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Treasury Could Begin Spending $1 Trillion on Bailout Without Congressional Approval, McCain Says


(CNSNews.com) – Sen. John McCain, the Republican presidential candidate, indicated on Tuesday that the Bush administration could simply bypass Congress, if necessary, to begin dealing with the nation’s financial crisis.

“The Treasury has at its disposal about a trillion dollars that they could begin, without congressional authority, buying up some of these terrible mortgages and help stabilize the situation,â€

I heard that also, get McSame to by pass congress and Palin banning books and they will make a great team.

....too bad this band of fools didn't listen to the republican minority when it truly counted. We wouldn't need any bailout at all.

Shocking.....

http://ca.youtube.com/watch?v=_MGT_cSi7Rs

Barney, Maxine - the whole lot of democrats running the banking committee, bona fide idiots. Talk about dereliction of duty, damn.

Sorry, SO. That's just a doctored piece of garbage. Go through enough c-span archives and you can find representatives from both sides, and independents, making statements of all sorts. If you eliminate the leading text from in between the clips, they mean nothing.

The truth is that the Republicans are the party of small government and deregulation. Plain and simple. The footage in the link you provided was from 2004 (or at least that's what the youtube originator claims) a year in which the Republicans held the majority in Congress. So, they were the ones in charge, not the "republican minority."

The -actual- CSPAN footage is appalling if you see it any other way well look again.

Face it the republicans, including the Bush administration, brought the potential Fannie and Freddie problems up and were shut down and outright ridiculed by the idiot democrats on the banking committee who saw no problems whatsoever.

That's a very uninformed statement.

If you go back and listen to what the Reps were actually saying, instead of letting yourself be blindly lead by the text inserted in between the clips, you'll see that the Reps were calling for a "new regulatory system" but did not specify that the new system they were proposing was to call for more government regulation. In fact, they were calling for less regulation as part of the shrinking of government that they have been espousing for the last 30 years.

Sorry I see fine.

“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
- Barney Frank 2003 (Chair of House Financial Services Committee) in response to Bush administration overhaul plan.

Good old affordable housing for all crammed down our throats by idiotic, short-sighted democrats.

Fine. If you want to play a game of "catch the quote"

Barnie made his remarks in 2003. John McCain, two weeks ago said, and I quote, "the fundamentals of our economy are strong."

Does he still think so?

This quote from McCain circa 2005 is more pertinet to the topic at hand:

"Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically createdâ€

Do you think that the economic situation we are currently in is solely due to the failure of Fannie Mae and Freddie Mac?

And, I see you have conveniently avoided my question by changing the subject. There is nothing more relevant than McCain's recent statement that "the fundamentals of our economy are strong."

I dont think anyone fully understands the economic situation we are in, and the blame can probably be shared on both sides. However, as the crisis continues more information is coming out that points to the democrats as the primary culprits. Republicans saw this coming but they were basically accused of racism by the democrats and organizations such as ACORN. Granted, my information is coming from talk radio, Drudge report, etc. but it seems that the democrats have some explaining to do. I have gotten to the point where I dont feel that anyone is telling us the truth. I dont trust MSNBC, I dont trust CNN, I dont trust FOX, and I dont trust anyone in radio. They all have agendas! I dont think any of the politicians care about anything but their own power (with the possible exception of Palin), and I think the American people are getting screwed with this bail-out plan.
Thats my take on the whole thing.

The People wrote:Do you think that the economic situation we are currently in is solely due to the failure of Fannie Mae and Freddie Mac?."

Soley? No, certainly not.

That would be like me claiming the sole reason spending under the Bush administration was so high was due to the events that occured on 9/11.

My question is this. If the republicans knew there was trouble on the horizon for Fannie and Freddie then why did they not fix it? They had control of the white house, the house and senate why did they not fix it. They did not fix it because they were playing politics is why. They knew they would take heat from voters.

"They did not fix it because they were playing politics is why. They knew they would take heat from voters."


There shouldn't have been any heat to take from the voters. It's only the inevitable,"politically correct", outcries of racism and oppression of the poor that could make anyone, right or left, who clearly saw the danger at that time think twice about doing the "financially correct" thing and attempting to defuse the bomb.

In hindsight, maybe this was the time when someone should have thrown themselves on the grenade and suffered the political fallout, for the good of the country and even the rest of the world as it seems today.

Of course if your actions, right or wrong, get you ousted from office who will replace you and what will stop them from rebuilding the bomb you sacrificed yourself to disarm.

Isn't that the very essence of "playing politics"? Trying to stay in office so you can do at least some of what you think is needed?

FWIW, I don't harbor any illusions that anyone was guilt free in this mess. This monster has two heads.

A democratic backed mandate for politically correct loans caused a chain reaction that forced a flow of money that many greedy people, probably more republicans that anyone else, cashed in on every chance they could, both legally and illegally. Many republicans are responsible for taking way, way more than they needed. It seems they honestly believe they are entitled. Just take a look at the executives from AIG going on retreat on your grand children's dime and try to hold your breakfast down.

The real root of the problem is human nature. Let's make a point of behaving ourselves out there. At least most of the time.