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FEC? SEC? McCain Seeks to Emphasize Accountability for Financial Crisis

By Robert Barnes
GREEN BAY, Wis. -- Republican presidential nominee John McCain elaborated a bit this morning on why he said yesterday that he would fire Securities and Exchange Commission Chairman Christopher Cox if McCain were president, a position later softened to a call for his resignation.

McCain portrayed it as a matter of honor -- although he flubbed his payoff line a bit.

McCain called Cox a "good man," but said "accountability has been missing too long."

McCain compared the situation to former president and general Dwight D. Eisenhower. McCain said the night before the invasion of Normandy during World War II, Eisenhower wrote both a letter of congratulations to the troops, should the operation be a success, and a letter of resignation, should it fail.

"My friends, that kind of accountability and responsibility is missing in Washington today," McCain said, and then he misspoke. "That's why I believe the chairman of the FEC should resign and leave office and be replaced."

The FEC, of course, is the Federal Election Commission, which oversees campaign finance laws, and not the financial world.

By Web Politics Editor  |  September 19, 2008; 12:54 PM ET
Categories:  John McCain  
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Comments

Seems to me McCain has been tripping more disastrously over his own tongue than Biden, lately.

Posted by: s. johnston | September 20, 2008 3:42 PM | Report abuse

The Atlantic
September 18, 2008
An economist explains why he thinks McCain's economic policies make more sense
by Steven Landsburg

(Steven E. Landsburg (born 1954) is an American professor of economics at the University of Rochester in Rochester, New York. From 1989 to 1995, he taught at Colorado State University.)


Betting on John McCain

My whole life I've been mystified by the concept of the "undecided voter." I've never had any problem choosing my candidates and didn't see how anyone else could either. But this year, I've been genuinely on the fence, partly because I haven't been paying close attention, and partly because there seemed ample reason to dislike all of the options.
But over the past few days, as McCain and Obama have ratcheted up their rhetoric over each others' "disastrous" economic policies, I decided to do a little research. Along the way, I had a few surprises about John McCain's voting record, some but not all of them pleasant. Now I don't think I'm undecided anymore.
Here are some of the things that made my decision easy, and some that made it hard:
1. Free trade and immigration are my top issues, and McCain wins on both.
These are my top issues for several reasons. First, trade is the engine of prosperity not just for the United States but also for the poorest of the world's poor. Nothing matters more than that. Second, the instinct to care about the national origin of your trading partner (or employer, or employee, or landlord, or tenant) is an ugly one, and the instinct to care about the national origin of other people's trading partners—and on that basis to interfere forcibly with other people's voluntary transactions—is even uglier.
Finally, protectionism, like creationism, requires an extraordinary level of willful ignorance. The consensus for free trade among economists is approximately as solid as the consensus for evolution among biologists, and it is a consensus supported by a solid body of both theory and observation. To ignore that consensus betrays a degree of anti-intellectualism that frightens me.
McCain is quite good on this issue, not just in terms of rhetoric (which I've known for a while) but in terms of voting record (which I've just recently researched). Obama, by contrast, promises to be our first explicitly protectionist president since Herbert Hoover. Some intervening presidents (Reagan, Bush I, and to a lesser extent Bush II) have been weak in their commitments to free trade, but none between Hoover and Obama has so explicitly rejected it.
2. McCain is not Bush. This came as a surprise to me. I'd been assuming, in my ill-read, uneducated way, that McCain had been complicit in most of the great travesties of the Bush administration and the execrable Republican Senate. I've learned that's largely untrue. He voted (to my great surprise!) against the prescription drug entitlement, against the Farm Security Bill, against milk subsidies, against Amtrak subsidies, and against highway subsidies.
Obama, by contrast, is in many ways a continuation of Bush. Like Bush (only far more so ), Obama is fine with tariffs and subsidies. Like Bush, he wants to send jackbooted thugs into every meatpacking plant in America to rid the American workplace of anyone who happens to have been born on the wrong side of an imaginary line. Like Bush, he wants a more progressive tax code. (It is one of the great myths of 21st century that the Bush tax cuts made the tax code less progressive; the opposite is true. If you are in the bottom 38% of taxpayers, you now pay zero income tax—and therefore have an incentive to support any spending bill that comes down the pike.) Like Bush, he wants more regulation, not less.

3. But there's a lot about economics that McCain just doesn't get. This shows up most significantly in his energy policies. Every economist knows that the best way to discourage carbon emissions (or anything else for that matter) is to tax them. But McCain rejects a carbon tax in favor of one slightly inferior policy (cap and trade) and one grossly inferior policy (direct regulation, such as the CAFE standards for fuel efficiency).
In a world of perfect capital markets and perfect information, a cap-and-trade system (provided the government auctions off the permits rather than giving them away) is exactly equivalent to a carbon tax – same effect on everything down to and including the prices of consumer goods. In the real world we live in, it's inferior for two reasons: First, small firms might find it difficult=2 0to raise the necessary capital to buy a permit; this gives an inappropriate advantage to big firms over small ones. Second, I believe it will be harder (for technical reasons I won't go into here) to calculate the efficient number of cap-and-trade permits than to calculate the efficient per-ton carbon tax. Aside from that, the two policies are equivalent in every way. McCain presumably doesn't get this, or he wouldn't have such a strong preference for cap-and-trade.
Worse, he endorses the CAFE standards, which are just a terrible way to control carbon emissions. While a carbon tax gets incentives right at every decision point, fuel efficiency standards give people no incentive, for example, to bike to work instead of drive (in fact, they flip the incentive in the wrong direction). Worse yet, they concentrate brainpower on improving fuel efficiency when there might be far more effective ways to control carbon emissions; with a tax, all innovations are rewarded.
In his support of CAFE standards over carbon taxes, McCain betrays a serious failure to understand how incentives work. The same problem shows up when he thinks you can simply mandate campaign finance limits, as if people who are competing for control of a $15 trillion economy won't be creative enough to find some way to spend hundreds of millions in the effort, no matter how you write your laws.
4. McCain gets health care right. The reason poor Americans get too little health care is that rich Am ericans get too much. The reason rich Americans get too much is that they're overinsured, and therefore run to the doctor for minor problems. The reason they're overinsured is that employer-provided health benefits aren't taxed, so employers overprovide them.
It has been clear for decades that the single most effective way to control health care costs is to eliminate the tax break for employer-provided health care. According to one careful study by my colleague Charles Phelps (admittedly several years old, but I'm not sure anything relevant has changed), this single reform could reduce health care costs by 40% with essentially no effect on health care outcomes.
Essential as this reform may be, I'd always assumed it was a political non-starter. I was therefore astonished to learn that it's the essence of McCain's health care reform. (At the same time, he would give each individual $2500, and each family $5000, to use for health care.)
I am astonished that I hadn't heard about this, and particularly astonished that Barack Obama hasn't thrust it in my face with a negative spin. Possibly he has and I just wasn't paying attention. In any case, this is just what the doctor ordered, and I am delighted that McCain has put it on the table.
Obama, by contrast, wants poor people to get more medical care without addressing the problem of overuse by rich people. Where is that extra medical care going to come from? If the answer is "nowhere," then a primary effect of the Obama plan must be to raise prices, making doctors and hospitals the big beneficiaries.
Of course, there are other things that matter. Foreign and defense policy might matter more than anything, and if I were sure that one or the other candidate were far wiser about these issues, that might be enough to win my vote. But I have no expertise on these matters and no particular reason to trust my own judgment.
I'm sure I'm right about trade and pretty sure I'm right about taxes and health care, but that's because I've thought long and hard about these issues for decades. It seems to me that we ought to be humble about the things we haven't thought hard about, and for me that includes foreign policy. The best I can do is bet that whoever's getting most of the other stuff right is getting this right too.
The bottom line is that I support John McCain. With trepidation.

