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They did not cause the housing crisis. They did, however, fail acknowledge the problem

Posted By: soon enough on 2009-01-15
In Reply to: Where were you when Franks and Dodds and the dem controlled finance committee - caused the housing crisis, and then...

and they most certainly failed to tackle the problem in a timely and effective way.

One of the major factors in the housing crisis was the repeal of Glass-Steagall and the implementation of Graham-Bliley Act. The lack of oversight, the deregulation that allowed lenders to lend without being subject to oversight rules because the type of financial institution they were doomed us.

The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. "Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.

I am not a fan of Frank, Dodd, or Pelosi. I am not a fan of TARP, especially because there was/is no built-in oversight or accountability. Shoot, the some of the same predatory lenders that were put out of business by their own practices are up and running again, passing out toxic loans to desperate people, because they managed to get their hands on bailout money.


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The truth about the housing crisis...
I will warn you this is long, but if your interested in the truth this is a good place to start.






Would the Last Honest Reporter Please Turn On the Lights?
By Orson Scott Card

Editor's note: Orson Scott Card is a Democrat and a newspaper columnist,
and in this opinion piece he takes on both while lamenting the current
state of journalism.

An open letter to the local daily paper - almost every local daily paper
in America :

I remember reading All the President's Men and thinking: That's
journalism. You do what it takes to get the truth and you lay it before
the public, because the public has a right to know.

This housing crisis didn't come out of nowhere. It was not a vague
emanation of the evil Bush administration.

It was a direct result of the political decision, back in the late
1990s, to loosen the rules of lending so that home loans would be more
accessible to poor people. Fannie Mae and Freddie Mac were authorized
to approve risky loans.

What is a risky loan? It's a loan that the recipient is likely not to
be able to repay.

The goal of this rule change was to help the poor - which especially
would help members of minority groups. But how does it help these
people to give them a loan that they can't repay? They get into a
house, yes, but when they can't make the payments, they lose the house -
along with their credit rating.

They end up worse off than before.

This was completely foreseeable and in fact many people did foresee it.
One political party, in Congress and in the executive branch, tried
repeatedly to tighten up the rules. The other party blocked every such
attempt and tried to loosen them.

Furthermore, Freddie Mac and Fannie Mae were making political
contributions to the very members of Congress who were allowing them to
make irresponsible loans. (Though why quasi-federal agencies were
allowed to do so baffles me. It's as if the Pentagon were allowed to
contribute to the political campaigns of Congressmen who support
increasing their budget.)

Isn't there a story here? Doesn't journalism require that you who
produce our daily paper tell the truth about who brought us to a
position where the only way to keep confidence in our economy was a $700
billion bailout? Aren't you supposed to follow the money and see which
politicians were benefiting personally from the deregulation of mortgage
lending?

I have no doubt that if these facts had pointed to the Republican Party
or to John McCain as the guilty parties, you would be treating it as a
vast scandal. "Housing-gate," no doubt. Or "Fannie-gate."

Instead, it was Senator Christopher Dodd and Congressman Barney Frank,
both Democrats, who denied that there were any problems, who refused
Bush administration requests to set up a regulatory agency to watch over
Fannie Mae and Freddie Mac, and who were still pushing for these
agencies to go even further in promoting sub-prime mortgage loans almost
up to the minute they failed.

As Thomas Sowell points out in a TownHall.com essay entitled "Do Facts
Matter?" ( ]" target=_blank>http://snipurl.com/457townhall_com<http://snipurl.com/457to>]
): "Alan Greenspan warned them four years ago. So did the Chairman of
the Council of Economic Advisers to the President. So did Bush's
Secretary of the Treasury."

These are facts. This financial crisis was completely preventable. The
party that blocked any attempt to prevent it was ... the Democratic
Party. The party that tried to prevent it was ... the Republican Party.

Yet when Nancy Pelosi accused the Bush administration and Republican
deregulation of causing the crisis, you in the press did not hold her to
account for her lie. Instead, you criticized Republicans who took
offense at this lie and refused to vote for the bailout!

What? It's not the liar, but the victims of the lie who are to blame?

Now let's follow the money ... right to the presidential candidate who
is the number-two recipient of campaign contributions from Fannie Mae.

