Political Punch

Americans need to do their OWN research into the candidates. I read these posts and realize how many "followers" their are in the U.S. ready to do whatever the person with the right color or the right amount of wealth tell them to do. Get off your butts and find out the answers yourself, so you can make an informed decision on November 4th, instead of a biased one. Presidential elections are too important to just follow the crowd. Just venting!!!

If any one were to research the causes of the wallstreet events including AIG, everyone would findout that Republicans were constantly trying to regulate Fanny mae and Freddy mack, and the Democrats blocked the efforts a true reform in order line there pocket with campaign funds ie.. 600,000 to obama in only a few years, and also McCain told America this was coming. Finally those who were in charge then, and made the mess are the ones who are being asked to clean up this mess. So to all who blame Bush get your facts straight prosecute those who are to blame and tell Obama we want accountability not jibberish like "yes we can, screw up the U.S. more if you elect me."

Sorry for not referencing what I was talking about

Posted by: Mikah | Sep 17, 2008 4:04:18 PM
"Google the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190. I'm voting for the guy who tried to do something about the financial crisis three years ago."

Mikah | Sep 17, 2008 4:04:18 PM

Mikah I googled what you had posted and was surprised to say the least. I was sort of hoping the act had something to do with Sen. Obama - but saw the picture of the guy who was really behind it. Well, I am surprised - really surprised. You just pushed me off the fence....Thanks! I think I know who gets my vote this November!

I guess question #1 would be: is a situation where the owner shareholders lose virtually every dime they have in the enterprise and where management is immediately fired and replaced a "bailout"?

Sounds like a corporate version of foreclosure and eviction to me.

Also, to adopt a 'Tapper' fav, I believe Biden is being 'quoted out of context' (a/k/a, the minor point is obscuring the major point). That is, Biden is saying that he doesn't think it should have gotten to this point but that rather McCain should have been doing all of the things Biden lists (implying, of course, that if they had been done, AIG would be a healthy, functioning company today).

I work for Aig but I work as a hourly support clerk, what I am reading is all the bad remarks everyone has to say the real matter of this is the world is coming to an end, all this scrambling everyone is doing is part of the story of how the world is coming to a hault, when Jesus comes back all the laws that we abide by will not exist anymore, you see people, we are not far from a 3rd world its just that we as Americans have been spoiled all of our life and maybe its our time to see how the other nations live trying to struggle,people we need to wake up and dont worry about money so much and give ourselves to Jesus Christ, i am reading all the blogs about AIG and Wamu etc and its all about scared people loosing money.... stop it....I think a little prayer would help thats what is going to end this world .....is Greed

President James Madison once said; "knowledge will forever govern ignorance; and a people who mean to be thier own govenors must arm themselves with the power which knowledge gives" The Republican party believes we are stupid, do you believe you are stupid?
Have we not gained the knowledge to know enough is enough! Four more years of the same failed policies, a war we can't win, an economy that is controlled by foreign investors, homeless people living on the streets of our great nation! Oil prices! my god, the oil prices! Lets do the smart thing here for a change, vote for change, vote for hope, vote because its time we governed ourselves. Vote for the only man who has the courage to be different and make the hard choices, the tough decisions, a man who will represent the people. Vote for Barrack Obamma!

Jack,

I can guess how you feel about Bill Clinton, but what about Phil Gramm,
the guy who pushed the repeal of that
law?

Is he a snake as well?

Biden is a snake. He is one of the big pushers of financial deregulation. Notice he did not mention bringing back Glass Steagal, reserve acounts, etc. He throws a minor, though good, point about bankruptcy, avoiding the big bad stuff he is for.

All of the problems in the mortgage sector stems from poeple getting loans the couldn't afford. Obama advisor Franklin Raines walked away from Fanny with $40 million after running that place into the ground. Jim Johnson, who was on Obama's V.P. Search Team, ran Freddie into the ground as well and left rich. Both of these Institutions are filled with DEM Political hacks. The DEMS blocked Reform. Go to the NYT and type in Sept. 11, 2003 then read a piece called "New Agency Proposed To Oversee Fanny and Freddie". This was a Bush proposal, everyone knew how screwed up they were but the DEMS and Barney Frank stopped all reform, they wanted keep giving loans to people that couldn't or wouldn't pay. If you want this to continue vote for Obama.

