By Rigel Anderson

Sep 19, 2008 9:03pm

Dems Target McCain on Social Security

ABC News’ Teddy Davis and Rigel Anderson report: John McCain came under fire on Friday from defenders of the current Social Security system after his aides signaled to the Associated Press that the current market turmoil has not altered his support for changing the retirement program to allow individuals to invest some portion of their Social Security payroll taxes in stocks and bonds.

"His midnight conversion from aggressive deregulator to market critic is apparently incomplete," said Jared Bernstein, the senior economist at the liberal Economic Policy Institute.

"He still wants to privatize Social Security to subject retirees to the possibility of this kind of market turmoil," he added. "Imagine what this would have meant to those in the cohort unlucky enough to reach retirement age in a market climate like this one."

Democrats who used President Bush’s push for private Social Security accounts to help bring down the Republican Congress in 2006 are hoping to use McCain’s stance on the issue to paint him as an "ideologue" who is "impervious to facts." Friday’s method of attack, which Bernstein participated in, was a conference call with reporters set up by the liberal group Americans United for Change.

McCain’s Social Security stance has sometimes been hard to pin down.

For months, his campaign website has spoken of the senator’s support for "supplementing" the existing Social Security system with personally managed accounts. The suggestion left by his website is that his accounts would not replace guaranteed payments and that they would not be financed by diverting a portion of Social Security payroll taxes.

"John McCain supports supplementing the current Social Security system with personal accounts," reads McCain’s official website, "but not as a substitute for addressing benefit promises that cannot be kept."

Despite the website’s call for "supplementing" the existing system, McCain told The Wall Street Journal in an interview published on March 3 that he supports private savings accounts "along the lines that President Bush proposed."

Told that his support for Bush-style private accounts was at odds with the way in which his website describes his position, McCain said he would change his campaign web site.

Talking to an NBC affiliate in Miami on May 20, McCain reiterated his support for private accounts, saying, "I still believe that private savings accounts, if young workers want to have them, is an option that they should be able to have.  I don’t see why we should prevent them from being able to take some of their taxes and put it into an account with their name on it.  Certainly I would not force anybody to do it.
And certainly it wouldn’t apply to anyone over age 55.  But people like to have accounts with their names on them."

Although the Journal reported that McCain promised to change his website, it still talks of "supplementing" the existing system, obscuring the fact that he favors a proposal similar to Bush which would reduce the minimum benefit guaranteed by the government.

While the Social Security straddle continues on McCain’s website, Democrats are planning to couple the financial crisis with the occasions in which McCain has explicitly backed Bush-style accounts to raise doubts about the economic stewardship of the Republican presidential nominee.

"The fact that he is clearly keeping privatization on the table is, at best, a formula for gridlock, and, at worst, a formula for the dismantling of Social Security," said Roger Hickey, the co-director of the liberal Campaign for America’s Future.

User Comments

Deregulate, privatize, and then blame it on greed. This clearly isn’t working.
People wanted to decide what they could afford in a mortgage. The banks let them and here we are today. You need to have regulation and standards in place as a check and balance system.

Posted by: Lessons | September 19, 2008, 9:27 pm 9:27 pm

McCain and truth got derailed early this year, frankly I’m not sure if he’s lying or maybe he can’t remember his last statement on an issue and his daily flip-flopping has confused him on what side he’s on at the moment. This guy as the most powerful man in the world, PLEEEEZE, the only person I could think of worse is Palin.

Posted by: JR | September 19, 2008, 9:27 pm 9:27 pm

I think it is rude to correct a person’s grammar in general. But when the people making the mistake actually think they are so intelligent when they make the mistake it is fair game. Too many people act pompous and say “between you and I” because they think it makes them look intelligent. It is actually between you and me. Me is the object of the preposition between and it is correct to use the objective case of the pronoun, me, and not the nominative, which is I. By the way, I know Barack Obama is so brilliant, but on David Letterman he said, “They asked Michelle and I to take the test”. It should be me not I because it is the direct object. You would not say for instance, “They asked he to take the test”, you would say, “They asked him to take the test”. All kinds of supposedly smart people make these kinds of mistakes, which I think are made out of arrogance misplaced. I know I make mistakes too but when I do it’s not hopefully because I am trying to impress people with my high flying but wrong grammar.

Posted by: arrogant grammar | September 19, 2008, 9:36 pm 9:36 pm

God help all those relying on social security if McSame/McPalin get into the WH. Now all of us will be left with only pennies because he would have privatized social security and the banks/investment companies have or will go belly-up. A geezer with a millionairess wife, eight homes will never have to worry, but where would that leave the rest of us? McSame, through all his support of deregulation and support of lobbyists have caused the “inferno” we are now in. How could anyone trust him anymore after his 26+ years of helping run us into the ground!!

Posted by: Sareena Jones | September 19, 2008, 9:36 pm 9:36 pm

To: Anyone who has a parent or grandparent depending on social security
From: John McCain
Subject: Privatizing Social Security
I just wanted everyone to know, the John McCain campaign is 100% committed to the privatization of Social Security along the lines of the proposal of the Bush administration.
The John McCain administration wants to divert the contributions currently being made to the Social Security system, the ones that are paying for your Grandmother’s retirement, to private accounts.
ANYONE WHO IS 80 YEARS OLD AND DEPENDENT ON SOCIAL SECURITY SHOULD CONSIDER GETTING A JOB.
GOOD LUCK!

