The Economy: McCain's Winning Issue

Discussion in 'Congress' started by The Paperboy, Sep 22, 2008.

  1. The Paperboy
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    The Paperboy Times Square

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    Believe it or not I think McCain now has the upper hand on the economy. He just needs to make his case to the American people. A good place to start is this excellent article:

    How the Democrats Created the Financial Crisis:

    Commentary by Kevin Hassett

    Sept. 22 (Bloomberg) -- The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story.

    Why did Bear Stearns fail, and how does that relate to AIG? It all seems so complex.

    But really, it isn't. Enough cards on this table have been turned over that the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some fatally.

    Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.


    The article finishes with this note:

    Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.

    Full story here
     
  2. Silence
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    Silence wanna lick?

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    McCain:

    Fundamentally, I'm a deregulator

    The fundamentals of the economy are strong

    I would make the Bush Tax cuts permanent

    uh huh... McCain looks like a real genius on the economy
     
  3. The Paperboy
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    The Paperboy Times Square

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    The Democrats need a new play book because the McCain = Bush gambit isn't working. Wall Street had, has and always will have it's problems of greed but as for the mother of all economic bailouts all roads are now leading to Fannie and Freddie. Where do you think the mortgages Wall Street was packaging into equities came from? If McCain can lay out to the American public what really happened at Fannie and Freddie, who was involved and that he was one of the few who proposed real reform over two years ago that was fought tooth and nail by the Democratically controlled Congress this election will be over. Remember it is Congress that polls even worse than Bush.
     
  4. metaverse
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    metaverse Member

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    anyone who owns 7 houses and 13 cars has the upper hand when it comes to economy.
     
  5. rayboyusmc
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    rayboyusmc Senior Member

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    Not, you're just pissing into the wind.:lol:
     
  6. busara
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    busara wanasiasa wapumbava

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    was it stupid to not have tougher regulations in place? yep. what is even stupider is giving the banks 700 billion to cover their mistakes. the cause is bad, the solution worse.

    i hate our politicians
     
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  7. metaverse
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    metaverse Member

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    can i get 700 billion to cover my mortgage?
     
  8. busara
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    busara wanasiasa wapumbava

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    i'd happily take .005% of it to bail out my student loans
     
  9. metaverse
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    metaverse Member

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    sure thing. the government has a lot of free money available to go around.
     
  10. The Paperboy
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    The Paperboy Times Square

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    Perhaps but the political winds can change quickly.
     

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