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Stephanopoulos: McCain Holds Key to Administration's Bailout Passage on Capitol Hill

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September 23, 2008 3:21 PM

ABC News' George Stephanopoulos reports: If Republican presidential candidate Sen. John McCain doesn't vote for the Bush administration's $700 billion economic bailout plan, some Republican and Democratic congressional leaders tell ABC News the plan won't pass.

"If McCain doesn't come out for this, it's over," a Top House Republican tells ABC News.

A Democratic leadership source says that White House Chief of Staff Josh Bolten has been told that
Democratic votes will not be there if McCain votes no -- that there is no deal if McCain doesn't go along.

McCain, taking questions from the traveling media today for the first time in 40 days, said he doesn't yet know how he will vote on the bailout.

But when he was asked by ABC News' Ron Claiborne what he would do if the fate of the bill was in his hands, he said Senate Democrats should not use his vote as the determining factor on the success of the bill.

"This issue should be - and their vote should be determined in how we can resolve this crisis and get America going again," McCain said. "This is a huge crisis. We know, in the words of many  experts and mine, this is the greatest financial crisis since World War II. So to somehow, for the Democrats to say that their vote is going to be gauged on my vote frankly doesn't do them a great deal of credit.

"Their first and only priority should be making sure this economy recovers and get back on our feet again," McCain said.

McCain has expressed concerns about Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke's plan, which would amount to costing the American taxpayer two Iraq wars.

The Republican presidential candidate has suggested the original proposal lacks sufficient oversight, and he has said whatever plan emerges should protect family savings, homes, and student loans, and should eliminate obscene CEO compensation packages.

McCain said this week that any company that receives government aid should not be compensated more than $400,000 -- the highest-paid government employee.

McCain spokesman Tucker Bounds told ABC News' Jake Tapper that McCain has not made a decision one way or another.

"John McCain has been very clear that he has certain reservations about the details of the agreement that has been released at last notice," Bounds said. "There is no final agreement to review, but when there is John McCain will weigh in responsibly and appropriately."

Administration officials went to Capitol Hill Tuesday to urge Congress to pass the bailout package quickly, arguing the nation's economy is teetering on the brink of a major recession.

Some senior Democrats on Capitol Hill have voiced concern that McCain will continue to oppose the Bush administration's plan as a way to position himself as a critic of Wall Street and the Bush Administration.

If McCain doesn't vote for the legislation, other Republicans might follow suit, leaving the Democratic-led majority to fight in Congress to pass the risky bailout plan.

However a Democratic congressional leadership source tells ABC News' Jake Tapper that Paulson went so far as to assure Democratic leaders that McCain "won't be a problem" -- in other words that McCain will vote for the proposal.

September 23, 2008 in McCain, John, Vote 2008: Democrats, Vote 2008: Republicans, Washington | Permalink | User Comments (752)

User Comments


I think Congress needs to stay longer instead of recess and take a good long look at this bill. Better to take a few days or a week longer and get it right.

Posted by: infoseeking | Sep 23, 2008 3:31:28 PM

McPalin is putting politics before the country again.
what a shame

Posted by: watching | Sep 23, 2008 3:31:42 PM

If McCain backs out of this than I there will be no deal.

Thank you Democrats!

Posted by: Sandra | Sep 23, 2008 3:33:51 PM

See McCain is a true maverick

Posted by: Jane | Sep 23, 2008 3:35:08 PM

McCain all for McCain first. this just shows how entrenched in politics and power hungry he is

Posted by: McPalin | Sep 23, 2008 3:36:19 PM

Don't trust the Republicans, Democrats. You've been screwed badly enough. Make sure you hear McCain publicly and unambiguously voice support for the bailout before you all sign on.

Posted by: chris | Sep 23, 2008 3:36:39 PM

Only count Ron Paul's vote!

