Wall Street joined a “selloff around the world” today, with the Dow Jones dropping more than 400 points and falling to below 10,000 for the first time in four years. As the AP reports, the “markets have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access to cash.”

Think about it -- while untold thousands of Americans lose their life savings or retirement funds because of the greed of Wall Street, John McCain wants to "turn the page" on the financial crisis.

Then again, we've seen this before from John McCain. He knows a thing or two about thousands of Americans losing their life savings.

It turns out, they won't get them.

John McCain, whose support for privatization of Social Security is well known, refuses to provide the details of his plan because it would, according to one senior adviser, "politicize the debate."

Consider McCain campaign senior adviser Taylor Griffin’s description of his candidate's plan for fixing Social Security:

"The history of the Social Security debate has taught that too many specifics, especially during a presidential campaign, has polarized the debate," he said of the program that McCain called "an absolute disgrace [that's] got to be fixed."

Will he contrast his plan to that of his opponent? "Sen. McCain believes this is so important that we do not politicize this debate during an election season."

This explains why John McCain's "Jobs for America" economic plan is only thirteen pages and economists widely criticized as thin on the details. It is not that John McCain wants to hide his massive tax cuts for the rich, and massive corporate tax breaks, he just does not want to politicize the debate.

And really, who needs to discuss policy details in a presidential campaign? John McCain doesn't want to cause a distraction from talking about Britney Spears and Paris Hilton -- you know, the things that matter.

Gov. Arnold Schwarzenegger plans to sign an executive order next week that will reduce pay for more than 200,000 state workers to the federal minimum wage of $6.55 per hour to preserve cash in the midst of a month-long budget standoff, according to a draft copy of the order obtained by The Bee.

$6.55 an hour to pay the rent, keep the lights on, gas up their cars and feed their families. For some perspective, in college at the University of Arizona, I worked 40 hours a week on $7.85 and struggled to pay a modest rent along with all the bills, and I did not drive a car then, either. Gov. Schwarzenegger expects families to survive on $262 gross pay per week?

Democrats across the state are fighting this attempt to thrust the burden of the California budget onto the shoulders of 200,000 state workers with massive cuts.

Controller John Chiang, Speaker of the Assembly Karen Bass, Lt. Gov. John Garamendi, and twenty-seven members of the California congressional delegation led by Rep. Hilda Solis are leading the fight to stop Arnold from shifting the budget burden onto 200,000 state workers.

The number of U.S. workers filing new claims for jobless benefits jumped 34,000 last week, government data on Thursday showed, reflecting seasonal volatility typical at this time of year.

Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 406,000 in the week ended July 19, from a revised 372,000 the prior week, the Labor Department said. It was the highest reading since late March.

So stop your whining.

Gramm told the Washington Times an interview published last week that the economy has "never been more dominant" and said we have become a "nation of whiners" constantly "whining and complaining." The McCain campaign may be quick to throw a top economic adviser under the bus but that does not hide the fact that John McCain offers four more years of George W. Bush on the economy.

We released this web video highlighting the shared belief of John McCain and Phil Gramm that these troubling economic times are "psychological" and a figment of your imagination.

"Good morning, my name is Jeff Alberici. I'm from Auburn, New York - a small city forty-five minutes west of Syracuse. I grew up in Auburn, married my high school sweetheart, Megan, and now we're raising our three beautiful children here - Anthony, who is 10, Nicholas, who is 9, and our youngest, a soon to be 2-year-old, Sara.

"I teach American history to eighth-graders, and Megan recently went back to work as a teacher's assistant. Like most parents, Megan and I spend a lot of time driving our kids around town to little league games, lacrosse practices and other activities.

"We're not rich and we're not poor. But like so many other middle class families in Auburn and all over America, lately our lives have gotten a lot harder to afford. Last week, Megan went for a haircut. When she drove by the gas station on her way, gas was $4.03 a gallon. On her way home, she looked again and the price was up to $4.06. We joked that she should've filled up before her haircut.

"I drive a Ford Taurus and my wife drives a minivan. It used to cost us $20 or $30 to fill up; now it's easily $60. Groceries have also gotten a lot more expensive. We used to spend about $125 a week at the supermarket - now it's at least $200, and our kids are definitely not eating twice as much.

"When Megan went back to work last year, we thought we would finally be able to pay off our debt and start saving to get ahead. But with the cost of gas and food and health care and so many other things all skyrocketing, even with a second pay check, things are no easier.

"We'll be OK, but let me put it this way: on the occasional nights when we used to order a pizza, now we're sticking with grilled cheese sandwiches. And we worry a lot about how we're going to put three kids through college.

"My wife and I don't talk that much in public about politics, but we are both proud Democrats - and for a simple reason: Democrats understand what families like ours are going through, and they're trying to make things better. In just the last couple of weeks, Democrats in the Senate proposed three bills that would have helped bring energy prices down in the short term and the long term.

