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

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    Sen. John McCain: I was misled on bailout

    What next, he is against illegal immigration or something else?


    Sen. John McCain: I was misled on bailout

    Under growing pressure from conservatives and "tea party" activists, Sen. John McCain of Arizona is having to defend his record of supporting the government's massive bailout of the financial system.

    In response to criticism from opponents seeking to defeat him in the Aug. 24 Republican primary, the four-term senator says he was misled by then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. McCain said the pair assured him that the $700 billion Troubled Asset Relief Program would focus on what was seen as the cause of the financial crisis, the housing meltdown.

    "Obviously, that didn't happen," McCain said in a meeting Thursday with The Republic's Editorial Board, recounting his decision-making during the critical initial days of the fiscal crisis. "They decided to stabilize the Wall Street institutions, bail out (insurance giant) AIG, bail out Chrysler, bail out General Motors. . . . What they figured was that if they stabilized Wall Street - I guess it was trickle-down economics - that therefore Main Street would be fine."

    Nearly 15 months later, commercial lenders still are in shaky condition and the commercial real-estate industry is in trouble, he said. On Friday, President Barack Obama announced $1.5 billion in funding for new measures to help Arizona and four other states hit hard by the tanked housing market and by joblessness.

    But McCain stopped short of calling the TARP a mistake.

    "Something had to be done because the world's financial system was on the verge of collapse," he said. "Any economist, liberal or conservative, would agree with that. The action they took, I don't agree with."

    Republican Senate primary challenger J.D. Hayworth is using the TARP vote as a bludgeon against McCain's reputation as a fiscal hawk. Tea partyers point to it as the start of a new explosion of federal spending that has continued into the Obama administration.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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

    Obviously he did not realize that Politicians make promises (in order to get votes) that they have no intention of keeping having been elected or of having their favored piece of legislation passed.

    For this reason it would be sensible to boot this guy from office, he is obviously suffering from onset Alzheimer disease.

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

    Any time a politician can make the claim that he was misled about a piece of legislation he didn't do his do diligence and use his own judgment after reading the Bill.

    This same claim will run rampant if the phony Health Bill passes as legislators scramble to justify voting for yet another bill they failed to read and understand.

    McCains time is past and he's not a Conservative and it's time for him to retire;.

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

    I'm sorry but I don't buy this bull****.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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

    Enjoy your retirement, Mr. "I'll sponsor the so-called Internet Freedom Act despite not knowing how to use a computer."
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    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 jamesrage View Post
    What next, he is against illegal immigration or something else?


    Sen. John McCain: I was misled on bailout

    Under growing pressure from conservatives and "tea party" activists, Sen. John McCain of Arizona is having to defend his record of supporting the government's massive bailout of the financial system.

    In response to criticism from opponents seeking to defeat him in the Aug. 24 Republican primary, the four-term senator says he was misled by then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. McCain said the pair assured him that the $700 billion Troubled Asset Relief Program would focus on what was seen as the cause of the financial crisis, the housing meltdown.

    "Obviously, that didn't happen," McCain said in a meeting Thursday with The Republic's Editorial Board, recounting his decision-making during the critical initial days of the fiscal crisis. "They decided to stabilize the Wall Street institutions, bail out (insurance giant) AIG, bail out Chrysler, bail out General Motors. . . . What they figured was that if they stabilized Wall Street - I guess it was trickle-down economics - that therefore Main Street would be fine."

    Nearly 15 months later, commercial lenders still are in shaky condition and the commercial real-estate industry is in trouble, he said. On Friday, President Barack Obama announced $1.5 billion in funding for new measures to help Arizona and four other states hit hard by the tanked housing market and by joblessness.

    But McCain stopped short of calling the TARP a mistake.

    "Something had to be done because the world's financial system was on the verge of collapse," he said. "Any economist, liberal or conservative, would agree with that. The action they took, I don't agree with."

    Republican Senate primary challenger J.D. Hayworth is using the TARP vote as a bludgeon against McCain's reputation as a fiscal hawk. Tea partyers point to it as the start of a new explosion of federal spending that has continued into the Obama administration.
    Couldn't he have just read the bill?

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

    Quote Originally Posted by pro-bipartisan View Post
    Couldn't he have just read the bill?
    Senator Grassley: "I didn't read the bill, I don't need to read the bill, I'll vote against it anyway."

    (or something to that effect, re: healthcare)
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    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

    Politicians are all snakes anyway. Who cares?

    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
    Politicians are all snakes anyway. Who cares?
    Why do you insult snakes like that?

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

    09/15/08 mccain quote:
    "the fundamentals of the economy are strong"
    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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