McCain Takes Conciliatory Tone
ABC News’ Ron Claiborne Reports: Republican presidential nominee John McCain took a more politically conciliatory tone today as he urged Congress to move quickly to pass a financial "rescue" plan before small businesses are swept up in the tightening credit crunch.
At a business roundtable campaign event in Des Moines, Iowa, McCain offered examples of small businesses and even college students suddenly unable to obtain loans.
"Businesses all over the country cannot borrow to finance their own operations and pay their bills," McCain said. "If we do nothing, many may fail… Inaction is not an option."
McCain did not mention his Democratic opponent, Sen. Barack Obama at all as he did just yesterday when he accused Obama of "phoning it in," and failing to provide leadership in the financial crisis.
In an interview today with ABC News, McCain declined to attack Obama when asked about that prior criticism.
"We can look back on this very soon, the crisis is here, let’s work together," he said. "I don’t feel like trading insults with Sen. Obama or anyone else right now. Let’s sit down together and work it out.
McCain said House Republicans should not have voted against the rescue plan yesterday just because they were angered by what many considered inflammatory on-the-floor remarks by Speaker Nancy Pelosi (D-California). After the measure failed, some Republicans blamed the defeat, in part, on Pelosi’s harsh attack on the economic policies of President Bush and the Republicans.
"The vote should be decided, not on basis of (an) inflammatory speech but on the basis of what’s best for America," he said. "Of course it (Pelosi’s comments) wasn’t helpful, but the point is there is so much larger stakes here in this game that we have got to act together."
But even as McCain toned down the rheotoric on the campaign trail, his campaign released a new television ad asserting that he had fought to "rein in" the now-troubled mortgage giants Fannie Mae and Freddie.Mac and "pushed for stronger regulation while Mr. Obama was notably silent."
McCain had originally planned to fly to Washington, D.C. tonight. Instead, he is going to Kansas City, Missouri to continue campaigning. He said he did not know when he would return to Washington or what his role would be in trying to come up with a plan that can pass in Congress.
"I’ll do whatever is necessary," he said. "I don’t know that that necessarily means go back to Washington … I’ll rely on the advice of some of my colleagues as to how I can be most effective. The last thing I want to do is go in and harm the process."
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McCain has been all over the place lately. Erratic to say the least. I think he and his campiagn are in panic mode.
You know the campiagn is on the wrong track when Obama takes the lead in North Carolina and Virginia. To very read state and leading in more then one poll in these states.
I believe McCain lost this election 2 week ago.
Posted by: Vanessa | September 30, 2008, 10:32 am 10:32 am
So, you know, we’re getting stampeded here to vote for something that doesn’t help homeowners, that doesn’t do anything about foreclosures, that doesn’t help those people who have been in bankruptcy and are looking for a way out. As a matter of fact, it made sure they can’t get out. So, who’s this for? It’s for speculators. It’s to play a game that provides some temporary help in the market, and, you know, you might see an uptick today if this passes the House. On the other hand, if it doesn’t, we need to be ready to find a way for Wall Street to address its problems without having to tap the increasingly diminishing resources of the federal taxpayers.
Posted by: HP Boston | September 30, 2008, 10:37 am 10:37 am
Being a bully is not working eh??? I still don’t by this-McCain is not sincere or genuine at all-It all politics
Posted by: Sophia | September 30, 2008, 10:46 am 10:46 am
Now he doesnt want to go to D.C. because it might harm the process? Is he serious? Didn’t he just go a week ago, and say he needed to be there? Why the change of heart Johnny Boy? He doesnt know what he wants to do.
Posted by: ByeByeBush | September 30, 2008, 10:46 am 10:46 am
Granpa’ McShame was the one who created this failure, nobody needed him in Washington, by the minute he decided to inject politics into the negociations, the plan was dead at the arrival, he should’ve stayed at home instead of looking for photo op in washington.
Now we’re in a deeper crisis because of him, and he has the nerve to hold Obama responsible for his own gambles and poor tactics, what a poor man !
Now the solution is to let Congress work on a new solution, without any distraction from Granpa’ McCain’t, he needs to really suspend his campaign, go to his home state of Arizona and wait for the solution of this crisis before returning to the campaign trail, if he wants.
It’s almost the end of his poor, nasty and shameful campaign !
Posted by: Damon | September 30, 2008, 10:49 am 10:49 am
I wanted to point out two AP stories that deal with a proposal to raise the FDIC limit. The first story says that Sen. Barack Obama supports such a proposal. That is, frankly, shocking, since the idea was actually proposed by House Republican negotiators on Saturday evening, but was strongly rejected by Senate Democrats. Rep. Chris Shays has introduced this proposal as legislation (H.R. 7235). The second AP story mentions the House GOP support for this proposal.
