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McCain and His Campaign Blame Obama and Democrats for Bailout Bill's Death, McCain Says Now Is Not the Time to Affix Blame

September 29, 2008 5:53 PM

In Des Moines, Iowa, Sen. John McCain, R-Ariz., said the following: "Senator Obama and his allies in Congress infused unnecessary partisanship into the process. Now is not the time to affix the blame. It’s time to fix the problem. "

Um...isn't that affixing blame?

And less than two hours before those McCain remarks, senior policy adviser Doug Holtz-Eakin issued this statement:

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others," Holtz-Eakin said. "Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.  Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill. Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.  This bill failed because Barack Obama and the Democrats put politics ahead of country.” 

As long as we're not affixing blame!

- jpt

September 29, 2008 | Permalink | User Comments (332)

User Comments

Its a proven fact that Democrats are to blame for this. Everybody needs to do their research then they can talk about this. We started going down hill a year ago. Two years ago is when the democrats took over the house and congress and the senate. Look where were at today..... They really run the country not the president... Do the research.

Posted by: Chris | Oct 30, 2008 1:24:20 PM

How about voting only at the local level, having some of the highest voter turn outs, and not voting at the national level because we now know it does not matter how the"average" American feels about issues...neither party listens. Hit them both were it hurts in their political numbers...don't you think some of the ways the $700 billion will be spent will hurt the people. VOTE LOCAL ONLY...THE ONLY PLACE YOUR VOTE COUNTS AND YOU CAN MAKE A DIFFERENCE.

Posted by: Sue | Oct 2, 2008 12:00:02 PM

The reality is that the Republicans put an ad out blaming Obama for the passing of the bill (yes, just before it didn't pass), Obama blames Obama for the bill not passing.

It seems that they really just want to cover all their bases, and blame Obama for whatever happens, because really, that's all they've got.

Posted by: E Scott | Oct 1, 2008 2:15:19 AM

Mark, you're buying what the Democrats and the media are selling. Research how the Democrats - going all the way back to Carter and confirmed as late as 2006 when the Dems shouted down any efforts to reform Fannie/Freddie - forced banks to make loans to bad risk consumers. Bad loans are at the heart of this mess. Lack of Congressional oversight through committees such as Barney Frank's and Chris Dodd's added fuel to the fire. Follow the money and see which politicians reaped the most from Fannie/Freddie and Lehman Brothers. Then come back and tell us how the Republicans caused this mess. Truth is, both parties had a hand in it and there's plenty of blame to go around. And if you think Obama's going to come charging in on a white horse and clean up the mess - note his position on the F/F and Lehman lists and remember - he's only been in Washington for three years!

Posted by: marylou | Sep 30, 2008 12:59:42 PM

How about REALLY fixing the problem and ABOLISHING THE FED?!

Posted by: sin_bad | Sep 30, 2008 12:41:28 PM

McCain and the Republican's to blame.
They got all of us into this mess and now want to throw $700 BILLION to their buddies on Wall Street again.
McCain is lame. He has not power even with his own Republican's. He is a crazy, old bully who wants to fight even when he has to pick a fight. Doesn't that sound like what Bush did with Iraq?
Republican's should be voted out of office. No more chances to screw up our economy and blame others!

Posted by: Mark | Sep 30, 2008 12:26:11 PM

McSame...Mission Accomplished !

Posted by: Tom | Sep 30, 2008 11:22:45 AM

I blame the republicans.

I blame the republicans for having the ##### to stand up to bush and his cronies and tell em to eat it.

Who's fault is it? It is the house republican's fault that Liberty was allowed to live another day.

It's the republican's fault we may actually get out of this mess.

Democrats... Why don't you stand up for what you believe in? This bailout is a joke and you stand behind it as if it were your own. Why would anyone want to pass this?

McCain is doing nothing more than political meandering. He and Obama have had no influence on this debate in the House and yet he wants to take credit for the great strides of progress? At least Obama is trying to do the right thing and stay the hell out of it. Time to move over and let the real experts have their say.

SAVE THE AMERICAN PEOPLE!

Posted by: matt | Sep 30, 2008 10:20:06 AM

Since when was it Barack Obama's responsibility to line up votes in the House Republican Caucus? McCain couldn't even get anyone from Arizona to vote on this thing.

