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McCain's flunking economics

disneydude

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Interesting Op-ed piece:

Eugene Robinson - Flunking Economics - washingtonpost.com

John McCain was telling the truth when he said that economics wasn't his strong suit. In response to what many economists have called the worst financial crisis since the Great Depression, the Republican nominee has sounded -- and let's be honest here -- totally, embarrassingly and dangerously clueless.


This is the man who's going to reform the economy?
 
Interesting Op-ed piece:

Eugene Robinson - Flunking Economics - washingtonpost.com

John McCain was telling the truth when he said that economics wasn't his strong suit. In response to what many economists have called the worst financial crisis since the Great Depression, the Republican nominee has sounded -- and let's be honest here -- totally, embarrassingly and dangerously clueless.


This is the man who's going to reform the economy?

Did John McCain try to prevent this from happening in 2006 or didn't he?

Hot Air Blog Archive McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right
 
Did John McCain try to prevent this from happening in 2006 or didn't he?

Marginally at best.

Aquapub tried that argument.

Here's the full bill.
GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

That doesn't address the problems or the origins of why the housing crisis began. All that does is pay incentive systems. It doesn't address the securitization, it doesn't address the bad ratings, it doesn't address the low federal interest rates, it doesn't address the new mortgage products, it doesn't address the myriad of problems.

Besides, 2006 was already too late. The subprime had already been in full motion for a year.
 
Does John McCain know enough about the economy?

Lets ask John McCain:

YouTube - Straight Talk On The Economy?

The truth is that neither man has the credentials to be considered an expert.

THEY ALL RELY ON ECONOMIC ADVISERS.

McCain was being candid and honest like Biden was when he admitted Hillary would have been a better VP pick.

But don't fool yourself.

Obama would have economic advisers. McCain will have economic advisers.

If you really think any president is an economic expert you've been watching too much "West Wing."

rtggts.jpg

Josiah Bartlet - Wikipedia, the free encyclopedia
 
The truth is that neither man has the credentials to be considered an expert.

THEY ALL RELY ON ECONOMIC ADVISERS.

That's true, but obviously Obama shows much better judgement and understanding than McCain.

McCain chooses top advisors who say that the hard economic times are just a "mental recession" and that we are all just a "nation of whiners" and people who constantly complain.
That's why McCain has said time and time again that the "fundamentals of the economy are strong" and that it is really just "psychological".

McCain has stumbled and bumbled his way through the latest economic crisis and even in the midst of it had the audacity to claim that "the fundamentals of the economy are strong".

Someone finally got to him and told him to stop saying that...but the reality is, McCain doesn't get it.

If McCain doesn't know the economic is broken....how can we expect him to be able to fix it?
 
Marginally at best.

Aquapub tried that argument.

Here's the full bill.
GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

That doesn't address the problems or the origins of why the housing crisis began. All that does is pay incentive systems. It doesn't address the securitization, it doesn't address the bad ratings, it doesn't address the low federal interest rates, it doesn't address the new mortgage products, it doesn't address the myriad of problems.

Besides, 2006 was already too late. The subprime had already been in full motion for a year.

YouTube - Tank Man

In this regard McCain was like "Tank Man."

His efforts may have been unsuccessful. He may have never stood a chance.

But who tried to do more?

Who else tried doing anything?

Rather than faulting McCain we should be praising his efforts and rushing to his campaign to encourage him.

We have seen that a single Senator has little power to go against the tide by themselves. That is why we need to give McCain and Palin, two real reformers, a mandate to clean up Washington.

Or would you have nit picked at Tank Man, too?
 
YouTube - Tank Man

In this regard McCain was like "Tank Man."

His efforts may have been unsuccessful. He may have never stood a chance.

But who tried to do more?

Who else tried doing anything?

Rather than faulting McCain we should be praising his efforts and rushing to his campaign to encourage him.

We have seen that a single Senator has little power to go against the tide by themselves. That is why we need to give McCain and Palin, two real reformers, a mandate to clean up Washington.

Or would you have nit picked at Tank Man, too?

WOW....McCain looked completely desperate today on the news programs stumbling through his rallys.

But THIS really is desperation at its unattractive worst.

McCain = Tank man.....wow......that's sad.
 
That's true, but obviously Obama shows much better judgement and understanding than McCain.

