The Economy: McCain's Winning Issue

[The Paperboy]

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

 

[Silence]

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

 

[The Paperboy]

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.

 

[metaverse]

Believe it or not I think McCain now has the upper hand on the economy.

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

 

[rayboyusmc]

Believe it or not

Not, you're just pissing into the wind.

 

[busara]

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

 

[metaverse]

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

can i get 700 billion to cover my mortgage?

 

[busara]

can i get 700 billion to cover my mortgage?

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

 

[metaverse]

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

sure thing. the government has a lot of free money available to go around.

 

[The Paperboy]

Not, you're just pissing into the wind.

Perhaps but the political winds can change quickly.

 

[midcan5]

One could find a fool to argue persuasively the moon is made of cheese, guess what, doesn't make it any more relevant than these revisionist simpletons.

"This is the Bush-McCain economy. Senator McCain may have forgotten, but President Bush already tried his economic policies and the results are not good. We have just been through a business cycle in which the wage of the typical worker and the typical working family fell. This is the first time that has ever happened."

The Whiner's Recession | CommonDreams.org

 

[DavidS]

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

Do you want to actually include the part of that article where it talks about the person who wrote it is an advisor for the McCain campaign? Oh wait, I just did that. Nevermind.

 

[Chris]

McCain's Economic Adviser is ex-Texas Sen. Phil Gramm. On Dec. 15, 2000, hours before Congress was to leave for Christmas recess, Gramm had a 262-page amendment slipped into the appropriations bill. It forbade federal agencies to regulate the financial derivatives that greased the skids for passing along risky mortgage-backed securities to investors. And that, my friends, is why everything's falling apart. That is why the taxpayers are now on the hook for the follies of Fannie Mae, Freddie Mac, Bear Stearns and now the insurance giant AIG to the tune of $700 billion.

 

[DavidS]

Oh, by the way, who was the person who created a bill to de-regulate the banking industry? Why none other than Phill Gramm, McCain's economic advisor.

Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia

If this bill had not been passed, it is highly likely that the housing bubble would've never started nor popped.

 

[The Paperboy]

One could find a fool to argue persuasively the moon is made of cheese, guess what, doesn't make it any more relevant than these revisionist simpletons.

"This is the Bush-McCain economy. Senator McCain may have forgotten, but President Bush already tried his economic policies and the results are not good. We have just been through a business cycle in which the wage of the typical worker and the typical working family fell. This is the first time that has ever happened."

The Whiner's Recession | CommonDreams.org

The current meltdown has it's origins in the Clinton Administration. His fingerprints are all over it starting with Franklin Raines, Clinton's Director of the U.S. Office of Management and Budget. Raines went on to rape Fannie Mae of 90 million dollars and run it into the ground along with the next Fannie Mae CEO, Jim Johnson, who walked away with 25 million. Johnson, of course, was involved in the vice-presidential selection process for Obama and had to sep aside when it was discovered he got a sweetheart loan deal.

Obama's national finance chair, Penny Pritzker, also has blood on her hands having run a bank into the ground with thousands of loans to people who could not afford them.

If you don't think Democrats and Obama are in full blown damage control mode right now then you're simply naive or blind.

Mark my words: It's not Rev. Wright, Rezco or Bill Ayers that will torpedo the Obama campaign, it's the current economic meltdown created by Democrats many of whom are heavily involved with Obama.

 

[OohRah Mama]

Egad. It's like a political Stockholm Syndrome. Cling to those chains, Brother, cling.

 

[The Paperboy]

Oh, by the way, who was the person who created a bill to de-regulate the banking industry? Why none other than Phill Gramm, McCain's economic advisor.

Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia

If this bill had not been passed, it is highly likely that the housing bubble would've never started nor popped.

From the little I've read about this bill it was definitely sleazey. But you're missing the bigger picture. That bill apparently opened the door for investment banks to bundle mortgages into securities and sell them.

The bigger picture is that Fannie Man had cooked the books and made the the value of the mortgages appear much greater than they were, essentially duping Wall Street. This combined with lowering the standards by which people could qualify for loans opened the door for future massive defaults.

Wake up. The Democrats (and some Republicans) screwed this up. McCain co sponsored a bill to set up a regulatory commission for Fannie Mae two years ago and the Democrats voted along party lines not to allow it out of committee so it never even got to the floor for a vote.

It's all coming out. As Rev. Wright once said, "the chickens are coming home to roost".

Bad timing for Obama as the third debate will be on the economy and much of what I am writing will have been understood by the general public by then. Obama will be a sitting duck.

 

[The Paperboy]

Do you want to actually include the part of that article where it talks about the person who wrote it is an advisor for the McCain campaign? Oh wait, I just did that. Nevermind.

Are you suggesting that Raines, Johnson and Pritzker didn't do what they did?

Are you suggesting McCain didn't co-sponsor a bill two years ago to oversee Fannie Mae?

Are you suggesting that Democrats didn't stop that bill?

Are you suggesting that Johnson was not on the Obama team?

Are you suggesting that Pritzker isn't McCain's national finance chair?

Facts are stubborn things.

 

[Modbert]

Really? McCain's winning issue is the economy?

[ame=http://www.youtube.com/watch?v=aNzieebcXvM]YouTube - Mccain "Don't know much" - Musicvideo[/ame]

[ame=http://www.youtube.com/watch?v=_1X3efvVTLA&feature=related]YouTube - McCain doesn't know anything about the economy or Iraq[/ame]

[ame=http://www.youtube.com/watch?v=RqsH7dkFGTo&feature=related]YouTube - McCain on Economy: "not an expert on .. this stuff"[/ame]

[ame=http://www.youtube.com/watch?v=DX81BfFpI14&feature=related]YouTube - McCain on Economy: "you all know it better than I do"[/ame]

(So therefore I am better at the economy then John McCain )


[ame=http://www.youtube.com/watch?v=GN-8lonrSJw&feature=related]YouTube - McCain: "I don't believe we're headed into a recession."[/ame]

[ame=http://www.youtube.com/watch?v=rULwkZ7tqkg&feature=related]YouTube - McCain: "I Would Imagine That We Are" In A Recession[/ame]
[ame=http://www.youtube.com/watch?v=7o_f_fjcKW8&feature=related]YouTube - McCain: "Of course I Believe that We're in a Recession"[/ame]

Fucking whoops huh?

[ame=http://www.youtube.com/watch?v=kqGWTh_NZ-0&feature=related]YouTube - John McCain Sheds Light on the Economy[/ame]

[ame=http://www.youtube.com/watch?v=4czb_JFAXtk&feature=related]YouTube - Mccain is Dumb. He does not understand economics 101 ![/ame]

Interest rates were ZERO? W-T-F! Do you know what happens if the Interest rates were ZERO?

If anyone can believe he is best for the economy after watching all those videos, then they are delusional.

 

[sealybobo]

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

McCain ad misrepresents Obama's tax plan. Again.
Summary
The McCain-Palin campaign has released a new ad that once again distorts Obama's tax plans.
FactCheck.org: There He Goes Again