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Date Posted:10:41:41 09/22/08 Mon Author: cyndi Author Host/IP: 66-249-52-205.adsl.glbgil.grics.net / 66.249.52.205 Subject: Raymond, you leave me at a loss for words. I'm done replying to your posts till after the election. You claim to be pro-Obama and say you're going to vote for him but at every turn you post to attack him or defend McCain. I have my own ideas as to what's going on with you but choose to keep them to myself because I don't want to get into anything negative with you. Good luck to you and your candidates and I hope you wish me the same. In reply to:
LB
's message, "And here is McCain's voting record on energy,>>" on 10:21:02 09/22/08 Mon
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Should be 700 Billion dollar bailout -- Raymond, 12:23:09 09/22/08 Mon(ip98-166-3-168.hr.hr.cox.net/98.166.3.168)
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It has already gone through. Thanks to McCain and Phil Gramm and their support for deregulation, we are near a financial collapse.>> -- LB, 17:30:18 09/22/08 Mon(pool-72-75-14-95.washdc.east.verizon.net/72.75.14.95)
John McCain, Deregulation and The Economy: The Bottom Line
Sun Sep 21, 2008 at 02:16:25 PM
One overriding theme emerged on all the Sunday morning talk shows.
Nearly everyone, Democrat or Republican, that got up and talked about our current economic crisis largely blamed the lack of oversight and regulation.
Let me repeat that. The emerging consensus is that a lack of meaningful oversight and regulation over the financial services and mortgage industries is now causing us to socialize both industries and put at risk at least $1 trillion of taxpayer money to bail it out.
In light of this, the choice for President in this coming election has now become absolutely and unarguably clear.
McCain has spent his nearly three decades in Washington being aided and abetted by Phil Gramm and his cronies in push through every possible measure to keep the financial and mortgage industries from being subject to meaningful oversight and regulation.
This is how the New York Times describes John McCain's economic regulation pedigree:
[McCain's] record ... suggest[s] that he has never departed in any major way from his party's embrace of deregulation... [H]e has consistently characterized himself as fundamentally a deregulator [yet] he has no history prior to the presidential campaign of advocating steps to tighten standards on investment firms.
McCain has always been in his party's mainstream on the [economic] issue. In early 1995 ... McCain promoted a moratorium on federal regulations of all kinds. 'I'm always for less regulation,' he told The Wall Street Journal last March.... 'I am fundamentally a deregulator.'
The bottom line: John McCain's loving embrace of the fundamental Republican dogma of "deregulation, deregulation, deregulation" has caused the worst financial crisis in American history since the Great Depression.
John McCain, Phil Gramm and their Republican cohorts got us into this mess. It would be, at this point in history, absolutely and profoundly wrong for the American people to reward John McCain's failure by electing him to lead the world's biggest economy.
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A message from Chris Dodd, head of the Senate banking committee>> -- LB, 13:34:32 09/23/08 Tue(pool-72-75-14-95.washdc.east.verizon.net/72.75.14.95)
Chris Dodd: Economy and Constitution at Risk
September 23, 2008 12:41 PM ET | Luke Mullins Newsweek
In his opening remarks during a hearing on Capitol Hill Tuesday, Senate Banking Committee Chairman Chris Dodd, a Connecticut Democrat, laid out his criticisms of the Treasury Department's plan for the most sweeping financial bailout since the Great Depression.
From Dodd's prepared remarks:
Barely 72 hours ago, Secretary Paulson presented a proposal that he believes is urgently needed to protect our economy. This proposal is stunning and unprecedented in its scope and lack of detail. It would allow him to intervene in the economy by purchasing at least $700 billion of toxic assets. It would allow him to hold on to those assets for years and to pay millions of dollars to handpicked firms to manage those assets. It would do nothing to help even a single family save a home. It would do nothing to stop even a single CEO from dumping billions of dollars of toxic assets on the backs of taxpayers—and walking away with a bonus and a golden parachute. And it would allow him to act with utter and absolute impunity—without review by any agency or court of law. After reading this proposal, I can only conclude that it is not just our economy that is at risk, Mr. Secretary, but our Constitution, as well.
Nevertheless, in our efforts to restore financial security to American families and stability to our markets, this Committee has a responsibility to examine this proposal carefully and in a timely manner.
In my view, any plan to address this crisis must embody three principles. First, American taxpayers must have some assurance that their hard-earned money is being used correctly and responsibly. Second, we must put in place proper oversight so that the executors of this plan are accountable and their actions transparent. Finally, we must address the root cause of this crisis by putting an end to the rising number of foreclosures sweeping across the nation.
In the longer term, it is clear that our current economic circumstances demand that we rethink, reform, and modernize supervision of the financial services industry. Certain basic principles should form the foundation for reform.
We need a leader in the White House who will ensure that regulators are strong cops on the beat and do not turn a blind eye to reckless lending practices.
We need to remove incentives for regulators to compete against each other for bank and thrift "clients" by weakening regulation.
We need to ensure that all institutions that pose a risk to our financial system and taxpayers are carefully and sensibly supervised.
And we need to accept the premise that consumer protection and economic growth are not in conflict, but inextricably linked. If we learn nothing else from this crisis, it is that the failure to protect consumers can cause the collapse of our largest financial institutions, the loss of hundreds of thousands of jobs, and the draining of hundreds of billions of dollars of wealth from hardworking Americans.
