McCain: Obama Didn't "Lift A Hand To Avert" Fiscal Crisis
John McCain today in Cedar Rapids, IA, said Barack Obama has done nothing to help the nation avert fiscal crisis:
"Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President. Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis."
McCain and Sarah Palin also raised the specter of Obama's one-time patriotism problem by criticizing Joe Biden for saying paying taxes is patriotic.
Palin:
“To the rest of America that’s not patriotism. Raising taxes is about killing jobs and hurting small businesses and making things worse.”
McCain:
"While Senator Obama and Congressional leaders don't know what to think about the current crisis, we know what their plans are for the economy. Today Senator Obama's running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn't patriotic. It's not a badge of honor. It's just dumb policy."
McCain's full prepared remarks are available after the jump. Note that he called for the creation of a mortgage and financial institutions trust, or MFI, to "identify institutions that are weak and take remedies to strengthen them before they become insolvent." And he said he would fire Chris Cox, chairman of the Securities and Exchange Commission.
I'm happy to be introduced by Governor Palin, but I can't wait until I introduce her to Washington. Let me offer an advance warning to the big spending, greedy, do nothing, me first, country second crowd in Washington and on Wall Street: change is coming.
We need reform in Washington and on Wall Street. The financial markets are in crisis. Times are tough. Enormous strain is being put on working families and individuals in America. I know that the events unfolding can be difficult to understand for many Americans. The dominos that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.
Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed.
But nothing was done.
Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President. Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington.
There was no transparency into the books of Wall Street banks. Banks and brokers took on huge amounts of debt and they hid the riskiest investments. Mismanagement and greed became the operating standard while regulators were asleep at the switch.
The primary regulator of Wall Street, the Securities and Exchange Commission (SEC) kept in place trading rules that let speculators and hedge funds turn our markets into a casino. They allowed naked short selling -- which simply means that you can sell stock without ever owning it. They eliminated last year the uptick rule that has protected investors for 70 years. Speculators pounded the shares of even good companies into the ground.
The Chairman of the SEC serves at the appointment of the President and has betrayed the public's trust. If I were President today, I would fire him.
We cannot wait any longer for more failures in our financial system. Structures like the resolution trust corporation that dealt with the failed savings and loan industry were designed to clean up the system and worked. Today we need a plan that doesn't wait until the system fails. I am calling for the creation of the mortgage and financial institutions trust -- the MFI. The priorities of this trust will be to work with the private sector and regulators to identify institutions that are weak and take remedies to strengthen them before they become insolvent. For troubled institutions this will provide an orderly process through which to identify bad loans and eventually sell them.
This will get the treasury and other financial regulatory authorities in a proactive position instead of reacting in a crisis mode to one situation after the other. The MFI will enhance investor and market confidence, benefit sound financial institutions, assist troubled institutions and protect our financial system, while minimizing taxpayer exposure. Tomorrow I will be talking in greater detail about the crisis facing our markets and what I will do as President to fix this crisis and get our economy moving again.
Senator Obama has never made the kind tough reform we need today. His idea of reform is what his party leaders in Congress order him to do. We tried for bipartisan ethics reform and he walked away from it because his bosses didn't want real change. I know how to make the change that Senator Obama and this Congress is afraid of. I've fought both parties to shake up up Washington and I'm going to do it as President.
Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn't their fault and they aren't going to take any action on this crisis until after the election. Senator Obama's own advisers are saying that crisis will benefit him politically. My friends, that is the kind of me-first, country-second politics that are broken in Washington. My opponent sees an economic crisis as a political opportunity instead of a time to lead. Senator Obama isn't change, he's part of the problem with Washington.
When AIG was bailed out, I didn't like it, but I understood it needed to be done to protect hard working Americans with insurance policies and annuities. Senator Obama didn't take a position. On the biggest issue of the day, he didn't know what to think. He may not realize it, but you don't get to vote present as President of the United States.
While Senator Obama and Congressional leaders don't know what to think about the current crisis, we know what their plans are for the economy. Today Senator Obama's running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn't patriotic. It's not a badge of honor. It's just dumb policy. The billions in tax increases that Senator Obama is proposing would kill even more jobs during tough economic times. I'm not going to let that happen.
I have seen tough times before. I know how to shake-up Wall Street and Washington. I will get this economy moving. I will lead us through this crisis by fighting for you, and when I am President we will be stronger than ever before.
It took Sen McCain long enough to make the connection between "community organizer" Obama to the current crisis.
Will the MSM be honest and report all the facts, and examine Obama's ties to those who were at the trough?
The comments on alot of blogs indicate that people have figured out that the Dems really don't have a clue what to do, and are choosing to recess and run away over staying and trying to find solutions to soften the impact.
Once again, the Dems are AWOL and the voters are aware of it.
McCain who is clueless about economy pointing fingers at others? What a Joker.
