McCain Details How He’d Address Financial Crisis
ABC News’ David Wright, Alyssa Litoff, Bret Hovell and Imtiyaz Delawala report: Speaking to the Chamber of Commerce in Green Bay, Wisconsin, Republican presidential candidate John McCain gave his most detailed statement to date on how he would address the current financial crisis.
The speech, a last-minute addition to McCain’s schedule, included sharp attacks on Democratic rival Barack Obama, going so far as to accuse Obama of profiting from the scandal.
"We’ve heard a lot of words from Senator Obama over the course of this campaign," said McCain. "But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems.
"The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it," McCain said.
McCain also pointed the finger of blame at Securities and Exchange Commission Chairman Chris Cox, but the candidate softened his threat yesterday to "fire" Cox. Instead McCain called for Cox’s resignation.
McCain offered a six-point plan for reforming Wall Street — including consolidating the alphabet soup of regulatory agencies, promoting greater transparency, and creating a new oversight body called the Mortgage and Financial Institutions Trust or MFI.
"This trust will work with the private sector and regulators to identify institutions that are weak and fix them before they become insolvent," McCain said.
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“We’ve heard a lot of words from Senator Obama over the course of this campaign,” said McCain. “But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems.
“The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it,” McCain said.
RIGHT ON! Obama and Biden
Posted by: geevill | September 19, 2008, 9:53 am 9:53 am
Wher is Obama he was here earlier he voted present oh thats right he is meeting with his advisers to figure out what to do I mean say he would do!!!!!
Posted by: reddog0216 | September 19, 2008, 9:55 am 9:55 am
Obama made more money off Fannie mae and Freddie mac than anyone else except Dodd.
Where is the MEDIA OUTRAGE ?
Oh I forgot, its focuse on whether Palin had her ex brother in law FIRED for spite . Thats whats REALLY important.
Not to the american public -but to get OBAMA ELECTED. That brand of IMPORTANT.
Posted by: infoseeking | September 19, 2008, 10:02 am 10:02 am
McCain is stating the obvious nd acting as if this is something NEW…
McCain if you’ve forgotten you’re the cause of the problem. pro- Deregulation for 26 years and praising regulation for 2 weeks.
It doesn’t add up.
Posted by: Vanessa | September 19, 2008, 10:03 am 10:03 am
“WASHINGTON (Reuters) – Democratic presidential nominee Barack Obama said on Friday he supported efforts by the U.S. Treasury and Federal Reserve to shore up confidence in the financial markets and said he would hold off from presenting his own economic recovery plan”
OBAMA the man without a plan. Always lectures and criticizes others.
Posted by: geevill | September 19, 2008, 10:04 am 10:04 am
Wouldn’t creating this new MFI be adding to our already “massive” government? I thought McGoo wanted to downsize? McCain you need to fire all the lobbyists who work with you and then maybe you can start pointing fingers. Maybe you could take some blame yourself for your contributions to this mess. Seven houses? Is this not excess and greed? Oh I’ sure they were wise “investments”.
Posted by: jane | September 19, 2008, 10:06 am 10:06 am
this is the guy who had Gramm (who got paid as recently as this past year 750,000 dollars from the banking and mortgage lobby for deregulation)
writing his economic platform.
This is the guy who was hanging out with trading donations and job contracts and vacationing with …the guys behind the banking and deregulation that caused this same problem last time…Charles Keating and the S and L crisis
and now he is trying to point the finger at OBama!
ru f’ing kidding me?!!!!
the deregulation lobby (and it’s king …gramm) WROTE McCain’s economic policy …literally.
is he covering for another investigation he may have like there was after the last trillion dollar buy out and everyone said “why are you so chummy and influenced by these deregulators?”
throw this bum out. NOW
Posted by: dl | September 19, 2008, 10:09 am 10:09 am
McCain is the only one who can get us out of this mess. Obama has absolutely NO IDEA what he is doing. This is why he needs hundreds of economic advisors. McCain will be tough and fair. Obama will put into place a the politically convenient solution.
He is not to be trusted at all.
In other news, Hillary Clinton made an amazing speech on the economy yesterday.
She would’ve gotten us out of this mess!! I can not believe we are stuck with Obama who knows nothing about the economy.
Posted by: Michel | September 19, 2008, 10:09 am 10:09 am
“We’ve heard a lot of words from Senator Obama over the course of this campaign,” said McCain. “But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems.”
“The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it.”McCain said.
Where was McCain? On vacation in Arizona? Nope he was right with Obama and Biden and the rest of Congress.
Posted by: jenny | September 19, 2008, 10:09 am 10:09 am
McCain should have experience on this as he was part of the Keating 5 scandal.
Repubs don’t want higher taxes on the those that “generate wealth” so the average tax payer gets to bailout their bad decisions and greed buts get nothing but losses.
This mess justifies at least progressive and estate taxes to help cover disasters like this.
Otherwise we are just meat for the upper 2% to feed off of.
Posted by: Mr. Coffee | September 19, 2008, 10:10 am 10:10 am
McCain, Mr. Keating Five, actually has the gall to accuse Obama of being right in the middle of the D.C. culture of lobbying and influence peddling. Look in the mirror John, you’re the problem.
Posted by: hopesprings52 | September 19, 2008, 10:10 am 10:10 am
McCain’s (and Phil Gramm’s) policies of deregulation over the past 25 years have had a direct effect on this economy. Now he wants more regulation. Next he’ll be selling us a bridge in Alaska. I know we’re smarter than this.
This guy has had a new comment every day this week which contradicts what he said yesterday. He has been emotional and undisciplined, not presidential.
I want more vision and discipline from my President.
Posted by: SET | September 19, 2008, 10:10 am 10:10 am
Hey jane,
Why do people attack people who are sucsessful who cares he has seven houses
Posted by: reddog0216 | September 19, 2008, 10:12 am 10:12 am
McCain with out a doubt has my vote.
I just was researching both candidates and Obama appears to be the most corrupt politician of our time. How does someone who is so grossly under-qualified and has done nothing to make progress in his Senate district or the rest of the country get this far? CORRUPTION
Obama has ties to some of the worst criminals in the country. Obama is a frightening man. I’m so glad I did some research.
I ask my fellow democrats to research Obama and McCain’s history and then make your decision.
McCain and Palin have fought corruption and that is why I am voting Palin/McCain – A life long democrat
Posted by: jasonDC | September 19, 2008, 10:12 am 10:12 am
McCain with out a doubt has my vote.
I just was researching both candidates and Obama appears to be the most corrupt politician of our time. How does someone who is so grossly under-qualified and has done nothing to make progress in his Senate district or the rest of the country get this far? CORRUPTION
Obama has ties to some of the worst criminals in the country. Obama is a frightening man. I’m so glad I did some research.
I ask my fellow democrats to research Obama and McCain’s history and then make your decision.
McCain and Palin have fought corruption and that is why I am voting Palin/McCain – A life long democrat
Posted by: jasonDC | September 19, 2008, 10:13 am 10:13 am
Cite:
Head of State
http://headofstate.blogspot.com/2008/09/cynicism-of-mccains-vp-choice.html
Monday, September 15, 2008
The Cynicism of John McCain
If you read Jeffrey Goldberg’s excellent piece on McCain in the new Atlantic, one fact stands out clearly. McCain’s stance on the war is inviolate–it involves what for him are principles of honor that stretch back immediately and directly to his own experiences in the Vietnam war, and to those of his father in World War II. Just one example of many in the first-rate article:
This is the issue on which McCain is inflexible, certain, fully invested, passionate.
It is equally clear that as a result, he views all other issues as malleable, political issues–stances that can be easily taken, and easily changed, tactically– in order to win a campaign and thus deal with the issue that, to him, matters.
This is utterly clear in his choice of Palin, where his Vietnam-and-since cynicism about political necessities is manifest–one of feeding the bread and circuses desire of the electorate, giving them, so easily fooled, as they were so easily fooled by the media in Vietnam, what they need, in order to be able to deal with the important issue.
The choice of a remarkably unqualified Vice Presidential choice is simply a political necessity. The attitude towards the public, and the media, in this choice, as in many of the public representations and statements of his campaign, is one of an extraordinary, jaded, cynicism: Feed the beast with whatever fantasies and half-truths it takes. The fundamentals of the economy are sound. We’ll take care of it later.
Goldberg:
This is no doubt rooted in McCain’s eternal certainties, drummed in by three generations of such certainty. And there is no doubt strength and decency–as well as these “family values”–that drive this commitment to an ideological core.
The question is this: Do we need another president with such a core of ideological inflexibility, rigidity and unwillingness for self-reflection, linked to a long past conflict–and who is willing to resort to half-truths, deceptions, and distortions in its service?