Why is Sen. Obama embracing a proposal his colleagues rejected? Why did Senate Democrats reject the proposal initially? Have they all changed their minds, or is Sen. Obama breaking with his colleagues? Interesting questions …
Posted by: HP Boston | September 30, 2008, 10:50 am 10:50 am
No bailout!! Not with the American people’s tax dollars! I think it stinks that Pelosi tried to stick some extra cash for her polictical allies. And once again it’s the middle guy who will suffer the consequences of the mismanagement of these companies and our goverment.
Posted by: my two cents | September 30, 2008, 10:50 am 10:50 am
I wanted to point out two AP stories that deal with a proposal to raise the FDIC limit. The first story says that Sen. Barack Obama supports such a proposal. That is, frankly, shocking, since the idea was actually proposed by House Republican negotiators on Saturday evening, but was strongly rejected by Senate Democrats. Rep. Chris Shays has introduced this proposal as legislation (H.R. 7235). The second AP story mentions the House GOP support for this proposal.
Why is Sen. Obama embracing a proposal his colleagues rejected? Why did Senate Democrats reject the proposal initially? Have they all changed their minds, or is Sen. Obama breaking with his colleagues? Interesting questions …
Posted by: HP Boston | September 30, 2008, 10:51 am 10:51 am
Sen. John McCain is an experienced, intellligent, rational man. Say whatever you want about him, but his entire adult life have been devoted unselfishly to public service. That is way more than anyone can say for empty suit Barack. And PLEASE give up on the “but he was a community organizer in Chicago” tired old defense. Google “ACORN” and you will soon see what Barack’s lame “community organizer” skills really involved. Barack = ACORN = Current financial crisis in America.
Posted by: PhillyPaul | September 30, 2008, 10:52 am 10:52 am
Vanessa, Beck and Angie – all paid Obama bloggers, or people who have a lot of time on their hands.
Posted by: Dorcas Roescher | September 30, 2008, 10:53 am 10:53 am
McCain’s obsession to become president has destroyed a good man. His word means nothing because he will change it on the drop of a hat if he thinks it will get him a vote. SAD SAD SAD
Posted by: The Unshrub | September 30, 2008, 10:56 am 10:56 am
Neither John McCain or Barrack Obama are fit to be President. They are both trying to push Americans into this disgraceful bailout, no wonder what they call it.
They are not listening to their constituents, the vast majority who do not want it. We KNOW what the bill says, we say NO WAY! No BAILOUT. NO RESCUE. Listen to the American people and stop playing political games, both of you!
VOTE THIRD PARTY, AMERICANS! Let your voice be heard for a change!!
Posted by: Ladywolf | September 30, 2008, 10:58 am 10:58 am
Watch Biden and Palin Prep for the debate. http://www.watchdebate.com
Posted by: paear Luik | September 30, 2008, 10:59 am 10:59 am
PhillyPaul: A couble of blogs do not make it a fact.
Posted by: The Unshrub | September 30, 2008, 11:00 am 11:00 am
McCain is all over the place. And his VP candidate is a clueless …..
Posted by: Phil | September 30, 2008, 11:00 am 11:00 am
McCain does not care election, he only cares about American.
Posted by: JB | September 30, 2008, 11:02 am 11:02 am
See the Palin impersonator Joe Biden is using to practice with http://www.theveep.com
Posted by: I love Huckabee | September 30, 2008, 11:02 am 11:02 am
John McWimp: You are embarassing me, i’m starting to wonder who should be wearing the pants on this team.
Posted by: bombem | September 30, 2008, 11:02 am 11:02 am
Phillypaul. I live in Az and John McCain was handpicked to run because of his POW record, he is not particualrly intelligent, and his temper is legend. Google Kathy Dubs. This is a guy that has to be held back from jumping across a table at someone that showed that his political position just happened to net his wife several million dollars in a land deal.
Posted by: Danny | September 30, 2008, 11:04 am 11:04 am
Dorcas Roescher: We are paid Obama bloggers… seriously… what are doing on here… must have time on your hands.
Actually I am not.. I am a 50 years old white woman who will be voting Obama. His policies are what will be good for me and my family.
As for time on my hands.. I do, I am a work right now but for 2 weeks now our phones have not rang, nor a customer come thru the doors. I do advertising. I just pray we can get thru this economy crisis soon or I will be jobless. Oh, just because you seemed to want to know about who I am…. I also am a breast cancer survivor who can’t get insurance for 5 years. “Thanks McCain but NO Thanks”..
Posted by: beck | September 30, 2008, 11:06 am 11:06 am
Last week McCain wanted to ride into DC to the rescue. Now that flopped. So of course now he wants to stay out of the process for the good of the country?Are you kidding me? Just one more flip-flop by McCain.
Posted by: William J. LePetomaine | September 30, 2008, 11:11 am 11:11 am
Wasn’t he on the attack just this morning? And now he’s taking a more conciliatory tone?
Huh, and he wonders why everyone thinks he’s erratic.
Posted by: Paul | September 30, 2008, 11:13 am 11:13 am
PhillyPaul: “Sen. John McCain is an experienced, intellligent, rational man.”
