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McCain Lays Out Bailout Principles

By Robert Barnes
FREELAND, Mich. -- Republican presidential nominee John McCain said today that "inaction is simply not an option" as Congress considers a bailout plan for Wall Street, but more accountability and transparency is needed than is currently in the plan being negotiated.

McCain laid out five principles he said should be included in the $700-billion proposal, but refused to say whether failure to to enact any of them would cause him to oppose the legislation.

"We must pass legislation to address this crisis," McCain said after touring a Dow-Corning plant here. "If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees."

As he has said before, McCain said five principles must be included: greater accountability and independent oversight; a path for taxpayers to recoup the money; transparency in decisions on which companies to help; a cap on the executive pay of those companies that take part and no earmarks in the plan for any specific businesses.

McCain made the statement and then took questions from four members of the traveling press corps, the first time he has made himself thus available in more than a month.

Told that some Democrats were waiting to see how McCain would vote before committing themselves to such a costly bailout -- McCain acknowledged it was $10,000 per American household -- McCain said that should not be relevant. "Let me say that I hope Democrats would recognize that this issue should not in any way be related to my vote," McCain said. "Their vote should be determined on how to resolve this crisis."

McCain said that a second economic stimulus package should not be attached to the legislation.

A copy of his prepared remarks follows:

America today faces an historic national crisis. The global economy is directly threatened by the potential collapse of our financial system. Two years ago, I warned the American people about the lack of oversight, transparency, backroom dealings and financial recklessness at Freddie Mac and Fannie Mae. Those warnings went unheeded, and more than anything directly contributed to the subprime mortgage crisis which has created the perfect economic storm. Further inaction is simply not an option. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. But let us be perfectly clear: a great burden is upon the American people. Seven hundred billion dollars is a staggering and unprecedented figure, and it is important that I speak plainly to the American people about the dimensions of this proposal. In essence, what this plan requires is a ten thousand dollar contribution per household. Seven hundred billion dollars, for example, could rebuild the crumbling infrastructure in every town, county, and state in this country. Because what is being asked of the American people is unprecedented, great care must be taken to ensure their protection. With the taxpayer in mind, I am seeking 5 basic improvements to this legislation: First, there must be greater accountability included in the bill. I have suggested a bipartisan board to provide oversight for the rescue. We will not solve a problem caused by poor oversight with a plan that has no oversight. Never before in the history of our nation has so much power and money been concentrated in the hands of one person, and there must be protections and oversight in place. Second, as a part of that oversight, there must be a path for taxpayers to recover the money that is put into this fund. One trillion dollars is an unprecedented sum. We are talking about ten thousand dollars per household, and that money cannot simply go into a black hole of bad debt with no means of recovering any of the funds. Third, there must be complete transparency in the review of this legislation and in the implementation of any legislation. This cannot be cobbled together behind closed doors. The American people have the right to know which businesses will be helped, what that selection will be based on and how much that help will cost. All the details should all be made available online and elsewhere for open public scrutiny. Fourth, no Wall Street executives should profit from taxpayer dollars. It is wrong to ask teachers and farmers and small business owners to fill the gas tanks of the helicopters of Wall Street tycoons. The senior leaders of any firm that is bailed out should not be making more than the highest paid government official. Fifth and finally, it is completely unacceptable for any kind of earmarks to be included in this bill. It would be outrageous for legislators and lobbyists to pack this rescue plan with taxpayer money for favored companies. This simply cannot happen. Let me restate that inaction is not an option. The American people are watching. History will be our judge, and it will judge us harshly if we do not put our country first in this crisis.