Cite:
Head of State
http://headofstate.blogspot.com/2008/09/cynicism-of-mccains-vp-choice.html
Posted by: Emily | September 19, 2008, 10:13 am 10:13 am
Great so create an even bigger beauracracy THAT will fix it John! Why do you think this collapse was engineered in the 1st place to consolidate the banking industry into government hands once and for all. China, has a central bank, Russia has a central bank, it worked for them right? (Wrong) Central financial planning has never worked. And imitating the welfare/warfare state that brought down mighty Russia without firing one shot will do us in just as well. But you pathetic representatives won’t cut one dime. They will spend even what they don’t have, so your kids will have to pay the bill. The Democrats gave Bush everything he wanted, and this is a platform that they think they deserve to be rewarded for… Incompetency! Denail, complacency. This is worse than playing a fiddle while our country burns. This is lighting the match and pouring the gasoline, before starting to fiddle. The Democrats AND Republicans are stealing everything you have and bailing out their friends on Wall St. while Main St. gets audited if they don’t dot the I or cross the T on their tax return. You better vote them out NOW, before it’s too late! Obama is NOT the messiah, and more centralized government will only make things worse. Besides we obviously can’t afford further government expansion along with an ever expanding militaristic empire. McCain doesn’t know a damn thing about the economy OR the war, and can’t even secure the border in his own state! Face it folks your voting for a bag of garbage or a bag of fecal matter. Either way it’s unedible and it STINKS! The best thing to do is vote out incumbents, or vote any 3rd party canidate you can find. These guys obviously agree that they and their buddies should profit off of your misfortune. How about we force them to have to listen to US for a CHANGE! Vote ‘em out on the local level. And don’t vote for a D or R nationally. Anythign else is doing the same thing over and over while expecting a different result… INSANITY!!! Please WAKE UP!
Posted by: hmn | September 19, 2008, 10:13 am 10:13 am
Why didn’t McCain fire his top advisers?
They were lobbyists for the firms that failed.
When is McCain going to force Palin to answer questions from the Alaskan corrupt government regulator?
Posted by: Dan | September 19, 2008, 10:16 am 10:16 am
Well why am I not surprised that Mr. Obama (Mr. Present) is going to hold off on making any comments! Thats right he has to take a week to figure out what way the wind in blowing before opening his mouth and inserting his foot! God forbid if the USA was under attack what would Mr. Obama do, wait a few days so he can talk to his wife and figure out what needs to get done! Wake up people all this guy does is talk, and when he comes up with any type of idea it is 5 days to late! I am confident the american people see past this man’s hype and know deep down when they walk into the voting booth they will vote for a man of conviction and steadfastness and that is John McCain!
Posted by: chuck | September 19, 2008, 10:17 am 10:17 am
I don’t care how many houses CINDY owns. I re-read this article looking for McCains plan and found only blame and words. No real plan to help the people in trouble. Remember Obama has been a Senator for 2 years, McCain for 26. Who was there when the deregulation was voted in McCain. WHo has fought deregulation all theses years MCCain. Why is it Obama’s fault? He has only been around for two years and that is not long enough to cause this much mess.
Posted by: jenny | September 19, 2008, 10:18 am 10:18 am
I wonder when the last time John McCain had to buy health insurance? $5000 a year will buy a family of 4 health insurance for about maybe 4 months. I do not know where he has been receiving his health care but the majority of people who have health insurance have the health insurance companies, HMOS, deciding about the person health care. He states that the government should not decide about an individual’s health care but I guess it’s ok that the insurance company makes that decision. I suggest that John McCain speak to the millions of workers who have seen their health care costs rise while having to make decisions to take a plan that is not as comprehensive as they have had in the past.
Posted by: Rose | September 19, 2008, 10:19 am 10:19 am
McCain = KEATING 5 = criminal = deregulation = lobbyists = LIAR = source of problem = Palin = road to nowhere = Wasilla in debt
Posted by: there is more | September 19, 2008, 10:19 am 10:19 am
I guess the Democrats that did their research before deciding on Mccain did not see anything on the keating five. Mccain is a Liar. What has he done for the past 26years. Am still waiting to hear.
Posted by: vuzous | September 19, 2008, 10:22 am 10:22 am
forget the economy… can u imagine how fast n korea would blow us off the map if mccain and his temper make it to the white house?? we’re all doomed…
Posted by: nadradt | September 19, 2008, 10:23 am 10:23 am
Can you say Tony Rezko ther is more
Posted by: reddog0216 | September 19, 2008, 10:26 am 10:26 am
Chuck – Maybe Obama wants to think before he speaks so he will make sense. Wea re so used to shoot from the hip cowboys that we do not know what to make of someone who is thoughtful and careful about making decisions.
Posted by: jenny | September 19, 2008, 10:28 am 10:28 am
http://www.cnbc.com/id/26778065
Financial terrorism. From CNBC.
Posted by: JRinLA | September 19, 2008, 10:29 am 10:29 am
“Maybe Obama wants to think before he speaks so he will make sense”
No. that won’t help. uh, uh ,uh you know, uh uh,uh
Posted by: geevill | September 19, 2008, 10:30 am 10:30 am
McCain is the one of biggest DE-REGULATORs in the Senate; he profited from contributions of those industries he deregulated (See Keating Debacle) and was reprimanded by his colleagues on Capitol Hill for his unethical behavior.
He is part of the reason the US is in this mess.’
PLUS if his plan to privatize Social Security passed, all Americans retirement monies would be in jeopardy
Posted by: sick of lies | September 19, 2008, 10:30 am 10:30 am
McCain’s accusation that Obama is profiting by “politicizing” this issue is absurd and hypocritical. When Russia invaded Georgia recently what did McCain do? POLITICIZED the issue – using it to take shots at Obama and pretend he was the world hero whose council and intervention was sorely needed. Now he has the gall to accuse Obama of only “lecturing”?! Guess what Senator McCain – you are the one who has been for deregulation, you are the one with more money from lobbyists and more prominent lobbyists in your campaign. You are also the one with 7 houses, while middle class families are losing their only house. You are the one who was – oh yeah – part of the KEATING 5 scandal!! You’re also the one who said earlier this week “the economy is fundamentally strong” and then LIED ABOUT IT saying you meant the American workers are strong. Do you think we’re stupid? That explanation wouldn’t fool a third grader. Let’s dispose of the hypocrisy, lies, and distortions – aren’t you the one who said you’d run an honorable campaign? WHERE’S THE HONOR, JOHN?
Posted by: jon in maryland | September 19, 2008, 10:30 am 10:30 am
Tony Resko – Keating five what is the difference? Get off it and get to what matters, the economy, the war, education, healthcare. These matter who someone associated with in the past really does not. No politician who get to this level is 100% clean. Welcome to politics. I think both these men are about as clean as you are gonna find at the level of politics they are at.
Posted by: jenny | September 19, 2008, 10:31 am 10:31 am
PALIN BACKED RON PAUL? http://www.veeppeek.com
YESTERDAY MORE CAME OUT ABOUT SARAH PALINS ALLEDGED AFFIAR. http://www.hotpres.com
Posted by: Janey | September 19, 2008, 10:31 am 10:31 am
tell uus more about the hacker scandal. Who hacked her emails and where does the money trail lead?
Posted by: geevill | September 19, 2008, 10:32 am 10:32 am
Rose are you serious 5000 will not help you get health insurance coverage for a year? You must be one of the liberals that does not believe they should pay any deductiable or co-pays but wants the goverment to pay 100%! Get real lady, can you picture the millions of people coming together (purchasing power) to use the 5000 they would receive to help drive down the cost! Competition! Oh thats right I guess you dont believe in that since you want everything handed to you!
Posted by: chuck donofrio | September 19, 2008, 10:32 am 10:32 am
Rose – The 5000.00 may not pay for all the insurance but it would be a part and something is beter than nothing.
Posted by: jenny | September 19, 2008, 10:35 am 10:35 am
The Keating 5 does matter Jenny
The s and l crisis and IT’s subsequent trillion dollar bail out…
had to do with John mcCain’s cozy relationship with the deregulation lobby and people who hired that lobby.
Now we see that same lobby wrote his economic platform as they walk away again with a trillion dollars from us.
How many times does a politician need to be at the center of a trillion dollar buy out or supporting the people at the center of that buy out before we say
mmmthis guy probably should not be the guy in charge of our economic policies and future.
Mccain literally had put the guy that got paid to be at the center of the cause of this mess and financial loss/travesty to the nation…IN CHARGE OF PLANNING the regulation and econiomic policies to take us forward.
throw these bums out!
Posted by: dl | September 19, 2008, 10:36 am 10:36 am
McCain outlines specifics while Obama twaddles with indecision. Change indeed.
Posted by: an observer | September 19, 2008, 10:37 am 10:37 am
McCain and four other US senators (known to history as the Keating Five) met with Edwin Gray, then chairman of the FHLBB. McCain had been hesitant to attend but had reportedly been called a “wimp” behind his back by Keating. The message to the FHLBB and Gray from the Keating Five was to lay off Lincoln and cool the investigation. Gray and the FHLBB did not relent but Lincoln stayed in business until 1989 when it collapsed with the rest of the S&L industry. The life savings of more than 20,000 elderly investors disappeared with the failure of Lincoln. Keating went to prison for five years.
Charles Keating was John McCain’s pal. They met in 1981 and Keating dumped $112,000 in the McCain campaign bank accounts between ’82 and ’87. A year before McCain met with the FHLBB regulators, his wife Cindy and her father, according to newspaper reports at the time, invested about $360,000 in one of Keating’s shopping centers. The Arizona Republic reported McCain and his wife and their babysitter took nine trips on Keating’s private jet to the Bahamas to stay at the S&L liar’s decadent Cat Cay resort. The senator didn’t pay Keating back for the plane rides until years later when he was under investigation.
