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Monday, October 27, 2008

Just received a very well thought out letter worth forwarding, re: the US elections." Open letter to Sen. McCain & Gov. Palin. Help get it out."

Thank you, Jack. Excellent thinking. Will forward.


Feel free to send it to your list or use it otherwise. If you modify it, please make clear that the amendments are yours and not mine. Otherwise, you have my permission to use it in any way you like or even to rip it off shamelessly. Just help get it out.


Jack Golbert



The Hon. Senator John McCain

The Hon. Governor Sarah Palin



Dear Senator McCain and Governor Palin


Contrary to what appears, you can turn the state of the economy to your advantage and win.


It is true, of course, that whatever happens to the economy is taken by the voters to be the doing of the incumbent party in office. Rightly or wrongly, the incumbent party takes the credit or the blame. The financial and economic collapse has stampeded voters to Obama's side because President Bush is a Republican and so is Senator McCain. The fact that the Democratic Party is the incumbent in both houses of Congress is not as obvious. So, even though the Congress has an approval rating far worse than the President, the Republican Party's candidates have gotten the blame for the economic collapse.


Nevertheless, you can turn the financial collapse to your advantage and win the twenty percent or more who are still undecided.


Here is a well known economic phenomenon that is being stood on its head in this crisis. When interest rates are lowered, it is natural for investors to increase their investments in the market, in other forms of saving and in real estate. That naturally pushes prices upward and pushes the economy upward. The same is true of government intervention by pumping money into the economy, such as by bailing out failing institutions.


That has not happened in this crisis. The US government has made $750 Billion (BILLION) available in support of the economy. The governments of the European Union have done likewise and the Federal Reserve has lowered interest rates. In addition, oil prices are dropping and commodity prices are falling, which should have the same effect of pushing the economy and the stock market up.


Notwithstanding, the market has not responded. The stock markets continue to fall and people's assets continue to be eroded by prices that continue to fall despite being massively propped up. Why?


I suggest that it is because of a deep lack of confidence on the part of investors in the future of the economy. They see Obama winning and at some level, they fear the change he will bring. People are petrified of an Obama presidency especially when it is coupled with Democratic control of both houses of Congress. They know it means the advent of socialism in big letters. Investors will not invest in a socialist economy and if there is no investment, there will be no jobs. They will hold their money to see what the change brings.


The continuing fall, however, panics people into the camp of "change" – any change. The status quo is not tolerable. So the dynamic is that investors, probably including labor unions who support Obama, fear to invest in an economy controlled by Obama and the Democratic controlled Congress. That pushes the market deeper into recession which panics Main Street into supporting any change blindly.


I suggest that if you can explain to the people on Main Street that the economy is still in decline because investors fear to invest their money and the money Main Street's pension funds and insurance funds in a socialist economy, you will turn the election around and emerge victorious.


Jack Golbert

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