And after Freddie Raines, the CEO of Fannie Mae who made $90 million
while running it into the ground, was fired for his incompetence, one
presidential candidate's campaign actually consulted him for advice on
housing.

If that presidential candidate had been John McCain, you would have
called it a major scandal and we would be getting stories in your paper
every day about how incompetent and corrupt he was.

But instead, that candidate was Barack Obama, and so you have buried
this story, and when the McCain campaign dared to call Raines an
"adviser" to the Obama campaign - because that campaign had sought his
advice - you actually let Obama's people get away with accusing McCain
of lying, merely because Raines wasn't listed as an official adviser to
the Obama campaign.

You would never tolerate such weasely nit-picking from a Republican.

If you who produce our local daily paper actually had any principles,
you would be pounding this story, because the prosperity of all
Americans was put at risk by the foolish, short-sighted, politically
selfish, and possibly corrupt actions of leading Democrats, including
Obama.

If you who produce our local daily paper had any personal honor, you
would find it unbearable to let the American people believe that somehow
Republicans were to blame for this crisis.

There are precedents. Even though President Bush and his administration
never said that Iraq sponsored or was linked to 9/11, you could not
stand the fact that Americans had that misapprehension - so you pounded
us with the fact that there was no such link. (Along the way, you
created the false impression that Bush had lied to them and said that
there was a connection.)

If you had any principles, then surely right now, when the American
people are set to blame President Bush and John McCain for a crisis they
tried to prevent, and are actually shifting to approve of Barack Obama
because of a crisis he helped cause, you would be laboring at least as
hard to correct that false impression.

Your job, as journalists, is to tell the truth. That's what you claim
you do, when you accept people's money to buy or subscribe to your
paper.

But right now, you are consenting to or actively promoting a big fat lie
- that the housing crisis should somehow be blamed on Bush, McCain, and
the Republicans. You have trained the American people to blame
everything bad - even bad weather - on Bush, and they are responding as
you have taught them to.

If you had any personal honor, each reporter and Editor would be
insisting on telling the truth - even if it hurts the election chances
of your favorite candidate.

Because that's what honorable people do. Honest people tell the truth
even when they don't like the probable consequences. That's what
honesty means . That's how trust is earned.

Barack Obama is just another politician, and not a very wise one. He
has revealed his ignorance and naivete time after time - and you have
swept it under the rug, treated it as nothing.

Meanwhile, you have participated in the borking of Sarah Palin,
reporting savage attacks on her for the pregnancy of her unmarried
daughter - while you ignored the story of John Edwards's own adultery
for many months.

So I ask you now: Do you have any standards at all? Do you even know
what honesty means?

Is getting people to vote for Barack Obama so important that you will
throw away everything that journalism is supposed to stand for?

You might want to remember the way the National Organization of Women
threw away their integrity by supporting Bill Clinton despite his
well-known pattern of sexual exploitation of powerless women. Who
listens to NOW anymore? We know they stand for nothing; they have no
principles.

That's where you are right now.

It's not too late. You know that if the situation were reversed, and
the truth would damage McCain and help Obama, you would be moving heaven
and earth to get the true story out there.

If you want to redeem your honor, you will swallow hard and make a list
of all the stories you would print if it were McCain who had been
getting money from Fannie Mae, McCain whose campaign had consulted with
its discredited former CEO, McCain who had voted against tightening its
lending practices.

Then you will print them, even though every one of those true stories
will point the finger of blame at the reckless Democratic Party, which
put our nation's prosperity at risk so they could feel good about
helping the poor, and lay a fair share of the blame at Obama's door.

You will also tell the truth about John McCain: that he tried, as a
Senator, to do what it took to prevent this crisis. You will tell the
truth about President Bush: that his administration tried more than once
to get Congress to regulate lending in a responsible way.

This was a Congress-caused crisis, beginning during the Clinton
administration, with Democrats leading the way into the crisis and
blocking every effort to get out of it in a timely fashion.

If you at our local daily newspaper continue to let Americans believe -
and vote as if - President Bush and the Republicans caused the crisis,
then you are joining in that lie.

