McCain urges Treasury Department to take action

DES MOINES, Iowa — Republican presidential nominee John McCain is urging the Treasury Department to intervene aggressively to limit damage from the financial meltdown, action that McCain says President Bush can take with the stroke of a pen.

Opening a business round-table Tuesday in Des Moines, Iowa, McCain said he has urged the Treasury to use its exchange stabilization fund "as creatively as possible" to backstop the market crisis. He says officials also should use the authority granted in a housing bill to purchase up to a trillion dollars in mortgages.

McCain decried the defeat of the financial bailout measure in the House, and he warned that the nation's political leaders will have to take risks even though solutions to the crisis may be unpopular.

Comments

[studmoose]

This bill IS A SHAM! Oppose it at all costs!


It is a giant land grab by several institutions, especially Goldman Sachs! Just as NJ's governor, who is a former Goldman CEO, the Treasury head is former Goldman. Guess who is the main benefactor of this deal... you got it. Goldman! NJ's governor, Jon Corzine, and the NJ government over the past several years have directly benefitted Goldman Sachs. It's a running joke in NJ that Goldman seems to be the ONLY lending institution in the country. FORMER GOLDMAN PEOPLE TAKE CARE OF GOLDMAN... PERIOD!


Dennis Kucinich (D-Ohio) is 100% correct on this problem. If the problem is bad mortgage debt, then the problem should be solved from the BOTTOM UP! Just like how Obama wants to correct the economy and help the middle-class by starting from the BOTTOM UP! If Goldman wasn't getting any money from this deal, I might think that it has a bit of legitimacy to it. But Goldman seems to be the main beneficiary of this plan.


Floating money from the TOP DOWN WILL NOT correct this problem - THE BAD MORTGAGES WILL STILL EXIST! Fix the bad mortgages - Stop the foreclosures - Save the people's homes. If the big institutions are complaining about the bad mortgages, How can they complain if the bad mortgages are addressed? DO NOT GIVE THEM THE MONEY DIRECTLY!


THIS IS A LAND GRAB AT THE EXPENSE OF THE AMERICAN PEOPLE!

[PT6]

****DELAY PASSING UNTIL AFTER ELECTIONS WHEN WE HAVE MORE CONTROL****
**************************THIS IS NOT THE OBAMA PLAN!**********************************

"NO TAXES FOR RICH FOR TWO YEARS!" WHAT "COOKS"

REPUB "COOKS" ARE GOING TO PAY ZERO TAX MONEY FOR NEXT TWO YEARS
WITH NO STRINGS ATTACHED - THIS WILL COST FAR MORE THAN $700 BILLION!
WITH NO CONTROLS

VOTE NO PLEASE VOTE NO!


Tom Delay the old Repub House Leader said he wants the CAPITAL GAINS TAX REDUCED TO ZERO FOR TWO YEARS!

That would be the BIGGEST BAILOUT IN OUR HISTORY!

IT WOULD MAKE THE $700 BILLION LOOK LIKE A peanut!

ANOTHER REPUB TAKE FROM THE MIDDLE CLASS!

OBAMA CAN KISS HIS PACKAGES GOODBYE!

DON'T LET THEM DO THIS!

TO HECK WITH THE HOUSE REPUBS!

House REPUBS ARE AFRAID OF LOSING ELECTIONS SO WAIT TILL THAT IS OVER THEN THEY CAN PUT AMERICA FIRST!

[katinpuyallup]

Kusinichich came out with an alternitive bail-out plan. It starts from the ground up (us) not the top down as the currant plan does. I saw a short explanation of it on MSNBC.
I still think that this is all a scam. One final fleesing of the American people before they leave office. But the Kusinich plan and maybe the insurance plan of the Repubs and some of the restrictions and regulations might be a good idea just in case there really is a problem.
I don't think we should bail out forign investments, car loans?, credit card debt?, or include "mortage products - derivitives". Just clean up the mortages. That can be done from the debtor side not the holder side.