Tapper and Jaffe write an informative column, but I wonder why all the criticism is directed at Obama. All I have heard from the other side so far is "I will fix it" and Wall Streets needs some "shakin' and fixin'". Not very helpful.

Google the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190. I'm voting for the guy who tried to do something about the financial crisis three years ago.

If Sen. Obama wants to complain about crony capitalism, he needs to start with Fannie Mae and Freddie Mac and Franklin Raines and their protectors and enablers in Congress, e.g., Rep. Barney Frank and Sens. Dodd and Schumer. That's the worst sort of crony capitalism. And there is no doubt that the excesses of Fannie Mae and Freddie Mac lie at the heart of today's financial crisis.

I don't get it, it says at the end of the first paragraph of Obama's statement "It must not bail out the shareholders or management of AIG." Obviously by it, he means the Fed. What's the deal with this post? He said he's against, and so did Biden. There is no story here.

The ignorance on this thread is staggering.

Simply put, Fannie Mae, Mac and AIG were too big to let fail.

Letting them fail would have destroyed our economy. A lot of our financing industries were built predicated on these organizations meeting their obligations. If these companies were unable to do so, our country would have had an immediate liquidity crisis (as opposed to the shortage we currently have), most borrowing would stop, as would capital investment.

And that would affect EVERYONE, regardless of whether you owned shares in those organizations.

You cannot claim Obama handled this question with wise nuance. He blustered though with all manner of irrelevancies. He failed to identify a single actual implication of this action. (And I do not give McCain much more credit.)

Still, those who would suggest more regulation and government intervention would has prevented this are complete dolts. Budget deficits (fueled by pork barrel spending) and proposed tax increases, not to mention the fraud that is our entitlement system, make this investment in AIG look like pocket change.

I support Obama's response. To answer this yes or no would put any person on the spot
-----------------------------------
Oh, is this 'above his paygrade'? Sorry, a leader needs to make firm decisions once in a while

Obama does not lead. To lead you have to know where you are going. He does not. Instead, he pontificates.

"...We should try to correct the problems that caused this. And what's caused this? The profligate tax cuts to the very, very wealthy that John wants to continue. What's caused this is the failure to have regulation so that, in fact -- John talks about these CEOs getting these big bailout packages..."

So which is it, the profligate tax cuts or the failure to have regulation? I guess the banking industry that bought and paid for him is blameless. Imagine that.

geevill

A slip. Everyone is overworked, Haven't you ever miststated something, and if you haven't, then you have room to talk.

First, I've got no dog in this fight, but Biden's remarks about this situation may be the most economically illiterate I've heard yet. The more he talks the more one is forced to conclude, the man's not 'gaffe prone', he's just plain dumb.

Second, AIG is not being bailed out. This is going to be a forced liquidation -- avoiding the costs, delays and uncertainties associated with a bankruptcy filing -- with the Fed in the driver's seat. AIG senior management and shareholders are toast.

Emily, that was the title of this article on which people are asked to comment. Everyone, however, wants to use it to get their jabs in at McCain.The issue is whether or not Obama supports the AIG bailout. He and his own VP pick do not agree on it. Obama basically says yes, even though he admits to missing many facts and Biden says no, and then immediately launches into criticism about McCain. the bottom line is, if you are not part of the solution, you are part of the problem. The truth is that none of the candidates can possibly make a decision about what they would do to solve any of our problems without all of the facts. And neither none of the candidates have those necessary facts to make an intelligent decision.

The question should be does McCain support the bail out for AIG.
And what did he do in the last 8 years to prevent it ?
Not just wash hands by saying that it was out of govt reach to regulate risk and compliance.
Thats exactly the kind of excuse we don't want to hear for 4 more years.
America! Its time to wake up and not fall for another Republican diversion tactic for them to spend another trillion in wars that are unfounded.

