Why John McCain is right on America’s economy
Andy Martin on the Wall Street implosion and the abattoir of American capitalism
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OBAMA AUTHOR ANDY MARTIN SAYS JOHN MCCAIN IS “RIGHT” ON THE STATE OF AMERICA’S ECONOMY
BARACK OBAMA’S DEFEATISM REFLECTS A LACK OF CONFIDENCE IN THE AMERICAN PEOPLE
THE AMERICAN PEOPLE’S “TERRIBLE SWIFT SWORD” HAS STRUCK AT GREED AND INCOMPETENCE ON WALL STREET; THE ABATTOIR OF AMERICAN CAPITALISM WILL QUICKLY CARVE UP THE MESS AND PROVIDE A NEW FUTURE OF OPPORTUNITY AND PROFIT
ANDY SAYS AMERICANS “MARK TO MARKET, AND MOVE ON”
(NEW YORK, NY)[September 17, 2008] Barack Obama simply does not understand American capitalism. John McCain does. Barack Obama has spent his entire adult life marinating himself in economic defeatism and elitism. John McCain has made decisions; Barack Obama has avoided deciding.
McCain understands the power of American capitalism. Obama disdains it.
For Obama to say we face the worst economy since 1929 is despicable and ridiculous. Only his mainstream media chorale would echo such self-defeatism. In 1932 there was 25% unemployment. Today unemployment is 6%. In 1929, stockbrokers were selling apples on the street. Today immigrants run fruit stands on the street. Year-round. Then, people jumped out of windows. Has anyone jumped out of a window in the last week?
Obama accuses McCain of being stupid on the economy because McCain once made a stupid offhanded remark and said he didn’t understand the economy very well.
Here are the facts:
America’s economy is owned by the American people. (A tip of the hat to Ross Perot for his “ownership” mantra). We worked for it, we built it and we own it. We welcome foreign investors, and indeed they are good for us. But, ultimately, our economy is ours.
Second, as both Obama and McCain recognize, we face challenging times. “The City” in London is a strong challenger for Wall Street’s primacy in financial matters. Foreign manufacturers have come to the United States and produced better products at lower costs. China, India and the Middle East are accumulating wealth and want heightened respect commensurate with the growing strength of their economies. They are a challenge.
And both Democrats and Republicans—the mandarin class that despises John McCain and that he in turn disdains–have done nothing to create energy independence through a massive “Manhattan Project”-style national effort. A primitive economy created the atom bomb in three years (1942-45). In over thirty years (1973-2008) we have been unable to solve our detrimental dependence on imported oil. Who votes for these losers? A show of hands, please.
The solutions to all of our challenges today require two essential components: a leader who will make decisions, and a leadership team that is not afraid to take decisive, not to say brutal, action. The power of American capitalism that makes us the wealthiest nation in history is our willingness to bring the malefactors of great wealth into the abattoir, and dismember them. Yes, there is blood on the floor. But at the end of the day the blood will be washed away and tomorrow morning America will reopen for business with a clean balance sheet. The bad assets will have been “marked to market” and sent away to the rendering plant.
Twenty years ago Japan faced a property bubble not unlike our current problems. Simultaneously we faced a 1980’s savings and loan crisis brought on by bad lending practices and corruption. The American people authorized their government to chop away at the bad assets. In a few years the Resolution Trust Company (“RTC”) was out of business, the bad assets having been recovered and restored. Property values began to rise again and we launched on a new boom. In Japan, by comparison, economic leaders were afraid to take decisive action and the lingering effects of the bust went on for over a decade.
Today, the world economy faces similar challenges. The property bubble does not exist only in Florida and Nevada; there are similar booms and bubbles across the globe, from China to Europe and in between. The world economy is slowing, partly because of financial excesses and partly because of an unexpected oil price spike. But many foreign leaders and foreign economic managers will be reluctant to take immediate, decisive, brutal action. Welcome to Wall Street.
I have been critical of the way the so-called “sub-prime” mortgage situation was handled beginning last year and, frankly, I believe that government made a tolerable situation intolerably worse. We are still paying the price for the poor forward thinking that triggered a “crisis” out of the sub-prime “challenge.”
But when people blunder on Wall Street, the American people’s “terrible swift sword,” Samurai-style, falls on them. Lehman Brothers? The firm now belongs to history. In weeks the bankruptcy lawyers will be tearing apart the few remaining bones. A judge will supervise the dismemberment. It will be a quick slice and dice operation. Lehman will not linger. The firm will have been cut up and devoured by the survivors. No taxpayer dollars involved.
