John McCain's Remarks on Economic Woes

cnredd · #1 (**permalink**) 03-26-2008, 02:04 PM

Quote:

I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

In our effort to help deserving homeowners, no assistance should be given to speculators. Any assistance for borrowers should be focused solely on homeowners, not people who bought houses for speculative purposes, to rent or as second homes. Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't. I will consider any and all proposals based on their cost and benefits. In this crisis, as in all I may face in the future, I will not allow dogma to override common sense.

When we commit taxpayer dollars as assistance, it should be accompanied by reforms that ensure that we never face this problem again. Central to those reforms should be transparency and accountability.

I've been against the stimulus package from the start...believing it's not the goverment's duty, requirement, nor obligation to bailout stupid people and stupid banks...

This speech was music to my ears...

saltwn · #2 (**permalink**) 03-26-2008, 08:46 PM

But it's not just the mortgages. As a consumer who already paid inflated prices ,due to the fact we can't always get to a discount shop or regular grocer with a fifty-three foot trailer, I have seen prices rise to sinful extremes.
And by-the-way, my husband only got into trucking for the same reason a lot of ex construction workers did.
He was a journeyman drywall hanger. Did mostly commercial work. He hit a ceiling on what he could make. So we settled for that. Then he trained a mexican man who COULD NOT READ NUMBERS, much less speak English, to take his job.
So he went back into truck driving which he had done just for fun years ago.
I don't think any of the politicians get it.

Spencer Collins · #3 (**permalink**) 03-26-2008, 09:34 PM

Quote:

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.John Sydney McCain III

Here I can agree with McCain..HOWEVER..would he bail out "corporations" to avoid economic collapse and the loss of jobs? I believe he would and there's the difference. Even if that were to make sense to many voters,others call it corporate welfare and they know that abuses exist in that arena as well.

I think Americans are tired of all the bullshit from both parties and now think of them as REPUBLICRATS..

saltwn · #4 (**permalink**) 03-26-2008, 11:04 PM

spence: I think Americans are tired of all the bullshit from both parties and now think of them as REPUBLICRATS..

BINGO!!

cnredd · #5 (**permalink**) 03-27-2008, 12:19 AM

Quote:

Originally Posted by Spencer Collins

I think Americans are tired of all the bullshit from both parties and now think of them as REPUBLICRATS..

Quote:

Originally Posted by saltwn

spence: I think Americans are tired of all the bullshit from both parties and now think of them as REPUBLICRATS..

BINGO!!

When it comes to the economy, I agree...

On foreign policy, the two parties are still lightyears away from each other...

This "housing crisis" NEEDS to crash...

Just like children getting burned on the stove before they realize the true consequences of doing it, the public needs to learn the hard way also...

The government bailing them out will...just like welfare did...become a crutch that becomes EXPECTED instead of just assistance...

saltwn · #6 (**permalink**) 03-27-2008, 01:14 AM

Quote:

Originally Posted by cnredd

When it comes to the economy, I agree...

On foreign policy, the two parties are still lightyears away from each other...

This "housing crisis" NEEDS to crash...

Just like children getting burned on the stove before they realize the true consequences of doing it, the public needs to learn the hard way also...

The government bailing them out will...just like welfare did...become a crutch that becomes EXPECTED instead of just assistance...

There was a mortgage crisis in Texas in the eightees. Every bank in the state sold out or went bankrupt exscept two Florida owned banks.
I wonder if some of the same pseudo-Texas mentality was brought to the whitehouse ? Just a thought.

Spencer Collins · #7 (**permalink**) 03-27-2008, 01:51 AM

Quote:

Originally Posted by cnredd

When it comes to the economy, I agree...

On foreign policy, the two parties are still lightyears away from each other...

This "housing crisis" NEEDS to crash...

Just like children getting burned on the stove before they realize the true consequences of doing it, the public needs to learn the hard way also...

The government bailing them out will...just like welfare did...become a crutch that becomes EXPECTED instead of just assistance...

Agree on the housing crisis and that it needs to crash! Yes..this lesson can be painful but when we fool with the economy it can make matters worse by giving people a false sense of security. Somebody always gets stuck with the bill,the damage is only deferred or postponed and the same is true with corporate bailouts. For a time,badly managed companies receive new life but in many cases,ecconomic forces are just on artificial life support.

cnredd · #8 (**permalink**) 03-27-2008, 04:15 AM

Quote:

Originally Posted by saltwn

There was a mortgage crisis in Texas in the eightees. Every bank in the state sold out or went bankrupt exscept two Florida owned banks.
I wonder if some of the same pseudo-Texas mentality was brought to the whitehouse ? Just a thought.

Nah...

Even if you were to try and connect those dots, the fact that Congess wanted the bailout even HIGHER than what Bush was shooting for nullifies your theory...

saltwn · #9 (**permalink**) 03-27-2008, 01:26 PM

Quote:

Originally Posted by cnredd

Nah...

Even if you were to try and connect those dots, the fact that Congess wanted the bailout even HIGHER than what Bush was shooting for nullifies your theory...

There hasn't been much common sense in government for a long time. I just try to trace it back to my first experiences with stupidity in lending. And I remember all these people from California/Arizona and elsewhere who had moved to Houston and bought houses with a baloon note or "creative" financing etc.

But as for the present "crisis" it should not prompt a tax payer bail out.
But it's kind of like the illegal alien debate. The majority of people (I think) don't want this. Bush and congress do. What's up with that?

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