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McCain, Dorgan to seek Senate committee on financial crisis [McCain-Dorgan] [bipartisan]
CNN - Political Ticker ^ | 2009-03-02

Posted on 03/02/2009 4:55:44 PM PST by rabscuttle385

WASHINGTON (CNN) – Republican Sen. John McCain and Democratic Sen. Byron Dorgan plan to introduce legislation to create a Senate panel to investigate the causes of the financial crisis, McCain’s office said in a statement Monday.

If approved, the committee would also make recommendations about how to avoid a similar crisis in the future.

(Excerpt) Read more at politicalticker.blogs.cnn.com ...


TOPICS: Business/Economy; Front Page News; Government; US: Arizona; US: North Dakota
KEYWORDS: 111th; bho2009; bho44; bhoeconomy; bipartisanship; democrats; dorgan; economy; financialcrisis; helmethead; helmetheaddorgan; mcbama; mccain; mccaindorgan; mccaintruthfile; mcqueeg; oozeacrosstheaisle; panicof2008; recessionof2009; rino; senate; slinkacrosstheaisle; ussenate

1 posted on 03/02/2009 4:55:45 PM PST by rabscuttle385
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To: stockpirate; ChrisInAR; AvOrdVet; MaggieCarta; indylindy; roamer_1; calcowgirl; djsherin; ...

The Juan McCain Truth File.

"I have great respect for Al Gore."
—John McCain, October 2, 2008

FR Keywords: mccaintruthfile, mcqueeg, mcbama

Please tag all relevant threads with the aforementioned keywords.

This can be a very high-volume ping list at times.

To join the ping list:
FReepmail rabscuttle385 with the subject line add  mccaintruthfile.
(Stop getting pings by sending the subject line drop mccaintruthfile.)


Republican Commissar’s Warning: By joining this ping list, you may be subjected to the delusional rants and ramblings of McCainiacs, of "moderate" Republicans, of pragmatic conservatives resigned to voting for the lesser of two Democrats, and of countless GOP shills who simply want to meet a new overlord.

2 posted on 03/02/2009 4:56:16 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

The Money, Banking, and Financial Markets Ping List.

"Money, not morality, is the principle commerce of civilized nations."
—Thomas Jefferson

FR Keywords: moneylist, bankinglist, financelist

Please tag all relevant threads with the aforementioned keywords.

This can be a very high-volume ping list at times.

Ping list jointly pinged by rabscuttle385 and TigerLikesRooster.

To join the ping list:
FReepmail rabscuttle385 with the subject line add  moneylist.
(Stop getting pings by sending the subject line drop moneylist.)


3 posted on 03/02/2009 4:56:37 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

McCain reminds my of my Uncle Jim.

He was an annoying as hell postman.

You know the guy I mean.


4 posted on 03/02/2009 4:57:53 PM PST by Glenn (Free Venezuela!)
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To: rabscuttle385

Translation: Let’s get together and take the blame off of Congress for a) encouraging subprime loans, and b) de-regulating to the point where the Masters of The Universe could skim off billions and stick the taxpayer with the tab.


5 posted on 03/02/2009 4:57:59 PM PST by Wolfie
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To: rabscuttle385

Taking my open hand and smacking myself in the forehead! McNuts is at it again.


6 posted on 03/02/2009 4:58:15 PM PST by Bushbacker1 (I'll miss President Bush greatly! Palin in 2012!)
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To: rabscuttle385

I’ll save these guys some time and money. Just don’t spend more than you take in. There that was easy...


7 posted on 03/02/2009 4:58:58 PM PST by refermech
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To: rabscuttle385

Can’t we just deport the idiot to somewhere far away?


8 posted on 03/02/2009 4:59:11 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: Bushbacker1; rabscuttle385

9 posted on 03/02/2009 5:00:10 PM PST by SandRat (Duty, Honor, Country! What else needs said?)
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To: rabscuttle385

Juan being Juan.


10 posted on 03/02/2009 5:00:13 PM PST by Retired Greyhound
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To: rabscuttle385

MavWRECK strikes again!


11 posted on 03/02/2009 5:01:22 PM PST by Anti-MSM (Personal responsibility...what a concept!)
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To: rabscuttle385

Just when you think he can’t sell us out any further....


12 posted on 03/02/2009 5:01:24 PM PST by dynachrome (Barack Hussein Obama yunikku khinaaziir)
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To: rabscuttle385

How about a committee to deal with the fall out we are living with as a result of it ? We are beyond the causes phase and into reality of mopping up the mess.


