Posted on 07/28/2008 7:52:26 AM PDT by Crazieman
ABC News' Mary Bruce reports: Sen. John McCain, R-Ariz., blamed Wall Street this weekend for the failing economy. "I think that Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on," McCain said in an exclusive "This Week" interview with George Stephanopoulos.
McCain also placed responsibility on a "gridlocked" Congress. "I also think that Congress is at fault. We didn’t restrain spending. Spending got completely out of control," he said.
When asked about Congress' progress in passing the housing bill, McCain said he would have voted for the legislation, but noted, "I also see, again, the influence of special interests." When pressed about why he would support it, McCain explained, "it’s better than nothing."
"I think there was a better way to do it. And I think the special interests probably played a role in the shaping of that legislation," he said.
McCain reluctantly offered support for the controversial provision that would enable federal aid for faltering private institutions, such as Freddie Mac and Fannie Mae. "We reached such a situation that, if these institutions failed, the impact on millions of innocent Americans could be very severe," he said. He noted, however, that "in the case of Fannie and Freddie, we should stop their lobbying activities. We should eliminate the pay and bonuses that these people rake in."
McCain agreed with Sen. Barack Obama, D-Ill., supporter Robert Reich who, along with Republican columnist George Will, has proposed that executives at institutions receiving government guarantees should receive government salaries. "That's exactly right," McCain said.
(Excerpt) Read more at blogs.abcnews.com ...
sorry....McCain is correct in many ways and I speak from experience (I insured houses for the longest time)....
the banks were giving away mortgages and money to people who would usually not be approved for a credit card....
I would see people in the northeast who made 50K/$60K/$70K annually purchasing houses for $450K/$500K/$600K and they were receiving 100%-110% mortgages from banks for the purchases- it was sheer lunacy and the writing was on the wall for the coming implosion...
the borrowers have to take a hit to but these banks gave away money like they could care less without properly underwriting the risks...
I agree with you. Lending institutions have to exercise restraint or they’re just sharks. You can change business but you can’t change human nature (the customers). That’s why banks and brokers have to be regulated.
Oh yeah! And illegal aliens are getting $50 an hour picking lettuce. Sheesh! what a lying SOS.
Think repeal of Glass-Steagal, and the securitization of loans. Wonder why subprime and AltA and Option ARM loans had AAA ratings when securetized.
Wall Street is complicit in the mess. As in, up to its eyeballs in the fraud.
I just noticed my spell check is auto correcting villain for villian.....
No villain ? Are you joking ?
There were fraudulent appraisers, mortgage brokers pushing up income on no-doc loans, banks who gave loans w/o verification, IBs that securetized the loans and sold them to investors as something other than they were, ratings agencies that gave AAA ratings to these securities so the IBs could sell them, brokerages who knowingly sold the crap to their customers... All of whom should know that if a borrower does NOT HAVE THE INCOME, they CAN’T PAY IT BACK.
It was a Ponzi scheme and they all knew it. In the meantime they all made huge fees off each step of the process.
Get real.
If Boxcar Barry is elected McWeevil will be pushing his Cap&Trade bill through the Senate and Boxcar Barry will gleefully sign it.
If McWeevil is elected Boxcar Barry will support the Cap&Trade bill in the Senate and McWeevil will gleefully sign it.
Either way it will cost trillions and force industry to scale back to a level of two decades ago.
(Or just outsource themselves lock stock and barrel to India and China.)
They’ve had years to regulate, and they’ve failed. Why do you think the regulators will succeed this time ?
The only thing that can fix this is to let the ones with bad judgment fail, take the pain, and rebuild without the lies.
It’s not about party power. It’s about not getting someone in the White House who doesn’t have any desire to protect our country. Obama will use “diplomacy” to give us over to destruction. At least McCain cares about the US remaining a sovereign country.
He does? He only seems interested in Iraq. Otherwise its a free for all in America, unless you’re and industry that remotely pollutes, then you go to hell.
Stop using reasoning. You might scare the McMorons and they’ll whine to the admin mods who will laugh at them and damage their self-esteem.
Health care legislation? McCain is futher to the right than Bush. He even voted against the 2003 Medicare prescription drug plan. Obama, however, supports univeral health care.
“Because freedom abroad is more important than freedom at home!”
Free nations abroad create democratic beach-heads that are vital to America’s national security. I take it you opposed Operation Iraqi Freedom? If so, do you also reject the principles of the Atlantic Charter? (In otherwords, are you one of the Barr-Baldwin-Paul people?)
We’ll see how much self-esteem they have when 20 million new Democrat voters replace every Republican pol in the land with a Democrat.
What you cannot fathom is how McLame’s domestic policies will destroy our ability to project power overseas by bankrupting the nation. And he will do it with an R by his name, the Republicans take the blame, and Dems rule the nation for 30+ years. You validate RINOs by voting for them, further encouraging such policies.
In other words, duh. Its not critical thinking.
Ron Paul was an idiot. Of course the Iraq war is important. But if you vote for an idiot that will damage the country irreparably and destroy our ability to make war, what good is it? The military will mean squat after we lose everything to Global Warming, Healthcare legislation (He supports government insurance, look it up, stop denying it), Shamnesty, Free Speech suppresion, and tax hiking.
“Of course the Iraq war is important. But if you vote for an idiot that will damage the country irreparably and destroy our ability to make war, what good is it?”
What do you mean ‘make war’? It was Saddam that made war by violating our cease-fire agreement.
“Healthcare legislation (He supports government insurance, look it up, stop denying it)”
Your accusing me of denying what now? Which legislation are you referring to? What’s Obama’s position on Health Care? Also, given that either McCain or Obama will be the next POTUS, which one would you rather see elected?
“Ron Paul was an idiot.”
How so? Doesn’t he share the same positions as Barr and Baldwin?
Everything you said about Obama, McCain will do the same trash in the name of “reaching across the aisle”. An no, McCain obviously doesn’t care about sovereignty given his open borders policy.
At least McCain cares about the US remaining a sovereign country.
He just doesn't want this "sovereign country" to exercise any control over its own borders....
“Everything you said about Obama, McCain will do the same trash in the name of “reaching across the aisle”.”
If this was true, he would have voted against the surge like Obama did. He also would have voted against funding the troops, like Obama did. He also would have voted against labeling Iran’s Quds force as a terrorist organization, like Obama did.
“An no, McCain obviously doesn’t care about sovereignty given his open borders policy.”
What a goofy argument. What did Reagan do to seal the southern border?
>>I applaud that she is a CAPITALIST!
Capitalism is a tool. It can be a means to achieve either good or evil ends.
Some folks utilize it as a means of achieving the objective that is, as the writers of the Declaration of Independence articulated, - “To Secure These Rights”.
Others utilize Capitalism as a means of effecting the kind of tyranny from which the writers of the Declaration of Independence felt the need to extricate themselves and their fellow man.
Now...
“Communist Chinese Capitalists”
-1 for Freedom
+1 for Tyranny.
and the Saudi funded Islamofascist Capitalists?
Doubleplussungood.
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