Posted by: Brooklyn Democrat | Sep 30, 2008 9:57:34 AM

Come on...don't try so hard to make it into what it is not

The Dems (Pelosi) tried to fix the blame right before the vote

He was talking about not fixing the blame for the original crisis

If half of you are half as smart as you think you are then you already know that

Of course you may be the people Thomas Sowell was talking about here

"that is enough for those who think in terms of talking points, without wanting to be confused by the facts."

Posted by: BillB | Sep 30, 2008 9:54:38 AM

confused now?

NO mccain/palin!

vote for real change

OBAMA 08!

Posted by: eduardo | Sep 30, 2008 9:10:00 AM

..this is a small part of the grand stunt of the republicans. make things work for mcbush when everybody is confused.

remember he wont do any campaign nor attend the debate, until the bailout is passed at the congress.

and this is a bush + GOP + republican appointees proposal. So when the deal fell apart on the House floor yesterday, in no small measure because most of the chamber’s Republicans balked at voting for it, the McCain campaign worked to contain the potential for damage. The first defense was to go on offense.

lies! lies! lies!

blame it to democrats and obama

Posted by: eduardo | Sep 30, 2008 9:04:16 AM

I don't know but does anyone else here see a quantum difference in intelligence levels between Obama and McCain and in their thoughtfulness? One man has excelled through Harvard and the other, without His Father's enourmous influence and pull, muddled C's and lackluster performance throughout his background. Who can make more wise decisions. Another thing, doesn't solitary confinement produce lasting psychological problems of a major kind?

Posted by: Hector | Sep 30, 2008 7:59:01 AM

McBush truly is a loser in every sense of the word. Unreal!

Jiff

Posted by: Jumpy Jpnes | Sep 30, 2008 7:35:39 AM

If McCain knew how to fly a plane we could not even been having this conversation.

Keating 5 would have done him away if he wasn't a "hero"


Posted by: Omentum | Sep 30, 2008 6:00:08 AM

Obama is a elitist

Posted by: Micael | Sep 30, 2008 5:30:58 AM

I remember 4 years ago Democrats ran on the promise of change. Did they do anything other than destroy our economy to win an election

Posted by: gee | Sep 30, 2008 4:37:07 AM

Lets start a race war against FOX NEWS since they are the only MAJOR news service to cast a critical eye on Obama to expose him for the fraud he really is

Posted by: D. Townes | Sep 30, 2008 4:23:32 AM

If Obama wins, it means hiring an arsonist to fight a fire. Since it was people like him whose racist agitation on behalf of non-credit-worthy borrowers would lead to the disaster we are in now then p;ay the BLAME GAME NOW

Posted by: deon won | Sep 30, 2008 4:21:04 AM

I am writing this message to inform people of the injustice being perpretrated by Fox News against Barack Obama. For the past two weeks there has been nothing but negative reporting against senator Obama by the Fox News network, which is unfair to listeners and the candidate. This networks seemingly biased opinions are not of interest to us viewers. My concern is that negative reporting like this will influence voters that are undecided of which candidate best express their wishes. I depend on these news stations for fair, accurate and just reporting regardless of the outcome whether it be a debate or any other current event and if that cant be accomplished I feel that it is grounds for that station (Fox News network) to be boycotted until they learn and understand that those types of injustices will not be tolerated. If anyone else can relate to the unfair reporting of Fox News I suggest that you join us in a boycott of this news station. PASS THIS MESSAGE ALONG.

Posted by: D. Townes | Sep 30, 2008 3:28:42 AM

Didn't he say:

"Now is not the time to FIX the blame..."

not

"affix"?

He might have meant something else than you would assume had he said, "affix"

Posted by: eric | Sep 30, 2008 3:21:34 AM

"Anyways, Pelosi attacked Bush's failed economic policies. She could have blamed the Republican controlled 107th, 108th and 109th Congresses ..."

Right, and she could have blamed "everyone should have a home" policies. She could have blamed approval of the mixing of banking/investment companies. She could have blamed congressmembers who protected Fannie/Freddie. She could have blamed all congressmembers for not listening to analysts who - in the past 2 yrs - were warning of imminent problems in financial markets.

And yet she didn't. She cherry-picked the partisan points.


Show me where Republicans are pointing to any of the above en masse as contributing factors?