13 posted on 03/02/2009 5:05:08 PM PST by Lady GOP
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To: rabscuttle385
Photobucket
14 posted on 03/02/2009 5:07:40 PM PST by dixiechick2000 (Looking forward to the Rapture ~~ since 1-20-09)
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To: SandRat

That is SO disturbing!

Is there one with the “gritted teeth” picture of McCain?


15 posted on 03/02/2009 5:08:05 PM PST by Arthur McGowan
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To: Arthur McGowan

I’ve seen it but haven’t got it.


16 posted on 03/02/2009 5:09:03 PM PST by SandRat (Duty, Honor, Country! What else needs said?)
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To: DoughtyOne; TADSLOS; cripplecreek; hiredhand; NFHale; Squantos; Gilbo_3; Clintonfatigued; Impy; ...
McCain-{Feingold | Kennedy | Lieberman | Levin | Dorgan}
17 posted on 03/02/2009 5:09:28 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

McCain-Dorgan

18 posted on 03/02/2009 5:09:40 PM PST by Eccl 10:2 (Pray for the peace of Jerusalem - Ps 122:6)
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To: SandRat; Arthur McGowan
I’ve seen it but haven’t got it.

Here ya go. And, feel free to download anything from the entire directory of pictures.

19 posted on 03/02/2009 5:11:17 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

I welcome any “investigation” into this mess, as long as it’s a real one. Not holding my breath.


20 posted on 03/02/2009 5:11:48 PM PST by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: rabscuttle385

Who you gonn’a call the McDork squad? The first of many who are finding themselves cut out on the take.


21 posted on 03/02/2009 5:12:55 PM PST by Steamburg ( Your wallet speaks the only language most politicians understand.)
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To: rabscuttle385

The Senaturds should save everyone the trouble & expense by setting up a bicameral committee consisting only of Frank & Dodd, asking them to write a report that whitewashes them both and blames Milton Friedman, and skipping this posturing crap.


22 posted on 03/02/2009 5:15:50 PM PST by rfp1234 (Phodopus campbelli: household ruler since July 2007.)
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To: rabscuttle385

That’s all we need is another frickin’ committee.


23 posted on 03/02/2009 5:17:51 PM PST by beaversmom
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To: rabscuttle385; All
"McCain, Dorgan to seek Senate committee on financial crisis [McCain-Dorgan] [bipartisan]"


24 posted on 03/02/2009 5:20:13 PM PST by musicman (Until I see a REAL C.O.L.B. BC, he's just "PRES__ENT" Obama = Without "ID")
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To: rabscuttle385

McCain should just pack his bags and hit the road!!!


25 posted on 03/02/2009 5:24:01 PM PST by pointsal
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To: Earthdweller

Put all the relevant info out on the internet and let the court of public opinion make the call. Course you’d have to impose a gag order on the media for a while to prevent them from interfering.


26 posted on 03/02/2009 5:29:53 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: Wolfie

I don’t think this is deregulation at all. In fact it appears more like mandated undue risk taking. The rest of the industry devised ways to deal with the risk by diversifying, or spreading it around. It ended up way out of control because risk was mitigated so well at origination that they were completely off the hook and rewarded for it.

(source: FDIC)

12 U.S.C. 1843 k and n are located under 225.84 in this post.

§ 225.84  What are the consequences of failing to maintain a satisfactory or better rating under the Community Reinvestment Act at all insured depository institution subsidiaries?

