Posted on 09/29/2008 8:18:14 PM PDT by pissant
Republican presidential candidate John McCain had sharp words for Congress, it the wake of the defeat of the financial system rescue plan.
"They wiped out $1.2 trillion today," the Arizona Senator told KARE 11, "Congress's failure to act today is not acceptable."
Despite pleas from President Bush and Treasury Secretary Henry Paulson, lawmakers rejected the bailout bill by a vote of 228-205. By the time the New York Stock Exchange closed, the Dow Industrial average had plummeted 777 points.
Answering questions via satellite from Des Moines, Iowa McCain chided those from both sides of the aisle who opposed the plan.
"This is a time of severe crisis, maybe the greatest crisis of our life time," McCain told KARE, "Our failure to act is going to cause problems not only in America, but globally."
Some opposed the package because it didn't do enough to directly address the hardships faced by those stuck in with mortgage foreclosure troubles and, in some cases, predatory loan rates.
Other resistance came from those who are fundamentally opposed to such a massive influx of government aid, at a time when the United States treasury is already straddled with record debt.
Still others remain unconvinced that buying up lenders' bad debt bring trangible results to average people when it comes to easing the credit crisis.
(Excerpt) Read more at kare11.com ...
McCain should fully understand after his immigration fiasco, that the will of the American people should dictate how the government operates. The people of this country rejected this turd of a bill. Maybe we need to Freep the McCain camp with calls and emails and exert our wills on this man.
i can sympathize, he’s my senator and on the illegal immigration he has really teed me off.
“mccain buys us more time to try to ‘right’ this country.”
How much more time do conservative politicians need? Bush did nothing to advance the cause. The “Contract with America” fellas did very little. Even Reagan barely dented Leviathan’s thick skin. As far as I’m concerned, the Republican party is the Whig party. It’s dead.
I hope the comments were taken out-of-context. They read that way in the article. From what I had heard, McCain was part of the opposition. But ... he does have a history of surprising the conservative cause with a stab in the back every now and then ...
Bush looks tired, very, very tired. I think it’s all weighing heavily on him.
Where’s the ‘Maverick’ when the country really needs one?
ummmmmmmmm, more time than barry. i have kids. i’m still hopeful that we can leave them a decent country.
No replies.
Hopefully they’ll surface eventually.
i think that he has not wanted to be president for the last several years. i can understand, but it comes with the job.
Seriously, did anyone expect anything different?
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I GUESS WE ALL SHOULD HAVE ‘COPY PASTED’ OUR EMAILS TO CONGRESS TO THE ‘MCCAIN CAMPAIGN’ HEADQUARTERS TOO!!!!
Yes. I expected him to want to do things to help him win the election. This was a no brainer to demand a market based remedy and not a bailout.
I agree, but what do you do? We can say: “Let the market crash and fix itself” which could lead to some depression. Or we can do something about it. The thing is, what needs to be done is not in this bill. This bill is worthless and I thank God it failed. But we not only have to criticize it, we must also present an alternative. Otherwise we’re just blowing smoke. We are starting to see good alternatives, we need time to get them sorted and then go in full bore, because we do need some rats to pass the alternative bailout.
But that’s the thing, he can’t just say it sucks, he has to present an alternative. That alternative is coming together.
I hope I dont get flamed, but only when Goldman Sachs saw its share price fall last week did Treasury Secretary Paulson decide that the government had to bail out Goldman. Make no mistake about it, Paulsons cronies at Goldman called him up and pleaded for government intervention. Screw Paulson and the Dems that run Goldman Sachs:
http://online.wsj.com/article/SB122266132599384845.html?mod=rss_markets_main
Back in New York, the situation at Morgan Stanley and Goldman Sachs was worsening rapidly. In the middle of the trading day, at about 2 p.m., Morgan Stanley CEO John Mack dispatched an email to employees: Whats happening out here? Its very clear to me were in the midst of a market controlled by fear and rumors. By the end of Wednesday, employees at Morgan Stanley and Goldman were shell-shocked. Morgan Stanleys shares had fallen 24% to $21.75 while Goldman, the largest investment bank by market value, fell 14% to $114.50.
By Thursday, Messrs. Paulson and Bernanke decided that the fallout presented too great a threat to the financial system and the economy.
oh sheesh.... i KNEW he would come up with this
There was no need for Paulson’s plan either in its elements or how it was to be administered. Several alternatives could have been put forth that would have been far more affordable (getting rid of mark to market for example) and involved the market working it out.
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