Merrill Lynch. I feel the sale to Bank of America is a bad one. But I am not confident of being able to stop the acquisition, although I will try. Merrill Lynch was mismanaged. Someone new will get a chance to make mistakes. No taxpayer dollars involved.
American International Group (AIG)? This firm was indeed “too large to fail,” and so it was taken over by the government. Uh, that means us. But we took 80% of the company’s stock in return. That’s no incentive for a business to ask for a government bail-out.
Fannie Mae and Freddie Mac? Fannie/Freddie’s greedy managers and influence peddlers? Toast. Mortgage lending? The market will return after the bad assets are “marked to market.” Distressed assets provide a lucrative opportunity today for patient investors willing to risk their capital. That’s the American way. Mark to market, and move on.
Now please don’t get me wrong. I do not encourage or endorse weekend deal making as the preferred approach to running the economy. But I do wholeheartedly support decision-making.
And I do not support selling short the American people or their collective economic wealth which we call “the economy.” When Obama says we are in a mess, he only reflects his own confusion and impotence, not our own. Tomorrow morning, most of us will get up and go to work, 94% of us. Lehman, Merrill, AIG? Done and gone. It’s sad, and I’m sorry, but they took risks, and they paid for their errors and excesses. The abattoir works. The floors will be clean in the morning.
I do not minimize the challenges of unemployment or economic risks. If you are without a job, the unemployment rate is not 6%, it is 100%. But our economy is absorbing workers even as Wall Street deal minders are seeking new horizons.
Obama? Frankly, I don’t think he likes us very much, even though he would very much like to rule us.
McCain? He is one of us. When decisions have to be made, he will make them. But he will do with a consistent attitude: confidence in the American people and faith in their productivity and industry.
Is our economy fundamentally sound as John McCain suggests? Well, let me answer a question with a question: are the American people fundamentally sound?
Do you want to invest in a man who believes in the fundamental soundness of the American people, or invest in a man who has spent his life depreciating America and all we stand for? This time, it’s not “You the judge.” It’s, “You be the investor.”
Whom do you trust with your money? McCain or Obama?
Invest wisely. It’s your economy. And your future.
Readers of Obama: The Man Behind The Mask confirm this book is the intelligent bestseller about Barack Obama, and the only practical handbook on his unfitness for the presidency. Buy it.
Buy now: Immediate shipment available from Amazon.com. Signed copies of the book from: http://www.OrangeStatePress.com. Also available from http://www.BarnesandNoble.com
URGENT APPEAL: The Committee of One Million to Defeat Barack Obama is raising money to fight Barack Obama. http://CommitteeofOneMilliontoDefeatBarackObama.com. Please give generously up to the maximum of $100. Our ability to fight and defeat Barack Obama is directly dependent on the generosity of every American.”
The Committee of One Million to Defeat Barack Obama limits itself to $100 maximum contributions; there are no bundlers, fat cats or illegal contributions. Obama is opposed to everything America stands for,” says Executive Director Andy Martin. “But while Obama has raised more than a third of a BILLION dollars, his opponents have raised virtually nothing. We can’t just sit back and expect John McCain to do the job all alone. Americans can either contribute now, or pay later. If we do not succeed, Obama will.”
FULL DISCLOSURE: I have decided to oppose Barack Obama’s election and have become Executive Director of The Stop Obama Coalition, http://StopObamaCoalition.com and CommitteeofOneMilliontoDefeatBarackObama.com. By default, I have become the national leader of the anti-Obama movement. I am not acting as either a Democrat or Republican. I have had no contact whatsoever with the McCain Campaign. The views expressed are entirely independent of McCain. I am not a member of any political organization. I am acting as an American citizen who sincerely believes Obama is not the man we need in the Oval Office. We are running a very dynamic and aggressive campaign against Obama. We know how. We are the recognized experts in the field. I will, however, continue to write my columns for ContrarianCommentary.com. /s/ Andy Martin
Andy Martin is a legendary Chicago muckraker, author, Internet columnist, radio talk show host, broadcaster and media critic. He is currently based in New York selling his new book, Obama: The Man Behind The Mask. Andy is the Executive Editor and publisher of http://www.ContrarianCommentary.com. © Copyright by Andy Martin 2008. Martin comments on regional, national and world events with over forty years of experience. He holds a Juris Doctor degree from the University of Illinois College of Law.
His columns are also posted at ContrarianCommentary.blogspot.com; contrariancommentary.wordpress.com. Andy is the author of Obama: The Man Behind The Mask, published in July 2008, see http://www.OrangeStatePress.com.
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