I knew deregulation was going to come back and bite us in the ass, well its torn half of it off. McCain has headed this deregulation. And he wants more tax breaks for the rich. VOTE OBAMA and maybe he can right the ship of state in a couple of years after the 8 year wrecking ball.

I am convinced that this blog is all about Obama and not the issues

OMG, I am reading the posts and I can see many of you live in Obama's La La Land. You seem to think government can bail us out of every crisis. Obama was not even successful at community organizing. He was part of the Democratic Chicago machine. He is the poster child for the NEA. They only look out for themselves and not for the students whom they are failing to educate.

"Does Obama Support the AIG Bailout?"

-------- Well, as long as you're being unbiased about it. Why don't you ask McCain the same question? Why the slant?

Mr. Coffee: McCain moderately supports the bailouts because if these companies go under, our country will enter into a depression. These companies also supply jobs to 30% of the U.S. population, most of which are low to middle income jobs. If 36% of the U.S. population is unemployed, there is no other option except depression. Also, McCain does not support protecting those CEOs. In 2005 he petitioned congress to do something about all these corporations that were engaged in risky practices. He was shot down by both parties. However he also recognizes, (which you don't) that those companies protect more than just the investments of the top 2%. Fannie Mae and Freddie Mac are responsible for 75% of the mortgages in this country. If the top 2% don't have many mortgages, the middle and lower class do. Also, don't worry. 40% of this country do not even pay taxes. The top 2% pay the majority of this country's taxes so most of the burden will be placed upon the top 2%.

THANK YOU PHIL GRAMM AND JOHN McCAIN. They said China was going to be the richest nation in the world by mid-century. I just got off the phone from Hu, they now expect to be the richest by mid next week.
Again, thank you Phil Gramm and John McCain, thanks for ruining the United States of America.

I support Obama's response. To answer this yes or no would put any person on the spot. This requires a detailed and objective economic review. This issue is more than prospective president taking opposite sides of fence.

We need change and reform now-not necessarily from the person with the most expereince, but the president who will have the "guts" to initiate the change.

We are at a point where we need someone to restore the trust of the financial market and the strenght of America in the world.

As consumers and fellow Americans we should impress upon our leaders to take a clean approach on this issue.

American Insurance Group???????

How can Obama solve the problem if he has no clue what AIG stands for?

You idiots talking about contributions to Obama by Lehman et al are ignoring that even if you are a janitor for Lehman, you are asked for your employer when you contribute. It just means more employees like Obama.

Why does John McCain advocate bailouts that will cost the average taxpayer about $425 for AIG and another $1,200 for Freddie/Fannie to protect the investments of the upper 2%?

The bailouts are protecting the CEOs he stumps about including Carly and their pay/incentives. The bailouts protect the investments for the upper 2%.

Why does he support bailouts with the burden on the average taxpayer but won't give the middle class a real tax cut paid by the income the middle class is protecting for the upper 2%???

AIG Marketing, Inc.
One AIG Center
Wilmington DE 19803
United States

hey Joe, any tax breaks given to AIG for this office?

As much money as 0bama has taken from AIG, you'd think he'd atleast know the name of their company.

AIG - American International Group, Inc.
Not American Insurance Group.

Do we really want that ignorant in the White House?

It's above Obama's paygrade.

Marylou,

In point of fact, Freddy and Fannie started buying the high risk loans from the reckless, dishonest, stupid banking and investment banks very late in the game.

In other words, the patient already had cancer and it had metastised before Freddy and Fannie got jealous of the high rate of returns announced by the private sector banking business.

It was unwise, yes. But the fraud was caused by the LOOK THE OTHER WAY Republican policies in effect at the time.

And John McCain and Phil Gramm are two of the authors of that policy. Now the PUBLIC is paying the price for their stupidity!

Obama is swimming in AIG's and Lehman Brother's money. They both contributed alot more money to Obama than they did anyone else.

