I know we're talking a lot of politics/economy around here these days, but, like, this is super-duper important, especially this close to an election, and my conversation with my sister last night really alerted me to the fact that a lot of U.S. voters have no clear idea what's going on here. (And it has a huge impact on folks overseas as well!) However you feel about it, and however you're voting, it's just generally useful to understand what went wrong and why.
A girlfriend sent along a very easy to understand (and funny!) PowerPoint presentation explaining this "sub-prime mortgage crisis." It's a term you hear thrown around a LOT these days, but what does it mean? What went wrong? I uploaded the presentation for you guys. You can download it here. />
I know we're talking a lot of politics/economy around here these days, but, like, this is super-duper important, especially this close to an election, and my conversation with my sister last night really alerted me to the fact that a lot of U.S. voters have no clear idea what's going on here. (And it has a huge impact on folks overseas as well!) However you feel about it, and however you're voting, it's just generally useful to understand what went wrong and why.
A girlfriend sent along a very...
So I'm trying to help my little sister buy a house in Southern California, where she's getting her smarty-pants PhD, by co-signing with her and guiding her through the murky waters of the home ownership process. And I'm on the phone last night with the lender, and, despite the fact that my sister has zero debt and my current debt-to-income ratio is, and always has been, well below 1/2, and despite the fact that we have 15% to put down and are requesting a regular-sized loan, there is still, he explains, no fucking way we're getting a loan right now. He's very sorry, and we should get back in touch in a few months. So I call my sister last night to try to explain this to her, and I start with, "So, um, you're aware that we're currently in like a major economic crisis?" and she's like, "Huh?" and I'm like, "Have you heard anything on the news about this whole collapse of Wall Street? The Lehman bankruptcy? The fact that the U.S. economy as we knew it died a couple weeks ago?" and she's like, "Oh, no. I know I should follow that stuff, but I just don't."
ZOMG.
The insular existence of a scientist.
So for those few registered voters out there who are still BLISSFULLY UNAWARE THAT OUR ECONOMY IS COLLAPSING AND JOHN MCCAIN IS THE ONLY PERSON ON EARTH WHO CAN SAVE IT, McCain is now requesting that he and Obama postpone the first Presidential debate to "focus on the economy."
"I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself," McCain told reporters while in New York, where he and running mate Sarah Palin were meeting with world leaders at the United Nations. "It is time for both parties to come together to solve this problem." The White House said in a statement that it appreciates McCain's suggestion.
"It's time for both parties to come together to solve this problem," McCain said. "We must meet as Americans, not as Democrats and Republicans, and we must meet until this crisis is resolved." According to Fox News, McCain has also suspended the airing of all campaign ads as he works on the crisis.
According to CNN, the surprise move by McCain came just hours after the Obama campaign reached out to McCain's camp Wednesday morning to suggest that the candidates release a joint statement on the principles they think are important to incorporate in any bailout bill. The statement would also stress that it is important for Congress to work together on this bill. At 2:30 p.m. Wednesday, McCain returned the call and agreed to work together on some language for a joint statement. That statement was expected by the end of the day, along with comments from Obama on the McCain's suspension and the bailout bill.
Sources reportedly told CNN that Obama would not be suspending his campaign and saw no reason to cancel Friday's debate. At press time, the Obama camp had not yet issued a statement.
I bet there is a LOT of eye-rolling going on at Obama headquarters this afternoon. />So I'm trying to help my little sister buy a house in Southern California, where she's getting her smarty-pants PhD, by co-signing with her and guiding her through the murky waters of the home ownership process. And I'm on the phone last night with the lender, and, despite the fact that my sister has zero debt and my current debt-to-income ratio is, and always has been, well below 1/2, and despite the fact that we have 15% to put down and are requesting a regular-sized loan, there is still, he explains,...