First, let me say this both candidates for the Presidency have for all practical purposes been AWOL for the last 2 yrs due to their run for the office of President.
Had they chosen to return to DC last Thursday night or early last Friday morning when all this stuff hit the fan, I most likely wouldn't be writing this right now.
Either Senator McCain has experienced a rapid early onset of senility or he has placed his political aspirations above the well being of every man woman and child in this country.
To play presidential politics with an issue as serious as this is criminal and irresponsible. I can only urge the Senator to return to his senses and go debate his opponent tonight. Neither he or Obama have been a part of these negotiations not including what most call a non productive meeting at the White House yesterday. All it was was a photo opportunity at the expense of us all.
He may deem it wise to gamble with his future but I must urge him strongly not to gamble with mine.
There has been a lot good hard bi partisan work done without their presence for a week now and it can be concluded now without their input.
In this day and age with communications as they are and transportation easily at their disposal they can return to Washington on a moments notice.
I have sat back now and quietly asked my question for the day without giving a lengthy opinion until now.
It seems to be that it is all too easy to blame Washington and Wall Street and neglect to place any of the responsibility on we the people on Main Street.
For those of you who dont know my politics I am very much liberal in thinking. But this isnt about liberal or conservative politics. It is not about election year politics. It is about facing a grave problem and dealing with it.
It really doesn't matter if the make the tax payer pay going in the front door or out the back door. For Gods sake folks we need to get real on this one. Its going to go away with Band-aid measures.
Ask yourselves one question and you need not answer it here. " How many of us really understand all the dynamics of the economic situation we now face?" If you dont back off and let the people you elected less than two years ago do their jobs.
To do otherwise is like having a cancerous tumor and hiring your meat cutter to take it out. You must approach this issue with extreme caution.
Please dont bjy into the wording of Bailout vs workout as they are the same animal. To delay this any further will result in none of us being secure.
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Marilyn
It would be insane to grant unconstitutional powers to the Treasury as proposed by Mr Paulson. Nothing that the government couldn't do today could be enhanced by doing so - except to give the banks more excuse to speculate as they would do - with commodities, oil etc the past year - because they were bailed out. The mortgage business, credit crunch etc has to be dealt with by Congress - the banks and Wall Street won't do it - and that will require a different program including investment in creating jobs and rebuilding the economy. That could be planned for seriously in January. There is a sensible proposal by J K Galbraith I suggest you look into .
A Bailout we don't need
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/24/AR2008092403033_pf.html
All the corporate cons want is to sell us their bad debt that they created.
Their has already been 3 CEO's that have failed their corporations and left with millions in perks for doing it and if we bailout the rest we are just asking to be taken over the cliff again. All a bailout will do is delay the inevitable downfall of these criminal corporations. They need to fail age get out of the way for legitimate business and scare tactics will not help at all.
McCain and Obama need to attend the debate tonight. McCain backing out just shows what a phony neocon he is.
Wise words !
He is a senator, with one voice out of 100, he is not a Congressperson nor does he have a leadership role in the House of Representatives.
He parachuted into the middle of this mess so he could be front and center, taking credit for all the hard work of others. I guess he forgot he doesn't belong to any of the relevant committee's, wasn't invited nor allowed into the meetings and by his own admission, knows nothing about economics. So what does he do? He starts meddling around in the House of Representatives until he completely trashed the agreement.
He is like a spoiled child, definitely not Presidential
MORTGAGE FRAUD @ www.fbi.gov
http://www.fbi.gov/hq/mortgage_fraud.htm
First let me say that I support neither of the two candidates. I was for McCain until 3 weeks ago, don't see how I could ever vote for Obama's policies.
I know it sounds weird to say someone should not go do the job he is paid to do but PRESUMPTIVE NOMINEES should stay away from the senate for several reasons:
1. These two jobs cannot be done full time at the same time. A presidential campaign is from 6:30 AM to 11:00PM on a daily basis, often times later.
2. They think about the campaign in every up and down vote. Better if they don't vote.
3. The minute they show up, the house is divided into two camps. No more bipartisanship. Everyone wants the nominee to take credit.
McCain showing is doing just that. You think the democrats will let him take credit for ANYTHING that gets passed unless it's unpopular? You think the republicans will let Obama bring people together? The minute McCain said he was going back, anyone who did not realize that things will stop, does not know much about politics.
Until McCain leaves, things will not get done. The candidates need to stay out if they want bipartisanship. Nominees = Division. That simple
However, it's the principle. People are against this because when they lost their jobs, nobody bailed them out. Nobody bailed them out when gas was 5 bucks a gallon. Too ordinary people, this is an example of the government taking care of Wall Street, not them.
I know we had a stimulus but that was not 700 billion. Why not send Americans check during tough times to be taken back little by little in form of taxes during rainy days?
