McCain's Bailout Agency
John McCain says the bailouts of major corporations must stop (he is right), but he wants to create a new government agency to "fix" bad companies before they go belly-up: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.
Memo to the McCain camp: You are the nominee of the Republican Party. The party opposite are usually the ones who are big into the government bailout business-they have mastered the art of bailing out everyone and everything and making it look and sound perfectly acceptable. One of the biggest arguments against the present administration from members of the President's own party is that on fiscal matters, he tends to govern as though he were a Democrat.
When the government, led by either party, engages in bailouts of any kind it is a terrible risk. In the immediate timeframe, the bailout always appears as though it has "saved" something or other. The long-term consequences of nearly any bailout are often not felt for many years, but bailouts tend to reward and encourage risky behavior which is a long-term danger to the economy.
Whether he knows it or not, John McCain is proposing a giant bailout agency. It is a bad move for a Republican candidate to make.
Labels: Economy, Presidential Election, Republican Party
posted by Deacon David Oatney @ 11:00 AM
2 Comments:
McCain is trying very hard to place the blame of Freddie and Fannie and even the fall of the Roman Empire on Obama. Winning is one thing but winning HONORABLY is another.
Freddie and Fannie have always donated to the Senate! And McCain has also been on the receiving end for many years. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3million in contributions to Republicans, who controlled Congress at that time.
This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.
The donations are according to committes you are on, how many years in the Senate, if you are running a campaign for President and nothing in the amounts people are thinking.
Obama's donations averaged $28,000 a year. McCain makes it sound like millions! He lies almost as well as Palin!
David,
I wouldn't worry too much about this "Agency" of McCain's. He's just trying to win an election, that's all. He wants to sound all decisive and on-top-it and everything. He'll say anything that helps him sound like that. But that's about all there is to it. He's nothing but a clown in an old man suit. That's all, and ... he's all you got.
SteveMule
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