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Nevermind

October 13, 2008 9:03 AM

On Saturday, advisers to Sen. John McCain, R-Ariz., told the Politico's Mike Allen and Jonathan Martin that McCain was "considering additional economic measures aimed directly at the middle class that are likely to be rolled out this week...Among the measures being considered are tax cuts – perhaps temporary – for capital gains and dividends, the officials said.

"'The market's the focus,' a McCain adviser said. 'You want to stop the fleeing.'...Officials could not say what the package might include because more than 30 ideas have been put in front of McCain during the current crisis, and they said he has to choose what to unveil and when. 'That's up to McCain,' one official said. Among the ideas that have been considered are a bigger tax deduction for middle class mortgages, and more a more robust loan program for small businesses. But officials said the front-burner ideas all dealt specifically with markets."

"Better late than never," wrote the National Review's Rich Lowry.

On Sunday morning, a close McCain ally, Sen. Lindsey Graham, R-SC, confirmed that McCain was considering some new proposals on CBS's Face the Nation.

"We're going to talk this afternoon," Graham said, "but I think it goes along the lines that now is the time to lower tax rates for investors--capital gains tax, dividend tax rates--to make sure that we can get the economy jump-started. The worst thing we could do now, Bob, is to increase federal spending and to increase taxes on small business, like Senator Obama would propose, or mandate from the federal government health care requirements on individuals and business with fines if you don't comply. So it will be a very comprehensive approach to jumpstart the economy by allowing capital to be formed easier in America by lowering taxes."

Late Sunday, McCain decided no new economic proposals would be forthcoming after all.

"The signs of internal confusion came as the campaign was under pressure from state party leaders to sharpen his message on the economy and at least blunt the advantage that Democrats traditionally have on the issue in hard times," reported Jackie Calmes of the New York Times.

Meanwhile, Sen. Barack Obama, D-Ill., has decided he will give a speech today in Toledo, Ohio, in which he will, according to his campaign, lay out an "economic rescue plan for the middle class."

-- jpt

October 13, 2008 | Permalink | Share | User Comments (120)

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Jane Sixpack, sorry but you are absolutely wrong. The free market works just fine when left alone. It was government interference by forcing the banks and mortgage companies to lower their lending practices and making extremely risky loans as well as pushing the flexible subprime mortgage rates that caused this crisis. When the housing market tried to correct itself the risky loans broke the banks. The housing market would be well on its way out of the downturn had it not been for the tightening up of capital. There are plenty of buyers wanting to buy homes, but many can't because loans are not available.

Posted by: James Danley | Oct 13, 2008 5:50:33 PM

Free Market Fundamentalism, Like Communism, is a false ideology. The recent financial crisis has established the dangers of free market fundamentalism of the sort worshipped by McCain and his friends. To McCain's credit, he has realized that in order to avoid a crisis that would make the Great Depression look like a walk in tha park, the Government needs to rescue the homeowners and save the market from collapsing. Although I have many problems with McCane, this is one thing he is right about (and sure enough, the free market fundamentalists are up in arms!)

Posted by: Jane Sixpack | Oct 13, 2008 5:32:26 PM

Why is McCain talking about giving people what basically amounts to mortgage welfare. People need to learn to live within their means. I always thought it was Democrats who were in favor of welfare. This is insane why don't we just give people money to pay off their credit cards to and how about car loans. The government should also just pay off every student loan while they are at it. And the idea that anyone is going to raise your income taxes is just ludacris there is no law that says that any individual has to pay federal income taxes. I am happy to pay my taxes but if they are being used to pay for someones mortgage I will stop paying faderal income taxes and there is nothing that John McCain or Barack Obama can do about it. Taxes should be used to help people who don't have the means to help themselves. I'm not talking about welfare I'm talking about people with physical or mental disabilities that are unable to work. Not crack addicts and people that are just plain lazy. My taxes should be used to help veterans and children get medical care. To pay our military a decent wage to protect our soldiers when they are in a hostile region (which by the way both candidates voted against). To fix roads and bridges, what happened with the bridge in minnesota should never happen again. So please McCain don't roll out another welfare program when you come out with your next plan. If someone bought a house that they cannot afford then they should either find a way to make their payments of the bank should forclose. This is the only way that people will learn. There is an old saying that "we learn by our mistakes" and that is what these people must do. And I know someone is going to say but some of these people lost their jobs. That is not my fault so I should not have to pay for it. When you make a purchase on credit you have to think what happens if I lose my job. Like I said if our government passes any kind of mortgage welfare bill I will stop paying federal income taxes and urge many of you to do the same. There is no law that says any individual has to pay federal income taxes.

