McCain seeks to delay Friday debate to deal with financial crisis

B00Mer

B00Mer

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McCain seeks to delay Friday debate to deal with financial crisis

http://www.miamiherald.com/news/politics/AP/story/699902.html

WASHINGTON -- John McCain will suspend campaigning to work in Washington on the Wall Street bailout and is asking that Friday night's kickoff presidential debate with rival Barack Obama be delayed.

McCain said in a statement Wednesday that he will break off from campaigning on Thursday and return to the capital to help work on the proposed $700 billion bailout.

Echoing others in Congress, McCain said that he did not believe the bailout would pass in the form that was proposed. He urged President Bush to convene a meeting with congressional leaders from both parties and invited Obama to join him there. He urged that they forge a bipartisan bailout solution.

"I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis," McCain's statement said. "It's time for both parties to come together to solve this problem."

The Obama campaign, which had not signed off on delaying the debate, said the two candidates spoke Wednesday about a joint statement on the bailout.

"At 8:30 this morning, Sen. Obama called Sen. McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal," Obama spokesman Bill Burton said.

"At 2:30 this afternoon, Sen. McCain returned Sen. Obama's call and agreed to join him in issuing such a statement," Burton said. "The two campaigns are currently working together on the details."

To see McCain's statement on seeking a delay in the debate:
http://www.realclearpolitics.com/articles/2008/09/mccains-statement-on-postponin.html

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While McCain risks his career on taking a stand and voting on an issue, the U.S. economy.. Obama is on the campain trail as usual.

Obama who voted present 130 times as a senator, and will now vote present on the most important issue to ever hit the United States.

"Obama votes Present on the Economy."
 
talloola

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B00Mer said:
McCain seeks to delay Friday debate to deal with financial crisis
WASHINGTON -- John McCain will suspend campaigning to work in Washington on the Wall Street bailout and is asking that Friday night's kickoff presidential debate with rival Barack Obama be delayed.

chicken sh*t. Sure he would never want to debate Obama while this thing is up in the air,
as McCain has a huge disadvantage, when it's over, he can then spout how he and he alone
made great decisions to solve the problem, then debate, and spout and brag.
Click to expand...
 
B00Mer

B00Mer

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talloola said:
chicken sh*t. Sure he would never want to debate Obama while this thing is up in the air,
as McCain has a huge disadvantage, when it's over, he can then spout how he and he alone
made great decisions to solve the problem, then debate, and spout and brag.
Click to expand...

Actually he should debate Obama and bring up the fact that McCain was for the Community Reinvestment Act, which Representative Barney Frank (D - MA) stopped from passing. (Obama voted Present) :lol:

If the CRA passed this would not have happened. :wink:

YOU WILL KNOW THEIR NAMES: BARNEY FRANK, NANCY PELOSI, CHRIS DODD

Congress Tries To Fix What It Broke

Regulation: As the financial crisis spreads, denials on Capitol Hill grow more shrill. Blame an aloof President Bush, greedy Wall Street, risky capitalism — anybody but those in Congress who wrote the banking rules.

Such denials won't hold against the angry facts banging on their doors. The only question is whether the guilty party can keep up the barricade until Election Day.

A visibly annoyed House Speaker Nancy Pelosi rejected suggestions that Democrats share blame for the meltdown. "No," she snapped at reporters who dared ask.

Stick to our narrative, she scolded: The bursting of the housing bubble was another story of market failure and deregulation.

"The American people are not protected from the risk-taking and the greed of these financial institutions," she said, while calling for investigations of the industry.

Only, the risk-taking was her idea — and the idea of all the other Democrats, along with a handful of Republicans, who over the past 30 years have demonized lenders as racist and passed regulation after regulation pressuring them to make more loans to unqualified borrowers in the name of diversity.

They were the ones who screamed — "REDLINING!" — and sent banks scurrying for cover in low-income neighborhoods, where they have been forced to lower long-held industry standards for judging creditworthiness to make the subprime loans.

If they don't comply, they are threatened with stiff penalties under the Community Reinvestment Act, or CRA, a law that forces banks to make home loans to people with poor credit risks.

No fewer than four federal banking regulatory agencies are responsible for enforcing the law. They subject lenders to racial litmus tests and issue regular report cards, the industry's dreaded "CRA rating."

The more branches that lenders put in poor neighborhoods, and the more loans they make there, the better their rating. Those lenders with low ratings can not only be fined, but also blocked from mergers and other business transactions needed to expand.

The regulation grew to monstrous proportions during the Clinton administration, obsessed as it was with multiculturalism. Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.

The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama.

HUD, in turn, pressured Fannie Mae and Freddie Mac to purchase more subprime mortgages, and Fannie and Freddie, in turn, donated to the campaigns of leading Democrats like Barney Frank and Pelosi who throttled investigations into fraud at the agencies.

