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McCain Blasts Wall Street's 'Reckless Conduct, Corruption, and Unbridled Greed'

By Robert Barnes and Michael D. Shear
TAMPA -- Sen. John McCain responded to the crisis on Wall Street today with a fiery populist speech that decried what he called greed and corruption among the nation's financial elite and a lackluster performance by the federal government in regulating them.

"If Governor Palin and I are elected in 49 days, we are not going to waste a moment in changing the way Washington does business,'' McCain said a rally here. "And we're going to start where the need for reform is greatest. In short order, we are going put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street.''

In a speech a few minutes later, Sen. Barack Obama blamed the economic crisis on an "economic philosophy" supported by McCain and President Bush.

"So let's be clear: what we've seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed," Obama said,according to prepared remarks. "And I am running for president of the United States because the dreams of the American people must not be endangered any more. It's time to put an end to a broken system in Washington that is breaking the American economy. It's time for change that makes a real difference in your lives."

McCain struggled yesterday at first in responding to the financial meltdown, saying that the "fundamentals'' of the economy were strong. His retooled message today was to denounce speculators and unethical financial leaders.

"Too many people on Wall Street have been recklessly wagering instead of making the sound investments we expected of them,'' McCain said. "And when their companies collapse, only the CEOs seem to escape the consequences.''

He added: "I promise you that on my watch, we are never going to let these kinds of abuses go uncorrected or unpunished.''

McCain said Washington has done a poor job of policing the abuses. But he was not specific about what his changes would entail, and earlier in the day, his advisers said there was no need to spell it out now.

Under his "reforms,'' McCain said, the "American people will be protected by comprehensive regulations that will apply the rules and enforce them to the full.''

"Too many firms on Wall Street have been able to count on casual oversight by regulatory agencies in Washington,'' McCain said. "And there are so many of those regulators that the responsibility for oversight is scattered, unfocused and ineffective.''

In his speech, Obama joined McCain in his criticism of greed and corruption on Wall Street. But he repeatedly emphasized that the responsibility lies with government.

"This is what happens when you confuse the free market with a free license to let special interests take whatever they can get, however they can get it," Obama said.

By Web Politics Editor  |  September 16, 2008; 1:49 PM ET
Categories:  B_Blog , Barack Obama , John McCain  
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Notice to McCain Republicans:

You guys had 8 years and blew it. Our economy is tanking. We’re stuck in Iraq and in danger of losing in Afghanistan while China rises, Russia sacks Georgia, and Iran pursues nukes. And at every pass, you creeps are caught with your hands in the cookie jar. You don’t deserve to run the country for another 4 years. You deserve to be kicked out. Maybe after some time on the side lines, you’ll get your act together and I’ll consider voting Republican again. Until then, please get lost.

– Fiscal Conservative, Social Conservative and Former Republican

Posted by: Former Republican | September 17, 2008 12:40 AM | Report abuse

McCain's handlers really need to rein in their candidate. I mean, good Lord. Is there nothing he won't try?

After championing-- relentlessly-- the very deregulation that led to the quicksand of its own making in which Wall Street sinks, all of a sudden he is now pushing for regulation and oversight to teach those reckless, corrupt, greedy, East Coast elitist sophisticates a lesson in frontier justice.

That is about as believable as McCain's assertion that Americans should punish eight years of a ruinous Republican administration by electing the Republican ticket to the White House, which just happens to include him and some obscure Alaska governor who isn't allowed in public for fear she will open her mouth.

Is he really, truly for financial regulation? Does he stand for anything at all? How can anyone know? The economy is sound. No, wait a minute, it's in crisis. Nope. Hold on... let's appoint a committee to investigate this. Or how about this one? Let's rail against the wicked evildoers and issue as many regulations as possible.

Is he serious? Sorry. Stupid question.

If McCain and Palin were not at the very cusp of the presidency, this would all be hilarious.

But I don't hear many folks laughing.

Posted by: sweetwtrbay | September 17, 2008 12:37 AM | Report abuse

Again Mr Shear. You dismiss McCain reform request when he called for it on the floor of the Senate in 2006. Your lack or research and pure partisan journalism is criminal.

Read the Section called. "FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005". It is a speech by Mr John McCain.

Posted by: gmcc | September 17, 2008 12:34 AM | Report abuse

Wall Street's problems and John McCain's solution:

McCain wants to "put an end to corruption and greed" on Wall Street." Inasmuch as corruption and greed are the problems, the right thing to do is to end them. That is the goal. A goal is not a solution. A solution describes a means to reach the goal. I was surprised McCain did not know the difference -- until I remembered that he is a C-minus student.

