Wednesday, September 17, 2008

McCain's claimed warning of the credit crisis

From Jake Tapper Qoutting John McCain just before the Primary:
"I don't know the dimensions of this. It's hard to know what the dimensions are.... [I]n this whole new derivative stuff, and SIBs and all of this kind of new ways of packaging mortgages together and all that is something that frankly I don't know a lot about. [Snip]

I don't know of hardly anybody, with the exception of a handful, that said 'wait a minute, this thing is getting completely out of hand and is overheating.'

"So, I'd like to tell you that I did anticipate it, but I have to give you straight talk, I did not."
Then today's quotation from John McCain:
"Two years ago, I warned that the oversight of Fannie and Freddie was terrible, that we were facing a crisis because of it, or certainly serious problems," Sen. John McCain, R-Ariz., told CBS this morning. "The influence that Fannie and Freddie had in the inside the Beltway, old boy network, which led to this kind of corruption is unacceptable and I warned about it a couple of years ago.”
McCain will say anything, promise anything, just to get elected President so that he can continue the disastrous "Reagan Revolution" policies he has championed since he became a Senator.


Toronto real estate agent said...

The question is what the voters will actually believe...I think your main problem now, few weeks before elections, is unbelievably fast change of main topics. It was health care, then real estate crisis, then oil prices, financial crisis and few days before The Day it will be maybe overall crisis. Candidates have hardly answered one topic and there is already another. And voters can become confused...
Take care

Richard said...

I think the environment is ideal to demonstrate to the American public how either Brack Obama or John McCain will handle the various crises that the President is hired to handle.

Look at what Cokie Roberts said on ABC this weekend. She said "Watching Obama's team just makes me feel secure."

Compare that with the panic and wildly emotional - even irrational - responses from John McCain. McCain is going to solve the banking crisis by firing the Chairman of the SEC? Does McCain even have a clue what the SEC is or what it does? McCain and his campaign team are rank amateurs trying to deal with problems that have stumped real professionals and the McCain team is panicking. They are clearly in over their heads.

The variety of topics demand an overall coherent response. Obama is doing it. McCain has no clue. The voters are not confused about that.