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mccain begs off

 
 
maporsche
 
  2  
Reply Fri 26 Sep, 2008 07:04 am
@revel,
Maybe hurting the process is exactly what needed to happen.

I personally am not in favor of this bailout. So if you're saying that McCain's presence is causing this bill to flounder, then you're giving me one more reason to vote for the guy.
revel
 
  1  
Reply Fri 26 Sep, 2008 07:23 am
@maporsche,
I don't know too much about what will work and what will not, leave that to others. However, why didn't they bring this idea up sooner if they wanted it considered? What they are proposing is not a quick fix what with having free market invest in the failing banks and giving them tax credit and other incentives to do so. It would take time to decide on what companies and get it finalized and all that sort of thing. By the time it can logically happen, the crises will have already have imploded if what everyone is saying is true. The banks need cash now which is why they are calling it a crises. Another problem I have is that it don't have any regulation or oversight or reform to keep this sort of thing from happening again.
revel
 
  1  
Reply Fri 26 Sep, 2008 08:48 am
@revel,
I read another article and it seems I may have misunderstood exactly what the republican house alternative house plan is. I thought they would have other markets buy up the banks. I should learn to slow down so I don't always have to come back and admit mistakes. Oh well, no one really knows me so if I keep making a fool of myself, who cares.

In any event, this plan would not be able to go into effect quickly enough to avert the disaster the plan is designed for.

Quote:
As deal drifts, House GOP releases alternative

House Republicans were left out of the morning deal making on the bailout and are already being blamed for derailing the bailout negotiation.

So now they've released their own set of "principles" in the 11th hour, relying on mortgage insurance, injections of private capital into the financial system and free market principles. Many of the ideas are tried and true conservative ideas, like loosening regulations in hopes of freeing up private capital. The thrust of the GOP alternative is essentially a private insurance plan for mortgage backed securities, but it's not clear if such a plan could go into effect quickly enough to salvage the teetering credit markets.

And yes, there's a "blue ribbon panel" proposal in their plan.

It's not clear if the top negotiators at the White House, the Senate or in the House will even give this a second look, but the House GOP alternative represent a loud yet important voice for fiscal conservatives in Washington and nationwide.

We've pasted their bullet points after the jump.

Here's the bullet points directly from the House GOP plan:

* Rather than providing taxpayer funded purchases of frozen mortgage assets, we should adopt a mortgage insurance approach to solve the problem.

* Currently the federal government insures approximately half of all mortgage backed securities. (MBS) We can insure the rest of current outstanding MBS; however, rather than taxpayers funding insurance, the holders of these assets should pay for it. Treasury Department can design a system to charge premiums to the holders of MBS to fully finance this insurance.

* Have Private Capital Injection to the Financial Markets, Not Tax Dollars. Instead of injecting taxpayer capital into the market to produce liquidity, private capital can be drawn into the market by removing regulatory and tax barriers that are currently blocking private capital formation. Too much private capital is sitting on the sidelines during this crisis.

* Temporary tax relief provisions can help companies free up capital to maintain operations, create jobs, and lend to one another. In addition, we should allow for a temporary suspension of dividend payments by financial institutions and other regulatory measures to address the problems surrounding private capital liquidity.

*Immediate Transparency, Oversight, and Market Reform. Require participating firms to disclose to Treasury the value of their mortgage assets on their books, the value of any private bids within the last year for such assets, and their last audit report.

* Wall Street Executives should not benefit from taxpayer funding. Call on the SEC to review the performance of the Credit Rating Agencies and their ability to accurately reflect the risks of these failed investment securities.

*Create a blue ribbon panel with representatives of Treasury, SEC, and the Fed to make recommendations to Congress for reforms of the financial sector by January 1, 2009.


http://www.politico.com/blogs/thecrypt/0908/As_deal_drifts_House_GOP_releases_alternative.html
0 Replies
 
nimh
 
  3  
Reply Fri 26 Sep, 2008 09:19 am
@maporsche,
maporsche wrote:

Even if they aren't on the committee that handles this stuff, they will still have to vote yea or nay, and I hope they do so after spending hundreds of hours reviewing the impacts of this legislation [..]

I don't care if it accomplishes anything other than allowing him to devote all his time/energy in understanding the impacts of this bill so that it can affect his singular vote on the legislation.

