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McCain's Lousy Judgment

Discussion in 'U.S. Politics' started by Greco, Oct 10, 2008.

  1. Greco

    Greco New Member

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    If you don’t think this election is about change, you’re simply not paying attention. Our economy is tanking, we have a deepening housing crisis and many of the largest financial institutions have failed, and more are in serious crisis, the only news coming out of Wall Street is all bad. That has to change, or we may well be headed for a depression.

    It's also fair and accurate to state that one of the individuals that have been the most influential in creating this crisis is Phil Gramm, former Republican Senator from Texas. During the years Republicans controlled the Senate and Congress he was a tireless advocate of de-regulating the banking and mortgage industry. From his powerful position as Chairman of the Senate Banking Committee he pushed through legislation titled the Gramm-Leach-Bliley Act, making changes in the banking, insurance and securities laws which Congress had kept at bay for sixty years. He also helped push through legislation that assisted Enron during their troubles, while his wife, Wendy, served as member of the Enron Board of Directors.

    A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm left the Senate and settled in as a vice chairman of UBS's new investment banking arm. Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006. During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.

    For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS's American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to sub prime loans and other risky securities and is considering cutting as many as 8,000 jobs.

    Phil Gramm remains tied to UBS, and he's also the general co-chairman of John McCain's presidential campaign, and his principal economic advisor. He’s the individual that denied we’re in a recession, claiming it’s only a “mental recession”, and adding that we’re all just a nation of whiners.

    That’s the kind of economic advice he would serve up to John McCain, advice from the single most influential person in Washington that’s caused the economic problems.

    At the core of the current economic and financial problems has been the Republican-led systematic stripping away of decades old regulations governing the housing, financial, and investment industries. There is no debate on the fact it’s the deregulations that have allowed this crisis to surface. They may attempt to deny it, but the public record of votes by Republicans in Congress and the Senate has brought us to this point.

    John McCain is now suggesting we need regulations to fix the problem. So where was McCain while the Republicans were removing the safety net of existing regulations? He was in total lockstep with the Republicans voting for those measures. For decades he’s publicly claimed he’s a staunch supporter of de-regulation, and his voting record supports that contention.

    Now we’re in a presidential election year, and candidate McCain wants regulations to help replace the regulations he fought and voted to strip away causing this crisis. He’s admitted he knows very little about economics, so he has an economic advisor, Phil Gramm, the architect that was the single most influential person in creating the disasters.

    It’s inconceivable that anyone, even a Republican, would consider that a display of good judgment.

    It’s such a dangerous topic for John McCain, his own campaign manager has said this election won’t be about the issues. Instead the McCain campaign is running attack ads about “lipstick”, even claiming Obama wants to teach sex to kindergarten students. Those claims, and others, have been properly labeled by all the mainstream media as blatant lies. Even on Fox News, which is little more than a Republican talking point entity, Karl Rove appeared and said McCain’s lies were too over the top.

    It’s a tough spot for McCain. His voting record and stated views, combined with the Republican Party have created this disaster. His economic advisor is the individual that led the charge to deregulate the industries now in peril. Somehow John McCain wants you to think after being an active party in creating the crisis, it’s only him that can fix the problems he helped create.

    This election, contrary to what McCain’s campaign manager claims, is about the issues. One of the biggest issues is the lousy, harmful judgment of John McCain. When it counted the most, he was wrong. When we needed sound judgment to thwart deregulation attempts, McCain failed, actually helping pass the measures. When we need sound judgment to fix the disasters he brings in the individual that led the charge to create the mess. McCain’s judgment is an issue. He’s flunked the test. But he wants to continue the Bush policies for four more years.

    The change McCain would bring would be to go from bad to worse. His record, his public record proves that.
     
  2. GenSeneca

    GenSeneca Well-Known Member

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    We can now add Plagiarism to his list of "Intellectual" accomplishments:

    This post is a hodge podge of copy & paste psuedo-intellectualism with some of his own sentences peppered into the piece. This post was ripped from the following articles:

    Politico.com
    Slate.com
    ******************
     
  3. Greco

    Greco New Member

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    Well your claim would as accurate as all the other absurd claims made by Republicans about Obama. It's also totally false. I suppose you must considering an amazing feat that someone can formulate thought in a written format. Among my acquaintenances it's not so remarkable. But you can lie about me if it makes you feel less intellectually-deficient.

    By the way, I did notice that none of the points in the post were challenged. You guys never do that. You think telling a lie about me is an effective counter. What a hoot!
     
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