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Wednesday, September 24, 2008
First things first: McCain suspends his campaign
Sen. McCain is suspending his campaign and is calling on Sen. Obama to agree to postpone the upcoming debate, to allow them to focus on the economic crisis.
Mr. McCain said if Congress does not pass legislation to address the crisis, credit will dry up, people will no longer be able to buy homes, life savings will be at stake and businesses will not have enough money.
“If we do not act, every corner of our country will be impacted,” Mr. McCain said. “We cannot allow this to happen.”
Posted by Terry O'Neill on September 24, 2008 in International Affairs | Permalink
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Comments
The last thing we need is more politicians focusing on the economy, especially an admitted economic illiterate like McCain.
Economic freedom and sound money made America prosperous. Restore those things and you restore America’s economic greatness, but that won’t happen.
The greatest nation on earth was conceived in liberty and grew prosperous because of it, but it is now slowly dying from the diseases of socialism and authoritarianism.
It’s truly sad, especially when so-called conservatives like Ben Stein or Conrad Black join the anti-capitalist forces calling for the regulation of America’s capital markets instead of calling for the immediate and radical downsizing of the American government.
Think about the nonsense that will come from McCain -- work harder, sacrifice for your country, be a good patriot. None of this will cleanse the sludge of big government from the engine of capitalism.
They better build that wall soon if they hope to keep Americans from fleeing south with what’s left of their wealth.
Posted by: Matthew Johnston | 2008-09-24 2:49:28 PM
It’s truly sad, especially when so-called conservatives like Ben Stein or Conrad Black join the anti-capitalist forces calling for the regulation of America’s capital markets instead of calling for the immediate and radical downsizing of the American government.
Posted by: Matthew Johnston | 24-Sep-08 2:49:28 PM
Could you offer an explanation as to why only the financial institutions in the US are imploding?
Posted by: The Stig | 2008-09-24 3:10:58 PM
Stig, the financial institutions in the U.S. are imploding for the same reason any company in a capitalist system implodes--they got greedy and overreached themselves. The Great Depression should provide all the historical proof necessary that if Wall Street self-destructs, they're not the only ones to suffer.
Greed is the beating heart of capitalism and consumerism, but also its downfall. A great deal of this meltdown has to do with real estate, which has been grossly overpriced for years. A correction of monumental proportions was inevitable. And the greater the excess during the boom years, the leaner are the years that follow. That is the swinging pendulum.
That said, making that $700 billion a gift is a mistake. It should be a long-term loan. Even recovery of the principle, minus interest, would be better than nothing at all. This whole thing has been rushed through in barely the space of a week with almost no planning on anyone's part. Everyone knew it was coming; hopefully just not on their watch. Wall Street, Washington, and the American people are all equally blameworthy.
Posted by: Shane Matthews | 2008-09-24 3:22:12 PM
Stig, the financial institutions in the U.S. are imploding for the same reason any company in a capitalist system implodes--they got greedy and overreached themselves.
Posted by: Shane Matthews | 24-Sep-08 3:22:12 PM
Maybe I should rephrase the question. Why are US financial institutions imploding, and they are not in Canada and Western Europe.
Posted by: The Stig | 2008-09-24 3:31:13 PM
Looks like the activities of the CIBC are about to be put under an American microscope too.
http://www.lawyersandsettlements.com/case/canadian-imperial-bank-of-commerce-cibc-securities.html
http://www.lawyersandsettlements.com/case/canadian-imperial-bank-of-commerce-cibc-securities-2.html
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance." -James Madison
Posted by: JC | 2008-09-24 4:02:46 PM
Looks like the big American socialist bailout might not be going so good...
I wonder if Obama and McCain are watching this?
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/23/AR2008092300284.html?wpisrc=newsletter
Posted by: JC | 2008-09-24 5:09:34 PM
The bale out is necessary--more tax payers would get hurt if they aren't baled out. If any one bothered to read McCain's proposal they would understand that the government could actually plausibly make money. McCain wants to ensure that CEOs do not get huge bonuses when their companies fail to produce. He also wants to add legislation that would make the lending standards stricter.
The real story is that McCain is able to campaign AND do his job that he was elected to do. He is by far not my favorite Republican but he does have a great bi-partisan record and his desire to focus on solving a problem THAT IS PART OF HIS JOB DESCRIPTION shows that he has some integrity (Unlike B. Hussein Obama who has spent his entire Senate career running for President).
Posted by: Kat | 2008-09-24 10:29:04 PM
The bale out is necessary--more tax payers would get hurt if they aren't baled out.
Posted by: Kat | 24-Sep-08 10:29:04 PM
Kat, the bail out is straight up Communism.
The 5th plank of the communist manifesto:
5. Centralization of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.
Americans call it the Federal Reserve which is a privately-owned credit/debt system allowed by the Federal Reserve act of 1913. All local banks are members of the Fed system, and are regulated by the Federal Deposit Insurance Corporation (FDIC) another privately-owned corporation. The Federal Reserve Banks issue Fiat Paper Money and practice economically destructive fractional reserve banking.
(For more comparisons: http://www.libertyzone.com/Communist-Manifesto-Planks.html )
Any further encroachment by the Feds into banking and the economy in general is just another goose step towards ...
Its (past) time the government got right the hell out of the economy and let the chips fall where they will.
Lets not forget it was these same political and corporate "elitists" who caused this mess in the first place and now they want to look like hero's by taking more control of our economy.
We really need to step back and look at the big picture here. A temporary band aid won't fix anything... but it will set a precedent for further, future government controls.
Posted by: JC | 2008-09-25 4:20:59 PM
http://www.youtube.com/watch?v=S27yitK32ds&e
Another opinion on the bail out.
I like this lady even if she is a lefty.
Posted by: JC | 2008-09-26 3:43:46 PM
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