| Politics tends to be reactive. Issues often aren't | | | | was riding high, many media outlets were carrying |
| issues until they make news. Media outlets and | | | | deceptive ads for lenders and credit card companies. |
| political candidates tend to speak out after disasters | | | | The same thing must be said about John McCain and |
| occur not before, even when that old handwriting is | | | | Barack Obama. It won't do for McCain to rail against |
| on the wall. | | | | fraud and corruption on Wall Street without someone |
| So it is with the financial crisis that seems to be | | | | pointing out that the Republicans have been in charge |
| toppling bank after bank, affecting company after | | | | while all this is going on. It won't do for Obama to |
| company and threatening the global economy. | | | | mouth platitudes and make this into a partisan issue |
| Many of us have been in denial about it perhaps | | | | when many top Democrats, including his running mate |
| because until now we were not directly affected or | | | | was on the wrong side during the debate on the |
| it seemed abstract. It has also been a slow-motion | | | | Bankruptcy Bill. |
| crisis building steam since the markets first melted | | | | I have been trying to rouse concern about this, |
| down in August 2007. | | | | exposing sub prime loans and the role of Wall Street |
| What's happened since has been unprecedented: a | | | | firms that profited on them, the regulators who |
| freeze up of all credit, massive muti-billion dollar | | | | turned the other way and the press that missed the |
| write-downs by brand name banks. Three and half | | | | story. |
| million families facing foreclosure, and then one after | | | | Even I have been shocked with the trillions of dollars |
| another major financial dominoes started toppling | | | | that seem to being flushed down the drain, and the |
| triggering seven interest rate cuts, infusions of capital | | | | fact that some of the companies once considered |
| in the hundreds of billions, Then Bear Stearns fell | | | | the smartest of the smart managed to destroy |
| followed by now by the troubles at Lehman, Fannie | | | | themselves in the grip of greed. |
| Mae, Freddie Mac, AIG etc..... | | | | So what to do now? |
| It doesn't seem to be stopping as a thousand banks | | | | 1. Educate ourselves about how this system collapsed |
| are expected to fall. Words like bailout and plunge | | | | and about the need for both financial regulation and |
| protection are becoming more common. | | | | personal financial responsibility. We need to spark a |
| Oddly, all the economic pain and uncertainty leading | | | | national conversation about these issues. |
| up to what may still become a catastrophe has | | | | 2. Encourage the politicians we support to get away |
| mostly been buried in the business section and | | | | from symbolic stances and trivia and focus on our |
| overlooked by both parties in their platforms and by | | | | economic well being. |
| both leading presidential candidates on the campaign | | | | 3. Insist that our media explains these structural |
| trail. | | | | problem and offers diverse perspectives on how to |
| Events are now forcing them to respond to the | | | | solve them-not just the same old pundits. |
| disaster but the issues and choices we face are still | | | | 4. Demand a bill of economic bill of rights for all |
| not being discussed clearly. | | | | Americans that promotes fairness and equality. We |
| Bloomberg News reported during the conventions | | | | must begin thinking about how to promote debt relief |
| that even as we confront the most serious economic | | | | in America in the same way that Third World peoples |
| crisis since the depression the reasons our economy | | | | have fought for it for years' |
| is not working are not discussed. | | | | 5. Back the campaign of The Institute for American |
| Part of the problem is that media itself is not putting | | | | Ideas, to get these issues into our media and on to |
| the issue on the agenda, asking candidates about it | | | | the agenda. |
| except in a breaking news context. Rather than | | | | We have to stand up and be heard before-sounds |
| expose predatory sub prime loans when Wall Street | | | | silly doesn't it-it's all gone! |