Sorry, but I’ll believe what I’m seeing for myself over what someone on an internet message board tells me to believe.
Posted by: Paul | September 30, 2008, 11:15 am 11:15 am
Let’s talk about McCain’s experience. Has he been in Washington forever? Sure. But what did he learn in all that time?
Now let’s talk about his debate performance. The pundits say he did fine once the debate turned to foreign policy. Granted those pundits are around the news much more than me, but I got a different impression.
All I heard from McCain was a travelogue, some name dropping (though he mispronounced two of the six he dropped) and a repeated claim that Obama doesn’t understand something or other – but he never explained what that something or other was.
And I never heard what McCain’s vision for foreign policy is. What does he intend to do? Did any of you McCain supporters catch that?
Posted by: Paul | September 30, 2008, 11:18 am 11:18 am
This election is not locked in yet. Let’s all give Sen. Obama one last push by donating $5, %10,… $50 whatever you can. We must not let our nation to fall into the disastrous hands of McCain.
Posted by: leighg1 | September 30, 2008, 11:21 am 11:21 am
“I’ll do whatever is necessary,” McCain said. “I don’t know that that necessarily means go back to Washington … I’ll rely on the advice of some of my colleagues as to how I can be most effective. The last thing I want to do is go in and harm the process.”
He finally learned. Is it a little too late given what he did last week?
Posted by: leighg1 | September 30, 2008, 11:25 am 11:25 am
I’m in with you leighg1 – McCain is far too emotional and erratic (and thus risky) to be in the Oval Office.
Posted by: Paul | September 30, 2008, 11:28 am 11:28 am
Smart move by McCain. Meanwhile, Obama’s still trying to make the sell on the failed $700 billion bill. (?)McCain’s moved on to what should be happening anyway, non-partisan solutions.
In case no one’s paying attention, McCain’s leading; Obama’s, well, still trying to make the sell on a bill the American people don’t want. Good luck there.
Posted by: MajorTom | September 30, 2008, 11:32 am 11:32 am
Quick! Someone call Keebler and tell them one of their elves has been spotted in Washington speaking in a more conciliatory tone.
Posted by: Itchy | September 30, 2008, 11:33 am 11:33 am
Itchy – that’s a ridiculous comment. The Keebler elves are all happy.
And what’s with the elf bashing? An elf isn’t the same thing as a troll.
Posted by: Paul | September 30, 2008, 11:42 am 11:42 am
Yes the, seemingly, inept Congress will authorize a bail-out. And, yes, both sides of the aisle will take their shots at the other side; though, ironically, it will be both a pat on the back with one hand followed by an upper-cut with the other. Now that I have expressed the obvious, I WILL NOT BE CONFIDENT UNTIL… those that caused this… including former Presidents, Legislator’s and CEO’s, etc. are held accountable and legislation is passed that will insure the likes of such greed will never permeate our financial institutions again. I am all for smaller government, but this would be prime-time for a new office within Home Land Security, one with the responsibility to protect us from the likes of political, corporate and investor greed. One beyond the obstructionist influence of traditional lobbied politics, foreign & domestic corporate institutions, foreign governments and the three branches of our government. A supreme court, if you will, for the financial concerns of the new era.
Strange, but I recall a threat from a notorious terrorist threatening to bring down The United States through methods of financial chaos. Though, without giving any credence to those threats, isn’t it strange that, perhaps, we were willing to overlook the obvious. I hope Congress gets off it’s Ass and it’s Elephant and resolves this mess before our dreaded enemies get exactly what that have wanted, our own self destruction.
Posted by: David Corkins | September 30, 2008, 11:43 am 11:43 am
Why do all the news networks keep saying McCain suspended his campaign?? Its Such BS
All his offices stayed open, all his employees and campaign staffers kept working, all his ads kept running, Sarah Palin kept making “appearances”. What exactly did he suspend, his appearance on Letterman, that was about it.
I’m sick of the media, Just tell us the truth!!! Does it really matter if the truth is balanced? I don’t think anybody cares as long as its the TRUTH.
Posted by: Sense | September 30, 2008, 11:44 am 11:44 am
Sense – I think most voters understand the “suspension” was political posturing only. Voters don’t need the media to always connect all the dots.
Posted by: Paul | September 30, 2008, 11:45 am 11:45 am
I personally want to thank the Republicans who defeated this bill because now the Democrats have a chance to re-write the bill and include in it some very Democratic principles that we wanted in the original bill but were afraid to put in the bill because of Republican concerns: primarily, a provision allowing bankrutpcy judges to modify mortgages, increased funds to help those who have been thrown out in the street, and extending unemployment benefits. As the Republicans said last night, the Democrats are the majority party and they could have passed the bill if they wanted to. So, now, we will write a bill that we want and the Republicans can sit in the corner and pout.