This financial fiasco was made possible during the Clinton administration when both the politicians and the Fed (separate entities) made it easier for people with bad credit to purchase homes. This created the housing bubble, which was at its peak in 1998 & '99. It was when the housing bubble burst, that many of these corporations got in trouble. Of course these companies were not responsible in their management. But if all these corporations go under, we could be looking at a depression. Obama still wants to raise taxes on corporations that are in trouble and failing, which will only quicken the pace at which these corporations die. Already Fannie Mae, Freddie Mac, Lehman Brothers, and AIG are being bailed out by the government. But who is supplying the money to the federal government. The tax payers. If Obama thinks he can only raise taxes on the rich, then he is incredibly naive. In any case, previous taxes on the rich have only proven to hurt the middle class. Example: During the Clinton administration a luxury tax was imposed on yachts, private jets, etc. Well, the rich stopped purchasing and started selling these luxury goods. Who got hurt? The people who were building those goods, washing them, tuning them, etc. The rich were not hurt. This proves how you have to look at the consequences of a tax. You can't just say tax the rich, create a Robin Hood act and everything will be fine. It does not work. Also if you are reaping the benefits of federal programs, you should be putting something into it.

As for McCain, in 2005 he warned congress that something needed to be done about these corporations who were engaging in risky practices. He said that the general public should at least be warned. He was ignored, by both parties. Also, the democrats have been in power since 2006, yet they have done nothing that will truly help this country, while they have been in power. Congress has more power than the President, yet they are sitting on their butts and have the lowest approval rating ever and its much lower than the Presidents. People start doing your research. If you want to vote for Obama, fine, but at least do so because you have a reason and Obama has done something to show that your reasoning has substance. As for me, McCain has a long record in which he has voted and fought for policies that I agree with. I am voting for McCain/Palin.

This is not a yes or no answer. Obama is right in his response. He did say that he did not know all of the details.
A President need advisors and to put people in the right spots to make good decisions that will benefit the people and country. Remember the infamous -"Good job Brownie". Well, the issue here is can you trust this government to make the right decisions. Te fact that we are in this crisis says to me that we cannot. Only time will tell about this bailout and the only thing we can do now is to make sure that this does not happen again. Deregulation
and the fact that this govt., including McCain supported the fat cats getting fatter with big tax breaks and getting away with fatter checks even after their corporations goes bankrupt, allowing for no accountability by the CEOs and who in fact are rewared, are all teh responsibility of this admninistration and McCain is a huge part of that.
A no or yes answer at this point is irrelevant.
Obama give us a synopsis of the problem and what he will do to make sure it does not happen again. That is what is called leadership.

sub prime morgage crisis has been brought to you by

the letters W
and the secret word cheney

sponsored by john mccain
produced by phil gramm

mccain
country almost first

After being exposed for Lying, McCain is now Engaging in Identity Theft -- as he is now sounding more like Barack every day -- Change we can believe in, Enough is Enough and now Regulation! Maybe he thinks he can lie, steal and cheat his way to the Presidency. After all its been done before!

Yesterday McCain said we needed a 911 Commission-like study to investigate our failing economy, however, yesterday in his speech in Colorado Barack hit back at McCain with "Instead of offering up concrete plans to solve these issues, Senator McCain offered up the oldest Washington stunt in the book -- you pass the buck to a commission to study the problem," . "But here's the thing - this isn't 9/11." Barack went on to elaborate -- we know how we have got here, and what we need is Leadership!" This shows a distinct contrast from a Party with no new ideas and failed policies to Barack, who does have ideas and who is ready to lead!

I quess there is a light at the end of the tunnel because Five Conservative writers have now come forward to speak out and tell the truth that Sarah Palin is not qualified and is not experienced to lead as Vice President or the Presidency. They are making it clear to the public that John McCain made a poor judgment call, a rash judgment and an unneeded risk when times are bad and in a crisis mode. As a gambler, McCain should know you never take an unneeded risk in a crisis when things are already shaky. Enough is Enough! The American people will not reward a dishonorale and immoral man to the top job in the land, someone they cannot have confidence in. A Wizard as in Oz, who blusters and pretends but has no real solutions. American people want someone they can trust and believe in. They want a renewed Government working and looking out for them again, not just corporations and Fat Cats -- Giving welfare bailouts and support to Corporations and none to everyday Americans.