If you do not tell the truth about the Democrats - including Barack
Obama - and do so with the same energy you would use if the miscreants
were Republicans - then you are not journalists by any standard.

You're just the public relations machine of the Democratic Party, and
it's time you were all fired and real journalists brought in, so that we
can actually have a news paper in our city.

This article first appeared in The Rhinoceros Times of Greensboro ,
North Carolina , and is used here by permission.

So you can't acknowledge there may have been
x
I acknowledge

your opinion and ask why does my stating my viewpoint disturb you enough to provoke your response?


 


I can acknowledge
that you are full of hot air.
Hurricane housing, a way to help!
Just got this email from my brother:

 

We are forwarding this information about hurricanehousing.org - it was assembled by the progessive people of moveon.org and has been publicized by local mainstream media.  While we are unspeakably upset by the lack of timely federal emergency aid, we are gratified by grassroots caring and hope that this disaster will serve as a moral reawakening beyond its terrible pain and loss.  Please consider the following....

 
We're sure you've seen the horrifying images on TV of destruction left by Hurricane Katrina, and the many, many people left with nowhere to go.

You can help. MoveOn.org just launched a website, www.hurricanehousing.org, to connect your empty beds with hurricane victims who desperately need a place to wait out the storm.


You can post your offer of housing (a spare room, extra bed, even a decent couch) on http://www.hurricanehousing.org or search there for housing if you need it.


MoveOn will pass requests from hurricane victims or relief agencies on to volunteer hosts, who can decide whether or not to respond to a particular request. The host remains anonymous until they reply to someone looking for housing.


The ______(this was my brother's name) just posted an offer. We hope you will too, or pass this on to people you know in the Southeast:


http://www.hurricanehousing.org


Housing is most urgently needed within reasonable driving distance (about 300 miles) of the affected areas, especially New Orleans.


Thanks!


Housing people

People all over this nation are opening up their hearts and homes to try to help these people.


I wonder how many people could be housed in a certain ranch in Crawford.


Also, do you acknowledge that the Iraq
Does that even matter to you?  Do you acknowledge that so many other goverment programs are wasting our tax dollars?  Maybe some of that money could be redirected to help with healthcare.  You just assume that I want you to be taxed to death, but obviously I don't want that.  You are putting words in my mouth.  The cigarette tax would fund the program, and if that doesn't cover the entire program, you know very well that we could get money to go to it.  Have you gone broke due to the US spending $333 million a day in Iraq?  No, then why do you assume that you will go broke if they spend $19 million a day in S-CHIP.  You're not thinking logically, and I cannot argue with a person without sound judgement.  It's pointless.  I'm sick of it, and I would like to get some opinions from fellow Democrats on an issue without you scaring them away and trying to take over the Liberal board.
But what has that to do with affordable housing?
/
Until you acknowledge the occupation
the specifics of your arguments have no standing or credibility and merit no comment. Doomed is what they are and by their own hand, not Hamas, not the Palestinians, but by themselves.
I acknowledge that I am probably way out of my league but
Re: Clinton and terrorists: Maybe he knew. He probably did know, but attacks did not happen during his administration. I don't underestimate Mr. Cheyney's intelligence. I credit the attack to him.

Re: Clinton surplus. Whether it was a zillion or one dollar. It was a surplus. And Bush and co were chomping at the bits to spend it on anything other than the American people.

Re: Global warming. YOU don't believe it? This attitude annoys me more than anything else. Yes, the world evolves, whether it be natural or prematurely forced. Scientists all over the world have been documenting global warming and YOU don't believe it? Okay.

Re: Peace instead of war. Well... what do we have to lose? We try to make peace and they attack us... or we be SOBs and hate everyone and they attack us. Sorry... yeah, I'm a dem but I still believe in the golden rule. BTW, feedback is good so far with O's video to Iran.

Re: Letting people do it on their own. If only... There have just been too may casualties. Innocents who have been caught up in this financial fiasco and through no fault of their own (not all, but a lot). I'm sorry, but some Americans do need help and it benefits us all to provide that. I don't like it either. It's not that these people are lazy or made bad decisions, but because things just evolved into a really bad place really quick for a lot of people.

