Well folks, it seems as though McCain has finally fiugred out a way to get out of a reace he is going to lose: He wants to suspend campaigning to work on the economy. Correct me if I'm wrong, but in a campaign, aren't the two contenders supposed to debate and argue to points of the economy and other very important issues? I see McCain sees himself as trying to take the 'high road,' but clearly, he is taking a road less traveled.
The McCain/Palin ticket does not have a clear and concise message for the American people. None at all. He figures that since he doesn't have a message, he can get Obama off of his message of hope and presperity. Well, folks, unless Obama is an idiot, and I don't believe he is...he won't agree to cancel Friday's debate.
More news later.
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5 comments:
Upside down in the ditch with the wheels spinning. That's where McCain's campaign is now.
It makes perfect sense for McCain to avoid any debate. Come on, let's be real, Obama's intellect vs. McCains' one-on-one on national television. Ha-Ha!
Good move by the McCain campaign.
Even if McCain had been implicated in the Keating Five scandal -- and he wasn't -- that would still have absolutely nothing to do with the subprime mortgage crisis currently roiling the financial markets. This crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era.
Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."
Under Clinton , the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton 's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.
Instead of looking at "outdated criteria," such as the mortgage applicant's credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named "Caylee."
Threatening lawsuits, Clinton 's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.
A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it's gone off.
In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.
Willis...are you copying and pasting? If so, you know that's a no no...
"Even if McCain had been implicated in the Keating Five scandal -- and he wasn't -- that would still have absolutely nothing to do with the subprime mortgage crisis currently roiling the financial markets."
He was in fact implicated, he just wasn't charged. Instead he was cited by the Senate ethics committe for exercising poor judgement. That doesn't even make sense, at all, in any context.
I see that in essence you are blaming the mortgage problems on minority borrowers, which is laughable at best. Banks do not have "lending quotas" as you seem to imply.
To briefly educate you on the subject, years of prosperity led to a massive inflow of foreign capital into America's financial sector. This in turn gave financial institutions what they perceived as unlimited funds to lend to any borrower with even mediocre credit. This is called moral hazard, and it is the reason people with poor credit are usually denied loans. However, risky subprime loans were often given to people who could otherwise not get a loan. When the amount of borrower defaulting on their loans reached a critical mass, the current crisis was born.
That's the very short of it, for more you need to pick up a couple of basic economics, finance, and history books and actually read them instead of copying and pasting from right wing talking points, Anne Coulter specifically. (you could at least give Ms. Coulter credit for her diatribe)
It is the height of ignorance and flat out stupidity to blame the situation on minorities. I can't even fathom the depths of ignorance that would give birth to such a moronic idea. Fox News possibly...
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