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Thread: Sen. John McCain: I was misled on bailout

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    Re: Sen. John McCain: I was misled on bailout

    With pressure from JD Hayworth & an election down the road John Mcain will say whatever he needs to get re-elected. Then when (if) he does he will go back to doing what ever the hell he wants, whether his constituancy approves or not. This guy is a fraud and despite his service to his country (which was admirable) he needs to be shown the door by the good voters of Arizona.

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    Re: Sen. John McCain: I was misled on bailout

    According to Henry Paulson's book, John McCain was pretty much clueless during the whole fiasco.

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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by justabubba View Post
    09/15/08 mccain quote:
    But.....but I thought we had a stimulus package and 2,000,000 jobs, and housing is down and Toyota is in trouble, and Government Motors is in trouble.......uh never mind.
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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by American View Post
    But.....but I thought we had a stimulus package and 2,000,000 jobs, and housing is down and Toyota is in trouble, and Government Motors is in trouble.......uh never mind.
    At the time it served his political purposes to say that. He was running for election and trying to deflect blame that was being directed at the GOP for the economic decline. People were thinking "Hey, that dang Bush and his GOP buddies got us into this, we need something different to get us out!"

    So suddenly McCain started telling people that everything was fine, and that he was a "maverick" despite previous bragging about voting with Bush 98% of the time.

    This sort of thing is so typical you could probably find twenty instances of almost exactly the same thing in either party.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by Deuce View Post
    At the time it served his political purposes to say that. He was running for election and trying to deflect blame that was being directed at the GOP for the economic decline. People were thinking "Hey, that dang Bush and his GOP buddies got us into this, we need something different to get us out!"

    So suddenly McCain started telling people that everything was fine, and that he was a "maverick" despite previous bragging about voting with Bush 98% of the time.


    This sort of thing is so typical you could probably find twenty instances of almost exactly the same thing in either party.
    what mccain's position, "the fundamentals of the economy are strong", does illustrate is that he had no grasp of the looming economic crisis. so when he now tells us he was misled, is this not just mccain's attempt to deflect our attention from the fact that he possesses a limited intellect
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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by American View Post
    But.....but I thought we had a stimulus package and 2,000,000 jobs, and housing is down and Toyota is in trouble, and Government Motors is in trouble.......uh never mind.
    The fiscal stimulus was just psychological eye candy. The real economic stimulus came in the form of quantitative easing. Without it (and the burst from TARP) there would have been a collapsed financial system.

    Now come 2011 when the Fed withdraws all that liquidity, you will be very happy about the presence of $500 billion of government spending. Too bad so much of it was based on tax breaks
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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by Goldenboy219 View Post
    The fiscal stimulus was just psychological eye candy. The real economic stimulus came in the form of quantitative easing. Without it (and the burst from TARP) there would have been a collapsed financial system.
    Really? You always point out the fact that people want to save so we need inflation to stop that. How is it that the financial system would have collapsed? Would a lot of companies gone under? Yes, and I say good. Some banks would have stuck around, and they would have gotten all the savings. Just get rid of FDIC and people would take care to research where they are saving their money.

    Now come 2011 when the Fed withdraws all that liquidity, you will be very happy about the presence of $500 billion of government spending. Too bad so much of it was based on tax breaks
    Oh yeah, I'll be so glad that money will be wasted via government spending on things that I don't want. That's the way to have an economy responsive to your needs.

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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by phattonez View Post
    Really? You always point out the fact that people want to save so we need inflation to stop that. How is it that the financial system would have collapsed? Would a lot of companies gone under? Yes, and I say good. Some banks would have stuck around, and they would have gotten all the savings. Just get rid of FDIC and people would take care to research where they are saving their money.



    Oh yeah, I'll be so glad that money will be wasted via government spending on things that I don't want. That's the way to have an economy responsive to your needs.
    Just like people researched where they put their money before the great depression?

    Not going to happen and it didnt happen before. A normal person does not have the ability to go through a books loan records to see how risky that institution is

    The FDIC was created to add stability to the US banking system. Ie prevent runs on banks during an economic crisis. People in a panic would line up take out their funds from the bank, which while otherwise healthy now has to call its loans back, in order to refund depositors.

    Overall the FDIC is a fantastic program, one that has ensured the US economy does not have wide swings to the downside. Just imagine what would have happened to most banks in 2008 if most people thought they could lose their life saving if the bank went broke. (they would pull their savings asap from most banks

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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by Lord Tammerlain View Post
    Just like people researched where they put their money before the great depression?
    With inflation so persistent in the 1920s, people who wanted to save money were screwed no matter what they did.

    Not going to happen and it didnt happen before. A normal person does not have the ability to go through a books loan records to see how risky that institution is
    That's fine, you don't have to. The companies that don't secure that money eventually will fail via bank runs and those that do secure that money will survive. The bad will be weeded out.

    The FDIC was created to add stability to the US banking system. Ie prevent runs on banks during an economic crisis. People in a panic would line up take out their funds from the bank, which while otherwise healthy now has to call its loans back, in order to refund depositors.
    Yeah, it also created a moral hazard so that banks get involved in bad business practice because they don't have to be safe with the money as they previously had been.

    Overall the FDIC is a fantastic program, one that has ensured the US economy does not have wide swings to the downside. Just imagine what would have happened to most banks in 2008 if most people thought they could lose their life saving if the bank went broke. (they would pull their savings asap from most banks
    People would start saving money in banks that had a high reserve ration. Except that with inflation how it is, saving money is worthless.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Sen. John McCain: I was misled on bailout

    Quote Originally Posted by phattonez View Post
    With inflation so persistent in the 1920s, people who wanted to save money were screwed no matter what they did. ...
    massive inflation in the 1920's you say
    let's take a look
    wrong again. in fact -10.5% in 1921 was the lowest rate of inflation in the 20th century
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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