Posted by: Josh | Oct 13, 2008 5:06:42 PM

"and in the U.S. Senate – where he is identified as the most liberal Senator "

I love right wingers repeat this.

Could you tell me on what basis is Obama the most liberal Senator?

(I know the answer, I want to see if the lemmings do as well)

Posted by: Ryan C | Oct 13, 2008 3:15:46 PM

Today McCain repeatedly claimed he had a plan for many of the problems facing this country.

However he decided not to share any details beyond stating "I have a plan"

Posted by: Ryan C | Oct 13, 2008 2:57:57 PM

indy - your quote: "Charles Krauthammer has not been objective in his writings. He consistently takes hardcore conservative positions on everything and therefore has an agenda just like William Kristol."

That's just not true. i.e. this from wiki:

Krauthammer is generally considered a conservative.However, on domestic issues, Krauthammer is a supporter of legalized abortion;an opponent of the death penalty; an intelligent design critic and an advocate for the scientific consensus on evolution, calling the religion-science controversy a "false conflict; a supporter of embryonic stem cell research (involving embryos discarded by fertility clinics) and a longtime advocate of radically higher energy taxes to induce conservation.Meg Greenfield, editorial page editor for The Washington Post who edited Krauthammer's columns for 15 years, called his weekly column "independent and hard to peg politically. It's a very tough column. There's no 'trendy' in it."

I'd hardly call him hard core conservative. You just think that if one questions Obama they're hard core conservative, racist, whatever. It's just people THINKING vs. taking a man at his word. Actions and words are two very different things. Didn't your mother ever teach you that??

Posted by: msa123 | Oct 13, 2008 1:37:20 PM

"Obama is farther to the left than any other member of his party, including Teddy Kennedy."
-----
Actually, even Hillary Clinton is "farther to the left" than Obama, which shows what a crock of corporate bs the formerly-Democratic Party has become.

Posted by: Belle Starr | Oct 13, 2008 1:35:46 PM

Obama is farther to the left than any other member of his party, including Teddy Kennedy. BUT, Obama has an answer for everybody, and a nice smile. People thinks it's progressive and cultural to vote for the 'change' he represents. Since when did people in this country want a socialized country?? Since Obama said it will put more money in people's pockets? Since when has "spreading the wealth around" i.e. welfare worked in the past? Is that why so many still live in projects that should have been condemned years ago? Oh, but Obama's plan will WORK, right? Prove that it will. Show a time in history when socialism worked. Any country will do. I agree there is no perfect world or perfect solution... capitalism with no regulation whatsoever has proven it doesn't work. But the answer is not pure socialism... and everyone knows... that is just what Obama's agenda is.

Posted by: msa123 | Oct 13, 2008 1:31:43 PM

I meant to say...Charles Krauthammer has NEVER been objective in his writings.

Posted by: indy_voter | Oct 13, 2008 1:26:48 PM

Charles Krauthammer is a syndicated columnist based in Washington.

========================================

Charles Krauthammer has been objective in his writings. He consistently takes hardcore conservative positions on everything and therefore has an agenda just like William Kristol.

Posted by: indy_voter | Oct 13, 2008 1:25:48 PM

Lowering capital gains tax?

1. Why would that help the middle class?

2. Who is making a profit in the stock market right now? (you don't pay capital gains for losses obviously)

Posted by: johnTX | Oct 13, 2008 1:24:51 PM

No one in the media has even thought to ask Obama how he's going to give a tax break to the 40% of Americans who don't pay taxes now.

It's called WELFARE.

It's called ANOTHER ENTITLEMENT.

If enacted it will grow like a cancer until it destroys the country.

We are soon to reach a point at which those who produce are completely at the mercy of those who do not produce- they will outnumber and outvote us soon.

We will be the new slaves.

And bless his heart, Barack could care less.

