"Some Americans bought homes they couldn’t afford, betting that rising prices would make it easier to refinance later at more affordable rates ...”He apparently doesn't understand the current crisis. He said,
“Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy,”What is wrong with this man? How did he ever get nominated? Maybe, just like good ole GWB, he just doesn't read newspapers or watch news. The Dems must have been real lucky because the GOPhers nominated this clueless individual. Otherwise, we Dems would be in real trouble this fall. This man epitomizes the reasons why America is almost ready to finally rid itself of the republican party. That party lost track of America, forgot the needs of the people, mistook aggression for compassion, took us to where we are now, and now, refuses to accept responsibility.
If I remember correctly the Bear Stearns debacle occurred because of its subprime lending practices. And, please, someone tell McCain that Bear Stearns' fall could be the precursor to a world-wide economic crisis. It's time call out McCain for what he is, to question him, to investigate him, what he says, and what he says he believes. If he truly believes that the US should reserve "bail-outs" for systemic risks, and he doesn't believe that we should be offering assistance now, then what does he think just happened, and is continuing to happen.
Tens of thousands of Americans are losing their homes and their future to foreclosure. The FDIC is bracing for about 150 US bank failures in the coming 3 years. Home prices are in steep decline. already reaching record drops all across our nation.
So, why won't the national media call him out on his ridiculous economic views? If he doesn't think we are at systemic risk right now, then where are we? Is he having visions? Does he think he can dream us out of this economic mess? This man should not be president. We cannot afford it.
