McCain wants new agency to fix financial crisis
inmytree
Posts: 4,741
interesting....I guess the free market can't fix itself, and mcpalin wants to grow the gov't...I bet he changes his mind by tonight...this guy can't keep a straight thought in his head....
http://www.cnn.com/2008/POLITICS/09/19/campaign.wrap/index.html?eref=rss_topstories
McCain wants new agency to fix financial crisis
* Story Highlights
* NEW: McCain repeats misleading charge against Obama on taxes
* John McCain calls for agency to help weak financial institutions
* McCain blasts Barack Obama for not working to fix Freddie Mae, Freddie Mac
* Obama says he supports Treasury-Fed plan to help liquidate mortgage assets
(CNN) -- Republican presidential candidate Sen. John McCain said Friday morning that he would establish a new agency to deal with the U.S. financial crisis that many experts say is the worst since the Great Depression.
That agency, a Mortgage and Financial Institutions trust, would work with the private sector and regulators to identify institutions that are weak and fix them before they go broke.
"The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safeguard the life savings of all Americans by protecting our financial system and capital markets," McCain told the Green Bay Chamber of Commerce in Wisconsin.
McCain said the agency would be an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers.
McCain's campaign announced his speech Thursday night after Wall Street witnessed the federal government take unprecedented steps this week to stabilize the economy, including the takeover of the insurance giant American International Group Inc. in exchange for an $85 billion loan from the Federal Reserve.
In his speech, McCain blamed the current crisis on "the corruption and manipulation of our home mortgage system" and blasted Congress and the administration for not addressing the problems at the two mortgage giants Fannie Mae and Freddie Mac, which he said "led our housing system down a path where quick profit was placed before sound finance."
McCain also blasted his Democratic rival, Sen. Barack Obama, for not working to clean up the "corruption" at Fannie Mae and Freddie Mac.
"We've heard a lot of words from Sen. Obama over the course of this campaign. But maybe just this once he could spare us the lectures and admit to his own poor judgment in contributing to these problems. The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was square in the middle of it."
Although action must be taken to avoid future panics, the Arizona Republican said that ultimately, the economy would have to grow to get through "this tough time for America." McCain touted his economic plan, which includes tax cuts, and again said Obama would increase taxes on Americans who make as little as $42,000.
McCain's charge that his opponent would raise taxes on those making $42,000 is misleading, however. The McCain campaign cites Obama's vote for a nonbinding 2008 budget resolution that outlines budget priorities through 2013 and assumed that President Bush's tax cuts would expire in 2011.
The Obama campaign says its economic plan would only raise taxes on those making over $250,000.
Obama on Friday backed administration and congressional leaders' efforts to develop a "systematic solution" to the U.S. financial crisis.
Obama's statement came after Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commission Chairman Christopher Cox met with congressional leaders to discuss a plan that would allow banks to get rid of bad mortgage-related assets that have been a drag on their balance sheets.
"I support the effort of Secretary Paulson and Federal Chairman Bernanke to work in a bipartisan spirit with the congressional leadership to find a solution to our deepening crisis, and I will closely examine the specifics of their effort and the opportunity for swift action," the Democratic presidential nominee said in a statement.
Obama planned to meet with his economic advisers in Coral Gables, Florida, on Friday morning and is expected to make a statement about the economy afterward.
Obama said his economic team would not present a detailed economic plan at this time, "given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke." Obama said he would not present his plan until the Treasury and Federal Reserve presented theirs.
"It is critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, and that leaders in both parties work in concert to solve the problem at hand," Obama said.
The economic crisis has given Obama and his running mate, Sen. Joe Biden, the opportunity to go on the offensive. Most Americans see Obama as more capable than McCain when it comes to the economy, polls indicate.
The two campaigns have traded shots all week, most recently over the government takeover of AIG.
As the economy has dominated the headlines, Obama has widened his lead over McCain, according to CNN's latest "poll of polls."