The energy problem and McCain's solution:

"We'll drill, drill, drill," The federal government does not drill for oil, period. That is what oil companies do, they have all the resources, land and sea areas they need to drill, drill, drill. They will do that at the time and in the manner that brings them the greatest ROI, not one moment sooner. Surely, Mr. McCain is not proposing to dictate to the oil companies where, when and how to drill? Or is he using the bully pulpit to exhort the oilmen to do the patriotic thing? Either way the slogan does not add up to a solution. Does he not know the difference?

Posted by: R M Gopal | September 17, 2008 12:02 AM | Report abuse

McShame promises a task force for the "WAR ON GREED"


.... "Green Acres"


Posted by: dickcheneyisacorruptliar | September 16, 2008 11:25 PM | Report abuse

Novel Federal Challenge to Twelfth Amendment Seeks "Automatic" Result of McCain and Obama as President and Vice-President, Together

Author of unusual constitutional challenge claims fundamental error against Preamble of United States Constitution by passage of Twelfth Amendment, arguing change flip-flopped original design, basic purpose and underlying premise for election of America's top two offices of President and Vice-President.

Indianapolis, IN (FreedomNewsWire™) September 15, 2008 -- Although written in a rather difficult 'patriotic' style, the peculiar pleadings in a federal challenge drafted by a local constitutional practioner appear to suggest a fairly clear argument. The author states that the primary purpose of contractual language contained within the Declaration of Independence and subsequent Federal Constitution expressly require that the 12th Amendment be promptly struck down, for any variety of legal doctrines also provided. If successful and allowed to stand, the ruling would restore the Electoral College back to the original structure as per our Founding Fathers, and Senators John McCain (R-AZ) and Barack Obama (D-IL), both of whom are now firmly established as - by far - the top two leading candidates, would then, in fact, jointly ascend to the offices of President and Vice-President, together, as a legally-foregone conclusion.

Article II, Section 1 of the Constitution originally specified that Electors voted only amongst the different Presidential candidates, and then the top two winners, regardless of party affiliation, would become President and Vice-President, in order of the total number of votes cast. The Twelfth Amendment, ratified during 1804, altered the total selection process by adding the notion of a running mate to be also voted for, and future elections became primarily based upon entire political parties, instead of focusing on the unique qualifications and skills of individual candidates, themselves.

The author of the constitutional challenge appears to claim that alteration was fundamental error, by removing a built-in design for continual blending or "rehealing" of our Country's wandering political parties every four years, and, instead, changing into a system of voting that ensures continual division and redivision of our Nation, further and further apart.

The lawsuit apparently is filed in an undisclosed United States District Court, names a principal plaintiff as "next friend" of all other American citizens, and is suing, among some number of other government units and individuals, the entire Federal Government of the United States. It is not difficult to speculate at reasons why the identifying information has been omitted, although there is a hint of that being only temporary. Any reasonable federal judge surely would have preferred keeping the case quiet until some significant further development, considering the current political climate.

The filings available to the public glaringly do not include an actual complaint, but the 12th Amendment challenge is obviously framed as a breach of contract. While also not mentioned, another possible legal result could be to 'moot' - or, to make 'legally irrelevant' – the recent federal suit filed by Attorney Phillip J. Berg against Senator Obama in Philadelphia's Eastern District, over alleged U.S. citizenship issues of the Senator, since Obama might then no longer be technically within a current, legal state of "running" for the Presidency, maybe also depriving Berg of what is known as 'standing' to continue challenging the Senator about that particular qualification for the Nation's highest office.

Another important item seems to be missing from the new arguments. After learning of the bold suit, a quick look-see at the 12th Amendment clearly revealed another issue that this federal judge should consider. It seems that an election for the Vice-President is also supposed to have its own “distinct” voting and counts, or, in other words, separate from that cast for the President, in what would appear also along the same lines of the legal author's basis for making a constitutional challenge. However, an online search did not reveal any images of actual election ballots, where the selections for President and Vice-President were actually separate, which questions the validity of many elections.

Related writings entered into the novel federal suit further claim divine inspiration, the "inevitability" of several political leaders rising soon to various top offices, name a dozen Governors, Senators and Representatives into a bipartisan task force for families, also forecast various cultural healings across race, gender, political parties and social classes, as well as foretell the skyrocketing of our stock markets, the end of the current national homeowners and mortgage crises, and that the judge in the same federal case will easily ascend to the U.S. Supreme Court, to name a few.

