Twenty years of cheap money by the government benefited not the public, but rather a band of bankers and intermediaries who encouraged the public to borrow by placing unrealistically high valuations on their assets. When these valuations proved false, a credit collapse followed.
Ironically, the message of Fannie May and Freddie Mac was that the government had become a major player in this shill game. Congressmen wooed their constituents risking the capital of coming generations by the profligacy of the current generation. For shame!
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Could this be true about John McCain?
1. He has no academic education (only a naval military title)
2. He was brainwashed by the communists in Viet Nam (he admitted to have been “broken” by the Vietnamese)
3. His “programmed” goal was to infiltrate the US government and climb up the “power ladder” to gain control of as much as he could
4. He managed to obtain the Republican nomination but couldn’t trust anybody.
5. His communist liaison was the Independence party of Alaska (close to Russia)
6. He nominated as his running mate the wife of a well known independence party member of Alaska
7. His plan is to destroy the American Way of living by promoting anarchy by means of military actions against any possible country thus draining our resources
If this is true, we are in deep trouble!
Meet the Adviser Stabbing at McCain’s Self-destruct Button
10/10/08 at 4:50 PM
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Meet the Adviser Stabbing at McCain’s Self-destruct Button
Photo: Getty Images
Want the most destructive assessment you can get of a John McCain policy proposal? Just ask McCain’s own senior policy adviser, Douglas Holtz-Eakin, a formerly serious economist who has turned himself into a genuine political disaster. For months, the McCain campaign implied its health-care plan would be budget-neutral. But last weekend, Douglas Holtz-Eakin admitted to The Wall Street Journal that to fill the gap between the tax deductions McCain wants to end and the tax credits he wants to offer, a new Republican administration will have to cut something like $1.3 trillion from Medicare and Medicaid over the next ten years. Missed that bombshell? Democrats working Florida didn't.
In September, Holtz-Eakin infamously claimed that McCain helped create the BlackBerry, but his big gaffes go further back. In June, he conceded that offshore drilling wouldn’t affect oil supplies or prices anytime soon. In July, he submitted a budget plan to the Washington Post assuming McCain — the guy who says a withdrawal timetable would lead to genocide — will cut $150 billion a year from deployments to Iraq and Afghanistan by 2013. And when the Tax Policy Center discovered a $2.8 trillion gap between McCain's public proposals and his formal policies, Holtz-Eakin replied that just because McCain says something "doesn’t mean it’s official." Result: headlines like “McCain May Not Speak for the McCain Campaign on the Economy.”
And this week? Here's how Holtz-Eakin described McCain’s new mortgage buy-up plan on Wednesday: “We would in fact be taking the negative equity position and putting it on the taxpayers’ books.” Tasty!
If we followed fiscal responsibility we would not have been in this situation. We should consider banking reform.
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