8 October 2008
And the Winner Is?
Posted by Joy Bischoff under: Presidential Election 2008 .
I haven’t a clue, but it certainly isn’t the American people. Politics as usual won the debate. The answers to how to fix the current crisis involved socialism from both sides. Increased control is different from oversight. Senator McCain’s suggestion for buying up all the bad mortgages would exacerbate the economic crisis. His socialist views are not as radical as Senator Obama’s, but they are far too radical for me. The fact that McCain has suggested putting Al Gore on his cabinet to handle environmental issues simply gives me chills.
McCain, Obama clash over financial crisis
By CHARLES BABINGTON
McCain accused Obama of being the Senate’s second-highest recipient of donations from individuals at Fannie Mae (FNM) and Freddie Mac (FRE), the two now-disgraced mortgage industry giants.
“There were some of us who stood up against this,” McCain said of the lead-up to the financial crisis. “There wee others who took a hike.”
Obama shot back that McCain’s campaign manager, Rick Davis, has a stake in a Washington lobbying firm that received thousands of dollars a month from Freddie Mac until recently….
The two men prefer dramatically different approaches to easing the problem of millions of uninsured Americans. McCain favors a $5,000 tax credit that he says would allow families to find and afford health care on their own.
Obama wants to build on the current system, in which millions receive coverage through the workplace, with government funding to help uninsured families obtain coverage….
McCain’s pledge to have the government help individual homeowners avoid foreclosure went considerably beyond the $700 billion bailout that recently cleared Congress.
“I would order the secretary of the Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes at the diminished value of those homes and let people be able to make those payments and stay in their homes,” he said.
“Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we’re never going to start turning around and creating jobs and fixing our economy, and we’ve got to get some trust and confidence back to America.”
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