McCain, Obama On Bailout Failure

McCain Blames Unnecessary Partisanship For Congress' Failed Attempt At A Rescue Plan; Obama Says Bailout Will Come

(CBS/AP)  Republican presidential candidate John McCain says Barack Obama and his allies have injected unnecessary partisanship into efforts to pass bailout legislation for the financial industry.

Talking to reporters in Iowa, McCain said, "Now is not the time to fix the blame, it's time to fix the problem."

"I call on Congress to get back obviously immediately to address this crisis," he added. "Our leaders are expected to leave partisanship at the door and come to the table to solve our problems. Senator Obama and his allies in Congress infused unnecessary partisanship into the process."

McCain spoke a few hours after the House defeated bailout legislation. He called on lawmakers to get back to work immediately to address a crisis that he said could affect every family and small business.

Obama said he's confident Congress will eventually work out a bailout for the hobbled financial industry even though the House rejected the latest plan.

"I'm confident we're going to get there, but it's going to be rocky," Obama said in Colorado. Obama said he talked with Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi and other leaders, who were trying to figure out the next step.

"One of the message I have for Congress: Get it done," Obama added.

“The failure of the House vote is a sizable blow to John McCain’s campaign,” said CBSNews.com senior political editor Vaughn Ververs. “He tied himself to this effort in a very public and dramatic way last week when he suspended his campaign and his surrogates were already trying to claim credit for him when it appeared that a deal had been struck. Now that it has gone down, he’s going to get some blame as well.”

In a press conference call for the McCain campaign, senior policy advisor Doug Holtz-Eakin placed blame for the break down on "partisan attacks" made by House Speaker Nancy Pelosi(D-Cal.) on the floor before the vote.

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others," Holtz-Eakin said in a statement. "Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families."

“This is a moment of national crisis, and today’s inaction in Congress as well as the angry and hyper-partisan statement released by the McCain campaign are exactly why the American people are disgusted with Washington," Obama-Biden campaign spokesman Bill Burton said in a statement. "Now is the time for Democrats and Republicans to join together and act in a way that prevents an economic catastrophe."

[bacaangel]

We need strict regulation and oversight in this country. Banks/companies that are Regulated are not experiencing any econimic crisis, just the investment banks/companies which are not regulated or de-regulated and have no oversight! "One of the regulations meant to keep insiders from driving down the prices of their own company%u2019s stock so that they could sell short at will to make a quick million whenever they felt like it was called the %u201Cuptick rule%u201D. The %u201Cuptick rule%u201D is another one of the FDR Era regulations which the Heritage Foundations was talking about when they said that they wanted to roll this country back to the days of Herbert Hoover. They succeeded. The Bush administration got rid of this safeguard last year---with predictable results. The uptick rule is fairly simple. "

(And by the way, Sec. Paulson has a nickname only the insiders know of -- Hanky Panky Paulson!)

http://www.investopedia.com/terms/u/uptick...

[bob4usa]

If congress really wants to solve the financial crisis they need to do Twelve things:

1. Restore the Glass-Steagall Act.
This act separated investment and commercial banking activities, which prohibited comingling of funds between banks, Wall-Street Stocks and Commodities.