Posted by: rep | Sep 30, 2008 2:47:44 AM

jenny:

you seem to have a certain specific action on your mind

Posted by: Rex | Sep 30, 2008 2:44:42 AM

Jenny: I'm really tired and I have to work tomorrow, but right now I'm laughing my rear end off. I hope your posts get left on. Please don't delete her posts.

Posted by: RL in Illinois | Sep 30, 2008 2:43:15 AM

The Real American Bob:

how very republican, a few quotes completely out of context to justify nonsense.... well done


Posted by: Rex | Sep 30, 2008 2:42:03 AM

So in other words, because a little woman said a few harsh words about them, they screwed the bill and their leader, Dubya, to spite her?

If they can't get along with woman, why'd they hook up with Palin?

Posted by: Markus Simms | Sep 30, 2008 2:40:05 AM

Jenny Did McCain vote for the G.I. Bill?
No Apart from saying fire Rumsfeld[just as he said fire Chris Cox SEC Chairman]while Obama was the first to raise the body armor issue Walter reed medical centre again Obama took the lead where for instance a soldiers who had lost a limb in the protecting this country was asked to pay for services as well for prosthetics lastly McCain's great experience can lead to our soldiers getting killed along the border with Pakistan his adopted daughter history his wife's work in Kosovo Bosnia Bangladesh Republicans love blaming someone else but they cant get the job done.

Posted by: joaquim | Sep 30, 2008 2:36:11 AM

Those of you who are voting for Obama will be the same ones voting against him in 2012. Just like the idiots who voted for Bush. Yep some of you are Obama supporters. I thought so.

Obama - The DNC version of George Bush.

Posted by: Jenny | Sep 30, 2008 2:26:37 AM

I'd think McCain is referring to the dems (most recently Pelosi in the well) trying to put all the blame for the current crisis (not the vote) in the laps of the Republicans.

Dems up and down the party line - including Obama - have been spending a lot of time talking about how the current crisis is the result of failed Republican policies. Watch/read and speech/discussion about the crisis and the proposed bill. Surprisingly, Rep party leaders have spent little press time talking about CRA, Clinton's support for the GLB, etc. They've been talking about how to make the "bailout" program better.

Yes, reps favor fewer regulations on business. But, it was reps who tried to strengthen oversight of FM/FM. Yes, reps can sometimes favor Wall St over Main St -- but today's outroar shows why -- protect the financial market, and to a large extent you do protect Main St. No, there was no push among Reps for greater regulation as mortgage/credit issues surfaces --- but were there any leading Democrats talking about imposing balance requirements, limiting CDO or CDS packages, etc?

Posted by: rep | Sep 30, 2008 2:24:16 AM

From Dreams of My Father: 'I never emulate white men and brown men whose fates didn't speak to my own. It was into my father's image, the black man, son of Africa , that I'd packed all the attributes I sought in myself , the attributes of Martin and Malcolm, DuBois and Mandela.'

God forbid someone emulates Mandela.

Posted by: MM | Sep 30, 2008 2:14:33 AM

From the very beginning, McCain has injected election-year politics in this bail-out. Now he wags his fingers at the Democrats for acting partisan?

Anyways, Pelosi attacked Bush's failed economic policies. She could have blamed the Republican controlled 107th, 108th and 109th Congresses which blindly supported Bush's cut-taxes-and-spend policies against their own instincts, but she didn't. The Republicans should be blaming Bush's policies too, since government has grown even larger under his control. Of course, they would then have to admit that they were wrong in the first place, when they supported him from 2001 to 2007.

Posted by: Paul | Sep 30, 2008 2:14:08 AM

RL in Illinois

Everybody at the meeting confirm the story. Obama participated in the meeting, McCain didn't till the end and when he did the House Republicans blew up. Every credible news organization has reported this.

Posted by: MM | Sep 30, 2008 2:13:02 AM

MM - "When the Republicans propose a better plan then the bailout? maybe I consider it ..."

- add insurance element rather than buyout
- change mark-to-market
- keep the bankruptcy rules as is without allowing writedown on the primary/1st mortgage

all recommended by the Republicans.

Posted by: LG | Sep 30, 2008 2:11:40 AM

Jenny

Nuclear Proliferation, Obama-Lugar, Ethics Reform, Death Penalty Reform, Education Reform, Health Care, Project Vote, Creating the largest political campaign in history of the U.S.

