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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?


Tinseltoe Tinseltoe 9 years
We should all be responsible for our own spendings. No arguement here.
lula29 lula29 9 years
I meant Obama suggested in 2007. Sorry.
lula29 lula29 9 years
I actually somewhat agree with McCain. I really do believe this is an industry problem that has to be solved by the industry. Government aid is only going to band-aid the issue and not do much help. That said, I particularly agree with McCain in that he suggested: "First, it is time to convene a meeting of the nation’s accounting professionals to discuss the current mark to market accounting systems. . . We should also convene a meeting of the nation’s top mortgage lenders. Working together, they should pledge to provide maximum support and help to their cash-strapped, but credit worthy customers." This is actually something Obama suggested in 2005 in a letter he wrote to Ben Bernanke. He's part of what Obama wrote to Bernanke "I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge." Here's the entire letter if anyone's interested in reading it.
hausfrau hausfrau 9 years
Hypnotic, thats a good point, if we can have sex ed, we sure could have fiscal ed. Its funny how taboo talking about money is, I bet a lot of parents would secretly not want that class just so they wouldn't have to field the questions from their kids! haha!
lilkimbo lilkimbo 9 years
Here's the best article I found with what McCain would cut:
hausfrau hausfrau 9 years
Well according to his website - "John McCain will veto every pork-laden spending bill and make their authors famous. As President, he will seek the line-item veto to reduce waste and eliminate earmarks that have led to corruption. Earmarks restrict America's ability to address genuine national priorities and interfere with fair, competitive markets." He did vote against the Bush tax cuts because they didn't include these measures... but no, he doesn't say specifically which programs would get cut. However, I believe he will do this because of his stance on the Boeing deal. We heard a lot about how he designated that deal to EADS/Northrop Grumman (which is British owned) and how Boeing was none to happy. But when speaking on why he did that, he claims he did it because of back door dealings with Boeing that resulted in an inflated bid, costing Americans millions of dollars. So based on that, I can see where he would actually do what he says he will on cutting those superfluous deals. ALSO! The thing that annoys me about how that Boeing deal has been spinned in the media ie. McCain is taking jobs from Americans and outsourcing them... According to BusinessWeek this week, EADS has been planning a major US expansion for years now and they will most likely place that work in a factory in Alabama. Why wouldn't they when the dollar is worth about half of the pound? Its cheap for them! Just something to think about :)
lilkimbo lilkimbo 9 years
Actually, Jillness, McCain has proposed multiple budget cuts, including cutting programs deemed "ineffective," such as Amtrak. He is also a big proponent of changing the way Medicare works. So, he has definitely described what he would cut in other areas.
KrisSugar KrisSugar 9 years
well, my parents were wonderful examples. I was SUCH a little saver. but we never talked about credit cards. (probably because they hardly ever used them!) I graduated from college and it all just went out the window. Some people (like me) learn through hard lessons. and not just massive debt. for instance, a boy I really loved dumped me because I was horrible with money. I was devastated by that for years. I couldn't figure out what that had to do with my heart, or the kind of person I was. It made me even more miserable, which lead to spending more money. It was more about learning to love myself, and the fact that being nutso with your finances is not loving yourself. He was an all around jerk, but that's one thing I'll give him credit for... waking me up!
hypnoticmix hypnoticmix 9 years
Oh I agree wholeheartedly parents need to get off their behinds as well and jump on the band wagon. However, finance is not like sex ed. or creation here. Having schools teach sound fiscal judgment I don't think is going to get any parent upset and it will provide a net for children who do not have parents as responsible as you cabaker27.
Jillness Jillness 9 years
For the most part, I agree with what he has said here. I would have to see how that translates into policy. I have been skeptical about his economic stance in the past, namely not raising taxes with out describing what he would cut in other areas in order to start knocking down our massive debt, while still supporting the cost of the war. His math doesn't add up.
