Did McCain Blow It?

Discussion in 'Politics' started by AAAintheBeltway, Sep 29, 2008.

  1. This crisis had the same effect on McCain's campaign as a windshield does on a bug at 60MPH. He seemed erratic last week, now just finished giving a bland statement hoping things work out. I guess expecting him to lead would be too much.

    I'm afraid McCain is blowing it here. He should have either come out against it and risked his campaign on the reaction, or made a public appeal for everyone to support it and follow it up with aggressive arm twisting. Instead, he shadowed Obama and tried to get some air time but not take any risk.

    You can't play it safe when you're behind.
  2. jem


    mc cain is a dope - dopes can't handle complex problems. They do not know who to trust.

    Obama is a fairy. He could have led the world for the next decade or two if he came out with plan that would save the tax payers - not wall street.

    I believe that we could fix the credit markets that should be fixed and FHA loans are a perfect model.

    Charge a 1% fee for insurance - back the borrower after the borrower puts a little skin in the game - and watch the lenders trip all over themselves because the borrower is backed by the Gov't.

    Then use that type of program to help small business with assets get loans. And where ever the credit market is seizing up. But, only do it to the tune of few billion.

    Then use the remainder of the 700b to energize this nation - the way kennedy did with the space program. But do it with wind and solar.

    Giving money to upside down lenders is pushing on a string. Who would lend to banks who are so upside down they can't helped.

    If the majority of your assets are loans backed by houses. and you are valuing those assets are grater than 50% of the appraised value in 2005... You are already out of business and you potential creditors know it.

    700b does not mean squat.
    The only thing that 700b could do is allow Goldman to play middle man for overseas holders of toxic debt.

    That bailout had all the markings of an insider scam.

    Hold to maturity value - being greater than the current market price.

    That is pretty fricken funny considering that seems to violate the basic rule of the markets into which they were supposed to auction this stuff.

    Do auction markets work - do they discount future value or what?
  3. Brandonf

    Brandonf ET Sponsor

    Agree'd. He should stand by his convictions and make sure this bailout does not happen.
  4. That's part of the problem. I don't know what his convictions are on this issue. He's kind of trying to be on all sides of it, just like Obama.
  5. Let's roll the tape back to last wednesday. Obama is carefully playing all sides of the bailout. What if John McCain went on TV and said, I haven't spent my entire career fighting waste, fraud and abuse to go along with a bailout of Wall Street fatcats just because I am running for president. This bailout happens over my dead body. I join with the House republicans and support their plan which protects the taxpayers of this country and does far more to ensure that this debacle doesn't happen again.

    New ballgame. McCain is all over the news. He seizes the populist high ground from obama. He makes all the talk of McBush sound ridiculous. Probably wins the election in a cakewalk.
  6. I couldn't agree more AAA. In one swoop he would've gained separation from the hated triple crown of Bush, Congress and Wall Street. He's trying to run the ball while down 14 in the 4th quarter.
  7. He'll win. Obama is a socialist. You can't fool all the people all the time.

  8. Am I missing something here?
  9. ak15


    Did John McCain need to do the kinds of dramatic things that he attempted to do over the last week? If you take him from the beginning of this crisis when Lehman went bankrupt a couple of weeks ago, his first statement was, as everybody knows off-key. He said "the fundamentals of the economy are strong" and then quickly backpedaled from that statement. He did not necessarily seem to have a clear sense of where he was heading at that point. Then last week he suddenly decided this crisis was so severe that he needed to come back to Washington. He wanted to postpone last Friday night's debate, suspended his campaign and called for concrete action before he resumed his campaigning. Ergo, he went back to Washington and attended a meeting where he barely spoke and which ended in tumult and instead of bringing people together resulted in driving them further apart. He then decided to go into the debate even while negotiations were still ongoing on the bailout saga.
    Yesterday, he in many ways, tried to take credit before the vote on the bailout took place and then the vote blew up. Today, John McCain was picking up on the theme that House minority leader John Boehner brought up yesterday - that it was somehow Nancy Pelosi's fault that a partisan section of her speech angered some Republicans so that they ended up walking away from the vote. Well, today we've had Republican after Republican, big Conservative Republicans, come out and say - That's a bunch of baloney since John Boehner is making a ridiculous argument and that is not the reason that people voted against this measure. So now we have Republicans having their fight with one another with Conservatives saying that is not the reason that drove them to vote against this package.
    John McCain merrily out on the road and blissfully unaware of any memo outlining the conflict, was now aligning himself with Boehner and the House Republican leadership who aren't particularly popular in their party right now because those quote unquote renegade Republicans had ideological differences with the bill from the very beginning.
    Most of the House minority members are in very tough re-election battles and they've already tested what their constituents want and they don't like the bailout plan (which incidentally is morphing into the 'rescue plan'). Those in tight races don't want to infuriate their base because they are going to need every single one of those votes come November. What is McCain's next move? Stay tuned or as is oft said "Depends which way the wind blows".
    As I'm writing this, I'm getting word that Senators Obama, Biden and McCain are all going to be present tomorrow night and will vote on the bailout plan on Capitol Hill.
  10. I got bored. Lost lots of money, too.
    #10     Sep 30, 2008