steelincotton wrote:CaliG is right.
Just so this doesn't go unnoticed..... .. McCain's answer to the problem is fewer regulations and MORE tax breaks for Wall Street and their cronies!! McCain is cracking up, and the straight talk express has lost it's wheels!!
UPDATE: CBS News reports that McCain's alternative proposal includes "fewer regulations and corporate tax breaks":
I am sorry but do you not understand economics? A reduction of corporate taxes and tax breaks for buying up this bad debt is a great way to stimulate spending and lending and to move these risky securities to healthy companies without creating a 700 billion dollar tax burden. That solution is what has been proposed by AMERICAN TAXPAYERS! That is a plan that is being considered an alternative by the american public which is completely against the bailout.
The problem was created by socialist government sponsored entities which were designed to alter the free market to allow more people to be able to afford homes. Their power was expanded several times and they had little to no oversight and what oversight they had was powerless to reign them in. They pushed for more and more people to be able to take out loans, bought loans that were mistakes from the beginning from banks, effectively encouraging these horrible loans and the predatory lending to occur, and now this artifical economic bubble that was created directly from the effects of congress and the push of these Govt sponsored entities is bursting. Hundreds of economists are now saying that the Paulson plan won't work. The Tax break and tax incentive plan is economically sound. It also doesn't give a blank check to a govt official with no oversight capacity, it also wont put us AT LEAST 700 billion more dollars in debt.
As far as injecting presidential politics I call BULL SHIT. McCain went to that meeting, he was requested to come to washington by members of congress, he said very little and what he said is in line with overall sentiment of the American people. HOW THE HELL IS THAT BAD!? How is representing the wishes of your country bad!? I hope McCain destorys the Paulson plan. I will NEVER vote for ANYONE that votes for this idiotic piece of legislation, be it Obama, McCain, or any of my senators or representative.