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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

“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.”

Perhaps, but I’m not sure there’s a lot he can do to placate them.


61 posted on 04/14/2008 1:43:53 PM PDT by Slapshot68
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To: NYC Republican

Recession or slowdown - take your pick. When scrap metal prices go up 40% in one month (March to April)& over 90% from this time last year, bad things are happening.


62 posted on 04/14/2008 1:44:59 PM PDT by Apercu ("A man's character is his fate" - Heraclitus)
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To: MBB1984
"It is pretty clear that we are in a recession."

A recession is two consecutive quarters of negative GDP growth. We have not had that. Therefore, it isn't clear that we are in a recession because we aren't.

63 posted on 04/14/2008 1:45:23 PM PDT by avacado
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To: Moonman62

Errrr.... Bush cut the federal income tax rate TWICE! No rebate. Federal income tax rates slashed twice. I keep $4K more per year of my income. Do you draw a paycheck?


64 posted on 04/14/2008 1:48:41 PM PDT by avacado
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To: NYC Republican

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.


65 posted on 04/14/2008 1:49:36 PM PDT by RightWhale (Repeal the Law of the Excluded Middle)
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To: NYC Republican

There are always periods of expansion and contraction called the ‘business cycle’. No matter how many politicians pay lip service to an ‘economic crisis’, there is little or anything they can do to change the business cycle.

A financial crisis alone usually isn’t enough to bring on a recession or a contraction in the cycle. The Democrats not being in power during an election year is a much better catalyst.

The economy runs on trust between individuals, businesses and financial institutions. The Democrats and their Fifth Column, the media, are more than willing to take actions to magnify and embellish any legitimate mistrust in order to gain power. Once the trust is broken and consumer confidence shaken, it all too often becomes self-fulfilling prophecy.

Understand, the pendulum has shifted against us to the other side. You even hear Republicans asking, “What is the Government going to do about the current crisis?”. NYC Pub, frankly and honestly, McCain doesn’t have enough sense to shut his trap. I don’t think there is a way that a Marxist like Obama can win a General Election, yet, McCain will do all he can to test that theory.


66 posted on 04/14/2008 1:50:00 PM PDT by WildcatClan (Don't blame me...............I supported Duncan Hunter.)
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To: Moonman62; NYC Republican
"Defending W’s economic policies is nearly impossible. I don’t blame you for being desperate."

From reading your posts you have no understanding of Bush tax policies.

67 posted on 04/14/2008 1:51:15 PM PDT by avacado
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To: HappyinAZ; Slapshot68
"I don’t know about you, but where I work, a lot of people have lost lots of money in their 401k/IRA accounts .."

No one lost anything if they are long term. In fact, if they are contributing monthly/weekly to their 401K then their contribution is buying more stocks per dollar during this downturn. That's good! Go look up "dollar cost averaging." You are a liberal so I don't expect you to understand money beyond having the Big Nanny State Federal Government give you some for free.

68 posted on 04/14/2008 1:55:15 PM PDT by avacado
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To: Dick Vomer
For all the "conservatives" holding their noses and voting for this clown....

They deserve what they get, if they think McCain will suddenly turn into something he has shown himself to not be.

That is sort of the definition of insanity: Doing the same thing and expecting a different result.

Voting for McCain and expecting a different President ain't gonna happen. If McCain cared one iota about 'conservatives/conservatism', he would be on his knees begging and pandering to the conservatives. Instead, he is still 'reaching across the aisle' to the Dems and Independents.

If conservatives look closely, they can still see McCain giving them the one-finger salute.
69 posted on 04/14/2008 1:56:55 PM PDT by TomGuy
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To: Apercu
"Recession or slowdown - take your pick. When scrap metal prices go up 40% in one month (March to April)& over 90% from this time last year, bad things are happening."

That's called inflation and caused by people having too much money.

70 posted on 04/14/2008 1:57:22 PM PDT by avacado
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To: avacado
That's called inflation and caused by people having too much money.

Bingo! That's the problem...We all have too much money! It's becoming a burden.

:o

71 posted on 04/14/2008 2:02:02 PM PDT by dragnet2
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To: Moonman62
Other than an oil and commodity bubble, a real estate bubble, and a government contractor bubble, there wasn't much doing well.

Really? Unemployment low, interest rates low, growth almost every quarter. Sure there's a real estate bubble in which speculators lost money. However, millions of average Americans are still sitting on an increse of wealth because their homes homes have gone up in worth.

Anytime you have income and cap gains tax cuts they have a positive effect...the Bush tax cuts were a huge plus. Don't swallow the Democrat demogoguery.

72 posted on 04/14/2008 2:03:30 PM PDT by what's up
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To: dragnet2
"Bingo! That's the problem...We all have too much money! It's becoming a burden."

That's what Turbotax told me when it was time for my stimulus package rebate... Told me to get lost.

73 posted on 04/14/2008 2:03:58 PM PDT by avacado
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To: avacado

Stimulus package? With all the money everyone has, I’m sure most will be giving theirs away, or just sending it back.


74 posted on 04/14/2008 2:07:44 PM PDT by dragnet2
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To: dragnet2

Get back to work! Those burgers don’t flip themselves... ;-)


75 posted on 04/14/2008 2:10:06 PM PDT by avacado
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To: avacado

Right... even more so, the fact that the banks were pressured to provide loans to illegals and other wholly unqualified folks greatly exacerbated things.


76 posted on 04/14/2008 2:13:40 PM PDT by NYC Republican (John McCain- Snatching Defeat from the Jaws of Victory...)
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To: avacado

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. A number of large pension plans held bonds that are now uninsured. Same with housing; if you bought last year (at the top)....you could actually be under water the minute your neigbors start to sell (or default) at lower prices and pull down the “comps. There is a lot of very legitimate concern out here in the real world.

So don’t be so snotty


77 posted on 04/14/2008 2:14:53 PM PDT by HappyinAZ
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To: what's up
Anytime you have income and cap gains tax cuts they have a positive effect...

Remember when W sent out Ari Fleischer to state he was adamantly opposed to capital gains tax cuts?

78 posted on 04/14/2008 2:16:30 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: WildcatClan

Exactly. See my tagline, concurs with the latter part of your post.


79 posted on 04/14/2008 2:16:41 PM PDT by NYC Republican (John McCain- Snatching Defeat from the Jaws of Victory...)
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To: avacado

Burger flipper?

Oh, you’re suggesting only burger flippers are not swimming in money. I have no doubt they too have too much money as you suggested a few posts up.

I agree with you...People just has too much money and this will no doubt eventually hurt the economy.


80 posted on 04/14/2008 2:17:17 PM PDT by dragnet2
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