I know my fellow conservatives will say 'no thanks, I know how to invest my money for rainy days better than the federal government saving it for me'
It's tough.
If Wall Street feels that there is NO PLAN FOR A PLAN, things will go south today.
Let's all be clear, HOUSE Republicans are stopping this be it for good reasons or bad, they are stopping this. They should have the courage to take the blame for not acting fast. Include Senator Shelby in that mix. He is all over the place saying we should do nothing yet.
There is nothing worthwhile in approving any plan granting a bailout. It will only further increase the plunder of the people and destroy the economy.
WHO said they were for doing nothing ? Oh yeah the House Republicans
The initial problem came in the form of President Bush's declaration that:
Thirty-Two Words That None Dare Utter
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
President Bush is Death On Two Legs
There is no excuse for McCain not to face Obama in the debates other than being chicken and trying to score political points.
Oh but there is, at least in the mind of McCain !
You see, if he gets this debate delayed he can then argue there is not enough time to also hold the VP debate so, they will scuttle the VP debate in order to use that time for the rescheduled Presidential debate.
On this one everyone I really hope I am wrong. I have no safety net. I have good reason to fear
In my opinion.
I also share your opinion of McCain.
Last night watching the news though kind of brought a glimmer of hope. With McCain pulling out of the debates and Bush making his announcement of doom and gloom, it shot Obama's ratings up quite a bit. Not that I take ratings to heart.
"" How many of us really understand all the dynamics of the economic situation we now face?" If you dont back off and let the people you elected less than two years ago do their jobs.
To do otherwise is like having a cancerous tumor and hiring your meat cutter to take it out. You must approach this issue with extreme caution.
Please dont bjy into the wording of Bailout vs workout as they are the same animal. To delay this any further will result in none of us being secure."
Well, I STRONGLY disagree with you, Dear Friend.
See, herein lies the problem with so many of us right now.
We get blamed for buying too much home, and not understanding what we got into. You say that if we don't understand, let it to others?????????????
WRONG!!!
That is NOT the way I do it.
I know my sister thinks all of this is easy, and I confess that it may be easy to HER, but her talk doesn't sound so easy to ME; at least I'm trying (key word being "trying") to understand it all.)
Now listen to this, Carol: You've heard me mention my buddy, David (I think). He's the broker who sold me my home. He became soooo annoyed with me, with all of the questions I was asking him. Want to know why? Because he said that in all of his years of selling home NO ONE had EVER asked him so many questions, and in-depth questions as I was doing. He said that I was doing HIS JOB, and I should just leave it all to him.
THE NUT!!! The Hell I was!!! I thought to myself that this was the biggest purchase that I had ever made, and I was NOT going to "leave it all to him". Who the Hell did he think he was, anyway? I am not a sheep to be led to the slaughter. Furthermore, I sat that in the Mortgage office with them, and READ through every single last one of those contracts, asked questions when I did not understand, before I signed ANYTHING, bought books on real estate and home purchasing . . .
in other words, instead of "leaving it to others", people who got us into this mess, we should rather want to become more INFORMED, learn from our mistakes, lest we get screwed again.
I do NOT like being ripped off, and I am not a very trusting person, especially when it comes to business.
2006!
It turns out Sen. John McCain foresaw the impending Fannie Mae /
Freddie Mac Mortgage Crisis more than two years before it happened,
and co-sponsored legislation that would have required greater
oversight of the mortgage lending entities. But, of course, that
legislation was torpedoed by the Democrats, never making it out of
committee. Obama did nothing to speak out at the time in behalf of the
legislation, and would not sign on as a co-sponsor. Here's what John
McCain said on May 25, 2006:
[Mr. President, this week Fannie Mae's regulator reported that the
company's quarterly reports of profit growth over the past few years
were "illusions deliberately and systematically created" by the
company's senior management, which resulted in a $10.6 billion
accounting scandal.
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.
The OFHEO report also states that Fannie Mae used its political
power to lobby Congress in an effort to interfere with the regulator's
examination of the company's accounting problems. This report comes
some weeks after Freddie Mac paid a record $3.8 million fine in a
settlement with the Federal Election Commission and restated lobbying
disclosure reports from 2004 to 2005. These are entities that have
demonstrated over and over again that they are deeply in need of
reform.
For years I have been concerned about the regulatory structure
that governs Fannie Mae and Freddie Mac--known as Government-sponsored
entities or GSEs--and the sheer magnitude of these companies and the
role they play in the housing market. OFHEO's report this week does
nothing to ease these concerns. In fact, the report does quite the
contrary. OFHEO's report solidifies my view that the GSEs need to be
reformed without delay.
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.
I urge my colleagues to support swift action on this GSE reform
legislation.]
Now tell me which candidate has any credibility to speak to the
crisis of today?
--- end
I suppose Barack was busy with other, more important issues .. voting
[Present].
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