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Posted on 07/26/2008 5:31:35 AM PDT by shrinkermd
In the rush to bulldoze the Fannie Mae-Freddie Mac and housing bailout bill through Congress this week, scant attention has been paid in Washington to how the U.S. system fell into this hole. Thus it was refreshing to see Senator John McCain step up and speak rude truth to his colleagues about the fiasco in an op-ed piece this week.
"Americans should be outraged at the latest sweetheart deal in Washington," the Republican presidential hopeful wrote in the St. Petersburg Times, stating the clear but all-too-often unspoken reality about this greatest of boondoggles. Yesterday 80 Senators voted to end debate on the bill. Only 13 voted against. That makes it all but inevitable that the bailout will pass today and go to the President early next week. Senator Jim DeMint has slowed the bill by requesting a commitment from his colleagues that sometime in the future, they would hold a vote on barring Fannie and Freddie from lobbying.
...Senator McCain, who wasn't present for the cloture vote, also called for an end to their multimillion-dollar lobbying campaign. More importantly, he called for "making them [Fannie and Freddie] go away," as in, be no more. Receivership may indeed by the only option if a regulator can't get the far-flung activities of these two under control.
(Excerpt) Read more at online.wsj.com ...
Good man. This Sen. was a guest of the Hanoi Hilton for a few day and got toughened up a little bit, ya think!
The Senator from Keating lecturing the rest of Washington about sweetheart deals rings a little hollow.
And why didn’t McCain make a special effort to get there to vote ??? No conviction. He can’t be held accountable if he didn’t vote.
UH OH, Hasn’t anyone noticed that the government is taking over our banks.
WOW! I agree with mccain.I didnt see that coming.
Give me a break. Go peddle your DNC talking points somewhere else.
What I want to know is why McCain did not try to get this editorial into newspapers all over the country? The Fox Business Channel was all over this housing bill last night and said they have a poll showing that only 15% of Americans support it. But it's probably going to get shoved through the Senate today while John McCain is enjoying a barbecue at his home in Sedona. Why isn't he in Washington speaking out on this disastrous piece of Congressional flatulence? At least he could show up and cast his vote against it so he could use it against Obama aand the Democrats.
Fannie Mae and Mac are giving large PAC contributions to Dems in Congress. Can you say conflict of interest?
Never have been a fan of CFR, but this election is changing my mind. PAC donations to Congress are running sometimes 5-1 in favor of the Dem and PACs that always gave to Republicans are giving to Dems. Shakedown occuring?
I say let individuals give what they want and NO PAC donations! That would do in the union PACs but good. Every donation even a dollar should be accounted for and verified.
Does anyone know how it is structured for the stockholders? I want to know whether or not to short or long. I don't expect to make as much money as the government insiders, but since we've all decided to abandon capitalism in favor of classical fascism (profit goes to the corporate executives, debt from losses goes to the taxpayer), I figured I would join in.
I wonder if I should put a sarcasm tag here...
Abominations like the FDIC and other spawn of the Glass-Steagall Act and similar collectivist federal power grabs need to be expunged as well.
Give you a break?
hahahaha dont make me laugh while you defend McCain and claim he hasnt been part of the problem the last 20 years.
I agree with the previous poster whom you deemed to bash.
That is what Reagan would say about this vote and he would veto it. Some of you idiots bash everything McCain , even when he is profoundly right and profoundly conservative on an issue. At the same time you idiots praise Bush even when
he is profoundly wrong and liberal , which is a lot of the time. Bush will sign this bill and it will be another nail in our economic coffin.
The vote was 80 to 13, and those numbers were probably known well in advance. His vote would change nothing, but take him off the campaign trail (after all, he is the only Presidential Candidate campaigning inside the US right now).
No conviction. He can’t be held accountable if he didn’t vote.
I guess his speech calling for the abolishing of Fannie Mae can't be used to hold him accountable?
Hate McCain all you want, but at least do it over something sensible.
I am a conservative....maybe with too long a memory....McCain nearly jumped parties....twice, in 01 and 04.
McCain/Feingold, Amnesty......these are real issues some conservatives have with him.
As far as I’m concerned he still needs to explain them....including his relationship with Keating....right now the only thing he has going for him is that he’s not Obama.
Where did he do that?
John McCain, July 11, 2008:
"Those institutions, Fannie and Freddie, have been responsible for millions of Americans to be able to own their own homes,
and they will not fail, we will not allow them to fail."
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John McCain has issued a curious response to the housing bailout bill. Here's how it begins:Americans should be outraged at the latest sweetheart deal in Washington. Congress will put U.S. taxpayers on the hook for potentially hundreds of billions of dollars to bail out Fannie Mae and Freddie Mac.This strikes me as a classic example of intervention's inescapable logic: We broke it, so we bought it, and now it's too big to fail, even though it all sucks in the first place.With combined obligations of roughly $5-trillion, the rapid failure of Fannie and Freddie would be a threat to mortgage markets and financial markets as a whole. Because of that threat, I support taking the unfortunate but necessary steps needed to keep the financial troubles at these two companies from further squeezing American families.
McCain vows support for Fannie, Freddie (Washington Times)
McCain: "We Will Not Allow" Fannie and Freddie to Fail (CBS)
UPDATE 1-McCain says US cannot let Fannie, Freddie fail (Reuters)
McCain: Freddie Mac and Fannie Mae 'will not fail' (CNN)
McCain Open to Bailouts for Fannie and Freddie (Wall Street Journal)
....gotta admit you have a point there.
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