The senator from Illinois is ahead of McCain in national polls by 3 percentage points, 47 percent to 44 percent. Obama was up by 2 points in the poll of polls released earlier Thursday.
McCain led in national polls last week, but by the weekend, the candidates were tied. Obama recaptured the lead for the first time in 10 days Wednesday.
The latest poll of polls consists of four surveys: CBS/The New York Times (September 12-16), Gallup (September 15-17), Diageo/Hotline (September 14-16) and American Research Group (September 13-15). It does not have a sampling error.
http://www.cnn.com/2008/POLITICS/09/19/campaign.wrap/index.html?eref=rss_topstories
McCain wants new agency to fix financial crisis
* Story Highlights
* NEW: McCain repeats misleading charge against Obama on taxes
* John McCain calls for agency to help weak financial institutions
* McCain blasts Barack Obama for not working to fix Freddie Mae, Freddie Mac
* Obama says he supports Treasury-Fed plan to help liquidate mortgage assets
(CNN) -- Republican presidential candidate Sen. John McCain said Friday morning that he would establish a new agency to deal with the U.S. financial crisis that many experts say is the worst since the Great Depression.
That agency, a Mortgage and Financial Institutions trust, would work with the private sector and regulators to identify institutions that are weak and fix them before they go broke.
"The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safeguard the life savings of all Americans by protecting our financial system and capital markets," McCain told the Green Bay Chamber of Commerce in Wisconsin.
McCain said the agency would be an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers.
McCain's campaign announced his speech Thursday night after Wall Street witnessed the federal government take unprecedented steps this week to stabilize the economy, including the takeover of the insurance giant American International Group Inc. in exchange for an $85 billion loan from the Federal Reserve.
In his speech, McCain blamed the current crisis on "the corruption and manipulation of our home mortgage system" and blasted Congress and the administration for not addressing the problems at the two mortgage giants Fannie Mae and Freddie Mac, which he said "led our housing system down a path where quick profit was placed before sound finance."
McCain also blasted his Democratic rival, Sen. Barack Obama, for not working to clean up the "corruption" at Fannie Mae and Freddie Mac.
"We've heard a lot of words from Sen. Obama over the course of this campaign. But maybe just this once he could spare us the lectures and admit to his own poor judgment in contributing to these problems. The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was square in the middle of it."
Although action must be taken to avoid future panics, the Arizona Republican said that ultimately, the economy would have to grow to get through "this tough time for America." McCain touted his economic plan, which includes tax cuts, and again said Obama would increase taxes on Americans who make as little as $42,000.
McCain's charge that his opponent would raise taxes on those making $42,000 is misleading, however. The McCain campaign cites Obama's vote for a nonbinding 2008 budget resolution that outlines budget priorities through 2013 and assumed that President Bush's tax cuts would expire in 2011.
The Obama campaign says its economic plan would only raise taxes on those making over $250,000.
Obama on Friday backed administration and congressional leaders' efforts to develop a "systematic solution" to the U.S. financial crisis.
Obama's statement came after Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commission Chairman Christopher Cox met with congressional leaders to discuss a plan that would allow banks to get rid of bad mortgage-related assets that have been a drag on their balance sheets.
"I support the effort of Secretary Paulson and Federal Chairman Bernanke to work in a bipartisan spirit with the congressional leadership to find a solution to our deepening crisis, and I will closely examine the specifics of their effort and the opportunity for swift action," the Democratic presidential nominee said in a statement.
Obama planned to meet with his economic advisers in Coral Gables, Florida, on Friday morning and is expected to make a statement about the economy afterward.
Obama said his economic team would not present a detailed economic plan at this time, "given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke." Obama said he would not present his plan until the Treasury and Federal Reserve presented theirs.
"It is critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, and that leaders in both parties work in concert to solve the problem at hand," Obama said.