Posted by: real maverick | September 19, 2008, 10:37 am 10:37 am
Can anyone take off their partisan spectacles?
Deregulation was simply a Republican problem, eh?
Oops…
http://mobile.newsweek.com/detail.jsp?key=30996&rc=camp2008&p=0&all=1
Posted by: ClassicalLiberal | September 19, 2008, 10:37 am 10:37 am
McCain: “But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems.”
Right. Obama and the rest of those deregulators should be ashamed of themselves.
Oh wait. That’s McCain who called himself a deregulator… so how is Obama responsible for this?
Lol – McCain, proving again he’d rather lose his integrity than lose an election.
Posted by: Paul | September 19, 2008, 10:37 am 10:37 am
It still amazes me how people believe a DEREGULATOR (which is actually the base of this problem) who only became a REGULATOR (because his campaign demanded it) is actually believable.
McCain has already had his chance and contributed greatly to wrecking our economy. That’s not even mentioning his lack of basic personal skills in dealing with foreign countries….spain. Then you have to consider Palin who is seriously accused (already) of ABUSE OF POWER. The Charlie Gibson interview was pathetic. She being unable to answer or comprehend past and even current events which everyone knows (Ossetian territory) about as it was in the news for pete’s sake. Tell me one good thing about that ticket.
Posted by: natnicnic | September 19, 2008, 10:38 am 10:38 am
This is great. Now the Republican argument is the Democrats were at fault for deregulation.
Lol, if this was a political novel, it wouldn’t be believable.
Posted by: Paul | September 19, 2008, 10:39 am 10:39 am
McCain is so much of the DC culture. The bottom drops out of the market and he wants to have a 9/11 type Study done. There is a mortgage/debt crisis and he wants to create a whole new government agency to oversee it. No we don’t need more studies. If you need a Study to understand what went wrong you shouldn’t be running for president. No we don’t need another layer of bureaucracy and more government to fix this — we just need those in power to do the jobs thay are supposed to be doing! More studies and more government is just more of the problem.
Posted by: hopesprings52 | September 19, 2008, 10:39 am 10:39 am
McCain’s kneejerk, emotional and uninformed answer to how he’d fix this crisis…
He’d fire the independent watchdog commissioner.
Except he couldn’t.
And when he learned that, I’m sure he’d try to fire the judges who said he couldn’t.
Posted by: Paul | September 19, 2008, 10:41 am 10:41 am
Nobody wants to look into the Federal Reserves role into this fiasco, eh?
Instead, blame one of the political parties…
Good Luck.
Posted by: ClassicalLiberal | September 19, 2008, 10:42 am 10:42 am
Quick thinking by McCain.
That’s what we need in a President.
A decisive leader.
McCain came up with a solution quick!
While Obama still has no solution.
Now Obama is in full panic mode scrambling with his hundreds of advisors, “Tell me what to do next, guys.”
Obama is a speaker, not a thinker.
Posted by: Mark | September 19, 2008, 10:42 am 10:42 am
And then he’d bomb our “adversary” Spain.
Or at least he’d try to… fortunately for the Spaniards, they’re in Europe while McCain would send the bombers to Latin America.
Posted by: Paul | September 19, 2008, 10:42 am 10:42 am
Mark: “McCain came up with a solution quick!”
Sure, he does that. Its often a solution that is more emotional than reasoned, and based on faulty assumptions like a president having the authority to fire independent watchdogs. But its quick, I’ll give you that.
I’d prefer a president with a more rational and measured temperment.
Posted by: Paul | September 19, 2008, 10:44 am 10:44 am
John McCain is old, out of touch and delusional. When this campaign is over and he loses he is going to limp back into the senate as old, bitter man whose peers will whisper behind his back. The big talk will be why he chose a trailer park queen as a running mate rather than someone like Mitt Romney who had credibility on economic issues.
Posted by: DMR | September 19, 2008, 10:44 am 10:44 am
“McCain came up with a solution quick!”
A bad solution always comes quick. A good solution is thought out. Further, McCain’s quick solution was that “The economy is fundamentally sound.” remember?……..no thanks…
Posted by: natnicnic | September 19, 2008, 10:46 am 10:46 am
The truly ironic thing is that McCain came into this campaign wanting to distance himself from Bush, and now we’re seeing in situation after situation where McCain offers kneejerk, emotional statements, that’s it Bush who needs to distance himself from McCain.
Posted by: Paul | September 19, 2008, 10:46 am 10:46 am
You can bet Condi is calling a few friends in Spain this morning, letting them know that McCain is just a bumbling fool.
Posted by: Paul | September 19, 2008, 10:48 am 10:48 am
I agree with Paul. When did thinking and discussing with advisers become a weakness?
GWB makes very quick decisions, that’s what he ran on in 2004. That has not worked so well for us as a country.
If you disagree with Obama’s polices that is fine. But if you are criticizing him for analyzing a situation before announcing a plan, then you will get more of the same.
Posted by: Agreed | September 19, 2008, 10:48 am 10:48 am
McCain’s attempt to link this to Obama is silly. He’s been running a campaign that states Obama has done nothing in the Senate, but now Obama is to blame?
McCain’s campaign is undisciplined and changes course every day. Flip Flop.
Posted by: Silly | September 19, 2008, 10:56 am 10:56 am
Vanessa-what is Obama’s Plan? that’s the bottom line, it’s easy to say McCain this and McCain that but what is Obama’s plan, that’s what I want to hear, everything else is irrelevant garbage. Yesterday I watched Obama give a speech in New Mexico for 30 minutes and 20 of it was what McCain said, but not once did he say what he was going to do, he only bashed McCains suggestion about pulling together a commission. At the end of the speech he said that he would meet with his economic advisors to come up with a plan, so basically he does not have a plan himself and he need to meet with people who are knowledgable of the industry, which is exactly what McCain has suggested only they are not his economic advisors these would be the top economist in the country. Obama needs to stop being a part of the problem and start being a part of the solution.
Posted by: Kim | September 19, 2008, 11:02 am 11:02 am
I am not interested in the government paying for my health care. What I am interested in is the government making sure that insurance companies are being watched as closely as McCain wants Wall Street to be. I suggest you look at McCain’s health care plan and see if you can figure out if it makes sense – tax me for the amount of money my company will be paying for a health care plan and then give me $5000. So how is it that I am not going to have more taxes taken out of my pay. We need a plan for health care and that is not a plan.
Posted by: Rose | September 19, 2008, 11:03 am 11:03 am
McCane (i meant to spell it that way) came up with a quick response… ok… once again it was riddled with accusations against everyone else instead of he who sat on the commerce committee… why doesn’t this surprise me?? obama, take your time… you’re only being advised by several former treasury sectys AND Warren Buffett…
Posted by: nadradt | September 19, 2008, 11:04 am 11:04 am
Kim – both Obama and McCain are spending a lot of time talking about their opponent, so throwing that criticism out one way isn’t fair.
As for Obama’s plan, well, I don’t know what to say. Its been all over the news. So has McCain’s. Anyone who doesn’t know the proposals either has put out regarding this economic situation just isn’t paying attention.
Posted by: Paul | September 19, 2008, 11:06 am 11:06 am
Why did McCain call for the chairman of the FEC to resign in his Green Bay speech?
Isn’t the FEC in charge of election financing regulation?
Posted by: Dan | September 19, 2008, 11:07 am 11:07 am
And CNN last night ran a comparison of their proposals. McCain had four points. They discussed each. Obama had 13 points. They discussed most of them.
Bottom line in the CNN analysis was neither had any groundbreaking proposals. Both offered a similar proposal, in creating a pool of money that could be used in future like situations, and neither offered a pricetag on that.
One of McCain’s four concrete statements was firing a guy who a) is set to retire soon, and b) can’t be fired by the president anyway.
Posted by: Paul | September 19, 2008, 11:10 am 11:10 am
LOL!!!! THIS IS TOO FUNNY!!!!! by mccain’s flawed logic, this all started when obama joined the senate. if you think all this started just a few years ago, you’re not fit to comment on this crisis. you can’t rewrite history. two words:
GLASS-STEAGALL
look it up.
Posted by: righteousbrother | September 19, 2008, 11:16 am 11:16 am
Roflmao
So, I’m sure the SEC will ban long positions during the next bubble, eh?
Hahaha!!!
Since us kooky Ron Paul supporters have already made a killing shorting financials and going long commodities over the past year… What’s next? Short the treasury and the usd. You heard it here.
Keep whining and complaining and ignoring the real problems while toeing your party establishment’s line.
Good luck.
Posted by: ClassicalLiberal | September 19, 2008, 11:18 am 11:18 am
When Lord Obama the most merciful Messiah has his teleprompter setup he will tell us how to fix the world.
Posted by: Norman | September 19, 2008, 11:20 am 11:20 am
I can’t help thinking of Carl Sagen when they talk about this bailout, Billions and Billions…
This country does not need a bush-3 term and that is exactly what mccain would bring. Obama/Biden 2008!!!
Posted by: pt | September 19, 2008, 11:21 am 11:21 am
Dan – I didn’t hear that, but if McCain really said the FEC we can guess it was just a mispeak.
Unlike his bizarre comments regarding Spain, saying the FEC when you mean SEC is understandable.
