Skip to comments.McCain: 'Wall Street Is The Villain'
Posted on 07/28/2008 7:52:26 AM PDT by Crazieman
ABC News' Mary Bruce reports: Sen. John McCain, R-Ariz., blamed Wall Street this weekend for the failing economy. "I think that Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on," McCain said in an exclusive "This Week" interview with George Stephanopoulos.
McCain also placed responsibility on a "gridlocked" Congress. "I also think that Congress is at fault. We didnt restrain spending. Spending got completely out of control," he said.
When asked about Congress' progress in passing the housing bill, McCain said he would have voted for the legislation, but noted, "I also see, again, the influence of special interests." When pressed about why he would support it, McCain explained, "its better than nothing."
"I think there was a better way to do it. And I think the special interests probably played a role in the shaping of that legislation," he said.
McCain reluctantly offered support for the controversial provision that would enable federal aid for faltering private institutions, such as Freddie Mac and Fannie Mae. "We reached such a situation that, if these institutions failed, the impact on millions of innocent Americans could be very severe," he said. He noted, however, that "in the case of Fannie and Freddie, we should stop their lobbying activities. We should eliminate the pay and bonuses that these people rake in."
McCain agreed with Sen. Barack Obama, D-Ill., supporter Robert Reich who, along with Republican columnist George Will, has proposed that executives at institutions receiving government guarantees should receive government salaries. "That's exactly right," McCain said.
(Excerpt) Read more at blogs.abcnews.com ...
We are so screwed.
Absolutely concur! Obama almost had me convinced to vote for McCain and then the zany maverick goes and reminds me of who he really is.
Of course you and ABC (in it's headline) conveniently ignore this part of McCain's comments.
Rah rah rah goes the McMoron supporters on FR!
Did you say something similar when Bush commented on a "drunken" Wall Street a few days ago? No seriously... did you?
What's sad is that republicans will saddle the right with this man's incompetent leadership for the sake of party power. I wouldn't take money to vote for McMoron.
Well, he is half right, congress is to blame for out-of-control spending.
Too bad his opinions on both matters will probably change before Nov. 7 based on whether or not he thinks he can get more votes.
Geez McLame gets stupider every day, I think.
And remember his proposal to give a ‘prize’ of a half billion $$$ to anyone who could invent a better fuel (or something like that)
He probably REALLY THINKS THE BUISNESS WORLD WORKS LIKE THAT (all those companies are now scrambling around trying to get “that prize” instead of oh, I dunno- DOING THEIR JOB)
I think the best thing we can get this election is a stalemate- Let Obamarama win (I WILL NOT be voting for any democrat like McLame) but with a Republican congress to block his every move
McLame’s covering his bases with cute statements like that. Half of his proposals call for massive spending that would dwarf Bush’s increases.
Global warming legislation, Health care legislation, amnesty legislation.
Nice try. Won’t fool me.
McLame is a typical career politico maroon ..ok .. tired of dancing .. a real moron. Do any of these people have a 3rd grade education?
None of the congrescritters have the qualifications to be hired by me. I guess that is why they are where they are.
E pluribus e pathetique!!
When I sold my home in 2004, this is how it went down...I sold my home for almost double than what it was worth (we all knew that)...When I questioned how it would appraise that high, the realtor told me that it was his college friend who was the appraiser...the people who bought it got a stupid loan in order to live in the home they wanted to live in, not the one they could afford... The bank? They're left holding the bad loan...
Now, who is the villian in this scenario? I'm interested to see the comments.
We still have, hands down, no choice. We can reach McCain we can’t reach Obama. Obama is a pure out right Marxist and racist. McCain is confused on the economic front, but on social and defense issues is ok. He is wrong on the amnesity, but I think he is now convinced we must enforce the border.
I can’t imagine the US with Obama/Pelosi/Reid running it.
I can’t imagine the judges they would appoint.
I can’t imagine a conservative that abandons us and doesn’t vote in a snit. This is one time when I will berate my left leaning friends and really challenge them will loss of my friendship over a vote..likewise those conservative friends who won’t support freedom over slavery. They won’t be welcome in my house or at my table.
