Tuesday, October 21, 2008

What can be done with 600+ million dollars!

So, Obama rejected public financing of his campaign while McCain accepted public money. Forgetting the fact that Obama is the first Presidential candidate to do this since Nixon and that this legislation was meant to prevent corruption in political campaigns, what it really means is that Obama can raise and spend however much he wants while McCain is limited to 84 million dollars. You can argue the ethics behind these two decisions all you want, that's not my point in this post. I don't like the public financing system as it currently exists, but neither do I like a candidate saying he would take public financing and then repudiate that stance once he realized he was going to have way more money than the other guy to spend. Wondered why you see 6 Obama commercials to every 1 McCain one? This is why. Nonetheless, raising this kind of money to run commercials, make signs and buttons and generally lie (all politicians do this during campaigns, so this is a generalization) to the people is quite off putting. It seems that nobody cares though. I don't really get that. During this time of economic hardship, Obama has raised more money than any candidate in history and projections say he might make 700 million dollars by the time of the election. This is appalling. How can he justify continuing to raise money when he has a significant lead and the economy is so bad. His campaign manager, David Plouffe said this: [He] asked supporters over the weekend to dig just a little bit deeper, saying the campaign needs more cash to defend itself against McCain's "terrible" tactics in the final stretch. I'm not arguing tactics here, I don't really care, but to have 600 million dollars (the most of any candidate EVER) and to ask for more during one of the worst economic times in recent memory and surely in my lifetime is just plain irresponsible in my opinion. So, what could be done with this money rather than wasting it on signs, buttons, airplane rides and lies? Well, for starters, a person could buy 201 prime time, half hour, slots on three major networks (Obama has bought three to air on Oct. 29). Secondly, someone could buy all the shares of La Salle Hotel (with $58 million left over) and almost all the shares of Papa John's Pizza (needing just 2 million more). In addition, one could also buy almost all the shares of the Cheesecake Factory ($640 million needed) and more than 50 percent of Fannie Mae's outstanding shares. For the average American, the figure could buy 25,036 Ford Tauruses and more than 140 million gallons of milk. Finally, an individual making $50,000 a year would have to work 12,080 years to earn $604 million. One could argue that this much money being raised for him is a result of the passion he has stirred up in people and you'd probably be right to some degree. But by asking for more, he comes off to me like Richie Rich trying to pass himself off as Oliver saying "Please sir, I want some more!" Is this elitism (not saying McCain isn't, just giving a reality check to Obama supporters) really the "change we can believe in?"

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