  (a)  Limitations on activities—(1) In general. Upon receiving a notice regarding performance under the Community Reinvestment Act in accordance with paragraph (a)(2) of this section, a financial holding company may not:
      (i)  Commence any additional activity under section 4(k) or 4(n) of the BHC Act (12 U.S.C. 1843(k) or (n)); or
      (ii)  Directly or indirectly acquire control, including all or substantially all of the assets, of a company engaged in any activity under section 4(k) or 4(n) of the BHC Act (12 U.S.C. 1843(k) or (n)).
    (2)  Notification.  A financial holding company receives notice for purposes of this paragraph at the time that the appropriate Federal banking agency for any insured depository institution controlled by the company or the Board provides notice to the institution or company that the institution has received a rating of “needs to improve record of meeting community credit needs” or “substantial noncompliance in meeting community credit needs” in the institution’s most recent examination under the Community Reinvestment Act.
  (b)  Exceptions for certain activities—(1)  Continuation of investment activities.  The prohibition in paragraph (a) of this section does not prevent a financial holding company from continuing to make investments in the ordinary course of conducting merchant banking activities under section 4(k)(4)(H) of the BHC Act (12 U.S.C. 1843(k)(4)(H)) or insurance company investment activities under section 4(k)(4)(I) of the BHC Act (12 U.S.C. 1843(k)(4)(I)) if:
      (i)  The financial holding company lawfully was a financial holding company and commenced the merchant banking activity under section 4(k)(4)(H) of the BHC Act (12 U.S.C. 1843(k)(4)(H)) or the insurance company investment activity under section 4(k)(4)(I) of the BHC Act (12 U.S.C. 1843(k)(4)(I)) prior to the time that an insured depository institution controlled by the financial holding company received a rating below “satisfactory record of meeting community credit needs” under the Community Reinvestment Act; and
      (ii)  The Board has not, in the exercise of its supervisory authority, advised the financial holding company that these activities must be restricted.
    (2)  Activities that are closely related to banking.  The prohibition in paragraph (a) of this section does not prevent a financial holding company from commencing any additional activity or acquiring control of a company engaged in any activity under section 4(c) of the BHC Act (12 U.S.C. 1843(c)), if the company complies with the notice, approval, and other requirements of that section and section 4(j) of the BHC Act (12 U.S.C. 1843(j)).
  (c)  Duration of prohibitions.  The prohibitions described in paragraph (a) of this section shall continue in effect until such time as each insured depository institution controlled by the financial holding company has achieved at least a rating of “satisfactory record of
{{2-28-01 p.6110.28-C}}meeting community credit needs” under the Community Reinvestment Act at the most recent examination of the institution.

[Codified to 12 C.F.R. § 225.84]

[Section 225.84 added at 65 Fed. Reg. 3792, January 25, 2000; amended at 66 Fed. Reg. 417, January 3, 2001, effective February 2, 2001]

12 U.S.C. 1843
[snip]
(k)  ENGAGING IN ACTIVITIES THAT ARE FINANCIAL IN NATURE.—

(4)  ACTIVITIES THAT ARE FINANCIAL IN NATURE.—For purposes of this subsection, the following activities shall be considered to be financial in nature:
      (A)  Lending, exchanging, transferring, investing for others, or safeguarding money or securities.
      (B)  Insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, or death, or providing and issuing annuities, and acting as principal, agent, or broker for purposes of the foregoing, in any State.
      (C)  Providing financial, investment, or economic advisory services, including advising an investment company (as defined in section 3 of the Investment Company Act of 1940).
      (D)  Issuing or selling instruments representing interests in pools of assets permissible for a bank to hold directly.
      (E)  Underwriting, dealing in, or making a market in securities.
      (F)  Engaging in any activity that the Board has determined, by order or regulation that is in effect on the date of the enactment of the Gramm-Leach-Bliley Act, to be so closely related to banking or managing or controlling banks as to be a proper incident thereto (subject to the same terms and conditions contained in such order or regulation, unless modified by the Board).
      (G)  Engaging, in the United States, in any activity that—
        (i)  a bank holding company may engage in outside of the United States; and
        (ii)  the Board has determined, under regulations prescribed or interpretations issued pursuant to subsection (c)(13) (as in effect on the day before the date of the enactment of the Gramm-Leach-Bliley Act) to be usual in connection with the transaction of banking or other financial operations abroad.
      (H)  Directly, or indirectly acquiring or controlling, whether as principal, on behalf of 1 or more entities (including entities, other than a depository institution or subsidiary of a depository institution, that the bank holding company controls), or otherwise, shares,
{{12-30-99 p.6046.02}}assets, or ownership interests (include debt or equity securities, partnership interests, trust certificates, or other instruments representing ownership) of a company or other entity, whether or not constituting control of such company or entity, engaged in any activity not authorized pursuant to this section if—
        (i)  the shares, assets, or ownership interests are not acquired or held by a depository institution or subsidiary of a depository institution;
        (ii)  such shares, assets, or ownership interests are acquired and held by—
          (I)  a securities affiliate or an affiliate thereof; or
          (II)  an affiliate of an insurance company described in subparagraph (I)(ii) that provides investment advice to an insurance company and is registered pursuant to the Investment Advisers Act of 1940, or an affiliate of such investment adviser;
as part of a bona fide underwriting or merchant or investment banking activity, including investment activities engaged in for the purpose of appreciation and ultimate resale or disposition of the investment;
        (iii)  such shares, assets, or ownership interests are held for a period of time to enable the sale or disposition thereof on a reasonable basis consistent with the financial viability of the activities described in clause (ii); and
        (iv)  during the period such shares, assets, or ownership interests are held, the bank holding company does not routinely manage or operate such company or entity except as may be necessary or required to obtain a reasonable return on investment upon resale or disposition.
      (I)  Directly or indirectly acquiring or controlling, whether as principal, on behalf of 1 or more entities (including entities, other than a depository institution or subsidiary of a depository institution, that the bank holding company controls) or otherwise, shares, assets, or ownership interests (including debt or equity securities, partnership interests, trust certificates or other instruments representing ownership) of a company or other entity, whether or not constituting control of such company or entity, engaged in any activity not authorized pursuant to this section if—
        (i)  the shares, assets, or ownership interests are not acquired or held by a depository institution or a subsidiary of a depository institution;
        (ii)  such shares, assets, or ownership interests are acquired and held by an insurance company that is predominantly engaged in underwriting life, accident and health, or property and casualty insurance (other than credit-related insurance) or providing and issuing annuities;
        (iii)  such shares, assets, or ownership interests represent an investment made in the ordinary course of business of such insurance company in accordance with relevant State law governing such investments; and
        (iv)  during the period such shares, assets, or ownership interests are held, the bank holding company does not routinely manage or operate such company except as may be necessary or required to obtain a reasonable return on investment.
 