By Web Politics Editor  |  September 23, 2008; 5:24 PM ET
Categories:  B_Blog , John McCain  
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Comments

After reading the comments attached to the McCain article I can only think how pathetically sad it is that so many educated people can be so naive and ill informed.
The constant diatribe about this being a Republican problem carries such venom. Venom without foundation. Do any of these readers know their history? Do any of them really want or understand the truth? This is not a partisan problem. George Bush did not cause this problem. Please, quit drinking the cool-aid and wake up. This is the manifestation of compounding political ignorance from both sides of the isle for decades. Who voted most of the legislation in to law that has contributed to this problem? The Democrats supported by a few liberal Republicans! Who was the catalyst for a $300 billion bill voted in to law only months ago to “provide more affordable mortgages to troubled homeowners? Nancy Pelosi ! Is she part of the Bush administration? Who walked with over $100 million dollars from Fannie May just days before this crisis came to a head? Was he a Republican? Who received over $200,000 dollars from Fannie May and Freddie Mac for his support of their questionable business and loan activities? Is he running for president on the Republican ticket? We are in the midst of potentially the most serious economic problem this country has ever faced and all these partisan hacks can do is salivate their brain dead bias attacks on one party or another. Wake-up America.

Posted by: kirkculdy | September 29, 2008 5:49 PM | Report abuse

Obama enough is enough your words - bail out people not wall street. We were screwed twice once on mortgage fraud and then on gas manipulation.

You want my vote - take a stand

OHIO

Posted by: nevermind | September 24, 2008 3:23 PM | Report abuse

There are 125+ Million House holds in the US.
700 Billion would cost each household $5500 not $10,000.
Lying just to make your statement more potent is still lying. Can this man open his mouth without telling the truth?

Posted by: Andy | September 24, 2008 2:57 PM | Report abuse

"McCain acknowledged it was $10,000 per American household"... Just what I want: a President who can't do math. But what's a factor of four between friends?

Posted by: Bob K | September 24, 2008 8:43 AM | Report abuse

To late, to old and Palin as your next President. Goooood luck.

Posted by: justada55+ | September 24, 2008 4:13 AM | Report abuse

I think that the 700 billion dollars should be split up and sent back to the U.S. households from whench it came in the form of a stimulus package with one important string attached. The money must be deposited into some type of savings account or retirement account and cannot be touched by the recipients for a determined amount of time, perhaps a year or two. This puts much needed cash into the financial institutions of the taxpayer's choice and gives these institutions and the government time to fix the finacial problems at hand. At the end of the specified time limit, the money reverts back to the taxpayers.

Posted by: D. Garcia | September 24, 2008 12:25 AM | Report abuse

This is not the time for finger pointing. Its time to work together. It doesn't matter who gets the blame, but what can we do to get out of this, that is important.

Posted by: Thomas | September 24, 2008 12:04 AM | Report abuse

A story on NPR this evening suggested that McCain might not even be in Washington this week to attend Senate sessions on the financial crisis. Funny thing is his five point plan sounds an awful lot like the Democratic suggestions, but with less specificity.

Posted by: 66kicks | September 24, 2008 12:04 AM | Report abuse

when we compare the plans between the 2 candidates, McCain's is better because there is more accountability, innovative without risking or holding businesses back. Obama's, on the other hand, is more of the same on government intervention. How can government regulate business?

Posted by: Analysis | September 24, 2008 12:03 AM | Report abuse

I've written the following to my Senator:

"As tempting as it must be to act in haste on the financial bailout proposal, I beg you to be deliberate on this important issue.

I do not support any measures that oblige me to pay off the gambling debts of Wall Street Investors - the same people who lobbied my government to look the other way while they ran the casino.

Let them take the hit. There will be time to act prudently and restore confidence in the markets in the weeks following the election in November.

Why hog-tie the next administration with the largest debt obligation in history? Especially when it's hastily concocted in the 11th hour of a failed administration?

George Bush's Treasury Secretary and Fed Chairman are preparing a $700 billion parachute for an entire industry - while railing against golden parachutes for CEO's. That is insane.

Please re-consider your support for a taxpayer bailout."

* *

If you have strong feelings about this - contact your Senators and representatives and let them know.

Posted by: John Quimby | September 23, 2008 9:22 PM | Report abuse


RE: Federal Housing Enterprise Regulatory Reform Act of 2005
"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.”