A destroyed economy and domestic policy cannot support the common defense.
"We could go out and ask people -- the smartest people in America, maybe somebody like Jack Welch or John Chambers or Meg Whitman, people like that -- and say, 'come and take over and do it for $1 a year.' Theyd be willing to do that," McCain said.
Maybe you'd like to wipe my butt for a nickel?
He wants someone who will make him look like a moderate
Someone who will appeal to women voters
Someone who can steal democrat votes from Obama
He wants to be bi-partisain, and "reach across the aisle"
(And if he really DID pick the Hildabeast for a running mate we'd STILL have people here trying to convince us it would be better than voting for Obama)...
No one forced them to buy a house at a ridiculous price on a loan they couldn’t afford.
When you can’t afford to buy, rent! I moved around a lot in the military, and rented more often than I owned. When I was at Whidbey, I could rent a house for half the price of buying one. That is a good sign of a market out of whack.
As long as we don't need to pour water on a terrorist to save a city, yeah. He's good on defense.
Wall Street is not the villain. McCain should look in the mirror sometime. Wall Street is just protecting itself from the coming ravages. Gridlock is a good thing, no harm can be done.
There is no villian . Just individuals and lenders (and those who buy their mortgages) making stupid decisions. The only villian to the extent there is one is the appraiser and or Realtor.
I don't really see anyone on FR jumping up and down to vote for McCain. What I do see are people on FR who will cast their vote for McCain to keep the Communist/Marxist/America-hater Obama out of the White House.
Here, Fannie and Freddie are allowed by Congresspersons to lend far more than any bank or other lender would be allowed... and so his solution is to curtail the economy.
Someday he'll actually look to hold an elected representative accountable for their actions... but I won't hold my breath.
So we vote for the socialist America-lover who’s willing to give it a government bearhug large enough to squeeze the life out of the country.
Yay! Lets vote today!
A no vote is a vote for Obama. It’s just simple math. Vote wisely.
“He noted, however, that “in the case of Fannie and Freddie, we should stop their lobbying activities. We should eliminate the pay and bonuses that these people rake in.””
How ‘bout all those ‘charitable’ contributions Fannie makes....like millions to Maldef, LaRaza, Lulac and the Rainbow coalition?
HA! I said a while ago McCain had it in for Wall Street but no one believed me.
Yup. Its reasoning like that for where we are today.
Thanks guy, you gave us RINO dominance in the party.
Hmmmmmm? I am going to cast a NO VOTE for Obama, would that be considered a yes vote for McCain? The people that spew this “a no vote for McCain is a vote for Obama” do not like to use the same argument in reverse.
Don’t know about you, but this argument is pretty old and useless. LOL
Cut the drama! I voted for Duncan Hunter in the primaties but at this point you have 4 choices: Vote for McCain, Vote for Obama, vote 3rd party, do not vote. The latter 3 are all votes for Obama.
You legitimise RINOs.
McLame support 2 years ago was considered a zottable offense, or suspicion of being DU plant.
And D.C. was just the innocent bystander? Sure, Johnny, whatever you say.
Hmmm, interesting..but I was aware of what was going on..so..doesn't that make me a co-conspirator? And what about the people who took a loan out that they knew would change one day...Doesn't that make them a co-conspirator? Everybody had to sign on to this "transaction."
You do what you feel you need to do and I'll do likewise!
Each person has to make a choice. I will be voting for McCain, because I think Obama would be much worse for our country. Yes, I'd rather have someone else as the Republican nominee, but that's just not the way it is.
He can forget about my vote. I think he’s drunk on that illegal immigrant lettuce.
Like it or not, Wall Street gets up to some crazy stuff that affects us all (subpime loans, derivatives). More regulation is indeed warranted. If it was just themselves they were harming, I wouldn’t care.
As to McCain’s comments about WallStreet...
My goodness I am proud of CINDY McCain,
as a female myself I applaud that she is a CAPITALIST! A female capitalist, doesn’t she have any influence over him?