The author claims that the political office advancements, cultural healings, spiritual revival, and booming revitalization of our Nation's economy are merely the only logical conclusions remaining after such a monumental ruling would come to pass, because of sudden renewal in the overall confidence and security in our system of government, and therefore of our entire Country, itself. He claims that should also quickly translate into generally strong, positive growth factors for America, with economic increase and stability for all people, and seems to suggest that our Nation's families are now broken and suffering, and in general need of repairs, precisely because of the government's continual redivision.

He argues that restoring the first system of electing our President and Vice-President is a contractual obligation to all American citizens (a.k.a., 'We The People', 'The Public Trust', or 'The Social Compact'), because it is necessary "in order to form a more perfect Union," or, as he also puts it, "in order to [always be] form[ing] a more perfect Union." The constitutional protagonist further argues that the process for all future Presidential elections, maintained in the original design manner, should continually re-strengthen and increase our Nation like clockwork, every four years, and goes so far as to describe a celebration for the official changes, even naming lists of religious faith personalities, dozens of leaders of government, and others, to all attend a special concert to coincide with the patriotic holidays.

Some of legal filings seem a bit unorthodox, but it should be nice to see such dramatic, progressive and widespread change, and so we decided to support this unusual effort, setup the repeater point, and forward the basic information out. We will try to stay abreast of developments, and post any new filings and events as they become available. All of the currently-known filings and communications were made accessible to the general public at the following link:

For more information, as provided by Cornell Law School:

Article 2, Section 1 of the United States Constitution

The Twelfth Amendment to the United States Constitution


Posted by: UCRCoA | September 16, 2008 11:05 PM | Report abuse

suddenly McCain is a regulation convert? until 27 hours ago whe was for deregulation and has had a conversion? he will take on Wall Street? with Phil Gramm's help? the guy who spearheaded, for the giant Swiss Bank UBS, the deregulation that led directly to the subprime mess? the guy who wrote McCain's economic program? McCain is, and is in the pocket of, the Wall Street he wants to take on. what a complete, cynical, hypocrital joke.

Posted by: JoeT | September 16, 2008 10:14 PM | Report abuse

Where were McCain and Palin over the past 8 years when their friends in Washington were creating the financial tsunami now hitting the US and the world at large?
Now these two clowns want us to believe they are going to shake up Washington and take on their freinds who they now call 'greedy'.
Talking of greed 'how many houses does McCain have? and how much have they increased in value over the last eight years?
Judging by the polls the greedy, corrupt lot may well be in the White House again. Americans must like being shafted.

Posted by: Joseph | September 16, 2008 8:58 PM | Report abuse

Check out this video of John McCain's rosy economic outlook being contradicted by his hero Alan Greenspan.

Posted by: straight talk my a** | September 16, 2008 8:51 PM | Report abuse

McCain, the man whose economic platform is crafted by Phil Gramm, is gonna make this economy better?

Yeah, I'm whining alright.

McCain is absolutely on the same page as Bush when it comes to letting big business (aka Walkk Street) go unregulated. Cmon, he and Bush are soul-mates on that issue. Senator McCain's campaign are infused with lobbyists who do not want new regulations imposed.

Does he think we are all stupid?

Actually, when I saw the most recent polls, I do believe we are that stupid.

This election is turning out to be an extremely bad, tasteless joke.

I have plenty on the lunacy of McCain/Palin at:

Posted by: scootmandubious | September 16, 2008 8:21 PM | Report abuse

What a hypocrite. Remember Phil Gramm?

I’ve been wondering why there isn’t more talk tying McCain and Phil Gramm. Obama missed it when Gramm made his whiners comment. Now this. Some background:

From Countdown:

Republican presidential candidate Sen. John McCain’s national campaign general co-chair was being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy, federal records show quoted McCain advisors saying that Gramm had input on McCain’s March 26 policy speech about the mortgage crisis. McCain himself has often cited Gramm’s influence as a way to establish his bona fides with economic conservatives.


When Gramm chaired the Senate Banking Committee, he wrote and passed deregulatory legislation in more than one industry, establishing himself as a pre-eminent foe of government regulation. McCain’s March 26 speech recommended further deregulation of the banking industry as his response to the mortgage crisis.

