Presidential Debate

After reading the transcript of last night's Presidential debate, it is clear that the strategies of both candidates were nearly identical: don't answer the question and spend as much time as possible parroting campaign talking points. That is partly the nature of the so-called debates so there is nothing really new here.

As the financial crisis gets worse, however, we could have used some constructive thoughts for future policy. The closest that either came was Senator McCain's proposal for the Federal Government to take direct action to restructure troubled mortgages. That is a good enough idea to be worth discussing although there are many serious drawbacks. If it is done, however, the taxpayer must become a partner in the property and share in any appreciation.

Both avoided any serious discussion of sacrifice, of the responsibility that consumers and borrowers must accept in creating the conditions that lead to the current financial crisis, of entitlement (Social Security, Medicare and Medicaid) reform and changes that are needed to make the health care system both affordable and effective. Too much time was spent on tax cuts that just are not going to be possible and increases in government spending that are likely to be irrelevant or unaffordable.

There is a substantial fraction of the American people who believe that we deserve to have it all - now. That is a world view that can only be described as an hallucination rapidly turning into a nightmare. Sacrifices will be necessary as we recover from a more than twenty year debt-fueled spending binge.

Can anyone out there spell H-A-N-G-O-V-E-R?

It is also time for Senator McCain to stop talking about earmarks. We all know that they have exploded out of control during the current administration. We also know that they are a symptom of the intellectual and moral corruption of the Congress but there is a limit to the amount of time that should be spent on $18 billion of expenditures in a $2.9 TRILLION budget.

What does Senator McCain propose to do about the intellectual dishonesty and moral corruption exhibited by the majority of our elected representatives?

Pander - Pander - Pander is not the way to go.

At least the candidates were civil and refrained from throwing mud at each other. Be thankful for small mercies!