"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.
3 comments:
Yeah, this just serves to show that the GOP has nominated a candidate who seems ill-equipped to handle domestic economic issues, and has staked their chances of winning the White House on a candidate that runs on his "foreign policy expertise", in a year where 66% of Americans disapprove of the Iraq War and most are more concerned with our economic situation.
Whereas both Democratic candidates have outlined acutal policy proposals, McCain's comments underscore his inability to outline detailed economic policy, and show him speaking in generalizations. If he doesn't see the horrendous lending practices of these top mortgage firms as "systemic risk", than I don't know what is. The current crisis was a result of an endemic, systemic problem that has crippled our economy. The economy is the top issue for most prospective voters, and McCain has done himself no favors here. I found Hillary Clinton's assertion that McCain's attitude towards the crisis is reminiscent of Herbert Hoover to be spot on. In systemic, broadly felt economic crises, government intervention is necessary to alleviate some of the damage if not wholly prevent a complete collapse.
Even though I like McCain, I must agree with both of you on this matter.
What impresses me though, is that not a person in the media has attempted to liken this situation to the Savings and Loans crisis of the 1980's. Not only is it similar, this one being worse because the real value of homes are involved, but McCain played a significant role in that crisis as well.
He was part of the scandalous Keating 5 that was tied up with the Lincoln Savings and Loan debacle where 5 US senators were implicated in an "influence-peddling scheme". John McCain was one of those five and he was rebuked by the senate for exercising poor judgement with regards to federal intervention!!!
Deja Vous anyone? Not that I am implying any sort of scandal here but he has already demonstrated a lack of understanding in the past when the problem was not even as large.
I correct myself, apparently the media has spoken about this at the behest of McCain.
Check out the article.
McCain: I learned from Keating Five Case
Post a Comment