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McCain: Wall Street woes point to regulation need

Discussion in 'Political Debate & Discussion' started by I Am Blessed 24, Sep 15, 2008.

  1. I Am Blessed 24

    I Am Blessed 24 Active Member

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    By GLEN JOHNSON, Associated Press Writer
    14 minutes ago

    JACKSONVILLE, Fla. - Republican presidential candidate John McCain said Monday he still believes the fundamentals of the nation's economy are strong even as the uncertain fate of two of Wall Street's oldest institutions sent stocks tumbling.

    In remarks to a crowd of several thousand in this pivotal electoral state, the Arizona senator said he agreed there should be no taxpayer-financed bailout of Lehman Brothers even as the investment banking giant filed for bankruptcy. Meanwhile, Merrill Lynch was selling itself to Bank of America for less than half of the iconic brokerage firm's recent value.

    "Our economy, I believe, still, the fundamentals of our economy are strong, but these are very, very difficult times, so I promise you: We will never put America in this position again. We will clean up Wall Street," McCain said.

    LINK
     
  2. JustChristian

    JustChristian New Member

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    He's right but it's the Republican party and all those who insist on "pure" capitalism who have put us here.
     
  3. Crabtownboy

    Crabtownboy Well-Known Member
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    You are right. Phil Graham was one of the major architects of the current system. Until recently he was the one of the primary financial advisors to McCain. Will we never learn from history?
     
  4. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    It was regulation & intervention that caused this mess, and more regulation & intervention will make it even worse.
     
  5. Crabtownboy

    Crabtownboy Well-Known Member
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    You are really wrong on this one. It was the deregulation under the Phil Graham plan that set this in motion. Fannie Mae and Freddy Mack was probably doomed to failure from the start. It was a bad business plan. But the "gree is good" philosophy of Graham and the Republicians set this up and now we have gone over the edge. This will have to hurt McCain greatly ... guilty by association.

    I am not at all happy with this situation and wonder why so many smart people did not learn from history. I guess greed breeds stupidity.

    Watch the New Hour and The Nightly Business Report tonight.
     
  6. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Check my other post in another thread, where I shred your argument, CTB.
     
  7. exscentric

    exscentric Well-Known Member
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    Seems to me it is the lack of a proper moral climate in our country be it politicians, financial folks and/or borrowers.
     
  8. Crabtownboy

    Crabtownboy Well-Known Member
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    I did and while it is interesting your basic premise is wrong. It was lack of regulatiion and greed that brought about the Great Depression. It is lack of regulation and greed that has brought about this panic. Much of the financial regulation that kept things going during most of my life time was taken apart and mostly discarded and this is the reward.

    Watch The News Hour and The Nightly Business Repot tonight.
     
  9. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    My premise ?

    You should go to that thread, and answer it, point by point, or use somebody more articulate, like I did.

    Liberals always tell me I can't legislate morality, concerning gay marriage. Why is it they think they can legislate away greed ?
     
  10. Crabtownboy

    Crabtownboy Well-Known Member
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    You are right. Greed cannot be legislated away. But the rules can be made that make it more difficult for the greedy to do unwise things ... like borrowing to buy stock on 90% margin. That was popular in 1929. Can't be done now.
     
  11. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Watch The News Hour and The Nightly Business Repot tonight.

    Are they unbiased news sources, do you think ? And the Red Sox are at Tampa Bay for three games. Can't I just get the highlights on the web ?

    And why won't you answer the other thread ?
     
  12. Crabtownboy

    Crabtownboy Well-Known Member
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  13. Revmitchell

    Revmitchell Well-Known Member
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    There is nothing even handed about any news source on pbs. Fox always has people on both sides of the issues.
     
  14. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    He recommended two PBS shows ?



    :laugh:
     
  15. Crabtownboy

    Crabtownboy Well-Known Member
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    Even Fox does not make the claim of being objective. Oh, you meant that as a joke. Good one. Thanks for the :laugh:
     
  16. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Are you still busy ?
     
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