Hello? If McCain Had His Way, That'd Be Our Social Security Money Wall Street is Losing

What do we democrats have to say about the mess on Wall Street?

Today Obama said it proves that the Republican economic philosophy has failed, and I heard him mock McCain for calling for a commission because "we know how we got into this mess." Now some people think about things like "economic philosophy" a lot, and many have at least a general notion of how we got into this mess. But even though everybody cares how much money ends up in their pockets, most people are understandably a little fuzzy about all the policies and philosophies and market forces behind our very complex economy. To further confuse the issue, McCain is also saying something about reform, and taking on "fat cats," and accusing Obama of being just as cozy with these Wall Streeters as anyone else. And at this point, slightly more voters trust John McCain to handle the economy than trust Barack Obama.

As it happens, though, not that long ago we had a rare political moment in this country, a moment where the public sat up and took notice of economic policy -- and spoke out and made its voice heard too. When George W. Bush made it to term #2, he decided to try to privatize social security to reward his supporters on Wall Street with a new source of capital, customers, and fees. (Those would be the same people whose firms are now cratering under the weight of the bad debt they recklessly took on while Republican regulators looked the other way.) But as it turned out, we Americans were not about to let our elected representatives turn over our social security taxes to Wall Street financiers to gamble with if it meant losing the guaranteed income that has allowed millions upon millions of American seniors to live out their sunset years with at least a basic measure of dignity.

But while ordinary Americans spoke out, John McCain stood with Bush (hugged him awkwardly in public, even), against the American people. In fact, just six months ago, McCain again let slip his fondness for privatization.

I have been scratching my head why this has not been talked about more, especially since Obama has been having trouble winning votes among seniors. There may well be some good reason I'm missing why it hasn't been a top argument thus far.

But now that you can't look at a newspaper or TV screen without seeing the mayhem on Wall Street, it's time to remind Americans what the world would look like if John McCain was in charge of our economic policy. Plenty of people are losing plenty of their retirement savings as it is. But if we had let Bush and McCain privatize social security, some of those people would be losing a lot more. And a lot of other people with less retirement savings would be hurting even more, because they depend on social security to cover basic needs.

This is something Americans understand: social security is secure, and the stock market is anything but. There are few more personal or dramatic ways to illustrate McCain's terrible judgment than to imagine the nightmare scenario so many Americans would face if McCain and Bush had gotten their way on this -- or if McCain were to get his way as President.

When Wall Street's woes are the top story, this should be our top talking point.

Comments

[marriea]

The sad truth is many whites, who are a majority in this country, would rather cast a vote to another white dressed in a Satan suit, complete with forked tails and horns than a person of color with God standing right behind him. Many whites are binded to the tales of the past, that people of color especially blackes are inferior to them and just want to get what whites have worked hard for, and they just don't know any better.

If McCain wins this things, it will be the whites of this country who will feel the effects more, just like now, blacks for the mos part never had anything anyway. But since whites think they are better , so be it.

[bassnman]

I don't think God Stands behind either one of these candidates. If you look at their background, there is shady deals being done by both of them. Our gov't is corrupt to its very core. As far as a black leader, I think it could easly happen. Your comments to me are very bigoted and smack at racism. Yes there are "white" idiots out there as well as any other race. I look at the qualifications of the candidate. As far as I'm concerned, neither one of these candidates is qualified to lead this once great nation.

[jerash]

While you are scratching your head add to your bewilderment the fact that no one...not even Huffington or NY Times aka Klugman have named the names of the individuals and corporations who have made the billions of dollars over the past 8 years. While we are piloring the investment companies and the banks look at those who have reaped enormous profits from the War on Terror. AFter all its a cash cow....and endless war with endless profits with relatively low collateral damage???? Well now human life, which is obviously an expendable commodity (its replaceable) , seems to be a small cost for the profiteers. Why not start with Haliburton and its no bid contracts which don't even have to be completed. Ah dreams of democracy, ethics, accountability and responsibi­lity...And why did Lehman Bros. not get bailed out...look at who holds the paper!!! The Japanese are certainly high on the list...the­y're not American so ....? But, wait we have to go out of our borders to be 'saved' financiall­y..we're tapped out...How does this play out? And people believe the consummate flip flopper McCain knows how to deal with this...?
Tomorrow we will find out the Brooklyn Bridge is for sale.