Posted by: Wendy | September 30, 2008, 11:46 am 11:46 am
Most of the commenters are Obama fans.. which leads me to believe they all sit home on the computer every day clogging the internet with their hostile chatter and remarks about McCain/Palin. If you vile, threatening people are the same ones voting for Obama, it is truly a case of the blind leading the blind.
Get a life.
Posted by: ML | September 30, 2008, 11:48 am 11:48 am
Suspend Mark to Market, bring back shorting just no nakid and it must be on uptick, and force stricker lending standards—-lend to those that are credit worthy and have the government stop pushing subprime lending to the unworthy.
Posted by: chattyway | September 30, 2008, 11:51 am 11:51 am
I am still astonished that people on either side would be championing either of these two bozos (McCain or Obama) be the next President. Are you all just delusional?
God help us.
Wake up America!
Posted by: ClassicalLiberal | September 30, 2008, 11:53 am 11:53 am
I AGREE WITH ML. AS AN INDEPENDENT I DONT GET SWAYED BY THIS PARTISAN BASHING. THEY ALL ARE FULL OF IT AT THIS POINT AND UNTILL ALL YOU SHEOPLE FIGURE THIS OUT THE WHOLE COUNTRY IS THE BLIND LEADING THE BLIND. ITS SAD THAT THE PEOPLE ON THIS BLOG CAN ONLY CALL NAMES AND NOT ACTUALLY PUT OUT REAL FACTS ON EITHER SIDE OF THE FENCE. IF YOU ARE A DEMOCRAT OR REPUBLICAN AT THIS POINT, YOU ARE THE PROBLEM. WAKE UP AMERICA BEFORE ITS TOO LATE.
Posted by: DOUG | September 30, 2008, 11:58 am 11:58 am
Well, golden parachutes are alive and well. The CEO of WAMU, who started 7 weeks ago, will receive a $3+ million salary and is eligible for severance pay of up to $11 million.
Posted by: Dave | September 30, 2008, 12:00 pm 12:00 pm
So McCain is actively engaging in economic terrorism. Why am I not surprised? Go f[beep]ck yourself, McCain.
Posted by: Truth | September 30, 2008, 12:05 pm 12:05 pm
I think McCain is saying something relevant here.
Anyone who has sold a house at market value in the last 8 years or so has walked away from the sub-prime crisis with an extra load of cash because of deregulation. The availability of sub-prime mortgage money increased the demand side of the supply-demand curve, and that made the price you got for that house higher.
Others who got rich off the deal included mortgage brokers and the mortgage company managers who were going around paying themselves big salaries, huge comissions, and outrageous bonuses for writing mortgages that never should have been written. The people who bought the houses also got over because they got mortgages they really didn’t merit. (Still some of those people are probably still paying those mortgages so they deserved the mortgage.) The home construction industry also made big bucks off the heightened demand.
People were acting based on their own self interests … who can blame them? When you count all the people who benefited or profited … does it total to the majority of Americans, or not? Now, we need to put some of the money back in.
It should be done fairly, though.
Posted by: Voter1010 | September 30, 2008, 12:12 pm 12:12 pm
I hope the first VOTE–was s good example of hindsight–I have had many moments–of needing 3-more days…700[Billion]Dollars…adding a workhorse to the Washington[D.C]Senate might be a PLUS..I just seem to have a lingering disease–>>about fraud..concerning more than 700-billion dollars..//..and morer akin to cronyism..even organized crime..or just plain—faggism..//..I think the latest COMMERCIAL arguments are about economic FUNDAMENTALISM..it is there..at the level of TECNOCRATS..but seems BOGGED down in public policy–or cronyism…LIES-CHEATS-or-just plain foolish “indicator”..as citizen…fool or phalanderer..seems a PLACE MAT.
Posted by: Mark S. M. | September 30, 2008, 12:15 pm 12:15 pm
I can’t believe that some of the republicans actually have the gall to try and blame their votes on Pelosi’s speech. What are they 5 year olds? Bad enough that they did it but to then go on TV and tell people that they did it because they got their feelings hurt. I didn’t think my opinion of republicans could get lower, but it just did.
Posted by: JR | September 30, 2008, 12:33 pm 12:33 pm
It looks like those Republicans reacted like brats by comments from a strong democratic woman….
what a shame…
Posted by: shalom | September 30, 2008, 12:34 pm 12:34 pm
One criticism I have of McCain is that he seems to make quotes taking all positions. In a year he could say “a year ago I spoke out against the bailout package” and that would be true because he has spoken out against it. On the other hand, in a year he could say “…a year ago I defended and advocated for the bailout package”, and that would be true because he has defended it and advocated for it too. So that years from now, McCain will be able to pick and choose which position he took … with hindsight and depending on how things worked out.
This makes me wonder if the positions he credits himself with now are really the same thing … he took every side of issues so that later he would be able to claim to have been right based on whatever happened. I have read that he says he was in favor of increased regulation of the financial industry, especially Freddie and Fanny, but his voting record is against regulation … so if deregulation was a mistake, he has that covered … but if deregualtion had actually worked out, then he has that covered too.