Posted by: Scott | September 20, 2008 8:34 AM | Report abuse

McCain: DEAD WRONG on the economy. the 26 years he spent ripping into regulations left us vulnreble to this financial 911.

He's got too much experience in weakening the economy.

The fact he won't reject Bush's failed economic plan is very telling.

He is no patriot. He is an agent of evil. Destined to rot this great country from the inside out.

Juan McCain so hung up on diversity politics, he's going to give all the mexicans and blacks jobs and leave the whites homeless and jobless...just so that america doesn't think he's a racist.

I'm voting for Ron Paul.

Posted by: matt | September 20, 2008 2:06 AM | Report abuse

Not that the truth has any bearing on what liberals and NObama say and do, but here is John McCain's remarks warning Congress about Fannie Mae - 25 May, 2006. Please read carefully the part about calling for regulation. This call to action was presented to the Senate nearly two and a half years ago.

John McCain speaking to the Senate:

Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

The legislation was blocked by the Democrats.


Posted by: Anonymous | September 20, 2008 12:11 AM | Report abuse

Cox is a small bit player. Let's get rid of McCain\Gramm and the rest of these Republican incompetents who created this mess. I hate guys who tell us that we are suffering from "mental recession" or that we are a nation of "whiners".

Posted by: Oscar | September 19, 2008 10:15 PM | Report abuse

John Sidney McCain the third talking about accountability is farting higher then his very own ass of not being accountable for his own preferential treatment all his life of lies and the most hideous and heinous actions from his favored admission to the US Naval Academy, a subsequent graduation # 496 out of 499, and that only as a favor to his admiral grand father and Navy Captain father, with Washington DC connections and influence peddling.

McCain the substandard pilot with his reckless conduct destroyed four naval aircraft before he was shot down while cherry picking and bombing civilian targets in Hanoi and N. Vietnam killing thousands of poor women and children, because the US DOD and the then commander in chief LBJ and cohorts cooked up a fraud scheme of an attach on a US destroyer " the gulf of Tonkin incidence" which never took place. The impetus was for an all out full scale bombing the hell out of N. Vietnam and McCain the hot head needing command credentials for his career and advancement was gun ho.

Prior to that was the incidence aboard the Carrier USS Forrestal, where the admirals son disobeyed direct orders to remove the over size and over weight 1000 Lb bombs that his jet fighter was not fitted to carry. Then the SOB thrill seeker with out any notion of responsibility wet fired his engines to harass and intimidate the pilot behind him. The heat from McCain's exhaust let lose the so called stray rocket that caused McCain's over size bombs to explode and start a horrific fire. That killed 139 naval personnel, maimed, crippled and seriously injured 179 more, destroyed 20 jet fighters and caused damages in tens of billions to the flight deck of the Carrier and yet McCain the SOB that he has always been never accepted any responsibility for his actions. He received minor injuries, but the son of the admiral was the first to be air lifted to safety and medical attention, when others with third degree burn awaited,

Prior to that was the incidence in Spain, where the hot shot McCain was doing his stupid heroics flying over urban areas, where the SOB due to his usual irresponsible crap clipped electrical wire and cables killing innocent people on the ground and destroying his jet fighter.

Prior to that was his Joy ride from his base in Newport VA to Phili for a Army Navy football game and meeting with his girl friend. The boozer, on his return flight while mid air reported engine shut down and ignition failure. The SOB bailed out and let his aircraft crash.

As far as his accountability of what took place in his 5 years as a POW differs radically from the version other higher ranking military officers who were POWS much longer. At their release the following recently found and released video shows a different McCain then his lying account.

http://news.bbc.co.uk/2/hi/7610891/stm.

It is obvious that he was lying through his teeth.

Other links are:

www.usvetdsp.com/jan08/mccain_military record.htm

http://military.com/opinion/0,15202,164859_1,00.html

http://vietnamveteransagainstjohnmccain.com.cin_declassifeid .htm

Wife that John McCain left hehind

www.dailymail.co.uk/femail/article-1024927/The-wife-John-McCain-callously-left-behind.html

After his release, the son of the admiral was ushered before Nixon with crutches and a uniform 3 size to large. That appearance was totally different then when he was released. The US Navy and the DOD doctored and sanitized McCain for propaganda purpose.

He was declared 100% disabled and yet as per naval and DOD regulations to discharge him as others were, McCain, the son of the admiral was promoted to a rank of Commander that he so earnestly needed form his career advancement. He was also decked out with 28 medals for flying 25 hours of bombing missions cherry picking civilian targets. His whole record as a war hero was cooked up and made believe. This of course was Vietnam era, when the US needed heroes wrapped up in the flag and farting republican patriotism. McCain the son of the CINPAC was a natural selection.

He was also allowed to name his own assignment for admission to the War College, a place reserved for high ranking military officers with merits and distinction. McCain's being # 496 0ut of 499 at the academy, personal destruction of 5 air craft and 5 years as a POW.

After 9 months of R and R at the war College the irresponsible fake war hero was again promoted to a rank of Captain and assigned as a career advancing assignment of Naval Liaison to the US Senate, a job for which McCain neither had any training or experience. the likes of like minded boozer and womanizer Senator John Tower, another Navy Hack and Chairman of the Powerful Armed Services Committee, McCain's mentor no doubt and the influence of his father CINPAC no doubt were very influential in securing such favors for the irresponsible McCain.

However what takes the cake is McCain with his code of conduct and being an officer and gentleman ditching his crippled wife for a rich hussy rodeo queen Cindy Lou Hensley 17 years his jr. Her father Jim Hensley a felon and AZ / Las Vegas mafia associate and that other Savings and Loan felon Charles Keating were the two who bank rolled McCain's Congressional Campaign.

Yes indeed McCain the SOB has the audacity to push around taking responsibility, like he has done all his life.

JOHN McCAIN, you can no longer buck your record. Have the Navy and the DOD release all your records. Take the final responsibility and be a man before you die of the four bouts of cancer. Rid your self of the conservative republican first and American second.

Posted by: winemaster2 | September 19, 2008 10:03 PM | Report abuse

Wouldn't it have been nice had McCain and the Republican controlled Congress from 2000-2006 expected accountability with the billions of dollars going to Iraq, many billions lost and other billions going to no-bid contractors.

McCain sounds more and more like a reformed smoker: he cannot hate smokers enough.

Posted by: Earl C | September 19, 2008 10:02 PM | Report abuse

McCain wanting to fire the "FEC," and Palin saying

if we're voted in then the "Palin/Mcain" administration...apparently she he is now the Veep?

both idiots! do we really want more of the stupidity of bush?

oh my god!

Posted by: one4REALchange | September 19, 2008 9:43 PM | Report abuse

I can imagine a discussion between McCain and Palin.
Palin- So John,Barrack Obama thinks I'm Ignorant just because I don't believe in birth control, or science or any of that other stuff. Is this guy and elite know it all or what?
McCain- Do you really think trying this Nixon "silent majority" stuff will still work today?
Palin- I agree with Gramm,they're all whiners, and besides what other choices do we have?

Posted by: Richard Head | September 19, 2008 9:29 PM | Report abuse

The cause of the current crisis.
Specific steps for solving these problems and preventing them in the future.
A strong economic plan to get the economy moving ahead.
An energy policy that makes us independent.
The detail of why Mr. Obama's solutions will destroy our economy.
The demonstrated fact that John McCain will be able to lead both parties in moving the country forward - something Barack Obama is not qualified to do.
Quit filtering John McCain's message - quit taking shots at him and let the public hear his words.