Soon, investment banks such as Bear Stearns were aggressively hawking the securities as "guaranteed." Wall Street's pitch was that MBSs were as safe as Treasuries, but with a higher yield.

But they weren't safe. Everyone in the subprime business — from brokers to lenders to banks to investment houses — absolved themselves of responsibility for ensuring the high-risk loans were good.

The mortgage lenders didn't care, because they were going to sell the loans to other banks. The banks didn't care, because they were going to repackage the loans as MBSs. The investors and traders didn't care, because the MBSs were backed by Fannie and Freddie and their implicit government guarantees.

In other words, nobody up and down the line — from the branch office on main street to the high-rise on Wall Street — analyzed the risk of such ill-advised loans. But why should they? Everybody was just doing what the regulators in Washington wanted them to do.
So everybody won until everybody lost, including the minorities the government originally mandated the banks to serve.

The original culprits in all this were the social engineers who compelled banks to make the bad loans. The private sector has no business conducting social experiments on behalf of government. Its business is making profit. Period. So it did what it naturally does and turned the subprime social mandate into a lucrative industry.

Of course, it was a Ponzi scheme, because they weren't allowed to play by their rules. The government changed the rules for risk.

In order to put low-income minorities into home loans, they were ordered to suspend lending standards that had served the banking industry well for centuries. No one wants to talk about it, so they just scapegoat Wall Street. Even John McCain has joined the Democrat chorus on this.

The FBI is now investigating 24 large mortgage lenders for alleged abuses. But who will investigate the pols and the lobbyists and the community agitators who made the bad decisions that ultimately forced businesses to make their bad decisions?
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A

Avro

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B00Mer said:
Actually he should debate Obama and bring up the fact that McCain was for the Community Reinvestment Act, which Representative Barney Frank (D - MA) stopped from passing. (Obama voted Present) :lol:

If the CRA passed this would not have happened. :wink:
http://www.victoriataft.com/2008/09/you-will-know-their-names-barney-frank.html
Click to expand...

Well that was a lovely pile of BS....now the truth.

http://www.prospect.org/cs/articles?article=did_liberals_cause_the_subprime_crisis

McCains inability to debate Obama while dealing with the financial mess proves he can't deal with more than one serious problem at a time. The U.S. deserves more from it's leader.
 
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darkbeaver

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The candidates are going to do thier patriotic thing and help push the bailout through congress who must appear uncomfortable enough to play at struggle and then poof the bill is law and that's the direct rule of capital. the final looting of the empire, then it is left to decend into chaos while the bankers and gamblers sail away to thier castles in Spain or someplace else where there are no winters, not in the Americas though. Oh bestill my acheing heart they are such noble patriots, jesus would do that you know.
 
A

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Kreskin

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McCain needs to catch up on his sleep. He has missed a lot of afternoon naps lately.
 
B00Mer

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Kreskin said:
McCain needs to catch up on his sleep. He has missed a lot of afternoon naps lately.
Click to expand...



Notice that McCain reached across and invited Obama to join him in Washington, Obama refused.

Bush offer Obama to come to Washington, he said yes. So that show me that under an Obama gov't there will be no middle ground.

If Obama wins, I will pull my money out of the USA. No trust in a Banana Republic. I an asure you there are many others that feel that way too...
 
Kreskin

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You have to hand it to McCain. This could be one heckuva move - cancelling politics during a Presidential campaign. I feel the same way I did when I first watched Rudolph the RedNose Reindeer and Santa cancelled Christmas.
 
darkbeaver

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The debates suspension was by mutual agreement, both parties are solidly behind passage of the bailout, in other words they are working together on the more important business of enriching thier employers.
 
Kreskin

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B00Mer said:


Notice that McCain reached across and invited Obama to join him in Washington, Obama refused.

Bush offer Obama to come to Washington, he said yes. So that show me that under an Obama gov't there will be no middle ground.

If Obama wins, I will pull my money out of the USA. No trust in a Banana Republic. I an asure you there are many others that feel that way too...
Click to expand...
What money? Those are bananas.
 
A

Avro

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B00Mer said:
I guess if you have nothing intelligent to add this is your usual response. I notice that you do that often... I guess your lack in intelligence speaks for itself. :lol:
Click to expand...

I already did respond to you dummy.:roll:

Which you ignored, what's the matter, nothing intelligent to say?:lol:

I see they are not taking this move by McCain to well in the south where they have spent millions for this debate. Suspending a campaign is as about as dumb as going on holiday after a convention.....wait didn't Kerry and Dumdkakis do the same thing.....where are they now?

I may have been wrong in my prediction of a McCain victory afterall.
 
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