So you got your guns, but you can't afford to pay your mortgage? We have to get rid of that mentallity and embrace unity and change for all. Look, there is a message in Ground Zero -- that afer 7 years, it is still a dark hole. This is is a symbol of the failed polices of Republicans, that after 7 years, Ground Zero is still a hole, left desolate and it speaks volumes that we are a country unable to find leadership, unable to unite and unable to rebuild and show ourselves and the world that we know how to overcome adversary, yet trillions of dollars go daily to Iraq, to allegedly rebuild a country which should never have been invaded in the first place. Talk about selling someone the Yellow Brick Road, I mean OIL! Because continued Drilling is not going to end our addiction, it is a band aid. We need 21st Century ideas and innovations, we need Intelligence instead of experience. We need the intellectual capacity of someone who can see the way forward when it is dark and to lead us out of the dark and into the light. We need a Rudolph whose nose was so bright, only he could lead the way from darkness to light and from the unreal to the real.

Senator McCain has helped to deregulate these industries. This is the biggest issue of this whole mess. I think Senator Obama has every right to show that McCain's record has contributed to our current situation.

Sounds like to me Obama doesn't support the government bailout of AIG, in fact he sounds downright disgusted about the entire AIG fallout but on the other side he also is relieved that with that bailout at least the American worker won't suffer because of it, that they will be helped. It's a nuanced answer, an 'Obama' answer, which when you think about it, makes sense.

Obviously Obama and Biden are angry about Washington being run by corporate america and there is little that can be done other than bail out AIG to protect the consumer. Again we have McCain saying one thing one day and then reversing the next day. Wake up America, McCain has no clue and cannot make up his mind where he stands on these issues.

dl,

obviously you have not been paying attention. Obama had a 6 point plan strategy yesterday which deals with the problem while McCain had NONE.

"Real bag of hot air" was exactly what McCain did yesterday by calling for a 9/11 commission.

This is what happens when you are so blinded by the candidate you support and you loose all sense of objectivity

Sounds to me like Obama is saying that they did what they felt they had to do but they shouldn't save anyone's hide except for the regular people who are customers, not the managers who helped create the problem.

What caused this crisis was the sub-prime loan industry set up to give people the ability to buy homes who had absolutely no business buying them. But hey, everybody loved it and saw no problem. As home prices rose, people tried to play the market by flipping homes at exhorbitant profits, people tapped into their ever-soaring home equity to buy trinkets and treasures, stocks soared, and execs padded their personal coffers.

McCain warned in 2005 that Fannie and Freddie were being irresponsible in the loans they were making. Investment firms like Merrill happily jumped on the meteoric housing sector. Insurance firms like AIG couldn't resist the lure of the lucrative sub-prime market. Congress didn't want to be a party pooper.

Most of America has been living on the financial edge for decades. Personal savings are at an all-time low. Americans can't discern "needs" from "wants". Everyone has been greedy from Wall Street to Main Street.

America's chickens are coming home to roost.

Obama is going to say the opposite of what John McCain says no matter if he even agrees with him on certain important issues. Our country is digging itself in deeper and deeper because everyone wants to live the American dream on credit. It just doesn't work. Neither party holds the CEO's accountable of these major corporations. The regulations have to be toughened in order to prevent this from happening again in the future. If there are no rules to follow, then everyone works for their own self interest.

Credit cards and greed are destroying our economy, nothing else.

The mortgage problem is a tax cut to the rich issue? It sounds like when you have a hammer, every problem is a nail.

Typical Obama's statement: "Present!"

McCain's past decisions have had a direct effect on this economy. You can't run on experience and then run from your record. McCain is a military man first, but right now the economic issues continue to grow.