AMERICAblog: Newsweek: Is there any excuse for McCain's gaffe about the economy?
HereinDC
· 1 year ago
Ouch! Truth hurts.
Indigo
· 1 year ago
What were the Republicans thinking when they allowed the McCain to be their candidate?
tbhull
· 1 year ago
He has 9-12 houses and a very rich wife. The fundamentals of his economy are sound.
dad
· 1 year ago
his only excuse is that he is a republican.
old turd.
devlzadvocate
· 1 year ago
which gaffe? the one he repeated 23 times? dementia. and it is obviously contagious. Carly Fiorellettahewlettpackardgotfired is getting confused, too, as is Phil Gramm, as is Rick Davis, etc.
High Crimes & Misdemeanors
· 1 year ago
One of the most flagrant excuse for propping up AIG - as Michael Lewitt notes of the NYTIMES.com yesterday:
"A.I.G. does business with virtually every financial institution in the world. Most important, it is a central player in the unregulated, Brobdingnagian credit default swap market that is reported to be at least $60 trillion in size.
Nobody knows this market’s real size, or who owes what to whom, because there is no central clearinghouse or regulator for it. Credit default swaps are a type of credit insurance contract in which one party pays another party to protect it from the risk of default on a particular debt instrument. If that debt instrument (a bond, a bank loan, a mortgage) defaults, the insurer compensates the insured for his loss. The insurer (which could be a bank, an investment bank or a hedge fund) is required to post collateral to support its payment obligation, but in the insane credit environment that preceded the credit crisis, this collateral deposit was generally too small"
"If A.I.G. collapsed, its hundreds of billions of dollars of mortgage-related assets would be added to those being sold by other financial institutions. This would just depress values further. The counterparties around the world to A.I.G.’s credit default swaps may be unable to collect on their trades. As a large hedge-fund investor, A.I.G. would suddenly become a large redeemer from hedge funds, forcing fund managers to sell positions and probably driving down prices in the world’s financial markets. More failures, particularly of hedge funds, could follow."
And there you have it folks, we should prop up AGI because it has its hands in every sector of our economy. They gambled with your money, in derivatives and speculation and lost their shorts. They did this unregulated and not unwatched by the very people we vote in Congress. This is criminal folks! He's asking, better yet, hes demanding that if we don't prop up AIG with these "loans", the whole house of cards will fall. You can kiss your ass good bye.
And then he has the balls to say that the FED must do this on principle, because the myth of the free-market is done. Which completely insults the history of why Fannie Mae and Freddie Mac were created. He notes, that that was the end of the free-market, almost saying that it was the begining of regulation that ended the free-market system. How insulting is that?? The Michael Lewitt's of this world need to be strung up by their balls. It is this "free-market" analysis that has gotten us in this mess. That is what's criminal. Yet we are all only focusing on what is going to directly affect us. The bigger picture is this: This "loan" program is actually a heist, a stealing of the American treasury. We need to start framing it in this manner. Not the bullshit from the NeoFascist that have swarmed the halls of government. Nor, from the piddly weak-ass response from the DEMS. Of course, I think they are kinda the same....
devlzadvocate
· 1 year ago
Dems? Republican lite. Republicans? Shit on steriods.
High Crimes & Misdemeanors
· 1 year ago
You got it devlzadvocate, the two party system is a failure, and we are just seeing the result of this conflagration...
devlzadvocate
· 1 year ago
a problem with no solution unless one party totally fails and then I'm not sure that would even be a good solution.
High Crimes & Misdemeanors
· 1 year ago
Instant Run Off Voting is the solution. It would destroy the two party system and bring about a wave of a progressive policy. and to those detractors, who say this wouldn't work, how bout trying it, lets see if it works, it's got to better then what we have now, don't you think??
taxpayer1
· 1 year ago
Right On. Boot all the bums in Washington. Have term limits. No more 45 years of Teddy Kennedy. Change? Change sure isn't picking Biden that has 32 years in Senate and no leadership or major bills. Change is not have only 2 picks for President. I want the bumper sticker "I Voted For None Of The Above" McCain and Obama are from the Senate. A place that good minds go to shit. They both have no leadership or executive experience. Community Organizer doesn't count.
davidkc
· 1 year ago
Ouch. McCain and his Republican cronies have royally screwed us over these last eight years. It's almost laughable to watch McCain try to disown it now. What not quite so laughable is watching lots of the media enable McCain in this effort, and what's even less laughable is watching a lot of Americans fall for it. Well, if you vote for McCain an he happens to win, please don't tell me a year from now that you had no idea that he was going to continue to run the economy into the ground. He's letting you know right now that that is exactly what he's going to do.
burro
· 1 year ago
"....it's great that you're a war hero but how does that help me get a job?"
Ha-Ha. You sign up and march off to war. That's what you do. No recession there. Hell no. There's your job. Next question.
taxpayer1
· 1 year ago
This has to make you think a little bit, if not then keep your blinders on! Lets talkab out just 2 years of Democrat leadership in Congress.
George Bush has been in office for 7 1/2 years. The first six the economy was fine.
A little over two years ago: 1) Consumer confidence stood at a 2 1/2 year high; 2) Regular gasoline sold for $2.19 a gallon; 3) the unemployment rate was 4.5%. 4) the DOW JONES hit a record high--14,000 + 5) American's were buying new cars, taking cruises, vacations o'seas, living large!...
But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress & yep--we got 'CHANGE' all right. In the PAST TWO YEARS:
1) Consumer confidence has plummeted ; 2) Gasoline is now over $4 a gallon & climbing!; 3) Unemployment is up to 5% (a 10% increase);
4) Americans have seen their home equity drop by $12 TRILLION
DOLLARS & prices still dropping;
5) 1% of American homes are in foreclosure. 6) as I write, THE DOW is probing another low~~11,100--
$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR
STOCKS, BONDS & MUTUAL FUNDS INVESTMENT
PORTFOLIOS!
