The business of the United States of America is business, and as we await John McCain’s pick for a vice president, we have settled for three politicians among the two tickets—McCain, Obama, Biden. McCain was a military officer before becoming a politician and the other two have only been politicians, which probably doesn't give them the skill set to watch over the nation at this very critical time in the business cycle. If we do not start minding our business, we might not have anything left to worry about. Not exactly a great scenario. Before we go any further, I am not lobbying for any one candidate. I just want a president who understands how the world’s economies work in relation to ours, who comprehends what the governmental policies do to help or hinder our business models, and who has the ability to restore confidence in not only our business leaders but the vast majority of us who earn our living in the U.S. of A. Dealing with corporate taxation, while important, is not the sum of all the problems.
I would love to be at a debate and ask some of the basic questions to see if anyone understands anything about how the nation’s business works. The reason I say this is I have seen Chuck Schumer, the senior senator from New York, grapple with problems in my field, the mortgage industry, and underwhelm me with his conclusions. He understood the problem but in my opinion completely missed the solution. We do not have the time or the money in this country to continue this type of governance; therefore, the presidential candidates must know the following:
1. What are the Federal Reserves two main powers?
2. How do we finance the deficit?
3. What does the weak dollar mean to our real estate?
4. What was the main cause of Fannie Mae and Freddie Mac’s losses?
5. What is the main reason for the record profits in the oil industry?
6. Have we ever solved the farm problem?
7. What was the real cause of the credit crunch? Subprime lending, the rating agencies, Wall Street, bad borrowers and bad lenders, all of the above?
8. What is the correct relationship between Medicare and the drug industry?
9. Are speculators a help or a hindrance in the commodity markets?
10. What stimulates the economy and what depresses it?
11. And the big one: what do you do if you can’t make the next payroll?
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.