Posted by: Huh | Sep 23, 2008 3:37:15 PM

jane,

Maverick was a cowboy like Bush.
It Was McCain maverick deregulatiion that caused the whole problem.
after 30 years
This is called election day flip-flop

Posted by: really | Sep 23, 2008 3:39:40 PM

It's funny that the Dems will only follow the Repulican nominee.

Posted by: cardinal | Sep 23, 2008 3:41:10 PM

info...I think you're right. What are we paying these jerks for anyway!!! We are in a BIG problem right now...take their time so they get it right the first time...

Posted by: thetruth | Sep 23, 2008 3:41:31 PM

dont vote yes mccain. its a free mkt. let the deadwood die.

Posted by: ron | Sep 23, 2008 3:42:58 PM

Dear Senator McCain, Please call Ron Paul and ask his opinion.

Posted by: TommyRot | Sep 23, 2008 3:44:07 PM

Sandra...don't blame the Dems it took more than 4 years to make this mess and the Reps had all the power in 2004...now it looks like a Reps is making the choice again...GOD HELP US...he doesn't even know how many cars he owns, let alone how to vote on this...

Posted by: newvoter | Sep 23, 2008 3:44:14 PM

Watch "Comperhensive Annual Financial reports EXPOSED!" You'll learn somethng about this mess.

Posted by: hmn | Sep 23, 2008 3:44:47 PM

What does McCain care about average Americans, he's worth over 100 million dollars. So what if Wall Street and the financial institutions fail, he won't be one of the millions out of work, he's not worried about losing his house (any of the 8), he's not worried about being able to retire (ever), no Ole John cares about himself first, like all REPUBLICANS.

Posted by: JR | Sep 23, 2008 3:44:49 PM

more politics...byte me!

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:46:34 PM

McCain...byte me.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:47:26 PM

John McCain in his deep dark thought---"If I vote no, it could cost me the election. Yet, if I vote yes, it could cost me the election. Man,even standing on both sides of the aisle doesn't leave me room for error. God I wish I had a good VP to back me up on this one. Some one I could put in fornt of a camera,.....on their own"

Posted by: M.Alto | Sep 23, 2008 3:48:00 PM

This is a true testament to the gravitas, earned respect and stature that John McCain has in Congress. I am a lifelong Democrat who will vote for John McCain this fall- my 1st ever vote for a Republican. In these perilous times at home and abroad, we simply cannot afford an arrogant rookie as our President.

Posted by: American Voter | Sep 23, 2008 3:48:00 PM

The old hag looks like a dead man already. Why vote for dead person? Anyway what is Kibosh mean is that English word? The American journalists are so stupid they have no knowledge or intellectual capacity. Looks like all you need is to be dumb patriot. Liberal and Conservatives both suck.

Posted by: Jimma | Sep 23, 2008 3:48:14 PM

Palin...go home to your own country.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:49:05 PM

Does this mean Congress should go ahead and plan for their vacations? McCain is a hypocrite. He can't vote for deregulation and be against this. Deregulation inevitably ends in this. That had to have been in McCain's mind all this time. Has he bought/sold any stock lately? My point is simply for us to follow the money. Works every time.

Posted by: Curly | Sep 23, 2008 3:49:36 PM

Tod Palin is not a patriot.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:49:43 PM

So now the government controls much of our financial sector. Eerily close to socialism, dontcha think?

Posted by: Doug | Sep 23, 2008 3:50:24 PM

No bailout... soup lines are the new dinner date.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:51:04 PM

The bailout is bailing out the rich! Go McCain! Do NOT let this happen!!! I will personally campaign against ANY and EVERY politician that supports this bailout.

It will not be enough. It will fail. And we will be paying for it for years and years to come.

Yes, no bailout means some rough times. But the learning will be much greater for those who got us into this mess if we let them pay for their own mistakes.

Posted by: Michelle | Sep 23, 2008 3:51:43 PM

Oh, and another thing, why should he vote for this? He doesn't care about YOU unless you make over $5 million. Just a thought.