McCain and Gramm have been friends for more than a decade. McCain chaired Gramm’s 1996 presidential run and Gramm says the two men speak every day. McCain reportedly has hinted Gramm might serve as his Treasury secretary.

Last summer, Gramm was widely credited with saving McCain’s presidential campaign.

McCain has even called Gramm his financial guru. And experts have said that Gramm is the likely Treasury Secretary if McCain’s elected.

Posted by: Sandy | September 16, 2008 7:41 PM | Report abuse

Head of State

Sunday, September 14, 2008
McCain Adviser: "Quit Doling Out That Bad-Economy Line". Also: "Up is Down", "Bad equals Good"

From "Quit Doling Out That Bad-Economy Line" by McCain Adviser Donald Luskin, Op-Ed, Washington Post, September 14.

Things today just aren't that bad. Sure, there are trouble spots in the economy, as the government takeover of mortgage giants Fannie Mae and Freddie Mac, and jitters about Wall Street firm Lehman Brothers, amply demonstrate. And unemployment figures are up a bit, too. None of this, however, is cause for depression...

Full disclosure: I'm an adviser to John McCain's campaign...


And black is white.

And up is down, you see.

Freedom is slavery.

Ignorance is truth.

I know. A McCain adviser told me so.

This is hardly an understanding of the deepening plight of the average struggling American, an image, like so many images that McCain wishes to portray.

This is what they will actually receive.

Another Bush era.


Head of State

Posted by: Susan D'Addario | September 16, 2008 7:10 PM | Report abuse

John McCain is right. It's dysfunctional partisan finger-pointing for Obama to run around screaming "Republicans did this to us". There are certain specific things that need to be done to bring the problems under control. Wall Street is out of control.

Posted by: AsperGirl | September 16, 2008 6:59 PM | Report abuse

BOUNCE > BOUNCe > BOUNce > BOUnce > BOunce > Bounce > bounce....

Posted by: Straight Talk Express - out of gas | September 16, 2008 5:49 PM | Report abuse

YES indeed Sen John McCain & Gov Sarah Palin Got It Right And Have The Right Answers To Fix It!..As Messiah Barack Hussien Obama and Sen Loud Mouth Joe Biden
Not Only Got It Wrong But Are Part Of The
Problem. Vote McCain/Palin in 2008.

Fed Up & Mad as Hell Independent Voter For
McCain/Palin 2008,and Palin for President
2012 and 2016!

Posted by: Ralphinphnx | September 16, 2008 5:49 PM | Report abuse

The Housing/Mortgage Collapse; the Wall Street Crash; the Enron Collapse; and Soaring Gasoline and Natural Gas Prices—These Economic Disasters All Have One Thing In Common: McCain’s Economic Adviser and Confidant Phil Gramm.

Phil Gramm, the architect of the catastrophic financial institution deregulation legislation, served as McCain’s Campaign Co-Chair and Senior Economic Adviser. After Gramm made outrageous comments about the economy and Americans, McCain was forced to sideline him. Nonetheless, Gramm continues to meet with and serve as an “unofficial” economic adviser to McCain. In a McCain Administration, Phil Gramm could very well be Secretary of Treasury.

When a McCain economic adviser, Douglas Holtz-Eakin, briefed reporters on McCain’s positions on the current economic disaster, he did not mention the need to repeal—or even modify—Gramm’s banking deregulation legislation. Gramm’s legislation resulted in three of America’s catastrophic financial collapses: the Enron collapse, the current Mortgage/Credit Card crisis, and the Wall Street crash. Further, the legislation is at the core of soaring gas prices in America.

Former Republican Senator Phil Gramm’s Financial Services Modernization Act of 1999 deregulated the financial industry. Gramm’s bill repealed legislation enacted after the Wall Street stock market crash of 1929 and provided for deregulation of commodities traded electronically.

Once deregulated, the banking and financial industries discarded sound lending standards and practices; their reckless lending behavior resulted in the colossal expansion of the sub-prime mortgage market and artificially drove the price of real estate into the stratosphere. Consequently, nearly every financial institution in America incurred a disproportionate amount of extremely high risk mortgage back investments. As the real estate market tried to correct itself and the inevitable credit defaults occurred, the entire financial system came crashing down—taking Wall Street with it.