[Codified to 12 U.S.C. 1843k]

[Source: Section 4k of the Act of May 9, 1956 (Pub. L. No. 511), as added by section 103(a) of title I of the Act of November 12, 1999 (Pub. L. No. 106—102; 113 Stat. 1342), effective March 12, 2000]

[snip]

  (n)  Authority To Retain Limited Nonfinancial Activities and Affiliations.—

    (4)  Continuing revenue limitation on grandfathered commercial activities.—Notwithstanding any other provision of this subsection, a financial holding company may continue to engage in activities or hold shares in companies pursuant to this subsection only to the extent that the aggregate annual gross revenues derived from all such activities and all such companies does not exceed 15 percent of the consolidated annual gross revenues of the financial holding company (excluding revenues derived from subsidiary depository institutions).
[Codified to 12 U.S.C. 1843(n)]

[Source: Section 4(n) of the Act of May 9, 1956 (Pub. L. No. 511), as added by section 103(a) of title I of the Act of November 12, 1999 (Pub. L. No. 106—102; 113 Stat. 1347), effective March 12, 2000; section 611 of title VI of the Act of October 13, 2006 (Pub. L. No. 109—351; 120 Stat. 1984), effective October 13, 2006]


27 posted on 03/02/2009 5:34:29 PM PST by dajeeps
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To: cripplecreek
Great idea. Email McCain with it.

I'm guessing this is an attempt on his part to vindicate himself for throwing the election away and it may be personal. Still not holding my breath.

I still don't understand how you can justify helping to make slaves of an entire Country.

Why is McCain like a drowned Chinese Monk? He still thinks he can work with commies and even after they float all his friends under twelve feet of water.

28 posted on 03/02/2009 5:41:33 PM PST by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: rabscuttle385

Why do Bird and Fortune come to mind...

http://www.youtube.com/watch?v=hXBcmqwTV9s


29 posted on 03/02/2009 5:51:35 PM PST by mo
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To: rabscuttle385
Let me spare Juan McQueeg the time and expense:

The cause of the financial crisis: The Federal Government = YOU IDIOTS!!

30 posted on 03/02/2009 5:59:30 PM PST by DTogo (Time to bring back the Sons of Liberty.)
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To: mo

That’s hilarious.


31 posted on 03/02/2009 6:08:23 PM PST by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: DTogo

The Commie branch of the Federal Government and a bunch of greedy pirates at the helm with our money.


32 posted on 03/02/2009 6:11:39 PM PST by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: rabscuttle385; hiredhand; NFHale
McCain-{Feingold | Kennedy | Lieberman | Levin | Dorgan}

you forgot 0bambi...the KFC...[kenyan Friggin commie]...

