Give me a break!
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| Sun, 09-21-2008 - 9:38am |
So now the McPain campaign is saying that the Obama campaign is 'using the economic crisis' to advance their campaign. Just curious - isn't this another way for the McPain campaign to use the economic crisis??? Kind of like the pot and the kettle thing going on here? Maybe it is just sour grapes since McPain sounded out of touch when he said last week that the fundamentals of the economy were sound? Then on the other hand McPain is criticizing the Obama campaign for not coming out with a plan right away - wouldn't that be using the crisis as well?
McCain: "We must not bailout the management and speculators who created this mess. They had months of warnings following the Bear Stearns debacle, and they failed to act.â€
McCain also called for “strong and effective regulation†of the financial services industry, which he has done repeatedly over the past few days of the financial meltdown, but something he has not always supported. McCain called for deregulation of the banking industry in his support of the 1999 Gramm-Leach-Bliley Act, which knocked down the obstacles between banking, investment and insurance companies."
Palin: "“Disappointed that taxpayers are called upon to bailout another one,†she said. “Certainly AIG though with the construction bonds that they’re holding and with the insurance that they are holding very, very impactful to Americans so you know the shot that has been called by the Feds its understandable but very, very disappointing that taxpayers are called upon for another one.†"
I guess if you can't utter a coherent statement or feel you have to rush in to issue a statement before considering the implications you might need to deflect the negative attention you receive from your actions. Personally, I prefer a president who takes the time to check with financial advisors before issuing a statement that later has to be back peddled.

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Critiquing spelling?
LOL I wasn't critiquing your spelling, was just trying to figure out what word you really meant.
In 2005, he was a cosponsor for a bill that would have regulated the federal banking system which includes Fannie and Freddie, however, it died in congress.
"In 1999 The Gramm-Leach-Bliley Act effectively repealed the Glass-Steagall Act (which was part of the Keating 5 problem), opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services." www.godlikeproductions.com/forum1/message609571/pg1 (review voting records)
This opened a whole new can of worms.
Gramm-Leach-Bliley Act was approved by most of the Republicans including McCain, while all but one of the Democrats voted against. http://econ4obama.blogspot.com/2008/09/obama-vs-mccain-on-gramm-leach-bliley.html
Basically, the deregulation allowed all the greed to take down the housing and conitued to spiral downward.
Edited 9/22/2008 4:16 pm ET by patemuse
Edited 9/22/2008 4:18 pm ET by patemuse
Edited 9/22/2008 4:27 pm ET by patemuse
Edited 9/22/2008 4:28 pm ET by patemuse
Oh, give ME a break.
If you think things can't get worse or we are at the bottom, I think you are dreamin'. If Obama would get all the things he wants on his wish list, it could be worse, if he were to be elected.
I don't think you should be buying just any stocks, thinking the bottom is in. Investors may be slow to buy if they think Obama will win fearing he will then want to raise taxes on their gains. IMO
Where did you get that idea from? Where did I say people were too dumb and shouldn't get a loan? Assuming again?
You said:" These people who took these loans were led to believe that it wouldn't go up that much, and unfortunately, they believed them."
One must be responsible enough to learn what you are signing or hire someone who can.
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