I think the people who support McCain have to figure that out for themselves… does McCain try to make quotes on every side of an issue, then later try to pick and choose what quotes he will cite to prove “see, I was right all along”? It seems like McCain does that, but I don’t see Obama using that tactic. So far, Obama has clearly sided with the improved legislation. Unlike McCain who can later claim to have been for it or against it, depending on how things worked out.
It seems to me that taking both sides of an issue, and then trying to “pick and choose later to prove you were right” is not a good policy for a leader, since the people being lead won’t really know where the leader stands until after the fact.
I just hope that we vote for the best candidate on election day. I think Bush has proven to us, beyond any doubt, that we have to vote on more than the “who we would like to have a beer with” factor. A bad leader can lead you into a big mess that can hurt even America.
God bless America, the troops, the kids, and us all … Choose wisely, America!
Posted by: Voter1010 | September 30, 2008, 12:47 pm 12:47 pm
The bailout is joke, Pelosi is a bigger joke, Barney Frank is disgrace to the human race!!!
Posted by: Dotty | September 30, 2008, 1:29 pm 1:29 pm
John McCain has taken so many positions on the subject of the wall street bailout that he might be described as having a multiple personality disorder.
Why can’t he just take a measured position on this
subject and stop trying to make a short term political position that he thinks helps his campaign
on a daily basis? If he will conduct himself as President in the same manner, the next 4 years will
a living hell for Americans. Nothing will be stable.
Posted by: Steve Dobkowski, Jr. | September 30, 2008, 1:34 pm 1:34 pm
John McCain has taken so many positions on the subject of the wall street bailout that he might be described as having a multiple personality disorder.
Why can’t he just take a measured position on this
subject and stop trying to make a short term political position that he thinks helps his campaign
on a daily basis? If he will conduct himself as President in the same manner, the next 4 years will
a living hell for Americans. Nothing will be stable.
Posted by: Steve Dobkowski, Jr. | September 30, 2008, 1:34 pm 1:34 pm
John McCain has taken so many positions on the subject of the wall street bailout that he might be described as having a multiple personality disorder.
Why can’t he just take a measured position on this
subject and stop trying to make a short term political position that he thinks helps his campaign
on a daily basis? If he will conduct himself as President in the same manner, the next 4 years will
a living hell for Americans. Nothing will be stable.
Posted by: Steve Dobkowski, Jr. | September 30, 2008, 1:36 pm 1:36 pm
McCain’s right.
The Republicans tried to regulate Fannie and Freddie in 2005.
But the Democrats would have none of it.
If the Democrats had listened to McCain then….
THIS DISASTER WOULD NEVER HAVE HAPPENED!
1) Chris Dodd (Dem) Conn. Biggest recipient of “largesse” from Fannie and Freddie.
2) Barack Obama (Dem) Ill. Second biggest recipient of slush/hush money from Fannie and Freddie!
NO ONE SHOULD WONDER WHY WE’RE IN THE BIGGEST MESS THAT WE ARE IN NOW.
Posted by: Brian | September 30, 2008, 2:17 pm 2:17 pm
How can Pelosi look at herself in the mirror?
Knowing that this was a fragil coalition to get this passed she threw gasoline on the fire.
This woman should shut her f***ing mouth and stop ruining everything.
BTW: why did she give a “pass” on voting yes to democrats that held “vulnerable” seats?
Why didn’t Barney Frank get all the democrats on his committee to vote yes?
Obama/Pelosi/Kerry: FULL OF …….
Posted by: Paul | September 30, 2008, 2:22 pm 2:22 pm
McCain Denies Blaming Obama And Democrats For Bailout Collapse
September 30, 2008, 6:15PM
Here’s a fun postscript to John McCain’s appearance yesterday afternoon — the one where he appeared to blame Obama and the Dems for the bailout implosion and then call for an end to the finger-pointing in the very next sentence.
In a new interview with ABC News’ Ron Claiborne, John McCain is now denying that he ever blamed them:
RC: Senator, you said that now is not the time to fix blame, but to fix the problem, but you said almost in the same breath that the democrats, including Senator Obama are responsible for the, the rescue plan falling apart.
JM: No, actually I said yesterday very clearly right before the media [that] it’s time not to fix the blame, but to fix the problem. We need to sit down together republican and democrat. We don’t have inflame the situation today. History will judge who was to blame, and who wasn’t…
When asked whether he blamed Dems and Obama for the bailout collapse yesterday, McCain said “no.”
But yesterday McCain said: “Senator Obama and his allies in Congress infused unnecessary partisanship into the process.”
As for McCain’s claim to ABC today that “history will judge who was to blame,” the McCain campaign released an ad today that … blamed Dems and Obama.
So yesterday McCain blames Obama and Dems while calling for no more fingerpointing. Today he denies having blamed them while releasing an ad blaming them.
The untruths are getting almost too convoluted to track at this point — it’s a bit like being trapped in a falsehood fun-house or something.