McCain chooses top advisors who say that the hard economic times are just a "mental recession" and that we are all just a "nation of whiners" and people who constantly complain.
That's why McCain has said time and time again that the "fundamentals of the economy are strong" and that it is really just "psychological".

McCain has stumbled and bumbled his way through the latest economic crisis and even in the midst of it had the audacity to claim that "the fundamentals of the economy are strong".

Someone finally got to him and told him to stop saying that...but the reality is, McCain doesn't get it.

If McCain doesn't know the economic is broken....how can we expect him to be able to fix it?

How many times do you have to be told??? Obviously you haven't got a clue to what is going on. You are just reacting to the sense of alarm and drawing faulty conclusions.

I will try it in a different way.

The fundamentals of the economy are strong.

The actions that have been taken by Paulson and Bernanke have been to PREVENT damage to the economic fundamentals.

The Government has bought up the bad paper so that the financial institutions won't be burdened with it and investors and consumers will have confidence in those financial institutions.

By taking the bad mortgages off their hands the market is no longer leery of these giant financial institutions. The actions taken by Bernanke & Paulson have been masterful.

They have PREVENTED damage to the economy. There will be some rich folks who lose money. But if the moves that have been taken so far work as expected there might possibly be ZERO cost to taxpayers.

But the bottom line is that all the economic FUNDAMENTALS ARE STRONG.

jfasch.jpg


American Power: Economic Fundamentals
 
But the bottom line is that all the economic FUNDAMENTALS ARE STRONG.

Do you outsource all your thinking to OP/Eds? We have a crisis in a unregulated derivatives market that is 3 times the size of United States GDP and you are trying to polish that turd into "The Fundamentals of the Economy are Strong"?

For the first time in U.S. history, there are Credit Swaps being sold against Treasury Notes.
 
WOW....McCain looked completely desperate today on the news programs stumbling through his rallys.

But THIS really is desperation at its unattractive worst.

McCain = Tank man.....wow......that's sad.

Leave it to you to gravitate to the least pertinent aspects of the post in regards the financial situation we've been discussing.

McCain tried to prevent this.

One man.

Standing up to overwhelming odds.

He deserves our help.

So he can help US.
 
Leave it to you to gravitate to the least pertinent aspects of the post in regards the financial situation we've been discussing.

McCain tried to prevent this.

One man.

Standing up to overwhelming odds.

He deserves our help.

So he can help US.

Please show me where the great deregulator tried to regulate the derivatives markets. Because thats all that would have fixed this problem.
 
How many times do you have to be told??? Obviously you haven't got a clue to what is going on. You are just reacting to the sense of alarm and drawing faulty conclusions.

I will try it in a different way.

The fundamentals of the economy are strong.

The actions that have been taken by Paulson and Bernanke have been to PREVENT damage to the economic fundamentals.

The Government has bought up the bad paper so that the financial institutions won't be burdened with it and investors and consumers will have confidence in those financial institutions.

By taking the bad mortgages off their hands the market is no longer leery of these giant financial institutions. The actions taken by Bernanke & Paulson have been masterful.

They have PREVENTED damage to the economy. There will be some rich folks who lose money. But if the moves that have been taken so far work as expected there might possibly be ZERO cost to taxpayers.

But the bottom line is that all the economic FUNDAMENTALS ARE STRONG.

jfasch.jpg


American Power: Economic Fundamentals


:rofl

Q: Who believes that the "Fundamentals of the economy are strong?

a. Sarah Palin
b. BHKad
c. John McCain
d. All of the above
 
His efforts may have been unsuccessful. He may have never stood a chance.

Did you even read...I know the answer to that. It's obvious that a pro-McCain blog posted it as McCain's attempt to stop this whole crisis. If one actually reads the bill, one would notice that it does effectively little to nothing to actually curtail the problems that caused the crisis. So at BEST his bill would have marginally done something and realistically nothing.
 
Leave it to you to gravitate to the least pertinent aspects of the post in regards the financial situation we've been discussing.

McCain tried to prevent this.

One man.

Standing up to overwhelming odds.

He deserves our help.

So he can help US.

Tankman - the movie starring John McCain

He stood against all odds to fight against the radicals of tyranny.....who is this masked man.....

Why its......McTankie

Fighting for the radical right.....he deserves their help.