Posted by: Waynepet | September 19, 2008 7:30 PM


excuse me in Dec 2000 Phil Gramm McCains economic advisor when he was a Senator slid a 262 page law into the 2001 omnibus budget bill a law that revoked the rules from GM and other major comapanies insurance companies etc from doing things like the mortgage market etc, this Ronald Reagan mentality that less government is better has come home to roost we have now become socialists because of people like McCain and Gramm pused deregulation we have privatized profits and socialized the losses and the CEOs of AIG and GM and others will get to keep their millions just like the heads of Fannie Mae and Freddie Mac did I love trickle down economics now when I get rained on I will know it is just republicans tinkling on me

Posted by: mikey30919 | September 19, 2008 9:26 PM | Report abuse

RALPH NADER CHALLENGES GROUPS TO URGE BIG OIL TO HELP WARM LOW INCOME HOMES THIS WINTER

Ralph Nader yesterday sent letters to the Congressional Black Caucus Foundation, the Congressional Hispanic Caucus Institute, and the American Petroleum Institute urging members to press the multi-billion dollar oil industry to donate $5 billion to the grossly underfunded Low-Income Home Energy Assistance Program (LIHEAP), which helps millions of low-income families keep from freezing during winter. The price for heating oil is projected to be at an all-time high this winter, $4.34/gallon, which is a 31% increase over last winter. In the past, these groups have ignored similar requests.

The Nader/Gonzalez campaign calls on reporters to recognize and fulfill their responsibilities to serve the public interest by exposing what our leaders and big business are doing, and not doing, to address poverty-related issues especially in minority neighborhoods where unemployment and poverty rates are most stark. Below are the two letters sent yeserday to the Black and Hispanic Caucuses, and to the President of the American Petroleum Institute (API).

Posted by: Handy | September 19, 2008 9:19 PM | Report abuse

Today during his press conference, Obama was more focused on the economy and more presidential than McCain. McCain is short sighted and acts like he knows about the economy and "maverickly" makes statements like "The
"fundamentals of our economy are strong" and if president he would fire SEC Chairman Republican Christoper Cox. McCain realized that the President can't fire Cox, so he amended his statement (again) and said he would ask for his resignation. McCain acts impulsively and attacks Obama, while Obama consults with prominent Economists, holds a press conference and takes questions and answers from the press. He decides to put the country first before his politics concerning McCain. Today is one time McCain should have agreed with Bush. McCain seems like he's a couple of steps behind. I like the way Obama took his time and evaluated what was going on with the economy even when he talked about it from a global perspective.

Posted by: McCain is short sighted | September 19, 2008 8:42 PM | Report abuse

So he flubbed on the acronym...boo hoo. Don't get me wrong, I don't care for McCain but is that really the important part of the story?

How can we hold someone accountable for not enforcing regulations that don't even exist to begin with? The SEC did its work based upon the existing rules...This debacle is the fault of the policymakers that did not provide adequate regulatory safeguards!!

Can we blame investors and CEO's for playing the game? Why should we? They didn't make the rules...

McSellout needs to look at himself in the mirror and ask what his deregulation past has done to create this crisis...

Posted by: Say What?? | September 19, 2008 8:09 PM | Report abuse

Mr. Barnes,
Is that all you have to say about this outstanding, intelligent speech that John McCain gave today!? Some pettiness about a mispoken acronym? This is journalism? This was a shockingly inadequate reporting of this key event.
John McCain outlined:
The cause of the current crisis.
Specific steps for solving these problems and preventing them in the future.
A strong economic plan to get the economy moving ahead.
An energy policy that makes us independent.
The detail of why Mr. Obama's solutions will destroy our economy.
The demonstrated fact that John McCain will be able to lead both parties in moving the country forward - something Barack Obama is not qualified to do.
Quit filtering John McCain's message - quit taking shots at him and let the public hear his words.

Posted by: Waynepet | September 19, 2008 7:30 PM | Report abuse

Accountability? McCain wants accountability for the SEC's actions under its current chairperson? From what political party is the current chairperson of the SEC? That would be the Republican Party, same as McCain. And who nominates someone to be the chairperson of the SEC? That would be the president of the US, who is a Republican and a McCain supporter. Who approves the nomination? That would be the US Senate, of which McCain is a member and which McCain's party controlled at the time that that body approved Cox. Senator McCain could start with his buddy Bush and then move on to his fellow Senators, and finally to himself. Now that's being accountable for your actions. Tough talk without action, on the other hand, is just hot air.

Posted by: Bob22003 | September 19, 2008 7:18 PM | Report abuse

McCain should be more upfront about himself first and foremost.
Once in a speach with McCain beside her she said" If John McCain doesn,t win, it will be the death of him." Does she and her insiders know something the public isn,t privy to? I don,t wish this on my worst enemy but where does responsibility lay for such in leading one's country, I am not trying to be insensitive but it has to be put out there:
http://www.groupnewsblog.net/2008/09/john-mccain-dead-man-walking.html

Posted by: Grdn_nell | September 19, 2008 7:11 PM | Report abuse

There will be a huge voter backlash against this bailout. If McCain is smart he'll speak up against it now.

Posted by: bobte | September 19, 2008 7:10 PM | Report abuse

Will he fire Phil Graham for the Dec. 2000 deregulation debacle?

McCain voted for it too. Can he fire himself?

Posted by: HeavyJ | September 19, 2008 6:56 PM | Report abuse

McCain/Palin = LIARS! Wrote that McCain has been paid a year’s salary since he last showed up for work. Well, Joe and Jane Sixpack chew on this. On top of his senate salary he also brings down almost 60K annually because he is a 100% disabled POW®, and that money is tax free! He refuses to release his medical records but inquiring minds want to know is this disability mental or physical? Do we want a 100% disabled president? Do we really want Sarah Payoff in the Oval Office if anything happens to McCain? Scary!

Posted by: spence | September 19, 2008 6:19 PM | Report abuse

CONGRESS WILL NOT ADJOURN UNTIL AFTER THE GOP REPUBLICAN PARTY FIX THEIR COLOSSAL MESS

GOP REPUBLICAN JOHN MCCAIN WALL STREET DEREGULATIONS
GOP REPUBLICAN JOHN MCCAIN ALSO WANTED TO PRIVATIZE SOCIAL SECURITY (BONEHEAD)
GOP REPUBLICAN JOHN MCCAIN sponsored landmark legislation in 1999 that removed the walls between banks, investment firms and insurance companies. GOP REPUBLICAN JOHN MCCAIN bill allowed a company like AIG to expand beyond its traditional insurance business (which is still profitable) into exotic new extremely high risk products that brought the company down and created this colossal mess.

WALL STREET SRO - SELF REGULATORY ORGANIZATION
THE GOP REPUBLICAN RUN Government (GOP President, GOP Congress, GOP Supreme Court) looked the other way, while GOP REPUBLICAN Super-capitalist Obscenely Rich WALL STREET SRO Speculators Robbed Our U.S. Treasury and Forced the $Trillion Debt Upon the American People.


Average Americans are becoming poorer, because GOP REPUBLICAN WALL STREET super rich SPECULATORS and corporate CEOs are paying themselves, business partners, friends, and family members at least $10,000,000 annually from MONEY STOLEN FROM THE U.S. TREASURY. These major crimes committed by WALL STREET SPECULATORS AND CEOs have gone beyond greed and into acts of treason against the American People. Seize the stolen money and properties valued in the $Trillions back from these super criminals for attacking America. Those stolen $Millions / $Billions / $Trillions belong to the American People.