Posted by: lily | September 30, 2008, 2:30 pm 2:30 pm
McCain Denies Blaming Obama And Democrats For Bailout Collapse
September 30, 2008, 6:15PM
Here’s a fun postscript to John McCain’s appearance yesterday afternoon — the one where he appeared to blame Obama and the Dems for the bailout implosion and then call for an end to the finger-pointing in the very next sentence.
In a new interview with ABC News’ Ron Claiborne, John McCain is now denying that he ever blamed them:
RC: Senator, you said that now is not the time to fix blame, but to fix the problem, but you said almost in the same breath that the democrats, including Senator Obama are responsible for the, the rescue plan falling apart.
JM: No, actually I said yesterday very clearly right before the media [that] it’s time not to fix the blame, but to fix the problem. We need to sit down together republican and democrat. We don’t have inflame the situation today. History will judge who was to blame, and who wasn’t…
When asked whether he blamed Dems and Obama for the bailout collapse yesterday, McCain said “no.”
But yesterday McCain said: “Senator Obama and his allies in Congress infused unnecessary partisanship into the process.”
As for McCain’s claim to ABC today that “history will judge who was to blame,” the McCain campaign released an ad today that … blamed Dems and Obama.
So yesterday McCain blames Obama and Dems while calling for no more fingerpointing. Today he denies having blamed them while releasing an ad blaming them.
The untruths are getting almost too convoluted to track at this point — it’s a bit like being trapped in a falsehood fun-house or something.
Posted by: lily | September 30, 2008, 2:30 pm 2:30 pm
Wake up, folks! McCain pushed for more oversight of Fannie and Freddie. Obama voted Present back then when, had that legislation passed, we might not be in this mess. Obama is just another partisan, do-nothing liberal Democrat like his colleagues Pelosi, Reid, and Frank. An Obama presidency would be a DISASTER for this nation – economically, security-wise, and otherwise. Ironically, John McCain has just the right credentials to lead the USA out of the dark and into the light.
Posted by: Catherine | September 30, 2008, 2:31 pm 2:31 pm
What’s really appalling is that Bush started warning about this crisis back in 2001 and the House Finance Committee (led by a Democrat) ignored him, even after Fannie Mae admitted major accounting errors. And guess who’s been taking handouts from Fannie Mae? In only 4 years in the Senate, Obama is number 2 on the list of Congressmen who have accepted the most money in handouts from them. Notice how quiet he is on that topic. And he has the nerve to blame Bush for this problem! Congress has gambled with our money and put us in this mess, we need to vote them all out.
Posted by: Brenda | September 30, 2008, 3:01 pm 3:01 pm
And what’s even more appalling is that people believe whatever the media tells them! The media is liberal, people. Don’t you think they’re going to spin any story to make it look like the Democrats are the good guys and the Republicans are the bad guys? Try thinking for yourself, and getting some actual facts. Not everything you hear is truth.
Posted by: Brenda | September 30, 2008, 3:03 pm 3:03 pm
If McCain really wanted to help he would suspend his campaign AND his role as Senator. Oh and by the way, the republicans put through the regs that lowered the lending standards. That, in combination with a downturn in housing values put us where we are. The answer is much simpler than propping up banks – if you live in a house with an out of whack mortgage is to have the govt take over your mortgage from the bank and then it writes it down and locks in your interest rate, if you can’t pay the govt sells the house.
Posted by: Carl | September 30, 2008, 3:31 pm 3:31 pm
I can’t help but think that McCain is starting to revert to his old self as he sees the election slipping away. He’s a good man who wants to do the right thing for the country – and he can’t feel good about the partisan right wing theatrics that have driven his campaign over the past months. He’s just more comfortable playing the moderate voice of reason. We need him in that role now.
Posted by: Alec | September 30, 2008, 3:34 pm 3:34 pm
does anyone else believe that Mccain and Bush have the same drama coach?
Posted by: don tucker | September 30, 2008, 3:38 pm 3:38 pm
McCain blamed Obama for the bailout failure and in the very next sentence said “but now is not the time for blame.” McCain has either degenerated into a sociopath or he’s so mentally challenged that he can’t remember what views he is espousing from one second to the next.
Posted by: Len | September 30, 2008, 3:50 pm 3:50 pm
You know, John McCain was asked to return to Washington by some Republicans, because he is very good at bringing everyone to the table. He has really tried to stay behind the scenes and it is insulting to imply that he was out of line, when he is a Senator, who gets paid to do his job. At the very least, he was where he should be, and tried to move things forward. There was a concerted effort on the part of the Dems to beat him down, and make it look like he was an intruder on the process. There was no deal when McCain got to town. It was make-believe on the Dems side, to make McCain look bad. I have never seen such hateful,vicious and childish behavior in my life. Even the Brits were making fun of us on NPR today. It’s embarrassing that these people can’t put their parties aside and try to agree on something. Even more embarrassing is Barack Obama, campaigning away, and giving orders from the sidelines; “You dems and repuds get together and get this thing done”. Who the hell does he think he is? He’s still a senator for heaven’s sake. Why doesn’t he get back and get something done. Why? Because he doesn’t want to get his hands dirty. Let everyone else take the political heat/risk while he dances around the country trashing them all. A true leader will take a risk, and McCain is a leader. Whether he wins or loses in November, history will tell it like it is.
