No matter who wins...

[firstenrgy]

This economy is going to face serious challenges. Over the past 7-8 years banks eased lending standards for mortgages to basically anyone with a pulse. This caused real estate to bubble. People in turn, tapped (fake) equity in thier homes and spent it like drunken sailors. Most people don't have one weeks paycheck in the bank and they borrowed the only wealth they had and then some. I'm scared to death Obama getting in because he proposes to throw gov money at the problem and bail out the people who overextended themselves. SOCIALISM. This problem is in the trillions! Needless to say $4.00 a gallon gas is strangling the economy. I do happen to know that 1 penny in gas tax brings 2 billion in revenue to the gov each year, so its safe to assume gas going from $1.50-$4.00 a gallon takes 500 billion from the economy. 30% is domestic production so that leaves a net loss of 350 billion. (thanks Slick Willy!) I can't believe there is an american left that is opposed to drilling here?
Well, that's my rant...

[Waterboy]

Re: No matter who wins...

Belive it about the drilling. There was a vote last week on a proposal to open offshore, Alaskan, and government owned lands to drilling. In a vote alpong party lines, it was defeated 9-6. The 9voting against were all Democrats.
Good to know they they want to help ease our "pain", but are controlled by the green weenies and are afraid to lose their political contributions from them if they had voted for expanded drilling.

[FUZO]

Re: No matter who wins...

AMEN TO THAT WB

[trip]

Re: No matter who wins...

not your average folks problem

it's leverage leverage leverage, you're average guy levers up 2-3 times income to buy a house

on wall street they allowed leverage from 30-50 too one to some hedge funds and investment companies

read all about lehman brothers over the last few weeks, they went from being leveraged 40-1 too 25-1

who allowed that??????????

what did some folks do with the leverage, buy commodities oil and gas

thus you got two groups who levered up, sub prime buyers thought it was save and have lost it all and more, commodities guys are printing money

typical government idiocy, and who was inc charge

[Klash]

Re: No matter who wins...

This economy is going to face serious challenges. Over the past 7-8 years banks eased lending standards for mortgages to basically anyone with a pulse. This caused real estate to bubble. People in turn, tapped (fake) equity in thier homes and spent it like drunken sailors. Most people don't have one weeks paycheck in the bank and they borrowed the only wealth they had and then some. I'm scared to death Obama getting in because he proposes to throw gov money at the problem and bail out the people who overextended themselves. SOCIALISM. This problem is in the trillions! Needless to say $4.00 a gallon gas is strangling the economy. I do happen to know that 1 penny in gas tax brings 2 billion in revenue to the gov each year, so its safe to assume gas going from $1.50-$4.00 a gallon takes 500 billion from the economy. 30% is domestic production so that leaves a net loss of 350 billion. (thanks Slick Willy!) I can't believe there is an american left that is opposed to drilling here?
Well, that's my rant...

I agree bro. We are screwed for the next four years either way.

...and what p1sses me off is if you saw Mike Wallace this last weekend is how McCain is being used by the Democrats to express how opposing drilling for oil here isn't just a democrat thing "because McCain opposes it too". Guess we need to start getting use to that line.

So either way America's situation will worsen within the next four years. If Obama wins, our economy will tank faster and harder than if McCain wins but if McCain wins; essentially the next generation will no longer be able to distinguish the difference between Republican and Democrat leading us further down the path to pragmatism.