McCain speech on mortgage meltdown: suck it up

[DixieBelle]

Let’s start with some straight talk:

I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

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.

When we commit taxpayer dollars as assistance, it should be accompanied by reforms that ensure that we never face this problem again. Central to those reforms should be transparency and accountability.

http://www.realclearpolitics.com/articles/2008/03/john_mccains_remarks_on_econom.html

It's a good direction. Let's hope it happens.

[Flame]

That sounds like the most reasonable response I've heard from any politician recently.

[Chris_]

Wait until you hear the clips from today's speech on foreign policy and global warming......he sounds like a resurrected John Kerry....

We are seriously screwed  with this clown.......



doc

[Lauri]

That sounds like the most reasonable response I've heard from any politician recently.

i want to see him say it in a video .. but it does sound reasonable to me.

i think first time homebuyers are possibly too young to know what they were getting into.. but as tough as it sounds, i think old folks and others who just kept pulling equity out of their homes to pay down credit card debt or take vacations.. no, we dont need to bail them out. they knew what they were doing and they need to let the market correct itself.

[Wretched Excess]

Let’s start with some straight talk:

I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

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.

When we commit taxpayer dollars as assistance, it should be accompanied by reforms that ensure that we never face this problem again. Central to those reforms should be transparency and accountability.

http://www.realclearpolitics.com/articles/2008/03/john_mccains_remarks_on_econom.html

It's a good direction. Let's hope it happens.

and of we do stumble into a recession, let it rip.

[Chris_]

Compare that to hussein's response.  In essence: "The government will bail you out."

[Lauri]

Let’s start with some straight talk:

I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

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.

When we commit taxpayer dollars as assistance, it should be accompanied by reforms that ensure that we never face this problem again. Central to those reforms should be transparency and accountability.

http://www.realclearpolitics.com/articles/2008/03/john_mccains_remarks_on_econom.html

It's a good direction. Let's hope it happens.

and of we do stumble into a recession, let it rip.

we've had seven recessions in this country since the early 1900s, so i've read.. i think thats just how the market goes. im no financial scholar but corrections are part of the process arent they? what exactly should a president do about market corrections such as this?

im not being snarky.. im curious to know..

[USA4ME]

Wait until you hear the clips from today's speech on foreign policy and global warming......he sounds like a resurrected John Kerry....

We are seriously screwed  with this clown.......



doc

I agree.  All 3 of the remaining candidates are worthless.

.

[Wretched Excess]

Let’s start with some straight talk:

I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

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.

When we commit taxpayer dollars as assistance, it should be accompanied by reforms that ensure that we never face this problem again. Central to those reforms should be transparency and accountability.

http://www.realclearpolitics.com/articles/2008/03/john_mccains_remarks_on_econom.html

It's a good direction. Let's hope it happens.

and of we do stumble into a recession, let it rip.

we've had seven recessions in this country since the early 1900s, so i've read.. i think thats just how the market goes. im no financial scholar but corrections are part of the process arent they? what exactly should a president do about market corrections such as this?

im not being snarky.. im curious to know..

a lot of people think that the economy is cyclical.  in fact, there is an argument to be made that recessions are the product of too much government interference in the first place.