RULE OF LAW states that the People of the United States will be defended. Those who attack American Citizens will be prosecuted. WALL STREET SPECULATORS and CORPORATE CEOs dictatorship over the American People is over. Average Americans are not going to accept WALL STREET COPORATE CRIMES anymore. Rights of Citizen and Average Workers of the United States will be enforced. American PEOPLE will always come before corporate interests, because Americans Love America more than Wall Street greed.


GOP REPUBLICAN WALL STREET $TRILLION FRAUD AGAINST THE AMERICAN PEOPLE

Direct impact of GOP McCain sponsored deregulations
Bankrupt and floundering
Failure of the investment bank
Government's takeover

GOP REPUBLICAN WALL STREET's business model has collapsed

Greed and fear routinely govern GOP REPUBLICAN WALL STREET financial markets and GLOBAL CRISIS.

GOP REPUBLICAN WALL STREET (giant investment houses, brokerage firms, hedge funds, "private equity" firms) irresponsibly TRADED the savings of average Americans (placed LAS VEGAS STYLE BETS on extremely high risk stocks, bonds, and other securities).

DUBIOUS MORTGAGES were PACKAGED into BONDS and SOLD and TRADED. Investment houses had huge incentives to increase LEVERAGE (OBSCENELY HIGH BORROWING).

GOP REPUBLICAN WALL STREET compensation is heavily skewed toward annual bonuses, reflecting the profits traders and managers earned in the tune of lavish base salaries and obscenely high annual bonuses of $20,000,000.

GOP REPUBLICAN WALL STREET relies heavily on OBSCENELY HIGH LEVERAGE (OBSCENELY HIGH BORROWING). $3 Trillion (stocks, bonds, other securities) backed by only $80 billion in shareholders' equity while the $2.8 Trillion was LEVERAGE (BORROWED).

Leverage (huge borrowing) can create huge debts (huge principal and interest obligations)

GOP REPUBLICAN WALL STREET is a manic machine for gambling.
Traders and money managers are given huge incentives to do whatever would increase short-term profits.

For decades, GOP REPUBLICAN JOHN MCCAIN sponsored legislation that broadly deregulated WALL STREET banking and insurance industries.

GOP REPUBLICAN JOHN MCCAIN swept away Consumer Protection legislation and opened the way for a less restricted high risk financial marketplace.

While the GOP REPUBLICAN WALL STREET boom continued, government (White House, Congress, Supreme Court) looked the other way.

GOP REPUBLICAN Congress resisted tougher regulation and permitted WALL STREET to run out of control and obscenely high LEVERAGE (OBSCENELY HIGH BORROWED MONEY) RATIOS perpetrating intentional fraud against the American People.

GOP REPUBLICAN WALL STREET leaders intentionally deceived customers and lenders into taking hazardous risks for short-term rewards regardless of the long-term dangers to the American People.

Mortgages went bad. The powerful high leverage went into reverse. Losses eroded firms' capital bases and raised doubts about their survival.

Financial firms took major stupid and wasteful risks that severely damaged the American Economy and impeded economic recovery.

GOP REPUBLICAN STOCK MARKET $ TRILLION FRAUD has deepened consumers' pessimism, fear and reluctance to spend. There may be more failures of FINANCIAL FIRMS.

GOP REPUBLICAN WALL STREET financial crises resemble the GOP REPUBLICAN illegal miscalculated war.


How were we ever made to believe that the now-collapsing GOP REPUBLICAN WALL STREET model ever made sense? Common sense should have told us that making RISKY BETS with HUGE AMOUNTS of BORROWED MONEY was a DANGEROUS GAME; if the bets pay off you make money beyond your wildest dreams, but if they go bad you face utter ruin.

Common sense should have told us that betting fortunes on meaningless fluctuations in stock, bond or currency values (McCain sponsored deregulated hedge funds) was about as productive as a trip to Las Vegas. Common sense should have told us that buying and selling exotic securities based on other securities based on bundles of mortgages that were treated like mere numbers on a balance sheet (no recognition that the whole iffy construct was based on real people living in real houses that they might or might not be able to afford) was not an intelligent endeavor.

Somehow, we all forgot that "HIGHLY LEVERAGED" is just another way of saying "DEEPLY INDEBTED." Now we've had a wake-up call, and maybe the erstwhile Masters of the Universe will have to stop playing with imaginary money and go back to using the real stuff.


The View Destroyed Unprepared GOP REPUBLICAN John McCain

McCain / Palin Failin are rejected for voting against Women Rights


RUL OF LAW WILL ENFORCE CONFISCATION OF ALL GOP REPUBLICAN WALL STREET SPECULATORS’ AND CEOS’ PERSONAL PROPERTIES RESPONSIBLE FOR OUR ECONOMY’S MELTDOWN. All money and properties of the Super Rich CEOs and WALL STREET Speculators domestic and abroad will be confiscated and returned to the United States Treasury and the American People.

WALL STREET SRO - SELF REGULATORY ORGANIZATION
OUR GOP REPUBLICAN RUN Government (GOP President, GOP Congress, GOP Supreme Court) looked the other way, while GOP REPUBLICAN Super-capitalist Obscenely Rich WALL STREET SRO Speculators Robbed Our U.S. Treasury and Forced the $Trillion Debt Upon the American People.

GOP REPUBLICAN LIARS SUPER RICH WALL STREET GET RICH QUICK GREEDY
BILLION DOLLARS RISKY UNSECURED LOANS RISKY UNSECURED LOANS RISKY UNSECURED LOANS
REPACKAGED AND SOLD TO THE AMERICAN PEOPLE.

GOP REPUBLICAN LIARS SUPER RICH WALL STREET ROBBER BARONS
COMMIT TREASON AND GRAND FRAUD AGAINST THE AMERICAN PEOPLE.


WALL STREET SRO - SELF REGULATORY ORGANIZATION
OUR GOP REPUBLICAN RUN Government (GOP President, GOP Congress, GOP Supreme Court) looked the other way, while GOP REPUBLICAN Super-capitalist Obscenely Rich WALL STREET SRO Speculators Robbed Our U.S. Treasury and Forced the $Trillion Debt Upon the American People.


HILLARY RODHAM CLINTON ANGERED BY SARAH PALIN’S REMARKS

Comments uttered by Sarah Palin has angered Senator Hillary Rodham Clinton who described Sarah Palin as an opportunist with no qualifications. Senator Hillary Clinton also stated that John McCain and Sarah Palin’s records on women’s rights are abominable. The country cannot withstand anymore George Bush failures cloaked in McCain/Palin. Asking Sarah Palin to become Vice President is like asking the grazing moose behind her trailer to pilot the shuttle.


National Organization of Women (NOW) Endorsed Pro-Women’s Rights ticket Obama / Biden for their outstanding works bettering the lives of women.

GOP REPUBLICANS ARE AUTHORITARIANS WHO DO NOT BELIEVE IN FREE SPEECH OR DEMOCRACY. GOP REPUBLICAN ONLY INTERESTS ARE IN POWER AND MONEY.


PALIN FAILIN RETURNED HOME TO 2,000 ALASKAN PROTESTERS WHO CHEERFULLY CHANTED "O-BAM-AH.

Gov. Sarah Palin returned home to 2,000 protesters outside the Anchorage library who wanted to correct the widespread impression that the Last Frontier endorses her candidacy.

"Last week a group of women were sitting around talking about this perception that all of Alaska supports Sarah Palin. We apparently hit a nerve and started a movement,"

A sense of festival obtained. There was a woman in a polar bear suit representing "Polar Bear Moms Say: No Palin Failin." Drivers on 36th Avenue saw a little girl waving a sign "Don't Ban My Books."