Posted by: MM | Sep 30, 2008 2:11:24 AM

MM 1:23:28 and you were there? Wasn't it really because Obama just "took over" and nobody could get a word in edgewise and in the end HE blew up because he didn't get his way? It would be real tough sitting there listening to a gas bag who doesn't know what he's talking about. Darned polite, I'd say.

Posted by: RL in Illinois | Sep 30, 2008 2:10:53 AM

MM, McCain has proven that he serves his country by his years of public service which is a lot more than the 141 days that Obama served in office. The respect that McCain is given around the world is not because of a teleprompter speech designed to appeal to American critics abroad but because of decades of clearly demonstrated character and statesmanship.

What respect? He sat on his but in congress for 26 years. Doing absolutely positively nothing.

Posted by: MM | Sep 30, 2008 2:05:22 AM

Amen Jenny

Posted by: The Real American Bob | Sep 30, 2008 2:04:06 AM

MM, McCain has proven that he serves his country by his years of public service which is a lot more than the 141 days that Obama served in office. The respect that McCain is given around the world is not because of a teleprompter speech designed to appeal to American critics abroad but because of decades of clearly demonstrated character and statesmanship.

Posted by: Jenny | Sep 30, 2008 2:02:31 AM

When the Republicans propose a better plan then the bailout? maybe I consider it but now they just don't want to pay the POLITCAL PRICE for deregulation which is passing a bailout. "Which they are all oppose to."

Posted by: MM | Sep 30, 2008 2:01:41 AM

dump


McCain wants to double down on George Bush's failed idea's....

Obama is no george bush get a clue!

Obama will be the next POTUS!

get real Republicans messed the economy up and Dems will fix it under Obama!

Posted by: Alex Independent. | Sep 30, 2008 2:00:31 AM

What exactly, did Obama say? I dont recall him saying anything derogatory about McCain or anyone else during this time.
I am damn glad they didnt vote for this bill. It was terrible. Yes we can wait until a fair bill and not a blank check is given to Paulsen. I do wonder why there are not discussions of using some of the tools used during the great depression, such as the trade tax. Get the market to pay for itself, while slowing trading.
Anyway the last thing we need is more credit. I read several of you complaining about how we wont get credit...screw that. I am a responsible adult with children. I dont buy new cars unless I pay cash, I dont run up debt and I save for things. Offering credit inflates prices and moves things out of my reach for longer periods. I know some of you will say that inventories need to be bought on credit, but we can work that out with smaller banks and small businesses. This current situation has to end, and if markets are going to lose value because they were over valued then so be it. Dont try and write them a check to maintain status quo, rather develop plans to ease it down with as little damage as possible.

Posted by: jay | Sep 30, 2008 1:59:41 AM

CLAbs - "It's not a popular bill, but there are no alternatives at the moment."

There are alternatives, but no fruitful discussion about them -- have you looked at any of the economist reports about why Paulson's plan isn't sustainable? Have you considered the number of Reps/Dems who didn't want to pass the bill but were being railroaded toward a vote so the House could adjourn before the Jewish holidays? This vote was driven too fast, with too much unanswered, and too little support among the voters and the Congress.

Posted by: enb | Sep 30, 2008 1:59:21 AM

Bailout vote out was the most amazing I think I saw in my life mike pence indiana republican voting with dennis kucinich. For days I have been hearing republicans talking about obama's shady relationships with Ayers but why dont they tell us about McCain's daughter who is a bangladeshi muslim Bridget McCain John McCain's answer about Pakistan was appeasement, my brother has served in the 101st airborne in Afghanistan few years back and he was really pissed with a guy who calls himself war veteran rite now our soldiers are like sitting ducks on that border where those militants attack our soldiers and go back to there hideout across the border Obama's rite McCain's too old to get it. McCain should've voted for the G.I bill which he didnt Obama did.Obama also was the first to guy in senate to raise the issue of body armor for sufficient protection for the troops he also was instrumental in fixing the walter reed medical centre which was ripping veterans off including those who had suffered some sort of disability.

Posted by: Joaquim | Sep 30, 2008 1:57:32 AM

"By grotesque mischance, $700bn – the cost of George Bush’s Wall Street rescue cash – is about the same figure as the same President has squandered on his preposterous war in Iraq,.."

the ultimate

Posted by: Rex | Sep 30, 2008 1:57:29 AM

"McCain has proven over and over he serves this country and loves this country."