[SFSister]

You'd think people would have figured it out. What will it take, I wonder?

Speaking of McCain's credentials as an independent, here's one of the most powerful pieces I've seen. If this were only aired everywhere (about as likely as me winning the lottery):

http://www.capitolhillblue.com/cont/node/11290

[Star2000dancer]

I offered to help Obama campaign. I got an email back to the senior part of the campaign. I am insulted. I wrote them a letter back that I would support him, but do not put me in a demographic. I sent my phone number & asked someone to call me so we could talk. I got another email for seniors to contribute.

Now I do'nt want to be bothered. He's not listening to the people, he's just fund raising. No, I'd never vote McCain, but I sat home because Hillary never contacted me, & I will sit this one out too if I do'nt get a phone call & off the senior list. Howrude can you get, forcing people into categories. That absolutely goes against we the people & turns it gender, racist, age, color, religion, etc. Is'nt he the one that said we the people can do it? Apparently he does'nt need or want my help. Oh well, I tried several times.

[Jenoah2008]

My sentiment exactly and the sentiment of many supporters who are wondering about the campaign's inaction a this time.
The headline and image would be a perfect thought provoker. The article is spot on.

[MarieMarie]

I don't particularly want the gov't putting the money they take out of my paycheck into the stock market.

But you do realize that right now they just spend it?

You do realize there is no account with everyone's withdrawn money sitting in it, gathering interest?

It's all put in the general fund, and spent, and there is a huge deficit, and the money's not there. The payouts to the currently retired are just increasing the deficit.

I repeat, the MONEY'S NOT THERE. There is NO ACCOUNT ANYWHERE with the social security funds in it.

I'd rather it be in the stock market than nonexistent! But I'd rather still they not take my money at all, and let me decide what to do with it. I could be a high risk investor, or a low risk, or keep it in my mattress, or spend it. It would be up to me. What a concept.

[old salty dawg99]

You think Social Security is Secue what planet are you living on?Democratically cotrolled Congresses have looted the trust fund to the tune of $12,000,000,000 that's Twelve Billion dollars if you did not know .That is what the government calls off budget Debt. Back during the 80's when Reagan got twice the money coming into Washington the Democrats were spending it at a rate of $1.98 for each dollar in so there is no safe Social Security Fund as long as Democrats run Washington­.Where do you think the US Congress is getting the money to bail these failed Companies out? Republicans did not deregulate this bunch Slick Willie did that back when Him and the Dems were running the show.If you want more of this kind of think vote Obama and then we will be the only Fourth World Nation around because unde Obama 's plans we all will be broke and out of work because he plans to tax everything and spend it on gambles that may nerver payoff but hesays so what it's the rich mans money.But that money will come from the poor and middle class who have to pay for those tax increases he talks so blithely about.

[Hare]

Another one that must be in that circular McCain bus. To enlighten you. People are already out of work and broke. The money Bush (McCain) used to fund their war came from the surplus Clinton left and then became a big deficit. A debt that runs right now around 600 trillion. This means the Chinese are now our masters and Saudi Arabia owns most of our buildings and they don't care if you consider yourself democrat or republican they'll treat us all the same, like cr**p...un­less you are very wealthy.

[Ironfox]

Yea, maybe, but you are addressing a public whom have been dumbed down to the attention span of an infotainment segment. Bush's amoral push to priviatize social security to benefit his Wall Street buddies is but a distant memory, if a memory at all. Rigging the bankruptcy laws in favor of lenders to the detrement of borrowers is not going to help either. This is little discussed, you can't get blood out of a stone. When this mountain of consumer debt collapses ALL banks are in jeopardy.

