It's Still The Economy-- And We'll See Who's Whipping Whose Ass

Back in the 1980's I used to listen to radio stock investor Bob Brinker. I learned some solid fundamentals of investing by listening to his show and years later I turned my friend Roland on to the weekly program as well. I always had a problem hearing him ranting and raving about his golfing and his far right extremist policies between the good investment advice and eventually I couldn't take it anymore and just stopped listening. All the George Bush propaganda was just too much to take. Yesterday I found out the Republican blowhard is still on the air and still selling Republican snake oil to anyone who will listen. Roland still listens and he told me that Brinker had gone on a vicious tear against another media stock prognosticator, Jim Cramer. When I saw the video about the Republicans' propensity for recreating Herbert Hoover economic situations, I understood why Brinker went bonkers. Watch:



Meanwhile, Obama made a speech today unveiling his Economic Rescue Plan for the middle class. It's a comprehensive four-part plan to deal with the immediate crisis that builds on proposals he has previously announced and includes several major new ideas. Reactionary ideologues, like Brinker, will hate it, no matter how helpful it is for ordinary Americans.

1.      JOB CREATION: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.
 
2.      RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.  
 
3.   RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury's financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.
 
4.      RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.

Obama's plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.

McCain's erratic campaign yesterday reiterated that they have no new proposals for the economy, something McCain doesn't understand anyway, and that they'll just stick with what they've already laid out there-- a hodge-podge crazy-quilt of the worst of Josef Stalin, Herbert Hoover, George Bush and Phil Gramm. Even mainstream conservatives are repulsed by McCain's bizarre response to the economy. Expect 24/7 gutter tactics from McCain and Palin-- then pathetic tears of remorse from McCain after his defeat in November.