Prove it without mentioning POW.

Posted by: MM | Sep 30, 2008 1:55:59 AM

It's amazing seeing all the Obama support on this blog. People are really lost sticking to their clueless partisan beliefs and backing a candidate that is more clueless than George Bush himself. The DNC is making the same mistake the Republicans made in 2000. Just like Bush, Obama is not to be trusted at all. Putting Obama in office would be the same as electing Chicago's Mayor Daley as Pres., or if you don't relate to that, stick an Al Capone in there.. Obama and his misguided wife are out for #1, not the American People. At least McCain has proven over and over he serves this country and loves this country. He is the best choice.

Posted by: dumpthehokeysh*t | Sep 30, 2008 1:54:47 AM

MB in CA 1:06:41-That made me smile. Yes, seriously...SDS November reunion...same philosophy...actually they are great friends...Chicago will elect him, not southern Illinois...won't carry Missouri where all my relatives live-big family...been here 20 years. Seriously, he has no clue, but I'm sure all of his old "friends" from Chicago are just waiting to help him out with the economy(Ayers)...housing(Rezko)...foreign affairs(Auchi-just to name one).

Posted by: RL in Illinois | Sep 30, 2008 1:53:50 AM

When Gov Palin was asked about a potential depression, she suggested Prosac.

Posted by: Economic Solution - Palin Style | Sep 30, 2008 1:53:25 AM

When Gov Palin was asked about a potential depression, she suggested Prosac.

Posted by: Economic Solution - Palin Style | Sep 30, 2008 1:51:00 AM

The Real American Bob

Your a disgrace to humanity !

SICKO!

Posted by: Alex Independent. | Sep 30, 2008 1:50:01 AM

There are no racist. Only those who notice race.

Posted by: Jenny | Sep 30, 2008 1:48:40 AM

The real american bob

That website is racist, and your disgusting.

Posted by: MM | Sep 30, 2008 1:46:10 AM

Brenda: What in the world are you talking about? He voted for what in 2006? To prosecute all the members of the Keating 5? Against Phil Gramm's deregulation bill (no, he voted for that). Against Phil Gramm's credit default swap bill, which took down Lehman Brothers, Merrill Lynch, and Morgan Stanley and the market along with them (no, he voted for that). Against the war in Iraq, which has cost trillions and put us into hock against china? (no, he voted for that - he did vote for torture and against the GI bill though). McCain himself has said that he is against regulation. several times.

Posted by: mara | Sep 30, 2008 1:44:50 AM

CLabs

We are already in a recession. The bailout is to stop us from going into a depression.

Posted by: MM | Sep 30, 2008 1:43:57 AM

You know it is really sad. I have never seen so much pure HATE in my life.

You know what is really funny though? You have all the loud mouth, egotistical, hot headed, in bed with Obama people everywhere being what they truly are... Loud and pure Evil.

You know what is Great about being Conservative? I have better things to do with my life... like spend time with family... enjoy life to it's fullest... not hate every single Obama loving freak there is. Sure... I shreak every time I see a little bumper sticker saying Obama on it with his very weird VP Biden... but then I just shake it off and think to myself that maybe that person just didn't have a good childhood... and I just feel bad for them.

You know what else is great? And this is the point. You guys might think you are winning... but guess what? Us conservative people are doing just that. Being Conservative. We are sitting back laughing at all you goons with nothing better to do but be LOUD and blame everything else on other people. It's ridiculous. The fact of the matter is... in November when it is time to vote... all us hard working... relaxed... conservatives will finally get loud and you won't have a chance.

Sorry Hippies!

PEACE and LOVE

Go Hug a Tree ;o)

Oh and by the way... Don't you love killing babies... promoting gays... ruining our country with your cracked out views?

Oh also... did ANY of you fight for this country or are you just like your fearless half white/40% arab/10% black leader Obama and held little community deals in Chicago? Great work Obama!

Can you imagine that?

PRESIDENT OBAMA! What?!?! Are we in freakin Kenya or Pakistan now?

OPEN YOUR EYES PEOPLE

McCain/Palin 08'

Posted by: The Real American Bob | Sep 30, 2008 1:43:56 AM

You know it is really sad. I have never seen so much pure HATE in my life.