[Sylvesterfish]

Correct me if I'm wrong.Reag­an started borrowing from SS. I think there would have been a surplus if they would put the money back in that was borrowed plus intrest and penalties, Like they do to us when we Owe taxes, I think its time to vote all the incumbents out of office, and start over, seems they all have there fingers in the cookie jar, dem and repubs. I don't know much, but I do know McCain is not the person we need right now to be in charge,And Palin is One scarey women, Yucan Sam is looking for her , he is one fruit loop short of filling his box.

[blood1]

This article needs to go to every news agency, blogger, hardball, countdown, rachel maddox, cnn, barack obama, etc...so someone with an updated computer..­.sorry, mine is older than dirt. Thanks

[USindependent]

Anyone at this point in time calling Obama a communist is obviously a Rush Bimbo fan.
And I will bet that they never do anything without listening to their talk radio. Can't get the truth unless Rush tells them its so.

[wrabbitt]

How can anyone justify voting for McSame? He has a bad record on Womans rights,Ain't got a clue about basic economics, Wants our great grandchildren to fight in Iraq. Has been in congress 26 years know anyone from Arizona ask how good he is! He won't even win his home state! Sarah the moose skinner is not qualified to fire a ex brother in law with out lying about it! Vote Obama our last great hope to end Washingtons bullshit!

[old salty dawg99]

YOu must either have great wealth or are a child of someone who does because if you are not them Obama wil lhave your pockets claened out in no time with his so called plans for this Nation.Oba­ma says he won't raise the taxes of middle class and poor people but what he plans is worse since it will cause prices to go way up on everything and neither the poor or te middle class will be able to suvive that typeof plan.If you doubt what i say ask any business owner how they recoup money lost to any incrase to their doing business.T­hey will tell you they either fire someone, raise prices or they do both.Do you want to be one of those who lose their job or who has to pay the higher prices?I know I do not since I only work part time and cannnot afford to lose any money no matter how that lose occurs.So before you jump into bed withBarack think about what he wants to do to you and everyone else in this Nation with his failed polices of the past he now calls plans to fix this Nation.He is a fix we Americans cannot afford and can do very well without..

[Thomas54]

BRILLIANT POINT. I HOPE SOMEONE IN OBAMAS CAMP IS READING THIS. OF COARSE THIS IS ONLY ONE OF MCCAINS MANY FAILURES , AS FAR AS THE ECONOMY IS CONCERNED. HOW COULD AMERICANS EVEN THINK OF VOTING FOR THIS MAN, GIVEN HIS SELF PROFESSED LACK OF KNOWLEDGE OF ECONOMICS. HE'S ADMITTED THIS! OF COURSE NOW HIS MANTRA IS THAT HE WILL "FIX" WALL STREET. HE WILL FIND BIN LADEN, HE WILL FIX WASHINGTON, HE WILL , HE WILL, HE WILL... THIS MAN WILL PROMISE ANYTHING TO GET ELECTED. ONCE HE IS, HE'LL BE FREE TO DROP DEAD AND LEAVE US WITH PRESIDENT PALIN. A GUN TOTING, BOOK BURNING, FUNDAMENTALIST FOOL, WHO WILL USHER IN THE WORSE TIMES THIS COUNTRY HAS EVER SEEN. MAYBE THIS IS AMERICA'S COMEUPPANCE.

[dutch163]

MAN, that is EXACTLY what I said after the Wall St meltdown
"and they wanted to privatize Social Security?"
(BTW
McCain, who declares the SS system broken, does collect his $1900/mo)

[VANDERGRAAFK]

Well, McCain does have his way. Whenever the McCain belches up another lie, distortion or absolute fabrication, the media do their best to broadcast it. The lipstick on a pig nonsense never should have gotten the airplay it did. Instead, why don't you take the time to piece together a sensible narrative that really introduces McCain to us. Despite what he claims, McCain is not really Teddy Roosevelt. He is rather a good reincarnation of Herbert Hoover. His recent decrying of greedy Wall Street types is straight out of Hoover. The problem is, Johnboy, you can't worship at the altar of Gramm and wonder why the unregulated mortgage securities industry runs amok. Are you going to personally solve the problem by taking a leaf from your own Keating 5 playbook where you tell federal regulators to back off. Sorry, John, it doesn't work. We don't need you. Nor do we need Moose-Hunter Barbie do clean the Aegean stalls. We just need to send the Republicans where they belong: to the dustbin of history.