McCain:
wears $520 black leather Ferragamo Italian shoes
has 12 houses
spends $200,000 expense on "household staff" in 2007
takes $58,000 per month of taxpayers money as disability payments
took $300,000 from Keating Five criminals
makes $700,000 in credit card charges in one month
sued his first wife Carol for $1 million for punitive damages after cheating on her
took $3 millions of corrupt money from Big Oil
bought a $4.7 million luxury condo in Phoenix earlier this year
McCain today said that 'fundamentals of our economy are strong' is a clueless old man in the league of Bush.
McCain love deregulation and thinks that there are too many regulations for corporations.
Shame on you Mr. McCain.
McCain defaulted on property taxes
San Diego County officials have been sending out tax notices on McCain's La Jolla property, an oceanfront condo, for four years without receiving a response. Shortly after NEWSWEEK inquired about the matter, the McCain aide e-mailed a receipt dated Friday, June 27, confirming payment by the trust to San Diego County in the amount of $6,744.42.
County officials now say the trust still owes an additional $1,742 for this year, an amount that is overdue and will go into default July 1.
McCain spends $273,000 on household staff.
The McCains increased their budget for household employees from $184,000 in 2006 to $273,000 in 2007, according to John McCain's tax returns.
The additional cash supports an "increase in the number of employees," the McCain aide told Politico. The aide did not answer a question about whether the growing staff stemmed from addition of new properties to the family's real estate portfolio.
McCain is a super rich country club republican who treats average American with disdain.
Nate, You are clueless. Where are you getting your "facts", the daily kos?
McCain's is delusional. In McCain's own words, here is what he said in the debate just couple of months back -
Q: Are Americans better off than they were eight years ago?
A: You could argue that Americans overall are better off, because we have had a pretty good prosperous time, with low unemployment and low inflation and a lot of good things have happened. A lot of jobs have been created.
...
A: I think we are better off overall if you look at the entire eight-year period, when you look at the millions of jobs that have been created, the improvement in the economy, etc.
Let us see how has the economy really done during the Bush administration?
* Record levels of family debt.
* Flat wages, with only 1.4% growth in seven years.
* Oil prices up 400%.
* Higher prices for necessities.
* Record foreclosures.
* Fewer people with pensions.
* Fewer people with health care.
* The dollar at record lows.
Can the American economy stand another term of McCain's "pretty good prosperous time?"
A couple of months ago it wasn't so bad. Unless for the first time in history a 3.3% growth was a "recession". This crap happened within the last week. Obama wasn't even a GOOD "community orgainizer" (or activist,as I believe is what he really was).
Help me here---is this the same old Geezer who said the "fundamentals of the economy are fine" 72 hours ago?
How many kool-aid drinking nitwits are there out there???
The basics of the economy have been the same since 1980 and have only got better or stayed the same. If you change to pre-1980 policies (think 1976 to 1980) it will result in increased unemployment and inflation...labeled "stagnation". I'm not that old, I looked it up. Check the chart:
http://www.ibdeditorials.com/IBDArticles.aspx?id=264727202278115
Every time I see these two I just cringe. McCain may not be around in four years due to his health, so that leave us the "Lipstick Lady" as the President of the greatest country in the free world. I am very scared!
I listened to them today with their same old memorized stock answers with no substance, just telling people what they want to hear, taunting change when he is been one of the "Good Old Boys" for the last 26 years I didn't believe a word. Then heard the new MFI plan, all I thought was what a MFIdiot.
MY MY MY let's all point the finger at each other. History repeats itself yet again. We the people are all to blame for the current crisis's that we face today and are all going to keep paying for it as it all grows worse due to neglect. Facts are easily distorted. However at this point lets look at Washington: 2 years of DEMOCRATIC flip flop, no work hide my head in the sand CONGRESS! Do we really need a DEMOCRATIC WHITE HOUSE run by a group that looks down at the common people of this country to top it all off? Then ask yourself who you can blame when all of our problems gets worse because the legislative branch are comprised members of the PELOSI, REID, not-our-fault let's-hide-till-it-passes-gang. Not to mention that a VALUE MEAL to this DEM President candidate is only $27,500. This guy spends money as fast as he get's it and apparently doesn't care where it comes from unless we the people find out. You want to slam McCain because he is wealthy? NEWS FLASH!! His father in law made the fortune by hard work building a legitimate business. Guess if you try to do that today you're in trouble. You want to rant and rave about it's all the BUSH adminstration's fault? Where were you and I? The DEMOCRATS have our nation in a gridlock gambling on the WHITE HOUSE for total control of our nation regardless of what the cost to we the people. That's right, you and me. By the way for you info I am a lifelong registered DEMOCRAT!!! I'm not buying this dog and pony show my party is promoting!!!!
The country doesn't need to be working for Fannie or Freddie Mac or any other of the godzillian sleazy lobbyists that have planted their flags in Washington. Its time to kick the lobbyists out. These idiots are not the economic "experts" and certainly should not be economic "advisors." Obama is already beholden to lobbyists and special interests. McCain has made it crystal clear that you can support him but that doesn't mean he is beholden to you. That is the kind of leadership we need. Shame on those that think we should elect a follower instead of a leader like McCain. Shame, shame shame, and blah, blah, shame. (I know that seems to be a favorite trivial word of some Obama supporters---so shame on you!).