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      09-25-2008, 09:57 PM   #1
solefald
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McCain blamed as US economic rescue deal staggers

http://www.afp.com/english/news/stor...c7ac76.81.html

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WASHINGTON, (AFP) - Top Democrats angrily accused Republican White House contender John McCain of sabotaging an astronomically expensive deal to bail out Wall Street and shore up the US economy.

The 700-billion-dollar package stalled at talks convened by President George W. Bush with top lawmakers and both the men vying to succeed him -- McCain and Democrat Barack Obama.

Senate Majority Leader Harry Reid said Treasury Secretary Henry Paulson and Federal Reserve chief Ben Bernanke were joining a new round of late-night discussions Thursday in a bid to get the deal back on track.

"John McCain did nothing to help, he only hurt the process," the senior Democrat said at a joint news conference with Senate banking committee chairman Christopher Dodd.

Barney Frank, the Democratic chair of the House of Representatives financial services committee, said: "I think this was a campaign ploy for Senator McCain.

"I think they then had the problem that there might not have been enough of a deadlock for him to resolve," he said, after Dodd had earlier announced an in-principle agreement with some senior Republicans on the bailout package.

The meeting convened by Bush was a "photo op and political theater that had nothing to do with us getting to work," Dodd said.

But backed by Richard Shelby, the top Republican on Dodd's Senate committee, McCain said "there never was a deal" given the hostility of many congressional Republicans to the government's planned intrusion into private enterprise.

"I'm very hopeful that we're making progress, and I know we're making progress," the Arizona senator said in an ABC News interview, as both he and Obama announced they were staying in Washington Thursday night.

McCain had said he was putting his campaign on hold and rushing back to Washington to take part in the crisis talks. He also called for Friday's first presidential debate at the University of Mississippi to be postponed.

Obama again rejected that call, arguing it was more important than ever for the two contenders in the November 4 election to lay out their case to the American people.

"One of us is going to be in charge of this mess in four months, and the American people I think have a right and obligation to find out where we want to take the country and what we believe," the Illinois senator said.

"Senator McCain has no reason to be fearful about this debate. And so, my hope is that the debate goes forward."

McCain told ABC he was "very hopeful" that a deal in Washington could be struck in time for the debate in Oxford, Mississippi to proceed. Obama, however, said there was no reason why they could not juggle both balls.

Republic Senator Eric Canton however applauded McCain for "coming back, trying to effect the change needed so we can get this bill through," and pointed to his "lifelong record" of "reaching across the aisle trying to solve the problems that tend to divide this Congress."

In the face of the financial tumult, polls had showed Obama opening up a wide lead over McCain but new surveys Thursday by Gallup and Zogby had the rivals level-pegging again.

The rescue deal was proposed by Paulson after a raft of government bailouts and failures on Wall Street. In a televised address to the nation Wednesday, Bush warned financial disaster was at hand without quick action from Congress.

Earlier, Dodd had emerged from talks on Capitol Hill with some top Republicans and Democrats to announce "a fundamental agreement on a set of principles" to rescue Wall Street.

"It was a very productive meeting," agreed Republican Senator Bob Bennett, a senior member of Dodd's committee, prematurely anticipating a rapid agreement by both parties in Congress.

Democratic additions to the bailout include leniency for struggling mortgage holders over their repayment terms, and would give taxpayers "equity" in a bailed out company, entitling them to a share of any profits generated.

Democrats also were calling for limits on pay deals for executives whose companies get rescued under the government deal. And they said that any deal must include strict oversight by federal regulators.

But many Republicans, even prior to McCain's intercession, were openly unhappy with the Bush administration for the unprecedented power Paulson would wield over the titanic financial services industry.

In another potential hitch to securing agreement with reluctant Republicans, Reid and other Democrats unveiled a 56.2-billion-dollar stimulus package aimed at helping struggling families.

"We must not forget Main Street as we work to address the crisis on Wall Street," Reid said in a statement, echoing demands from Obama.
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      09-25-2008, 09:59 PM   #2
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all of this makes me want to
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      09-25-2008, 10:53 PM   #3
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This Country is a fukin mess,,,$700 Billion ????
Are they taking this from the taxpayers????

cuz I don't think there's $700 billion here unless they start printing more bills
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      09-26-2008, 07:11 AM   #4
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IMO, the problem with the perception fo the bailout plan is that its only helping Wall Street.