YEP , IN 2006 AMERICA VOTED FOR CHANGE!...AND WE SURE AS HELL GOT IT!!!....NOW OBAMA, the DEM'S CANDIDATE FOR PRESIDENT--AND THE POLLS SAY HE'S GONNA BE 'THE MAN'--CLAIMS HE'S GONNA REALLY GIVE US CHANGE!!....JUST HOW MUCH MORE 'CHANGE' DO YA THINK YOU CAN STAND???..... Change in our pockets after the Democrats spend for handouts? Oh, Why do we still have borders that are not secure? Answer, Democrats need every Illegal Alien vote that doesn't require an ID. Yes, 550K illegals (ever year) are invading our country and the Democrat only see votes. McCain TOO>
Gridlock
· 1 year ago
Uh, you realize this has been building from the early 2000's, right.
No.
You don't.
NMRon
· 1 year ago
"(the left pole signifying we're totally screwed and the right pole signifying that happy days are here again)" subliminal framing here? Move to the left and you're 'totally screwed', while the 'right' offers nirvana.
All Comments
Truth hurts.
old turd.
"A.I.G. does business with virtually every financial institution in the world. Most important, it is a central player in the unregulated, Brobdingnagian credit default swap market that is reported to be at least $60 trillion in size.
Nobody knows this market’s real size, or who owes what to whom, because there is no central clearinghouse or regulator for it. Credit default swaps are a type of credit insurance contract in which one party pays another party to protect it from the risk of default on a particular debt instrument. If that debt instrument (a bond, a bank loan, a mortgage) defaults, the insurer compensates the insured for his loss. The insurer (which could be a bank, an investment bank or a hedge fund) is required to post collateral to support its payment obligation, but in the insane credit environment that preceded the credit crisis, this collateral deposit was generally too small"
"If A.I.G. collapsed, its hundreds of billions of dollars of mortgage-related assets would be added to those being sold by other financial institutions. This would just depress values further. The counterparties around the world to A.I.G.’s credit default swaps may be unable to collect on their trades. As a large hedge-fund investor, A.I.G. would suddenly become a large redeemer from hedge funds, forcing fund managers to sell positions and probably driving down prices in the world’s financial markets. More failures, particularly of hedge funds, could follow."
And there you have it folks, we should prop up AGI because it has its hands in every sector of our economy. They gambled with your money, in derivatives and speculation and lost their shorts. They did this unregulated and not unwatched by the very people we vote in Congress. This is criminal folks! He's asking, better yet, hes demanding that if we don't prop up AIG with these "loans", the whole house of cards will fall. You can kiss your ass good bye.
And then he has the balls to say that the FED must do this on principle, because the myth of the free-market is done. Which completely insults the history of why Fannie Mae and Freddie Mac were created. He notes, that that was the end of the free-market, almost saying that it was the begining of regulation that ended the free-market system. How insulting is that?? The Michael Lewitt's of this world need to be strung up by their balls. It is this "free-market" analysis that has gotten us in this mess. That is what's criminal. Yet we are all only focusing on what is going to directly affect us. The bigger picture is this: This "loan" program is actually a heist, a stealing of the American treasury. We need to start framing it in this manner. Not the bullshit from the NeoFascist that have swarmed the halls of government. Nor, from the piddly weak-ass response from the DEMS. Of course, I think they are kinda the same....
Change? Change sure isn't picking Biden that has 32 years in Senate and no leadership or major bills.
Change is not have only 2 picks for President. I want the bumper sticker "I Voted For None Of The Above"
McCain and Obama are from the Senate. A place that good minds go to shit. They both have no leadership or executive experience. Community Organizer doesn't count.
Ha-Ha. You sign up and march off to war. That's what you do. No recession there. Hell no. There's your job. Next question.
George Bush has been in office for 7 1/2 years. The first six the economy was fine.
A little over two years ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) the unemployment rate was 4.5%.
4) the DOW JONES hit a record high--14,000 +
5) American's were buying new cars, taking cruises, vacations o'seas, living large!...
But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress & yep--we got 'CHANGE' all right. In the PAST TWO YEARS:
1) Consumer confidence has plummeted ;
2) Gasoline is now over $4 a gallon & climbing!;
3) Unemployment is up to 5% (a 10% increase);
4) Americans have seen their home equity drop by $12 TRILLION
DOLLARS & prices still dropping;
5) 1% of American homes are in foreclosure.
6) as I write, THE DOW is probing another low~~11,100--
$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR
STOCKS, BONDS & MUTUAL FUNDS INVESTMENT
PORTFOLIOS!
YEP , IN 2006 AMERICA VOTED FOR CHANGE!...AND WE SURE AS HELL GOT IT!!!....NOW OBAMA, the DEM'S CANDIDATE FOR PRESIDENT--AND THE POLLS SAY HE'S GONNA BE 'THE MAN'--CLAIMS HE'S GONNA REALLY GIVE US CHANGE!!....JUST HOW MUCH MORE 'CHANGE' DO YA THINK YOU CAN STAND???..... Change in our pockets after the Democrats spend for handouts?
Oh, Why do we still have borders that are not secure? Answer, Democrats need every Illegal Alien vote that doesn't require an ID. Yes, 550K illegals (ever year) are invading our country and the Democrat only see votes. McCain TOO>
No.
You don't.
subliminal framing here? Move to the left and you're 'totally screwed', while the 'right' offers nirvana.