Okay... using cable is kind of a bad example I think. Cable companies have been territorial for years. I never ever heard of Comcast in my part of the world. I just know that cable companies have specific regions and it seems like this is a pretty regulated entity... oh... wait.... is regulation a bad word?

I think sunglasses describes better what some are seeing here.
Do you acknowledge that McCain saw this coming...
cosponsored legislation to try to prevent it, and Barack Obama, Chris Dodd and Barney Frank blocked that legislation?
Hey there! I like it, but what about clothing, housing, medicines......sm
baby products (I nursed all three completely so THAT was cheap, but not an option for everyone), I don't think the MREs were meant to nourish little children, so I would worry about that. You still need utilities of some kind, because we all can't go out and cut down trees, so there is a lot to think about. I think if they INVESTED in hiring more social workers who were monitored to really do their jobs and fish out all the bogus welfare claims, get those people jobs or job training and paying back into the system, that would be wiser, because let's face it, there are some families that spend their welfare money on wasteful or indulgent stuff, but with this economic depression the Welfare is going to go more and more to unemployed families who were "let go," and I do worry about the nutrition and health of the little ones.
And did you know there are waiting lists for subsidized housing? Why do you think there are....sm
so many newly-poor families on the streets? Getting on the rolls these days, cutting through the red tape, can be a daunting and long task, but what about the families in the meantime? The shelters are overflowing. In my state, the food banks actually have to close now from time to time because times are hard, less people are able to donate, more people need the help, and there is just not enough to go around.

I just want DESERVING FOLK to get their needs met while they get back on their feet, and the kids do not have to live a nightmare. Yes, I, too, have seen some welfare folk buying inappropriate things, but perhaps if we had a voucher system that monitored purchases, if they only got reimbursed on the back end after submitting their receipts to make sure they were buying needed, healthy, appropriate goods....I don't have the answer, or I would be applying at the White House, but we need social safety nets so badly right now.
This could explain the refusal of some to acknowledge global warming.

http://www.latimes.com/news/local/la-me-endtimes22jun22,0,7902314.story?page=3&coll=la-home-headlines


'End Times' Religious Groups Want Apocalypse Soon


'End times' religious groups want apocalypse sooner than later, and they're relying on high tech -- and red heifers -- to hasten its arrival.


By Louis Sahagun, Times Staff Writer
June 22, 2006


For thousands of years, prophets have predicted the end of the world. Today, various religious groups, using the latest technology, are trying to hasten it.

Their endgame is to speed the promised arrival of a messiah.


For some Christians this means laying the groundwork for Armageddon.

With that goal in mind, mega-church pastors recently met in Inglewood to polish strategies for using global communications and aircraft to transport missionaries to fulfill the Great Commission: to make every person on Earth aware of Jesus' message. Doing so, they believe, will bring about the end, perhaps within two decades.

In Iran, President Mahmoud Ahmadinejad has a far different vision. As mayor of Tehran in 2004, he spent millions on improvements to make the city more welcoming for the return of a Muslim messiah known as the Mahdi, according to a recent report by the American Foreign Policy Center, a nonpartisan think tank.

To the majority of Shiites, the Mahdi was the last of the prophet Muhammad's true heirs, his 12 righteous descendants chosen by God to lead the faithful.

Ahmadinejad hopes to welcome the Mahdi to Tehran within two years.

Conversely, some Jewish groups in Jerusalem hope to clear the path for their own messiah by rebuilding a temple on a site now occupied by one of Islam's holiest shrines.

Artisans have re-created priestly robes of white linen, gem-studded breastplates, silver trumpets and solid-gold menorahs to be used in the Holy Temple —— along with two 6½½-ton marble cornerstones for the building's foundation.

Then there is Clyde Lott, a Mississippi revivalist preacher and cattle rancher. He is trying to raise a unique herd of red heifers to satisfy an obscure injunction in the Book of Numbers: the sacrifice of a blemish-free red heifer for purification rituals needed to pave the way for the messiah.

So far, only one of his cows has been verified by rabbis as worthy, meaning they failed to turn up even three white or black hairs on the animal's body.
Linking these efforts is a belief that modern technologies and global communications have made it possible to induce completion of God's plan within this generation.