You know what is really funny though? You have all the loud mouth, egotistical, hot headed, in bed with Obama people everywhere being what they truly are... Loud and pure Evil.

You know what is Great about being Conservative? I have better things to do with my life... like spend time with family... enjoy life to it's fullest... not hate every single Obama loving freak there is. Sure... I shreak every time I see a little bumper sticker saying Obama on it with his very weird VP Biden... but then I just shake it off and think to myself that maybe that person just didn't have a good childhood... and I just feel bad for them.

You know what else is great? And this is the point. You guys might think you are winning... but guess what? Us conservative people are doing just that. Being Conservative. We are sitting back laughing at all you goons with nothing better to do but be LOUD and blame everything else on other people. It's ridiculous. The fact of the matter is... in November when it is time to vote... all us hard working... relaxed... conservatives will finally get loud and you won't have a chance.

Sorry Hippies!

PEACE and LOVE

Go Hug a Tree ;o)

Oh and by the way... Don't you love killing babies... promoting gays... ruining our country with your cracked out views?

Oh also... did ANY of you fight for this country or are you just like your fearless half white/40% arab/10% black leader Obama and held little community deals in Chicago? Great work Obama!

Can you imagine that?

PRESIDENT OBAMA! What?!?! Are we in freakin Kenya or Pakistan now?

OPEN YOUR EYES PEOPLE

McCain/Palin 08'

Posted by: The Real American Bob | Sep 30, 2008 1:43:26 AM

Tom,
If we don't pass the bailout the whole world be in a deep recession, that's for sure!
At this moment the European governments are bailing out their banks.

We are in a gigantic mess and some though measures must be taken. It's not a popular bill, but there are no alternatives at the moment. Doing nothing is a real scary scenario.

The whole economy will be collapsing, the recession of 1992 and 2002 is child's play compared to this crisis.

Posted by: CLabs | Sep 30, 2008 1:42:25 AM

Tom,
If we don't pass the bailout the whole world be in a deep recession, that's for sure!
At this moment the European governments are bailing out their banks.

We are in a gigantic mess and some though measures must be taken. It's not a popular bill, but there are no alternatives at the moment. Doing nothing is a real scary scenario.

The whole economy will be collapsing, the recession of 1992 and 2002 is child's play compared to this crisis.

Posted by: CLabs | Sep 30, 2008 1:41:53 AM

Tom,
If we don't pass the bailout the whole world be in a deep recession, that's for sure!
At this moment the European governments are bailing out their banks.

We are in a gigantic mess and some though measures must be taken. It's not a popular bill, but there are no alternatives at the moment. Doing nothing is a real scary scenario.

The whole economy will be collapsing, the recession of 1992 and 2002 is child's play compared to this crisis.

Posted by: CLabs | Sep 30, 2008 1:39:05 AM

Tom,
If we don't pass the bailout the whole world be in a deep recession, that's for sure!
At this moment the European governments are bailing out their banks.

We are in a gigantic mess and some though measures must be taken. It's not a popular bill, but there are no alternatives at the moment. Doing nothing is a real scary scenario.

The whole economy will be collapsing, the recession of 1992 and 2002 is child's play compared to this crisis.

Posted by: CLabs | Sep 30, 2008 1:39:01 AM

Bill Kristol: McCain Appears Headed For Defeat

Posted by: Alex Independent. | Sep 30, 2008 1:38:27 AM

RL in Illinois

the mortgage part of the crisis is the least of the problem,and it's not as simple as folks 'living beyond their means'... those are assets whose value will have be sorted, determined and then they may be disposed of in a similar way the Resolution Trust Co. did with the Savings & Loans properties and banks during the late 1980's...

the credit problem and all the various strange financial instruments are the real problem and are the most serious....

the credit problem if not addressed soon, could bring the economy into a severe recession...... the strange financial stuff, like 'credit swaps' has a greater financial liability than the mortgage and bailouts combined.

There is probably a lot more that we don't know about.

Posted by: Rex | Sep 30, 2008 1:36:28 AM

Amy - Your comment defies reality. There is a diect quote in the article. In one passage, he attacked Obama and then in the same breath said that no one should play the blame game. It's in the article - and if you don't like that one, read AP.

