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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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>>>"You think all of a sudden America got stupid? Whereas millions of Americans were relatively responsible up until Bush's term, now they just totally independently went off the deep end so we can argue they got what they deserve."
Stupid isn't what I called it. I called it irresponsible. And I'd like to amend that to add greedy, which I think we can all argue isn't a trait that is particular only to Americans or to people in recent history. But I do believe that when something comes along that's too good to be true, a certain group of people will overlook the obvious and take their chances. Plenty of people do chain letters, and it's mail fraud, but that's not something anyone can properly blame on Bush and McCain. Greedy, desperate people make bad choices. I'm not calling them stupid, but I'm not willing to pin their bad choices and poor decisionmaking on two total strangers that weren't charged with the duty of being their own personal financial advisors
"There was fraud. There were aggressive lending practices."
Fraud is when someone lies. If their loan officer lied, they would know if they read their loan documents. There are aggressive sales practices on a car lot, too--are we calling the White House? If the loan documents call for a balloon payment, they can read that and see it for themselves. If you've ever gotten a mortgage loan, you can see the payment schedule: First payment due, amount, number of payments, last paymend due, and amount are listed. There is no way you can tell me that responsible and intelligent people were defrauded when they signed a loan document that clearly states that in five years they will owe a single $225,000 payment. That's ignorance, no matter the intention of the lenders.
And I think we can both agree that George Bush and John McCain attended not a single real estate settlement and personally observed this.
When someone qualifies for a loan it should mean just that. "QUALIFIES."
With respect, your long explanation about how America suddenly coincidentally got reckless under Republicans is implausible. Republicans had the Presidency during the past 8 years when this occurred. For much of the same period and before, during the key times Republicans also controlled the House and the Senate, giving Bush and McCain wide latitude in overseeing our economy as the President was supposed to.
"And I think we can both agree that George Bush and John McCain attended not a single real estate settlement and personally observed this."
I don't agree with that at all. But don't listen to me. Listen to your Republican colleagues on this board who claim that John McCain saw the sub-prime crisis coming and tried to avert it with legislation - though your Republican colleagues could not then explain why McCain then irresponsibly dropped the issue.
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