Posted by: John McCain's conscience | September 19, 2008, 9:46 pm 9:46 pm

Also, in general I know how to use whom, you use it in the objective case like you would him, her, me, them, etc, but a lot of times I say who when it should be whom. I think this is completely different because whom just sounds arrogant sometimes.

Posted by: arrogant grammar | September 19, 2008, 9:47 pm 9:47 pm

I like McCain’s idea to privatize social security. If we do that and the CEO’s and other fat cats on Wall Street lose our retirment savings, then we can just bail them out like we are doing now with the mortgage crisis. Heads they win; tails we lose. That soounds like a good bet to me.

Posted by: Eric Brandon | September 19, 2008, 9:47 pm 9:47 pm

Today, McCain wanted to fire the head of the F.E,C., why would he want to fire the head of the Federal Elections Commission is a mystery.
John’s making Sarah look like the sanest half of the Republican ticket.
And that is mighty scary.

Posted by: doug | September 19, 2008, 9:51 pm 9:51 pm

Is there anybody out there who is not a nerd writing about grammar or politics??? I liked it in the Olympics when the guy from the USA gymnastics team kept saying, “That’s how we roll!” (third place baby). He really was likeable but that declaration just cracked me up.

Posted by: hello | September 19, 2008, 9:52 pm 9:52 pm

Seems like Obammie’s trying to get the focus off of his dealings in Fannie Mae/Freddie Mac by bringing up SS. Hahahaha! Freak.
The reason we are where we are today in the financial world is because Democrats, for the most part (all parties are at fault) wanted their “entitlement system” extended to those riskier buyers. So, here we are.
Just like Social Security, it would have been fine had the entitlement-ers gotten their fingers in the candy dish and started handing out workers social security benefits to everyone in the form of SSI, etc. Can’t do it.
Bush tried to deal with SS, but got blocked cause the dems freaked that their entitlement (and power) would diminish – it needs fixed, it, like everything else, is broke now. They’re funding recipients based on IOU’s. Something needs to give, but Obammie just wants to up the tax threshold. Thanks jerk. More money coming out of what could be spent in the economy to fund SSI.
I worked first hand with the welfare program in our state and could not understand why so many people are on SSI AND welfare when they seem to be healthy and able to function normally.
There are less risker investments such as muni bonds which a retirement account would be much safer in and those muni bond investments are often tax free. Least mine are.
You guys wait, IF Obammie gets in, like we are STILL in the war after 2006, Obammie will not have any real CHANGE; he indicated again, today, that he could reconsider his position (not flip flopping, of course, or even HAVING a position) – no, he just “refines and reconsiders”.

Posted by: obamayomama | September 19, 2008, 9:58 pm 9:58 pm

It’s hilarious that he’s pointing his skinny fingers at the “mess” when he CLEARLY, helped create it with his entitlements and buddies/advisors Jim Johnson & Franklin Raines.
And no one on the left questions this. Freaks.

Posted by: obamayomama | September 19, 2008, 10:00 pm 10:00 pm

I think John McCain is wrong on SS too. I still am voting for him though- the democratic congress won’t let him change it and there are other issues.

Posted by: hello | September 19, 2008, 10:02 pm 10:02 pm

hello, I like dogs.

Posted by: Kitty | September 19, 2008, 10:02 pm 10:02 pm

We need to return to a progressive tax code with estate taxes to be the premium on the insurance bailout when the upper 2% need a helping hand from the hoi polloi.

Posted by: Mr. Coffee | September 19, 2008, 10:03 pm 10:03 pm

McCain/Palin – Thanks, but no thanks on Nov. 4th

Posted by: Linda | September 19, 2008, 10:04 pm 10:04 pm

McCain is lost and floundering. He is not presidentail material – he has Senior Moments (SM) daily and doesn know if the reporter is talking about the president of Spain or some spanish speaking Central or South American country leader. He doesn’t know the SEC fromthe FEC. He literally makes no sense on a daily basis. He lies openly and talks about Obama and lobbyists being the cause of the Wall Street meltdown when in fact all McCain’s campaign advisors are Washington lobbyist. He is too stupdi to be president!

Posted by: eyeonyour | September 19, 2008, 10:05 pm 10:05 pm

this has rove written all over it. have you noticed that every time rove comes out in defense of Obama, something slimy follows? these poor souls are probably illiterate and under the influence of some crazy preacher being paid off by the republicans. they looked haitian to me, too. are they even registered voters? did the media even try to investigate them? sad, really, really sad.
Posted by: Angry American Voter | Sep 19, 2008 9:50:40 PM

Angry -
What you wrote really said it all about the kind of followers His Nothingness attracts.
What a pity that a good party is being brought down by such a phony with support by people like you!

Posted by: d0 | September 19, 2008, 10:06 pm 10:06 pm

Privatizing Social Security benefits Wall Street interests. Equity investments have become complex and the typical Social Security future recipients often lack the skills to invest wisely. The Social Security system has been a proven winner for decades so since it is not broken, the Congress simply needs to manage the program to keep it solvent beyond the 2042 funded date.

Posted by: Lou R | September 19, 2008, 10:08 pm 10:08 pm

Here’s what they did to the mortgage industry:
http://www.rushlimbaugh.com/home/daily/site_091808/content/01125107.guest.html
If you have doubts about what is said there, google your questions.
SO, let’s let them in charge of Medicare, Social Security, National Healthcare, College for Everybody and maybe even Caddy’s for everyone – besides, why should only the rich drive new cadillacs?