Though there are myriad interpretations of how it will play out, the basic Christian apocalyptic countdown —— as described by the Book of Revelation in the New Testament —— is as follows:

Jews return to Israel after 2,000 years, the Holy Temple is rebuilt, billions of people perish during seven years of natural disasters and plagues, the antichrist arises and rules the world, the battle of Armageddon erupts in the vicinity of Israel, Jesus returns to defeat Satan's armies and preside over Judgment Day.

Generations of Christians have hoped for the Second Coming of Jesus, said UCLA historian Eugen Weber, author of the 1999 book Apocalypses: Prophecies, Cults and Millennial Beliefs Through the Ages.

And it's always been an ultimately bloody hope, a slaughterhouse hope, he added with a sigh. What we have now in this global age is a vaster and bloodier-than-ever Wagnerian version. But, then, we are a very imaginative race.

Apocalyptic movements are nothing new; even Christopher Columbus hoped to assist in the Great Commission by evangelizing New World inhabitants.

Some religious scholars saw apocalyptic fever rise as the year 2000 approached, and they expected it to subside after the millennium arrived without a hitch.

It didn't. According to various polls, an estimated 40% of Americans believe that a sequence of events presaging the end times is already underway. Among the believers are pastors of some of the largest evangelical churches in America, who converged at Faith Central Bible Church in Inglewood in February to finalize plans to start 5 million new churches worldwide in 10 years.

Jesus Christ commissioned his disciples to go to the ends of the Earth and tell everyone how they could achieve eternal life, said James Davis, president of the Global Pastors Network's Billion Souls Initiative, one of an estimated 2,000 initiatives worldwide designed to boost the Christian population.

As we advance around the world, Davis said, we'll be shortening the time needed to fulfill that Great Commission. Then, the Bible says, the end will come.

An opposing vision, invoked by Ahmadinejad in an address before the United Nations last year, suggests that the Imam Mahdi, a 9th century figure, will soon emerge from a well to conquer the world and convert everyone to Islam.
O mighty Lord, he said, I pray to you to hasten the emergence of your last repository, the promised one, that perfect and pure human being, the one that will fill this world with justice and peace.

At the appropriate time, according to Shiite tradition, the Mahdi will reappear and, along with Jesus, lead Muslims in a struggle to rid the world of corruption and establish justice.

For Christians, the future of Israel is the key to any end-times scenario, and various groups are reaching out to Jews —— or proselytizing among them —— to advance the Second Coming.

A growing number of fundamentalist Christians in mostly Southern states are adopting Jewish religious practices to align themselves with prophecies saying that Gentiles will stand as one with Jews when the end is near.

Evangelist John C. Hagee of the 19,000-member Cornerstone Church in San Antonio has helped 12,000 Russian Jews move to Israel, and donated several million dollars to Israeli hospitals and orphanages.

We are the generation that will probably see the rapture of the church, Hagee said, referring to a moment in advance of Jesus' return when the world's true believers will be airlifted into heaven.

In Christian theology, the first thing that happens when Christ returns to Earth is the judgment of nations, said Hagee, who wears a Jewish prayer shawl when he ministers. It will have one criterion: How did you treat the Jewish people? Anyone who understands that will want to be on the right side of that question. Those who are anti-Semitic will go to eternal damnation.

On July 18, Hagee plans to lead a contingent of high-profile evangelists to Washington to make their concerns about Israel's security known to congressional leaders. More than 1,200 evangelists are expected for the gathering.

Twenty-five years ago, I called a meeting of evangelists to discuss such an effort, and the conversation didn't last an hour, he said. This time, I called and they all came and stayed. And when the meeting was over, they all agreed to speak up for Israel.

Underlining the sense of urgency is a belief that the end-times clock started ticking May 15, 1948, when the United Nations formally recognized Israel.

I'll never forget that night, Hagee said. I was 8 years old at the time and in the kitchen with my father listening to the news about Israel's rebirth on the radio. He said, 'Son, this is the most important day in the 20th century.'

Hagee's message is carried on 160 television stations and 50 radio stations and can be seen in Africa, Europe, Australia, New Zealand and most Third World nations.