Posted by: drjohn | Oct 13, 2008 1:15:18 PM

"Obama has passed the Ayers/Rezko test. He's their front man because he knows how to work the crowd."
-----
Nooo, The CHANGEling's the front man for the corporados and the mob because they can use his birthday suit -- and those "racism" charges -- to 1. deflect ordinary treatment from the guilty white liberals of the corporate media, and 2. to keep "black" votes in an incurious bloc.

Posted by: Belle Starr | Oct 13, 2008 12:57:30 PM

Obama has passed the Ayers/Rezko test. He's their front man because he knows how to work the crowd. And they made a very wise choice. All you have to do is to connect the dots. Remember those games from childhood? Did Obama grow up in Chicago? No. Why Chicago? Once there, why so many ties to radicals? So many. Too many. Why ACORN? Why Rev. Wright? Please show me what he has done for America outside of his socialist style agenda.

Posted by: msa123 | Oct 13, 2008 12:44:40 PM

Contrast this incoherent thrashing about with the steady, if dull, focus of the Obama campaign, and you'll have your best evidence of the sort of governance you'd likely see in a McCain/Palin vs. an Obama/Biden administration.

Posted by: Pacific moderate | Oct 13, 2008 12:41:58 PM

A review of Obama’s voting record in Illinois and in the U.S. Senate – where he is identified as the most liberal Senator - is evidence of his continuing support of the socialist goals he trained his ACORN followers to pursue.

The “change” he so desperately seeks is to change America from a nation that thrives on capitalism, free-markets, private property, and individual freedom, to a socialist nation in which government sets wages, provides housing, manages markets, and dictates to every individual what may, and may not, be done.

"The old phrase, "a man of high ideals but no principles," is one that applies all too painfully to Barack Obama today. His words expressing lofty ideals may appeal to the gullible but his long history of having no principles makes him a danger of the first magnitude in the White House. "
~Thomas Sowell

Posted by: CrystalD | Oct 13, 2008 12:25:30 PM

Belle Starr,

I wonder if you enjoy being snippy all the time. Even I as much as I don't like what McCain and Palin, wouldn't enjoy spending all my time making snarky remarks.

Mobs? Have you actually heard any of Obama and Biden's speeches? I listened to both candidates convention speeches, their stump speeches to make a comparison.

What mob? Obama and Biden actually appear relaxed backstage and real, warm and friendly. They don't seem like people who pal around with terrorists. McCain and Palin? They're negative. Attacking, attacking, attacking.

MaverickReformMaverickMaverick.

Please let's look at THEIR records too.

Troopergate, Bridge to Nowhere, Earmarks of over a hundred dollars per Alaskan, voting against GI Bill, supporting deregulation, cheerleading Bush in Iraq.

WHAT MAVERICK?

Posted by: Grey Matter | Oct 13, 2008 12:07:08 PM

The founder of the conservative Blog, RedState, could not bring himself to vote for McCain and wrote in Gov. Bobby Jindal, Governor of Louisiana.

Posted by: Paige | Oct 13, 2008 12:05:47 PM

msa123,

What I'm trying to say, facts are, the Democratic base is much more enthusiastic about their candidates by almost twenty points in comparison to the Republican ticket- and that was after bringing in Palin. There's a serious problem if your base seems to like your VP nominee more than you too- conservatives had been pretty lukewarm towards McCain.

And enthusiasm matters. Some of the conservatives on Free Republic were grumbling about how McCain was embracing socialism ( his whole havethe govt buy up mortgages thing) and not truly representing them. Sure, Obama is much more liberal- but he's from the left-wing party. Some said they were going to stay at home or vote for a third party. In contrast, Obama-Biden supporters are very enthusiastic.

It was quite telling that over 26,000 Virginians in a red district waited over an hour in a thunderstorm to hear Obama and Biden speak in the rain, getting soaked along with the audience.

Posted by: Grey Matter | Oct 13, 2008 12:03:28 PM

"If you're looking for mobs ... "
-----
Obama and Biden are "real"?? Hahaha. Real mobsters, maybe.

If you're looking for mobs, you'll get plenty if this soul-free duo is installed.

Posted by: Belle Starr | Oct 13, 2008 12:01:03 PM

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