Posted by: obamayomama | September 19, 2008, 10:08 pm 10:08 pm

Here’s what McCain has to say about health insurance reform:
“Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.”
So McCain, who now poses as the scourge of Wall Street was promising that if we marketize health care, it will perform as well as the financial industry
OMG

Posted by: Atomic Dogg | September 19, 2008, 10:11 pm 10:11 pm

Just take a moment and look at today.
The worst financial crisis since the Great Depression has been realized, and within a few hours, the government has announced a $1 Trillion bailout paid for by money that they will borrow from China and Saudi Arabia.
The $1 Trillion new debt undertaken today does a few things:
1) It instantly doubles all of the national debt that was accumulated over the past 20 years.
2) It places $1 Trillion in debt obligations on our children.
3) It is a transfer of $1 Trillion in wealth from the middle class to upper class. For the simple reason that every citizen of the US will bear the additional debt, wheras only the very rich made more in the market today than the additional debt that was ascribed to their family.
This atrocity can only be described as Socailization of the rich. A massive loan, levied upon all Americans, to benefit those who have millions in the stock market. A person with $1M in the stock market made $40,000 TODAY ALONE, while the rest of us each took on $8,000 debt per family of 4.
On this night, as the republican economic Ideology of Debt lies a putrid stinking carcass of lies, mark this day in your memory. History is being made at this moment. Remember this night, as you will tell your children 30 years from now who it was you voted for.

Posted by: clifton | September 19, 2008, 10:12 pm 10:12 pm

Barack Obmama’s support of the government taking over Frannie and bailing out wealthy financial firms is a slap in the face to middle and lower class Americans.
Indeed, Obama is a socialist – a socialist for the wealthy!

Posted by: JA | September 19, 2008, 10:12 pm 10:12 pm

THINK people THINK. Where AIG is concerned, it was the MANAGER who POORLY Managed the corporation, not Wall Street. THINK beyond the “Wall Street” argument wrapping your brain around “corruption and mismanagement” of the accounting process (both parties in Congress) and upper management in these companies.
McCain predicted the mortgage mess when he was blocked from trying to reform it a couple of years ago. That’s a fact, but you won’t read that headline anywhere.

Posted by: obamayomama | September 19, 2008, 10:13 pm 10:13 pm

Clifton,
What planet are you on??? The Republicans in general, INCLUDING MCCAIN, ARE OPPOSED TO BAILING OUT THESE FIRMS.
OBAMA IS THE ONE SUPPORTING SOCIALISM FOR THE RICH.
OBAMA=BUSH
OPEN YOUR EYES YOU SHEEP

Posted by: JA | September 19, 2008, 10:14 pm 10:14 pm

Hello Kitty I like dogs too. I like Palin better than McCain and Clinton better than Obama. I was a democrat but won’t ever be an Obamacrat. I think hacking is wrong, and blaming the victim a joke (referring to Sarah Palin and some who blame Palin). Anyone could break out a car window and steal from it, but does that mean it’s okay and okay to blame the car owner. No, it is a crime.

Posted by: hello | September 19, 2008, 10:14 pm 10:14 pm

mccain helped create the circumstances for this financial meltdown, and now he’s trying to pretend as if his hands are clean. what a two-faced liar.

Posted by: otis | September 19, 2008, 10:14 pm 10:14 pm

Otis,
Open your eyes you fool. McCain TRIED TO PREVENT THIS BUT HIS BILL GOT KILLED.
Obama has bailed out the wealthy. Why you ask would a so-called liberal want to line the pockets of the wealthy???
Jim Johnson (a good friend and advisor of his) – former head of Fannie Mae
Hedge fund manager after hedge fund manager (like Fortress) giving him loads of cash for his campaign.
Obama’s true colors have shows.
OBAMA = SOCIALISM FOR THE RICH
THIS IS A DISGRACE TO WORKING CLASS, HONEST AMERICANS.

Posted by: JA | September 19, 2008, 10:17 pm 10:17 pm

Clifton -
Better do some research because you have no idea what you are talking about. The reason we are in this mess is from greedy investors and loans to common, middle class & LOW INCOME folks who were “risky” borrowers in the first place.
Do your homework and feel better about life.

Posted by: obamayomama | September 19, 2008, 10:18 pm 10:18 pm

It doesn’t matter what McCain says today, tomorrow it will be something different. What a pillock. What a clown. What a liar. What a sad desperate old man.

Posted by: JR | September 19, 2008, 10:18 pm 10:18 pm

JA,
There you go again spreading that stupid sheep line around on a day like this.
It wasn’t Obama standing at the podium on the white house lawn today announcing the bailout, it was President George W. Bush.
The fact is, NO one thinks the bailout is a good thing. It is socialism.
But when the economy is built on Debt and Lies, it will collapse, and a bailot is the only option.
The question is why did we reach this point where there was no option but a bailout? Because of the stinking carcass of the economy that Bush has created.
You know, it’s fun to spar with people who only have 4 words in their vocabulary (sheep, muslin, rezko, and ayers), but on this day, I think even you’d be a little more concerned with what’s happening to your own country than regurgitating the same 4 vocabluary words when speaking about the only man running for president who actually believes in a pay-as-you-go balanced budget.

Posted by: clifton | September 19, 2008, 10:21 pm 10:21 pm

Yeah let’s all vote for an untested democrat and give him a democratic congress and I am sure nothing will go wrong. That sounds scary to me. I will vote for MCCain/Palin and some checks and balances.

Posted by: hello | September 19, 2008, 10:21 pm 10:21 pm

Perhaps this will open your closed eyes:
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
Gee, McCain sure sounds dumb here, doesn’t he? NOT.