"One of their bills would have stopped giving American tax dollars to the giant oil companies that are already making record profits - and would have stood up to the foreign countries that produce the oil and charge us way too much.

"Another Democratic plan was to give tax incentives to innovative American companies that are researching and developing new ways of powering our cars and heating our homes, like solar, wind and even geothermal power.

"And Democrats introduced a third bill to fight global warming, reduce our country's dependence on oil, create jobs here at home and grow our economy.

"But Republicans? They haven't offered much of anything. In fact, Republicans are spending their time blocking Democrats from getting anything done at all, including those three bills to lower energy costs. And that's the difference: Democrats are trying to change things, but Republicans only want more of the same old ideas that got us into this mess in the first place. More of the same isn't working for my family, and I bet it's not working for yours.

"Father's Day is tomorrow. I'll be spending it with my three children, thinking about how I can be a better dad - and provide my kids with everything they deserve. I know it's not supposed to be this hard to get ahead. But Democrats are trying to make the American Dream affordable again, and in a country as great as ours, I know we can succeed.

"This is Jeff Alberici - a husband, a father and a teacher from Auburn, New York. Wishing my father Gino and all fathers a happy Father's Day. Thanks for listening and have a great weekend."

New U.S. factory orders declined for the second straight month in February, and fell more than twice as much as economists expected, the Commerce Department reported today.

New factory orders fell 1.3 percent, while orders excluding transportation equipment fell even further, by 1.8 percent, which is the largest decline since January 2007. [...]

A deeper look at the numbers reveals the industries that are really hurting:

A key indicator of business confidence, orders for non-defense capital goods excluding aircraft, fell 2.4 percent in February after falling 1.0 percent the prior month.

Economists use orders of non-defense, ex-aircraft capital goods as a proxy for business capital spending and a sign of the health of the economy.

The largest order declines were in categories related to construction. Overall orders for machinery fell 12.3 percent in the month, the largest decline in four years.

And John McCain is offering more of the same.

But when McCain had the chance to stand up for the American worker, he balked. McCain first let down American workers when he helped steer a $35 billion Air Force tanker deal to a European company, shipping tens of thousands of American jobs in 40 states overseas. Then, during a tax-payer paid campaign trip abroad last week, McCain met with French President Nicolas Sarkozy, whose country will benefit from the tanker contract. The meeting was the perfect opportunity for McCain to polish his diplomacy skills and put pressure on Sarkozy to help move those lost jobs back to the United States. But despite McCain's supposed confidence in the American worker, he failed to stand up for them when they needed him most. Reports show that during the 45 minute meeting McCain and Sarkozy discussed the wars in Iraq and Afghanistan, the situation in the Middle East, global warming, and nuclear energy. But it appears that at no time in their conversation did McCain bring up the tens of thousands of American jobs that he helped ship abroad. [AP, 3/8/2008; Business Week, 3/3/08; AP, 3/21/08; Reuters, 3/21/08]

That's not the kind of leader American workers want advocating for them, and that's not the kind of straight talk they want from their president.

McCain and Sarkozy Discuss Wide-Range of Issues. During a 45 minute meeting with French President Nicolas Sarkozy, he and McCain "discussed a range of issues with Sarkozy, from climate change and nuclear energy to the Middle East crisis, Iraq and Afghanistan, where France has troops" and "thanked Sarkozy for French participation in combat operations against the Taliban in Afghanistan." AP, 3/21/08; Reuters, 3/21/08]

Air Force Tanker Deal to Outsource Tens of Thousands of Defense Jobs. According to reports, McCain consistently weighed in against a Boeing contract that would have resulted in the immediate creation of tens of thousands of new manufacturing jobs in at least 40 states. Under best case scenarios, the European tanker deal will create 20,000 fewer U.S. jobs, and most that are created will not be in the United States until 2010 when assembly is scheduled to move from France to Alabama. [AP, 3/8/2008:
http://www.chron.com/disp/story.mpl/politics/5603827.html;
Business Week, 3/3/08 (http://www.msnbc.msn.com/id/23448928/]

McCain Dismissed Impact of Tanker Deal on U.S. Workforce. Asked about the deal, McCain said: "I've never believed that defense programs, that the major reason for them should be to create jobs." [Associated Press, 3/3/08]

After casting himself as a "Maverick" in 2000, the new John McCain is walking in lockstep with President Bush, pandering to the right wing of the Republican Party, and embracing the ideology he once denounced. On the campaign trail McCain has callously abandoned many of his previously held positions, even contradicted himself, in a blatant attempt to remake himself into a candidate Republicans can accept in 2008. So just who is the real John McCain? The Democratic National Committee will present a daily fact aimed at exposing the man behind the myth.