McCain/Palin 2008
Posted by: hatethebashing | September 30, 2008, 4:02 pm 4:02 pm
Check out the following article!
Sept. 30 (Bloomberg) — In the debate on Sept. 26, Democratic presidential nominee Barack Obama argued that the current crisis in the financial markets is the result of Republican deregulation.
The advertising from his campaign has been saying the same thing, and this claim is becoming a fixed element in the talking points of Democratic candidates this year.
The credibility of the charge depends on ignoring several important facts:
– There has been a great deal of deregulation in our economy over the last 30 years, but none of it has been in the financial sector or has had anything to do with the current crisis. Almost all financial legislation, such as the Federal Deposit Insurance Corp. Improvement Act of 1991, adopted after the savings and loan collapse in the late 1980s, significantly tightened the regulation of banks.
– The repeal of portions of the Glass-Steagall Act in 1999 — often cited by people who know nothing about that law — has no relevance whatsoever to the financial crisis, with one major exception: it permitted banks to be affiliated with firms that underwrite securities, and thus allowed Bank of America Corp. to acquire Merrill Lynch & Co. and JPMorgan Chase & Co. to buy Bear Stearns Cos. Both transactions saved the government the costs of a rescue and spared the market substantial additional turmoil.
None of the investment banks that got into financial trouble, specifically Bear Stearns, Merrill Lynch, Lehman Brothers Holdings Inc., Morgan Stanley and Goldman Sachs Group Inc., were affiliated with commercial banks, and none were affected in any way by the repeal of Glass-Steagall.
It is correct to say that there has been significant deregulation in the U.S. over the last 30 years, most of it under Republican auspices. But this deregulation — in long-distance telephone rates, air fares, securities-brokerage commissions, and trucking, to name just a few sectors of the economy where it occurred — has produced substantial competition and innovation, driving down consumer costs and producing vast improvements and efficiencies in our economy.
The Internet, for example, wouldn’t have been economically possible without the deregulation of data-transfer rates. Amazon.com Inc., one of the most popular Internet vendors, wouldn’t have been viable without trucking deregulation.
– Republicans have favored financial regulation where it was necessary, as in the case of Fannie Mae and Freddie Mac, while the Democrats have opposed it. In 2005, the Senate Banking Committee, then under Republican control, adopted a tough regulatory bill for Fannie and Freddie over the unanimous opposition of committee Democrats. The opposition of the Democrats when the bill reached the full Senate made its enactment impossible.
Barack Obama did nothing; John McCain endorsed the bill in a speech on the Senate floor.
– The subprime and other junk mortgages that Fannie and Freddie bought — and the market in these mortgages that their buying spawned — are the underlying cause of the financial crisis. These are the mortgages that the Treasury Department is asking for congressional authority to buy. If the Democrats had allowed the Fannie and Freddie reform legislation to become law in 2005, the entire financial crisis might have been avoided.
Policies that center on deregulation are probably hard for the voting public to grasp, and that has allowed Democratic candidates to spread the idea that there is a connection between deregulation and the current crisis. But an Obama victory, based in part on the claim that deregulation has caused the financial crisis, will create a mandate for new regulation where it isn’t necessary and will do harm to our economy.
(Peter J. Wallison is the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute.The opinions expressed are his own.)
To contact the writer of this column: Peter J. Wallison at pwallison@aei.org
McCain/Palin 2008
Posted by: hatethebashing | September 30, 2008, 4:07 pm 4:07 pm
Here’s part of a speech on the senate floor by John McCain in May of 2006 — two years ago!!! — as he tried to reform Fannie Mae and Freddie Mac. Had we listened to McCain then, we wouldn’t be in this mess now: (Why McCain himself isn’t making more of a big deal about this is beyond me.)
“Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation”
Posted by: V. J. Homer | September 30, 2008, 6:24 pm 6:24 pm
McCain has:
1. by implication admitted that last week he went in, guns blazing, and harmed the process.
2. has lost a lot of ground to Obama because he looks erratic, not steady.
3. took credit for the passed bailout bill yesterday morning only to find out that it did not pass, quite to the contrary. How come he did not know how many Republicans were voting against it?
4. showed how little pull he has within his own party. House Republicans already hate Bush and counter him whenever they can. Now we are finding that McCain has zero influence within his own party, can’t convince anyone. Perfect example of zero leadership, because as a LEADER you have others follow you. Nobody follows McCain. They thumb their noses at him, actually despise his “maverick” RINO personna.
The election is already over with, the GOP is “Dead Men Walking,” they just don’t realize it yet (although some do, see Limbaugh’s radio show today.)