"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."
--Sen. John McCain (AZ)--May, 2006

NOTE: The Democratic members of Congress killed this bill. Franklin Raines has supplied "economic advice" to the Obama campaign.
source:
http://www.govtrack.us/congress/record.xpd... -

Posted by: In earnest | September 23, 2008 8:06 PM | Report abuse

The population of Sweden in less than 10,000,000. There is no comparison to the complexity of our two countries economies.
The reality of the meltdown is that the monetary system has to be safe from panics and must remain liquid. When the Fed closed the door to Banks in 1929, they caused the great depression. Liquidity is essential. They sacrificed Lehman Brothers, may be they should not have. Warren Buffet sees a great deal in Goldman. What a sly fox.

http://www.boppoll.com

What is great about Buffet, he has Democrats believing he is one of them. The Fox in the Chicken Coup? Isn't that a book. Oh that's right T. Boone and alternative energy wrote that one. Hmmm. Government funding for alternative energy. Easy money!

Posted by: Swedish Socialism | September 23, 2008 7:43 PM | Report abuse

"All that is urgent is not important, all that is important is not urgent"

Both candidates suggestions underwhelm.

Sweden went through a similar financial meltdown in the early 90's. A key to recovery was insisting on an equity position for the taxpayers: No equity-no money. Sweden's outlay to essentially nationalize their troubled financial sector as a percentage of their GDP was similar to what is being suggested in this case.

As the recovery progressed, as the banks were returned to being privately held and the taxpayers actually ended up making a profit as the banks "bought their way" away from government control.

Bush is just cloaking a bailout for fat cats -and worse - screwed up and ill conceived financial entities-in fancy emotive language.

Obama at least demands a taxpayer equity position.

Posted by: plaza04433 | September 23, 2008 7:29 PM | Report abuse

As every politician in Washington must, another 2,3,4,5 point plan has to be enforced to get this done, and yet they, mainly Republicans, still keep trying to lay the blame at Freddie And Fanniess door step.
FREDDIE AND FANNIE didnt write the loans that are now going belly up on the market, and those loans arent the prime reason for the DEFLATION of the American Dollars Worth.The Banks and actual Lending institutions , HSBC, Chase, corporations like these are the real Problem makers here, and their the ones begging to be bailed out.Fannie and Freddie are essentially Mortage Backers, an insurance between Government Money,The Treasury, and the institutions that wrote the loans to gurantee flexibility with the loan VALUE as if it were CASH in the Bank.
The GOP , over the last Decade has deregulated monetary control to the low we see it at today, and now Bush and his Cohorts want the Government to Back Up their mismanagement. SHAME ON ALL OF EM, for letting this get to the point we are, and for coming in Bush'ies final hours in office to get PAYED for mis-handling our economy.This problem was apparent 6 years ago, when the financially savvy politicians from the GOP said they needed more flexibility to stimulate the economy, get t hings moving.Alls they really did was de-regulate fair trading practices,created loopholes for corporations to "bundle" bad loans into faceless and worthless equities,just to make a Profit out of something they knew was worthless.
McCain saying he wanted greater control ovwer FAN and FRED two years ago is a farce, it wouldnt have changed a thing. They needed to regulate, actually STOP the Swap trading that has been going on and the market would have corrected itself.
Our Proud, GOP "let big money take care of itself, we'll all prosper" beleifs have finally come to light, and just short of ruined our country.How patriotic is it to let banks and monster corporations indebt the American people into poverty, and when their game runs out, come crawling for a handout?

No More, GOP. No McCain. Not this time!!
Obama/Biden 08

Posted by: Unreal | September 23, 2008 7:03 PM | Report abuse

As every politician in Washington must, another 2,3,4,5 point plan has to be enforced to get this done, and yet they, mainly Republicans, still keep trying to lay the blame at Freddie And Fanniess door step.
FREDDIE AND FANNIE didnt write the loans that are now going belly up on the market, and those loans arent the prime reason for the DEFLATION of the American Dollars Worth.The Banks and actual Lending institutions , HSBC, Chase, corporations like these are the real Problem makers here, and their the ones begging to be bailed out.Fannie and Freddie are essentially Mortage Backers, an insurance between Government Money,The Treasury, and the institutions that wrote the loans to gurantee flexibility with the loan VALUE as if it were CASH in the Bank.
The GOP , over the last Decade has deregulated monetary control to the low we see it at today, and now Bush and his Cohorts want the Government to Back Up their mismanagement. SHAME ON ALL OF EM, for letting this get to the point we are, and for coming in Bush'ies final hours in office to get PAYED for mis-handling our economy.This problem was apparent 6 years ago, when the financially savvy politicians from the GOP said they needed more flexibility to stimulate the economy, get t hings moving.Alls they really did was de-regulate fair trading practices,created loopholes for corporations to "bundle" bad loans into faceless and worthless equities,just to make a Profit out of something they knew was worthless.
McCain saying he wanted greater control ovwer FAN and FRED two years ago is a farce, it wouldnt have changed a thing. They needed to regulate, actually STOP the Swap trading that has been going on and the market would have corrected itself.
Our Proud, GOP "let big money take care of itself, we'll all prosper" beleifs have finally come to light, and just short of ruined our country.How patriotic is it to let banks and monster corporations indebt the American people into poverty, and when their game runs out, come crawling for a handout?