Gramm’s legislation also plays a pivotal role in soaring gasoline prices. The legislation contains a provision known as the “Enron Loophole”—a provision which exempts federal oversight of commodities traded through an “electronic trading facility.” (It should be noted that Gramm’s wife, Wendy, was a member of the Enron Board of Directors, and Enron executives help draft the legislation. The provision was immediately applied to Enron; the unregulated Enron subsequently ran amok, imploded and destroyed the livelihood and retirement savings of millions of Americans)

The Enron Loophole allows energy commodities to be traded on the “dark market”— commodities markets, such as the Intercontinental Exchange (ICE), which are not regulated by the Commodity Futures Trading Commission because they trade electronically. Futures traders bet on the rising cost of a commodity. If these speculators can manipulate price of a commodity upward, they stand to make millions.

The Commission’s rules are designed to prevent manipulation of commodity prices, their by protecting the consumers from artificial price increases. However, Gramm’s legislation exempts these commodities traders from federal rules, including price manipulation rules set by the Commission.

Crude, natural gas, coal, and power are all traded in the dark market. Under Phil Gramm’s legislation, our government, by law, cannot regulate trade of these commodities. Some analysts believe up to 60% of the cost of gasoline, heating fuel, and diesel is a result of speculation.

Obama called for repeal of the Enron Loophole to stop the manipulation/speculation of gasoline prices. Following Obama’s call to close the Enron Loophole, McCain claimed he supported closing the loophole. However, under Gramm’s continued influence, McCain in fact opposed the very legislation (Farm Bill) which contained the provision to close the Enron Loophole.

Americans literally cannot afford any more of Gramm’s economic policies. Since McCain cannot free himself of Gramm, Americans must soundly reject McCain.

Posted by: socalgal59 | September 16, 2008 5:29 PM | Report abuse

John McCain is right!

Problems don't emanate from nebulous "philosophies." They result from the intentions and decisions of individuals.

Many of the most unscrupulous, opportunistic speculators in the world are behind the agenda of the new, extremist Democratic Party. Obama, Inc. is only one of their current projects in their greater agenda.

After consolidating their own economic fortresses, many of these unchecked corporate vampires have transformed into nihilistic imperialists of dissolution, seeking to subjugate all people to their idea of a global socialist utopia, to drain the essence of self-determination from individuals and the cultural communities that nourish them.

These power-mad individuals and their surrogates continue to wreak economic and social havoc throughout the world, deliberately undermining the currency and self-determination of nations and peoples, engendering confusion and resentment towards the people of the United States and free peoples everywhere!

Allow them no refuge here! Make them famous, Senator!

Posted by: Agraria | September 16, 2008 5:25 PM | Report abuse

John Hoover has spoken. He has Phil "Let them eat anti-depressants" Gramm and Mitt "real estate" Romney on his side. If Barack and Joe are elected, we get a fresh start. The market needs a change too. There is no way to value anything if lying is all you have left. Mad Mac's wife IS wall street, his kids are in line to inherit stock worth pennies on the dollar after this year's triple digit losses so he must have SOME connection to reality. Instead, all you get is more lying, being 44 is THAT important to the cardboard cut-out that is John "Bid on Me" McCain.

Posted by: PreAmeriKKKan | September 16, 2008 5:18 PM | Report abuse

When John McCain reaches out his hand, grins, and says, "My Friends, Trust me," you had better check your wallet and the value of your 401K. ...........

Posted by: Ohg Rea Tone | September 16, 2008 4:50 PM | Report abuse

The only thing I find more confounding than the McCain bashing is the number of people actually voting for him. This contest is hardly a comparison. People, do not be 'afraid' to ELECT an intelligent, diplomatic, hard working leader.... that is not 100% white. Please do not be this narrow-minded in this age. McCain had his peak and his place in time. Our nation now has the opportunity to evolve to a level of respect and admiration (probably higher than ever before). Just listen to the views of the world with respect to Sen. Obama. They've seen our actions over the years and they remain hopeful for us. They express more interest and approval of him than any other candidate in recent times. Europeans and other world citizens are pointing to the 'writing on the wall' people. Its time for a Change with substance and integrity.

Posted by: Jay | September 16, 2008 4:46 PM | Report abuse

Yes, John McCain is blasting Wall Street and accusing business executives and investment firms of corruption and recklessness.

Sen. McCain: do you recall a similar financial criss, recently? You, know, the Savings and Loan Scheme, which the Keating Five -the five US Senators- contributed in causing. You were one of the Keating Five Senators, were you not? Look at the pot calling the kettle black, you congenital hypocrite!!