Posted by: Curly | Sep 23, 2008 3:52:02 PM

How come the Democrats are not waiting to see what Obama does before deciding what to do? I guess they have more confidence in McCain then Obama on the tough decisions. What does that tell you???

Posted by: billy bob | Sep 23, 2008 3:52:14 PM


Meanwhile, Obama fiddles as Rome burns!


Posted by: dl | Sep 23, 2008 3:52:21 PM

This shows what a snake McCain is. McCain you're either for this or against this. You've been saying you're a decision maker, make a decision! This is Bush and his secretary's deal, not the democrats. If you lead them holding the bag in partisan politcs then you truly are a snake and I wont vote for you. Last thing we need, a snake for president.

Posted by: McCain is an idiot | Sep 23, 2008 3:52:49 PM

billy bob? huh? u hungry?

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:53:03 PM

I smell a rat, If McCain does not support the Bush plan?

This is a ploy to show that McCain is not 4 more years of Bush.

Posted by: SirMikeB | Sep 23, 2008 3:53:23 PM

Yes, blame the Democrats,... or rather one demoncrat,... Slick Willy,... he's the one that pressured the banks to expand their home loans to include low income family's that didn't qualify under sane mortgage lending rules,... he's the reason they opened up to 40x and higher risk ratios,... that happened back in 1999,... not under Bush. Get a clue. The only politics that were even remotely involved in this matter until the recent "crisis" were the politics of greed on Wall Street and in corporate board rooms aorund the country. You want somebody to blame, look up the hill to the rich banker's manicured lawn. Look at the people who stand to loose their homes,... who shouldn't have been given a loan in the first place, but greedily signed on paperwork they couldn't possibly have understood, heedless of any possible consequences. The blame need go no further than that.

Posted by: Capt D | Sep 23, 2008 3:53:39 PM

Finally, some thought being exposed. The vote should be NO. Let the chips fall where they may. This will be painful, but it is needed to get this country back on track. To many fat cats getting fatter, let them bleed for once

Posted by: VOTE NO | Sep 23, 2008 3:53:46 PM

Just think soon all you cry babies will have more to cry about. When John McCain is voted president you guys can go crazy with your blogs. I feel sorry for Obama that he has been misled to believe that he even has a chance come November.

Posted by: William Clinton | Sep 23, 2008 3:54:00 PM

See McCain is a true maverick

Posted by: Jane | Sep 23, 2008 3:35:08 PM
_________________

He's a true maverick alright; he only voted with Bush 91% of the time. Shows he's truly independent. (NOT)

Posted by: rhbate | Sep 23, 2008 3:54:47 PM

Let the deadwood die....
that "deadwood" is the lifesavings of hardworking Seniors who lived throgh decades of financial disasters only to face this one with no help, no hope, and no accountability from your free-market golden parachute jumping buds.
the "deadwood" is single moms trying to take a bit of the tax refund money they may not have to spend to catch up on their bills, and they tried to invest it and maybe, jsut maybe save enough to put the kids in college.
the "deadwood" is EVERY SINGLE MAN WOMAN AND CHILD WHO HAS INSURANCE IN JUST ABOUT EVERY MAJOR COMPANY IN AMERICA AND EVERY RETIREE OR SOON TO BE RETIREE WHO TRIED TO INVEST .
GO PUT SOME LIPSTICK ON THAT PIG.

Posted by: pamela | Sep 23, 2008 3:54:54 PM

This is a true testament to the arrogance, lack of concern for Americans and disregard that McCain has for the welfare of the US. I am a lifelong Democrat who will strive to keep a man as unprincipled as John McCain from the White House. In these perilous times at home and abroad, we simply cannot afford such an ignorant old neo-con as our President.

Posted by: JR | Sep 23, 2008 3:55:01 PM

How typically Republican!! Make a mess, blame it on Democrats, and then dump it on American citizens to fix it.

