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The First Presidential “Debate” 9/26/08 – Part 1

September 28, 2008 Leave a comment

Friday evening the two major party candidates, Republican Senator John McCain of Arizona, and Democratic Senator Barack Obama of Illinois met to “debate” at the University of Mississippi.  The first question posed by Moderator Jim Lehrer was: “Gentlemen, at this very moment tonight, where do you stand on the financial recovery plan?”  Senator Obama was given the first two minutes to respond to the question.  His answer was not an answer, but a typical political skirt of the question.  He did not say specifically whether or not he supported the bailout plan.  He did mention four points that he believes need to be implemented as part of the bailout.  Still, he did not directly address the issue.  Sen. McCain answered similarly.  He did not directly answer the question.  Both candidates seem to agree that the troubles of Wall Street should not be dumped on “Main Street”.

After the initial non-responses of both candidates, Mr. Lehrer cornered the candidates and asked them again if they intended to vote for the proposed bailout plan.  When pressured, Sen. McCain said “sure”.  Sen. Obama still did not directly respond to the question.  The closest he offered to a response was, “…the question, I think, that we’ve got to ask ourselves is, yes, we’ve got to solve this problem short term. And we are going to have to intervene; there’s no doubt about that.”

Alright, now let us consider these responses.  Sen. McCain and Sen. Obama both agree that the failures of Wall Street should not cause the residents of Main Street to suffer.  Right?  But, then Sen. McCain later states that “sure” he would vote for the bailout.  Sen. Obama gives basically the same response, albeit indirect.  Anyone else notice a contradiction here?  We have two men, each hoping to be the next President of the United States of America, and both agree that we the people should not be burdened with the collapse of Wall Street, however both also agree that the bailout must happen!

Perhaps you still miss my point.  To clarify, let us consider the bailout.  Currently, the price tag is $700 billion (yes, with a B), or for those of us who are more visual $700,000,000,000.  Now just where is the government going to get this money?  They certainly don’t have it laying around.  We are already in the hole so far that we have borrowed $500 billion from our friendly Communist neighbors in China to support the failed war in the Middle East, but I digress.  The only way for the Federal Government to come up with that kind of cash is to print it.  Printing money out of thin air is what got us into this mess in the first place, more on that in a future post.  Printing money causes inflation.  The more money there is in circulation, the less “rare” it is, and the less value that money is deemed to hold.  Consider, if gold were as common as say, the gravel used to pave roads, it would not have any value, because it would not be rare.  It is the rarity of gold that gives it its value.  The same holds true of money.  The more common it is (the more there is in circulation) the less it is worth.  So while the government prints their $700 billion for the bailout, they are robbing the American people of their hard earned cash.  Your salary does not go up to account for this kind of inflation.  So you are left making the same amount of money, but unable to buy the same amount of goods you could six months ago.

Is this not the exact opposite of what Sen. Obama and Sen. McCain both said about not thrusting the failure of the financial sector on the private sector?  By supporting the proposed bailout, both candidates are giving us, the American people the shaft.  How can you trust either one of these men to run your country?  They are both out to serve the businesses of Wall Street at the expense of the American people they claim so falsely to serve.

Video of the debate here.

Full text transcript of the debate here.

Please give your thoughts in the comments.

More commentary on the debate to come…