This all follows from the surprising and dramatic announcement yesterday that the Federal Reserve will be purchasing an 80% controlling stake in AIG to prevent complete, worldwide economic disaster. Even more surprising is the fact that this is a Republican, conservative government. George W. Bush and his pals are known for railing against socialized-anything, and believe very strongly in the free-market system. Thus, for them to nationalize a major private corporation, a step reminiscent of the Russian Revolution in 1918, is very indicative of how serious this situation is. By the way, other cases of U.S. nationalization:
- federal control over the nation's railroads during World War I (then returned to private ownership after the war)
- the Tennessee Valley Authority of FDR's New Deal
- Amtrack
- nationalization of the airport security industry in response to 9/11
- and most recently the buyouts of Fannie Mae and Freddie Mac
In other words, this is serious. Barack Obama and John McCain agree. They've spent the last two days talking about nothing but the financial crisis.
--> Barack Obama released an impressive, two-minute television ad today, in which he speaks directly to the camera, without gimicks or graphics, to carefully explain what he plans to do in response to this issue. Can we please stop saying he doesn't use specifics?
It wasn't all sunshine and rainbows for Senator Obama's campaign, though, even as the latest tracking polls show the momentum beginning to swing back to his corner. The Senator's press release on the AIG bailout mistakenly referred to the company as American Insurance Group, instead of American International Group. Of course, this is a typo, and not a policy-relevant one at that. However, I had to try and find something to ridicule his campaign for, because I don't want to be too heavy-handed with the McCain campaign, otherwise they'll cry, "Sexism!" or "Liberal Media!" or "POW!" ... or something.
--> The Associated Press printed an interesting critique on McCain's campaign strategy, which seeks to portray him simultaneously as an experienced Washington hand and as a Washington outsider who's going to shake up the system. It's really quite impossible to be both, but like we've pointed out before, the McCain campaign isn't too concerned with "facts."
--> And speaking of facts, apparently John McCain and Al Gore do have something in common after all: both of them invented something. But while Gore has the audacity to claim the creation of something as vast as the internet, McCain is content to merely take credit for the Blackberry. That's right, the candidate who can't send e-mail is apparently willing to claim responsibility for the Blackberry, according to his top economic advisor. Douglas Holtz-Eakin waved his device around as he declared, "You're looking at the miracle that John McCain helped create." Miracle, eh?
And on the first day, McCain created the POW backstory, so that his character could be tested in a properly patriotic fashion. And McCain said it was good. And on the second day, McCain created the slew of vicious lies and attacks on his opponent, fully knowing that most Americans would never fact-check those ads. And though the pundits did shriek with rage, and the liberals did weep, Steve Schmidt said it was good. On the third day, McCain created the Blackberry. And though he tried to rest for a little while after that, McCain spent the next 4 days trying (and failing) to figure out how to use the Blackberry, finally deciding to merely ask his wife to use Google for him.
Because no hilarious statement by a McCain campaign operative goes unmocked, Ben Smith received a message from Obama campaign spokesman Bill Burton signed, "Sent from my BlackBerry Wireless Handheld, a miracle made possible by John McCain."
--> Given an opportunity yesterday to mock two of his favorite targets, Barack Obama and Hollywood celebrities, simultaneously, John McCain spouted off against Obama's scheduled $11 million fundraiser hosted by Barbara Streisand. McCain insisted, "Let me tell you, my friends, there's no place I'd rather be than right here with the working men and women of Ohio." Then, seeing how well that line had worked, McCain pulled out his acoustic guitar and sang, "A working class hero is something to be." Because we all know that John McCain loves hippies.
And, like all champions of the working class, McCain then got on his wife's private company jet, and flew to Miami where he hosted a $50,000 per plate fundraiser, and generated $5.1 million for his campaign.
More hypocrisy, lies, deceit, and political intrigue to follow in my next post. Do I know what it'll be about yet? Of course not, but I feel that it's a fair assumption that I'll have some more ammo in that vein within a day or two.
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