Posted by: obamayomama | September 19, 2008, 10:23 pm 10:23 pm

Wow. This allows Obama to target – fairly or unfairly – McCain as a candidate willing to leave seniors open to the frenzied whims of a damaged market. If he’s smart he will push hard on this and consistently target McCain as danger to working-class seniors, especially in the battleground Rust Belt states.
http://www.political-buzz.com/

Posted by: matt | September 19, 2008, 10:24 pm 10:24 pm

“Clifton – Better do some research because you have no idea what you are talking about.”
Well then evidently you support the current policy and want more of the same.
At least I know what you’re talking about!

Posted by: clifton | September 19, 2008, 10:24 pm 10:24 pm

It’s pretty sad that ABC News is not responsible enough to present FACTS & truth.
Sometimes I think 49% of the population deserve Obama and his MEAN wife.

Posted by: obamayomama | September 19, 2008, 10:25 pm 10:25 pm

“Yeah let’s all vote for an untested democrat”
I guess your’re right – the test is the thing. Hey, I have an idea! Bush is tested, right? How about 4 more years!
Obama has passed the test that counts. He belives in a balanced budget.

Posted by: clifton | September 19, 2008, 10:27 pm 10:27 pm

GALLUP POLLS ARE IN!!!
http://www.gallup.com
Obama up for the 7th straight day
McCain down for the 7th straight day
Obama 49% – McCain 44%
A better day is coming.

Posted by: clifton | September 19, 2008, 10:28 pm 10:28 pm

JA:
Made a little typo:
John McCain’s support of the government taking over Frannie and bailing out wealthy financial firms is a slap in the face to middle and lower class Americans.
Indeed, McCain is a socialist – a socialist for the wealthy!

Posted by: Atomic Dogg | September 19, 2008, 10:36 pm 10:36 pm

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
No one argues that McCain has supported regulation of Fannie & Freddie. That doesn’t prevent today’s problems, though. If F&F’s loans go bad, they go bad. Regulation at the F&F level can’t prevent that.
The core problem is the national debt is an outragous $1 Trillion, which has led to devaluation of the Dollar abroad, with the effects of increased energy prices, combined with a credit crunch at home. Then add to that 200,000 people who lost their jobs this year defaulting on the mortgages. No regulation of F&F could have prevented this storm.
I praise McCain for his work on this bill, but it’s like praising a good ER doctor treating a patients who arrive by ambulance for refusing to wears their seatbelt.
Barack Hussein Obama addresses the core of the problem – the balanced budget – the seatbelt of our economy. McCain makes a good senator and has written good legislation for sure, but lacks the judgement to see the big picture.

Posted by: clifton | September 19, 2008, 10:38 pm 10:38 pm

Liberals never get it
Can I sue Federal government if they can’t pay back my Social Security benefits when I retire?
Answer is No No No No….
If Federal Government can not promise my money back why should I pay to them
McCain only says , Private account is an option not mandatory. I will take risk, it is my money, not government money liberals

Posted by: adam | September 19, 2008, 10:41 pm 10:41 pm

Here’s what McCain has to say about the wonders of market-based health reform:
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation. (Krugman)

Posted by: Paige | September 19, 2008, 10:42 pm 10:42 pm

“obama and his MEAN wife”? are you serious? you would make a decision like this based on your perception of his wife? well, i guess you got your money’s worth with bush and his milktoast librarian wife… (i like librarians–just not laura)

Posted by: antijake | September 19, 2008, 10:43 pm 10:43 pm

The Obama plan – scroll down to “the bottom line” if you want to.
http://www.willisms.com/archives/2008/03/social_security_63.html

Posted by: obamayomama | September 19, 2008, 10:43 pm 10:43 pm

The economy does suck, but if people really think Obama can rescue them and make everything all right, think again. I think a lot of people will vote for Obama only because the economy is bad, and we may get a lot of change but we may not like it. I liked America best when she felt free and Obama comes with this vague message of change and people fall for it. The press gives him a free pass, and does cart wheels trying to do the other side in, HRC or McCain and Palin. Man, I feel sick. Geez, I miss the 1970s and disco and the American dream. Obama seems like a big phony to me and a lot of you cannot see through him. He tries to act like he is the ethical one and meanwhile his campaign and supporters are vile. A lot of you are probably paid bloggers.

Posted by: hello | September 19, 2008, 10:43 pm 10:43 pm

No antijake, don’t spin what I said. I didn’t say anything about making a decision – I am stating an opinion, that’s all. Actually, I was mocking Michelle and her words about America being MEAN and Obammie’s words at his $28K/plate Barbra Streisand affair the other nite when he said America would be MEAN if he’s not elected. See?
Golly gee (remember that phrase), you liberals have said over and over on national TV & radio that you are voting for Obammie just cause he’s black and slavery deserves reparation. Ask Tom Hanks. And you ask me if I AM SERIOUS? LOL!

Posted by: obamayomama | September 19, 2008, 10:48 pm 10:48 pm

Thought I’d recopy the Congressional Record site for some of you liberals; you can search for bills Obammie sponsored during his 130 some days in the US Senate:
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

Posted by: obamayomama | September 19, 2008, 10:53 pm 10:53 pm

Iraq = 1 trillion dollars
Economic Bailout = 500 Billion – 1 trillion dollars
All debt owed to China and the McCain folks don’t think he is going to raise taxes? That’s fantasyland.

Posted by: Paige | September 19, 2008, 10:54 pm 10:54 pm

Big News Monday:
Rush Limbaugh is coming out with a spanish speaking ad to go NATIONWIDE refuting Obammie’s LIES! WOO HOO! This will not be a sleazy, half=truth ad, this is more of a small documentary type thing, heh heh, yes, September surprise.
Obammie po’d the WRONG person!

