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Sunday, April 06, 2008

McCain on the Economy

When it comes to the economy we can pretty much give Senator John McCain an F for Forgetaboutit! (New York City Accent)

McCain’s idea about dealing with the current troubles and economic collapse is to leave all options on the table? That’s a great sound bite but means absolutely nothing. It’s tantamount to telling a dead man in a car crash directions to the hospital.

Do I believe that John McCain is serious about rescuing our nation from the current economic downturn? No, I don’t! Apparently, his idea of fixing the housing crisis caused by “Irresponsible American’s” is to wait for the dust to settle. Umm, that pretty much means he is giving a green light to disreputable lending practices because people are stupid. Those people are American’s betrayed by our own banking industry. Over at the Washington Post they have this to say on his brilliant idea to fix the housing crisis…

McCain told reporters he would oppose any big government bailouts, saying they had not worked in the past and would not work in the future. But he expressed support for the Senate's economic stimulus package.

"We have got to restore confidence on the part of the American consumer to invest, to save, to do the things that make our economy run," the Arizona Republican said.

"We have got to find the floor on the cost of houses. When we find the floor, then there will be people who will come in and purchase some of these at bargain rates," he said.
A sharp downturn in the U.S. housing market has led to a full-blown credit crisis that has reverberated throughout the U.S. financial system.

Still, McCain said he was confident about America's economic future. "The fundamentals of our economy are strong," he insisted.

Some Democrats have criticized McCain for advocating a less interventionist approach to the housing and financial crises than either Clinton or Obama. McCain said in a speech on the economy last month it is "not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers."
- Washington Post

When we find the floor? That is McCain’s answer to the housing crisis? When you are loosing your house you can’t take the floor with you. If you are a neighbor to a homeowner that lost their home in foreclosure it reflects on your own homes value. Vacant houses owned by banks waiting for a buyer that might pay for a bargain go empty for months and in some cases years when the evicted family takes the pipes and destroys the home rather than give the bank a move in condition home. Maybe McCain is right and you can wait for the floor? You’ll find the floor boards over at the surplus construction scrap outlet.

Is his plan to save the economy restoring the Hoovervilles of years gone by? Maybe his plan is to let the banks police themselves and fix the problems in their own back yard? Maybe his plan is to offer the banks mega tax cuts to repay all the favors he owes them? It’s not like he doesn’t know that end of the political spectrum given his Savings and Loan history.

McCain with every passing day in this election is coming off as a man that will wing it as President. Unfortunately, the Senator is gravely mistaken when it comes to the economy. It would help when he claims to have more economic background than Senator Clinton or Senator Obama if he actually had a workable plan to temporarily sure up the economy. Maybe his wing man has it?

McCain’s actions and thoughts on the economy are always limited to his own experience and with that thought in mind he sounds more and more like George W. Bush every single day.
No more W!


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