They got jokes!

Senators John McCain and Barack Obama took time out of their busy schedules to speak at the 63rd annual Alfred E. Smith Memorial Foundation dinner, a charity event for children hosted by the Catholic Archdiocese of New York.

Both candidates did their best David Letterman impersonations by using their time to playfully poke at one another, other politicians, as well as to take a few self-deprecating shots at themselves.

You decide for yourself who hired the funnier writers:

John McCain

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Part 2:

Barack Obama

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Part 2:

McCain swings; Obama artfully dodges; Joe wins

Senator John McCain came out with guns blazing last night – placing Senator Barack Obama in his crosshairs during the third and final presidential debate.  The gloves were off and it became evident that McCain was swinging for the fences in hopes of turning around his campaign for a “surge” in the polls just three weeks before election day.

Instead, he displayed warning track power.

In a debate focused on domestic policy (finally!), McCain attacked Obama on his dubious relationships with Bill Ayers and Tony Rezko, his “distribution of wealth” tax policy as explained to “Joe the Plumber,” his failure to acknowledge the wrong in Congressman John Lewis’ sentiments, his relationship with ACORN, and his constant linking of McCain to President Bush.

But instead of folding, Obama thoughtfully addressed each of McCain’s points – doing a wonderful job on his explanation of the “Joe the Plumber” and Bill Ayers situations.  Obama then counterpunched by attacking McCain’s negative campaigning.

By poignantly negating all of McCain’s attacks throughout the night, Obama rendered McCain to be a little puppy, rather than an attack dog – and just may have put the election out of reach for the GOP.

But the real winner in this debate has to be “Joe the Plumber,” whose name was referenced throughout the evening.  You just can’t buy advertising like that.

The brilliance of Jon Stewart

Jon Stewart of “The Daily Show” had a fantastic segment last night about the McCain campaign’s slandering of Barack Obama and the results thereof.

See the video here.

Do it Bob

When asked about tonight’s presidential debate – moderator Bob Schieffer, host of CBS’ “Face the Nation” – stated:

“By now, we’ve all heard their talking points.  We’ve heard the general outlines of what they are talking about.  The time has come to be a little more specific.  It will not embarrass me, if they go off in a different direction, to say, ‘excuse me, could you focus on the quesiotn that I just asked?’”

It is true.  What we’ve had so far is a series of debates, both presidential and vice presidental, that have been loudly criticized for not sticking to subjects put forth by moderators, and instead forcing the public to suffer through the same talking points we’ve heard for months on end.

Here’s to hoping that Schieffer holds up to his word and sticks the candidates’ feet to the fire on actually answering questions and actually providing specific details to proposal they make, rather than speaking in the same vague and general tone we’ve all become accustomed to.

Let’s all just hope Scheiffer can put an end to this nonsense:

McCain v Obama III – The No Sweat Tour

When I woke up this morning, I flipped on CNN as I got ready for work to find out about the condition of the Asian markets while I slept last night

However, instead the anchors were speaking about the third and final presidential debate tonight between Senators John McCain and Barack Obama.

In all of this week’s excitement of new proposals and plans to address the national economic crisis, the debate had actually slipped my mind.

Thus, I kept the TV tuned to CNN to hear analysis on what I should expect to see tonight.

But instead the next 20 minutes were spent explaining the requests made by each campaign in preparation for the main event.

It seems that both candidates have requested that they be placed directly below an air-conditioning vent to prevent sweating and the visualization of a 5 o’clock shadow – as was apparently evident during the 1960 debate on a dampened Richard Nixon as me matched wits with a one John F. Kennedy.

Furthermore, it appears both candidate have also asked for an exact replica of the glass that will house the water they will have in front of them tonight, so that they can practice holding, lifting, and placing said glass without potentially dropping it.

This constitutes debate analysis?

Oy vey.

McCain’s gaffe

The market on gaffes is no longer owned by just Sarah Palin and Joe Biden.

The pressure of daily campaigning is really taking its toll…

McCain’s Plan

Yesterday Senator Barack Obama unveiled his proposal to alleviate the pain put forth on American taxpayers as a result of the current economic crisis.

24 hours later, his opponent in the 2008 presidential election made public a proposal of his own to address the country’s financial downfall.

Senator John McCain’s $52.5 billion plan includes:

• Elimination of tax on unemployment benefits (similar as Obama)
• Reduction of capital gains tax by half to 7.5%
• Guarantee 100% of all savings for six months (surpassing the current FDIC cap of $250,000)
• Reduction of tax rate on IRA and 401(k) plans to 10% on the first $50,000 withdrawn

Just as we did with Obama’s plan, let’s analyze each point briefly of the McCain proposal.