Posted by: obamayomama | September 19, 2008, 10:56 pm 10:56 pm

when you give tax breaks, people can spend more money on investments and goods and services rather than fund entitlement programs with increased tax dollars which, in turn, creates more revenue.
Drilling our own resources (oil, natural gas, etc) and stopping subsidies on everything from ethanol (50 cents/gallon) to peanut butter might help put some money BACK into the Social Security fund. Things like that are what McCain/Palin will be looking at – it’s called “getting rid of waste”. See?

Posted by: obamayomama | September 19, 2008, 11:03 pm 11:03 pm

The higher Obama climbs in the polls, the more ridiculous republicans become. The thought of republicans loosing the election is driving them bonkers. McCain is going to loose and there is nothing they can do about it.

Posted by: The Unshrub | September 19, 2008, 11:30 pm 11:30 pm

Back to topic:
The volatility of the stock market is the essential reason not to trust it to Social Security, as doing so essentially removes any “security”.
Social Security is socialist as is Medicare. However, these programs are in place because as humans it is unconscionable to have our streets crowded with sick and poor elderly.
So, we are stuck with these socialist programs and must manage them appropriately as, until today, these were bankrupting the country. Now, as Ron Paul rolls over in his grave (yeah, I know, he’s not dead), we are going to fund a massive and misguided bailout that we can’t afford. We’re fighting a war we can’t afford too. Part of the problem is panic, part is greed, but I don’t think that this is the best idea. The financials get half a trillion when it took every effort to get 150 million for ordinary folks.
Anyway, the devil is in the details and we’ll see exactly what comes of this. Is the government (i.e. us) going to own all of these foreclosed homes? My guess is these same financials will saddle us with the full cost of the bad debt, then buy back the debt for pennies on the dollar.

Posted by: MIguy | September 19, 2008, 11:32 pm 11:32 pm

Rush Limbaugh is a pill-popping, sexist pig who laudly pushed national embarrassment PALIN as Repub VP choice.
Who cares if he buys an advert or two?
Most of the country knows that he’s a bullying creep who lies thru his teeth.
Let him waste his money. Then let him and his divisive rhetoric fade into oblivion after Obama is elected.

Posted by: SueP | September 19, 2008, 11:35 pm 11:35 pm

“Obama never authored a single bill.”
Really?
Let’s see what Newsweek has to say about that today:
“Obama served eight years in Springfield, and has been in Washington nearly four so far. In the Illinois state Senate, he authored about a half-dozen “major laws” on issues ranging from ethics to education.
In Washington Obama has his name on three important laws: the first major ethics reform since Watergate; a much-needed cleanup of conventional weapons in the former Soviet Union, and the “Google for Government” bill, an accountability tool that requires notice of all federal contracts to be posted online.
McCain served four years in the House and has been in the Senate almost 22 so far. But he, too, has authored fewer than a half-dozen major laws.
Trying to fix immigration counts for something, but nothing passed. ”
So we’ll add a fifth phrase to the republican vocabulary this evening:
1) Rezko
2) Ayers
3) Muslim
4) Bleating Sheep
5) Never passed a bill
I’ll add a 6th for you all in honor of today.
6) Collosal Failure. what you get when you elect a republican to the white house.

Posted by: clifton | September 19, 2008, 11:38 pm 11:38 pm

Clifton – In eight years in the Illinois State Legislature Obama sponsored 820 bills that became law. The Illinois Times, in a cover story, labeled Obama ‘Head of the Class” for his legislative abundance. In 3 years 10 months as a US Senator, Obama has sponsored 420 bills and authored 152 bills.

Posted by: Paige | September 19, 2008, 11:43 pm 11:43 pm

Americans used to be opinionated and tough, and the press used to report the news not make it. Some of you are so unoriginal and so unAmerican in your language. Man, y’all sound like a bunch of drones. Ever call a democrats office, you will defiitely get a lot of politically correct canned rhetoric that will make you sick. Usury interest is wrong. It has been wrong since the days of Moses. The subprime loans were a disaster waiting to happen because of the excessive interest. Simple. Pay day loans should be outlawed, they charge what like 300% interest. People should know what they are signing and not make the rest of us pay for their mistakes. People should live within their means and the banks, who know better, should not have made these dangerous type loans. Morons. I am mad because I live within my means and now I am responsibe for the banks and individuals who were not responsible.

Posted by: hello | September 19, 2008, 11:46 pm 11:46 pm

MIguy, great post. You’re one of the few here who understands the economy.
Really interesting point you make about Government owning the assets to back up the loans they assume. That could indeed mean that they’ll own the homes. Already determined that they’ll own 80% equity in AIG.
All this points out yet another spoke in the wheel of hypocrisy:
Promise small government – deliver $1 Trillion government
Promise fiscal conservancy – deliver $1 Trillion debt
Promise morality – deliver pregnant teenagers
Promise War against Terror – deliver war against American Troops
Promise Pro-Life – deliver 4,126 Americans in body bags
Promise Freedom – deliver spying on americans with email and internet wiretapping
Promise National Security – deliver alienation of our allies
Promise jobs – deliver highest unemployment in decades.
and in honor of today, a new arrival:
Preach capital market markets – deliver Socialism.

Posted by: clifton | September 19, 2008, 11:46 pm 11:46 pm

We will have less in our accounts, less equity, less optimism, less everything with a Barack Hussein Obama sock puppet Presidency. Do you all know he has 300 paid staff advisors? I DON’T WANT TO PAY FOR THE MOST ADVISOR DRIVEN PRESIDENCY IN ALL HISTORY!
McCAIN/PALIN!!!!!

