Monday, September 15, 2008

John McCain, More Lies

This time he is trying to claim that all is well in the land of plenty, that the bailout of Bear Stearns, Fanny Mea and Freddie Mac, the failure of Lehman Brothers and the forced fire sale of Merrill Lynch is not a real big deal.

I don't often bring up economics. It is a topic that, while I do have strong views, can be argued much better by people more educated on this topic than I am.

Sen. McCain is also not well versed on this subject. He has gone as far to admit he is basically clueless on the topic, and would rely on experts like Sen. Phil (shut up you whiners) Gramm for advice.

Unfortunately for us, these are the very same experts who's policies have brought you this banking and investment melt down. Their pro-business anti-regulatory policies created an environment where regulation was crushed, executive pay and bonuses ran in to the tens if not hundreds of millions of dollars a year, and resulted in what amounts to the bankruptcy of at least 4 of the biggest players in the business.

McCain likes to lie and claim that he is an agent of change. He claims that he can make our nation work and correct the mistakes of the last 8 years of Republican rule. The trouble, as stated by Rep. Barney Frank McCain has a history of doing nothing, and change will not just happen, you have to work for it.

So here’s the record – 12 years of Republicans, including John McCain being a committee chairman for much of that period. Zero – zero enactment of any reform. Democrats take power, and in a year and a half, we have passed a bill that did everything the administration asked for, in terms of enhancing the regulatory structure.


JTapp said...

I'd highly recommend reading this article in the Washington Post if you think the Dems have done such a great job in needed areas of reform, especially such an obvious one like the GSEs.
Committee chairs like Christopher Dodd were given huge sums of money by Fannie Mae and Freddie Mac to look the other way. And they did. (And Barack Obama was the #3 recipient of Fannie's campaign contributions last year).

In fairness, the Republican-led Congress didn't do any better in their opportunities, but it's hypocrisy for Dodd, Frank, and the Democrats to say the Administration was asleep at the wheel.

Jon said...

In Fairness

The Dems have been in power for 18 months and have done more than Republicans have done in previous 12 years.

That said, yes, many Dems are to close to big buisness and their interests for me, but as close as they are they are miles away from the honey pot compared to the most distant Republican.

So the choice is the overtly corrupt who changed the laws to allow this to happen of the less tainted who claim to what to change it.

Just a thought