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Monday, July 28, 2008

Greed Is Not Good

posted by on July 28 at 8:37 AM

Something that came out of McCain’s mouth that’s not total rubbish:

McCAIN CALLS WALL STREET ‘THE VILLAIN’ IN SUBPRIME CRISIS Senator McCain put the blame on Wall Street for the home mortgage credit crisis that has roiled financial markets around the world. “Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on,” Mr. McCain said during a taped appearance on ABC’s “This Week” program. The Arizona Republican, who has wrapped up his party’s presidential nomination, said he supports the housing bill passed by Congress on Saturday to stem foreclosures and aid Fannie Mae and Freddie Mac, the largest American mortgage-finance companies, even though it may cost taxpayers as much as $25 billion. Mr. McCain, 71, said the risk of the mortgage companies’ failure is outweighed by the potential cost.

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Where was McCain before the crisis happened but anyone with any basic knowledge of finance and economics KNEW this was going to end up happening? How about some preventive leadership for once instead of fucking crisis management?

Posted by Andrew | July 28, 2008 8:58 AM

McCain is the real populist.

Obama is a shell to protect his wealthy Liberal backers.

Posted by John Bailo | July 28, 2008 9:04 AM

So because Wall Street is the villain, he now wants to bail out Wall Street?

Fannie and Freddie's shareholders should be wiped out, the companies should be turned back into wholly public entities.

Posted by dirge | July 28, 2008 9:11 AM

Obama is the real populist.

McCain is a shell to protect his wealthy Conservative backers.

Posted by Will in STL | July 28, 2008 9:17 AM

I don't understand that last sentence. Is it just me?

Posted by ams | July 28, 2008 9:31 AM

McCain is the real class warrior, it seems.

Posted by shub-negrorath | July 28, 2008 9:34 AM

Maybe if we encourage people to invest their Social Security funds in the market, it will somehow reform itself.

Posted by flamingbanjo | July 28, 2008 10:04 AM

Maybe we should start the inevitable bailout by seizing assets from Fannie Mae and Freddie Mac's executives. They should have enough money between them to start paying for this shit sandwich, huh?

Posted by Greg | July 28, 2008 10:21 AM

I would have blamed the deregulation that got McCain in trouble with the (cheaper) S&L Crisis he so proudly ripped off American taxpayers for.

But then, I'm not lying for President like he is.

Posted by Will in Seattle | July 28, 2008 10:32 AM

@6 ,the occasional populist or truthful grumble or fart does not a class warrior make.

Don't expect a class warrior to pop out of either party in our two-party (one party?) state. But one party most certainly, consciously stands for sticking it to regular folks again and again and again. (Hint: they're the ones always pointing at the other side and shouting "elitist!")

(Sadly, the other party just wants a little tenderness and lube to be used before the fucking begins.)

ams @5, that sentence took me 3 times to figure out, too. It's the cost of failure, not the cost of bailout, I think is what's being compared.

Posted by CP | July 28, 2008 9:56 PM

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