If she did we wouldn’t worry about him not being a conservative, surely she tends to lean conservative.
As to the housing “crisis” the only crisis we have is interfernce by government to bail them out!
Upon reflection, I'd be inclined to agree. The villains are the people who knew they were doing wrong.
When I sold my home in 2004, this is how it went down...I sold my home for almost double than what it was worth (we all knew that)...
Sorry Hildy, you are one of the villains. (Not that I would have done anything different! I was hoping to do precisely the same thing when my son reaches his majority, and get the heck out of California...)
When I questioned how it would appraise that high, the realtor told me that it was his college friend who was the appraiser...
Both the realtor and the appraiser are co-conspirator villains.
the people who bought it got a stupid loan in order to live in the home they wanted to live in, not the one they could afford...
Ultimately the people who set the price are the buyers, they bought more than they could afford, with he ope of ultimately sticking it to someone else when the final bill comes due. They're villains, too.
The bank? They're left holding the bad loan...
Villains. They made a loan they knew was going to go bad from the get-go. That's not a very responsible thing to do.
Hildy maximized the cash she got.
The realtor maximized his commission
The appraiser maximized his business volume
The buyers got a place to live at a price they agreed to
The bank managed to make some interest
Everybody got out more than they put in.
Who's the villain? If everyone wins a little or a lot is there really a villain?
“doesn’t that make them a co-conspirator?”
Not in my mind. The villians are the people who acted to deceive and actually broke the law, IMO.
sorry....McCain is correct in many ways and I speak from experience (I insured houses for the longest time)....
the banks were giving away mortgages and money to people who would usually not be approved for a credit card....
I would see people in the northeast who made 50K/$60K/$70K annually purchasing houses for $450K/$500K/$600K and they were receiving 100%-110% mortgages from banks for the purchases- it was sheer lunacy and the writing was on the wall for the coming implosion...
the borrowers have to take a hit to but these banks gave away money like they could care less without properly underwriting the risks...
I agree with you. Lending institutions have to exercise restraint or they’re just sharks. You can change business but you can’t change human nature (the customers). That’s why banks and brokers have to be regulated.
Oh yeah! And illegal aliens are getting $50 an hour picking lettuce. Sheesh! what a lying SOS.
Think repeal of Glass-Steagal, and the securitization of loans. Wonder why subprime and AltA and Option ARM loans had AAA ratings when securetized.
Wall Street is complicit in the mess. As in, up to its eyeballs in the fraud.
I just noticed my spell check is auto correcting villain for villian.....
No villain ? Are you joking ?
There were fraudulent appraisers, mortgage brokers pushing up income on no-doc loans, banks who gave loans w/o verification, IBs that securetized the loans and sold them to investors as something other than they were, ratings agencies that gave AAA ratings to these securities so the IBs could sell them, brokerages who knowingly sold the crap to their customers... All of whom should know that if a borrower does NOT HAVE THE INCOME, they CAN’T PAY IT BACK.
It was a Ponzi scheme and they all knew it. In the meantime they all made huge fees off each step of the process.
If Boxcar Barry is elected McWeevil will be pushing his Cap&Trade bill through the Senate and Boxcar Barry will gleefully sign it.
If McWeevil is elected Boxcar Barry will support the Cap&Trade bill in the Senate and McWeevil will gleefully sign it.
Either way it will cost trillions and force industry to scale back to a level of two decades ago.
(Or just outsource themselves lock stock and barrel to India and China.)
They’ve had years to regulate, and they’ve failed. Why do you think the regulators will succeed this time ?
The only thing that can fix this is to let the ones with bad judgment fail, take the pain, and rebuild without the lies.
It’s not about party power. It’s about not getting someone in the White House who doesn’t have any desire to protect our country. Obama will use “diplomacy” to give us over to destruction. At least McCain cares about the US remaining a sovereign country.
He does? He only seems interested in Iraq. Otherwise its a free for all in America, unless you’re and industry that remotely pollutes, then you go to hell.