Posted by: Emma | September 19, 2008, 11:52 pm 11:52 pm

Obama became a US senator in January of 2005. In February of 2007 he began campaigning to be president. Since then his primary job has been running for president. That means two years of actual experience as a senator. And I bet he spent the six months before that weighing whether or not to run.

Posted by: hello | September 19, 2008, 11:53 pm 11:53 pm

rush is john mccains nightmare latinos are not stupid they know what he has been saying about them..he better distance himself from rush or people will decide that this has helped them to finally decide they will not vote for him..yes please do tour ad rush it does help the dems. even more

Posted by: lcx | September 19, 2008, 11:59 pm 11:59 pm

Emma – we already have currently what you say we will have under Obama. Hiding or running from the problem is not the answer. Panic is not the answer either. The problem in the financial sector is beyond a single man.
This is what McCain was trying to say with his grand “commission” – the problem is Obama beat him and actually met with people who know the economy. I don’t think it is weakness for a President to know his strengths and weaknesses and ask for help.
If you were having a heart attack, don’t you think it would be a good idea if your primary care doctor consulted a cardiologist?

Posted by: MIguy | September 20, 2008, 12:16 am 12:16 am

Doe McCain really think people are going to like what he wants to do with the Social Security. Bribg it out see what people think.How about when he said he was going to tax it? it is on the table. To talk about something else, is it right that Palin’s preacher at her church go for witch hunts? .

Posted by: Steve | September 20, 2008, 12:17 am 12:17 am

This week teaches the wisdom of our fathers and grandfathers in the manner in which banking/investments were handled.
I have an idea for Social Security, let’s create a “Trust Fund” that holds all the money so that people can be sure that it’s there when they retire. Oh wait, that exists already. So let’s figure a way to make sure it stays fully funded. “Privatizing” is a gimmicky term which will take away the security of the investment. As a country we cannot afford the debacle of failed privatization of Social Security. This week shows what could happen.

Posted by: MIguy | September 20, 2008, 12:24 am 12:24 am

“Privitization” is codeword for:
“Let’s build another corporation full of republican cronies, who will make millions and fly private jets. When the company collapses in debt, we’ll bail out the company, borrow trillions from foreign investors to finance the bailout, threaten to fire people we don’t have the authority to fire, blame the democrats, call for a commission, and blast the democrats for needing so many advisors.”
Hey. Republicans. This ain’t good timing to promote that b******t.

Posted by: Clifton | September 20, 2008, 12:35 am 12:35 am

It is a really important thing, as noted above, to realize where exactly the half a trillion dollars will come from. Borrow it? Print more money? What will happen if/when this goes through is inevitable and you will see inflation go up and subsequently the Fed will raise interest rates, which will send the finicky market back down into a spiral. Even Greenspan expects rates to go up.
So, if you have any adjustable rate loans left – we’ve reached the bottom on rates and you should fix your rate now if you can. If you have good credit, you can probably even talk your banker into giving you a rate a quarter, half (or more if you’re really good) under prime.

Posted by: 1percenter | September 20, 2008, 12:53 am 12:53 am

Uh oh:
Ralph Nader is on the ballot in 45 states plus Washington DC and is a write-in in 4 states, for a total of 49 ballots. He is polling 6-8%.

Posted by: Mack | September 20, 2008, 2:20 am 2:20 am

New McCain Girls song..”It’s Raining On McCain”

Posted by: doug | September 20, 2008, 2:21 am 2:21 am

Seems like Obammie’s trying to get the focus off of his dealings in Fannie Mae/Freddie Mac by bringing up SS. Hahahaha! Freak
Pleae already with the lies. All the money Obama received was from employees not CEO and McSame just straight the true and all the commentaries put it out. It seem like all those lies are not working any more becasue McSane is polls are falling daily like all the lies he tell daily.

Posted by: gl | September 20, 2008, 2:27 am 2:27 am

ALL REPUBLICANS SHOULD PUT THEIR MONEY IN CAIN AND APALING HANDS.
PLEASE GIVE THEM YOUR MONEY, YOUR SAVINGS, YOUR TRUST…THEY DESERVE YOU AND YOU DESERVE THEM.
PLEASE REPUBLICANS: GO TO IRAQ AND FIGHT OR JUST WORK AND GIVE YOUR MONEY TO CAIN. YOU CAN ALSO, SIGN UP TO HELP IN TEXAS’ FLOOD OR SOME OTHER JOB LIKE THAT.
REPUBLICANS IN THIS BLOG: STOP TALKING AND GO INTO ACTION.
REPUBLICAN SHOW THE COUNTRY HOW GOOD A PATRIOTS YOU ARE…CAIN AND APALING ARE SENDING YOU TO FIGHT FOR YOUR FUTURE NOW!!
ENOUGH OF REPUBLICAN HYPOCRECY, LIES AND MANIPULATION.

Posted by: Al | September 20, 2008, 3:35 am 3:35 am

The media is being bamboozled:
Personal accounts=Private accounts=Privatization of social security.
McCain is an idiot!!!

Posted by: Sandra | September 20, 2008, 6:03 am 6:03 am

seems simple doesn’t it
Mccain either sits on his lobbyist surrounded a$$
has impulsive childish and aggressive “blurts
or is hanging out with and fighting on the same side as the people who…
well…seems simple
McCain Keating deregulation the s and L crisis
a trillion dollars
McCain Bush the Iraq war…
a trillion dollars
Mccain Gramm (Davis and Black as well) deregulation
a trillion dollars
at what point do people say the guy who is hanging out every time and fighting for the same policies as…the people and beliefs that cost us all this
should not have the keys to the economic engine?

