McCain hits lack of bailout oversight At a late-afternoon rally outside the Delaware

[ducks]

McCain hits lack of bailout oversight

At a late-afternoon rally outside the Delaware County Courthouse in Pennsylvania, Republican presidential candidate John McCain expressed his reservations about the proposed Wall Street bailout plan and criticized Democrat Barack Obama for not coming up with a financial-rescue proposal of his own.

PHILADELPHIA — At a late-afternoon rally outside the Delaware County Courthouse in Pennsylvania, Republican presidential candidate John McCain expressed his reservations about the proposed Wall Street bailout plan and criticized Democrat Barack Obama for not coming up with a financial-rescue proposal of his own.

Speaking about the bailout plan being crafted by the Bush administration, McCain said it was not acceptable for the vast sums of money being discussed to be administered and spent solely by the secretary of the Treasury — without any further review.

"We won't solve a problem caused by poor oversight with a plan that calls for no oversight," he told the several thousand enthusiastic supporters who gathered on the streets of Media, many of them dressed in Republican red.

Obama, speaking in Green Bay, Wis., kept his focus on the economy as well, pledging as president to save the federal government $40 billion by reducing spending on outside contractors by 10 percent.



http://seattletimes.nwsource.com/htm...campdig23.html

[Wild Cobra]

I'm with McCain on this one. My uderstanding is that something needs to be done so lenders will lend money out otherwise we will really have a recession. Howver, I wonder if the best thing to do would be to let that happen, and let the free market correct itself. Still, I question this...

Why does Fannie Mae and Feddie Mac need bailouts? The other lending ins utes should have the resources to still provide loans. This who subject is important, but more complicated than I can take the time to understand to any significant degree.

Has the congressional leadership yet said they will have hearing as to who is at fault yet like they did with the oil companies?

I doubt we will see that. Proof their hands are dirty.

[MannyIsGod]

I'm with McCain on this one. My uderstanding is that something needs to be done so lenders will lend money out otherwise we will really have a recession. Howver, I wonder if the best thing to do would be to let that happen, and let the free market correct itself. Still, I question this...

Why does Fannie Mae and Feddie Mac need bailouts? The other lending ins utes should have the resources to still provide loans. This who subject is important, but more complicated than I can take the time to understand to any significant degree.

Has the congressional leadership yet said they will have hearing as to who is at fault yet like they did with the oil companies?

I doubt we will see that. Proof their hands are dirty.

sigh

Go read up on all the bailouts then come back.

[boutons_]

"something needs to be done so lenders will lend money out otherwise we will really have a recession"

Is there any evidence that qualified individuals and businesses cannot obtain loans right now?

the financial community, the stinking assholes "in crisis", is frozen up inside of itself, since nobody is really sure if a borrower can honor the loan. 'em all.

Wall St mafioso Paulson is doing a bum-rush, shake-down, extortion job on taxpayers, based on fear-mongering.

3 huge holes

is $700B a good number? why not just $50B? Why not publically review every bail out case by case, with price per company to bail out? (bailing out AIG did not expose the 3rd parties that AIG would have taken down if AIG were allowed to die.)

is 7 days or else a credible extortion ploy? with no bailout, what happens on the 8th day? or the 80th day?

will any bailout actually fix anything?