McCain on Offense

[5711-Marine]

I’m happy to be introduced by Governor Palin, but I can’t wait until I introduce her to Washington. Let me offer an advance warning to the big spending, greedy, do nothing, me first, country second crowd in Washington and on Wall Street: change is coming.

We need reform in Washington and on Wall Street. The financial markets are in crisis. Times are tough. Enormous strain is being put on working families and individuals in America. I know that the events unfolding can be difficult to understand for many Americans. The dominos that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.

Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed…

But nothing was done.

Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That’s not change, that’s what’s broken in Washington.

There was no transparency into the books of Wall Street banks. Banks and brokers took on huge amounts of debt and they hid the riskiest investments. Mismanagement and greed became the operating standard while regulators were asleep at the switch.

The primary regulator of Wall Street, the Securities and Exchange Commission (SEC) kept in place trading rules that let speculators and hedge funds turn our markets into a casino. They allowed naked short selling — which simply means that you can sell stock without ever owning it. They eliminated last year the uptick rule that has protected investors for 70 years. Speculators pounded the shares of even good companies into the ground.

The Chairman of the SEC serves at the appointment of the President and has betrayed the public’s trust. If I were President today, I would fire him.

We cannot wait any longer for more failures in our financial system. Structures like the resolution trust corporation that dealt with the failed savings and loan industry were designed to clean up the system and worked. Today we need a plan that doesn’t wait until the system fails. I am calling for the creation of the mortgage and financial institutions trust – the MFI. The priorities of this trust will be to work with the private sector and regulators to identify institutions that are weak and take remedies to strengthen them before they become insolvent. For troubled institutions this will provide an orderly process through which to identify bad loans and eventually sell them.

This will get the treasury and other financial regulatory authorities in a proactive position instead of reacting in a crisis mode to one situation after the other. The MFI will enhance investor and market confidence, benefit sound financial institutions, assist troubled institutions and protect our financial system, while minimizing taxpayer exposure. Tomorrow I will be talking in greater detail about the crisis facing our markets and what I will do as President to fix this crisis and get our economy moving again.

Senator Obama has never made the kind tough reform we need today. His idea of reform is what his party leaders in Congress order him to do. We tried for bipartisan ethics reform and he walked away from it because his bosses didn’t want real change. I know how to make the change that Senator Obama and this Congress is afraid of. I’ve fought both parties to shake up up Washington and I’m going to do it as President.

Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn’t their fault and they aren’t going to take any action on this crisis until after the election. Senator Obama’s own advisers are saying that crisis will benefit him politically. My friends, that is the kind of me-first, country-second politics that are broken in Washington. My opponent sees an economic crisis as a political opportunity instead of a time to lead. Senator Obama isn’t change, he’s part of the problem with Washington.

When AIG was bailed out, I didn’t like it, but I understood it needed to be done to protect hard working Americans with insurance policies and annuities. Senator Obama didn’t take a position. On the biggest issue of the day, he didn’t know what to think. He may not realize it, but you don’t get to vote present as President of the United States.

While Senator Obama and Congressional leaders don’t know what to think about the current crisis, we know what their plans are for the economy. Today Senator Obama’s running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn’t patriotic. It’s not a badge of honor. It’s just dumb policy. The billions in tax increases that Senator Obama is proposing would kill even more jobs during tough economic times. I’m not going to let that happen.

I have seen tough times before. I know how to shake-up Wall Street and Washington. I will get this economy moving. I will lead us through this crisis by fighting for you, and when I am President we will be stronger than ever before.

[adymond]

Thanks for not posting this as a video!

[ALS]

And Nancy Pelosi and Harry Reid are bailing out of Washington so they can get as far from the Fanny Mae mess as possible.
Opp's Chris Dodd, Barack and Joe are number 1, 2 and 3 on campaign contributions from Fannie. Can't hang this one on the Republicans no matter how hard you try to spin it.
Funny how the Democrat's talk a big game but when the ball is laid at their feet they run away as fast as they can.
Yep they are leaving this mess to the Treasury and President Bush to fix.

[steelmover]

He needs to stay on the offensive! Other than pure ignorance or the "D" in front of Barrack Hussein Obama, I have absoluetly no idea how anyone can vote for him!

[adymond]

He needs to stay on the offensive! Other than pure ignorance or the "D" in front of Barrack Hussein Obama, I have absoluetly no idea how anyone can vote for him!

That's easy! People have learned they can vote money out of the pockets of others into their own. If you are lazy enough to let the government pay you to have children that's an easy one.

[PocketProtector]

Thanks for not posting this as a video!

Why's that?

[adymond]

Why's that?

I can't hear them while at work and the wife says things like addict and nutjob when I check PAFOA from home.

[Pector55]

What irks me about the concept of simply "taxing the rich" is that the rich are the ones who provide the capital to buisinesses in the form of stock. When you start increasing their taxes, less money goes to buisinesses so buisinesses have to borrow from banks. (Oh hell, here we go again.) On top of that, Obama used to claim he would increase the cap gains tax until he got called on it during a debate in the primaries. It was pointed out that history shows that an increase in cap gains produces LESS revenue to the U.S. goverment because people find other investments (including offshore). Now, if that's the case, don't you think the same will happen if you just start increasing taxes?

On top of that, small buisnesses make more than $250k so guess what happens when they have to pay more in taxes? They offest this by paying less of employee healthcare costs and/or laying people off. Either way, it doesn't stimulate any growth.

Bottom line is that Obama is looking at "wealthy" from a very short-sighted perspective. He is more concerned about taking in money for his redistribution of wealth but didn't he see how well that worked with Fannie Mae and the Affordable Housing Fund? I like the McCain approach of cutting wasteful spending to offset the reduced taxes. I want to see the money the government does take in, go toward USEFUL infrastructure projects which generate jobs and provide a return. (Bridge repair, energy solutions, military, illegal immigration prevention, which would save us a bunch, college loan assistance, etc)