Posted by: dl(the real one) | September 20, 2008, 7:05 am 7:05 am

McCain Keating deregulation the s and L crisis
a trillion dollars
McCain Bush the Iraq war…
a trillion dollars
Mccain Gramm (Davis and Black as well) deregulation
a trillion dollars
at what point do people say the guy who is hanging out every time and fighting for the same policies as…the people and beliefs that cost us all this
should not have the keys to the economic engine?
same team
same tactics
same outcome
throw these bums out!

Posted by: dl(the real one) | September 20, 2008, 7:05 am 7:05 am

and gl
god do I want to call people like this morons but I won’t…lol
Mccain’s campaign CHAIRMAN – Rick davis fought long and hard lobbying for Fannie Mae and freddie Mac
ugh
Charlie Black his chief strategist
- 10 years as a lobbyist for Fannie Mae and Freddie Mac
and Gramm his chief economic guy actually wrote the laws that got us not only this mess but Enron.
so please stop with the bull.
comparing two random barely connected advisors involved with fannie Mae and freddie Mac less than Mccain 3 leading advisors…
is ridiculous…and familiarly scummy to the last 8 years.

Posted by: dl(the real one) | September 20, 2008, 7:10 am 7:10 am

everyone should read clifton’s post above

Posted by: dl(the real one) | September 20, 2008, 7:13 am 7:13 am

For over 15 years warning flags were flown on allowing poor loan practices; NY Times, Washington post, LA Times all had indepth articles all making dire predictions but men and women in charge told those making the warnings to move along, nothing wrong here. According to most the US is on the hook for 55 trillion for social security, medicare etc; all unfunded and yet social security/medicare consumes about 16% of our earnings. If the money we put in doesn’t grow enough to fund it then more taxes will be required so for those simply wishing for someone else to foot the bill, forget it, it is not going to happen. Younger people, get ready to have a life filled with paying most of your wages in taxes. All those wonderful things Uncle Sam has promised you are going to cost you.

Posted by: david | September 20, 2008, 7:41 am 7:41 am

obamayomomma – with your nasty comments you absolutely deserve McCain and Palin. But the country doesn’t.

Posted by: counting crows | September 20, 2008, 7:47 am 7:47 am

I think people need to wise up McCain is right letting the goverment control our retirement is the worst thing in the world to do by letting the american people run their own life matters is great!!!!!!!!!!

Posted by: 1nana23 | September 20, 2008, 8:46 am 8:46 am

The current system is a good example of why the poor stay poor.

Posted by: dl | September 20, 2008, 9:51 am 9:51 am

Of course we must keep the old system in place for the people who are too stupid to handle their own money. Naturally as Obama voters they need all the help they can get.

Posted by: paulejb | September 20, 2008, 10:05 am 10:05 am

The problem with privatization of Social Security is that Republicans will want to provide as little oversight as possible just like they did the mortgage business…Bottom line, when the sh*t hits the fan and private providers fail taxpayers would be faced with the alternative of a bailout or letting people, basically, die…And Republicans will take no blame when that happens….they never do,,

Posted by: indy_voter | September 20, 2008, 10:06 am 10:06 am

Change, We can believe in —->
Change, We can ——>
What is in your Wallet ?
- A McCain Democrat

Posted by: vs | September 20, 2008, 10:15 am 10:15 am

Republicans will want to provide as little oversight as possible just like they did the mortgage business
Indy: I think as time goes by you will see there was plenty of regulation but lending money, should I say forced to lend money ,to bad credit people is the problem. That as well as poor managers covering their rears with congressional sweetheart deals and campaign contributions.

Posted by: david | September 20, 2008, 10:35 am 10:35 am

this is an excellent , thanks a lot .

Posted by: العاب شمس الدين | September 20, 2008, 11:09 am 11:09 am

Somebody should give McGrampa some milk and cookies and put him to bed, and tell Sarah to go back to mismanaging Alaska. McCain has been so disoriented this week that it’s clear he can’t even handle himself on the campaign trail, much less in the oval office. I think the Republicans should just sit this one out altogether, and we’ll let them know when their arraignments are scheduled.
McCain and his cadre of lobbyist advisors were still preaching the failed gospel of deregulation on Monday as the house of cards started to collapse, and he’s dedicated most of his career to the exact causes of this crisis. His attempt to pin it on Obama is just laughable, and even the Wall Street Journal Editorial Board called him out on it! And once again, Obama’s plan as outlined last January and further explained in March was oddly ahead of the curve, just as was his call on a timetable for withdrawal of our forces in Iraq. Just as reality brought Bush and McCain in line with Barack’s plan for Iraq, reality will bring them around to his plan for restructuring the economy. McCain is just flailing about looking for a talking point, and everyone in the room knows that. Take the rest of the campaign off, John. We’ll take it from here.

Posted by: Mike in Seattle | September 20, 2008, 11:25 am 11:25 am

Why would America REWARD complete Republican failure ?
We wont.

Posted by: PulSamsara | September 20, 2008, 11:39 am 11:39 am

Yes, people took mortgages out that they couldn’t afford, at the same time the bank loaned money to them. If you give a bum on the street 20 dollars and he promises to pay it back, do you really think you are going to see that cash again? The lenders have a responsibility to make sound business decisions, they did not. They had the money, and the power to say no.