Posted by: Ignatius | September 16, 2008 4:33 PM | Report abuse

You don't have to look any further than McCain's back room for a major player in the mortgage crisis: PHIL GRAMM

Posted by: Anonymous | September 16, 2008 4:28 PM | Report abuse

McCain is an "expert" when it comes to 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."

*McCain - 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.


Posted by: Bush + McCain ="W"orthless | September 16, 2008 3:51 PM | Report abuse

McCain will fire his Chief Economic Advisor and appoint Former Senator Phil Gramm to inject some decisiveness into the campaign.

Posted by: JakeD | September 16, 2008 3:38 PM | Report abuse

Since it's always fun to listen to John McCain argue with John McCain, let's revisit McCain's two reactions to the Wall Street meltdown yesterday.

First there was this:

And then, a couple of hours later:

Besides probably being the fastest flip-flop in political history, these two conflicting statements also provide some insight for undecided voters...they learned that that famous "straight talk" isn't all it's cracked up to be, and that John McCain is right...he really doesn't know too much about economics.

Posted by: AsperChick | September 16, 2008 3:35 PM | Report abuse

Yet another chapter in the never-ending debate John McCain is having with himself.

He like two, two presidents in one.

Posted by: ManUnitdFan | September 16, 2008 3:33 PM | Report abuse

Barbara Campbell... can you provide a news citation or else point towards a bulletin board with multiple voters reporting these fake absentee ballots? (Also scans of the fake ballots would be useful). These are serious charges, and they should be all over the Web if they're true. I'm voting for Obama, but I'm not stupid, and neither are most of the people I know (red or blue). I want to know what's actually going on and who's responsible.

Posted by: Jeff L. | September 16, 2008 3:28 PM | Report abuse

McCain blaming speculators sounds like Bush blaming the evil insurgency in Iraq after the invasion failed to quell the violence.

If you want free markets then you want speculators without regulation. Then accept that a crisis like this occurs every 25-50 years. If you are in government and are concerned about the welfare of all the citizens, then you have regulation more or less depending on the risk tolerance of the population.

John McCain, you are a whiner. You are just what you adviser. Mr Gramm, complained about. Leaders are not whiners, they are doers.

Posted by: Ronnn | September 16, 2008 3:28 PM | Report abuse

Yes, this worst financial disaster since the Great Depression was started by greedy mortgage lenders and banks. But they were able to exploit vulnerabilities in the systems left open for them by the Republican leadership and the current administration.

John McCain now says those greedy (individuals), and the government bureaucracy and regulation are to blame. After the Saving-and-Loan scandles (caused by Republicans loosening regulation and passing laws specifically giving loopholes to large donors... umm... errr ... I mean companies), then the energy market crisis and Enron (also caused by Republicans, giving favors to their donors and friends)... you'd think we would have seen this coming. Well, we did. Everyone in the real estate and lending business KNEW what would happen. I've had conversations with these people going back several years, where they knew there was easy money to be made, AND that it would eventually come crashing down. The President is advised every day by some of the smartest people in the world, on every imaginable topic and subject - if he chooses. The President and Republicans should have known about this, and could have easily taken steps to prevent it... at least 3 years ago. But instead, they let the same thing happen as did with their previous follies: Left us to piece together our lives and livelihoods, stuck with a huge bill which no amount of propaganda or spin can refute is a tax-funded bailout for the very companies that exploited loopholes opened for them by the Republican leadership of this country.

And what does McCain want to do about it? Apparently he assumes the President is, should be, and will remain completely ignorant and disconnected fromt he goings-on within his own country. Apparently also, the answer is LESS regulation and oversight, MORE loopholes, MORE tax credits and cuts for big business, BIGGER deficit and debt and overseas ownership and influence over America's financial future... and more.

I'll never ceased to be amazed at how absolutely amazing and excellent the Republican party is at selling terrible ideas, and blaming other people for their own self-made disasters.

Posted by: Thomas | September 16, 2008 3:23 PM | Report abuse

John McCain
Yesterday we had a fundamentally strong economy, today we need a commission to deal with the crisis. What happened to good old fashion the buck stops here leadership?

How do his supporters justify his impotence on the economy? The man is paralyzed like a deer in the headlights

Posted by: David J | September 16, 2008 3:03 PM | Report abuse

Let us see, Freddie Mac and Fannie Mae. Which politicians received the most money from this company? 1) Chris Dodd 2) Hillary Clinton 3) Ohh! and yes Mr. Change, aka "The ONE" BARACK OBAMA is third on the list!
AND where is John Mcain on this list, he is 325th.
Oh by the way, the 2 former top honchos of these companies are now working for for the OBAMA home team. Now! that is a change we can really believe in--- NOT

Pleeeeeeeze if you think that Obama is not in the pocket for these money men, then you were born yesterday. Obama is just a politician - same old same old.