No More, GOP. No McCain. Not this time!!
Obama/Biden 08

Posted by: Unreal | September 23, 2008 7:03 PM | Report abuse

i said this for years now we see how mess up republican are see what they did. money dont come out of thin air we the tax payer pays but not for greedy CEO man i think we are in bad shapes since the bush family step in. all the people who been a republican should be a shame of what our country turn in too. voting for the same thing now . now your guys are crying relax. put a bullet spin&shoot your self because you republican will never amid your total wrong about everything.!!

Posted by: master | September 23, 2008 7:03 PM | Report abuse

"*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."

McCain's mafia ties go back further than that ... all the way back to Cindy McCain's mafia connected dad, who launched McCain's career and put him on the nipple of Charles Keating and friends. Cindy's dad took the fall for the mafia over illegal liqour distribution charges and was rewarded with a beer distributorship when he got out of the clink. Cindy's dad also helped the mob do some dirty business in the New Mexico horse racing market back in the day.

Posted by: dirtydirtymccain | September 23, 2008 7:02 PM | Report abuse

McCain / Palin 08

For experience we need, not just rhetoric.

I think you Obama supporters such get your facts checked. I do not know whos been feeding you all these lies, but we do not need Obama love. Love is blind and this is politics. For a better America, vote McCain and Palin.

Posted by: Alex | September 23, 2008 6:57 PM | Report abuse

"Inaction" is indeed an option; it's called, "NO!" We live in a short-sighted, apathetic, spoiled society. God forbid we should have to actually face the societal ramifications of our actions & lifestyles.

Posted by: Brain | September 23, 2008 6:54 PM | Report abuse

John McCain owns at least 7 houses, 13 cars, and one corporate jet.

Barack Obama owns 1 house, 1 car, and a bicycle.

Which one do you think best represents you?

Posted by: Sally | September 23, 2008 6:52 PM | Report abuse

I thought the Republicans were suppose to BELIEVE in the free market, in minimal government interference with private affairs. I CANNOT believe we are going to foot this bill--this incredibly irresponsible and worthless burden of debt. I don't want another Great Depression, but maybe that is what we need to get out of the habit of spending too much, risking too much and allowing the government to interfere too much, which, by the way, accounted for at least a good part of the problem. Corporate America and the Extravagantly Greedies on top are not going to learn their lessons if the government constantly bails them out. And trust me, we WILL be here again because because there are few lessons learned without consequences and pain.

Posted by: Jodi | September 23, 2008 6:49 PM | Report abuse

McCain is a spineless Bush puppet.

Obama is not a Clinton puppet.

Obama has Courage....McCain has Fear.

Posted by: Anonymous | September 23, 2008 6:49 PM | Report abuse

Flip, Baby, Flop!

Flip, Baby, Flop!

Flip, Baby, Flop!

Flip, Baby, Flop!

Flip, Baby, Flop!

Posted by: Ken | September 23, 2008 6:48 PM | Report abuse

FINANCIAL TERRORISM A ROOT CAUSE
OF WALL STREET MONEY MELTDOWN?

Once again, Congress is being asked to rush through emergency legislation -- to cede effective control of the economy to the government.

Officials continue to blame lax lending policies on the part of the mortgage industry for spawning this crisis. But is that entirely true?

And is there a hidden agenda at work? Is a network of extra-judicial programs "targeting" American citizens a root cause of the mortgage meltdown that spawned the broader financial crisis?

