McCain: "Inaction Is Not An Option"
DES MOINES, IA - After making the rounds of the morning cable news shows, John McCain today reiterated his call for immediate action to pass a bailout bill.
"Inaction is not an option," McCain said during an economic roundtable here this morning. "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."
In addition to raising the deposit insurance cap from $100,000 to $250,000 - something McCain and Barack Obama have suggested - McCain called on the Treasury to use its Exchange Stabilization Fund as "creatively as possible to provide backstop" for financial accounts. He also pointed to the authority granted to the government in the recent housing bill to purchase nearly $1T in mortgages and mortgage-backed securities as a short-term solution until a bill can be successfully navigated through Congress.
"The Administration can take these actions with the stroke of a pen to help alleviate the crisis gripping our economy," McCain said. "I urge them to do so."
McCain told several-hundred local employees gathered at EFCO Forms that this was not the time to place blame.
"This may be and is the greatest financial crisis of our lives," McCain said. "And we have to act, and we have to act together in a bipartisan fashion. I'm committed to that. And I'm committed to doing whatever is necessary in a bipartisan fashion, and there'll be plenty of time to point the finger of blame. There'll be plenty of time and I'll be glad to talk about some of that blame."
Although he has consistently criticized Obama for his ties to the housing industry, today McCain pointed to the 'cozy' relationship that executives of Fannie Mae and Freddie Mac have had with politicians without mentioning the name of his opponent. While the RNC did release a television ad today tying Obama to the current financial crisis, McCain said that this is a time for restoring confidence, not name-calling.
"One of the reasons why Congress failed to act effectively was because it hasn't really sunk in that the people who are hurting, and are being hurt, are Main Street, families, small businesses, those kinds of people that are the engine of our economy," McCain said. "Families being able to stay in their homes, or purchase a new home, or new automobiles, small businesses that function on a steady line of credit are now seeing that dry up. And there is a perception out there that this is just something for Wall Street. I don't want to give anything to Wall Street."
(NBC/NJ's ADAM AIGNER-TREWORGY)
youtube keeps shutting down the video, but here it is! Burning Down The House (financial crisis mess)!
www.youtube.com/TheMouthPeace
Thanks for posting something on this forum! I was at the forum. McCain comes across as a strong/knowlegeable leader. He shows experience and he even asked the CEO of Aviva his opinion on a topic... He shows great leadership in that he seeks the opinions of those that know the financial markets, etc.. McCain did GREAT!
Here's an action for McCain - fire Phil Gramm who pushed through the Enron-generated Commodities Futures Modernization Act in 2000 that permitted grammswaps of credit default insurance!
No one is speaking about the downside to this bailout. Here are a couple that come to mind.
1. The dollar will tank because we are printing more money.
2. Oil prices will surge as our dollar is weaker and gas will follow, further slowing the other sector of the economy.
3. General inflation will increase and even more homeowners will be foreclosed on and consumers will not be able to afford new cars anyway.
4. General inflation complicated by the increase in fuel cost will drive down profits and force the Fed to increase interest rates which will defeat the purpose of the bailout to start with.
This is horrible fiscal policy..... I am a very strong democrat, who strongly opposses this bailout based on common sense macro economic considerations. An even greater crisis will come next year if we pass this bailout. Our only hope is to allow the dollar to strengthen.
How is it that Congress, Senate, and the President can pass a bill that allows the using of tax payers money to buy up a bunch of failed mortgages (that was originally the tax payers mortgages) and then take those mortgages and sell them back to the same companies or same type of companies, make a profit, and the tax payers get what? The right to live in this home for another 5 years. and if it fails then America is right back where it is today.
Might I remind the american people on a statement made by George Bush Jr. "Iraq is a threat to america, It has weapons of mass destruction, and saddam hussien harbors terrorists from Al-Qaida and the taliban." 1 year after invading this country we found 0 weapons of mass destruction, 0 terrorists involved with Al-Qaida, and we destroyed a country. This lie from president Bush has cost the american tax payers billions of dollars per month for the past 7 years. George Bush has lied to us before, and he is lieing to us again. It is a political move from the republicans to try and make McCain look like an economic hero. They are hoping that if this bill passes, that McCain will get full credit for it, But if it fails it will all be Obama's fault with the help of the democrats.
