Tuesday, August 26, 2008

Obama Makes Me Laugh

Obama makes me laugh, but not enough that I could consider voting for a co-sponsor of the Foreclosure Relief Act of 2008. I laugh for two reasons.

First off, he claims to be targeting the middle class. Which could mean that he's trying to get their votes or perhaps he's trying to kill them off. While I think his intentions are for the former, his results will be for the later. The $9000 tax credit that is given to first time home buyers as part of the Foreclosure Relief Act is really just an interest free loan, since it has to be repaid in subsequent tax filings. $9000. $9000 is less than 5% of the price of a median home in this country ($212,000 last month). In most markets its more like 2%. Its a drop, in the drop in the bucket. For most first time home buyers, this $9000 is not going to get them over the hump. Sure, they will trot out success stories, but for the most part, this is an insignificant gesture on the part of the biggest do nothing Congress to ever sit in Washington DC.

Second, his energy policy is simply laughable. It entirely pursues "green" technologies. Some of which are not entirely proven or practical. He flip flopped on off shore drilling. Mind you, this is your candidate for change. Seems like the same old stuff to me. He fails to pursue pragmatic solutions in his energy policy when he ignores or even talks down nuclear power. Western Europe has been powered by nuclear power for decades. The French are net exporters of electricity to the rest of the EU, thanks to their nuclear program. McCain's energy plan calls for 30 new nuclear plants. The fact of the matter is that he was off by a factor of 10, but I am sure some pin head strategist said 300 nuclear plants will scare people to death.