[PT6]

Tom Delay the old Repub House Leader said he wants the CAPITAL GAINS TAX REDUCED TO ZERO FOR TWO YEARS!

That would be the BIGGEST BAILOUT IN OUR HISTORY!

IT WOULD MAKE THE $700 BILLION LOOK LIKE A peanut!

ANOTHER REPUB TAKE FROM THE MIDDLE CLASS!

OBAMA CAN KISS HIS PACKAGES GOODBYE!

DON'T LET THEM DO THIS!

[philosophistry]

We should push the idea that Obama was talking about fundamental problems of the economy all along:
http://www.newyorker.com/talk/comment/2008/09/29/080929taco_talk_cassidy

Because Obama probably can't (and shouldn't) keep touting about how he was always right.

[Daly]

The Jerk has more to say, after sitting right there with BUSH you did not speak a useful word; suddenly you wants to change the name of the bill from bailout to rescue, you have other bright ideas like bush could fix this with is pen; Mc you have a pen you had since birth I guess; you say it's very old; why didn't you let Bush borrow it as you blew into town to help is ratings fall more and at the same time kill off any good will the folks had.

I guess the saying is right - ya can't fix stupid

[collima]

Know The Truth:
How much does the CREDIT DEFAULT SWAPS and DERIVATIVES MARKET play a roll in the unwilling of banks to take on loan risks?

It amazes me that a handful (5) of banks are holding well over $500 trillion in derivatives (basically side bets) and now are in serious trouble because they don't have the assest to cover the bets (Opps! Bye Bye Company)...

[Indubio]

Frankly, I wouldn't listen to anything McCain said about economics. The man hasn't said a single thing that has been accurate.

[avraamjack]

.
Would it not be easier to create new banks instead of fixing old banks ?
.
You could create 20 hefty banks and in 5 years sell the stock to the public.
.
Much easier to sell to the public.
.
No more credit crisis, No moral hazard, Main Street gets loans. All stated goals are met.
.

[bitabingbitabangbitaboom]

Hey Shrubbie.............................................get your Diaperhead Friends to write you a check....................we`re going GREEN..............................and they`re going to go Broke

[hopefullee]

I can't understand why this isn't making major headlines. What McCain is calling is much, much worst than the original bailout bill, which left the Treasury with sole discretion to as to how the money would be spent , with no oversight and no accountability.

[peterg76]

If Bush *solves* the problem, how will he persuade Congress to embezzle $700 billion and then give it to him no strings attached?

[jeg]

You know, I despise Bush as much as the other 73% of the country does, but reading a post like yours, I have to wonder, have you actually *read* the summary of the bill that was voted on?

Can you explain what to do about the fact (which is now "Fact", rather than "speculation") that credit is getting exponentially more difficult to obtain, or that most modern businesses rely on short term credit in one form or another to continue functioning?

[shelsay]

I agree with you, and credit shrinking is the fastest way for all of us to be broke and hungry. But anything Bush has his name on is suspicious. We've lost so much confidence in his administration it's hard to believe that every loophole available in the failed bill would not have soon been pounced upon. It needed to be revised and hopefully a better bill will ultimately pass.

[peterg76]

Sec 101. (c) "The Secretary is authorized to take such actions as the Secretary deems necessary... without limitation,"

All the so-called safeguards are voluntary. A Bush crony wouldn't abuse that, would they?

[Yvaughn]

Because why bother with that pesky Congress when the president can take all the power onto himself and make decisions no matter who disagrees with him?

PLEASE, America. Please don't elect McCain.

[bitemymccain]

Take out Bush...

http://myrealitytelevision.com/2008/09/nancy-pelosi-shows-democrats-cant-spell-bipartisan/

[ecksman]

i love how mccain is encouraging bush to ignore the people and ignore the votes in congress and just go it alone. gives us a good picture of how he would govern as president