Consider this:

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

Posted by: scrivener | September 23, 2008 6:47 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."


*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.


Here's some more straight-talk, my friends.

http://www.realchange.org/mccain.htm
.

Posted by: ace mcfunkenstein | September 23, 2008 6:47 PM | Report abuse

> GO MCCAIN-PALIN, ALL THE WAY TO THE WHITE HOSUE!

Which one? McCain owns several ...

Posted by: JakeR | September 23, 2008 6:45 PM | Report abuse

You ask if McCain has the backbone to stand up to Bush ... he doesn't have the backbone to stand up to Rush Limbaugh which is how we got Sarah Palin ... she of the foreign policy shopping trip today ...check this out for a laugh:
http://www.youtube.com/watch?v=8Nb8Y9ojenM

Posted by: Did I mention I'm a LIAR??? | September 23, 2008 6:41 PM | Report abuse

Our economy depends on the movement of money though the financial system. When this crisis was at its worst last Wednesday people were paying the government to take their money off their hands instead of the government paying interest for the use of the money. That is the kind of condition that existed during the great depression. We do not want to go there again.

Posted by: Ronnn | September 23, 2008 6:40 PM | Report abuse

Does McCain have the backbone to stand up to Bush on anything? If he wimps out on his initial opposition to Bush's Wall Street bailout proposal, I'm going to to wonder. What happened to the old straight talker? Has the maverick turned into a marionette? Is McCain going to let Bush, who dodged Vietnam, push him of all people, a Vietnam POW, around? Are the Dems going to roll over for Bush again like they did on Iraq? Yeah, probably. You just don't mess with Dubya.
Sterling Greenwood
Aspen Free Press

Posted by: AspenFreePress | September 23, 2008 6:39 PM | Report abuse

"It is wrong to ask teachers and farmers and small business owners to fill the gas tanks of the helicopters of Wall Street tycoons"

Where does their money come from then? I assure you, it is from the teachers, farmers and small business people, always. Wall St. does not create wealth.

Their wealth always had to come from someone's productive labour, whether that was a promise of labour in the future ('security') or the labour of millions of workers somewhere lower down in the economic hierarchy, channelled somehow...??

Posted by: roc | September 23, 2008 6:36 PM | Report abuse

"We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself."

http://politicalwire.com/archives/2008/09/23/extra_bonus_quote_of_the_day.html
.
The 2008 Republican Party Platform, adopted earlier this month

Posted by: oops! | September 23, 2008 6:36 PM | Report abuse

GEORGE W. BUSH, THE MOST SOCIALISTIC PRESIDENT OF THE UNITED STATES SINCE FDR.

REPUBLICAN NOW MEANS SOCIALIST!

Posted by: Cheney's backdoor man | September 23, 2008 6:34 PM | Report abuse

Don't believe this guy. The only 'conservative' thing he's done is to pick Palin but he doesn't follow any of HER principles.

MCCAIN = FAKE CONSERVATIVE

MCCAIN = FAKE CONSERVATIVE

MCCAIN = FAKE CONSERVATIVE

MCCAIN = FAKE CONSERVATIVE

Conservative columnist George Will's words today on John McCain:

"It is arguable that McCain, because of his boiling moralism and bottomless reservoir of certitudes, is not suited to the presidency. Unreadiness can be corrected, although perhaps at great cost, by experience. Can a dismaying temperament be fixed? "


MCCAIN = FAKE CONSERVATIVE

MCCAIN = FAKE CONSERVATIVE

MCCAIN = FAKE CONSERVATIVE

Posted by: another "tricked again" conservative | September 23, 2008 6:33 PM | Report abuse

I am an Obama supporter and I think those who criticize McCain do not understand that they are playing with fire.

The Bush plan was a plan to support the industry. McCain's ideas and Obama's ideas are similar. Although Obama did not stress the importance of speed, it is important from our standpoint. The more institutions that blow up, the deeper the recession and at some point the whole thing could collapse like the house of cards these "financial geniuses" constructed.

McCain could not help but politically posture but the things he is asking for will benefit Americans in general.

