It's time for action (John McCain Fights Back!)

My Friends,

We are in the greatest financial crisis of our lifetimes. Congressional inaction has put every American and the entire economy at the gravest risk. Yesterday the country and the world looked to Washington for leadership, and Congress once again came up empty-handed.

I am disappointed at the lack of resolve and bipartisan good will among members of both parties to fix this problem. Bipartisanship is a tough thing; never more so when you're trying to take necessary but publicly unpopular action. But inaction is not an option.

If we do nothing, many businesses may fail. Sonic Corporation, a drive-in restaurant chain based in Oklahoma, learned on Thursday that one of its lenders, GE Capital, had stopped extending new loans to the chain's franchisees. That will block plans to rebuild restaurants, add equipment and open new locations.

When financing dries up, students can't get loans. In Wisconsin, more than 100 Milwaukee Area Technical College students couldn't access private loans to fund their education. Fortunately the school was able to come up with emergency loans, but this temporary arrangement cannot continue. Markets need to work so that people can get financial help and students can be educated.

Again, inaction is not an option. In light of the House's failure to act, this morning, I spoke to the President about two things that the administration has not done, but should do following the inaction of Congress. First, the Treasury has already used its Exchange Stabilization Fund to back money market accounts. I encourage it to use it this fund as creatively as possible to provide backstop for accounts across our financial system to maintain confidence on the part of savers and investors. And second, the recent housing bill gave the government nearly $1 trillion in authority to purchase mortgages. Housing and mortgages are at the root of this crisis.

The Administration can take these actions with the stroke of the pen to help alleviate the crisis gripping our economy. I urge them to do so.

The FDIC should quickly be granted the authority to increase the deposit insurance cap from $100,000 to $250,000 so that families do not have to worry about their money. We cannot allow a crisis in our financial system to become a crisis in confidence.

I call on everyone in Washington to come together in a bipartisan way to address this crisis. I know that many of the solutions to this problem may be unpopular, but the dire consequences of inaction will be far more damaging to the economic security of American families and the fault will be all ours.

And to my supporters, I assure you I will continue to do whatever I can to aid in a constructive answer to the challenge before us.

Sincerely,

John McCain

P.S. I'm asking you to pass this email along to your friends, family, neighbors and colleagues. We must spread the word that inaction is not an option.

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The Bush administration already has all of the tools it needs to correct the crisis on its own. The Treasury has a trillion dollars available already to buy up bad mortgages, and the SEC has the power to fix the market regulations freezing liquidity.

This is McCain’s opportunity.
He called for Cox to be fired and was criticized for it.
But I think he was right, actually.
And he can take it further.
He needs to come out and accuse the Bush administration of fear mongering, declare the bailout a scam and the crisis as manufactured.
It would instantly make him a hero to both conservatives and liberals alike, and end this election.

Congressional inaction has put every American and the entire economy at the gravest risk.

that wasn't Congressional inaction Senator. That was overwhelming negative constituent reaction for trying to ram such a socialist plan down the people's throats.

Yesterday the country and the world looked to Washington for leadership, and Congress once again came up empty-handed.

Yesterday and ,several days preceding, the people saw no leadership to let the free market eliminate those who made bad business decisions and took it upon themselves to protect the populace from socialists like you Senator.

I am disappointed at the lack of resolve and bipartisan good will among members of both parties to fix this problem.

Ah yes, Nancy Pelosi's favorite socialist code word for more incremental socialism.

Bipartisanship is a tough thing; never more so when you're trying to take necessary but publicly unpopular action.

It's tough when you ignore the will of the people Senator.

Why didn’t the Administration, Bush and Paulson, act when they had the authority? Why the chicken little?

Is this the so-called October surprise to elect Obama and keep the House/Senate in Dem Control?

Why did Bush pick Paulson from Goldman Sachs who was endorsed by Schumer for Treasurer? Why didn’t he say someting when Paulson hired two Obama supporters as he two top assistants?

Why did Bush back Paulson/Obama/Dems at the meeting which he agreed to ONLY have Sen McCain called him. Why did Paulson give the House GOP plan they gave him to Obama and then Obama took over the meeting like the President and started saying it was his plan and that is when Minority Leader Boehner became unglued?

Why has Bush ONLY listened to Paulson and the Dems?

WHY? WHY? WHY?

IMO this was the ‘October’ surprise to get Obama elected and the Dems to keep the House and Senate. Spoke volumes that there was no whipping by the House Dem Whip to get people to vote for this. I believe it was a set-up pure and simple and I also am not sure that Bush wants McCain to win. In fact, if I was betting on that right now I would bet against it. Bush’s actions with the Dems speak volumes.

Yes, McCain has been running in the exact opposite direction.
Politicians are like herd animals.
Bush spooked them and they all began running in the same direction.

McCain however, can peel himself away by saying that it is a false dichotomy to say it is a choice between Bush’s bailout proposal and doing nothing.

He’s laid out a number of alternatives that do not require a taxpayer bailout or congressional approval. This is the platform from which he can denounce Bush’s ill-advised public fear mongering.

Honestly, I felt dirty watching Bush’s television addresses warning that without immediate and reckless congressional action submitting to his demands there will be dire consequences. It reminded me of his similar dire warnings after September 11th, and prior to the Iraq invasion.

This time, Bush jumped the shark when he reached for the fear card.

John McCain said:I call on everyone in Washington to come together in a bipartisan way to address this crisis. I know that many of the solutions to this problem may be unpopular, but the dire consequences of inaction will be far more damaging to the economic security of American families and the fault will be all ours.

Here's the problem: The Dems loaded up the first bail out bill with all sorts of goodies. That was the one McCain left the campaign trail to work on.

If I wanted "bi-partisan" and big fat bills full of pork, I'd vote for Democrats.

What I want, and what our country needs, is Conservative Leadership.

“Sonic Corporation, a drive-in restaurant chain based in Oklahoma, learned on Thursday that one of its lenders, GE Capital, had stopped extending new loans to the chain’s franchisees. That will block plans to rebuild restaurants, add equipment and open new locations.”

OMG! NO SONIC BURGERS!!!

What will Pepto-Bismol do now that I don’t need THEIR product anymore??? This is a trickle down...er.. or up...or sideways.

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