2. Eliminate Derivatives.

3. Eliminate Hedge Funds.

4. Restore bank regulations or make new bank regulations.

5. Restore Wall-Street regulations and make new regulations for Wall-Street.

6. Eliminate Supply Side Economics or Trickle Down Economics.

7. Adopt and use Nash Equilibrium Economics.

8. Eliminate Free Trade.

9. Restore and create Fair Trade.

10. Eliminate the Patriot acts 1 & 2

11. Restore the entire United States of America%u2019s Constitution .

12. DO NOT Give Wall-Street and Banks 700 Billion dollars!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[hbevis]

Don''t be suprised if this happens...
ACTION ALERT: [supposedly] info from DNC SOURCE NOT VERIFIED
Hi all,
Let me share some info with you that I have gotten from excellent sources
within the DNC:
On or about October 5th, Biden will excuse himself from the ticket, citing
health problems, and he will be replaced by Hillary. This is timed to occur
after the VP debate on 10/2.
There have been talks all weekend about how to proceed with this info.
Generally, the feeling is that we should all go ahead and get it out there
to as many blog sites and personal email lists as is possible. I have
already seen a few short blurbs about this - the ''health problem'' cited in
those articles was aneurysm. Probably many of you have heard the same
rumblings.
However, at this point, with this inside info from the DNC, it looks like
this Obama strategy will be a go. Therefore, it seems that the best
strategy is to get out in front of this Obama maneuver, spell it out in
detail, and thereby expose it for the grand manipulation that it is.
So, et''s start mixing this one up and cut the Obamites off at the pass -
send this info out to as many people as you can - post about it on websites
and blogs - etc.

[californian7]

McCain voted for the REPUBLICAN measure overturning DEMOCRATIC regulation that had this Wall St Thievery under control.

Posted by gun_tower at 11:20 AM : Sep 30, 2008

To clarify: the majority of the crisis we face is through FNMA and FHLMC and the questionable home loans to unqualified buyers. These loans were pressed by community organizers and pushed by the govt mandated CRA (Commun. Redevel. Act). FNMA and FHLMC are quasi-governmental agencies offering the presumed backing of the US Treasury. Dereg. has nothing to do with them. Dereg. is to remove govt influence from private markets - IT DOESN''T APPLY HERE - this wasn''t Wall Street. Your pointed attempt to blame Mr. McCain for this is weak when Mr. Clinton twisted arms regarding the CRA and mandated the "everyone should own a home" mantra. Also, Pres. Bush pushed this message.

When stricter regs of FNMA and FHMLC was proposed, it was the Dems in Congress who stonewalled - including Mr. Obama, who received the second largest campaign contribution from these agencies after Barney Frank - another Dem. These agencies were run by Dems who got LARGE severance packages. I''m certain there were plenty of Repubs and Dems making and taking these questionable loans, so lets solve the problem and quit acting like children.

Part of the "rescue" package included funding for groups like ACORN (an Obama group) that helped create this crisis by pushing the CRA loans to unqualified entities. That''s the Dem fox guarding the hen house.

[californian7]

McCain voted for the REPUBLICAN measure overturning DEMOCRATIC regulation that had this Wall St Thievery under control.

Posted by gun_tower at 11:20 AM : Sep 30, 2008

To clarify: the majority of the crisis we face is through FNMA and FHLMC and the questionable home loans to unqualified buyers. These loans were pressed by community organizers and pushed by the govt mandated CRA (Commun. Redevel. Act). FNMA and FHLMC are quasi-governmental agencies offering the presumed backing of the US Treasury. Dereg. has nothing to do with them. Dereg. is to remove govt influence from private markets - IT DOESN''T APPLY HERE - this wasn''t Wall Street. Your pointed attempt to blame Mr. McCain for this is weak when Mr. Clinton twisted arms regarding the CRA and mandated the "everyone should own a home" mantra. Also, Pres. Bush pushed this message.

When stricter regs of FNMA and FHMLC was proposed, it was the Dems in Congress who stonewalled - including Mr. Obama, who received the second largest campaign contribution from these agencies after Barney Frank - another Dem. These agencies were run by Dems who got LARGE severance packages. I''m certain there were plenty of Repubs and Dems making and taking these questionable loans, so lets solve the problem and quit acting like children.

Part of the "rescue" package included funding for groups like ACORN (an Obama group) that helped create this crisis by pushing the CRA loans to unqualified entities. That''s the Dem fox guarding the hen house.

[californian7]

McCain voted for the REPUBLICAN measure overturning DEMOCRATIC regulation that had this Wall St Thievery under control.

Now he wants to fix it?