33 posted on 03/02/2009 6:13:35 PM PST by Gilbo_3 ("JesusChrist 08"...Trust in the Lord......=...LiveFReeOr Die...)
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To: rabscuttle385

A futile exercise. They’ll point fingers of blame at everyone and everything but themselves.


34 posted on 03/02/2009 6:16:17 PM PST by randita (Starve the beast - earn as little as you can get by on and spend even less.)
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To: rabscuttle385

God help us all!


35 posted on 03/02/2009 7:18:44 PM PST by TigersEye (This is the age of the death of reason.)
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To: rabscuttle385

Wow, so McCain is going to out his own campaign manager, Rick Davis, for his shady dealings lobbying for the sub- prime mortgage industry and being on the Freddi Mac millioniare club payroll, eh? LOL!


36 posted on 03/02/2009 7:21:59 PM PST by TADSLOS (Come and Take it!)
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To: rabscuttle385

I’ll give McCain credit on one thing: he was all over the Fannie & Freddie fiasco from the beginning.


37 posted on 03/02/2009 7:40:14 PM PST by St. Louis Conservative
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To: SandRat
That's such a great graphic. None the less I've become a little guilty that we use it. Rinos are a noble beast. We probably shouldn't denigrate them with the likes of McCain.
38 posted on 03/02/2009 7:45:50 PM PST by DoughtyOne (Resolved: Gregg, McCain, Snowe, Spectre: 2010, Collins, Graham: 2014)
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To: DoughtyOne; SandRat
Rinos are a noble beast.

Rhinos are noble. RINOs, on the other hand, are basically weasels.

39 posted on 03/02/2009 7:52:49 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

LALALALALA!

McCains honesty is an inch deep and a mile wide!


40 posted on 03/02/2009 7:56:19 PM PST by Randy Larsen ( BTW, If I offend you! Please let me know, I may want to offend you again!)
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To: rabscuttle385

Too bad there was no “McCain-Obama” act passed. That would have been poetic.


41 posted on 03/02/2009 10:29:58 PM PST by Impy (RED=COMMUNIST, NOT REPUBLICAN)
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To: rabscuttle385

I meant—has anyone done a rhinoceros with the “gritted teeth” photo instead of the bland McCain face?


42 posted on 03/02/2009 10:32:28 PM PST by Arthur McGowan
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To: rabscuttle385
Republican Sen. John McCain and Democratic Sen. Byron Dorgan plan to introduce legislation to create a Senate panel to investigate the causes of the financial crisis, McCain’s office said in a statement Monday.

Here boys, this will help your investigation:

43 posted on 03/03/2009 5:40:07 AM PST by Dahoser (America's great untapped alternative energy source: The Founding Fathers spinning in their graves.)
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To: Earthdweller
Dittos.

And this sounds like CYA for Dorgan -- not McCain. The problem with McCain is that I fear he is clueless enough to give the Dems a chance for CYA.

44 posted on 03/03/2009 5:57:49 AM PST by Tribune7 (Obama wants to put the same crowd that ran Fannie Mae in charge of health care)
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To: Impy
Too bad there was no “McCain-Obama” act passed. That would have been poetic.

Obama was a cosponsor on the climate change legislation several times, I think...but the two primray sponsors were McCain and Lieberman, and then Lieberman and (John) Warner.

45 posted on 03/03/2009 7:26:19 AM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

How about the first conservative rebellion—front a good primary candidate against McInsane in 2010.


46 posted on 03/03/2009 8:26:29 AM PST by Mamzelle (Boycott Peggy Swoonin')
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To: Dahoser; All
Republican Sen. John McCain and Democratic Sen. Byron Dorgan plan to introduce legislation to create a Senate panel to investigate the causes of the financial crisis, McCain’s office said in a statement Monday.


47 posted on 03/03/2009 9:09:22 AM PST by ding_dong_daddy_from_dumas (I want to "Buy American" but the only things for sale made in the USA are politicians)
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To: rabscuttle385
McCain ran the worst campaign in recent history: he just
doesn't get it, there is no compromise between conservative
principles and communism!
48 posted on 03/03/2009 9:51:36 AM PST by upcountryhorseman (An old fashioned conservative)
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To: rabscuttle385

Yep, I agree.


49 posted on 03/03/2009 9:57:05 AM PST by DoughtyOne (Resolved: Gregg, McCain, Snowe, Spectre: 2010, Collins, Graham: 2014)
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