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Friday, September 26, 2008

Bailout Quagmire Courtesy of John McCain

John McCain suspended his campaign to do what most legislators in Washington D.C. do, nothing! He could have done that from the campaign trail. Instead, he declares this banking industry and Wall Street crisis his top priority so he can go the White House and offer nothing to the equation. Did he or did he not say that he was going back to the capitol to end the bipartisan debate and fix the problem? Instead we get more of McSame only this time he’s not even taking sides with his President or the bipartisan group that has put together this bailout package.

Shaking my head in disbelief but this is what Reuters has to say on it…

Angry W. House meeting roils Wall St bailout talks
By Kevin Drawbaugh and Thomas Ferraro

WASHINGTON (Reuters) - Negotiations in the U.S. Congress toward a massive bailout for Wall Street fell into disarray on Thursday night after a contentious White House meeting, with lawmakers later offering conflicting reports about the position of presidential candidate Sen. John McCain.

The White House meeting -- attended by McCain, Democratic rival Sen. Barack Obama, President George W. Bush and lawmakers from both parties -- "devolved into a contentious shouting match," according to a statement from the McCain campaign.
"At today's cabinet meeting, John McCain did not attack any proposal or endorse any plan," the statement said.

Senior Democrats said they came away from the afternoon White House session with the impression that McCain was backing an entirely new Wall Street rescue plan, one differing markedly from a Bush administration proposal under discussion for days.

Massachusetts Democratic Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee and a participant in the White House gathering, said negotiations could be set back by the confusion.

"House Republicans, in some kind of arrangement with McCain, went off to wherever. I don't know whether they're ready to negotiate this. Their thing was some totally different mortgage insurance plan ... that would clearly delay this for a week or more," Frank told reporters.
- Reuters

Hold the freaking presses. Let me get this straight… President Bush, Senator Chris Dodd, Represenatative Barney Frank, Secretary Paulson, Fed Reserve Chairman Bernake had a working proposal pretty much agreeable to all parties and McCain stepped into the equation and squashed it? To back an insurance plan?

Anyone that knows insurance knows that it is always in favor of the house, just like the odds favor the house in Las Vegas! So we have the Maverick Senator from Arizona coming into the discussion, the Conservative right wing general of his party, the less government, less regulation is best candidate, and he backs a never ending mortgage insurance plan on the backs of the American people? How sweet of a big business, big banks deal is that? Let’s not only put the taxpayers in for $700 Billion Dollars but lets make this pig fest into a never ending feed trough!

John McCain has just shown where his loyalty is and it is not in the interest of homeowners or soon to be homeowners. Now on top of PMI (Private Mortgage Insurance) you will get a double dipper with MMI (McCain Mortgage Insurance) because Wall Street has not raped the American people enough.

Mind you, this insurance that McCain is backing isn’t because you as a homeowner made bad decisions, it’s because the people making bad loans on Wall Street might continue making bad decisions and it’s only fair that all of us be punished for it. Pass out them golden parachutes and screw you Joe Q. Voter.

Vote Obama and vote often!


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