Unemployment Insurance

Just as we questioned with Obama’s plan, solutions have to be given as to how the loss of revenue from taxing unemployment benefits will be made up in the federal budget. Fortunately, McCain (even as a moderate conservative) is not the prototypical “tax-and-spend” liberal (like Obama).  Nevertheless, until the public is told how such a plan would be paid for – it means little to nothing at this time – whether it comes from the mouth of a Democrat or a Republican.

Capital gains

I am very much a proponent of a reduction of the capital gains tax rate.  By reducing this rate, investors are given additional encouragement to place money in the stock market – seeing as how the returns would essentially be higher with less money going into Uncle Sam’s pocket.  By boosting investor confidence on Wall Street through making stock purchases the most profitable investment avenue in terms of tax rates, this can help to inflate the Dow and bring the economy back from the dead.  Nevertheless, how room will be made in the budget to compensate for the loss of 50% of current capital gains tax revenue is a question that begs to be answered.

Guarantee of savings

In theory, this plan makes sense.  By guarnateeing 100% of savings in banks for the next six months, the government would be giving the public a sign that despite the fact that banks are needing to be bailed out – their money is safe and cannot be lost.  But in practice, this notion seems to accomplish very little.  Currently, most taxpayers have all of their money in various investment vehicles, including banks.  The only caveat being many taxpayers have their savings dispersed amongst a wide array of banks, with each institution housing the FDIC maximum insured amount.  By insituting this plan, it only gives the public confidence to consolidate all of their money into a single bank – but only for the next six months.  This proposal does very little to actually benefit taxpayers – and rather only places a notion in the public’s mind that their money is safe and guaranteed.

Retirement account tax rates

This plan would benefit seniors who are of age to safely withdraw money from their retirement accounts.  What about the rest of the country that has suffered greatly at the hands of the subprime mortgage crisis and its after effects?  Personally, I feel that Obama’s plan to allow taxpayers to dip into their retirement accounts, penalty free, is a better vehicle to help a broader swath of the public that have retirement accounts.  Why limit the benefit to seniors?  Why not help everyone?

Despite the various criticisms directed towards Obama and McCain for their new tax plans, we should all be happy that the two presidential candidates have finally decided to set aside their partisan bickering in time to put forth opinions on how to address the economic meltdown.

Perhaps tomorrow night’s debate will even include a discussion of these new proposed plans, and more importantly how they will be paid for.  Where will the $52.5 billion to support McCain’s plan come from?  In what other areas will spending be cut to make room for this plan or Obama’s plan?

Are you listening Bob Schieffer?

Obama the Socialist?

Many conservatives and moderates (such as myself) greatly fear Senator Barack Obama’s tax policies – and most especially when he utters things like this:

Are you serious?  “spread the wealth around”

When did that become a tenet of capitalism?  Sounds like Obama is in favor of creating a egalitarian and classless society .

Hmm….

Obama’s Plan

Senator Barack Obama made public a four-part plan to address the current economic crisis – with a focus on his bread-and-butter – the middle class.

Obama has proposed the following:

• Temporary tax credit for firms that create new jobs in the U.S. over the next two years
• Penalty-free withdrawals from retirement accounts over until the end of next year
• Temporary lifting of taxes in unemployment insurance benefits
• 90-day foreclosure moratorium for homeowners “acting in good faith”

Let’s analyze each of Obama’s points individually.

Tax credits for new jobs

In practice, this sounds like a great idea.  However Obama needs to explain where the outlay for such a credit will come from before it can be proven to be beneficial.  What cuts will be made to the federal budget to allow for these credits?  Likely none, given the fact that cutting social programs isn’t what a Democrat is prone to do.  So the real question is what types of taxes will be increased to pay for these credits?  Will Obama propose to increase the capital gains rate even higher than he has already suggested?  Isn’t this a time when capital gains rates should be lowered, in order to provide more confidence in the stock market and to encourage taxpayers to put more money into the Dow, to prevent the daily sell-offs that have occured over the past two weeks?

So maybe he will increase the tax rate for those making over $250,000 a year to come up with the needed money.  But wouldn’t he be taxing the very same S-Corporations who he is also trying to reward with these job credits?  Seems counterproductive to me.

