The Election Race (?)

Thoughts about the election, Presidential that is, before Tuesday night's debate but intended for posting on Wednesday:

At this point it is apparent that the election is Obama's to lose. Only a miracle will help McCain 28 days before E day.

The only issue that will count this election is the economy. When there is an economic crisis, the party in power is without fail, kicked out. People forget that the lawmakers are equally culpable. The last two years both the House and the Senate have had a Democratic majority. But the President, a lame duck, is Republican. Who is to blame? The ones who make the rules or those who enforce them? Probably both, and all candidates should be closely scrutinized. Is it time to kick all the rascals out? Trouble is, their replacements will be no better. SAD

McCain is a victim of bad luck, The roots for the credit collapse go back to the Clinton Administration when Fannie Mae and Freddie Mac were encouraged to support by becoming an active secondary market for lenders of loans to poor credit risk and history.

The reducing of down payment, longer term mortgages, and variable rates encouraged the granting of untenable mortgages. These mortgages were of little risk to the lender who would bundle them into a package and sell at a profit to the para government agencies.

Higher commodity prices and sudden increase in Mortgage interest rates led to large numbers of defaults.

The industries practice of overvaluing its portfolio led to false balance sheets and corporation default

The present Bush administration did try to institute some controls which were not adopted. The government failed to supervise for illegal actions. With the slowing of the hosing boom and general economy Bush removed all significant restrictions. That is how we arrived at this disaster.

Obama has a better proposed "health plan" than McCain. If it is economically affordable I could live with it despite my dislike of regulatory authority in health care matters.

I do not feel that Obama has a realistic conception of foreign policy. We should not withdraw from Iraq before a reasonable stable government is in place. Both Democrats and Republicans fail to realize that Iraq is similar to the defunct Yugoslavia'

Polls tend to be used to influence voters. They can be manipulated for desired results and are not infallible. Don't forget that Dewey was a shoo in according to the polls even on election day.

Part 2 after the debate may reflect a change but I doubt it. Too bad, Since we have had eight years to learn that we can not entrust power in the hands of the VP, I think Palin would be more fun as VP.

11PM 10/7/08 The debate is over and the pundits are giving their "unprejudiced biased opinion" on who won the debate. I am going to have to cogitate after a night's sleep before can make up my mind about a "winner". As of this moment both won. I thought that at the beginning Obama tended to avoid the subject of the question and give a campaign speech, whereas McCain seemed more at ease and did address the question in political generalities. I felt that Obama was more obscure on the economy. I liked McCain's proposal for the government to absorb the bad mortgages , a socialist response from a Republican. That shows flexibility. We will need that capability.

Although I feel that the only rights we have is expressed in the Bill of Rights, cradle to grave health care is not one of them. We do have a moral responsibility, an obligation, to make sure that no one is denied equal and equality in health care. That is different from an inherent right.
Obama's health care program is superior to McCain's.

As to foreign policy I wish I knew who Obama will rely upon as advisers. This is his great weakness. Since in severe economic crisis there is almost universally a replacement of the party in power, the likely hood is greatest that Obama is going to face the problems. "In god we must trust". My ballot is still open.