"My mom is from Alaska. She's a working mother. She's good looking," said Nolan. "So she seems to be qualified to be vice president."

Asking Sarah Palin to become the Vice President is like asking the grazing moose behind her trailer to pilot the shuttle.

Sarah Palin Failin Protesters Held Signs Reading:

Bush In A Skirt
Palin Be Failin
Jesus Was a Community Organizer
Palin Failin: Thanks But No Thanks
Smearing Alaska's Good Name One Scandal @ a Time
Candidate To Nowhere
Rape Kits Should Be Free
Voted For Her Once: Never Again!
Community Organizers are the Real Patriots
Barbies for War
I Shall Not Be Pandered To
Give Palin Failin Your Vote AND Your Draft Age Child
Sarah Palin Failin: So Far Right She's Wrong
Alaska Is Not Frisco
Coat Hangers for McCain
Sarah Palin Failin, Undoing 150 Years of American Feminism
Hockey Mama for Obama (on a hockey stick)


Cheerful chants of "O-bam-ah.


National Organization of Women (NOW) Endorses Obama / Biden For Their Pro-Women Rights Stance


McCain / Palin Failin are rejected for their anti-women stance and votes against Women Rights

Posted by: GOP REPUBLICAN JOHN MCCAIN ALSO WANTED TO PRIVATIZE SOCIAL SECURITY (BONEHEAD) | September 19, 2008 6:18 PM | Report abuse

Dear John McCain...


Given the events of the last week, are you still in favor of privatizing Social Security?

http://www.latimes.com/news/politics/la-na-mccainsocial14-2008jul14,0,1786903.story


It is, after all, part of the 2008 Republican Platform. And back in 2005, you travelled the country with President Bush in order to try to sell Bush's privatization plan.

http://www.washingtonpost.com/wp-dyn/articles/A56913-2005Mar22.html


But at the moment, your answers seem to be a bit... muddled?


"Wall Street turmoil left John McCain scrambling to explain why the fundamentals of the U.S. economy remained strong. It also left him defending his support for privately investing Social Security money in the same markets that had tanked earlier in the week. [...]"

"[McCain] aides tried to soothe voters concerned about the bankruptcies, takeovers and bailouts on Wall Street by declaring McCain favored only the option of such accounts, just for younger workers, and most likely in a conservative investment vehicle such as bonds".

http://ap.google.com/article/ALeqM5gwHGMYappR5eiPj4JoZ8L-7YUacAD939UIJ00


Mmm-hmm. Just for the "young folks" -- and "trust us", we'd only do it in safe investments. You know, with big, reputable companies that wouldn't take insanely foolish risks in order to squeeze out an extra half-point of returns.


So let's talk about this, McCain: do you still think we should be putting people's retirement-savings-of-last-resort into Wall Street, or don't you? It sounds like some folks just think it's just a question of marketing...


Private accounts for Social Security are "always an easier sell when the markets are going up instead of going down," said David Wyss, chief economist at Standard & Poor's. "I don't think this is a good week to sell that one politically, but you're looking at the long term here. You're investing your retirement funds for 20 or 30 years down the road."


I'm dying to hear the answer (mavericky staight-talk?) to this one. Or answers, as the case may be.

Posted by: DrainYou | September 19, 2008 6:06 PM | Report abuse

McSame has been in Washington way too long. He's part of the problem and not the solution. Many senators and congress critters need to go in November--and most of them are Republicans who have been on the taxpayers tab for years!
Can you imagine Sarah Payoff handling a crisis like this? I can't. She'd have to call her pastor and her husband, or we'd just get her voicemail at three in the morning.

Posted by: spence | September 19, 2008 6:06 PM | Report abuse

That's right, make fun of Senator McCain, the only person with the smarts to realize that this is all the fault of the Federal Election Commission. It would never have happened if Senator Obama had not permitted Shias, rather than Sunnis, to make up a majority of the FEC. Or something like that . . . Cindy, I'm confused . . . .

Posted by: lydgate | September 19, 2008 5:40 PM | Report abuse

"I believe the chairman of the FEC should resign and leave office and be replaced."

OK, we know what you mean, old man. But scapegoating the SEC head (Rep. Chris Cox) is dishonorable.

Whatever may be his past, does this geezer have the temperament necessary to handle the pressure-cooker job of President? We need someone who serenely analyzes and appropriately prescribes, not someone who flies off the handle and blames someone (when many are responsible over an extended period) for the mess in which we now find ourselves.

Posted by: 2mature2bHornswoggled | September 19, 2008 5:35 PM | Report abuse

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

GovTrak- Senate Record

Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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.

Quick Info
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Status: DeadI join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.


Posted by: Scott | September 19, 2008 5:33 PM | Report abuse

After years of Republican led deregulation (McCain, Phil Gramm), of promotion of greed and assertion of the superiority of the market, and in particular of financial makrets to decide how to run the economy, it appears - nay, make that: it is now blatantly, in your face, obvious - that none of this worked. Worse, the people that have mocked government throughout (Bush, Cheney, McCain) as wasteful, inefficient and incompetent are now counting on the very same government to bail them out from the hole they have dug.


They made out like bandits during the "boom" years of the boom-AND-bust cycle they brought about with their policy suggestions, looting the middle classes in the process and are now trying - may, make that "succeeding" - to not bear the consequences of the same policies.


They have no consistency, no shame and no scruples.


What do we need to do to ensure that we NEVER EVER LISTEN TO THESE PEOPLE AGAIN?


"They" being the highly-paid ideologues funded by a few anti-tax billionaires (Grover Norquist etc) the politicians in their hock (Bush, McCain), the multi-millionaire pundit class that enjoys their company (all of the clowns at Fox "News", Rush Limpbaugh, Michelle Malkin etc etc etc) all the idiots that think they are also part of the "rich" that benefit from these policies, or will one day be, and all the heartless fools who think that the poor deserve their fate and that it's a good thing for them to let them remain that way in their community - or who don't think there is such thing as a community).


But there is a simple solution: punitive marginal tax rates on income. It worked after WW2, it will work now too.


Final thought:
If you vote for McCain, you're a moron...
.
http://www.youtube.com/watch?v=1mHsuL6FfY4
.

Posted by: As of today, I am a former Republican | September 19, 2008 4:56 PM | Report abuse

McCain is willing to spend BILLIONS to bail out Wall Street and keep his pet war in Iraq going...but ZERO on health care here at home.

We need a president who cares as much about average Americans as he does about Wall Street cronies, Big Oil, and Lockheed-Martin.

America cannot afford 8 more years of broken Republican policies that reward the rich and powerful and do nothing for middle America.

Obama/Biden 2008...good for AMERICA!

Posted by: Cal | September 19, 2008 4:32 PM | Report abuse

McCasin needs to look in the mirror if he wants to find who is responsible!

*McCain was responsible for the Savings and Loan meltdown/taxpayer bailout of the 1980's and was guilty of influence peddling. The experience, the public humiliation, and the investigation of him in the "Keating 5 Scandal" apparently didn't sink in.

*McCain's economic advisor is PHIL GRAHAM who wrote the law removing regulation that allowed the CURRENT MELTDOWN. Phil Graham said "Americans are whiners" and "The economy is fundamentally sound"

*McCain says our economic fundamentals are "strong". THERE IS NO WAY TO POSITIVELY SPIN THIS REDICULOUS OUT OF TOUCH WITH REALITY STATEMENT!

McCain OPENLY admits he knows nothing about economics - and so he wants togo after the offenders on Wall Street... NUT IT WAS HIS DEREGULATORY ACTIONS IN THE SENATE THAT CAUSED THIS INTERNATIONAL FINANCIAL CRISIS!