McCain has to answer to the voters and Bush does not, so he is the one who is unaccountable and could offer a plan that did not even take into consideration the American people. The plan was written by industry insiders. This is the reason that Obama wants to limit the power of Washington lobbyists. I wish Obama and McCain could agree on this one, the way they seem to on this bailout plan.

Posted by: Jason Jones | September 23, 2008 6:32 PM | Report abuse

Do I detect that McCain is actually going to show up in the Sanate and vote on this? Wow!

Posted by: Anonymous | September 23, 2008 6:31 PM | Report abuse

Does obama have anything to say about all this, or is he just about slinging mud?

Posted by: HDman | September 23, 2008 6:28 PM | Report abuse

McCain, In His Own Words

With the $700+ billion taxpayer-funded bailout looming, John McCain, the longtime champion of deregulation...

http://digg.com/2008_us_elections/McCain_Financial_Genius_or_Not


...has been trying to reinvent himself as the populist champion of the people. But McCain's own record and his own words continue to damn him:

http://www.youtube.com/watch?v=NhA3Yt-kXDI
.

Posted by: DrainYou | September 23, 2008 6:27 PM | Report abuse

why not let them fail... use the $700M
as a lending agency for people who want to
by homes,cars etc.
if the republican government wants to
socialize the business of americia let them go whole hog and get in the business of providing relief at low cost..remember the .G>I> bill which allowed me to purchase my first home at interest rates of
less than 5%...screw wall street and the
greedy bastards that brought us to this
poiny.

Posted by: bernie | September 23, 2008 6:24 PM | Report abuse

Hide from the debt-collectors?
Hope they have a heart?

Let them keep their damned houses and rot with spider webs?
I'm sure they want to help you out.

That's very generous of George W. Bush. If he can create money out of thin air, that's a miracle. I'm not the type to want what isn't mine, so I won't be bothering them for any money. Lucky people though!

Republicans kick ass because they give you tax refunds! :D

Posted by: Amado Castaneda | September 23, 2008 6:24 PM | Report abuse

One by one, the pillars of Republican ideology have come crashing down. From de-regulation to trickle-down economics, they've been proven to be nothing but a sham. If you are clothing yourself with the Republican label, you are wearing a dirty lie that is ruining our country and your children's futures. Americans, step back and look at what has happened. Be honest with yourself. Ditch those dirty Republican clothes before it is too late. Do not be on the wrong side of history!

Posted by: hesingswithfrogs | September 23, 2008 6:21 PM | Report abuse

How to deal with an economic meltdown:

1) Blame Bill Clinton.
2) Say that everything is fine.
3) Be against a government bailout.
4) Be for a government bailout.
5) Attack the NYT for exposing a serious
conflict of interest.
6) Call Obama a socialist liberal.
7) Explain your socialist bailout
principles.
8) Blame Bill Clinton.

Posted by: John Quimby | September 23, 2008 6:18 PM | Report abuse

I don't post every day.
But every day I see JakeD trolling.

I offer free advice who read "JakeD" posts:

Pick one stupid thing that was posted of the amassed choices, stick to that one thing, and expose its flaws quickly, and end your post.

Then stop arguing with him. Why?

Never argue with idiots.
-First, they bring you down to their level.
-Then they beat you with experience.

Posted by: SonOfHistoryProf | September 23, 2008 6:18 PM | Report abuse

McCain should be commended for his sensibility about what needs to be done.

Posted by: nclwtk | September 23, 2008 5:29 PM

------------------------------------------

And....he should be reprimanded for being a huge part of the problem.

Remember....he was a "deregulator" for 26 years up until a week ago.

Remember....it is is bestest friend in the whole world Phil Gramm (the "we are a nation of whiners" guy) who helped enact the deregulations that caused this meltdown. (I'll concede the fact that Clinton signed the law. However, Clinton didn't write Obama's financial plan like Gramm did for McCain).

Remember....McCain's entire staff lobbied for the very same companies being bailed out.

Remember....McCain himself admits "he doesn't really know much about the economy" and insisted a week ago that the "fundamentals of the economy were strong". (of course he has since 100% redefined what "fundamentals" are when it comes to the econonmy, which made him look dumber than he already did by the way).

A week of acting tough on the economy does not erase a lifetime of incompetence.