The economic crisis has given Obama and his running mate, Sen. Joe Biden, the opportunity to go on the offensive. Most Americans see Obama as more capable than McCain when it comes to the economy, polls indicate.
The two campaigns have traded shots all week, most recently over the government takeover of AIG.
As the economy has dominated the headlines, Obama has widened his lead over McCain, according to CNN's latest "poll of polls."
The senator from Illinois is ahead of McCain in national polls by 3 percentage points, 47 percent to 44 percent. Obama was up by 2 points in the poll of polls released earlier Thursday.
McCain led in national polls last week, but by the weekend, the candidates were tied. Obama recaptured the lead for the first time in 10 days Wednesday.
The latest poll of polls consists of four surveys: CBS/The New York Times (September 12-16), Gallup (September 15-17), Diageo/Hotline (September 14-16) and American Research Group (September 13-15). It does not have a sampling error.
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McCain before this week: "Regulation Bad and poorly run companies are on their own"
Just about every speaker at Republican Convention: "Liberal big government is the root of all evil"
McCain (and his "conservative" cheerleaders) the last couple days: "Regulation good, we need more government involvement in the markets, and we need a blue ribbon commission to study it"
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
Spin this one, if you can, McSame backers.
"McCain wants new Federal agency to fix financial crisis"
The sub prime idea was largely brought about in the wake of congressional bitching about it being too hard for people to get a loan so that they could achieve the american dream. These companies simply traded it as if it were good debt and that's the issue, it's not simple, there was a good article earlier from the huffington post that someone posted actually detailing some of the failures of deregulation. Dumping money into a federal agency isn't going to do anything unless that agency actually gives a shit about the money and the officials treat state dollars as if they were there own.
As a country, we need to take it on the chin and do what needs to be done, namely cutting the shit out of spending and making sure we tax at a level which will adequately fund the government so that it does not run at a loss and pays off the debts it owes.
These financial institutions as well as other institutions like (media) should be regulated so that they do not go branching out and buying up everything and trying to be all things to all people, because that leads to corruption.
Since we're talking regulation, how the hell did we get to a point where if a company failed, it would severely impact our ENTIRE freaking economy!!!!??? This is a travesty of regulation if you will.
That's horrible. THat is precisely why agencies that already exist need to be gutted and reformed. Not addmore, do better with what we already have. The FERC the SEC the FED what the hell man... why can AIG be so large? Maybe we should actually stop a few corporate mergers and make sure the market is competitive? Isn't that the role of regulation?
This is still part of that whole mess where companies like Arthur ANderson who were supposed to be watching for fraud, were working with the criminals. Hell yes we need regulation, but we need to be more efficient with the agencies we already have in place to prevent this very kind of problem. Agencies that are on the take and asleep at the wheel.
This is a result of companies who look for every loophole and a century of bad wishy washy government involvement. It shouldn't ever have to be this complex and hulking.
Now now, Republicans were always for big government, you must be mistaken.
The economy has polarized to the point where the wealthiest 10% now own 85% of the nation’s wealth. Never before have the bottom 90% been so highly indebted, so dependent on the wealthy.
It is truly amazing to me that they have been able to sell themselves as being the party for small government for so long. Look at the government Reagan ran. Huge amounts of debt were accumulated during his time in office, as we wasted billions of dollars on defense spending (things like the "Star Wars" program).
Truth is, both parties promote policies that cause massive government spending. The difference is that Democrats realize the money has to come from somewhere (ie TAXES), while the Republicans think that the money can just be borrowed from China and thrown into the enormous pile that is our national debt.
I mean how many post 911 Government Agencies did Bush appoint?
Department of Faith Based and Community Initiatives?
WTF?
Republicans are the spenders
Republicans are the ones who want big government
Republicans are the ones who continue to drag the country down the toilet
Greedy Swine!!
It's time to pull the plug on this waterhead McCain and his backwoods hockey mom hack of a running mate.
They don't want change
They just want in on the money sucking orgy that's been going on in Washington for the last 8 years.