Does Wall street provide your mortgage or give you financing on your BMW?

The Credit crisis that we're experiencing affects all people. Try applying/taking out a home equity loan at this time.

Washington Mutual just failed, with the new CEO in charge of the company a record 19 Days.

When your corner banks start going belly up, is it still a Wall Street problem?

Problem with the financial crisis is that very few of us (Including myself) understand the issue.

Coupled with the fact we're in a lame duck presidential year, silly season of election politics - we're in a huge craphole.

My prediction - more banks are going to fail and be bought out at fire sale prices. JP Morgan, Bank of America, and Wells Fargo are going to reap the rewards.

JPM paid 1.9 billlion for 307Billion worth of deposits - that's unbelieveable....
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      09-26-2008, 07:27 AM   #5
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Quote:
Originally Posted by MCS View Post
JPM paid 1.9 billlion for 307Billion worth of deposits - that's unbelieveable....
BINGO! This really lets you know how bad it is.

I just can't believe that McCain expects us to believe that he, someone who said he doesn't understand economics as well as he should, is going to solve the problem. Word is that he sat around the table with almost nothing to say. Republicans and democrats said that they had agreed on a deal. Then McCain gets to Washington 22hours after making an announcement that he was going to suspending his campaign and going there. It took him 22 hours because he was still doing interviews and hadn't really suspended his campaign.

The whole thing really pisses me off. I'm thinking about liquidating my portfolios, as things could tank.
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      09-26-2008, 10:07 AM   #6
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It was all Mccains fault!

100% his fault the US economy is in the gutter

Mccain is the new Bush, EVERYTHING is his fault
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      09-26-2008, 01:32 PM   #7
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Quote:
Originally Posted by lyndon_h View Post
BINGO! This really lets you know how bad it is.

I just can't believe that McCain expects us to believe that he, someone who said he doesn't understand economics as well as he should, is going to solve the problem. Word is that he sat around the table with almost nothing to say. Republicans and democrats said that they had agreed on a deal. Then McCain gets to Washington 22hours after making an announcement that he was going to suspending his campaign and going there. It took him 22 hours because he was still doing interviews and hadn't really suspended his campaign.

The whole thing really pisses me off. I'm thinking about liquidating my portfolios, as things could tank.
What makes you think the Republicans agreed to anything? Quote some Republicans. All I have heard are Democrats saying there was a deal.

If McCain sat around the meeting and didn't say anything, then how did he blow it up? If Obama did a lot of the talking, then how come it wasn't stopped from blowing up?

I say, let it fail. We don't need to use taxpayer (our) money for anymore bailouts. We don't need anything more that resembles socialism/fascism.

I have liquidated about 10% of my equity position.
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      09-26-2008, 01:49 PM   #8
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Quote:
Originally Posted by scottwww View Post
If McCain sat around the meeting and didn't say anything
If McCain sat around the meeting and didn't say anything i don't understand the campaign suspension circus, debate cancellation plans and flying to Washington to save the world.

Why was he there??? To seat around the table and make it look like he is part of the solution?
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      09-26-2008, 02:17 PM   #9
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Quote:
Originally Posted by scottwww View Post
What makes you think the Republicans agreed to anything? Quote some Republicans. All I have heard are Democrats saying there was a deal.

If McCain sat around the meeting and didn't say anything, then how did he blow it up? If Obama did a lot of the talking, then how come it wasn't stopped from blowing up?

I say, let it fail. We don't need to use taxpayer (our) money for anymore bailouts. We don't need anything more that resembles socialism/fascism.

I have liquidated about 10% of my equity position.
It was well reported (ABC, CNN, Politico, others) that both Republicans and Democrats announced that they had agreed on a deal yesterday afternoon. There was even a press conference that included both Republican and Democratic leaders.
It was only when McCain arrived that another proposal was presented by some Republicans that screwed up the negotiations in an effort to make McCain look like his presence contributed to the solution, when the solution was agreed upon before McCain even landed in DC.
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      09-26-2008, 02:20 PM   #10
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Quote:
Originally Posted by scottwww View Post
What makes you think the Republicans agreed to anything? Quote some Republicans. All I have heard are Democrats saying there was a deal.