Who would I rather see help this country out of this mess? John McCain.

Posted by: Anonymous | September 16, 2008 2:54 PM | Report abuse

McCain does not understand the economics.

He is for free markets and with free markets there are booms and there are busts. When you have regulation the size of the boom is smaller and the size of the bust is as well. McCain is a deregulator. That means that he wants the markets to do the regulation and they have, Things went th way they should have. He is wrong about deregulation unless he thinks that this crisis is acceptable.

Complaining about risk takers taking risk is nonsense. If you do not want excessive risk then the government has to stop them, before they make their excessive profits. McCain wants it both ways. Let them make their excessive profits and when things turn sour blame them for your own shortsightedness in not regulating in the first place.

This man can not be allowed to ascend to the presidency, he simply is too ignorant about the economy.

Obama on the other hand is cool under pressure, does his homework and has an economic policy in place that adjusts to the changing conditions. There is no blaming just a calm collected leader ready to deal with what comes his way.

This was not an unpredictable event though many never thought this would happen. John McCain should have had a plan to deal with this crisis. The problem is when you spend all your time spinning the truth, it leaves you little time or perspective to deal with reality.

Posted by: Ronnn | September 16, 2008 2:54 PM | Report abuse


Posted by: Dick | September 16, 2008 2:47 PM | Report abuse

There isn't much to add to the 21 points that Tim made but it's astounding that so-called independents would rather vote for this glory seeking individual than to vote for an African-American who is called an elitist, even though he couldn't inherit 100 million plus, to procure 8 more homes to keep up with the McCain image!! How pitiful!

Posted by: Arthur J. Le Suer | September 16, 2008 2:41 PM | Report abuse

There isn't much to add to the 21 points that Tim made but it's astounding that so-called independents would rather vote for this glory seeking individual than to vote for an African-American who is called an elitist, even though he couldn't inherit 100 million plus, to procure 8 more homes to keep up with the McCain image!! How pitiful!

Posted by: Arthur J. Le Suer | September 16, 2008 2:41 PM | Report abuse

There isn't much to add to the 21 points that Tim made but it's astounding that so-called independents would rather vote for this glory seeking individual than to vote for an African-American who is called an elitist, even though he couldn't inherit 100 million plus, to procure 8 more homes to keep up with the McCain image!! How pitiful!

Posted by: Arthur J. Le Suer | September 16, 2008 2:41 PM | Report abuse

There isn't much to add to the 21 points that Tim made but it's astounding that so-called independents would rather vote for this glory seeking individual than to vote for an African-American who is called an elitist, even though he couldn't inherit 100 million plus, to procure 8 more homes to keep up with the McCain image!! How pitiful!

Posted by: Arthur J. Le Suer | September 16, 2008 2:41 PM | Report abuse

I heard John McCain stumping for more regulation yesterday in the wake of the Wall Street Crisis and immediately did a doubletake. What's this? JOHN MCCAIN is saying that we need more regulation? As many of us know, John McCain, like most Republicans, has been a staunch proponent of DE-regulation for many years. These people often live by the over-simplified mantra of "getting government off your back." Translated, this means less government regulation. The problem is that government regulation is often there to protect us all from the stupidity of a few, and especially from the stupidity of a greedy, dishonest few. So when McCain and Republicans begin repeating their mantra of deregulation and "getting government off your back" what they are really for is removing the oversight and protections that protect us all. from other people's very stupid, and sometimes abusive decision making. The Wall Street Crisis is a perfect example of this. The ugly reality of it all, as John McCain now appears to admit, is that the Wall Street Crisis is due to a LACK of regulation. But what John McCain and the Republicans won't own up to is that the LACK of regulation was what they wanted all along ande did everything they could to obtain.

But it gets worse. Much worse. John McCain and his economic guru, Phil Gramm were PERSONALLY responsible for the specific degregulation that led to the Wall Street Crisis and credit derivatives meltdown. In 2000, in the dark of night, they inserted the Commodity Futures Modernization Act as a rider onto the 2000 Federal Budget. This heinous act, ensured that the credit derivatives swap market was completely unregulated. This very lack of regulation is what allowed the credit derivatives crisis to occur. And thanks to Phil Gramm's earlier Gramm - Leach - Bliley Act in 1999 that had a year earlier permitted banks, brokerage houses and insurance companies to combine for the first time, the devasation now reaches every aspect of our financial system, including 401k's.