McCain wants to fire Chros Cox, head of the SEC... Except the President cannot fire the SEC chairman. McCain doesn't even know where the leaders of the financial system power are found, watched, regulated, or disciplined!

100% OF THE BUSH APPOINTEES NEED TO LEAVE WASHINGTON DC AND NEVER RETURN!

...SWEEP THEM ALL OUT!

...REGISTER TO VOTE NOW!

...VOTE OBAMA IN 8 WEEKS!

TAKE BACK AMERICA FROM THE RICH AND STUPID!

Posted by: JBE | September 19, 2008 4:04 PM | Report abuse

PALIN BACKED RON PAUL? http://www.veeppeek.com

YESTERDAY MORE CAME OUT ABOUT SARAH PALINS ALLEDGED AFFIAR. http://www.hotpres.com

Posted by: Anonymous | September 19, 2008 4:01 PM | Report abuse

It was incredible to see Barack Obama stand up on the stage today with his economic advisors and not make politics out of the situation the current economic policies have gotten us into. He had announced that he was meeting with his economic advisors (includes Warren Buffett, Paul Volcker, and Robert Rubin) and would lay out his detailed plan. Volcker published the below article in Wednesday’s Wall Street Journal and this was surely going to be the cornerstone of that plan. However, it became apparent that that treasury secretary Paulson and Fed chairman Bernanki had adopted much of what the Obama plan was going to be so Obama stood down. Announcing his plan would have been political and this is too important to the American people to allow our financial system to fail. Obama did the big thing and did not announce the details of his plan. Yesterday McCain did the little man thing and tried to scapegoat this on Chris Cox the head of the SEC (although McCain called it the FEC). On Monday McCain had said our financial system was basically sound by Wednesday he is trying to highjack Volcker’s plan and call it his own.

Please realize that this is the most dangerous economic times in our lifetime. We are in real danger of 1929 collapse of our banking system. Please read Volcker’s article. This resurrection of the Resolution Trust will give the markets time to find valuation in an orderly manner and prevent a crash. We are going to have to realize the government is capable of regulating markets to control greed. We also must pay our bills. We cannot spend money and not collect enough taxes to pay for all the programs (social and defense) that the majority of the citizens want.

Finally thank God we did not put the social security system into the market as Bush and McCain have proposed three years ago.

Posted by: bradcpa | September 19, 2008 3:59 PM | Report abuse

McCain yesterday talking in depth about the SEC. http://www.youtube.com/watch?v=ckog62Ze6PQ 6:18 on the video.

Posted by: Jeff | September 19, 2008 3:58 PM | Report abuse

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

GovTrak- Senate Record

Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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.

Quick Info
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Status: DeadI join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Posted by: Scott | September 19, 2008 3:56 PM | Report abuse

Posted by: Stacey Hill | September 19, 2008 2:48 PM

I wish you would stop this post. Unless this is a Republican ploy, it gives people the idea that the US could remain the financial powerhouse it has been with McCain in office. I think that would be an unlikely outcome. If Ms Palin should succeed him for which I have read that based on past history that there is a 3o% chance of not completing his term we would be at the mercy of God knows who. Mrs Palin likes to hire friends and her friends are in Wasilla. Her accountant might be Sec Treasury.

Posted by: Ronnn | September 19, 2008 3:54 PM | Report abuse

Politicalbuzz.com-

"Up in the air tonight is the exact role of scandalized former Fannie Mae CEO Franklin Raines in the Obama campaign. Unearthing this long dormant potential thorn for the Dem nominee is a hard-hitting new McCain TV ad that makes the case that Raines is mortgage and housing advisor to Obama.

The source they use for this accusation is a July Washington Post profile of Raines where he said that the Obama campaign had actually called him seeking policy advice on mortgage and housing issues.

In the four years since he stepped down as Fannie Mae’s chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case’s D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters."
*************
WASHINGTON POST REALLY?

Posted by: Scott | September 19, 2008 3:46 PM | Report abuse

I guess the politics of firing Cox did not work out so well. This is what happens when a very irritable man comes under fire. He just is not as calm as Obama. Even under pressure from O'Reilly he remained coherent and articulate.

Asking for his resignation would be inappropriate but rational. Firing Cox is irrational because the president lacks the power. John McCain lacks the temperament for the job.

Posted by: delmar | September 19, 2008 3:45 PM | Report abuse

Since I hold dual citizenship, Germans and Canadians for Obama/Biden.

Posted by: hadeze | September 19, 2008 3:37 PM | Report abuse

Democrats for John McCain and Sarah Palin in 2008

Posted by: Tiffany | September 19, 2008 3:31 PM | Report abuse

OBAMA BLAMES BUSH ADMIN. FOR ECONOMIC WOES...

THEN SAYS "LET HANK AND BEN HANDLE IT."

A STRATEGIC BLUNDER?


Is Obama ceding the economy issue to Paulson and Bernanke? Instead of urging the Democratic Congress to delay their adjournment and act as a full partner in forging new economic policies, Obama seems to be saying that it's a Hank-and-Ben show for the short-term.

That was a strategic error. Instead, he should have said that the Dems must act as the vigilant watchdogs, and must demand a seat at the table right now. They do hold the majority in Congress; why are they content to take a back seat and leave the driving to the people they've blamed for tanking the economy in the first place?

Also, Obama should have signaled his concern about the root causes of the crisis... and whether an unquestioning rubber-stamp of the administration's emergency legislation will help further a hidden agenda that could endanger democracy:

http://www.nowpublic.com/world/targeting-u-s-citizens-govt-agencies-root-cause-wall-street-financial-crisis

OR BOOKMARK

http://members.nowpublic.com/scrivener

Posted by: scrivener | September 19, 2008 3:16 PM | Report abuse

McCain, in one more senior moment of dementia, wants to fire the SEC chief and put Carole Fiorino, forgetting that he fired her only two days ago.
BUT really, both thoughts are nothing more than wishful thinking, for he can't do either one.
That's the story of his life, he WANTS to win the Iraq War because he thinks it's the Viet Nam war, which we lost.
Yet he procalims "I KNOW HOW to win wars!
His real health problem problem is in the head.

Posted by: El Mugroso | September 19, 2008 2:59 PM | Report abuse

In a twisted sort of way I almost want McCain to win this election because four more years worth of failed Bush/McCain policies would for all intents and purposes be the end of the Republican party as we know it today. They would become the 4th party gadflies that they deserve to be.


The only question is, would this country survive it?


All of you people out there who live in economic downtrodden states like Ohio, Pa and Michigan etc, if you're stupid enough to vote for four more years of disasterous Bush/McCain policies then you will deserve every bit of economic hardship that a "President McCain" would give you.
.
http://www.youtube.com/watch?v=YxT0s_I5WtA
.

Posted by: Stacey Hill | September 19, 2008 2:48 PM | Report abuse

As with the declaration of our new adversarial relationship with NATO ally Spain, I expect the McCain campaign to release a statement any minute stressing the senator was in fact calling for the firing of the head of the Federal Election Commission. Accountability now!!

Posted by: zukermand | September 19, 2008 2:41 PM | Report abuse

Spain? Mexico? McCain doesn't need no stinking badges.
Dementia can hit when you least expect it.

Posted by: JakeD's shadow | September 19, 2008 2:41 PM | Report abuse

If recent history has taught us anything it's that when Republicans reside in the White House a select few people prosper and thrive:
.
http://www.youtube.com/watch?v=n3ecNXWEJ6A
.


