Tuesday, September 23, 2008
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Here's Why McCain Should Oppose the Bailout
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Posted by:
Amanda Carpenter at
11:39 AM
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There are a lot of good reasons to oppose the bailout, but McCain has already drawn a bright-line on oversight so I'll go with that.
Here's Section 8 of Paulson's 3-page version of the bailout (for God's sake did he write this thing on a cocktail napkin?) that was being discussed in the comments on my bailout post below:
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. That's called a blank check made out to a guy, Paulson, whose buddies on Wall Street caused this whole mess to happen in the first place. Do you trust him? I sure don't.
Granted, this isn't the final version of the bill. Congress has to get their fingers in it, too. But John McCain should schedule a trip to the Senate floor without delay to bash this section to death and to knock down any Republicans who might consider handing over such unprecedented power over to Treasury. What do you guys think?
I actually think both candidates will end up opposing this thing, but for different reasons. McCain will say it doesn't have any oversight and Obama won't like it because it doesn't bailout every homeowner with a bad credit score.
I think that makes for a fine starting point for the debate Friday.
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and his "buddies on Wall St." who "caused this whole mess to happen in the first place."
You sound just like Obama, blaming the mess on the Bush administration. Who should have oversight? Congress, perhaps? Paulson is FAR more trustworthy than they are. They are the ones who actually caused the problem. The Wall St. folks simply did business by the rules imposed on them by stupid Democrats who turned mortgage qualifications into a civil rights issue. |
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Amanda may have thought others who had not read the other thread also did not know what section 8 was.
Everyone involved dropped the ball. The most puzzling thing is that NO ONE knew what was happening until it reached meltdown (at least they say we are in meltdown, personally I will believe them when they embrace transparency on this problem).
I still think it is just a scheme for the fat cats (non-partisan fat cats by the way) to steal more taxpayers money.
If Chris Cox did not know a problem was coming, what do we need an SEC for? Here is supposedly the biggest meltdown facing Wall Street since 1929 and Chris Cox is clueless??? |
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bailout, will become the manager and seller of approximately 5,000,000 properties. The government plans to set up the organization to manage and sell these properties in the next week.
It took RTC over four years to write all of the policies and procedures by which it was managed. It took RTC over four years to hire all of the employees needed to manage the assets of the failed thrifts. |
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the market to handle the failing companies? |
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also have to initiate foreclosures and/or negotiated settlements on millions of these properties.
The idea that they will do this in two years means that they already have some fat cats in place to buy these mortgages on the cheap. |
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This "bailout" is a disaster. It prolongs the inevitable.... and leaves us holding the bag!
I was going to vote early in my state but I will wait so that I can vote against any jackass that votes for this behemoth..... regardless of party affilliation! |
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This bailout will help the people who were careless with their money and bought expensive homes they could not afford. Why should the people who lived within their means have to bailout people who were irresponsible? They should have bought a home they could have owned not a home that owned them. |
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WASHINGTON (CNN) -- By a 2-to-1 ratio, Americans blame Republicans over Democrats for the financial crisis that has swept across the country the past few weeks, a new national poll suggests.
And America is right. |
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"anyhoo now McCain wants to limit CEO compensation in the fre market."
Actually, McCain wants CEO compensation determined by the shareholders. On the proposed bailout he doesn't want CEO's to get "golden parachutes" out of the bailout. That's kind of a big distinction from what you are saying. |
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Wow, way to change the subject. You said McCain supports wants to limit CEO pay in the free market. When pointed out that your view is wrong, you change the subject to something Tony Fratto said. Good one. |
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Uhh, who cares about that statement? You're saying McCain supports restricting free market CEO pay. That's not really true. That statement does nothing to make your false statement true. What does that statement have to do with McCain? |
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Rip's Flagon
Yes, McCain has come out and stated that CEOs should not make more than the President, if they accept the governments money to save their companies he does not want them to be over paid and if they are let go, he stated their should not be any multi million payouts when they go. One reporter asked him about Carly Fiorina's 45 million when she left HP, and he stated she deserved it, and the reporter pointed out that Carly was fired and she laid off 20,000 hourly employees so where was the line he was trying to seperate her from. Deregulation has not worked, they took down the firewalls and this goes back to 1995 and 1999 and 2000 this is not just about Fannie Mae and Freddy Mac if the banks and investment banks has not allowed to given mortages to everyone and all then the Freddie Mac and Fannie Mae groups would not have had to buy the "funny loads" to start with. There is a lot of blame to go around, Demoractic and Republicans, remember McCain was "rebuked" by the Senate for his role in the Keating 5 savings and loan scandal back in 1991, he was not clean then either. |
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Roger writes: Tuesday, September, 23, 2008 12:19 PM
It wasn't Paulson
and his "buddies on Wall St." who "caused this whole mess to happen in the first place."
Before coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs since the firm’s initial public offering in 1999. He joined Goldman Sachs Chicago Office in 1974 and rose through the ranks holding several positions including, Managing Partner of the firm’s Chicago office, Co-head of the firm's investment Banking Division, President and Chief Operating Officer, and Co-Senior partner.
Prior to joining Goldman Sachs, Paulson was a member of the White House Domestic Council, serving as Staff Assistant to the President from 1972 to 1973, and as Staff Assistant to the Assistant Secretary of Defense at the Pentagon from 1970 to 1972.
Gee he worked at Goldman Sachs and the Nixon White House no conflicts there, now is there?
DR Ben Bernanke
Before becoming a member of the Board, Dr. Bernanke was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs and Chair of the Economics Department at Princeton University (1996-2002). Dr. Bernanke had served as a Professor of Economics and Public Affairs at Princeton since 1985.
Prior to his appointment to the Council, Dr. Bernanke served as a member of the Board of Governors of the Federal Reserve System.
Dr. Bernanke was born on December 13, 1953
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Okay. Your quote still doesn't give truth to what King Liberal was saying. Not wanting CEO's of companies getting bailout money to get a huge golden parachute is very different from the picture King Lib is painting. Your quote doesn't change that. Sort of like "Hey, if you are taking government money, you can't just do anything you want with it." You can bring up Fiorina and Keating but it still doesn't morph his position. |
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