Posted by: georgep | September 30, 2008, 6:34 pm 6:34 pm
Like Chris Rock was saying, ..” Vote for the candidate that owns only one house.”
McShame has 13 houses and if he loses 4 or 5 houses, he can still sleep well in his other houses.
Obama has the country’s interests first because he has two young daughters and he has strong incentive to lead the country to a better standing in the world for the sake of his children.
We know that McShame’s slogan “country first” is empty words when he picked Palin who is definitely unqualified for any national office. I do not want her anywhere near the “red button” because she might just decides to use it and say it is “God’s will”. Then the end of the world would be here. Scary.
People please for the sake of our children and grandchildren, vote
Obama/Biden
Posted by: god_help_us | September 30, 2008, 7:05 pm 7:05 pm
McCain brought about important changes made in the bill to protect the American people. Obama just said “call me if you need me.”
McCain – A man of action
Obama – A man with a teleprompter
Posted by: Florida Gal | September 30, 2008, 7:16 pm 7:16 pm
McCain personally went to Washington to help pass this bill. Barack Obama stayed on the campaign trail. Before the vote, our party criticized Sen. McCain for getting too involved (“erratic”). Now that the bill failed, it’s clear our candidate did not do enough. J Mac is for leadership. PUMA.
Posted by: Clintonites for McCain | September 30, 2008, 10:58 pm 10:58 pm
Rightly or not, McCain is connected with Bushes economic policies and current results are not great. If financial meltdown is not fixed, he will lose, so he must do all he can to help.
In Obama’s best interest would be that crisis continue, except in that case he will inherit pile of smoldering ruins in place of Wall Street.
It is (still) economy, stupid! Always been.
Posted by: Mladen | October 1, 2008, 12:04 am 12:04 am
No bailouts and no Obama – Just look at who this racist, sexist, radical muslem lover surrounds himself with:
Here is a quick look into 3 former Fannie Mae executives who have brought down Wall Street.
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities. At the time of his departure The Wall Street Journal noted, ‘ Raines, who long defended the company’s accounting despite mounting evidence that it wasn’t proper, issued a statement late Tuesday conceding that ‘mistakes were made’ and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company’s books ran a foul of generally accepted accounting principles for four years.’ Fannie Mae had to reduce its surplus by $9 billion.
Raines left with a ‘golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear. .. The Government noted, ‘The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner.’ These charges were made in 2006. ?The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits.
Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard ‘was a strong internal proponent of using accounting strategies that would ensure a ‘stable pattern of earnings’ at Fannie. In everyday English – he was cooking the books. The Government Investigation determined that, ‘Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,’
On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when they denied manipulating the mortgage-finance giant’s income statement to achieve management pay bonuses. Investigations by federal regulators and the company’s board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard resigned under pressure in late 2004.
Howard’s Golden Parachute was estimated at $20 Million!
Jim Johnson – A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight’s May 2006 report on mismanagement and corruption inside Fannie Mae, and you’ll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.’ Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae. ?
Johnson’s Golden Parachute was estimated at $28 Million.
WHERE ARE THEY NOW?
FRANKLIN RAINES? Raines works for the Obama Campaign as Chief Economic Advisor
TIM HOWARD? ? Howard is also a Chief Economic Advisor to Obama
JIM JOHNSON? Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama’s Vice Pre sidential Search Committee
IF OBAMA PLANS ON CLEANING UP THE MESS – HIS ADVISORS HAVE THE EXPERTISE – THEY MADE THE MESS IN THE FIRST PLACE. Would you trust the men who tore Wall Street down to build the New Wall Street ?
Posted by: GiveMeLibertyorDeath | October 1, 2008, 2:07 am 2:07 am
No Bailout of any kind for anyone. Contact your congress representative by email and tell them NO, . A vote for this bailout is unamerican. For the People, By the People.
Posted by: NO BAILOUT | October 1, 2008, 3:38 am 3:38 am
Lets elect a man who was involved in the failed savings and loans back in the 80′s as president! Keating 5 go McCain!
Posted by: Ken | October 1, 2008, 4:10 am 4:10 am
This dude is pretty erratic. His left eye does look better. Hope all is well.
Still waiting for Palin to release her TTax Returns. We all know Cindy will never release hers even though the same ppeople protecting that are the same ones who were blustering and loudly calling for Kerry’s wife to release hers last go around
Posted by: FromMyView | October 1, 2008, 8:17 am 8:17 am
McCain is NOT a uniter.
His lies and attack ads run constantly and that will just get even worse as his poll number sink.
McCain is erratic, mean and vindictive. Master of smoke and mirrors. Don’t buy the ‘concilatory’ nonsense.
McCain and Palin are vicious attack dogs…don’t let your guard down and watch out for the smooth talking, female guile of Palin in the debate. Do Not underestimate this woman.
Posted by: Independent | October 1, 2008, 7:34 pm 7:34 pm