MYM Endorses Presidential Candidate
While MYM is not a political blog and likes to avoid partisan arguments, we feel the presidential election is one that carries such huge financial implications that it’s necessary to weigh in. For the reasons set forth below, MYM endorsees Sen. Barack Obama (D-IL) as the best financially fit president to take the reigns for the next four years.
[Although, I have to say that, Obama's wealth "redistribution" plan bothers me, I feel more comfrtable with McCain's wealth "creation" plan. McCain would also like to keep the tax cuts we have in place, where Obama would have them removed, or allow them to expire. Granted paying less taxes right now might be a little selfish or un-patriotic, and not to the greater good of the country with its debt mounting, but hey, I am allowed to be somewhat self centered with the money I earn right? Again, the lower income families may pay less in taxes but all will certainly pay more in capital gains. You have to be somewhat honest with yourself and see that both candidates are "Pinnochio-ish" in that they are in such a battle they will say promise whatever they can and not be able to deliver when its crunch time. But then again, hasn't that always been the case? No president is a financial genius, they just pick them. Frank is probably on the right track to check their cards and see who they are holding to speculate who might be going in, although its anyones guess as to what THEY will do. Media doesn't talk about that much though....interesting. -Ben]
Sen. John McCain’s life is inspiring and the way he continues to beat the odds shows great character. But ino times of such financial crisis, I believe Obama is the better choice. Senator McCain has said himself that economics is not his strong suit and his remark about our economy being fundamentally strong right before a recession-like downward spiral is evidence of this. McCain also showed his lack of financial knowledge when he originally said the U.S. government should not bailout AIG, then changing his mind after the government eventually bailed them out. AIG’s involvement in our economy is enormous, the rise of derivatives products like credit default swaps (unregulated market that has grown to over 60 trillion dollars, more than twice the size of our traded markets) makes their survival mandatory—a notion McCain didn’t understand completely, but did not hesitate to take a uneducated stand on.
McCain said in March, “I’m always in favor of deregulation,” a comment that is scary considering the mortgage crisis grew out of less regulation and minimal oversight—some of which stemmed from legislation McCain was in favor of in the 90’s. McCain also is in favor of putting some social security funds into personal savings accounts. The idea being individual investors could get higher rates of return by investing their own money into the markets, rather than pay into social security. This idea is very tempting, but is filled with problems. Social security funds have one major upside and that is it is sheltered from the downsides of the markets. In other words, your social security money is not down 30% this year. Social security is far from being perfect, but personal accounts are not the answer I believe consumers need.
Sen. Obama is far from being the next Warren Buffet, but has demonstrated a strong knowledge in financials. I’m very enticed into selecting Obama because of his future choice for the Treasury Secretary. Obama’s replacement would find themselves taking over the largest rescue plan in our nations history in the early and crucial stages, not to mention would also be instrumental in shaping a new financial regulatory system. An Obama Treasury Secretary would be one with oversight as a prime principle and would bring new ideas to a failing system of regulation.
The Democrats are expecting gains in both the House and the Senate; this is another reason for an Obama endorsement. As you know, for anything to pass in the Senate, 60 votes are needed. If the Democrats can reach this veto-proof majority, change is likely to happen. A republican president would likely hold a veto pen to any major financial reform that our country desperately needs. The basic philosophy that the market can police itself is largely true, but we have learned is not enough.
I don’t agree with all of Obama’s specific proposals and other non-financial issues. I am a little afraid of his thin resume. But overall I am impressed by his ability to calmly assess situations and make calculated decisions—a characteristic which separates the two candidates. While there is no perfect candidate, I feel financially, the everyday consumer would benefit more from an Obama presidency.
I welcome any of your comments on the elections and hope all of you make it to the polls on Tuesday. $
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