Retirement accounts

This is a very astute idea – giving those who have suffered from steep inclines in mortgage payments or those who have suffered dreadful losses because of a falling Dow a chance to dip into their retirement savings without punishment.

Specifically Obama has placed a cap of 15% with a maximum of $10,000 on the ability to dip into one’s retirement savings.  This maximum threshold sounds like a great idea – seeing as how letting people divest all retirement savings penalty free would leave many financial instituions in a world of pain with the sudden loss of previously guaranteed liquidity.  The loss of liquidity within these very instituitions is what got us into this “credit crunch” in the first place.  Hopefully a loss of what were once thought to be guaranteed funds wont’ put these institutions into a bigger pinch than they currently find themselves in.

Unemployment Insurance

Again, one has to ask where the money in the federal budget will come from to make up for the loss in revenue from nontaxation of unemployment insurance benefits.  Or of course, what taxes will be increased to pay for this proposal.

Foreclosure moratorium

Despite the fact that those who agreed to mortgages on homes who can no longer afford to pay actually deserve to be kicked to the street, it is an unfortuante side effect that foreclosures within a neighborhood devalue the property of upstanding citizens who live within their means.  These fine folks should not be punished for the idiotic actions of others.  However, how Obama plans to interpret the prhase “acting in good faith” will be the real key to this portion of the proposal.

As one can see, there are many holes that need to be addressed in Obama’s plan before a final verdict can be made on its potential for success.  One has to wonder what took Obama so long to address the economic crisis, as this problem has plagued the nation for well over six weeks.  He’s been awfully quiet about the economy until now – just a few weeks before election day.

Palin 2012????

Apparently trouble is brewing within the McCain campaign over Sarah Palin’s strong rhetoric at recent campaign stops.

Could the vice presidential candidate be setting herself up for a run at the top seat in 2012?

It appears likely.

For the past several weeks the McCain camp has likely been seeing defeat in its sights.  Since the economic mess came to light, the American public (whether right or wrong) has placed blame at the hands of President George Bush, and thus by partisan association, on McCain.  As the senator from Arizona has dropped in the polls over the past month, his running mate has become the attack dog asked to do the slimy things needed to destroy Obama’s credentials as a viable candidate in a last ditch effort to reduce Obama’s lead.  By keeping McCain’s hands clean, this would allow him to maintain his war hero / moderate status and to lose with dignity come November 4.

Palin’s attacks at first were considered to be the norm.  She attacked Obama’s relationships with shady characters such as Bill Ayers, Jeremiah Wright, and Tony Rezko.  However an interesting phenomenon began to occur during these campaign stops as Palin continuously attacked Obama’s credibility.  The crowds took the bait a little too well.

Suddenly chants of “kill him” and “terrorist” were becoming more and more vocal as Palin droned on and on with regards to the same talking points about Obama.  The very far right was working itself up into a dangerous frenzy about Senator Barack Obama, as Palin made references to his “palling around with terrorists” and whatnot.  It now appears that McCain has grown weary of the behavior of crowds at these campaign stops, which has subsequently caused the internal strife within the campaign that is being reported.  This has become much more evident as McCain has been forced to address potential voters as they have falsely slandered Obama to his face.  McCain has taken the time to address such comments, only to be received with a round of boos.

But one must stop and ponder Palin’s true intentions, if she’s not doing right by her running mate in 2008.  To an outsider looking in, it instead appears as if Palin is setting herself up for a presidential run in 2012.  She obviously appeals to the far right much more than McCain ever did (thus warranting her selection onto the ticket).

At this point in time it appears that Palin and and Governor Bobby Jindal of Louisiana are the future of the GOP – and will be the top candidates for the Republicans in 2012.  With Jindal having been in the national spotlight for much longer than Palin, she obviously has to use the platform she’s been given in the precious few weeks she has remaining (should McCain lose the election) to give herself a leg up.

What better way than to appeal to the far right – the group of people that have long fallen head-over-heels for Jindal – than representing herself as a fighter who would take any step necessary to win?  With that attitude, her hardcore conservative beliefs, and her “aw shucks I’m just a hockey mom” persona – she just may be able to steal away Jindal’s thunder and thus make herself a frontrunner in 2012.

Thourgh her recent actions at campaign stops, and the infighting resultant of such, she can appease a faction of the GOP that has always been somewhat disappointed with the nomination of such a moderate conservative as McCain in 2008 (whether they will admit it or not) and also replace Jindal as the future of the Republicans – all in one foul swoop!

Palin 2012?

More likely than not.