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McCain & Obama on Wall Street's Downfall

Presidential Candidates - Obama & McCainMcCain and Obama attempt to address the latest in the country’s market crisis, but fall way short.

If the Wall Street crisis hasn’t gotten in your head yet, chances are, you’re dwelling in a cave. The race for the Oval Office has brought much debate on what the candidates are willing to put on the line once the elected man starts his term. Last week’s Lehman Brothers Chapter 11 filing is another downtrodden issue and the public eagerly awaits specific remedies and solutions from the two nominees.

Sen. John McCain urges business gurus Warren Buffet, Gov. Mitt Romney and NY Mayor Michael Bloomberg to oversee the $700 million bail out plan. McCain is too careful not to ditch the taxpayers’ money to another profiteering scheme by Wall Street hotshots. It’s funny how the Arizona senator has called for a committee to supervise the Fed’s management knowing that he has only taken back what he said last September 15 about the nation’s “strong” economy. It turns out that the Republican has recently thought that we are actually in crisis (he clarified later on that he was referring to the “strong” workers and not the economy).

Sen. Barack Obama on the other hand has still not gotten away with his rhetoric. Other than his proposed emergency economic plan, his recommendations are still too abstract. He derided his rival’s proposal of passing the solution to the crisis to a select committee instead of undertaking the remedies himself. If the Democrat senator refuses to do the same then maybe he can fire his hired economist Austan Goolsbee.

The two presidential hopefuls call for stricter regulation to the bail out. It’s a contradiction to the old beliefs of the Republicans but a somewhat close call for socialism to Obama’s plan of heavy levying on oil companies, the proceeds of which will be given to the middle class. The latter’s candidacy, viewed by most critics as a premature catapult with minimal political experience, is heavily flowered with speech styling. One would have to dig in to find the details to the remedy. On the other hand, McCain is no guarantee of sure fixes either. It’s still a wait and see situation for both candidates.

With the crisis up to the necks of the American public, it seems neither one of the candidates can unveil a detailed solution in his platform. Even if McCain or Obama were cornered on the subject, it’s still too hard for either candidate to provide a full, detailed, and free-standing plan. Maybe that’s why the media gawks more on Sarah Palin’s family after all.

For the American homeowner… Resist the temptation to take a mortgage that you can’t afford. And by doing so, you may be doing your country a bigger favor than just casting your vote in November. By doing so, at least you have a definite plan.

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