Eh. You're saying McCain wanted to cancel the debate so he'd have hundreds of hours to devote to learning about the proposals. Why then is he spending as much time on air giving interviews as the debate would have taken? He's going to tape interviews with all three network news shows tonight...

This is how the Politico summarised McCain's actions yesterday: "McCain swept into Washington, walked to his office with pal Joe Lieberman, said little at a contentious White House meeting, did a few TV interviews, sped off to his home and proclaimed, through a spokesperson, that he was “optimistic” about bringing House Republicans “on board.”" Is that a man who's determined to spend all his available time reviewing and discussing the legislation with his Congressional colleagues?

More still: if he was really so concerned about reading up in depth, why in heaven's name was he unable to find the time even to read Paulson's three-page proposal for four full days? I mean, click that link and tell me again how determined McCain is to read all he can about the crisis and the legislation to tackle it. If you cant find the time to read a 3-page document that's at the heart of what you describe as a calamitous crisis for four full days because, you know, you cant do that and campaign at the same time, you dont have the skills needed to be President, sorry.
cicerone imposter
 
  1  
Reply Fri 26 Sep, 2008 10:48 am
@nimh,
nimh, The real kicker was when McCain wanted to take credit for all the works done by congress and the committee during the past week. That takes balls....

His maverick meme is now showing the truth of who he is.
0 Replies
 
Cycloptichorn
 
  3  
Reply Fri 26 Sep, 2008 11:12 am
@maporsche,
maporsche wrote:

I don't care if it accomplishes anything other than allowing him to devote all his time/energy in understanding the impacts of this bill so that it can affect his singular vote on the legislation.

We're talking about 700 BILLION dollars here, and possibly more in the future. Every Senator should be spending hundreds of hours in deliberation on this bill alone. This is the most important thing going on right now.

If this were October 31st, I would chastise him over this (at that point the election would be the most important thing), but being that we have 40 days until the election. There is nothing wrong with what he's doing.


Maporsche, this simply isn't true.

Many states have early voting periods. In fact, by October 2nd - the date that McCain wanted to push the debate back to, and put the VP debate, I dunno, after the election? - something like 15 states will allow people to be voting early. How is it appropriate that these people don't even get to see one debate between the two candidates?

Face it. Neither Obama nor McCain sits on the committees that oversee this legislation. Neither is an economic genius. So what the hell are they going to be doing at 9:00 on a Friday night? Sometimes, more cooks just spoil the soup. You saw that happen yesterday; the presence of the two candidates was not constructive.

Anyways, McCain is doing the debate, he blinked, and the argument is moot now.

Cycloptichorn
revel
 
  2  
Reply Fri 26 Sep, 2008 11:21 am
Quote:
WASHINGTON - Republican John McCain agreed to attend the first presidential debate Friday night even though Congress doesn't have a bailout deal, reversing an earlier decision to delay the event until Washington had taken action to address the crisis.

http://news.yahoo.com/s/ap/20080926/ap_on_el_pr/candidates_debate

cicerone imposter
 
  1  
Reply Fri 26 Sep, 2008 11:23 am
@revel,
I believe we can now safely label McCain the "flip-flop kid."
0 Replies
 
Cliff Hanger
 
  4  
Reply Fri 26 Sep, 2008 11:33 am
This is the first time I've seen this post and it was posted Wednesday? And it's got a lot of participants-- how do you find these threads when they don't come up on the screen. I know this is off topic, but I was languishing in the new able2know land.
nimh
 
  2  
Reply Fri 26 Sep, 2008 12:01 pm
@Cliff Hanger,
I use "politics" in the tag box a lot.
maporsche
 
  2  
Reply Fri 26 Sep, 2008 12:08 pm
@Cycloptichorn,
Cyclops, NOTHING happened yesterday. That is exactly the result I wanted. If NOTHING can continue to happen I'll be a happy voter.

And don't talk to me about early voting, nobody is forced to do that. If someone chooses to, then they know the possible consequences.

At 9:00pm, I'd hope they'd be studying as many of the effects that this bill could have on the nation, talking to people who are strong on the economy, talking to their electorate, talking to the CEOs of these coorporations, trying to ease the public's concerns, giving the massages to the guys who are losing sleep over this, helping out in any way shape or form to ensure that every single congressman knows exactly what the downstream effects are of this MASSIVE 700billion dollar bailout.

Don't you wish some Senators did that before the war, maybe Clinton would have read the intelligence estimate.