What a joke.

A sad, sick joke.

Posted by gun_tower at 11:20 AM : Sep 30, 2008


To clarify: - the majority of the crisis we face is through Fannie Mae and FHLMC and the questionable home loans to unqualified buyers. These unqualified (risky) loans were pressed by community organizers and pushed by the government mandated CRA (Community Redevelopment Act). These are quasi-governmental agencies offering the presumed backing of the full faith and credit of the US Treasury. Deregulation has nothing to do with them. Deregulation is to remove government influence from private markets - IT DOESN''T APPLY HERE - This wasn''t Wall Street. Your pointed attempt to blame John McCain for this is weak at best when William Jefferson Clinton twisted arms regarding the CRA and mandated the "everyone should own a home" mantra. Also, President Bush pushed this message.

When regulation Fannie and Freddie was proposed, it was the Dems in Congress who stonewalled - including Mr. Obama, who received the second largest campaign contribution from these agencies after Barney Frank - another Dem. These agencies were run by Dems who got LARGE severance packages. I''m certain there were plenty of Repubs and Dems making and taking these questionable loans, so lets solve the problem and quit acting like children.

[hbevis]

As far as Governor Palin is concerned, she could run this Country as good as anyone else has done in the last 16 years.

[hbevis]

For a man who is 72 years old and has had four bouts with cancer to have chosen someone so completely unqualified to become president is shockingly irresponsible. Suddenly, McCain''''s age and health become central issues in the campaign, as does his judgment.

McCOMA NEEDS A CHECKUP FROM THE NECK UP!!

IT IS PEOPLE LIKE YOU THAT WOULD PUT obama IN CHARGE AND HE WOULD LEAD US STRAIGHT IN TO SOCIALISM IF HE GETS TO BE PRESIDENT.... THEN YOU CAN FORGET ALL OF YOUR FREEDOMS..

[leftyintexas]

I am ashamed to read some of the idiotic comments people are leaving here gun-tower you are one of the biggest idiots here you and leftyintexas apparently your brains are in your butt cause your not using your head thats for sure, what sucks is that through all of this CBS is supposed to be biased in reporting but with the ways and things that they have been printing its so sad to read such biased LIberal ***, and then to watch Katie Couric with her interview wow what a smug egotistical Bit*ch. America desrves this outcome after all We the people have voted and elected all these IDIOTS to office now haven''''t we.

Posted by gespark at 11:35 AM : Sep 30, 2008

Let me correct something you said. Katie Couric is not a Bit*ch for asking simple questions that Palin was not competent enough to answer. Even Republican politicians said so as well as all intelligent people who watched the interview. YOU are obviously wanting to shoot the messenger for showing Palin for what she is....NOT COMPETENT TO RUN FOR NATIONAL OFFICE. The ''idiots'' YOU voted for are the ones who should be held accountable. That''s going to happen in November when we vote them out of office. So why don''t YOU get YOUR head outta YOUR butt for a change? HUH?

[gespark]

I am ashamed to read some of the idiotic comments people are leaving here gun-tower you are one of the biggest idiots here you and leftyintexas apparently your brains are in your butt cause your not using your head thats for sure, what sucks is that through all of this CBS is supposed to be biased in reporting but with the ways and things that they have been printing its so sad to read such biased LIberal ***, and then to watch Katie Couric with her interview wow what a smug egotistical Bit*ch. America desrves this outcome after all We the people have voted and elected all these IDIOTS to office now haven''t we.

[leftyintexas]

HEY JIMMY BOY!! WE ARE WAITING!! DID YOU VOTE FOR GEORGE W. BUSH? YES OR NO !! THIS IS THE THIRD TIME I''VE TRIED TO GET THE LITTLE WUSSIE TO ANSWER THE QUESTION AND STILL NO RESPONSE! RUNNING SCARED, JIMMY? HAHAHAHA!

