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

[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.

[gunservative]

McCain put his thumb downstairs, and then raised it in the air to declare that the world stinks.

[Moonman62]

How about his importation of illegal aliens to “do the work Americans won’t do?”

[VideoDoctor]

When you step back and look at ANY of the candidates I’d say we’re in trouble... there’s NO real leadership on the horizon.

[NYC Republican]

Besides with the MSM cheerleading and political grandstanding going on, it’s a snowball effect on people’s minds.

BINGO!

[Moonman62]

I’m not defending Bush’s fiscal irresponsibility but you seem to be blaming him for the recession,

Why not? His economic policies have produced an unsound foundation. Nobody should be surprised that it's falling apart at the worst possible time before the elections.

[misterrob]

Your need to insult people is pathetic. The classic definition is 2 quarters of negative GDP. You don't know it until after you have been in it for several months. If it turns out that Q2 is negative and Q3 goes the same way, which is where things are trending, what will you tell people then?

“Sorry for being an arrogant a-hole folks”. “My need to show of how smart I think I am forced me to offer up insults to people who misused the term recession even though the economy had started one”.

Not likely....

[HappyinAZ]

I don’t know about you, but where I work, a lot of people have lost lots of money in their 401k/IRA accounts ...in most states, housing values are WAY down....some to the degree that people are “under-water”....and in MI.........there’s a serious recession in play.........it seems to me that McCain is just identifying with the voters.

And for THAT.......he unleashes the WRATH of all McCain haters. Interesting.

[Moonman62]

Defending W’s economic policies is nearly impossible. I don’t blame you for being desperate.

[org.whodat]

“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.

Even a blind hog will find an acorn every now and then.

[Dick Vomer]

Someone should ask him what the f'ing definition of a "recession" is.

Holy crap! We've got a f'ing retard for the nominee....... this is a joke.

Now how is this asshat better than Hillary and Obamalamadingdong?

For all the "conservatives" holding their noses and voting for this clown....

first of all, Abortion is never going to be made illegal.... you can't legislate morality. If people feel that sticking a pipe in a baby's skull and sucking it's brains out is "a choice". Then no law is going to keep them from doing it.

Gay Marriage, big f'ing deal. Since this choice of sexuality has no basis on morality and will interfere with the freedom to have sex in restrooms, parks and airports..... well let them go at it. A "legal" marriage has nothing to do with a "religious" ceremony. They can see how many divorce lawyers profit from this deal.

Foreign policy, puhleese. McCain will "reach across the isle" and pull a Nixon...... retreat with honor, etc. in order to not get "blamed" by his beloved media for the "genocide" in Iraq and Afghanistan. The problem for all three is when Iran goes nuclear. That's the last chair of the musical chair game that the world is playing..... what to do? what to do? Preemptive or let Israel do the dirty work.

Listen to McCain and realize that he will "get government working" on all our problems.... and that there has to be a government solution to EVERYTHING.

Republicans will get blamed for all the programs failing , as usual, so therefore we'll need MORE PROGRAMS in order to solve the "problems of our country".

This is the f'ing twilight zone...

[dragnet2]

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,”

I'm no McCain supporter, by any stretch, but he is clearly correct here.

The wealthy insiders, those that are connected have turned greed into science and have become quite good at creating schemes and saving their own backsides when these schemes collapse. It's much like government.

It's very similar to being laid off a job, many times the little guy is the last to know his world is about to change, when the secure and many times protected or isolated insiders, knew far in advance.

[misterrob]

People were not debting to the point they are today, there was no real estate bubble, people were not taking on funny money loans and then getting into situations that they couldn’t handle, etc.

But, if it makes you feel better to blame Bush for people needing to buy a $500K house with a negative amortization loan or for taking on prime plus 4% rates be my guest.

Obama will save us!!!!

[Slapshot68]

“a lot of people have lost lots of money in their 401k/IRA accounts”

You mean value....I assume no one liquidated their retirement funds when things were trending south right? These are long term investments, people should expect losses along the way.

“.in most states, housing values are WAY down”

I bought my house for $152,500 in 2000. At the height of the real estate boom, it was appraising for $350,000, now it’s around $290K. How am I doing?

[misterrob]

Are you for real? Go back and look at the tax cutting at rate reductions that happened. Income and cap gains.

[TomGuy]

“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?’”

If thangs don't git better soon, I'z gonna go gits a gun and goz huntin', I iz, and go churhcin', I iz. I'z gittin' angry.

[/s]

[Toddsterpatriot]

When the CEO of Bear Stearns dumps his shares

He sold them for $10.84 each. Was that a crime?

[avacado]

"Not a “dolt”,....Actually, a LOT of famous economists agree with him."

Doesn't matter who agrees with him. If the USA has not had two consecutive quarters of negative GDP growth then we are not in a recession. It's that simple. And here in Texas we are nowhere near a recession.

[HappyinAZ]

Good for you...I’m pleased for you....however....there are a huge amount of under- or un- educated people that are not in the same boat. I’m not a fan of “polls”, but most of America is singing a pretty nasty song about their personal finances and job prospects. My only point is that McCain is to connecting with them.

[TomGuy]

This is McCain (from This Week, February 17, 2008) [emphasis added]:

STEPHANOPOULOS: How about on the issue of climate change? Because you and Sen. [Joe] Lieberman [I-Conn.] have come out for a bill which would have mandatory reductions in greenhouse gases.

MCCAIN: Gradual reductions, yes.

STEPHANOPOULOS: But they are mandatory.

MCCAIN: Yes.

STEPHANOPOULOS: Are you sticking by that?

MCCAIN: What I mean by that is that it's cap-and-trade, that there will be incentives for people to reduce greenhouse gas emissions. It's a free-market approach. The Europeans are using it now. We did it in the case of addressing acid rain -- look, if we do that, we stimulate green technologies. I have great faith in the American industry. General Electric, the world's largest corporation, has announced they're dedicated to green technologies. This will be profit-making business.

It won't cost the American taxpayer. It will make profits, because we'll move forward with the innovation and ability of American industry to address this issue.

No wonder McCain admits he doesn't know much about economics. Who does he think is going to pay for GE making all that profit, since he says it isn't the American taxpayer? Will President McCain just mandate that profits will henceforth grow on trees? Where is the profit from those mandated fluorescent bulbs coming from? Is McCain secretly suggesting he will set up a program to provide free fluorescent bulbs to the American people, since he says "It won't cost the American taxpayer"?

[Hint, JohnnyMc: Consumers. And a majority of consumers are also taxpayers. So, all that corporate profit will cost the taxpayers.]

[avacado]

"I don’t know why people can’t accept that W is a bad president when it comes to economics."

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. And that is good. The sub prime situation is not Bush's fault. It's the fault of idiots trying to live in homes they cannot afford.