John McCain says he wants to leave the door open to discuss and consider any viable proposals to address the troubling situation in home financing.McCain stated, “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.”
With that statement, Senator McCain suggested that he would also be open to potential solutions that did not originate on the Republican side of the isle. McCain went on to say that he would, “consider any and all proposals based on their cost and benefits” and that he “will not allow dogma to override common sense.”
That being said, Senator McCain also stated there were limits on how far he was willing to go.
“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,”
Thank you John McCain … couldn’t have said it better myself!
McCain also stated that, “Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.”
John McCain is seeking to show his grasp of the country’s economic troubles — and counter the notion that he’s not up to the task of leading a nation on the brink of recession.
Senator McCain has acknowledged, perhaps honestly, in the past that he knows less about economics than he does about national security and foreign policy … and of course, Democrats have gleefully seized on such remarks to argue that McCain is inexperienced with the domestic issues that voters care about most.
Frankly, I must admit that I fail to see how Barack Obama or Hillary Clinton’s stated plans to spend billions upon billions of dollars to provide more social welfare services and bailouts shows any real keen understanding of the nations economy either, but perhaps I am just slow on the uptake. I do not need a crystal ball, though, to see drastic tax increases needed to fund this “nanny state” nonsense should either of them get elected. Hillary Clinton stated herself, that America could not afford her many projects.
While Senator John McCain is quietly seeking to prove his economic credentials and to continues to generate a healthy buzz in the media about his candidacy …
… Democratic candidates Barack Obama and Hillary Rodham Clinton continue to ratchet up the racism, hate, and mud-slinging, while fighting tooth and nail … by hook or by crook … for their party’s nomination.
Senator McCain opened a recent meeting with a nuts-and-bolts explanation of the conditions that caused the housing crisis and financial market problems.
“A lot of Americans read the headlines about credit crunches and liquidity crises and ask: ‘How did we get here?”, Senator McCain said.
He answered that question in simple yet accurate terms that show a real common sense understanding of American economics and domestic issues.
McCain stated that lenders became complacent as housing prices continued to rise and lowered their standards. They began lending money to people who couldn’t afford to pay it back. Some buyers, McCain said, bought homes they couldn’t afford, hoping they would reap the benefits later of higher home prices. Meanwhile, he said, the housing market lacked accountability and transparency, and “the initial losses spawned a crisis of confidence in the markets.”
Looking toward the future, McCain stated that any government assistance to alleviate the housing crisis must be temporary and must be accompanied by reforms designed to make the system more transparent and accountable.
We do need to prevent a repeat of this crisis. This is simply a replay of the Savings & Loan crisis of the 1970s. Unethical Americans make bad choices out of greed, when the inevitable happens they blame the president, and then seek a bailout from the government … we cannot, as a nation, afford to have this happen again and again!
McCain also stated, and I agree, that no assistance of any kind should be given to speculators, or people who bought houses to rent or as second homes.
In the short term, he called for the country’s top accounting experts to meet to discuss current the accounting systems and stated that the country’s top mortgage lenders should pledge to do everything possible to help their cash-strapped but credit-worthy customers.
“They’ve been asking the government to help them out,” McCain said of lenders. “I’m now calling upon them to help their customers, and their nation, out.”
Its about time we got some plain truth and common sense from one of our candidates!