While everyone else is fortunate if at the end of the day they still have a roof over their head and food on the table:
.
http://news.yahoo.com/s/ap/20080918/ap_on_re_us/tent_cities
.

Posted by: Caribou Barbie | September 19, 2008 2:25 PM | Report abuse

SEC? FEC? WTF?

Save America! Keep this senile war monger away from the WH. If he pops his cork and Palin winds up in the WH, we're screwed. Anyone taking a look at the possible 'first dude?'We may not be getting the kind of 2 for 1 that people want. Yikes!

Posted by: thebob.bob | September 19, 2008 2:19 PM | Report abuse

Republican fundamentals, The Economy and Goldfish

Monday September 17, 2008 was dubbed “black Monday” due to the disastrous economic news that Lehman Brothers had collapsed, Merrill Lynch had to be taken over by Bank of America to remain solvent and insurance giant AIG, was on the verge of collapse. In an interview Alan Greenspan commented that this period in economic history may be the worst in the last century, at least the worst he had ever seen, and he has seen a lot.

John McCain’s quick response to the economic news was that the economy is fundamentally sound, which he later had to explain saying that by fundamentals he meant that American workers are fundamentally sound or something to that effect. McCain stated that a commission should be formed to study the economy and recommend what to do. Sarah Palin commented that regulations are needed, but immediately contradicted herself saying that government needs to get off the back of business. In contrast Obama’s response was to say that regulations are needed and that the environment of deregulation and lack of oversight by the Republican administration was responsible for the economic disaster the country is now facing. McCain also commented that greed is at the core of the problem, but that misses the target.

As a child I remember being told that if a goldfish is fed too much food, it will eat until it literally explodes. With the fearful image of exploding goldfish in my mind I carefully regulated the amount of food they were fed. Unfortunately in the world of economics that same level of oversight has not been present recently. The goldfish running the banks, loan institutions and insurance companies have gorged themselves for the last eight years with virtually no regulation or oversight. Add to that the astronomical expense of the Iraq war, other goldfish running oil companies, the national debt and overall mismanagement of the Bush administration and you have Lehman Brothers, black Monday and an exploding American economy.

Personal greed is indeed an issue. But if it were as simple as a few traders or CEOs pillaging their own companies to fill their personal coffers, then some wrist slapping, governmental guidelines, a renewed sense of personal guilt, and possibly a few indictments might be enough to curb the excesses. But it is not a just few companies, but rather entire industries that have run amok – Why? Simply because they have been allowed to.

The problem McCain and Palin face is that at their core they are fundamentally Republican; and the Republican philosophy is fundamentally anti-regulation. They must know in their hearts that oversight and regulation is needed to correct the economic imbalance, and control greed, but it goes against their nature. This was reflected in Palin’s comments Tuesday where in one sentence she mentioned regulation, and immediately contradicted herself saying that the government needs to get off the backs of business. Now the spinners are scrambling to reframe the argument and restate their positions in an effort to convince people that they have a viable approach. Hence, comments about the “complexity of the problem” and McCain’s idea for a 911 style commission to study the problem.

However a commission would postpone any action while waiting for a typically non-binding report which itself may have little effect. Witness the difficulty of implementing the 911 Commission’s recommendations. The spinners say the problem is too complex for quick decisions. But in a broad sense they are wrong. What’s needed is broad vision and direction, and it’s needed soon. Urgent, responsible action is needed to curb the market excesses and calm the anxious public.

Of course details need to be analyzed and worked out, but leadership does not mean having all the details. It means having a balanced philosophy that addresses the big picture, communicating that philosophy and mobilizing those around you to take the steps needed to make things better. In the 90’s the Clinton administration made tough decisions. They balanced the budget and the economy flourished. That same democratic economic philosophy and discipline is needed now more than ever. The Democrats are not against corporations per se; they want business to succeed. They will support the goldfish on Wall Street. But they also know the goldfish can only be fed what they can eat in 2 minutes.

Posted by: Looking4Transparency | September 19, 2008 2:15 PM | Report abuse

Democrats for John McCain and Sarah Palin in 2008

Posted by: Terri | September 19, 2008 2:12 PM | Report abuse

McCain knows all about bailing out rich bankers and screwing over middle class and poor people, he's been doing it for years.


*McCain - Founding Member of the Keating Five:

McCain was one of the "Keating Five," congressmen investigated on ethics charges for strenuously helping convicted racketeer Charles Keating after he gave them large campaign contributions and vacation trips.
Charles Keating was convicted of racketeering and fraud in both state and federal court after his Lincoln Savings & Loan collapsed, costing the taxpayers $3.4 billion. His convictions were overturned on technicalities; for example, the federal conviction was overturned because jurors had heard about his state conviction, and his state charges because Judge Lance Ito (yes, that judge) screwed up jury instructions. Neither court cleared him, and he faces new trials in both courts.)

Though he was not convicted of anything, McCain intervened on behalf of Charles Keating after Keating gave McCain at least $112,00 in contributions. In the mid-1980s, McCain made at least 9 trips on Keating's airplanes, and 3 of those were to Keating's luxurious retreat in the Bahamas. McCain's wife and father-in-law also were the largest investors (at $350,000) in a Keating shopping center; the Phoenix New Times called it a "sweetheart deal."


*Mafia Ties:

In 1995, McCain sent birthday regards, and regrets for not attending, to Joseph "Joe Bananas" Bonano, the head of the New York Bonano crime family, who had retired to Arizona. Another politician to send regrets was Governor Fife Symington, who has since been kicked out of office and convicted of 7 felonies relating to fraud and extortion.


Here's some straight-talk, my friends:
.
http://www.realchange.org/mccain.htm
.

Posted by: JennyinOhio | September 19, 2008 2:11 PM | Report abuse

"McCain Seeks to Emphasize Accountability for Financial Crisis?"

So, I guess he'll be voting Democratic, too, this year.

Posted by: drossless | September 19, 2008 1:58 PM | Report abuse

McCain in April declared that there had been "great progress economically" during the Bush years. On more than one occasion, he diagnosed Americans' concerns over the dismal U.S. economy as "psychological." (Phil Gramm, McCain's close friend and adviser supposedly excommunicated over his "whiners" remarks, was back with the campaign last week.) McCain, a man who owns eight homes nationwide, in March lectured Americans facing foreclosure that they ought to be "doing what is necessary -- working a second job, skipping a vacation, and managing their budgets -- to make their payments on time." And when all else fails, McCain told the people of the economically devastated regions in Martin County, Kentucky and Youngstown, Ohio, there's always eBay.


In his defense, McCain's shocking tone-deafness may just be a matter of perspective. When you're as well off as he is, anything below a $5 million income (a figure exceeding that earned on average by the top 0.1% of Americans) seems middle class.


*The $100 Million Man*
Courtesy of his wife Cindy's beer distribution fortune (one her late father apparently chose not to share with her half-sister Kathleen), the McCains are worth well over $100 million. (In the two-page tax summary she eventually released to the public, Cindy McCain reported another $6 million in 2006.) As Salon reported back in 2000, the second Mrs. McCain's millions were essential in launching her husband's political career. Unsurprisingly, the Weekly Standard's Matthew Continetti, who four years ago called Theresa Heinz-Kerry a "sugar mommy," has been silent on the topic of Cindy McCain.


*The Joys of (Eight) Home Ownership*
While fellow adulterer John Edwards was pilloried for his mansion, John McCain's eight homes around the country have received little notice or criticism. His properties include a 10 acre lake-side Sedona estate, euphemistically called a "cabin" by the McCain campaign, and a home featured in Architectural Digest. The one featuring "remote control window coverings" was recently put up for sale. Still, their formidable resources did not prevent the McCains from failing to pay taxes on a tony La Jolla, California condo used by Cindy's aged aunt.


