That much has been made abundantly clear, but then there's the question of Obama being any better.
There's no possible way I would consider McCain better on the economy...if Obama wasn't advocating raising taxes on the rich in the middle of an economic downturn. We have enough trouble with investment dollars sitting on the sidelines as it is.
To be frank with the current deficit and current account deficit figures, and McCain's nearly deranged fiscal promises to cut taxes or give gazzillion dollar balances to any group I would consider Obama better even if he was promoting a 35% Capital Gains tax and I am a day trader. McCain would be a continuation of the supply side economics that agree rapidly turning us into an economic basket case.
The markets are smarter than high schoolers, they respond to sane fiscal policies altogether more than the micro incentives if they are surrounded by nonsenical policy. That's why Clinton's tax increase in 1993 set off the largest economic expansion in history, and Bush's have driven the economy further into collapse. Clinton's showed the grown-ups were in charge, Bush's that ideological children with no sense were. McCain for his part understood that at the time. He's just "forgotten" it. If he remembered that opposition I might be able to force myself to vote for him over Obama. Now I can't understand how anyone who cares about the country or economy could.
As for investment dollars, the opposite is actually the problem. The bear stearns bailout, and controls on short selling is forcing billions into worthless financial stocks. The government has created a massive bubble and the best performing stocks of the last month all have negative equity and should not exist as companies. But because there are rules in place making it impossible for them to fail, everyone is dumping Microsoft to buy Washington Mutual. Watch, all the administration has done with its bailouts is create a much more massive bubble that is going to burst this fall. They should have taken over Bear Stearns and Fannie Mae. It would have been bad for the economy in the same sense taking over Northern Rock was for the Brits, but every major British bank is turning a profit this year because they got the message that their shareholders and execs would be ruined if a they didn't cvlean up their act. And their property collapse was worse than ours. Instead here we have given billions of dollars to the same executives that caused this mess. It would be a good thing if we cooled off buying of worthless stocks, and quite frankly McCain is just going to create more bubbles.