Posted by: Paul | September 19, 2008, 11:25 am 11:25 am
Paul- I have not heard Obama’s plan can you please enlighten me?
Posted by: Kim | September 19, 2008, 11:26 am 11:26 am
keating 5
Posted by: Bhrandon | September 19, 2008, 11:28 am 11:28 am
It seems like obama is taking a play from the prevent defense I am winning so Ill just play ball control run some time off the clock and when the dust settles I hope I am still ahead then I can go back to doing nothing
Posted by: reddog0216 | September 19, 2008, 11:28 am 11:28 am
i am a deregulator
Posted by: Bhrandon | September 19, 2008, 11:28 am 11:28 am
less government involvment
Posted by: Bhrandon | September 19, 2008, 11:29 am 11:29 am
phil gramm is my friend
Posted by: Bhrandon | September 19, 2008, 11:29 am 11:29 am
nation of whiners, mental recession
Posted by: Bhrandon | September 19, 2008, 11:29 am 11:29 am
fundamentals of economy strong
Posted by: Bhrandon | September 19, 2008, 11:29 am 11:29 am
AIG should not be bailed out
Posted by: Bhrandon | September 19, 2008, 11:30 am 11:30 am
flips flops
i really knwo whats going on… i swear, i really know wahts going on
mccain you are losing your mind, you have no idea whats going on, shoudl we invade spain mr mccain?
Posted by: Bhrandon | September 19, 2008, 11:30 am 11:30 am
Obamas plan smoke and mirriors
Posted by: reddog0216 | September 19, 2008, 11:31 am 11:31 am
The world is not comming to and end people stop the scare tatics of obama
Posted by: reddog0216 | September 19, 2008, 11:32 am 11:32 am
Kim – I could but I won’t. Just do a 45-second google search, and you’ll get all the information you want.
In fact, I’m guessing both McCain and Obama have proposals up on their websites now, and that’s probably the best place to look.
That way, you get the wording straight from the respective source rather than filtered through a journalist, or worse, some guy you don’t even know on an internet message board.
Posted by: Paul | September 19, 2008, 11:33 am 11:33 am
reddog – the Bush Administration is talking about a half-trillion dollar additional bailout. Are they part of the Obama scare tactic now, too?
Amazing how everything comes back to being Obama’s fault, lol.
Speaking of the Bush Administration, it seems they scared the bejeeesus out of congressional leaders late last night. I wish I knew what all was said, but I heard about this meeting on a radio news station (WTOP for those near Washington) this morning.
Posted by: Paul | September 19, 2008, 11:39 am 11:39 am
Its the reason Dodd said what he did this morning about how we potentially could be days away from a much broader financial collapse.
And its the reason I have yet to hear anyone from either party criticize Dodd’s statement, which may be the most alarmist thing I’ve ever heard anyone in power ever say about our economy.
Posted by: Paul | September 19, 2008, 11:42 am 11:42 am
Are we talking about the Bush Admin. or how thw canidates are handling what they would try to do Paul
Posted by: reddog0216 | September 19, 2008, 11:44 am 11:44 am
Whaaaat.
But the economy is fundamentally sound.
We’re just having a mental recession. Just Psychological. right… right…
That’s all McCain. right….. tell me it isn’t so …..
AND I BELIEVED YOU.
You meant this is all real.
Posted by: Omentum | September 19, 2008, 11:47 am 11:47 am
reddog – you referenced “Obama scare tactics,” and I was simply pointing out that Obama isn’t the only one that’s saying things aren’t great.
Or are you saying the candidates’ statements shouldn’t take reality into consideration? If so, that might explain your support for Sen McCain.
Posted by: Paul | September 19, 2008, 11:47 am 11:47 am
Want a sneak peek of how a McCain Economy will look
here you go.
It’s called the Bushonomics.
Posted by: Omentum | September 19, 2008, 11:49 am 11:49 am
“The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it,” McCain said.
Which of the 83 lobbyists running the McCain campaign wrote that line?
Posted by: ricky | September 19, 2008, 11:50 am 11:50 am
In all honesty, Omentum, I have no idea what McCain would do in office. Does he support Bush economic policies? I guess it depends on what time of which day you ask him.
Posted by: Paul | September 19, 2008, 11:50 am 11:50 am
wow… this is better than reality tv! lol… now tell me obama did not look and sound like THE PRESIDENT!!!
Posted by: nadradt | September 19, 2008, 11:52 am 11:52 am
Paul
you are soooo spot on.
that is one risk i will not take
OBAMA/BIDEN
Posted by: Omentum | September 19, 2008, 11:52 am 11:52 am
ricky – did you catch the Obama line about that the other day? I think it was something like:
“John McCain says he wants to take on the old boy network – the old boy network? In the John McCain campaign, that’s what they call a staff meeting.”
Posted by: Paul | September 19, 2008, 11:53 am 11:53 am
nadradt
we would wish.
Posted by: Omentum | September 19, 2008, 11:53 am 11:53 am
John McCain – The fundamentals of the economy are strong.
George Bush – Uh, well, not quite. We might need a half-trillion more to bailout this sick puppy.
Now there’s the “distance” the McCain camp was looking for.
Posted by: Paul | September 19, 2008, 11:57 am 11:57 am
So tell me… it is ok for the middle class tax dollars to bail out big business but it is and outright SIN for big business to pay higher taxes …..
if the middle have no money … who will buy from businesses. …
why did stimilus checks go out ….. to stimulate the economy right.
so if this “stimulus was in the form of tax cuts for the middle class, wouldnt the economy begin to move agai?
just asking.
Posted by: Omentum | September 19, 2008, 12:02 pm 12:02 pm
don’t miss hardball on msnbc tonite! chris matthews and crew are gonna have a FIELD DAY with this one!!
Posted by: nadradt | September 19, 2008, 12:02 pm 12:02 pm
Hey Paul obama is saying these are the worst economic time in History They are not The guy is trying to scare people into Voting for him. How he would help the middle class I am sorry I am middle class and he would hurt me and my Business
Posted by: reddog0216 | September 19, 2008, 12:10 pm 12:10 pm
As well as My employees
Posted by: reddog0216 | September 19, 2008, 12:11 pm 12:11 pm
reddog: “Hey Paul obama is saying these are the worst economic time in History.”
No he didn’t. He said it was the worst financial crisis in decades. But, hey, what’s accuracy to a McCain supporter?
There are a few voices in the wilderness, and their numbers seem to be trickling upward, who are saying this could develop into the worst economic crisis in our country’s history. But thus far, Obama hasn’t gone there.
Posted by: Paul | September 19, 2008, 12:15 pm 12:15 pm
reddog..
are you an idiot all the time.
Wall Street Bailout Could Cost Taxpayers as Much as $1 Trillion
what part of that do you not understand. i guess because you only live for today, that is not significant to you. who will pay this bill.
they are in still pampers now!
Posted by: Omentum | September 19, 2008, 12:15 pm 12:15 pm
Obamabot blogger -son of Democrat state Senator appears to be the Palin hacker!
Posted by: geevill | September 19, 2008, 12:17 pm 12:17 pm
thanks geevill
Posted by: Omentum | September 19, 2008, 12:18 pm 12:18 pm
you are such a GREAT source of fair and balanced information.
Posted by: Omentum | September 19, 2008, 12:18 pm 12:18 pm
State Rep. Mike Kernell confirmed Thursday that his son, a University of Tennessee-Knoxville student, is at the center of heated Internet discussion into the hacking of the personal e-mail of vice presidential candidate Sarah Palin.
Posted by: Nat Turner | September 19, 2008, 12:19 pm 12:19 pm
Thats right I guess I am an Idiot all the time because I see Obama for who he is Your wrong when you say i support McCain I choose McCain because of the other choice is busy talking on what he would do please tell me what has obama done in his career that has made any change other then vote 97% of the time with his democrats
Posted by: reddog0216 | September 19, 2008, 12:20 pm 12:20 pm
to the bots i have this to say ,pritsger and superior bank equals 460 million repaymenet for junk loans.
Posted by: don tufts | September 19, 2008, 12:21 pm 12:21 pm
Geevill is right on this one. Some kid of a Tennessee state senator, or something like that.
But the hack job doesn’t seem to be politically motivated as much as it was just a kid trying to prove he could hack into a celebrity’s e-mail.
They caught him after he reportedly told everyone on a hackers message board he did it.
Posted by: Paul | September 19, 2008, 12:21 pm 12:21 pm
reddog
if no one has money to buy from your business…. your business go belly up much like the mega-businesses that you have seen this week.
wise up will you.
Posted by: Omentum | September 19, 2008, 12:21 pm 12:21 pm
http://www.scoopthis.org/tag/mike-kernell/
Cool, one of our guys is famous!!!!!
Posted by: Vanessa | September 19, 2008, 12:22 pm 12:22 pm
Reddog – you “choose” McCain but don’t “support” McCain?
Um, okay.
Posted by: Paul | September 19, 2008, 12:23 pm 12:23 pm
We have two choices McCain and obama so I choose McCain the lesser of two evils
Posted by: reddog0216 | September 19, 2008, 12:26 pm 12:26 pm
reddog
voting party and voting right are two different things.
is voting against party some badge of honor now.
how about voting for what is right.
have you thought that the dems were right on issues 97 percent of the time.
we are going backwards now under bush…. maybe voting dem is the way to go
try it. will you? haha yeah i know you have drunken the koolaid.
i tried.