[BruceNM]

I believe you do a gross disservice to the memory of Herbert Hoover by comparing McSame to President Hoover. Above all, Hoover was honest; McSame clearly is hot honest, as evidenced by the unconscionable distortions of the truth that are the defining characteristic of his campaign ads. Also, Hoover had a decades long record as a successful administrator before he was blamed for a mess he didn't create and castigated for not having been able to fix that which was not fixable except with the passage of time. McSame is not fit to clean Hoover's shoes.

[inwonderland]

McCain must be a contortionist. How else could he kick out the Old Boys Network?
He has to kick himself in the ass..cause he IS the Old Boys Network.

This is an example of the fox guarding the hen house. McCain is the fox & the hen house is our economy.

FOR 26 YRS. MCCAIN HAS BEEN IN WASHINGTON, OF WASHINGTON, & now he expects us to believe he can FIX Washington!

Unless he is willing to detail and admit his part of the economic problem, has has zero credibility
being part of ANY solution.

He wanted social security to be punted to the Stock Market. THAT ALONE should tell the Nation to lock up its banks & safes AND the ballot box to keep this hypocrite, opportunist with zero credibility on the economy..O­UT OF ANY POWER OVER OUR SHARED FATE.

& Look who he picked to be his # 2. A novice. Someone who is under investigation.

GOD HELP US IF THIS GOON AND CARTOON GET IN POWER.

[kem31753]

Thank you for expressing what should be the painfully obvious - if Social Security had been "privatized" the funds would be down the tubes. You'd think people would be screaming this one from the rooftops. Obama campaign needs to get focused.

[campuschange]

If we had our way..(norm­al people with common sense) we would be rich by now because barney frank, nancy pelosi, harry reid and bill clinton would NOT have destroyed our economy and broke us with record earmarks and broke us with the mortgage bailout that mostly democrats took campaign contributions from and didnt stop and we would have been drilling years ago so SHUT YOUR HOLE libbs..,

[Buddy McCue]

What an amazingly ignorant point of view.

[Chillinout]

Everything you said is just Repub talking points that have nothing to do with anything. Who was the head of the Senate Commerce Committee that oversees the banks and financial institutes in this country? John McCain. Who said they were a deregulation guru? John McCain. Who was the one that pushed through the deregulation? Phil Gramm, (McCain's economic advisor, the same man that will write his economic policy if John were to somehow steal the election and end up being president).

Pork and earmarks totaled this year $18 billion, or about .6% of the budget. That small percentage would have done nothing to avert the Republican caused meltdown we are seeing here, and John McCain wants to continue the same economic policies that got us here.

[VANDERGRAAFK]

Surely, you are not including yourself in the category of "normal people". Let's see: Bush fights a pointless war and spends at least $10 billion per month without bothering to implement any kind of surtax (as Johnson did) to pay for the war. Instead, we'll let Palin's offspring pay for it. The Republicans control the Congress for six years under a Republican administration, ask no questions about taking a Democratic government surplus and turn it into a string of deficits, and now wish to blame the Democratic majority in Congress for failing to pass legislation that Bush will veto anyhow and the lemming Republicans in Congress will fall in line with. Wow! That takes guts. And you wish liberals to shut up. Let's see: the talking morons who dominate AM radio and TV are mostly right-wing nut jobs. Maybe it's they who should shut up. Better yet: why not learn to listen to someone other than themselves.

[Sylvesterfish]

You should be glad the libs wouldn't let them drill. the oil would be gone now, then what would you have to blame the libs about. so you should be thanking them for saveing some oil for our grandkids, kinda nice there is still some oil left here we can drill for now ? I will accept your thanks, and your welcome. now quit your whinning and think before you speak.

[Ironfox]

What an articulate, erudite, reasoned , and very typical argument of a Republican robot.