It's the Economy...stupid...

I have been trying for weeks to understand what is happening on Wall Street and in Washington. Unfortunately, I'm no expert on macro-economics. I've heard President Bush, Sec. Paulson and others preach to us the importance of the recently passed "Rescue Plan," but I'm not sure I am buying it. Both Obama and McCain seem to be in agreement that this plan is not perfect. However, they also agree that nothing else can really be done.

Is it true? Is this our only option? Beats me...I'm not going to pretend like I have the answer. But I will say that many people across America are frustrated and downright angry that their tax dollars will be going to the very companies and CEO's that started this mess.

As far as the election is concerned, I think all this frustration and anger will negatively affect McCain. It doesn't matter whether or not it is his fault, or the Republicans' fault for that matter. Angry people are going to the polls this year and these voters will likely have the perception that Republicans are to blame. Are they to blame? Maybe. I'm sure there's plenty of blame to go around. Unqualified homeowners, sleazy lenders, politicians...say thanks to all of these people. But right now, McCain is struggling in the polls and I don't know if he can recover this late in the game.

Personally, I'm just angry. I don't feel like either candidate has the best interest of the American public in mind when it comes to the economy. However, this is probably just ignorant anger. I went out looking for some resources that will help me better understand the state of our economy. I've found a decent flash feature on the New York Times website. It's called "Four Weeks of Financial Turmoil," and it does a good job of outlining the key developments, starting with the collapse and federal bailout of Fannie Mae and Freddie Mac. Here's the link:

http://www.nytimes.com/interactive/2008/09/27/business/economy/20080927_WEEKS_TIMELINE.html

I believe this is a decent resource for anyone who is not an economist. I hope this whole "rescue plan/bailout/whatever it the @#$* is" actually works. Time will only tell. But I am anxious to see how the candidates will discuss the economy in their upcoming debate and I'm anxious to see what McCain will do fight his way back into the race.