McCain & GOP own this meltdown (vote, Congress, campaign, Democrats)

[JoeP]

Neither McCain, W, Gramm, Palin or anyone else who advocated and supported the anything goes economic polices can act like they are not responsible for the current crisis.

They detest regulation and make sure that nothing exists that can help prevent these disasters.

Now thousands of hard working Americans will be out of work and the trickle down - yes trickle down will work as this crisis spreads and other hard working Americans lose their jobs and homes.

McCain can't deny this. McCain can't "reform" this because reform runs counter to what he and the party stand for on these issues.

This is the simple truth.

If they have any honesty about the their economic views, they would still defend them instead of pretending they weren't the ones who created this mess.

[padcrasher]

Here' a great article on McCain's own advisor's role in today's mortgage meltdown.

McCain guru linked to subprime crisis - Lisa Lerer - Politico.com

How ironic that the GOP is asking us to vote these same crooks into office.


The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

“A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,” the Illinois senator running for president said in a New York economic speech. “But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”

Gramm’s role in the swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.

A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.

Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006.

During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.

For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs.



“

[sanrene]

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

Hot Air » Blog Archive » Whose policies led to the credit crisis?

Hardly. It was the democrats who blocked more regulation that the Bush admin put forward five years ago. It was and is the democrats who are in the pockets of Fanny&Freddie, Lehman, and other financial entities.

[padcrasher]

Originally Posted by sanrene

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

Hot Air » Blog Archive » Whose policies led to the credit crisis?

Hardly. It was the democrats who blocked more regulation that the Bush admin put forward five years ago. It was and is the democrats who are in the pockets of Fanny&Freddie, Lehman, and other financial entities.

You're almost unbelievable. After the mortgage industry tanks. Bush now decides he needs to do something about it??? It's too friggin late!! Hundreds of Billions in losses that the taxpayer will be on the hook for !!

This is leadership??

[sanrene]

You're almost unbelievable. After the mortgage industry tanks. Bush now decides he needs to do something about it??? It's too friggin late!! Hundreds of Billions in losses that the taxpayer will be on the hook for !!

This is leadership??

You are unbelieveable. Did you even read the article - from FIVE friggin YEARS ago. The dems stopped the tighter controls and regulation the Bush admin wanted to implement.

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

[JoeP]

Sorry Sannie, but the GOP with the help of no less than McCain's top economic advisor, Phil Gramm authored the deregulation law that most agree helped create this mess.

By the way, another one of McCain's economic advisors is the CEO of Merrill Lynch.

McCain and the GOP fight against measures of regulation and they are proud of that. If today were different, you would openly sing the praises of that too, but they and you, at a slimy best, will act like that's not the cornerstone of GOP philosophy.... until after the election and the opportunity to write another free-for-all law that is....

[sanrene]

Sorry Joepee, but the democrats have been in the pocket of F&F, Lehman and other financial entities. They are the ones that stopped the regulation the Bush admin wanted.

[MotleyCrew]

Originally Posted by sanrene

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

Hot Air » Blog Archive » Whose policies led to the credit crisis?

Hardly. It was the democrats who blocked more regulation that the Bush admin put forward five years ago. It was and is the democrats who are in the pockets of Fanny&Freddie, Lehman, and other financial entities.

Yes and the Clinton administration gave birth to the subprime loan in 1996. Bush ignored the critics and did jump on the bandwagon of "more homeownership for the poor." Sadly, both administrations are to blame with the loose money ninja loans. Democrats will use anything they can to stick it to the republican party. I will respect the democrats only when they can face their failures and responsibilties for these things too. Otherwise what change can we really expect out of Obama?

[padcrasher]

Originally Posted by sanrene

You are unbelieveable. Did you even read the article - from FIVE friggin YEARS ago. The dems stopped the tighter controls and regulation the Bush admin wanted to implement.

Ok lets count how many years. Bush and the GOP controlled congress failed to act on Bush's suggestion.


2003

2004

2005

2006

Yep, that Bush and the GOP's love of "deregulation" really helped didnt it???

[teatime]

Originally Posted by sanrene

You are unbelieveable. Did you even read the article - from FIVE friggin YEARS ago. The dems stopped the tighter controls and regulation the Bush admin wanted to implement.

No, the Padmeister doesn't read articles. He just posts according to what he wants to believe. Don't confuse him with facts!