The economy stays forefront in the news. Amazingly, the folks that have followed my posts now understand my total and complete frustration with the idiotic statements of Phil Gramm and the Republicans in late summer that the economy was fundamentally sound. At this point in time, we can only conclude that either they were delusional or they were covering up something. For you conspirational theorists, the Republicans might have covered up one the largest thefts in American history. For you more moderate thinkers, the Republicans were simply out of touch with the general population.
The issue forefront on most person's minds is how long and how bad will this get. It does not take an Einstein or a rocket scientist to determine that the economic downturn has a ways to go still. Although the worst of the stock market downturn is probably over, it is still doubtful that we have reached a bottom although the bottom is probably not far away. The problem is that the economic dominos are all falling and the ultimate damage might not become apparent until the spring of 2009.
Most likely, by 2010, a recovery of some sort will be under way. But, the new emerging economy will be vastly different than the one that we now have. For the eternal optimists, such as myself, this is a vast opportunity for those of you that have felt left out over the years. Keep your eyes and ears open for new and emerging opportunities in the next several years.
AIG defended all the money spent after the bailout to train independent agents to properly market their product. That is nonsense. Independent agents are licensed by their respective states and should possess the requisite knowledge to properly sell their products. What really happened is that the government bailed out AIG and AIG used taxpayer money to further their self-interest in trying to lobby independent agents to sell their product rather than competitors. Not only does this reek of taxpayer fraud, it also sound like antitrust and unfair competition.
It certainly looks as if fraud is alive and well on Wall Street and President Elect Obama will have his hands full in combating what the Republican Party encouraged.
I am sure that President Elect Obama is hard at work putting together his Cabinet, etc. But, we are all going to have to exhibit a large degree of patience in terms of working towards our goals and not expecting any quick solutions.
In point of fact, there are no quick fixes. It took 8 long years for us to get in this mess and we are not going to get out of it overnight. For example, the economy is in serious shape. For example, most retailers are posting huge losses and the auto makers are in dire straits. Fortunately, the bailout has done much to alter the credit problem, but that will do little good as long as the economy is nosediving. It looks like, with the exception of Wall Mart, most retailers are going to face a very very tough holiday season. The world views us as a debtor nation now. That is not good.
But, the good news is that we have a clear mandate from the Public to make the kind of changes that are absolutely necessary to get this country moving again.
McCain and Schwartzneger made seemingly innocent comments about the fact that Senator Obama is skinny and needs to beef up, but in reality, their comments were a disservice to an already obese nation and a a growing obesity and diabetic problem among children. This is yet another example of the downright stupidity that the Republicans exhibit in terms of their desires to attack and distort.
In point of fact, most likely, Senator Obama is within the normal range of bmi and quite possibly, so is Arnold Schwarznegger, if you take into consideration the fact that he has spent his entire lifetime in serious physical fitness. But, the average person does not live like Arnold. In point of fact, while Senator McCain is probably not obese, from the looks of him, he most likely, exceeds the healthy range of bmi and could stand to loose 30 or so pounds.
Also, I am sure that Senator Obama does not go around the country mocking overweight persons. If this were the case, I am sure that he would have lots to say about the right wing pundit, Rush Limbaugh.