Posted by: Omentum | September 19, 2008, 12:26 pm 12:26 pm
And I’m sure the Republicans will show amazing indignation over Palin’s hacked yahoo account, in an attempt to change the subject from the real issues we’ve discussed all week.
Should the kid be punished? Sure. These teenagers with their internet pranks continue to see the internet as a private playground.
But given the events of this week, does the hacking deserve even the keystrokes I’ve just given it? Nope.
Posted by: Paul | September 19, 2008, 12:27 pm 12:27 pm
I feel sorry for the people who believe Obama and his stories. I think everyone agrees the housing market is the cause of our problems. Lets not forget two years ago McCain brought up the Fannie Mae problems and introduced a bill to stop the problem. According to the record Obama voted against this bill could that be due to the two million dollars donated to his election?? The sad thing is that the poor working class will never be able to retire at the rate the government is spending. Before you vote check your facts this election is the frying pan or the fire. Myself I choose the frying pan I’m voting McCain
Posted by: William Gallant | September 19, 2008, 12:27 pm 12:27 pm
reddog – if McCain is as you say, “the lesser of evils,” isn’t he still evil, and therefore under the McCain doctrine shouldn’t he be destroyed?
By the way, that’s a very nuanced answer you gave. Lesser of evils… next thing you know you’ll be telling us everything isn’t black and white.
Careful, you’re in danger of losing your plastic McCain decoder ring over that one.
Posted by: Paul | September 19, 2008, 12:30 pm 12:30 pm
We need both sides to work together is my point god forbid somebody says thats a good idea and works for the greater good of all Obama does not work with both sides.
Posted by: reddog0216 | September 19, 2008, 12:31 pm 12:31 pm
let me get this straight, they guy that has been there, in washington for 26 years is blaming the guy, who he is saying has not been in washington enough, as being at fault for the current crisis. of course providing no details as to how. who is on your economic team again McCain? How long have you even denied that a crisis even existed?! and now you want to start tossing blame. How much of your wife’s portfolio go hit in the last few days? Exactly what would the upside be to a banking collapse in the US?
Posted by: Jason | September 19, 2008, 12:31 pm 12:31 pm
The Obama Campaign
“Obama or DIE”
Puff Daddy/P Diddy/whatever chanted “Obama or die” and urged his peers to elect the “first black president.”
“If they bring a knife to the fight, we bring a gun,” Obama said in Philadelphia last night. “Because from what I understand, folks in Philly like a good brawl. ”
“I need you to go out and talk to your friends and talk to your neighbors. I want you to talk to them whether they are independent or whether they are Republican. I want you to argue with them and get in their face,” he said.”
“I want everyone to give me $5 dollars. I dont care how poor you are. you can afford $5 dollars!”
The spectre of race riots in the street if Obama does not get the nomination is reminiscent of Obama’s cousin in Kenya, Raila Odinga, and his party, the ODM, threatening and then causing mayhem after the 2007 election in Kenya.
Brazile used scare tactics to assure that Superdelegates supported her candidate, Obama, by saying that “there will be blood” if her candidate did not receive the nomination.
Tennessee state Rep. Mike Kernell (D) has his son David hack in to Governor Palin’s email.
There is a connection between David Kernell and David Plouffe— Barack Obama’s Campaign Manager!
Posted by: HP Boston | September 19, 2008, 12:33 pm 12:33 pm
William: “Lets not forget two years ago McCain brought up the Fannie Mae problems and introduced a bill to stop the problem.”
Sorry, but on occassion I happen to read the links the McCain supporters (um, I mean choosers) provide.
McCain co-sponsored a bill that would further expand government with an accounting oversight agency, aimed at preventing bogus executive payouts at Fannie.
In support of the bill, he did say that bad accounting procedures could harm the housing market.
But in no way, shape or form did he predict this current situation. Its simply not true – which is hard to imagine from the McCain campaign, lol.
Posted by: Paul | September 19, 2008, 12:33 pm 12:33 pm
reddog: “We need both sides to work together is my point god forbid somebody says thats a good idea and works for the greater good of all Obama does not work with both sides.”
Well, Obama delayed the speech he was planning to give this morning, after the Bush Administration held a late night meeting with congressional leaders last night. Don’t know the details, but sounds like Obama is acknowledging the Bush Administration is the only administration we have at the moment, and the executive and legislative branches need to be in full cooperation to get us out of this one.
I’m not getting the same sense from McCain, but that’s maybe unfair. Let’s say how things play out over the next couple days.
Posted by: Paul | September 19, 2008, 12:37 pm 12:37 pm
Obama: “I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal. It is critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, and that leaders in both parties work in concert to solve the problem at hand.”
Sounds like Obama is actually putting country first, while McCain just talks about it.
Posted by: Paul | September 19, 2008, 12:41 pm 12:41 pm
Well MR. MCBUSH what were you doing the last 8 years you were there a lot longer than Obama. Your just mad because you didn’t think of his strategy first. How many of the past elections has MCbush run for president maybe his problem is he was busy campaigning 8 years ago , 4 year, must be the only thing he knows. And now his partner has fluff for brains, beauty contests are her specialty.
Posted by: Rose Szymanski | September 19, 2008, 12:44 pm 12:44 pm
Rose – McCain was thinking about how to fulfill him ambition of being president. And if anyone thinks that’s too harsh an assessment, well, its based on McCain’s own words:
“I didn’t decide to run for president to start a national crusade for the political reforms I believed in or to run a campaign as if it were some grand act of patriotism. In truth, I wanted to be president because it had become my ambition to be president…In truth, I’d had the ambition for a long time.”
Country first? Give me a break.
Posted by: Paul | September 19, 2008, 12:47 pm 12:47 pm
“Internet pranks??” “Not politically motivated??”
The hacker admitted that he had heard on the news a couple of days ago that Palin had possibly used her personal email for some state business.
By his own admission, the hacker then decided to break into Palin’s email account in the hopes of recovering something “incriminating” on the V.P. candidate, and was very disappointed when he found nothing of substance, and was then in a “comatose” state when he realized what he had actually done..
Pranks?? Yeah, right.
Posted by: SandyB | September 19, 2008, 12:49 pm 12:49 pm
Omentum we as a nation need to agree that either extreme is no good and be more centered thats My point Dems are not right more often nor are republicans I have and will continue to vote for whom I deem a better choice not on party lines
Posted by: reddog0216 | September 19, 2008, 12:49 pm 12:49 pm
Sorry McSame. The damage you did on Monday to your campaign is irreversable. In the words of Peggy Noonan, It’s over.
Posted by: dem in chicago | September 19, 2008, 12:53 pm 12:53 pm
his economic plan sounds a lot like the keating 5 scandal…
mccain has surrounded himself with the same people that were responsible then…
phil gramm and john mccain for more deregulation…
money first! americas people last
Posted by: Bhrandon | September 19, 2008, 12:55 pm 12:55 pm
Obama: “I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal. It is critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, and that leaders in both parties work in concert to solve the problem at hand.”
Why is he not finding out what the best way by having his people come up with the ideas as oppsosed to waiting to see if the feds come up with something they may or may not work??
Posted by: reddog0216 | September 19, 2008, 12:56 pm 12:56 pm
MCBUSH”S economic and health plan want to make the cost of health care your employer pays for taxable income how about that. Jenny when you grow up poor your an expert on living on little and I listened To Hillary for many years she is an amazing woman the got a royal screwing by the DNC..MCBUSH’s health insuirance is the same congressioinal health insurance and he gets military VA you see where he is coming from.
Posted by: Rose Szymanski | September 19, 2008, 12:57 pm 12:57 pm
Sandy – I don’t know much about this, but seems to me if this was a “political” attack the kid wouldn’t have been bragging about it on a hackers website – which is how he got caught.
Posted by: Paul | September 19, 2008, 12:57 pm 12:57 pm
reddog: “Why is he not finding out what the best way by having his people come up with the ideas as oppsosed to waiting to see if the feds come up with something they may or may not work??”
Because, um, he’s not the president yet, and this crisis isn’t going to wait until January.
Posted by: Paul | September 19, 2008, 12:59 pm 12:59 pm
what branch of government is the vice presidency in?
biden answered – executive
palin answered – she didnt answer
cheney doesnt believe the VP is in the executive branch either
palin trying to shutdown troopergate
using none government emails for government work (she even CC’s her husband on governmental matters??? what??? why is he getting and responding to government emails???)
ignoring subpoenas
those are all great traits of cheney
thanks but no thanks mccain we dont want bush back in the white house
Posted by: Bhrandon | September 19, 2008, 1:00 pm 1:00 pm
Okay I am applying for a job I go in I see there are some problems at the place would I not say to the employer I can fix these problems and this is how I would do it or do I wait till I have the job and say I knew the day I applied you way was not going to work?
Posted by: reddog0216 | September 19, 2008, 1:02 pm 1:02 pm
reddog: “Okay I am applying for a job I go in I see there are some problems at the place would I not say to the employer I can fix these problems and this is how I would do it or do I wait till I have the job and say I knew the day I applied you way was not going to work?”
Are you really saying that’s analogous to this financial crisis? Man, that’s a reach, even for a McCain suppo… chooser.
Posted by: Paul | September 19, 2008, 1:05 pm 1:05 pm
He chooses to say nothing cause he does not know how or what to do same thing he has done for years point fingers this is wrong that is wrong oh how to fix it I dont fix I point says so on my job title
Posted by: reddog0216 | September 19, 2008, 1:05 pm 1:05 pm
also, I read how he would have done this differently had he been around before the crisis, oh wait, he was. but I did not read exactly what his plan would be to deal with the situation as it is now.
Posted by: Jason | September 19, 2008, 1:05 pm 1:05 pm
REDDOG worse times like your parents and mine lived through the crash of 29.MCBUSH claims that a yearly income of $5,000,000 is middle class so I guess thats your yearly income since you claim to be middle class with that kind of income I could take a little hurt and as for evil with MCBUsh just put a d in front of that word and you have MCBUSH
Posted by: Rose Szymanski | September 19, 2008, 1:09 pm 1:09 pm
Come on Paul the guy has done nothing except speak very well about himself
Posted by: reddog0216 | September 19, 2008, 1:09 pm 1:09 pm
Obama is holding off, because he understands that the market is volatile and that even a single news story could turn it to chaos. It is a smart move. The confidence needs to be restored and the current fed is the one that needs to do it.
Posted by: Jason | September 19, 2008, 1:10 pm 1:10 pm
reddog – the bottom line is Obama has already offered more detail than McCain.
On CNN last night, they detailed the 13 proposals Obama offered thus far to the 4 McCain offered – and one of the four was firing a guy the president can’t fire.
This morning Obama was going to release additional detail but held off. The rationale is because he knows for the Treasury Department to pull off what its trying to do, people have to be confident it could work.
After last night’s Bush Administration assessment to Congress, in which the administration apparently gave a compelling case that the situation is even worse than known, Obama opted not to cut into whatever confidence people might have of the Treasury Department.
Like I said, it sounds to me like Obama is actually putting country first, while McCain just talks about it.
Posted by: Paul | September 19, 2008, 1:12 pm 1:12 pm
Thats not the context in which he said it rose The tax hikes Obama wants is alot more around 75,000 read and see I live in new york sorry but me and my wife make a decent living but you get tired of being taxed to death
Posted by: reddog0216 | September 19, 2008, 1:12 pm 1:12 pm
Sorry thats right they are not tax hikes they are income re distrubtion
Posted by: reddog0216 | September 19, 2008, 1:14 pm 1:14 pm
Why not just have Obama, Pelosi, Reid, Kennedy, Biden, and the rest of the radical liberals explain how their versions of national socialism will cure all of this country’s economic woes…
We could all use a good laugh…
Posted by: Jayhawk | September 19, 2008, 1:15 pm 1:15 pm
He is always holding Off paul waiting why to see if someone comes up with something?
Posted by: reddog0216 | September 19, 2008, 1:15 pm 1:15 pm
How true Jayhawk
Posted by: reddog0216 | September 19, 2008, 1:16 pm 1:16 pm
Privatize profits to swiss banks, socialize losses on the backs of the taxpayers… Wake up and smell the fascism! Thanks Johnny/Barack.
Posted by: hmn | September 19, 2008, 1:25 pm 1:25 pm
On the 20 year old Keating affair, McCain was recommended to be dropped from the Ethics proceedings because he did nothing wrong. But the Democratic controlled Ethic panel wanted to keep him on the hook because it would look better to have a Republican accused of wrongdoing because the other accused were 4 DEMOCRATS..”In the case of Senator McCain, there is very substantial evidence that he thought he had an understanding with Senator DeConcini’s office that certain matters would not be gone into at the meeting with (bank board) Chairman (Ed) Gray,”"Moreover, there is substantial evidence that, as a result of Senator McCain’s refusal to do certain things, he had a fallout with Mr. Keating.”But the investigation found that he was the least culpable, along with Glenn. McCain attended the meetings but did nothing afterward to stop Lincoln’s death spiral.n the end, McCain received only a mild rebuke from the Ethics Committee for exercising “poor judgment” for intervening with the federal regulators on behalf of Keating. Still, he felt tarred by the affair.”The appearance of it was wrong,” McCain said. “It’s a wrong appearance when a group of senators appear in a meeting with a group of regulators because it conveys the impression of undue and improper influence. And it was the wrong thing to do.”McCain noted that Bennett, the independent counsel, recommended that McCain and Glenn be dropped from the investigation.
Posted by: jschmidt | September 19, 2008, 1:26 pm 1:26 pm
Better reexamine Obama’s tax plan. In April in the interview with Maria Bartiromo, Obama said if you make under 75k would only get tax relief. Of course as I said he was trying to get the primary and appealing to his base. I don;t believe his current plan because he is appealing to the moderates and his history is anything but ,being the most liberal Senator. So I have to believe he is the tax and spend Democrat that he will revert to when elected. MoveOn, Daily Kos and George Soros are not bank rolling him because he is a moderate, he is as far left as you can go and his social programs will damage the economy. It is very simple, I don;t trust him.http://www.businessweek.com/magazine/content/08_15/b4079017876246_page_2.htm
Posted by: jschmidt | September 19, 2008, 1:30 pm 1:30 pm
McCain Keating deregulation
a trillion dollars
Mccain Bush Iraq
a trillion dollars
Mccain Gramm deregulation (again)
a trillion dollars
how can anyone not say “wtf”
same team
same tactics
same results
throw these bums out.
Posted by: dl (the real one) | September 19, 2008, 1:30 pm 1:30 pm
“The collapse of Enron in 2002 triggered a wave of regulations, most notably Sarbanes-Oxley. Less noticed but ultimately more consequential for today were accounting rules that forced financial service companies to change the way they report the value of their assets (or liabilities). Enron valued future contracts in such a way as to vastly inflate its reported profits. In response, accounting standards were shifted by the Financial Accounting Standards Board and validated by the SEC. The new standards force companies to value or “mark” their assets according to a different set of standards and levels.
The rules are complicated and arcane; the result isn’t. Beginning last year, financial companies exposed to the mortgage market began to mark down their assets, quickly and steeply. That created a chain reaction, as losses that were reported on balance sheets led to declining stock prices and lower credit ratings, forcing these companies to put aside ever larger reserves (also dictated by banking regulations) to cover those losses.” http://online.wsj.com/article/SB122169320421449849.html So McCain is right in saying we need the right regulation not just additional regulation.
Posted by: jschmidt | September 19, 2008, 1:35 pm 1:35 pm
Does anyone know why it took McCain this long to actually get a nomination for president His own party doest like the fact that he doesnt always agree with them and then you have obama the fastrack agree and we will get you nominated why do you think hillary was not nominated same thing agree or get screwed
Posted by: reddog0216 | September 19, 2008, 1:39 pm 1:39 pm
“I need you to go out and talk to your friends and talk to your neighbors. I want you to talk to them whether they are independent or whether they are Republican. I want you to argue with them and get in their face,” he said.”
“I want everyone to give me $5 dollars. I dont care how poor you are. you can afford $5 dollars!”
————————-
Ah such a silly boy…HE CAN NEVER BE ELECTED
A street guy begging poor people for money, lol he has Millions he spends like a drunken sailor.
Posted by: HP Boston | September 19, 2008, 1:50 pm 1:50 pm
A lesson on Keating 5 from Bill Press:
As the junior senator from Arizona, McCain had the closest ties to Keating. He received $112,000 in campaign contributions from Keating and associates. And McCain co-sponsored legislation relaxing regulations on savings and loans and allowing them to gamble investor funds on certain highly risky financial ventures. Sound familiar?
For his role in aiding Keating, McCain received only a reprimand for “poor judgment” from the Senate Ethics Committee. But, ever since, the “Keating Five” has been the symbol of how much influence money can buy in Washington. And McCain, having learned nothing from the experience, then turned around and repeated the same tricks on Wall Street.
Posted by: Paige | September 19, 2008, 1:56 pm 1:56 pm
2005 Federal Housing Regulatory Reform Acthttp://www.govtrack.us/congress/bill.xpd?bill=s109-190
John McCain – January 2005 “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: jschmidt | September 19, 2008, 2:10 pm 2:10 pm
FACT CHECK TIME:
http://politicalticker.blogs.cnn.com/2008/09/19/fact-check-did-obama-profit-from-fannie-and-freddie/
in other words, mccain’s lying again!
Posted by: righteousbrother | September 19, 2008, 2:18 pm 2:18 pm
I am asking everyone to email a note to Senator Boxer who is the head of the Senate Ethics Committee to ask him to investigate Sen Obama breaking the Logan Act in his attempt to get Iraq to not withdrawl troops until he took office. This is a well known story with Iraqi saying he requested it. Here is the note I sent. you can put your name in place of mine at the bottom. Please make sure you include your name and state and county at the bottom. You can exclude pumapac if you desire. Please do a bcc or blind copy if you can to prowl@pumapac.org
The more people who do this the better chance we have of getting some action on this terrible act of treason and selfishness allowing people to maybe die in a war so he could be elected. Everyone is invited to come to blog.pumapac.org a place where the common person is trying to have his voice hear. A super friendly place. please pass this around to other blog sites that might attract people to join in this effort.
Senator@boxer.senate.gov
SUBJECT: Obama in violation of Logan Act!
9/19/08
PumaPac.org
Contact: Murphy@pumapac.org
Dear Member of the Senate Ethics Committee,
I am writing to request that you open an investigation into the actions of Senator Barack Obama with regard to his July visit to Iraq. News reports, as well as the statements from Senator Obama’s own campaign, confirm that Senator Obama attempted to negotiate a plan for troop withdrawals and a framework for the American presence in Iraq in such a way as to benefit him politically. This is clearly an unethical way for a member of the United States Senate to act, using his status and leverage as a Senator and prominent candidate to undermine the Administration and to benefit his own political career. It also appears to be a direct violation of the Logan Act.
From the Logan Act:
“Any citizen of the United States, wherever he may be, who, without authority of the United States, directly or indirectly commences or carries on any correspondence or intercourse with any foreign government or any officer or agent thereof, with intent to influence the measures or conduct of any foreign government or of any officer or agent thereof, in relation to any disputes or controversies with the United States, or to defeat the measures of the United States, shall be fined under this title or imprisoned not more than three years, or both.”
I am a member of Puma PAC, People United Means Action (http://pumapac.org). We are the Voice of the Voters in the Democratic Party and we strongly oppose Senator Obama’s selection as our Party’s nominee. We believe he is an unethical politician, disloyal to the fundamental values of our democracy.
Thank you for your consideration and time.
Sincerely,
first initial and last name and county state
Puma PAC Democrat
Posted by: Democrat No More | September 19, 2008, 2:28 pm 2:28 pm
http://www.blog.newsweek.com/blogs/stumper/archive/2008/09/19/obama-fights-fire-with-fire-predictably-enough-that-whole-postpartisan-thing-was-never-going-to-work-out-was-it.aspx
In response to a new McCain ad that tries to saddle Obama with disgraced former Fannie Mae chief Franklin Raines by claiming that Raines has given Obama “advice on mortgage and housing policy,” Obama spokesman Bill Burton unleashed a howitzer blast of outrage in Crystal City’s general direction. “This is another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth,” he said. “Frank Raines has never advised Senator Obama about anything–ever.” That might be true. But the problem is that it contradicts a July Washington Post profile of Raines (cited by McCain in the ad), which reported that Raines has “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.” As the New Republic’s Jason Zengerle–another Obama supporter–concludes: “Seeing as how neither Raines nor the Obama campaign bothered to contradict that information when the article came out, and didn’t do so until only after the McCain ad aired, you can’t really blame the McCain campaign for trying to make hay of the situation. And you certainly can’t accuse it of dishonorably telling a lie.”
Posted by: jschmidt | September 19, 2008, 2:33 pm 2:33 pm
John McCain, chairman of the good ‘ol boys’ club. Now he’s blaming everyone else for the meltdown, essentially farting then pointing his finger in all directions. And now he wants bigger government, regulations, oversight… let the free market reign, my ass. And today he’s against the bailout? I guess it doesn’t really matter what my positions are, McCain seems to have my back on all of them, and your’s too.
Posted by: Bo | September 19, 2008, 2:34 pm 2:34 pm
http://www.blog.newsweek.com/blogs/stumper/archive/2008/09/19/obama-fights-fire-with-fire-predictably-enough-that-whole-postpartisan-thing-was-never-going-to-work-out-was-it.aspx
The most egregious example of Obama’s shifting strategy is a new Spanish-language ad called “Dos Caras.” Airing in the crucial Southwestern swing states of Colorado, New Mexico and Nevada, the spot attempts to equate McCain with Rush Limbaugh on immigration. As a picture of the conservative talk-radio host appears onscreen beneath a pair of bigoted-sounding quotes–”Mexicans are stupid and unqualified” and “Shut your mouth or get out”–the announcer says that “they want us to forget the insults we’ve put up with, the intolerance.” He continues: “They made us feel marginalized in a country we love so much. John McCain and his Republican friends have two faces. One that says lies just to get our vote and another, even worse, that continues the failed policies of George Bush.”
The main problem here is that tying McCain to Limbaugh–especially on immigration reform–is deeply unfair. It’s not just that McCain broke with his party and nearly torpedoed his presidential bid by co-sponsoring last year’s failed comprehensive reform bill at the same time Limbaugh was regularly lambasting immigration reform and expressing hostility toward illegal immigrants on the air. It’s that Limbaugh actually opposed McCain’s candidacy because of his stance on immigration.
Posted by: jschmidt | September 19, 2008, 2:35 pm 2:35 pm
The big Wall Street bustards bark against the elderly and disabled receiving “help” from govt sources and labeling then “socialism.”
Howerver, when economic demons assail their fat ASSets, then they’re right there at the socialism trough to fill up as the world’s greatest freeloaders. They continuously vaunt the old”survival of the fittest” load of krapp. Fine! Let the ASSet-wipes drop and rot as the result of their disease that’s destroying the US economy — greed!
Posted by: somethingdeadlythiswaycomes | September 19, 2008, 2:58 pm 2:58 pm
Bush, over the course of his destructive Rgime, has eroded as many regulations as he possibly could. AS a result the housing mess, large bank failures, the dollar falling below the euro in value, the $10 trillion deficit, growing unemployment are the results. His erosion of regs has permitted his rich owners to snarf up trillions of $. Those are the toilets who’ve done such vast damage to America and then moved jobs overseas. We truly need another Stalin to show those rats the error of their ways — from the view from a scaffold for hanging!
Now we’re supposed to fall for McBush’s claim to restore regulations? Bullsh!t McCain’s doing that would amount to Hitler loving the Jewish race. The republican Party big-deals would have McCain done away with before they’d permit his restoring the regulations that bush worked so hard to eliminate.
Anyone falling for that load of bullsh!t should be banned from the voting booth at gunpoint if necessary!
Posted by: somethingdeadlythiswaycomes | September 19, 2008, 3:12 pm 3:12 pm
something- is this your opinion or do yoy have any facts?
Posted by: jschmidt | September 19, 2008, 3:20 pm 3:20 pm
…”and he (Obama) was right square in the middle of it”. Yo Johnny Mac, what were you doing then, Mr. 26 year veteran of Washington??? Yesterday it was having Cox fired. Today’s it’s just his resignation. Tomorrow, it’s give him a promotion, you think? Perhaps somebody finally told him the president can’t fire the SEC chief. And while we’re at it, it was McCain who fought for years to dismantle market regulation, even championed legislation on in 1995. Now it’s Mr. Magoo the government regulating reformer. What a joke.
Posted by: cedric | September 19, 2008, 3:29 pm 3:29 pm
Hi,
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Posted by: WillNotBeFooledByObamaNATION | September 19, 2008, 3:36 pm 3:36 pm
This Republican will vote for Obama
Posted by: Margie | September 19, 2008, 3:38 pm 3:38 pm
McCain has a record of reform and reaching across the aisle. Obama has a record of nothing. The Democrats have been in control of congress. Barney Frank is head of the Finance committee. If average Americans could see this coming why couldn’t congress? Because they want to throw the election. They are corrupt losers! They are desperate! Their candidate has a big mouth with no substance. This is an election between McCain and Obama not Bush and Obama. Go to Factcheck.org and get the truth. Obama is a corrupt socialist. His record and friends support this. Democrats are the most narrow mined people on the planet. They refuse to see the truth. They can’t accept that anyone except their little group of idiots is right. I didn’t vote for Bush but I will vote for McCain. Obama is a self-righteous corrupt pontificating communist. Wake up America.
Posted by: kl | September 19, 2008, 3:38 pm 3:38 pm
To all you idiots out there that blame McCain because he had been in congress for years I have this question to ask you…….When was the last time we had a financial crisis like this and what happened in congress two years ago? Let’s see this is the worst crisis since the Great Depression and the Democrats took control of congress two years ago. I guess McCain and the Republicans have been doing something right! McCain cannot get legislation through congress when they do nothing. Pelosi , Reed, Boxer,and Frank block everything. They want the war, economy, and everything else to be a mess so they can get their saviour in office. Congress has the lowest rating of all time. What will happen when Obama gets in office!?! MORE TAXES and MORE SPENDING. The government put a band-aid on this crisis and it will implode further. When it does I don’t want a socialist in office taking my meager paycheck and passing it out. I don’t want businesses passing on their expenses to me. When Iran or Russia comes knocking I don’t want Obama taking them out for coffee. When was the last time the Democrats controlled all branches of government and it was a success? NEVER!
Posted by: met | September 19, 2008, 3:52 pm 3:52 pm
kl- a little harsh but very accurate. Obama, Reid and Pelosi- the trio that the US cannot afford to have in power.
Posted by: jschmidt | September 19, 2008, 3:53 pm 3:53 pm
jschmidt – I’m with you! We need to talk tough and tell the truth!
Posted by: kl | September 19, 2008, 3:59 pm 3:59 pm
The speech, a last-minute addition to McCain’s schedule, included sharp attacks on Democratic rival Barack Obama, going so far as to accuse Obama of profiting from the scandal.
WTF? Wasn’t McCain profiting from his being captured in Vietnam and the Iraq war? I bet he’s hoping, not praying but hoping, for some terrorism to happen.
Posted by: Mr. Coffee | September 19, 2008, 4:36 pm 4:36 pm
The movie Blade has what I think the best summary of how government is using the middle class and lower income taxpayers to support the mistakes and income of the upper 2%:
“These people are our food, not our allies.”
Posted by: Mr. Coffee | September 19, 2008, 4:39 pm 4:39 pm
McCain has no credibility on the economy. He’s long pushed for the very deregulation that led to this mess.
In fact, Phil Gramm, McCain’s chief economic advisor, wrote the law that removed our checks and balances on these investment companies!
Obama, in contrast, has consistently pushed for common-sense regulation of our financial markets, to protect the public and protect America.
Now McCain’s going to reform Wall Street? Give me a break. How stupid does he think we are?
Posted by: fivecard | September 19, 2008, 4:40 pm 4:40 pm
McCain should take his own responsibility in the mess….His party was in charge when all the de-regulation laws were passed. So, he either conveniently looked the other way until the sh*t hit the fan or he was unable to provide leadership in his party to get them to change their ways. If he can’t even influence people is own party how would deal with a divided congress. McCain has always tried to portray himself as above the fray and a different kind of Republican. Now during the campaign he tries to portray as a Republican standard bearer and reformer. How about reforming the Republican party first? He cannot even do that…As president he would dealing from an extremely weak position and would accomplish nothing….but that suits many Republicans just fine…It is conservatives’ nature to resist change anyway…
Posted by: indy_voter | September 19, 2008, 4:55 pm 4:55 pm
MCCain has said both parties are responsible. Pelosi however says it is only Republicans. The subprime mess started in the 70s when the Democrats forced banks to lend to unqualified areas if the banks were to expand. The mortgages were securitized during the Clinton Administration. Last Sept Democrats decided student loan lenders were making too much money so they forced the lenders to charge less interest. When the credit crisis hit, lenders decided to back out of student loans. Democrats would not admit they made a mistake so they forced the Dept of Education to back the loans. So the Dems have made major blunders causing the sub prime crisis.
Posted by: jschmidt | September 19, 2008, 6:15 pm 6:15 pm
Before anyone comments about Obama being an empty suit it might help if you really understood the man, his motivation and his detailed plans.
On the subject of energy alone .. if you really understood his plan .. if you really understood the positive impact it would have on every American, no rational person could in their right mind not support him.
Alternative energy is NOT a radical pie-in-the-sky endeavor. It is a real and tangible option that can be accomplished very quickly with the right focus and with the power of the Federal Government behind it.
I remember during the first Gulf War when we spent around 80 billion to protect our oil interests. I had a good friend working at SERI which is the Solar Energy Research Institute. They were working on a new solar cell technology that was hundreds of times more powerful than current solar cells and would be a fraction of the cost of current systems if we had factories to mass produce them. That year their total funding was 5 million. Not enough to even get it off the ground.
Just that one year alone, if we had spent 80 billion dollars completing the research and building a mass production facility every person today would have solar technology helping to power their homes. The return on investment over the last 15 years would have not only paid the 80 billion back but would have significantly reduced our reliance on fossil fuels. AND alternative energy just keeps paying you back every year.
If we were to follow Obamas plan, this country would become energy rich. We would employ hundreds of thousands of Americans with good paying clean jobs. Where does the money come from? It is money that no longer needs to be sent to the Middle East to fund potential terrorists. It is money that no longer needs to go to Exxon or Shell to give the elite 1% of this country world record profits.
Consider that America once led the world with manufacturing. Then we lead the world in the information age. What do we have now? Nothing. By investing our future in alternative energy we give America the chance to lead again in something that produces insane amounts of revenues. Technology that we can sell. Technology that we can deploy. Technology that let’s us lead the world again.
Don’t be mistaken. McCain is not just Mr. John McCain. McCain is the elite 1% who have been in control and wish to stay in control. We can’t let them continue to own our energy because in doing so they own us.
Realize that oil and nuclear reactors are energy that is tightly controlled by a few and not just anyone can build and deploy a new reactor. Alternative energy however can be produced and deployed by hundreds of small startups. Even the smallest out-of-my-garage company can build a form of alternative energy that contributes to the grid. What we are missing is the enabling factor of having our government behind us to focus, help fund research, and get the ball rolling.
Please vote for Obama. I realize you may be scared, but this really is not about “celebrity” or unfounded excitement. It’s about a real man, with a real plan. 50% of this country has opened their minds and feel excited about the possibilities .. but we need you too.
Posted by: ObamaDave | September 19, 2008, 6:46 pm 6:46 pm
Supporting deregulation is like being a pacifist until a Pearl Harbor or a 9-11 comes along…then you have to waive principle or get slaughtered.
Actually, I think the Feds should put a cap on how much you can gamble in Vegas or spend on the lottery. Better yet, I wonder if about half of the posters here want the Feds to take over their home finances if they move into the red or miss a Visa payment?
Doesn’t anyone here remember when 15 or so savings & loans/trusts went belly-up in the ’80s or the .com disaster of the late ’90s? Sure people lost money, but I believe there are still savings & loans out there and there still are .coms last time I logged on to the WWW. Actually, aren’t there more of both?
McCain and the President are right, the economy is fundamentally sound. But because it isn’t panning out for Wall Street types and citizens who took risks based on greed, then it’s a replay of Black Monday, 1929 all over again…suuuure. Let’s clone FDR to save us! Once again the Fat Cats are being bailed out by other Fat Cats with their fingers in the plum pudding, and now we have the interesting angle of Democrats trying to salvage their political power from yet another failed Socialist program…by blaming Bush and the Republicans no less!
Under the Clinton Administration there was an amazing amount of meddling with the mortgage market, with Al Greenspan, like some kind of all-knowing Wizard of Oz, being given unprecedented control, while at the same time warning that this would happen (at least 4 years ago)-because he took no responsibility on the part of the Fed as to oversight and establishing rules.
Posted by: Grand Old Party | September 19, 2008, 7:22 pm 7:22 pm
“The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it,”
McCain knows because that was where he got his campaign staff.
another John (McEnroe), said it right: “you cannot be serious!”
Posted by: THE curious black | September 19, 2008, 7:33 pm 7:33 pm
It should be obvious to anyone that has eyes and ears that Obama is trying to pull a “Slick Willie-Economy Stupid” with the current issue of the stock market. All Americans should be Grateful that President Bush-No Lame Duck President until the very last day of his term-has authorized the Governmenet to do what it takes to make sure our economy survives. If a Democrat were President (like Obama for instance) he would make sure that your taxes would be increased immediately to cover the loss! That way the Democrats can stay in business by keeping the people down and forever dependant on their “generosity”.
This game has been played for far too long and it won’t work again. This is Not 1992 (and even then Clinton was full of BS as 4/92 became an economic Bonanaza-something Clinton managed to destroy and tanked the economy by the end of his second term). Obama and especially Biden-The Godfather of Inflation- with the Horrible policies he initiated in the 36 years of being a US Senator won’t get away with the “Economy Stupid” this time..at least with Most of the voters who are old enough to remember the slimey Clinton campaign of 1992.
That number should be More than Enough for McCain to win in a “Handily”. One thing for sure-Senator McCain would have reacted just as Forecefully and Swiftly as the President did if he were in office. Obama would have put us in even a Deeper Depression than the one in 1929!!!
Posted by: Al MacLeod | September 19, 2008, 9:18 pm 9:18 pm
I would like to know what experience Obama has with the economy. He has never ran anything. He is clueless and all this rhetoric that the bad economy favors democrats is just that…rhetoric. People are starting to believe that democrats can fix the economy. Tell me what policies besides hand outs do they have that will help anyone.
Posted by: BH | September 19, 2008, 9:38 pm 9:38 pm
This is NOT A PLAN! Anyone can tell you what they will do! The questions is where is the details, how, specifics! Here’s what he said
1. Consolidating, what? specific
2 Promoting greater transparency, HOW?
3. Creating New Oversight Body,WHO?
What happened to the 6 Point Bullit Points?
Would you accept this in industry? We are just as in the dark before he gave us this information, which anyone could have said than before he gave the speech.
READ HOW MCCAIN IS GETTING RID OF EMPLOYER SPONSORED HEALTH INSURANCE. OF COURSE IF YOU ARE RICH AND CAN AFFORD ANY PRICE WHEN YOU GET THROWN INTO THE MARKET THIS SIGNIFICANT ISSUE IS NOT IMPORTANT TO YOU AND YOUR FAMILY. IT IS TO THE REST OF US.
MCCAIN MADE THIS STATEMENT THIS MONTH ABOUT THROWING OUR HEALH INSURANCE TO THE MARKET
McCain on BANKING AND HEALTH INSURANCE FIX……………URGENT!
OK, a correspondent directs me to John McCain’s article, Better Health Care at Lower Cost for Every American, in the Sept./Oct. issue of Contingencies, the magazine of the American Academy of Actuaries. You might want to be seated before reading this.
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.
So McCain, who now poses as the scourge of Wall Street, was praising financial deregulation like 10 seconds ago — and promising that if we marketize health care, it will perform as well.
Here’s the link
http://www.contingencies.org/septoct08/mccain.pdf
Posted by: Barbara | September 20, 2008, 6:44 pm 6:44 pm