And there you have it -- Bush's gift to McCain.

Posted by: hang | Sep 23, 2008 3:55:14 PM

What a trap Democrats are setting to McCain!!!!
Incredible.
If McCain says "no", then it will be up to Democrats to decide???
Well, then Sir please say "no". Let them burn themselves in their own trap.

McCain/Palin 2008

Posted by: Monica | Sep 23, 2008 3:55:53 PM

So they wan't McCain to vote with Bush now so they can use it against him later??

Posted by: Tyrone | Sep 23, 2008 3:56:03 PM

President of what? His wife sold Budweiser.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:56:08 PM

McCain is a true elder in American politics, worthy of respect.

Posted by: Graveney | Sep 23, 2008 3:56:26 PM

I think there is a lot of blame to go around on this mess. How anyone can know who is at fault is beyond me. I do know however that the democrats are in charge of congress at the moment, lead the committees, and that Paulson is a democrat so they can be blamed for not sounding the alarm before it got to this point. I heard Obama yesterday blaming it on "they". Who are "they"? Fortunately, there is property tied to these mortgages, which even though it is depreciated right now will eventually appreciate as it always does. Maybe the taxpayers won't be stuck with as much as it sounds like right now. Just don't let the congress tack on add-ons.

Posted by: Susan | Sep 23, 2008 3:56:58 PM

REALLY: you need to do your homework. This started with Clinton and kept on going through the Bush admin. Nobody wanted to tell poor people that they could not afford a home because it was not PC. So now, ALL of us are stuck with it regardless of party. I hope politicians have learned a lesson. If you can't afford a home yet, you should not get a loan to buy one. I still say we are screwed regardless of who wins. All of them should be voted out.

Posted by: nookly23 | Sep 23, 2008 3:57:14 PM

McCain opposes it, he wont sign it.. He will be the next president..We may as well get used to it.........

Posted by: ynot | Sep 23, 2008 3:57:46 PM

I don't owe any politician squat!

Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:58:02 PM

Now who is playing politics? If the Dems want to vote for a package, then let them vote for the package. If it's this is want they want to pass then let them put it out there and then everybody votes. Why are they playing politics at this stage of the game? This is what got us into this mess to begin with.

America is suffering because of partisan politics.

Posted by: mak | Sep 23, 2008 3:58:55 PM

Remember: Get the History correct. It was a president more interested in power, adding to his bank account and sex that started all this way back at the end of the '90s: Clinton.

Posted by: Sparky | Sep 23, 2008 3:59:01 PM

I have zero confidence in Paulson. He is also quite repulsive. The idea of turning the entire fortune of the American people to this Frankenstein like creep, is just a living nightmare.
Even the way he said "McCain won't be a problem" - is creepy crawly disgusting.

Posted by: Madeleine | Sep 23, 2008 3:59:33 PM

How about everyone vote NO for this- we cannot afford this and we should not do this- it will help NO ONE ECEPT THE FAT CATS ON WALL STREET!!!!

Posted by: Angela | Sep 23, 2008 3:59:38 PM

"He's a true maverick alright; he only voted with Bush 91% of the time. Shows he's truly independent. (NOT)"
What does that mean? Bush doesn't vote. Do you mean McCain voted with republicans 91% of the time?

Posted by: susan | Sep 23, 2008 3:59:46 PM

Let's not forget Mr. McCain was a member of the infamous Keating Five"" who was censured by the Senate for influence peddling in conjunction with the Savings & Loan scandal of the l970/80's. A maverick trying to clean up a corrupt system? I don't think so!

Posted by: James Kessinger | Sep 23, 2008 4:00:21 PM

At least McCain will have a position.
The Messiah is holed up somewhere reading Cliff Notes on foriegn policy.

Got a big test coming up on Friday, you know!