But it still gets worse. The same Commodity Futures Modernization Act that John McCain and Phil Gramm were PERSONALLY responsible for contained another provision that exempted energy trading from government oversight. It is the very law that allowed Enron to run amuck as well as create false energy shortages that bilked Californians out of 40 Billion dollars before leading to the huge collapse of Enron itself and the wake of devastation that followed.

So, for anyone who does their research, it is readily apparent that John McCain and his economic guru Phil Gramm were personally responsible for two of the biggest financial disasters of the last century. Now John McCain has the audacity to get up there and complain about lack of regulation and government oversight when he and his economic guru Phil Gramm were personally responsible for that very lack of regulation and oversight. It's enough to make you want to seriously hurt someone.

Please fellow Americans, recognize a lemon for what it is. John McCain and those of his fiscal views have miserably failed us. His poor judgment and decision-making and preposterous views are why there is such a mess right now (read above). It would be an utter disaster to give this man any more power. We really, REALLY can't afford any more of McCain's lunacy.

Posted by: hesingswithfrogs | September 16, 2008 2:35 PM | Report abuse

Point-by-Point - McCain is a liar and HYPOCRITE:

1) The man who "supports women" called his wife a "trollop" and a "c'nt"

2) The man who can't remember how many houses he owns cries "elitist!"

3) The man who said "The issue of economics is not something I've understood as well as I should, and "I believe the fundamentals of this economy are strong," cries "economy!"

4) The man whose running mate denies man made global warming cries "environment!"

5) The man with ZERO executive experience cries "executive experience!"

6) The man who chaired the committee that set a record for unauthorized appropriations cries "I'll make them famous!"

7) The man who voted with George W. Bush 90% of the time cries "change!"

8) The man who knowingly spreads malicious lies cries "honor!"

9) The man whose campaign is run by lobbyists cries "no more lobbyists!"

10) The man whose running mate has a pregnant, unmarried 17-year-old daughter cries "abstinence!"

11) The man who cheated on his ailing wife cries "family values!"

12) The man who can't tell Sunni and Shia apart cries "judgment!"

13) The man who picked the least experienced VP candidate in history cries "country first!"

14) The man who got caught in the Keating Five scandal cries "integrity!"

15) The man who joked about Chelsea Clinton being "ugly" cries "offensive!"

16) The man whose party mocks community service cries "service!"

17) The man who supported abolishing the Department of Education cries "education!"

18) The man whose family was raped by Karl Rove in 2000 cries "get me Karl Rove!"

19) The man who fought against the Bush tax cuts cries "permanent Bush tax cuts!"

20) The man who called Jerry Falwell and Pat Robertson "agents of intolerance" cries "I love Falwell and Roberston!"

21) The man who touts his running mate as a "reformer" cries "get me more Bush veterans for her staff!"

Posted by: Tim | September 16, 2008 2:27 PM | Report abuse

This would be laughable if it wasn't so pathetic...


...and McCain want's to install PHIL GRAMM as Sec of Treasury if he were to win the White House.

Lies and the Lying Liars Who Tell Them:

Will this be the 3rd rigged Republican election in a row, to get the Zionists favorite war monger team into office again?

Bush and Cheney have done a great job for the Zionist NWO agenda, now McCain and Palin can finish it off for them by starting WW3.

Posted by: JennyinOhio | September 16, 2008 2:02 PM | Report abuse

Here in North Carolina, people who are expected to vote Democrat are receiving unsolicited "absentee ballots". This is obviously another of the Republican dirty tricks to suppress voter turn-out. People will think they've voted on the bogus absentee ballot and will not actually vote.

Absentee ballots must be requested in writing from the Board of Elections. Any unsolicited ballot is not valid.

Posted by: Barbara Campbell, Asheville, NC | September 16, 2008 1:56 PM | Report abuse

Here in North Carolina, people who are expected to vote Democrat are receiving unsolicited "absentee ballots". This is obviously another of the Republican dirty tricks to suppress voter turn-out. People will think they've voted on the bogus absentee ballot and will not actually vote.

Absentee ballots must be requested in writing from the Board of Elections. Any unsolicited ballot is not valid.

Posted by: Barbara Campbell, Asheville, NC | September 16, 2008 1:55 PM | Report abuse

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