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McCain Divided Over $85 Billion Bailout For AIG

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McCain Divided Over $85 Billion Bailout For AIG Republican presidential candidate John McCain isn't saying whether he supports or rejects the government's $85 billion bailout plan for the giant insurer AIG. McCain told ABC's Good Morning America on Wednesday that he didn't want to bail out American International Group Inc., the nation's largest corporate insurer. Yet he said millions of people whose finances were tied up in the company were in danger of having their lives destroyed. Before the bailout was announced, McCain had said flatly that he would not support a bailout of AIG or any other company.

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Jillness Jillness 7 years
Ok, now I am more scared. I just saw a clip of an interview he did in Nov. 2007, and about the mortgage crisis he says,"I'd like to say I anticipated it, but I didn't not." <b>"I can't give specific solutions, I don't claim to be smart enough."</b>Does that give anyone else pause for concern?
Jillness Jillness 7 years
Ok, now I am more scared. I just saw a clip of an interview he did in Nov. 2007, and about the mortgage crisis he says, "I'd like to say I anticipated it, but I didn't not." "I can't give specific solutions, I don't claim to be smart enough." Does that give anyone else pause for concern?
Jillness Jillness 7 years
Yes. That and lowering the Federal interest rate too frequently. I am still waiting for McCain's specifics on this topic. He throws around vague terms like "reform", but he can't be anymore specific than that. That concerns me.
Jillness Jillness 7 years
Yes. That and lowering the Federal interest rate too frequently. I am still waiting for McCain's specifics on this topic. He throws around vague terms like "reform", but he can't be anymore specific than that. That concerns me.
sexylibrarian sexylibrarian 7 years
Yes they do Roarman!
sexylibrarian sexylibrarian 7 years
Yes they do Roarman!
Roarman Roarman 7 years
Don't most top economists feel that deregulation is what put all of these companies in this position, not too much regulation?
Michelann Michelann 7 years
Excellent points, 3M
Michelann Michelann 7 years
Excellent points, 3M
juju4 juju4 7 years
McCain has been changing his position so frequently with regards to the economy.....he was a deregulator, and now he's all for regulation. He was against bailing them out, now he is for it. Too bad he doesn't see that all that deregulation is what has created the need to bail these companies out in the first place.
juju4 juju4 7 years
McCain has been changing his position so frequently with regards to the economy.....he was a deregulator, and now he's all for regulation. He was against bailing them out, now he is for it.Too bad he doesn't see that all that deregulation is what has created the need to bail these companies out in the first place.
mymellowman mymellowman 7 years
One last thing, the Fed has only really gotten this power to start throwing money around so heavily in the past year as Congress wanted to "save" us from the mortgage crisis by allowing the Fed to take on these bad debts.
mymellowman mymellowman 7 years
I have to go to class, but I will try and come back with a more detailed response later.
mymellowman mymellowman 7 years
I have to go to class, but I will try and come back with a more detailed response later.
mymellowman mymellowman 7 years
We're not talking catalysts here, we're discussing why and how the Fed has the ability to do what it is doing. This is not a result of that act, that act allowed Investment Banks to merge with other financial services (such as commercial banking and insurance.) If you want to go into the act, though, you could actually say that this act has helped to prevent further meltdowns as Investment Banks are allowed to merge into other banks such as Meriil has just been purchased by BoA and (though bailed by the Fed) JPMorgan was allowed to bring Bear Sterns into their fold.
mymellowman mymellowman 7 years
We're not talking catalysts here, we're discussing why and how the Fed has the ability to do what it is doing. This is not a result of that act, that act allowed Investment Banks to merge with other financial services (such as commercial banking and insurance.)If you want to go into the act, though, you could actually say that this act has helped to prevent further meltdowns as Investment Banks are allowed to merge into other banks such as Meriil has just been purchased by BoA and (though bailed by the Fed) JPMorgan was allowed to bring Bear Sterns into their fold.
sexylibrarian sexylibrarian 7 years
I am not pointing fingers either just stating some facts. Cliton did sign the bill making it a law so there you go.
sexylibrarian sexylibrarian 7 years
Actually mymellow is was the repealing of the Glass Stegall Act by Phill Gramm and other republicans that was the was the catalyst of all of this. The Gramm-Leach-Biley Act was signed in 1999 make it easy for the banks and insurance companies to merge.
lilkimbo lilkimbo 7 years
I don't see him as confused in the least. He understand why the bailout happened, but still disagrees with it.
Adrenalynn75 Adrenalynn75 7 years
Mymellow, that's why I'm an Independent. I don't vote by party, I vote on who I feel can do the job and do it right. And I agree, the people in power, rep and dems are at fault for this crisis. And it's the little gal like me, who owns a home and did'nt fall prey to bad lending practices that gets screwed bailing out these bad business investments. :(
UnDave35 UnDave35 7 years
"As crazy as this week has been, I believe we are just beginning to see what Congress has given the power to the Fed to do."The power, and the result of that power.
UnDave35 UnDave35 7 years
"As crazy as this week has been, I believe we are just beginning to see what Congress has given the power to the Fed to do." The power, and the result of that power.
mymellowman mymellowman 7 years
Luckily we have you here to clarify the headlines for us YY.
mymellowman mymellowman 7 years
The power given to the Fed was pushed through a Democrat Congress with objections by many Republicans to the amount of power that was being given. This isn't just a presidential issue, all of Congress allowed this to happen by not putting in caps on the Fed's power. Please note, I am not pointing fingers at Dems solely on this, as there were many Republicans that also allowed us to travel down this course. I'm just trying to show that this isn't a solely presidential issue, this is a Congressional issue as well. As crazy as this week has been, I believe we are just beginning to see what Congress has given the power to the Fed to do.
mymellowman mymellowman 7 years
The power given to the Fed was pushed through a Democrat Congress with objections by many Republicans to the amount of power that was being given.This isn't just a presidential issue, all of Congress allowed this to happen by not putting in caps on the Fed's power.Please note, I am not pointing fingers at Dems solely on this, as there were many Republicans that also allowed us to travel down this course. I'm just trying to show that this isn't a solely presidential issue, this is a Congressional issue as well.As crazy as this week has been, I believe we are just beginning to see what Congress has given the power to the Fed to do.
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