If McCain sat around the meeting and didn't say anything, then how did he blow it up? If Obama did a lot of the talking, then how come it wasn't stopped from blowing up?

I say, let it fail. We don't need to use taxpayer (our) money for anymore bailouts. We don't need anything more that resembles socialism/fascism.

I have liquidated about 10% of my equity position.
Word is Obama asked very specific questions about the alternative proposal that some of the Republicans offered up.

I would agree with you about letting it fail, but we've got too much invested to do so. The problem, IMO lies in the fact that we let the companies get too large to fail. We cannot let these companies get large enough where letting them fail affects our whole economy. I'm not for limiting the success of companies, but something must be done. We can't continue to bail out companies, but there are some that we can't allow to fail.
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      09-26-2008, 02:36 PM   #11
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Quote:
Originally Posted by lyndon_h View Post
Word is Obama asked very specific questions about the alternative proposal that some of the Republicans offered up.

I would agree with you about letting it fail, but we've got too much invested to do so. The problem, IMO lies in the fact that we let the companies get too large to fail. We cannot let these companies get large enough where letting them fail affects our whole economy. I'm not for limiting the success of companies, but something must be done. We can't continue to bail out companies, but there are some that we can't allow to fail.
Word is? Word from who? The Democrats in the meeting?

Let's get some facts on the table. The democrats control the House, they could pass the bill right now if they wanted to. They do not want to do that without getting cover from the Republicans. Word is Pelosi wants 150 republicans to be on board before she consents to a vote. To get that level of support, the concerns of those House Republicans need to be taken into account.

It is pretty clear that there was no deal yesterday and the idea that there was was floated by the Democrats to make McCain's presence seem irrelevant.

The companies at the root of this problem did not get too big to fail because the government failed to pay enough attention to what they were doing, they got too big to fail because the government created them and then used them to accomplish politically beneficial but financially disastrous results.
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      09-27-2008, 05:56 AM   #12
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Word is? Word from who? The Democrats in the meeting?

Let's get some facts on the table. The democrats control the House, they could pass the bill right now if they wanted to. They do not want to do that without getting cover from the Republicans. Word is Pelosi wants 150 republicans to be on board before she consents to a vote. To get that level of support, the concerns of those House Republicans need to be taken into account.

It is pretty clear that there was no deal yesterday and the idea that there was was floated by the Democrats to make McCain's presence seem irrelevant.

The companies at the root of this problem did not get too big to fail because the government failed to pay enough attention to what they were doing, they got too big to fail because the government created them and then used them to accomplish politically beneficial but financially disastrous results.
I'm passing the information that is being reported from every major news network. I would expect someone from the Republican side to refute this if there if the facts were inaccurate. Its obvious from your post that you stay tuned to political news. You know exactly were the word came from. The problem is that you want to argue every point even when it subject matter is almost universally agreed upon.
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      09-27-2008, 11:25 AM   #13
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Quote:
Originally Posted by lyndon_h View Post
I'm passing the information that is being reported from every major news network. I would expect someone from the Republican side to refute this if there if the facts were inaccurate. Its obvious from your post that you stay tuned to political news. You know exactly were the word came from. The problem is that you want to argue every point even when it subject matter is almost universally agreed upon.
I haven't been keeping close watch on the news this week. But I have caught a couple interviews with Republicans who were in the meeting. They said there was not deal. So I ask what Republicans say there was a deal? I haven't heard any.
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      09-29-2008, 12:10 PM   #14
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I haven't been keeping close watch on the news this week. But I have caught a couple interviews with Republicans who were in the meeting. They said there was not deal. So I ask what Republicans say there was a deal? I haven't heard any.
I wasn't dodging your question. I was out of town for the weekend. There were some Republicans behind Peloski and Reed when they announced that an agreement had been reached on Thurs afternoon. I've had some difficulty finding pictures. I'll keep trying.
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