinancing game.
Although personal responsibility by consumers will not allow full blame to be placed on the Bush administration and the Wall Street, those institutions had full knowledge of the financial implications to the mortgage holders and the possible rippling effects of the meltdown on the economy. They were just hoping everything would turn out OK, while they raked in billions of dollars in supposed profits.
Bearns and Stearns. IndyMac. FreddieMac/FannieMae. Lehman Brothers. Merrill Lynch. AIG. Washington Mutual? Wachovia? The rumors started months ago that there would be a domino effect of failing financial institutions after the Bearns and Streans debacle. In August 2008, FDIC has stated that 117 banks are at risks of failing.
Now Obama has had a reprieve for the celebrity/lipstick/Hawaii is exotic, Alaska isn’t/criticism & inquiry = sexism memes. John “The fundamentals of the economy are strong” McCain gave Obama a great deal of help with his insensitive, unconscionable attempt to downplay the disastrous economic conditions (in hopes that the country’s focus would switch back to non-issues). Although John McCain describes himself as “fundamentally deregulator” and his record has agrees, McCain is now, because of the election, a fervent regulation advocate. The time is now for Obama to hit hard again, and again, and again.
Obama has released one strong ad highlighting McCain being out of touch and successfully attack McCain “economic commision” idea. Obama must push the judgment and foresight meme, reminding voters that he drafted legislation to help correct the deregulation issues and met with congressmen and economic leaders to try to develop a solution to the upcoming, now current, economic crisis. Now the Obama camp must continue to harp on McCain with SIMPLE, REPEATED catch phrases and soundbites while pushing Obama’s DETAILED plans for the economy as he did in second video below.
Obama effective new ad for economy:
Obama confronts economic crisis: