McCain Against AIG Bailout Before He Was For It
September 17th, 2008, 11:39 AM EDT
John McCain first opposed a bailout for AIG, but that was all the way back on Tuesday. Now that it’s Wednesday, John McCain says the government was was “forced” to do it. McCain has been a long-time advocate of reducing corporate regulation, along with his free market friend and financial advisor Phil “Americans are whiners” Gramm.
On GMA, McCain repeated that the fundamentals are strong, and blamed the “greed and excess” of Wall Street, and blamed the regulators and Congress for not paying attention. Is that the same Congress McCain is in? Now he is talking about regulatory oversight.
Typical.
September 17th, 2008 at 11:43 am
I like my politicians to be open minded and brave enough to change positions when it makes sense.
But changing your idea about the economy in one day, in between speeches? Then changing your idea about a big bailout like this one overnight? Come on John, I know you don’t know much about the economy, but now would be a good time to start learning.
Don’t get me wrong, I’m glad he has opened his eyes up to the fact that the major collapses occurring in the financial industry are not exactly good indicators of economic health. And I think the bailout of AIG was necessary, if distasteful. But Senator McCain, please brush up on the economy. Neither you nor your running mate know much about it, and you could very well become our next president (especially if my side doesn’t start paying more attention to you and less to your VP).
September 17th, 2008 at 11:51 am
i have yet to hear one politician , from any side, or any agency speak honestly about this.
The problem is not private industry
The problem stems from the changes made to Fannie Mae by Democrat policies of giving credit to minorites with bad credit and Democrat Executives at FannieMae who committed fraud to get millions in bonuses.
This infected the entire financial system.
If the Democrats didn’t play their race-bating game. and if the Democrats didn’t protect their executives who were getting big bonuses, then the reforms that the Republicans have been calling for all throughout the past ten years could have been accomplished.
But instead they all speak mealy-mouthed about Wall Street.
And of course the hyper-partisan Leftists will never admit the truth, ever.
September 17th, 2008 at 12:04 pm
January, Mr. McCain argued at a Republican debate that Americans were better off than they were eight years ago; by this summer he had released an advertisement that said “we’re worse off than we were four years ago.”
September 17th, 2008 at 12:09 pm
His first big speech on the mortgage crisis warned against excessive government intervention; a month later he released his plan for government action to help people keep their homes.
September 17th, 2008 at 12:10 pm
tour on which he embarked in July to emphasize his understanding of Americans’ economic pain was overshadowed when one of his top economic advisers, former Senator Phil Gramm of Texas, was quoted as saying that the United States was only in a “mental recession” and had become “a nation of whiners.”
September 17th, 2008 at 12:10 pm
Tuesday morning, Mr. McCain was interviewed for CBS, ABC, NBC, Fox News, CNN, MSNBC and CNBC. Again and again, he explained that he understood the “crisis” and called for a new commission to study it.
whew, a commission to study it…. thank goodness.
September 17th, 2008 at 12:11 pm
McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 (via Beltway Snark). Make sure to read the last sentence.. he predicted all this would happen.
Alan: DOn’t you think some things are too important to lie about
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives.
In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems.
This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation.
If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
September 17th, 2008 at 12:11 pm
Republicans=RACISTS
might as well put on that white hood.
“One parishioner ruled out voting for Mr. Obama explicitly because he is black. “Are they going to make it the Black House?” “
September 17th, 2008 at 12:32 pm
McCains has advocate to de-regulate government, so we saw how that work or is working out, so country first?
how, Senator can you fix this? how?
September 17th, 2008 at 12:34 pm
Funny how people interpret Alan’s post (assuming it’s an accurate statement of the facts – not really a safe assumption). So McCain was against the bailout on Tues. but now states that the Gov’t was forced to bail out. Do you read this to mean that McCain has changed position? Appears to be more of an acknowledgement that the Democratically controlled congress is going to do what it wants to do.
Now, let’s examine some Obamaflops. HE was for immediate troop withdrawal before HE was against it. He was for raising taxes before HE was against it. HE was for Jeremaih Wright before HE was against him. HE was for Bill Ayers before HE was against him.
Yadayadayada…It’s all very tiresome and both candidates will say what is politically expedient. The Gov’t should not be bailing out this company…let ‘em go bankrupt. Same thing that’s going to happen to small businesses when the annoited one becomes king!
September 17th, 2008 at 12:55 pm
“McCain repeated that the fundamentals are strong…”
Yeah he keeps talking about “fundamentals”, except every time he provides an example of what’s so “strong” he’s reaching into the ether and handing us happy talk.
Our drivel is real strong. The only problems are these things that have some basis in quantifiable reality and actually show up as numbers on financial statements.
And Barbara Streisand’s got as much right as anybody else to say whatever the hell she wants.
September 17th, 2008 at 12:59 pm
>And Barbara Streisand’s got as much right as anybody else to say whatever the hell she wants.
Duh, who said anything to the contrary?
September 17th, 2008 at 1:01 pm
Just to rehash the week a little bit–first we have McCain going from his morning’s “fundamentals are strong,” to “the economy is in a crisis.” Then the AIG bailout is bad, to basically the government had no choice.
I admire McCain’s “gut reaction” style of decision making, but when his gut reaction is (in these two cases) ill-advised, and he needs to change his position within hours/days, how is he going to do as a leader in a crisis?
September 17th, 2008 at 1:03 pm
The fundamentals of the economy is strong.
By fundamentals I meant the American workers.
The McCain/Palin ticket. A campaign built on lies. Lies about McCain’s record. Lies about Palin’s record. Lies about Obama’s proposed policies. At least Dubya had the decency to wait until he was in the White House to start lying his ass off…
These debates are going to swing this election around. Palin’s ignorance will be exposed. Why else would they hide her from interviews?
September 17th, 2008 at 1:54 pm
Oh you liberals are trying to say McCain changed on this issue?
When he didnt?
It requires liberals to be really uninformed and proud of being ignorant to repeat that McCain changed on the economy situation. It makes for a fast drive by attack that sounds great.
I like it. I look forward to Alan trying to use this one, the claim will be pommeled by the facts.
You libs want the US economy to fail or look like its failing since Hussein Obama needs something–anything to help his sagging popularity!
JamminJ Republicans=RACISTS
might as well put on that white hood.
“One parishioner ruled out voting for Mr. Obama explicitly because he is black. “Are they going to make it the Black House?” “
Obama’s friends early on said they planned on painting the WhiteHouse at 1600 Pennsylvannia Avenue, Wash DC from its white color to black to signify America’s first black/negro president.
If you forgot or were not paying attention, many blacks/negro’s were overjoyed with this idea and said we is gonna paints’ the old whitey whitehouse BLACK! and then we’s gonna demand reparations against whitey and make it into the law! It will be the blackhouse!
And then highly paid advisors told Obama as much as he looks forward to painting the WhiteHouse black to signify a Negro winning the Presidency? he should back away from saying it, or back away from anyone who says it. So he done said to his friends: “SHHHH!”
September 17th, 2008 at 4:21 pm
Furyus: Lies about Obama’s proposed policies.
HUH? like where he chases a newborn child around with a meat cleaver in a planned parenthood chop shop? or where Obama will raise taxes on everyone who pays taxes now?
September 17th, 2008 at 4:24 pm
or where Obama will raise taxes on everyone who pays taxes now?
Hey Bradley go to BarackObama.com/Issues please
Obama is only raising taxes on people making 250,000 or more. Or is spreading lies just easier for you?
September 17th, 2008 at 5:24 pm
http://blogsforjohnmccain.com/john-mccain-tried-head-fannie-mae-freddie-mac-mortgage-disaster-2006
Here’s what John McCain said on May 25, 2006:
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
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.
Obama was one of those who opposed but who can blame him they where giving him plenty of $ handouts.
September 17th, 2008 at 5:37 pm
Nobama what is McCain’s plan now?
Nothing.
September 17th, 2008 at 5:39 pm
Hey Furyus, do you dillusionaly think he is giving tax cuts to 95% of Americans. 33% do not even pay taxes. By the way in the Primaries he said he was going to tax those making $150,000 or more. By the way if you work for a small or medium business get ready to look for a job
September 17th, 2008 at 5:40 pm
You’re right McCain the Coward is the savior of the economy. Ya know because a “celebrity” can’t…
September 17th, 2008 at 6:24 pm
Furyus, “or where Obama will raise taxes on everyone who pays taxes now?
Hey Bradley go to BarackObama.com/Issues please
Obama is only raising taxes on people making 250,000 or more. Or is spreading lies just easier for you?
”
no I dont want to spread lies. It is better to say the truth. If I believed Obama was going to cut taxes then Id say so; if Im wrong about tax increases then it will be bad for me in that day;
so if the Obama plan meant X then say X and not Y
One of the problems about debating this? Obama is not president
September 17th, 2008 at 6:39 pm
Alan, you have a great sense of humor…keep your people laughing….but you’re so off base when it comes to explaining your position…it is even funnier…
Come on Alan, I know you are paid to be the opposing position….but sometimes it isn’t possible to argue with facts.
September 17th, 2008 at 10:11 pm
wow Alan the people envolved with obamas staff and the way Sean told her what i emailed him and fox Way to go H&C
2 points ,1st have fox ask the ceo of yahoo(there guys) and bill gates (his team) find out how broke in? and charge them to the fullest
also one thing she needs to do as Gov is hold a session and get the sports center land issue resolved (pronto ay)
the state could condemn his land or they just need to pay him ,if they waited till now to build it it would had cost $2million more so atleast now they don’t have to wait to have it built?
BAMM thats done
2nd point as Sean pointed out if 350 members of congress took money after the 2006 3.5 million fine ,they have forfited there job and will not be needed after nov 4 ,I wonder if one american can or could be used to file a complaint with the supreme court and protest for them to uphold the constitution that could and should have them all who took part removed from office in exchange for amnesty?
and to why it happened monday the day they all came back to work?
we all know what they all did on vacation,they were trying all to come up with the same story?
now this would be a big shake up and to the law they just past about not having to pay severence to those removed from Fanny and Freddie the American People need to force that agenda
nov 4 is when we will seat a brand new congress with new rules
Warning: Fox post cameras on capital hill to document and wrong doings ,paper shredding,tampering,e-mail destroying, ect
have McCain step down from the senate and publicly ecuse himself from the freddie/fanny due to his envolvement came from employees personal choice to give to him ,C.Rove should agree to all this all this, so all we would have is 3 former senators 2 removed and 1 that stepped down running for president and the two that were removed their top pick had 2 major players involved with the 600B bailout
its like we have 350 Abromoffs? Justice did it to one Why can’t we do it to 350? well 349
ya know Alan if you like case law Look up in Iowa about the Cietc Scandle and tell me if there is a difference between what those people did and what these senators that have been running for presidental office have done?
September 18th, 2008 at 2:48 am
“Here’s what John McCain said on May 25, 2006:”
NOBAMA, don’t confuse these liberals with facts. You will completely derail their train of thought. Anyway, they know because factcheck says so.
September 18th, 2008 at 4:35 pm
Nobama, that’s interesting, thanks for the info about McCain’s address about Freddie & Fannie. It checks out, too, I looked up the transcript.
I’m wondering why he still believed, until very recently, that the economy was still ducky, if he had given that report 2 years ago.
I’m also wondering how McCain hopes to be effective at all, as the report covered 1998-2004, the majority of the time belonging to the Bush presidency, under the advice of McCain’s current campaign and policy advisers (Gramm being one of them).
September 19th, 2008 at 2:20 pm
Obama was for his racist/American hatin’ church of 20 years before he was against it…
September 20th, 2008 at 10:05 am