[leftyintexas]

jamesm12341...DID YOU VOTE FOR GEORGE W. BUSH?? YES OR NO? !!

[hbevis]

McCain is a joke to his own party. this clown is no different than the liberals who are trying to give your children more massive debt. At least some conservatives stuck to their principles and told McCain, Pelosi, Bush and Paulson "NO" Stick to your principles and vote Barr conservatives because McCain has once again betrayed the conservative cause and he lost many in my family. Good ridance McCain as Obama will landslide you and then the republicans can rid themselves of the likes of you liberal John McCain and your liberal friend George Bush--goodbye and have a nice retirement both you clowns.

Posted by linymo at 11:19 AM : Sep 30, 2008

IT IS PEOPLE LIKE YOU THAT WOULD PUT obama IN CHARGE AND HE WOULD LEAD US STRAIGHT IN TO SOCIALISM IF HE GETS TO BE PRESIDENT.... THEN YOU CAN FORGET ALL OF YOUR FREEDOMS..

[linymo]

Sarah Palin is a decent person. Lyndon Johnson was a war mongering immoral man. Do not compare that devil Johnson who created the mass social programs that have destroyed America and who put 60,000 American boys in a grave over his own vanity and you liberals call Bush bad for Iraq. I cannot stand Bush but he is a far more decent man than that immoral scumbag Lyndon "Agent Orange" johnson.

[linymo]

McCain is a joke to his own party. this clown is no different than the liberals who are trying to give your children more massive debt. At least some conservatives stuck to their principles and told McCain, Pelosi, Bush and Paulson "NO" Stick to your principles and vote Barr conservatives because McCain has once again betrayed the conservative cause and he lost many in my family. Good ridance McCain as Obama will landslide you and then the republicans can rid themselves of the likes of you liberal John McCain and your liberal friend George Bush--goodbye and have a nice retirement both you clowns.

[hbevis]

Now I want you to imagine Sarah Palin standing where Lyndon Johnson stood. It makes me want to puke right now. QUESTION: Does the idea make you want to puke?
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Posted by martin9p2 at 10:55 AM : Sep 30, 2008

I think that she could step up to the plate and do just fine. Why are there so many people that against a woman being in the top spot in this Country? Other Countries have women as their leader and have done a pretty good job. There are so many capable people that
can be and are advisor''s that almost anyone could be President.

[bfjones666]

What failure? Didn''t John McCain''s surrogates flood the talk shows in the morning touting John''s leadership in the agreement? Didn''t John himself talk about his leadership leading to an agreement before the voting was done? So... since the measure failed, the "leadership" of John Sydney McCain III was also a failure. John, if you want to take credit for something before it happens, you have to take the knock when it fails. You gambled, you lost, now pack up your chips and go home.

[leftyintexas]

me preaching self reliance....how does that translate into supporting anybody? i did not vote for anyone named dumbya

Posted by jamesm12341 at 11:11 AM : Sep 30, 2008

DID YOU VOTE FOR GEORGE W. BUSH?? YES OR NO? !!

[talkingham]

I don''t know why Obama didn''t unload on McLame in the debate about the McLiar''s role as one of the Keating five who was admonished by Senate for shielding Keating (the man who dumped millions into McCain''s lap) during the last Republican bail-out of the S&L industry that cost 500-billion back in the early 80''s (that would be about $1.5 trillion adjusted for today!).

The Howard Dean Democrats just don''t have the instincts to win an election - they don''t know how to fight and never will. Obama will ose because he is black and he is too nice, and America''s bigotry is just like an iceberg with 90% of it just below the surface.

Meanwhile the idiots who support McLame/Bush and the trillion dollars they threw down in a hole in Iraq are just retarded to the point of sickness.

[leftyintexas]

think what is wrong with this country is there are people like jamesm12341 that likes the way DUMBYA has s-crewed up this country and losers like jamesm12341 who imagines pictures of DUMBYA and pukes...what a wussie.