Clueless about the economy
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Clueless about the economy
| Tue, 09-16-2008 - 7:37am |
Does John McCain really believe that our economy is fundamentally sound? Is this guy out of his freakin’ mind? He is either too old or too stupid to be president. Umployment is down. Wages are down. The price of everything is up. The deficit is up. The national debt is up. Yeah, sounds like the economy is in great shape, John. Perhaps it is time for another tax break for those who make over $250,000 a year. We could use some of that Reagan trickledown voodoo economics about now.
Perhaps when McCain is elected, his new treasury secretary Phil Gramm will straighten all of us whiners out?
The guys seem to be clueless about the economy.
Perhaps when McCain is elected, his new treasury secretary Phil Gramm will straighten all of us whiners out?
The guys seem to be clueless about the economy.

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I disagree with your argument.
Guild Member since 2009
"(interest-only loans, no money down loans, sub-prime adjustable loans, etc.)"
I'd never heard of some these 'creative' mortgage loans
Why, then, do you think Bush and cronies felt it necessary to strong-arm out state banking regulators?
Sopal
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Here's the link to the NY Times.
You have
http://www.foxnews.com/story/0,2933,423701,00.html
Lehman Brothers collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago.
Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.
A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama.
Now remember, he's only been in the Senate four years, but he still managed to grab the No. 2 spot ahead of John Kerry — decades in the Senate — and Chris Dodd, who is chairman of the Senate Banking Committee.
Fannie and Freddie have been creations of the congressional Democrats and the Clinton White House, designed to make mortgages available to more people and, as it turns out, some people who couldn't afford them.
Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration's White House Budget Director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick — Clinton Justice Department official — worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama's VP search committee, has hauled in millions from his Fannie Mae CEO job.
Now remember: Obama's ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain — Sen. Obama — was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks.
Sen. Barack Obama: No. 2 on the Fannie/Freddie list of favored politicians after just four short years in the Senate.
Next time you see that ad, you might notice he fails to mention that part of the Fannie and Freddie problem.
Check this out from Govtracks:
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
Quote from John McCain: "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay."
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