Coming to a dollar theater near you.
 
Please show me where the great deregulator tried to regulate the derivatives markets. Because thats all that would have fixed this problem.


YouTube - Tank Man

In this regard McCain was like "Tank Man."

His efforts may have been unsuccessful. He may have never stood a chance.

But who tried to do more?

Who else tried doing anything?

Rather than faulting McCain we should be praising his efforts and rushing to his campaign to encourage him.

We have seen that a single Senator has little power to go against the tide by themselves. That is why we need to give McCain and Palin, two real reformers, a mandate to clean up Washington.

Or would you ALSO (you and disneydude) have nit picked at Tank Man, too?
 
Did you even read...I know the answer to that. It's obvious that a pro-McCain blog posted it as McCain's attempt to stop this whole crisis. If one actually reads the bill, one would notice that it does effectively little to nothing to actually curtail the problems that caused the crisis. So at BEST his bill would have marginally done something and realistically nothing.

Again, who did more?

Who did ANYTHING?

Mr. Franklin Raines did something.

And now that this crisis has erupted Mr. Raines has become an embarrassment to the Obama campaign.

But we may never get to the bottom of it because Obama's Brown Shirts have scrubbed him from the record as they have done so many times before.

Here is what Raine's Wikipedia page says.

On July 16, 2008, The Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." [6]. Also, in an editorial in August 27, 2008 titled "Tough Decision Coming", the Washington Post editorial staff claimed that "Two members of Mr. Obama's political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae."[7]

On September 18, 2008 John McCain's Campaign, in an ad critical of Obama, quoted the Washington Post to claim that Franklin Raines advises Barack Obama on economic matters. Both Raines and the Obama Campaign claim that Raines is not an Obama advisor and has never advised Senator Obama. [8]

Franklin Raines - Wikipedia, the free encyclopedia
 
Again, who did more?

Neither. The crisis is neither parties' or candidates' fault. Do you see anyone in the know blaming candidates? No.

Learn what actually caused the crisis. Then we'll pay attention to you.

And nice fallacy of changing the direction. An actual read of McCain's bill is hardly what you claim it to be. Next time, do your homework instead of blindly trusting a partisan blog.
 
"The fundamentals of our business are strong."

-Ken Lay, just before the collapse of Enron.
 
The fundamentals of our economy are NOT strong.

One of the basic fundamentals to the operation of our economy is the availability of credit. It is the lifeblood of small businesses, and small businesses have been the only sector creating jobs so far this year. Jobs that people desperately need as the other sectors outsource their previous jobs to India and Bangledesh, or just eliminate them altogether. Without the availability of credit, that lone oasis of job expansion is doomed.

Availability of credit is crucial to bigger businesses as well.

Without available credit, the automotive sector takes an enormous hit. When people cna't get credit or are loathe to use what credit they can get, car sales plummet as we have seen in the last two quarter's reports from that sector. Now, with sales down between 18.5% and 24.2%, the Big 3 are going hat-in-hand to Uncle Sam for some walkin' around money, too.

The availability of credit powers the durable goods sector of the economy. It powers the housing market. Utilities use it for short-term energy purchases.

Any financial adviser or credit counselor will tell you that there is good debt and bad debt. Good debt is applied to things that appreciate in value - real estate, business ventures, certain commodities, bond holdings, etc. Bad debt goes the other direction; things that DEpreciate like cars, televisions, appliances, etc. What has happened is that the amount of bad debt owed by people and businesses with inadequate resources to repay has led to a dearth of credit available for qualified people and businesses to make "good" debt purchases. It has reached the point that financial institutions (banks, investment houses, insurance companies - they are all the same under GLBA) are not extending credit to each other.

This is the crux of the crisis. The companies in the most dire straits - Lehman, AIG, Merril Lynch, Bear Stearns - cannot get the credit to make the loans necessary to re-structure their debts; a necessary and fundamental business practice. So now you have Wall St. titans of 150 year's standing biting the dust.

There aren't any easy answers to the credit shorfall. But unless and until the credit shortage can be fixed anything else is window dressing. Or putting lipstick on a pig, if you will.

Availability of credit is the MOST fundamental element of our economy, and it's severely broken. If a dilletante musician in a punch-clock job can understand that, is it too much to ask that the potential President also gets it?
 
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