What I would like to know is not what McCain is saying - but what he is actually doing. Do you think he'll be hurt by this the way the vast majority of Americans will be? Guess again. His very, very close friend Phil Gramm, and top economic advisor, now is a financial advisor for the very, very rich. Do you think the McCains took a hit when the market lost a trillion? Do you think they'll take another hit tomorrow? Or Wednesday? Or do you think their friend Phil has their funds wrapped up safe and tight - far away from Wall Street? If John McCain still has a straight talk express - he'll be willing to tell us. But that was many, many years ago.

Posted by: mara | Sep 30, 2008 1:34:40 AM

I'm a Democrat, and I applaud the Republicans who led the opposition to Bush's bailout bill, and the Democrats who joined them. Bush simply has no credibility, and unless some smart person sits down and explains exactly what'll happen if we don't pass the bailout now, and why, I think Congress should take the time to properly consider the matter. This seemed like another of Bush's attempts to use fear to grab more power and money with no oversight. I'm relived someone finally stood up to this fearmongering, though I never thought it would be the GOP. And as for McCain, how pathetic is it to 'suspend' his campaign and try to postpone the debate in order to go back to DC to get the baoilout passed, then have it rebuffed by his own party? McCain seems all over the place.

Posted by: Tom | Sep 30, 2008 1:28:49 AM

I could explain this position, but it seems obvious: anyone who would vote for McCain at this point is a jackass. It just doesn't get any more surreal.

Posted by: pretzelcuatl | Sep 30, 2008 1:26:15 AM

the irony of the story, if anyone remembers this, is that McCain claimed to swoop in and save the day, to show of fhis leadership. Then he took credit. Then it failed. Regardless of what side you're on, he looks foolish. Barack stayed out of any grandstanding and gave McCain just enough rope to hang himself.

Posted by: sed | Sep 30, 2008 1:25:20 AM

RL in Illinois

The meeting fell apart because of McCain. Everybody knew this. McCain sat silently in the meeting till the end when he decided to propose plan offered by house Republicans who oppose the bailout. McCain single handedly blew up the meeting.

Posted by: MM | Sep 30, 2008 1:23:28 AM

Bob4USA: I guess you didn't notice how nasty Nancy Pelosi got today trying to get the bill passed-or her friend Barney when it didn't pass. Maybe she has a get away house in a foreign country too? God love em. You don't think this all has SOMETHING to do with the fact that people bought houses that they in no way could afford?

Posted by: RL in Illinois | Sep 30, 2008 1:21:54 AM

Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi,
*****************************************************************************
The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.
*****************************************************************************
The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options. In between they’re taking a break because of the Jewish holiday (you must be joking)!
*********************************************************************

Posted by: foreclosure | Sep 30, 2008 1:18:30 AM

prominent GOP strategist said on Monday that John McCain handled his role in the bailout process poorly and would ultimately be hurt politically by the failure of the House of Representatives to pass the measure.

"To a certain extent, I think John gets hurt by this," said Ed Rollins, a CNN contributor who worked on former Gov. Mike Huckabee's primary campaign earlier this cycle. "He obviously, at the end of the day, said he was for it. But more important than that, he said he was the one who would bring them to the table and to a certain extent he will be viewed now as not being able to do that."

Posted by: Alex Independent. | Sep 30, 2008 1:16:07 AM

Our House of Representatives listened to over 200 of America’s top economists and smart people of this country. They did what was right not what was fast and convenient and prosperous to the very rich. The fact that the House of Representatives rejected the bail out is awesome! Here is why. The bill was a just a band-aid that still benefitted the very rich and not the people. It was not a solution to the cause of the problem. This bill would only have postponed the inevitable to just after the next President is sworn in on Jan. 29, 2009. There are real solutions to the cause of the problems of the credit crises not even considered in this terrible fast paced 700 Billion dollar extortion bail out bill for the extremely rich people of this country and around the world.

In January 2009 the 7 trillion dollars in bad mortgage loans that the banks have reported will still be unpaid. Who knows how many trillion dollars of bad mortgage debt have not been reported by the banks. 700 billion dollars won’t even come close to paying for all of this debt. Financial melt down is inevitable. Let it happen now so true recovery can begin. Bush and his Cronies did their best to ram this 700 billion dollar pay off to the rich for making this mess down our throats.