By contrast, Bill McCartney, a former University of Colorado football coach and co-founder of the evangelical Promise Keepers movement for men, which became huge in the 1990s, has had a devil of a time getting his own apocalyptic campaign off the ground.

It's called The Road to Jerusalem, and its mission is to convert Jews to Christianity —— while there is still time.

Our whole purpose is to hasten the end times, he said. The Bible says Jews will be brought to jealousy when they see Christians and Jewish believers together as one —— they'll want to be a part of that. That's going to signal Jesus' return.

Jews and others who don't accept Jesus, he added matter-of-factly, are toast.

McCartney, who only a decade ago sermonized to stadium-size crowds of Promise Keepers, said finding people to back his sputtering cause has been like plowing cement.

Given end-times scenarios saying that non-believers will die before Jesus returns —— and that the antichrist will rule from Jerusalem's rebuilt Holy Temple —— Jews have mixed feelings about the outpouring of support Israel has been getting from evangelical organizations.

I truly believe John Hagee is at once a daring, beautiful person —— and quite dangerous, said Orthodox Rabbi Brad Hirschfield, vice president of the National Jewish Center for Learning and Leadership in New York.

I sincerely recognize him as a hero for bringing planeloads of people to Israel at a time when people there were getting blown up by the busloads, Hirschfield said. But he also believes that the only path to the father is through Jesus. That leaves me out.

Meanwhile, in what has become a spectacular annual routine, Jews —— hoping to rebuild the Holy Temple destroyed by the Romans in AD 70 —— attempt to haul the 6 1/2 -ton cornerstones by truck up to the Temple Mount, the site now occupied by the Dome of the Rock shrine. Each year, they are turned back by police.

Among those turned away is Gershon Solomon, spokesman for Jerusalem's Temple Institute. When the temple is built, he said, Islam is over.

I'm grateful for all the wonderful Christian angels wanting to help us, Solomon added, acknowledging the political support from Christians who are now Israel's best lobbyists in the United States.

However, when asked to comment on the fate of non-Christians upon the Second Coming of Jesus, he said, That's a very embarrassing question. What can I tell you? That's a very terrible Christian idea.

What kind of religion is it that expects another religion will be destroyed?

But are all of these efforts to hasten the end of the world a bit like, well, playing God?
Some Christians, such as Roman Catholics and some Protestant denominations, believe in the Second Coming but don't try to advance it. It's important to be ready for the Second Coming, they say, though its timetable cannot be manipulated.

Hirschfield said he prays every day for the coming of the Jewish messiah, but he too believes that God can't be hurried.

For me, he said, the messiah is like the mechanical bunny at a racetrack: It always stays a little ahead of the runners but keeps the pace toward a redeemed world.

Trouble is, there are many people who want to bring a messiah who looks just like them. For me, that kind of messianism is spiritual narcissism.

But some Christian leaders say they aren't playing God; they're just carrying out his will.

Ted Haggard, president of the National Assn. of Evangelicals, says the commitment to fulfilling the Great Commission has naturally intensified along with the technological advances God provided to carry out his plans.

Over in Mississippi, Lott believes that he is doing God's work, and that is why he wants to raise a few head of red heifers for Jewish high priests. Citing Scripture, Lott and others say a pure red heifer must be sacrificed and burned and its ashes used in purification rituals to allow Jews to rebuild the temple.

But Lott's plans have been sidetracked.

Facing a maze of red tape and testing involved in shipping animals overseas —— and rumors of threats from Arabs and Jews alike who say the cows would only bring more trouble to the Middle East —— he has given up on plans to fly planeloads of cows to Israel. For now.

In the meantime, some local ranchers have expressed an interest in raising their own red heifers for Israel, and fears of hoof-and-mouth disease and blue tongue forced Lott to relocate his only verified red heifer —— a female born in 1993 —— to Nebraska.

Cloning is out of the question, he said, because the technique is not approved by the rabbinical council of Israel. Artificial insemination has so far failed to produce another heifer certified by rabbis.

Something deep in my heart says God wants me to be a blessing to Israel, Lott said in a telephone interview. But it's complicated. We're just not ready to send any red heifers over there.

If not now, when?

