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John McCain's Speech on the Economy

John McCain Tackles the Economy — and the "Irresponsible"




Continuing the theme of co-opting "it's the economy stupid," John McCain delivered a speech moments ago with his thoughts on the housing crunch. Possibly going beyond Clinton's speech yesterday, McCain called the economic situation a "crisis."

Pegging blame on the mortgage fiasco, McCain said, "Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't."

In regard to that assistance, he was very specific:

In our effort to help deserving homeowners, no assistance should be given to speculators. Any assistance for borrowers should be focused solely on homeowners, not people who bought houses for speculative purposes, to rent or as second homes. Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren’t. I will consider any and all proposals based on their cost and benefits. In this crisis, as in all I may face in the future, I will not allow dogma to override common sense.

McCain advocated for additional economic help from private businesses too, reminding people that for instance after 9/11, General Motors offered zero percent financing to aid the economy. He added to this calls for higher down payments and stricter lending practices in the housing market.

How do you feel about McCain separating those who may have acted "irresponsibly?" Is this a fair statement? Do you agree that tax dollar aid should only be given to those who didn't speculate on the market?

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