Bailout Fallout: What Should McCain and Obama Do Next?

Discussion in 'Politics' started by KenH, Sep 30, 2008.

  1. KenH

    KenH
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    Bailout Fallout: What Should McCain and Obama Do Next?

    Less than 24 hours after the bill to bailout the financial industry died an ignominious -- and surprising -- death in the House of Representatives, both presidential candidates are jockeying to find their footing in a new political reality.


    Barack Obama was first out of the gate this morning with a two-pronged approach: a new proposal to increase the cap on federally insured bank deposits from $100,000 to $250,000 and a new two-minute television ad in which he seeks to make the case that he, and not John McCain, is ready and able to lead the country out of its current financial morass.

    McCain, in an appearance this morning on "Fox and Friends," offered a few proposals of his own including: the same increase on FDIC insurance on deposits proposed by Obama, tapping the "exchange stability fund" at Treasury for $250 billion to shore up financial institutions and urging Treasury to use the $1 trillion at its disposal to start buying bad mortgages in hopes of turning the corner on the current crisis.


    The flurry of activity this morning speaks to the huge political consequences of the ongoing battle to rescue the economy. Nearly every American is now paying attention and worried about the impact of the failure of the bailout on their own lives. In polling released by the Washington Post and ABC News this morning, more than nine in ten voters said they were worried that the failure of the bill could cause even more serious economic problems down the line.

    - rest at http://voices.washingtonpost.com/thefix/2008/09/what_should_mccain_do.html?nav=rss_blog
     
  2. Bro. Curtis

    Bro. Curtis
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    They should tell them the American people have suffered enough, and they're on their own.
     
  3. billwald

    billwald
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    Well, when the $100,000 limit was enacted it bought more than $250,000 does now. The only way any of this will be financed is trashing the dollar in terms of buying power.
     
  4. Dragoon68

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    They should tell people they have to assume responsibility for their own financial dealings which means the borrowers and lenders need to work it out or suffer the consequences of their own poor judgment, greed, ignorance, gullibility, or whatever is behind it all. They should point out that government is not the answer to this problem and, in reality, is a significant contributor to it by using mortgage loans as an instrument of social re-engineering.
     
  5. poncho

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    What Should McCain and Obama Do Next?

    I suppose being honest with us is out of the question.

    You mean they should be more like Ron Paul?
     
    #5 poncho, Sep 30, 2008
    Last edited by a moderator: Sep 30, 2008
  6. Dragoon68

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    On this specific issue, absolutely yes!
     
  7. poncho

    poncho
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    Cool. So do I.

    Got some questions about this.

    Senator John McCain has urged the Bush administration to bypass Congress and spend a whopping one trillion dollars on bad mortgages.

    In three interviews on Tuesday, the Republican presidential nominee called on the US Treasury Department to address the economic crisis independently and without congressional approval.


    <snip>

    "The Treasury has the ability to buy up a trillion dollars worth of mortgages. We should move forward on that," McCain said.

    SOURCE.

    Can they do that? How can they do that and would it be right?
     
    #7 poncho, Oct 1, 2008
    Last edited by a moderator: Oct 1, 2008
  8. JustChristian

    JustChristian
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    I heard something on the news tonight that made this crisis more real to me. All the big auto companies' sales went down by 1/3 year over year in Sept. Visits to auto showrooms went down by 50%. Those were to be expected.

    The real kicker for me was this. People with excellent credit who got car loans 90% of the time last year got them only 60% of the time this year. People with less than excellent credit who got loans 60% of the time last year are getting car loans 10% of the time now.

    That's the impact of this problem. Credit is drying up and it will take American businesses with it. That being said, I don't support Paulson's bill because I think it's been rammed down our throats and it still rewards businesses that made risky bets and lost.
     
  9. Dragoon68

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    Cheap and easy credit is drying up as it should. Investors still want to make money with their money. There's plenty of demand for goods and services. That fuels the economy. Short term there is pain - and I'm feeling it - but long term there will be gain provided we don't turn to the government for the answer.
     
  10. poncho

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    The government may not give us any say in the matter.
     
  11. ReformedBaptist

    ReformedBaptist
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    Everyone has comments, but I have the actual bill, posted the contents...offered to post any section...and....*crickets*

    lol
     
  12. poncho

    poncho
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    I'd read it and comment if I didn't have to get up at 4:15 am in order to exchange my labor for a handful of unconstitutional fiat money that I have to pay unconstitutional taxes on.

    lol?
     

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