McCain and Obama's jobs, today, are to study the effects of this bill and the effects are far reaching. They should not vote yea or nay w/o doing the due-dilligence that this requires.

And yep, he's doing the debate, which we'll see is a waste of time and the same old crap will be thrown about like it has over the last 18 months.
engineer
 
  2  
Reply Fri 26 Sep, 2008 12:18 pm
@Cliff Hanger,
Cliff Hanger wrote:

This is the first time I've seen this post and it was posted Wednesday? And it's got a lot of participants-- how do you find these threads when they don't come up on the screen. I know this is off topic, but I was languishing in the new able2know land.

Change the "Sort by" box to "New Posts". That makes the current hot topics bubble to the top.
barackman28
 
  2  
Reply Fri 26 Sep, 2008 12:26 pm
@Cycloptichorn,
"Neither Obama or McCain is an Economic genius" says Cyclopichorn. But McCain is on record as saying that he did not knowvery muchabout Economics and Senator Obama is a graduate of Columbia University, Harvard Law School and has taught at one of the best Law Schools in the country--The University of Chicago. I am certain that, even if he is not an "economic genius",he knows far far more than McCain about Economics. And he will display that mastery when he trounces McCain in all three debates(If McCain shows up).
JPB
 
  4  
Reply Fri 26 Sep, 2008 12:36 pm
@barackman28,
barackman28 wrote:

"Neither Obama or McCain is an Economic genius" says Cyclopichorn. ... Senator Obama is a graduate of Columbia University, Harvard Law School and has taught at one of the best Law Schools in the country--The University of Chicago.


Bingo, joe -- you have a winner!
cicerone imposter
 
  1  
Reply Fri 26 Sep, 2008 12:41 pm
@JPB,
But the conservatives still talk about Obama's "community organizer" doesn't prepare him to become president. While McCain's gaffs makes him more comedian than presidential.
0 Replies
 
Cycloptichorn
 
  2  
Reply Fri 26 Sep, 2008 12:46 pm
@maporsche,
maporsche wrote:

Cyclops, NOTHING happened yesterday. That is exactly the result I wanted. If NOTHING can continue to happen I'll be a happy voter.

And don't talk to me about early voting, nobody is forced to do that. If someone chooses to, then they know the possible consequences.

At 9:00pm, I'd hope they'd be studying as many of the effects that this bill could have on the nation, talking to people who are strong on the economy, talking to their electorate, talking to the CEOs of these coorporations, trying to ease the public's concerns, giving the massages to the guys who are losing sleep over this, helping out in any way shape or form to ensure that every single congressman knows exactly what the downstream effects are of this MASSIVE 700billion dollar bailout.

Don't you wish some Senators did that before the war, maybe Clinton would have read the intelligence estimate.

McCain and Obama's jobs, today, are to study the effects of this bill and the effects are far reaching. They should not vote yea or nay w/o doing the due-dilligence that this requires.

And yep, he's doing the debate, which we'll see is a waste of time and the same old crap will be thrown about like it has over the last 18 months.


What a bunch of crap. If you want NOTHING to happen, no bailout, then why are you screaming for them to return, and get a bailout passed? Shouldn't it be BETTER for them to be going forward with the campaign? You are sending conflicting messages.

Cycloptichorn
Cliff Hanger
 
  1  
Reply Fri 26 Sep, 2008 12:51 pm
@engineer,
Thanks engineer-- I've done that and it never brought this up. However, after my complaint I think I now understand a little bit better the purpose of the "tag", which has eluded me till now. If I tag a topic, such as politics, it brings up a broader array of topics.

I also put in election 2008.
0 Replies
 
Cliff Hanger
 
  1  
Reply Fri 26 Sep, 2008 12:54 pm
@nimh,
Yes, thanks nimh. I saw your post afer I saw engineer's. That's exactly what I did and it worked, I think I'm beginning to understand this new format a little bit better. Whew.
0 Replies
 
barackman28
 
  2  
Reply Fri 26 Sep, 2008 12:59 pm
@JPB,
JPB- Why did you not quote my whole post?

Do you disagree with my message? Why? Would you like to see how and why my post is backed up on various Internet sites? Is there anything in my post which is not correct?
JPB
 
  2  
Reply Fri 26 Sep, 2008 01:18 pm
@barackman28,
No -- I was speaking to joe's radar and instincts.

So, possum, what are your opinions on John Marshall Law school?

nevermind... I don't really want to know.
 

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