Here is some interesting info. Bush and Chaney have recently purchased homes in foreign counties to for a speedy get away to live in after their terms are over in Jan. 2009. They didn’t want this economy to blow up on them while they were still in office. They didn’t want the blame for their very real immoral, unethical and most likely illegal actions. Yeah they got both.

One last fleecing of the American people was halted by our smart members of the House of Representatives who listened to the people and over 200 of America’s top economists. We can truly thank them for listening to us.

It’s time for millions of people to march on Washington DC peacefully in protest. The puppets of congress of the extremely rich are going attempt to pass this fraudulent bill again. “The only thing to fear is fear itself.” (President Franklin D. Roosevelt Democrat) Make the members of the House of Representatives and the members of the Senate know they were hired by all of us who voted for them not just a few very rich people. Make them know we are their bosses not a few rich families. We the People: Demand REAL SOLUTIONS FOR ALL PEOPLE not for just a very few extremely rich people!

Posted by: Bob4USA | Sep 30, 2008 1:11:07 AM

To the people going nuts over a $700 billion buyout.(Which is starting at $250 billion initially)

I suppose you didn't notice that 1 TRILLION was lost TODAY because the buy out wasn't passed.

As for seniors, who's retirement income is based on the stock market - I hope they realize who prevented the bill from pasing. This should play well in Florida.

The same people don't care about the 1 trillion we are spending in Iraq for a war that has accomplished nothing. $500 BILLION in debt to China because of that same war.

Why don't you get off your flag waving psuedo patriotic BS and realize if lending dries up, our economy is in recession. If nothing is done, it may be a depression.

Posted by: Milton Freedman | Sep 30, 2008 1:09:46 AM

"t. Financial melt down is inevitable. Let it happen now so true recovery can begin. Bush and his Cronies did their best to ram this 700 billion dollar pay off to the rich for making this mess down our throats. "


Bob4USA, the super rich will not be suffering. It's us, the people, who will be suffering. The economy in shambles, mass unemployment, dollar losing it's value.
The super rich still got their 7 houses and 12 cars, they still got their wealth in dollars, yens, stocks, obligations and gold.

Posted by: CLabs | Sep 30, 2008 1:08:52 AM

RL in Illinois. Seriously? Bill Ayers? He went to his house once? Doesn't ring a bell? Has nothing to do with the economy whatsoever? Nothin'?

How about McCain's connection with Charles Keating, jr.? Charles Keating, jr. who's actions are actually germane to the economy? That one? Those connections? Nothin'?

Hm. I'm glad you'll be outvoted in November, if you're actually from Illinois.

Posted by: MB in CA | Sep 30, 2008 1:06:41 AM

The 7 Trillion Dollars came from one of the Senators who was giving a speech in the Senate on Saturday. Thank you Shawn for the info.

Posted by: Bob4USA | Sep 30, 2008 1:06:33 AM

Rex,

Very true there are trillions more dollars in those investments that the 700 billion will just add to the national debt.

Posted by: Bob4USA | Sep 30, 2008 1:02:01 AM

McCain camp bars NYT's reporter Maureen Dowd She been Banned from the mccain camps plane and asking mccain questions!

The company may have been more pleasant than that of McCain aides, who have barred Dowd from the candidate's plane.

If the Obama campaign banned a FoxNews Reporter from the plane, I'm sure it would be the greatest crime against the first amendment ever committed. MoDo banned -- one sentence, no explanation.

Posted by: Alex Independent. | Sep 30, 2008 1:01:26 AM

Obama has no clue. Didn't last week's meeting fall apart because of him? What's YOUR answer Barack? Let's all come together? Is that the best you can do? His friend Bill Ayes had some thoughts on capitalism at the SDS reunion last November. It's interesting because when he speaks, you can actually "hear" the connection between them. Maybe someone should interview Ayers. Until then Obama can just keep blaming everyone else which begs the question-if he doesn't know the real reason all this happened, how can he possibly know how to "fix" it?

Posted by: RL in Illinois | Sep 30, 2008 12:59:48 AM

What a hypocrite McBlame is. "It's all Obama's fault" and "Let's not fix the blame, let's fix the problem." How can he say both of those things at the same time, and think anyone would want him to be a role model for our kids as President? What a jerk.

Posted by: Ken | Sep 30, 2008 12:58:10 AM