cine_lover cine_lover 9 years
Cabaker- are you to say that it is not the governments job to raise our youth? Or that parents need to be responsible for their children? What is wrong with you? Everyone knows that the government knows best! :yaar:
hausfrau hausfrau 9 years
Hypnotic, I would tend to agree with you except that I think those skills should be taught by parents. I mean, isn't that the job of a parent? To PARENT? Giving kids allowances and allowing them to make those mistakes and learn from them at a young age is the best way to raise a fiscally responsible person I think. And of course, none of that matters if you don't lead by example. At my college though we had to take a class about paying back our school loans before we could graduate, it was required of everyone not just those with the loans. It wasn't a bad thing, but I don't know how many people really learned from it since it was only about school loans. PS - Did you get my gift?? :)
syako syako 9 years
cabaker I'm like you - I've got some easter bunny money burning a hole in my pocket just wanting to be spent at Williams Sonoma! :please:
hypnoticmix hypnoticmix 9 years
Ever since I graduated high school and was released unto societies vultures. I have always thought that a mandatory class or classes prior to graduation covering banking, credit, real estate, tax filing and investment should be ingrained into every graduates head before they leave for college. I strongly believe that with this as a foundation we would not be so reckless with our finances and the reason we are is in large part because we don't understand how it works. Allowing everyone to fumble through it and make mistakes which lead to repossessions, bankruptcy, wage garnishment, pay day loans, chronic late payers etc. is not going to help matters.
KrisSugar KrisSugar 9 years
I wish I had known you guys when I was like, 22. I really learned the hard way about credit cards. I was miserable, and I placed a lot of value in things I thought would make me happy, but didn't. I didn't have any girls in my life back then who were positive examples. My mom was a great teacher, but she was my nagging mother back then, not someone I really listened too. :)
lilkimbo lilkimbo 9 years
Cine, it's kind of hard to explain the legal challenges to payday loans, as I don't completely understand all of them. The Wikipedia page entitled "Payday Loans" gets into them a little. Sorry I'm not more helpful on that one. And, duh, cabaker, don't you know that anything that ever goes wrong for anyone is Bush's fault?
hausfrau hausfrau 9 years
No I wouldn't reccomend it unless you want to ge riled up. It was hard for me to finish. I was just so let down because so much good could have been done with the subject matter.
cine_lover cine_lover 9 years
Cabaker, I don't think I can watch it from your description. It will make me angry, like Michael Moore does, and I am trying to keep my blood pressure down.
cine_lover cine_lover 9 years
Oh and I have flown all over the place on my credit card points! I also like to track all my spending so I can keep in budget, and among other benefits.
cine_lover cine_lover 9 years
I did not know that lil (the payday loan part). Do you know why they are considering making it illegal?
hausfrau hausfrau 9 years
Has anyone seen the documentary Maxed Out? I was excited to see it since it deals with this topic... It did a great job of exposing payday loans, which I had never heard of, but out of an 89 minute run time, not ONE MINUTE was spent on personal responsibility. Basically it blamed Bush and the banks. Nice. Has anyone read Rich Dad, Poor Dad? Excellent book!
lilkimbo lilkimbo 9 years
Oh, and as for credit cards, I think they are great for people like NY and cabaker, who are able to use them for the rewards. I also think they are good for people like cine, who need them in an emergency. I personally have a few that I don't carry a balance on, but there have been times when I needed them for an emergency or to get me through until my next payday when I was glad I had them. If you aren't in the position to have a large amount in savings, I think credit cards are a great tool to use in emergencies or in between paychecks, especially considering that the alternative for some people is payday loans, which some states are considering making illegal!
piper23 piper23 9 years
I get at least one credit card offer a day. Envelope, at least 2 sheets of paper. Credit card companies are killing trees left and right. I feel for the people losing their homes but its not the governments responsibility to fix a problem that I believe begins with the borrower. But then again with the poor state that our education is in, how can we expect people who don't even graduate high school, how can we expect them to be smart enough to handle their money. Seriously, I see the same people in the payday loan office across the street from where I'm sitting. They go faithfully every month to get an "advance" on their hard earned money. And they think its ok! They even bring their kids who will grow up thinking its ok. Endless cycle.
harmonyfrance harmonyfrance 9 years
YAY a Hillary free zone! Don't get me wrong I love the girl...but sometimes I get tired from the crusade. Now to topic...I agree on both ends. I think that credit cards interest rates and hidden fees are insane, but I also agree that people should have some sort of financial responsibility. I had to get rid of them. I kept filling them up. I deal in only debit cards now.
lilkimbo lilkimbo 9 years
Kris, I agree that Wal Mart did seem better when we were younger. I personally don't really like to shop there, I just dislike it when people proclaim Wal Mart as evil, horrible, and disgusting without looking at the other side of the issue.
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