Posted by: Louis | September 20, 2008, 11:45 am 11:45 am

Obama in his 2006 book audacity of hope said he would support private accounts.
He is a hypocrite.

Posted by: Jeff | September 20, 2008, 1:51 pm 1:51 pm

It was the Democrats that got us into this mess in the first place. They wanted the minorities and others to be home owners when in fact, they did not have the income to do so. No money down and 50% of income for m onthly payments was not the way to do business. Some of these people did not even read the contracts before signing. This whole bail-out is pure socialism, Obama’s style.

Posted by: Martin | September 20, 2008, 2:59 pm 2:59 pm

Martin: The “Democrats” didn’t loan anybody anything – the lenders did. Then they resold the debt obligations to financials so they could make more money.
You are correct that this bailout is “socialism” – but, I’m sorry your brain isn’t quite working right, Bush is the frickin President. So, the Republicans have converted the US government into owners of Insurance companies, Mortgage companies, banks and now bad loans. Sounds like they’re the idiots making us socialist and you have the audacity to come here and think we’re idiots and blame it on Obama? You can’t have it both ways…

Posted by: MIguy | September 20, 2008, 3:22 pm 3:22 pm

To Arrogant Grammar:
It is really neither arrogance nor pretence necessarily that cause people to commit grammatical errors. Errors with regard to case, agreement and number are in my opinion violations of grammatical rules. Of more importance and interest to me are consistency, redundacy and other elements of grammatical logic. Overall grammatical correctness and intelligence do not really go hand in hand and I more impressed by an ability to think than impeccable grammar because I have found that neither guarantess the other. You may want to pay some attention to the warnings in the television commercials for aricept, crestor and lipitor. You will find than in all of them the same violation of grammatical logic occurs. By the way have you noticed how common it is among politicians and their surrogates and even television personalities to say, “There is..” in reference to plural nound? And even more common is “The reason is because..”

Posted by: Alex | September 20, 2008, 5:28 pm 5:28 pm

Does Barack Obama have no shame? Does he think he can win the White House with a smoke screen of lies? Senator McCain has not called for privatization of Social Security.

Posted by: Graniteman | September 20, 2008, 6:43 pm 6:43 pm

John McCain’s Campaign Manager Rick Davis is a Lobbyists for Fanny Mae and Freddie Mac, for some reason this is getting put below the surface.
Fact check also revealed that Sen. McCain received the most from Franny Mae directly from the CEO’s DIRECTORS< and the Executives. $162,000 toward his campaign
Sen. Obama received $120,000 directly from the Employees.
So get the facts straight.
Social Security if McCain had been in Office Social Security would Be GONE it would have gone down with the Financial Industry.
At least McCain's staff is telling the truth that he plans to Still After Wall Street Crashed put our Social Security Benefits on Wall Street. Better we know now!
McCain plans will do the same with our Health Insurance, Voters must read the plan it is also throwing us to the Market!
Main Street is Bailing Out Wall Street and McCain and the Republicans have bragged for years about NO GOVERNMENT, Less REGULATION
"GET THE FED OFF MY BACK'" NOW IT'S
WHERE'S THE GOVERNMENT WHO'S GOT MY BACK???????????BAIL ME OUT!
WALL STREET CAN NO LONGER TELL US LITTLE FOLK ABOUT TOO MUCH GOVERNMENT BECAUSE WE ARE PAYING FOR THEIR GREED……………………….
THESE GUYS RANU UP A $10+TRILLION DOLLAR DEFICIT TALK ABOUT BIG GOVERNMENT?
IT OK AS LONG AS THEY ARE USING BIG GOVERNMENT TO GET RICH AT OUR EXPENSE

Posted by: Barbara | September 20, 2008, 6:56 pm 6:56 pm

ANY EDUCATED investor knows that to earn enough money for retirement, you MUST invest in stocks. There is plenty of proof showing the returns are MUCH better than bonds.
Putting only “part” of the trust fund in stocks is a great way to shore up the fund. YES..the market will go UP and down…but over the long run it always goes up.
We can arrange it so its just like the “automatic balancing” mutual funds from Vanguard/T. Rowe Price…as the time gets close to using the money…it’s slowly transferred over to bonds over a period of years.
Obama has NO solution for Social Security. Either you cut benefits or raise taxes…that’s his choices.

Posted by: MikeFromNJ | September 21, 2008, 11:30 am 11:30 am

Obammy is a stupid blowhard.
God help us if he gets elected/.

Posted by: pam | September 21, 2008, 2:26 pm 2:26 pm

This from Sen McCain in 2006..”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.” NObama doesn’t have a clue and Freddie and Fanny are his #2 highest contributor. Does NObama have a plan for SS? NOT. Just what we need in office a dembo and a dembo congress to run us further into the ground. McCain who has experience and Palin who has a surplus state in 08. Change I can believe in. McCain/Palin

Posted by: FlaRebel | September 21, 2008, 3:57 pm 3:57 pm

As bad as the government is I’s still rather see the social security remain as it is. If some withholding company makes bad investments with our money and if what has happened occures, there goes our retirement and I don’t trust any company hired by the government.

Posted by: Pat Napolitano Marietta. Ga. | September 22, 2008, 3:24 pm 3:24 pm

To learn about McCain’s 10 year history of supporting Social Security privatization, see
http://www.dailykos.com/storyonly/2008/9/29/224439/434/198/615089

Posted by: Jim | October 3, 2008, 4:13 pm 4:13 pm

Leave a Reply

Do you have more information about this topic? If so, please click here to contact the editors of ABC News.