Posted by: Commended my booty.... | September 23, 2008 6:17 PM | Report abuse

Los Angeles Times
Witness: Simpson planned nothing illegal in Vegas
http://ap.google.com/article/ALeqM5iUNgbOr-2bnpFUX0MiII6je2CkRAD93CJ3RO0

Wonder if it is true that the actual candidate that bumps off mutual opponent will win in November regardless of issues and poll numbers?

Apparently the mutual opponent is wealthy, exposed corruption within both parties and is presently targeted.

The question is how?

Will the Dems use an OJ Simpson-like black convict with jail time?

Will the GOP use a Guiliani-like mob ties as used by his protege ex-NYPD commissioner who got indicted and may serve up to 140 years of jail time? Or Gotti, Jr. who is in the middle of conspiracy and murder trial now?

Will both parties use the popular practice of "sweetheart exchange deals" where convicts commit crimes/murders in exchange for less jail time, conveniently covered up and real culprits not publicly suspected?

Given this information, do we have to worry about our personal safety too? For example, will we be safe while asleep in the middle of the night in the privacy of our home as our habits and plans are known in advance due to bugging devices all over?

Posted by: Anonymous | September 23, 2008 6:15 PM | Report abuse

I hope that president Bush minds what McCain said.
"The American people are watching. History will be our judge, and it will judge us harshly if we do not put our country first in this crisis."

The plan the executive branch offered was inadequate. McCain is right on the issue but wrong on his perspective of the past. If I would elaborate on that I would be playing politics as McCain is on this issue and resolution of the credit crunch and not political posturing is appropriate at this time.

Posted by: Ronnn | September 23, 2008 6:13 PM | Report abuse

Whenever Bush Jr. insists something is urgent, it is time to look even harder at the proposal.

Posted by: Anonymous | September 23, 2008 6:07 PM | Report abuse

Oh my god. John McCain has gone from mass scale deception to mass scale plagiarism! This looks awfully like Obama's prescriptions and guidelines. Is anyone not noticing this?

Posted by: AndyT | September 23, 2008 6:04 PM | Report abuse

The Republicans came out of hiding for this!? Try a little harder next time, please!

Posted by: Anonymous | September 23, 2008 5:55 PM | Report abuse

I think this issue is too important to be partisan on it. I hope Obama will agree with McCain and McCain will agree with Obama. Though the earmarks issue is important I do not feel it should be game breaker. That issue needs to be handled separately if necessary. Congress must act forcefully and quickly. McCain and Obama are both right on this one and partisan politics should be suspended on this issue

Posted by: Jason Jones | September 23, 2008 5:49 PM | Report abuse

Why are the Republicans using our money to bail themselves out of the problems they created?

Would they bail me out when needed?!? NO!

Let the market forces play out.

Posted by: Carol | September 23, 2008 5:49 PM | Report abuse

The Republic:

I corrected that to "HOUSE" -- see my post at 5:32 PM -- would you care to revise and extend your remarks now?

Posted by: JakeD | September 23, 2008 5:40 PM | Report abuse

nclwtk:

Why are the Democrats intent on bringing down the economy for political reasons?

Posted by: JakeD | September 23, 2008 5:39 PM | Report abuse

JakeD

Palin/McCain is going to the HOSUE but it shames me as a Republican when I hear democrats speak truth

Posted by: The Republic | September 23, 2008 5:38 PM | Report abuse

Truer words have not been spoken ...:I don't think a single call to my office about this has been positive," said Sen. Sherrod Brown (D-Ohio). He said there was "outrage from taxpayers" about bailing out Wall Street financiers whose country club memberships cost many times more than most Americans' salaries.

Posted by: The Republic | September 23, 2008 5:36 PM | Report abuse

WHITE HOUSE (darn iPhone ; )

Posted by: JakeD | September 23, 2008 5:32 PM | Report abuse

McCain should be commended for his sensibility about what needs to be done.

Posted by: nclwtk | September 23, 2008 5:29 PM | Report abuse

GO MCCAIN-PALIN, ALL THE WAY TO THE WHITE HOSUE!

Posted by: JakeD | September 23, 2008 5:27 PM | Report abuse

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