*The Anheuser-Busch Windfall*
As it turns out, the beauty of globalization is in the eye of the beholder. While John McCain apparently played a critical role in facilitating DHL's takeover of Airborne (and with it, the looming loss of 8,000 jobs in Wilmington, Ohio), Cindy McCain is set to earn a staggering multi-million dollar pay-day from the acquisition of Anheuser-Busch by the Belgian beverage giant, In Bev. As the Wall Street Journal reported in July, Mrs. McCain runs the third largest Anheuser-Busch distributorship in the nation, and owns between $2.5 and $5 million in the company's stock. Amazingly, while Missouri's politicians of both parties lined up to try to block the sale, John McCain held a fundraiser in the Show Me State even as the In Bev deal was being finalized.


*McCain's $370,000 Personal Tax Break*
Earlier this year, the Center for American Progress analyzed John McCain's tax proposals. The conclusion? McCain's plan is radically more regressive than even that of President Bush, delivering 58% of its benefits to the wealthiest 1% of American taxpayers. McCain's born-again support for the Bush tax cuts has one additional bonus for Mr. Straight Talk: the McCains would save an estimated $373,000 a year.


*Paying Off $225,000 Credit Card Debt - Priceless*
That massive windfall from his own tax plan will come in handy for John McCain. As was reported in June, the McCains were carrying over $225,000 in credit card debt. The American Express card - don't leave your homes without it.


*Charity Begins at Home*
As Harpers documented earlier this year, the McCains are true believers in the old saying that charity begins at home:
.
Between 2001 and 2006, McCain contributed roughly $950,000 to [their] foundation. That accounted for all of its listed income other than for $100 that came from an anonymous donor. During that same period, the McCain foundation made contributions of roughly $1.6 million. More than $500,000 went to his kids' private schools, most of which was donated when his children were attending those institutions. So McCain apparently received major tax deductions for supporting elite schools attended by his children.
.
Ironically, the McCain campaign last week blasted Barack Obama for having attended a private school in Hawaii on scholarship. That attack came just weeks after John McCain held an event at his old prep school, Episcopal High, an institution where fees now top $38,000 a year.


*Private Jet Setters*
As the New York Times detailed back in April, John McCain enjoyed the use of his wife's private jet for his campaign, courtesy of election law loopholes he helped craft. Despite the controversy, McCain continued to use Cindy's corporate jet. For her part, Cindy McCain says that even with skyrocketing fuel costs, "in Arizona the only way to get around the state is by small private plane."


*Help on the Homefront*
In these tough economic times, the McCains are able to stretch their household budget. As the AP reported in April, "McCain reported paying $136,572 in wages to household employees in 2007. Aides say the McCains pay for a caretaker for a cabin in Sedona, Ariz., child care for their teenage daughter, and a personal assistant for Cindy McCain."


*Well-Heeled in $520 Shoes*
If clothes make the man, then John McCain has it made. As Huffington Post noted in July, "He has worn a pair of $520 black leather Ferragamo shoes on every recent campaign stop - from a news conference with the Dalai Lama to a supermarket visit in Bethlehem, PA." It is altogether fitting that McCain wore the golden loafers during a golf outing with President George H.W. Bush in which he rode around in cart displaying the sign, "Property of Bush #41. Hands Off."


http://www.youtube.com/watch?v=N38Ug_ugzXs
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Posted by: McCain = Bush's third term | September 19, 2008 1:54 PM | Report abuse

out of touch that is what he is how in the h** you are going to come on T.V. early monday saying that the fundermental of our economy is strong, when the stock market has just crashed just about and five million dollars is middle class to you that means to me that you are alright and getting your needs meet, you don't deal with my kind of essues in my day to day life and never has and you are wear 500.00 shoes to a town hall meeting and he says that he feels my pain at the gas pump, i'm short on money to pay my bill,i'm on brick of losing my job and my child need a pair of shoes. and how can you stand and say with a straight face that you connect with me and my situation come now john mcsame do you really think that american people are that stupid... (it is that 3:00 am phone call with our economy) if john mcsame get that phone call he would have two or three position on this issues alone... look when obama said some months ago that we needed to do something about this then and knowone listened now look what has happen. now obama has to go behide the same people that he told to do something and strighten this whole thing out as president and that is shame... now bush on there this morning look with the poor month after he has gotten us in all this stuff and spent our money the way he won't to.. ain't know use in him looking like that now. VOTE OBAMA'08 VOTE OBAMA'08...

Posted by: renee | September 19, 2008 1:51 PM | Report abuse

Where is Joe Lieberman when you need him?
Where is Lindsay boy when I need to shoot the load?

Posted by: McCain | September 19, 2008 1:51 PM | Report abuse

God, hes old

Posted by: Tim | September 19, 2008 1:49 PM | Report abuse

I am an embarrassment, my friends. I don't know the difference between the SEC or the FEC. I don't know that Spain is in Europe and not in Latin American. I really don't know the difference between Shiite and Sunni, or who our biggest threat of the insurgency is. But I need your vote, my friends, I can still bring change though I lack the vision needed for change. I have served my country long and under very difficult conditions. Don't I deserve to sit at the top of our government at least for a little while. Vote John McCain for President, my friends.

Posted by: JohnMcCain | September 19, 2008 1:47 PM | Report abuse

McCain has been paid a year's salary since he last showed up to work!
.
http://blog.washingtonpost.com/capitol-briefing/2008/05/mccain_leads_in_missed_votes.html


$51,345.08 - Senate salary John McCain has 'earned' since he last showed up in the Senate to perform his job on April 9, 2008.


$48,201.00 - The median household income in the US in 2006.
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http://www.census.gov/hhes/www/income/histinc/h06ar.html


That's right Joe and Jane Sixpack, McCain has now recieved more money for not showing up for his job than you and your family get in a year for showing up for yours.

Posted by: McCain/Palin = LIARS! | September 19, 2008 1:46 PM | Report abuse

When I was a little boy I had a dream of becoming a strawberry picker, or a lawn mower. Now all them Mexicans are coming here from Spain and ruining my dream.

Posted by: Thor | September 19, 2008 1:42 PM | Report abuse

When I'm using the ATM machine why am I offered to continue in Spanish? Damn you Cortez! Damn you!

Posted by: Thor | September 19, 2008 1:39 PM | Report abuse

On illegal immigration McCain vilified Spain.
When asked why he picks on Spain he said
"Because Spain colonized Mexico and now we have all those Spanish-speaking wackos trying to come into our country. They take away our jobs, put Spanish labels on auto parts and cleaning products, and get us hooked on margaritas."

Posted by: :-) | September 19, 2008 1:34 PM | Report abuse

McCain says its all Spain's fault.

Posted by: :-) | September 19, 2008 1:27 PM | Report abuse

McCain also said he does not like the SEC. When asked why McCain said because I really likes the PAC-10

Posted by: :-) | September 19, 2008 1:26 PM | Report abuse

He said FEC but he really meant FCC.

Posted by: :-) | September 19, 2008 1:24 PM | Report abuse

My friends, tonight we're all FECians.

Posted by: Thor | September 19, 2008 1:19 PM | Report abuse

McCain likes to keep that sailer language thing going. Yesterday it was the MFT today it is the FEC. Has he had his alzheimer's test yet and if so is planning on releasing the results?

Posted by: bradcpa | September 19, 2008 1:07 PM | Report abuse

This will just get people to jump on the age thing.

http://www.politicswithagrin.blogspot.com/

Posted by: Kristen | September 19, 2008 1:00 PM | Report abuse

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