Congress, Senate, And the president does not care what the tax payers think. They are going to pass a bill to use our hard earned money and there is nothing we can do to stop this. We will never get to vote on the bill. And they could care less if they get voted out of office. Well at least 1 man cant get voted back in regardless of the action of the bill. We should treat President Bush the same way he treated the american people when they were getting forclosed upon and ordered to move out. After all he is a lame duck.
If we vote the ones that pass the bill out of office they still collect a paycheck. So what do they have to lose? The way to fix this problem is to first gather the ones responsible for all of this up and charge them with the crime of fraud. They made a deal sound good to the tax payer and at the same time they were laughing behind their backs. I say bring back squaters rights, tell the people that lost their homes to move back into those homes and let the mortgage brokers and wall street take it the same way they gave it.
Why leave a home sit and rot while no one lives in it because the banks can't sell them. Stop the bail out, put the people back in those forclosed homes, give the bankers 7 years to try and loan more money to sell the home they want to keep from the ones they swindled out of it. If there is any truth that credit has dried up and a bail-out (rescue) is needed , then the people will have a home for the price of the mental anguish they had to go through during the forclosure and the mental anguish of seeing that moment coming.
My heart goes out to those people for being so proud of finally making that american dream come true, Only to have that dream turn into a nightmare because of greed and fraud of bankers, and mortgage lenders, and then the White house trying to make a profit off the bankers and mortgage lenders deceit, at the price of the same people that were deceived!!
May god bless all of the tax payers.
How is it that Congress, Senate, and the President can pass a bill that allows the using of tax payers money to buy up a bunch of failed mortgages (that was originally the tax payers mortgages) and then take those mortgages and sell them back to the same companies or same type of companies, make a profit, and the tax payers get what? The right to live in this home for another 5 years. and if it fails then America is right back where it is today.
Might I remind the american people on a statement made by George Bush Jr. "Iraq is a threat to america, It has weapons of mass destruction, and saddam hussien harbors terrorists from Al-Qaida and the taliban." 1 year after invading this country we found 0 weapons of mass destruction, 0 terrorists involved with Al-Qaida, and we destroyed a country. This lie from president Bush has cost the american tax payers billions of dollars per month for the past 7 years. George Bush has lied to us before, and he is lieing to us again. It is a political move from the republicans to try and make McCain look like an economic hero. They are hoping that if this bill passes, that McCain will get full credit for it, But if it fails it will all be Obama's fault with the help of the democrats.
Congress, Senate, And the president does not care what the tax payers think. They are going to pass a bill to use our hard earned money and there is nothing we can do to stop this. We will never get to vote on the bill. And they could care less if they get voted out of office. Well at least 1 man cant get voted back in regardless of the action of the bill. We should treat President Bush the same way he treated the american people when they were getting forclosed upon and ordered to move out. After all he is a lame duck.
If we vote the ones that pass the bill out of office they still collect a paycheck. So what do they have to lose? The way to fix this problem is to first gather the ones responsible for all of this up and charge them with the crime of fraud. They made a deal sound good to the tax payer and at the same time they were laughing behind their backs. I say bring back squaters rights, tell the people that lost their homes to move back into those homes and let the mortgage brokers and wall street take it the same way they gave it.
Why leave a home sit and rot while no one lives in it because the banks can't sell them. Stop the bail out, put the people back in those forclosed homes, give the bankers 7 years to try and loan more money to sell the home they want to keep from the ones they swindled out of it. If there is any truth that credit has dried up and a bail-out (rescue) is needed , then the people will have a home for the price of the mental anguish they had to go through during the forclosure and the mental anguish of seeing that moment coming.
My heart goes out to those people for being so proud of finally making that american dream come true, Only to have that dream turn into a nightmare because of greed and fraud of bankers, and mortgage lenders, and then the White house trying to make a profit off the bankers and mortgage lenders deceit, at the price of the same people that were deceived!!
May god bless all of the tax payers.