Posted on 09/29/2008 8:18:14 PM PDT by pissant
Republican presidential candidate John McCain had sharp words for Congress, it the wake of the defeat of the financial system rescue plan.
"They wiped out $1.2 trillion today," the Arizona Senator told KARE 11, "Congress's failure to act today is not acceptable."
Despite pleas from President Bush and Treasury Secretary Henry Paulson, lawmakers rejected the bailout bill by a vote of 228-205. By the time the New York Stock Exchange closed, the Dow Industrial average had plummeted 777 points.
Answering questions via satellite from Des Moines, Iowa McCain chided those from both sides of the aisle who opposed the plan.
"This is a time of severe crisis, maybe the greatest crisis of our life time," McCain told KARE, "Our failure to act is going to cause problems not only in America, but globally."
Some opposed the package because it didn't do enough to directly address the hardships faced by those stuck in with mortgage foreclosure troubles and, in some cases, predatory loan rates.
Other resistance came from those who are fundamentally opposed to such a massive influx of government aid, at a time when the United States treasury is already straddled with record debt.
Still others remain unconvinced that buying up lenders' bad debt bring trangible results to average people when it comes to easing the credit crisis.
(Excerpt) Read more at kare11.com ...
McCain is an idiot, even though I’m voting for him I know that he is going to lose this election and he has only himself to blame for it. He should be mopping the floor with the socialist Obama, but he’s too much of a socialist himself to stand out for the conservatives who are the vast majority in the Republican party.
Wallstreet is betting that inaction will result in catastrophe...I dont know if its right or not but as I understand it the experts are saying that the freezing of credit will hurt everyone, badly (I was born in 1950) Ive seen ups and downs but never truly suffered . I may now be tested
“And you appear to not have any clue about the fact that every time Government gets its sticky fingers into something, it usually makes things worse.”
Things are already getting plenty worse all on their own now.
If you want to bailout the fat cats on Wall Street, you do it with your own money, not with other people's money.
Do you recall the S&L bailout ?
Well, that would be a bit hard for me to do, since I was a youngun' during the '80s.
Let's keep in mind that the global derivatives market is close to $70 trillion which is $5 trillion more than the global GDP.
What we are seeing is a global meltdown of the derivatives market where that paper money was created from entities leveraging (investing--lol) at 30:1 to 80:1 with easily $3 trillion backed in liar loans.
The event was set to fail with all real monies skimmed up front in huge salaries, bonuses, and overpriced overbuilt private and commercial properties with a good chunk of the labor monies sent back south and into the pockets of illegals.
Best hold on tight for the ride cause all the money in the credit market was pissed away.
Things will get worse. But that doesn't mean that Government needs to step in to make things go all the way to the worst case.
McCain is getting the worst criticism for not delivering the Republican votes needed to pass the bailout bill. Now the campaign is in a quandary. If nothing gets done, he will look even worse for suspending his campaign for the little results it brought. If anything, it looks like a campaign ploy rather than a serious effort to achieve a resolution.
I can only think that when McCain joined the bailout committee Thursday, he came to a realization that this thing was a non starter from the beginning. Why else did he keep quiet during the meeting? He was letting the Democrats dig their own grave, knowing that the Republicans would finish the job with their vote.
Now he is playing Good Cop and asking why it didn't pass. He does not want the MSM to pin blame on any action he did to cause this vote to go down. What happened behind the scenes may have been a different story. This is a game of poker folks. You have to deceive the other players. McCain may have secretly encouraged the Republicans to vote the bill down and put on a face of disability just so the MSM would not blame him for the aftermath. McCain is making it look as if he is for the bailout when secretly, he is against it.
The Fed Reserve was created to prevent this kind of stuff from happening. Oopsy. I guess that form of socialism failed too.
The government should not be determining winners and losers in this mess. Congressional cronies got smacked down from the trough.
How is unclogging the credit market going to make things worst case?
President Barack Obama will NOT be cheaper in the long run. Don’t you get it?
“McCain blasts Congress for blocking bailout plan”
Idiot.
McCain needs to stop while he is ahead. He should be blasting the Democrats and the President and offering his own way. He does not want to be the one to rescue the bill as it is. It will end with Obama in the White House. He needs to support a conservative plan. No buying of these assets. The stock market went down, so what? It will recover. Life will go on. If we do not allow the markets to find their natural bottom and if the issuance of high risk credit does not stop then this problem will never been solved.
i really don’t know what to think.
if i had more trust in those elected.......... it would be easier.
when you know that barney frank got a lot of contributions from fannie/freddie, and he was saying that their wasn’t a problem with them not too long ago, and then he’s a big player in the negotiations.....?
they all have an agenda. i wish that i could trust that they are putting their agendas aside for what is truly best for the country.
how does anyone know?
“You are contradictory. You want him to shut up about ‘socialist investment schemes’ but not go after earmarks? Uh, ok...”
I don’t consider that a contradiction. I’m against redistribution of wealth, of course. But that’s been going on forever and a day. The bailout plan, though not unprecedented, is a new step.
Besides, my point about the earmarks specifically concerned the debate. Everyone knows that McCain is Mr. Anti-Pork. He should have spent his time going after Obama’s tax program. I don’t very much care what he says on the campaign trail when the MSM isn’t listening. If he doesn’t outline a free-market alternative to Obama’s soak the rich policy next debate, I don’t see any reason to vote for him outside of the surge.
I know you were a Hunter guy, but wouldn’t it have been nice to have a Mitt Romney as the nominee right now as opposed to a man that by his own admission “doesn’t know much about the economy?”
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