Posted by: Citizen_Alerted | Sep 23, 2008 4:00:25 PM

Suddenly this bailout depends on McCain? Where is Obama? I thought he was a Senator too? Where is he hiding in all of this? Behind Pelosi and Reid's skirts? Suddenly freinds, the democrats have discovered that the presidentila elecrion is 42 days away, and they are willing to tank everyone's 401K and mutual funds, hoping that that if their is a new great depression , they will win the election. I see you Chriss Dodd and You too Barney Frank! Don' tell me you didn't see this comeing!

Posted by: highwayman | Sep 23, 2008 4:00:25 PM

America is suffering because of America lost its moral compass. Greed and hate all around. This is all a GREAT learning experience for All Americans.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 4:00:34 PM

And I guess Senator Obama will vote PRESENT!

Posted by: Present | Sep 23, 2008 4:01:00 PM

Email your Congress Person and Tell Them "NO MORE BAILOUTS" -------- http://www.visi.com/juan/congress/ ---------- Go here and find your senator by zipcode. ------- Send a message to your Congressmen. ------it works great -------- Tell them NO MORE BAILOUTS NO MATTER HOW LOUD BUSH AND PAULSEN SCREAM NO BAILOUTS PERIOD OR WE WILL VOTE EVERYONE THAT SIGNS ON THE BAILOUT OUT OF OFFICE IN NOVEMBER -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- send to these as well ----------------Go to http://www.congress.org/congressorg/home/ ---- or here ---- http://www.house.gov/ --- or here --- http://speaker.house.gov/contact/ ----- or email here ----- comments@whitehouse.gov ----------------------------------------

I would like to throw a shout out to Senator Jim Bunning of Kentucky as he is leading this fight against the bailout for the people. If we could send him an email with a word of Thanks I am sure he would appreciate it.

Posted by: Bing | Sep 23, 2008 4:01:10 PM

I just read on the Huffington post that McCain all the way up until last thursday was a deregulator. It was even posted on the screen at the gop convention.

They even have a video on you tube with MCLie contridicting himself. I had enough, I voting for obama.

Posted by: Preston | Sep 23, 2008 4:01:40 PM

I bet John McCain will just conveniently be out of town for the vote. That's his normal approach to tough votes. He skips far more than the 0.3% Obama infamously voted "Present" on during his years in the IL Senate.

Posted by: jhw539 | Sep 23, 2008 4:01:55 PM

This article is nothing more than an opinion by Stephanoupolus. There are no incontrovertible facts. This is nothing more than an editorial piece. Question: Since when do editorial pieces make headline news? Answer: When ABC needs to create a hit piece to somehow make McCain look bad.

Posted by: rkej08 | Sep 23, 2008 4:02:29 PM

I can only hope McCain declines to go along with this ridiculous stunt!

I do not want to pay for corporate incompentence.

Posted by: Gini | Sep 23, 2008 4:02:42 PM

I like the fact that everyone is watching McCain for guidance and leadership; meanwhile, nobody gives a hoot what Obama thinks. Seems to make it clear whose experience commands more respect in a crisis.

Posted by: BJ | Sep 23, 2008 4:02:54 PM

Ha, ha, ha, ha, ha, ha, ha!

This is positively, absolutely funny as hell. Can't wait to see how it all unfolds.

Posted by: Kitty Wilberforce | Sep 23, 2008 4:03:19 PM

hmn --> You mean like ALL politicians!

Posted by: zee | Sep 23, 2008 4:03:30 PM

the hold up is over the benefits of a few people who are already rich...same old GOP.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 4:03:30 PM

McCain was CLEARED of all charges. At least make an argument based on facts.

Posted by: Susan | Sep 23, 2008 4:03:56 PM

American Voter: "This is a true testament to the gravitas, earned respect and stature that John McCain has in Congress."

Wow. You really have no concept of politics do you? You really think John "I don't know much about the economy" McCain is being looked to as a sage on this? No, it's just a matter of the Democrats, faced with the undisputed dirtiest campaign tactics in modern memory, have put him on notice that they will not allow him to play politics on this vote.

