McCain reveals his answer to the crisis, MORE GOV'T

Back Atcha · #1 (**permalink**) 09-19-2008, 11:30 AM

McCain wants new agency to fix financial crisis - CNN.com

Quote:

Republican presidential candidate Sen. John McCain said Friday morning that he would establish a new agency to deal with the U.S. financial crisis that many experts say is the worst since the Great Depression.

Sen. John McCain on Friday blamed corruption and greed for the current financial crisis.

1 of 2 That agency, a Mortgage and Financial Institutions trust, would work with the private sector and regulators to identify institutions that are weak and fix them before they go broke.

"The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safeguard the life savings of all Americans by protecting our financial system and capital markets," McCain told the Green Bay Chamber of Commerce in Wisconsin.

McCain said the agency would be an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers.

McCain's campaign announced his speech Thursday night after Wall Street witnessed the federal government take unprecedented steps this week to stabilize the economy, including the takeover of the insurance giant American International Group Inc. in exchange for an $85 billion loan from the Federal Reserve.

In his speech, McCain blamed the current crisis on "the corruption and manipulation of our home mortgage system" and blasted Congress and the administration for not addressing the problems at the two mortgage giants Fannie Mae and Freddie Mac, which he said "led our housing system down a path where quick profit was placed before sound finance."

Huh, most folks wait until after the election to break comapign promises. The hypocrisy of this campaign knows no bounds. It's looking more and more as I said it would at the outset of this election cycle... you won't be able to tell one party from the other.

Back Atcha · #2 (**permalink**) 09-19-2008, 12:16 PM

LOL... BUMP!

Where's the circle jerk commitee? Must be they need to wait until after the daily AM programming to know how to respond to this...

dhaire · #3 (**permalink**) 09-19-2008, 03:33 PM

i think it'll be the same amount of gov't either way. I'd personally rather have the hope guy running things than the war guy.

Back Atcha · #4 (**permalink**) 09-19-2008, 04:11 PM

Quote:

Originally Posted by dhaire

i think it'll be the same amount of gov't either way. I'd personally rather have the hope guy running things than the war guy.

That's an interesting take on it...

percysunshine · #5 (**permalink**) 09-19-2008, 04:15 PM

McCain has some ammo here. He can blast both Obama and the Democrats, and Bush, for screwing up because he already tried to reform it and was shut down by all of the above. If he can make it stick with the voters...well...it won't be pretty

Back Atcha · #6 (**permalink**) 09-19-2008, 04:20 PM

Quote:

Originally Posted by percysunshine

McCain has some ammo here. He can blast both Obama and the Democrats, and Bush, for screwing up because he already tried to reform it and was shut down by all of the above. If he can make it stick with the voters...well...it won't be pretty

Still, it kinda puts a nail in the coffin of smaller gov't, doesn't it? Sure, of course it does.

TakuanSoho · #7 (**permalink**) 09-19-2008, 04:26 PM

Quote:

Originally Posted by Back Atcha

Still, it kinda puts a nail in the coffin of smaller gov't, doesn't it? Sure, of course it does.

Not really. He still has the efficient government angle to argue.

After all no one knocks that the banking industry has the same thing with the FDIC.

conanthelibertarian · #8 (**permalink**) 09-19-2008, 04:28 PM

Cons - always opposed to 'government intervention', right up to the moment that it's THEIR portfolio in danger, then they've got both hands up to the elbow in the Federal till.

Back Atcha · #9 (**permalink**) 09-19-2008, 04:32 PM

Quote:

Originally Posted by TakuanSoho

Not really. He still has the efficient government angle to argue.

After all no one knocks that the banking industry has the same thing with the FDIC.

Then why bother with the Fed (private bank) and treasury granting themselves new and broader powers of oversight? Isnt this duplicating measures? Still sounds like bigger gov't to me. And TS, if you think I'm going to buy any justification like gov't efficiency from a politicians election cycle mouth, I don't care who it is... you're asking a lot. This particular John Q Public citizen has revoked his trust... all of it, from the politicians that no longer repersent him.

You want me to believe anything out of hand, you had better offer some damned detailed proof in the absence of verifiable action or deeds.

percysunshine · #10 (**permalink**) 09-19-2008, 04:34 PM

Quote:

Originally Posted by Back Atcha

Still, it kinda puts a nail in the coffin of smaller gov't, doesn't it? Sure, of course it does.

One can only hope that the maverick can be roped in after he wins the office.

That said, there is a point that everyone seems to gloss over in a presidential election. What is important is not the person who is elected, but the gang of thousands he/she brings along for the ride. If Obama/Biden were to run with the assurance that McCain/Palin would make the appointments, I would vote for Obama/Biden. I would also vote for Obama/Biden if I knew that Obamas entourage was going to be appointmented with a McCain/Palin win.

I am not voting for or against a candidate. It is the clowns that make the circus.