CFMA
Country First My ArrseIs it realistic to think the McCain campaign come up with a solution to this financial crisis by Friday?LOL! It will take him that long to remember why he went back to DC in first place.Is it realistic to think the McCain campaign come up with a solution to this financial crisis by Friday?
No. Neither will the Congress, the White House nor Obama's team of shark (oops) lawyers and advisors. Is it realistic to think the McCain campaign come up with a solution to this financial crisis by Friday?That his camp can? No. doubtful. But he is doing the right thing in going back to "help" work on a bipartisan solution. McCain is taking the lead. He's left Obama with 2 choices. Follow his lead or continue to prove that his election is more important than the country.Is it realistic to think the McCain campaign come up with a solution to this financial crisis by Friday?
No. I would think his only argument would be to pass the original bill fast, which didn't offer help to those losing their homes, didn't provide for oversight, and couldn't be reviewed or changed. He would not want Dodd's better one, unless he wants to look good for the debates. Not surprising he postponed them, since McCain is a deregulator, and deregulation got us into the mess we are in. He probably wants time to remake himself into a regulator and get Wall Street bailed out before he has to answer questions. Then maybe the questions won't be about what he has done to bring this on. It would be strange if none of the questions were about the economy, considering what is going on right now. McCain has admitted he isn't good at economics and has always been proud of being a deregulator. He was even saying that the economy was strong a couple of days ago. I doubt if he wants to show that he is out of his depth.
“John McCain on 60 Minutes, 9/21/08. Scott Pelley: In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now? John McCain: No, I think the deregulation was probably helpful to the growth of our economy.”
About Phil Gramm, McCain’s advisor
“Gramm's long been a handmaiden to Big Finance. In the 1990s, as chairman of the Senate banking committee, he routinely turned down Securities and Exchange Commission chairman Arthur Levitt's requests for more money to police Wall Street; during this period, the sec's workload shot up 80 percent, but its staff grew only 20 percent. Gramm also opposed an sec rule that would have prohibited accounting firms from getting too close to the companies they audited—at one point, according to Levitt's memoir, he warned the sec chairman that if the commission adopted the rule, its funding would be cut. And in 1999, Gramm pushed through a historic banking deregulation bill that decimated Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms—setting off a wave of merger mania.
Banking Deregulation and the 2008 Mortgage Crisis
Later in his Senate career, Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act in 1999, which served to reduce government regulations in existence since the Great Depression separating banking, insurance and brokerage activities.
Years later, critics of Gramm point out that this same legislation may have been pivotal in encouraging the corporate practices that led to the 2008 mortgage crises in America.[5]
In a July 9, 2008 interview explaining McCain's plans in reforming the U.S. economy, Gramm downplayed the idea that the nation was in a recession, stating, "You've heard of mental depression; this is a mental recession," and "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline."[12]
Barack Obama introduced legislation in 2006 to address lax mortgage lending and in March proposed a new regulatory framework for the financial markets.Is it realistic to think the McCain campaign come up with a solution to this financial crisis by Friday?It's amazing how shocked liberals are by a presidential candidate actually doing his "day job"
I guess McCain could have just popped in said "present" and got back playing the part of "The ONE." But that's not him, he actually cares about the country... something nobody will accuse Obama of.Is it realistic to think the McCain campaign come up with a solution to this financial crisis by Friday?
Economist don't even know the answer, how would McCain????
He doesnt even know how many houses or cars he has.
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