Posted by: jhw539 | Sep 23, 2008 4:04:26 PM

This is a bad bill. It should not be passed at all, let alone in a hurry. Ruching for passage is a classic sales tactic to get you to do what you know is wrong. $150 Billion will more than cover the next few months, we can see if this plan will work at all and it doesn't kill us for the next 20 years financially. Then the time can be taken to see what really needs to be done and the next President can make a decision they know they will have to deal with instead of this lame duck.

Posted by: Danny | Sep 23, 2008 4:04:28 PM


Fannie Mae is where this whole financial mess started. Obama was the 2nd biggest recipient of cash from Fannie Mae. This is a fact. NOBAMA!

Posted by: Anna | Sep 23, 2008 4:04:35 PM

And where is Mr Obama in all this? I guess he's not that important after all.

Posted by: s.b. | Sep 23, 2008 4:04:39 PM

Shouldn't the Democrats follow Obama's lead?

Posted by: cbk16 | Sep 23, 2008 4:04:53 PM

trust me... this is not on hanging on what McCain does. It's posturing.

Posted by: AllergicToSpinAndLies | Sep 23, 2008 4:05:05 PM

Even Obama is watching and waiting until he hears McCain. He always waited to hear what Hillary's position was in the primaries before making his position know.

Posted by: Susan | Sep 23, 2008 4:05:23 PM

No bailout. Let the chips fall where they will. Nobody game me a mortgage. Why should I bail out all those who over extended?

Posted by: ali paige | Sep 23, 2008 4:06:08 PM

Get ready for a depressioneveryone!!!!!!!!

Posted by: ynot | Sep 23, 2008 4:06:08 PM

LOL...you have to be kidding Mr. Stephanopolous. Mr."deregulation" McInsane does not hold that kind of power, sir...get real. This is more Rethuglican propaganda and you fall for it every time.

Posted by: warISpeace | Sep 23, 2008 4:06:16 PM

This is the October surprise!
Hey folks, we're already in a recession , let the Wall St firms go under WITHOUT our tax dollars. Let the real estate bubble burst and deflate WITHOUT our tax dollars.
All we are doing with these bailouts, and it won't end here , car manufacturers, arilines, trains, home builders, you name it , EVERYONE , except the average hard working US citizen witll get a bail out of some sort on your dollar.
No to all bailouts and LET THE CHIPS FALL WHERE THEY MAY......
It's going to be painful for everyone , but if we bail everyone out, our dollar with become absolutely worthless and then where are we?

Posted by: susanmaz | Sep 23, 2008 4:06:34 PM

Anna...Anna...Anna...cmon now. Google is free. Get the facts. Employee donations do not represent the Company. Right?

Posted by: AllergicToSpinAndLies | Sep 23, 2008 4:06:37 PM

This bailout is a joke. If people and lending institutions weren't so irresponsible in the first place, we wouldn't be in this mess. I am one of the many who can barely pay their mortgage. But I bought th ehome I could afford. I have a 30yr fixed rate. All these borrowers eyes were bigger than thier stomachs. Now they can afford it. "The Gov. should help me because I was irresponsible and got in over my head on a house that's bigger than I needed." These borrowers and the lenders need to learn a lesson. Why should my taxes to cover this? I don't get any relief. My mortgage isn't easy to pay, but it's a mortgae that is do-able for a house that is livable. DON"T BAILOUT THE IRRESPONSIBLE. It will just screw us in the long run.

Posted by: jbc | Sep 23, 2008 4:07:00 PM

Paulson is a life long dem. He was head of Goldman. Of course his plan is going to be for the CEO's at the expense of the worker that's what dems do. sure they say they are for the worker but thier bank accounts prove otherwise. McCain is right to think this plan is not the right plan. He does not say no to a bailout he says no to this plan. Big difference. there are other ways than just Paluson's plan.
And what about the $500 billion the dems in congress are trying to pass in the dark of night because they have not done their JOB for the last year.

