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McCain says he believes U.S. is in a recession (Gives into MSM Doom and Gloom - DOLT alert!)
The Hill ^ | 4/14/08 | Klaus Marre

Posted on 04/14/2008 1:02:48 PM PDT by NYC Republican

Sen. John McCain (R-Ariz.) said Monday that he believes the country is in a recession, adding that “these are very, very tough times in America.”

“Americans are hurting today,” McCain said at an Associated Press forum in Washington, D.C. “They’re hurting in the towns and cities across America. They’re sitting around the kitchen table, saying, ‘Are we going to be able to make our home loan mortgage payments? Are we going to be able to -- do I have to try to get a second job? Can I keep my job? Why was I laid off?’”

While McCain, the presumptive Republican presidential nominee, said he thinks the country is in a recession, he noted that he is more worried about helping people who are facing “enormous challenges,” rather than figuring out what the technical definition of a recession is.

The senator indicated that both Congress and President Bush are partly responsible for the situation, but argued that others are also playing a role.

“I think that there’s plenty of that blame to go around, including very greedy people that happen to be in Wall Street today ... like the CEO of Bear Stearns who decided the day before he was bailed out by the federal government to cash in millions of dollar's worth of stock,” he stated, adding that there needs to be “a lot more accountability” on Wall Street.


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: 2008; economy; mccain; recession
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To: HappyinAZ
"be careful...you just never know whom you’re speaking to. Lot’s of people in self directed IRA’s and 401k’s held bank lots of bank stocks...and if they are in their late 50’s or early 60’s they are very concerned that they may never recover."

If they are that old then they should not have their 401Ks full of stocks. They should have been gradually moving them over to bonds.

81 posted on 04/14/2008 2:17:28 PM PDT by avacado
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To: avacado

“Hind-sight”=50/50


82 posted on 04/14/2008 2:19:05 PM PDT by HappyinAZ
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To: avacado

Exactly! It’s a RISK. Plain and simple... If they don’t want the risk, go into bonds, or better yet, money market funds... Jeez, next thing, they’ll expect a handout or government bailout...


83 posted on 04/14/2008 2:20:39 PM PDT by NYC Republican (John McCain- Snatching Defeat from the Jaws of Victory...)
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To: avacado
The Bush tax cuts of 2003 caused federal revenue to grow from $1.7 trillion per year to $2.5 trillion in 2006. That's 47% growth.

How much did the government grow during that time? The revenue increases were largely due to government spending, and industries where there were bubbles.

84 posted on 04/14/2008 2:20:46 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: HappyinAZ
“Hind-sight”=50/50"

It's not hind-sight, it's wise investment strategy. Enron should have taught everyone that lesson by now. The stock market is volatile, everyone knows that, and people nearing retirement age have no business having their 401Ks stuffed full of stocks.

85 posted on 04/14/2008 2:21:54 PM PDT by avacado
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To: Moonman62
"How much did the government grow during that time? The revenue increases were largely due to government spending, and industries where there were bubbles. "

Revenues grew 47% in that time (2003-2006). Federal revenue is from 1) income taxes, 2) corporate taxxes, 3) custom duties. All three combined grew by 47% in 3 years.

86 posted on 04/14/2008 2:24:30 PM PDT by avacado
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To: RightWhale
No recession until the neighbors have to sell the snowmachines, four-wheelers, and dirt bikes they bought their darling sons so that they may put food on the table.

The recession starts tomorrow. A large number of tax returns that I've prepared this spring have more AMT, and substantially more capital gains taxes from capital gains distributions in mutual funds.

That means a larger tax bite than was expected by these folks. Money that may have been set aside for a summer trip is now going to Uncle Sam and state and local governments.

OTOH, I could be full of BS. At least I'm willing to admit it, unlike our Senators in the House of Lords.

87 posted on 04/14/2008 2:28:26 PM PDT by Night Hides Not (Forget it...I'll never be able to pull the lever for McCain!)
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To: avacado

You are correct - and we can all thank the Federal Reserve Board and it’s ludicrous monetary policies..


88 posted on 04/14/2008 2:32:47 PM PDT by Apercu ("A man's character is his fate" - Heraclitus)
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To: Moonman62

I don’t know if it is any of W’s fault, but there is most certainly a significant economic slowdown. Inflation, albeit not registering as I see it first hand, is out there as well. Forget the gas prices as a part of the economy and there is little if no growth.


89 posted on 04/14/2008 2:34:24 PM PDT by commonguymd (Let the socialists duke it out.)
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To: avacado
How much did the government grow during that time?

To clarify, when the government spends money that ends up being someone's income and taxes are paid on that. Combine that with taxes paid in the bubble industries and that accounts for a lot of revenue.

90 posted on 04/14/2008 2:34:46 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Moonman62
" To clarify, when the government spends money that ends up being someone's income and taxes are paid on that."

The government let us keep more of our money. I personally have $4K more of my salary per year under the Bush tax cuts becuase the entire federal income tax rate was reduced twice. When people have money, the economy grows as does the federal revenue.

91 posted on 04/14/2008 2:37:44 PM PDT by avacado
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To: NYC Republican
Simple semantics by definition of recession as far as I am concerned, because of the way they adjust for inflation and the rising cost of fuel. Inflated home prices with worthless credit did a lot of good to prop certain things up, but the bills come due. There is a definitely a slowdown and easing up on credit is a band-aid. The clouds are there, but denying that a slowdown and recession is here or imminent because it is bad news is being blind to what is going on.
92 posted on 04/14/2008 2:38:57 PM PDT by commonguymd (Let the socialists duke it out.)
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To: avacado

In the words of W, which he repeated hundreds of times, his tax cuts were designed to put money in the hands of consumers. That’s demand side economics. Combine that with outsized government growth, and you’ll always end up in a situation with higher prices, shortages, and economic growth that can’t be sustained.


93 posted on 04/14/2008 2:42:24 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Moonman62

Not sure what you are arguing at this point? Do you want to raise the federal income tax rates on individuals?


94 posted on 04/14/2008 2:45:39 PM PDT by avacado
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To: avacado

Agreed....but everyone does not have the same level of investment expertise.......bank stocks seemed safe to them.

Again...don’t be so quick to judge; people of different educational/skill/experience levels make different decisions and MANY have been hit hard in this downturn. McCain is simply identifying with them.


95 posted on 04/14/2008 3:00:10 PM PDT by HappyinAZ
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To: avacado
Do you want to raise the federal income tax rates on individuals?

Of course not. My point is W is a big government demand sider.

How's W's record on regulations?

96 posted on 04/14/2008 3:18:05 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: NYC Republican
actually, you are proving how ignorant you really are... show me where I said we were in a recession?

i said we were heading into a recession, which is *certainly* true.

97 posted on 04/14/2008 3:28:57 PM PDT by chilepepper (The map is not the territory -- Alfred Korzybski)
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To: Moonman62

“How’s W’s record on regulations?”

In regards to what?


98 posted on 04/14/2008 3:29:36 PM PDT by death2tyrants
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To: Moonman62
was adamantly opposed to capital gains tax cuts?

You seem quite confused. Pres. Bush pushed for and got a cap gains tax cut.

This is one of the main factors that has caused the economy to perform strongly.

99 posted on 04/14/2008 4:24:01 PM PDT by what's up
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To: chilepepper

Prove it. You can predict the future?


100 posted on 04/14/2008 4:28:07 PM PDT by NYC Republican (John McCain- Snatching Defeat from the Jaws of Victory...)
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