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Friday, October 10, 2008
Michael Medved :: Townhall.com Columnist
An Interview With John McCain
by Michael Medved
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Will the Dems' health care Christmas Present to America be an improvement or detriment to our health care system?


MICHAEL MEDVED: Oh, a little bit more than a year ago, where people counted Sen. John McCain out of the race for the Republican nomination, and he ended up winning, handily. Maybe we’re gonna see history repeat itself. We’re speaking to Sen. McCain, he’s in Minnesota, on his way to a town meeting. Sen. McCain, thanks so much for joining us.

SEN. JOHN MCCAIN: Well, thank you Michael, it’s good to be back with you again, and you’re about the only one that thought that I could do it throughout, throughout. You were either very courageous and very loyal or not very smart. I guess it turned out you’re pretty smart.

MEDVED: Well, thank you, I like to think courageous and loyal rather than dumb, but speaking of courageous and loyal rather than dumb, let me play you what I thought was one of the stupidest things that your opponent, Sen. Obama has said in the entire campaign, and he said it in the debate the other night and I wanted to get your comment. Here’s Sen. Obama:

SEN. BARACK OBAMA: And what I’ve proposed, you’ll hear Sen. McCain say, ‘Well, he’s proposing a whole bunch of new spending. Actually, I’m cutting more than I’m spending, because it will be a net spending cut.”

MEDVED: Is that true, Sen. McCain?

SEN. MCCAIN: Well, first of all, you want to laugh, and then of course, you want to cry a little, because, he is on virtually every issue-that is patently false. The outside organizations have totaled up his spending proposals: increases of 600-$860 billion. I mean, every time you turn around, he is proposing new spending on some program to purchase, or attempt to propose for some special interest. You know, I mean, it’s just, it’s ridiculous when you look at what his proposals are, including his quote “tax cuts for 95% of Americans” as he calls it, he doesn’t mention that it’s a tax increase for 50% of small business income in America. But the point is, he just, frankly, says most anything that seizes him at the moment. We’re gonna hold him accountable.

MEDVED: Well, I know that a lot of folks out there are thinking about things, and he says he’s gonna give tax cuts to 95% of people, 40% of people don’t pay federal income tax. Doesn’t that mean he’s planning to send a welfare check, basically, to like, millions and millions of new Americans? Continued...

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About The Author
Michael Medved's daily syndicated radio talk show reaches one of the largest national audiences every weekday between 3 and 6 PM, Eastern Time. Michael Medved is the author of eleven books, including the bestsellers What Really Happened to the Class of '65?, Hollywood vs. America, Right Turns and, most recently, The Ten Big Lies About America.
 
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Credit Market - continued
The coverage of derivatives is really quite slim. Today's explanation cleared up a great deal, but was not as comprehensive as I believe the CDS (Credit default swaps)topic merits. Let's be clear, this financial product accounts for 55 trillion dollars of defaults. Here is where the BIG problem is, not in sub-prime which really is not the type of business Fannie and Freddie wrote (technically speaking). Even still, the billions in play in subprime can't hold a candle to these derivatives that have been referred to by Warren Buffett the great as weapons of mass destruction (seems he got this right). The bill to keep these items unregulated was unfortunately sponsored by the Republican party. I truly believe that this is what is holding McCain back along with some of the Iran Contra ghosts (advisory panel position included).

Credit Market
There has been a bunch of discussion about Fannie and Freddie, but not much about (CDS- Credit Default Swaps). Compare to the CDS contribution to the current crisis in the market, the Fannie and Freddie are a drop in the ocean. Who holds the blame for this unregulated financial vehicle?
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