As of oct 1 the gov comes to a stop unless new spending is passed. the dems did not want to work with the White House because they thought Obama would be up by 20pts by now. Now the entire gov is going to shut down unless a bill is passed and the dems are earmarking it to death with pet projects that have had no public input.

Vote the bums out all the bums. It is time for new leadership. McCain/Palin are that new leadership.

Posted by: unseen | Sep 23, 2008 4:07:20 PM


Meanwhile, Obama fiddles as Rome burns!


Posted by: dl | Sep 23, 2008 3:52:21 PM
______________________

What is McComa doing?

Posted by: rhbate | Sep 23, 2008 4:07:21 PM

Susan,

Just to let you know, Obama had a presser today and uveiled his "plan". One of his ideas was to have an independent committee to oversee these developents....sure sounds familiar...

Posted by: Jrock | Sep 23, 2008 4:07:24 PM

There is property involved in this mess, so all is not lost. I don't think the hit will be as big as it seems right now and we really have no choice. Just don't let the legislators add a bunch of pork to the bill.

Posted by: Susan | Sep 23, 2008 4:07:56 PM

Hey, democrats, this is what happens when you change the regulations and try to help people that cannot manage money. Bill Clinton started this back in the 1990's. it is call an UNCONVENTIONAL loan which means the applicant cannot qualify for a conventional loan at a regular bank or mortage company so they send them to a mortage company that will accomodate them (fog the mirror). This mortage company then sells the paper to another mortage company that in turn sells it to another. It is eventually bundled into a security pacage and ends up being traded on the financial markets. The securitied had a good rating but should not have, they were high risk. This has been going on for ten years and Bush has tried to stop it in 2006 but was shot down bu the democrats.

Posted by: billy bob | Sep 23, 2008 4:08:00 PM

America is already mortgaged to the hilt. We got into this mess because of greed, irresponsible lending, lack of leadership and this proposal is just another sample of poor leadership. Maybe we need to start working on our Chinese. America is forfeiting our future. They say that an election year is always good for the economy, what do we have to look forward to next year. America is in for some very difficult times.

Posted by: Tom Frauendienst | Sep 23, 2008 4:08:06 PM

JIMMA: When you master the basics of the English language, maybe people will be interested in your opinions. Where do you come from that there are no plurals in our language? To attack someone else's choice of words in rich - considering you cannot even construct a simple sentence in the language. Scary.

Posted by: Lisa Again | Sep 23, 2008 4:08:27 PM

I'm willing to go along with it - McCain supports the bail-out with his limitiations ... McCain doesn't support the bailout and it crashes. You see McCain doesn't win either way. Kind of between the rock and the hard post as they say.

Posted by: OnTheGloryRoad | Sep 23, 2008 4:08:49 PM

I think everyone needs to pitch in and heave sandbags now that the leveee has broken, rather than arguing about whose fault it is. If the stock market collapses , eveyone's savings will be wiped out. They are being wiped out as you read this. So I think we should do what is necesarry, and do it soon, however unsavory it appears now, and then sort out the blame later.

Posted by: highwayman | Sep 23, 2008 4:08:51 PM

"McPalin is putting politics before the country again. what a shame"

Are you really that dumb or do you think the average American is that dumb? Why do the Democrats care what McCain does on the bill. They either think it is the right or wrong thing to do. The only party interjecting politics IS the DEMOCRATS. And as usual, NOBAMA gets a pass.

Only a brain dead idiot would fall for this.

Posted by: RedAl | Sep 23, 2008 4:08:51 PM

Vote the bums out all the bums. It is time for new leadership. McCain/Palin are that new leadership.

Posted by: unseen | Sep 23, 2008 4:07:20 PM
____________________

Only thing new about McComa is that larger bald spot on the top of his head.