Now, with reports showing U.S. jobless claims rising faster than expected, McCain has an opportunity to distance himself from President Bush's failed economic agenda and stand up for America's working families. Reports show that McCain helped steer a $35 billion Air Force tanker deal to Airbus and EADS--a European defense contractor that three of the lobbyists in his inner circle lobbied for. McCain can repair the damage by calling on Sarkozy to send those jobs back to America. According to reports, Boeing's bid would have immediately produced 44,000 American jobs. Instead, the EADS deal McCain preferred will create 20,000 fewer U.S. jobs, and those that are created will not be in the United States until 2010 when assembly is scheduled to move from France to Alabama. At the very least, McCain should call on Sarkozy to accelerate the transfer of those jobs back to the United States.

"Not only has John McCain admitted that he doesn't understand the economy, but he also doesn't seem to understand that one of a President's primary responsibilities is to fight for American workers and their families," said DNC Communications Director Karen Finney. "Since McCain likes to brags about his self-professed expertise in foreign policy, he should put those skills to work rescuing the jobs he helped ship to Europe."

John McCain and American Jobs

John McCain: 63,000 Lost Jobs "Not Terrible." At a town hall in Atlanta this morning he said that "Today's unemployment figures are not good. They're not terrible, but they're not good. The unemployment rate did not go up." [McCain Town Hall, Atlanta, 3/7/08]

Jobless Claims Grew Faster Than Expected. "The number of newly laid off workers filing for unemployment benefits rose last week to the highest level in nearly two months, providing more evidence that the weak economy is having an adverse impact on the labor market. The Labor Department said Thursday that applications for jobless benefits totaled 378,000 last week. That was an increase of 22,000 from the previous week and was a far bigger jump than had been expected." [AP, 3/20/08]

Air Force Tanker Deal to Outsource Tens of Thousands of Defense Jobs. According to reports, McCain consistently weighed in against a Boeing contract that would have resulted in the immediate creation of 44,000 new manufacturing jobs in at least 40 states. Under best case scenarios, the European tanker deal will create 20,000 fewer U.S. jobs, and most that are created will not be in the United States until 2010 when assembly is scheduled to move from France to Alabama. [AP, 3/8/2008:
http://www.chron.com/disp/story.mpl/politics/5603827.html;
Business Week, 3/3/08 (http://www.msnbc.msn.com/id/23448928/]

1993: McCain Said America Must Protect Defense Industrial Base... In 1993, John McCain said "the defense industrial base is the foundation on which American military power rests, and it is all too clear that democracy cannot be secure in the world without that power." He even warned that "we are watching defense airframe manufacturers merge or become subcontractors at a time our civil aviation manufacturing industry faces a major downturn" and wrote to defense officials about his concerns that their plans did not adequately address having aircraft purchases "sufficient to sustain an adequate military aircraft industry," [Congressional Record, 3/3/93]

...But This Year John McCain "Pressed the Pentagon" to Ignore Airbus Subsidies When Considering Deal. "They say he pressed the Pentagon not to factor into its selection criteria alleged subsidies that Airbus was receiving from European governments, even thought the U.S. had sued the European Union at the World Trade Organization over subsidies provided to Airbus." [TheHill.com, 3/6/08: http://thehill.com/leading-the-news/boeing-blame-game-is-played-2008-03-06.html]

McCain Dismissed Impact of Tanker Deal on U.S. Workforce. Asked about the deal, McCain said: "I've never believed that defense programs, that the major reason for them should be to create jobs." [Associated Press, 3/3/08]

As the Federal Reserve expanded credit to securities dealers and President Bush said his administration had taken "strong and decisive action," the poll revealed pessimism about the economy's direction.

Seventy-six percent of those polled said the economy is in recession, compared with 22% who said it's not. Not since September 1992, two months before President George H.W. Bush lost re-election, have so many said the economy was in such bad shape.

Last week, President Bush warned a room full of economists in New York that "overcorrection" could lead the U.S. economy "into a ditch" while the Fed took the "rare path" and bailed out Bear Stearns.

It was put to a vote by the writers, and the results were overwhelming: 3,492 voted for the new contract with only 283 voting against. And so the three-month strike is over.

Under the agreement:

Writers would get a maximum flat fee of about $1,200 for streamed programs in the deal's first two years and then get 2 percent of a distributor's gross in year three -- a key union demand.

Other provisions include increased residual payments for downloaded movies and TV programs.

There's a lot of interesting information in this new report:

Construction unions increased their membership faster than the rate of job growth in that industry, with membership jumping from 13.0 percent in 2006 to 13.9 percent in 2007. Membership in the private health and education sectors grew from 8.3 percent to 8.8 percent. Unions also made headway in the low-paying retail industry, increasing membership rates from 5.0 percent to 5.2 percent.

According to the Bureau of Labor Statistics, full-time union members "had median usual weekly earnings of $863 while those who were not represented by unions had median weekly earnings of $663."

It's not all good news, however; the manufacturing industry lost unionized jobs at a faster pace than other manufacturing jobs. While unionization grew in the Northeast, it fell in the Midwestern states.