If there's a sovereign God with his hand in the affairs of men, it'll happen, and it'll be a pivotal event, he said. That time is soon. Very soon.


Obama Administration Launches Housing Plan

Hope this helps those of you that need help.


 


http://online.wsj.com/article/SB123617623602129441.html


Housing market on upswing - good news!



by: Lucia Mutikani  |  Visit article original @ Reuters


photo
US housing starts rose sharply in February, providing some good news for the struggling housing industry. (Photo: AP)



    Washington - New U.S. housing starts and permits unexpectedly rebounded in February, according to data on Tuesday that provided a rare dose of good news for the recession-hit economy and fractured housing market.


    The Commerce Department said housing starts jumped 22.2 percent to a seasonally adjusted annual rate of 583,000 units from 477,000 units in January. That was the biggest percentage rise since January 1990 and also marked the first increase since last April.


    "That is an encouraging sign for the U.S. economy. It is good signal of what is to come. With the rally in equities we hopefully have seen a bottom for the economy here," said Matt Esteve, foreign exchange trader at Tempus Consulting in Washington.


    U.S. stocks have been on the rise over the last several days and the major indexes opened flat on Tuesday. U.S. government bond prices trimmed gains after the data and the U.S. dollar fell against the euro as risk aversion eased.


Hate to dampen the spirits but housing upswings
always take place in the beginning of spring. They usually don't do house construction in the winter unless it's a year round warm climate. You have to look at charts and/or info for housing starts in those states to see if it's true or just wishful thinking...and as you said, they will still sit empty.
Facts are always called opinions by the left when they refuse to acknowledge them...sm
The facts within the article are true. No matter how much you want to ignore them.


You are so blind.
If the Big 3 fail........... Or the Big 2.... sm
I guess it should technically be called as Ford isn't asking for any money right now, then when the March deadline approaches and they are not able to show a viable plan to the White House, I guess it could be considered a bailout which will only end up postponing the inevitable and costing the tax payers money. In my opinion, there is really no difference.
It never goes to fail
If there is something negative about a democrat the dems always blame "the right wing" or "that reporter is a conservative", but the left wing media trashes a republican and that's okay. The dems say "oh he's just a reporter giving his insight".

This one sidedness is so unfair and quite nauseating.
LOL....I think I would fail on all counts (sm)
as well as on grammar and my inability to multitask.  I was talking on the phone when I wrote that last post, looked back at it after I posted it and was astounded.  LOL 
What you fail to realize.....
is our leaders need to have private jets and helicopters (the helicopters, btw, were ordered by W) for their own protection. They have to fly more than one or with a squadron for protection. When they drive, it is a squadron of identical vehicles, so no one can identify which vehicle the govt personnel is riding in. We need to heal the wounds with our allies that W created. "Yur either with us or against us!" What cowboy horsesh*t. We need to restore some class to our govt - because of the crude, retarded way things were handled for the last 8 years.
That being said, what they fail to remember is this.....
Most of these programs are only going to be good for something like 2 years. So a state goes ahead and takes advantage of this money. Yea!!! New jobs are created, new beurocracies are created to administer these new jobs. Then POOF....all gone, bye-bye. So now you have a program that is no longer any good. But you still have to jump through the hoops because you took the bait (money) and ran with it.

And everybody knows that once something is put in place by a gov't body, any gov't body, it never goes away. It just lingers around for the rest of our lives.

And for what it is worth, our governor here in MI said that any states that don't want their stimulus money can give it to us. We'll put it to good use.
I fail to see how trickle up would work any better....sm
A lot of people I know who got their stimulus checks used it to pay their bills, put gas in their car, and buy a few groceries...and if there's any left, stuff it in their mattress for a rainy day (which is probably next week or next month).

Please explain to us how trickle up is going to work. I don't see how that chicken is going to stimulate the economy much at all.
You fail to mention the fact.......
that the dems aren't going after the Bush administration for war crimes - proven war crimes. War crimes our country has executed people for in the past.
Geneva convention? What's that?
I too want Obama's policies to fail. If anyone...
listened to the whole interview with Rush they would understand what he was talking about. Don't want the country to fail, which is happening right now before our very eyes.
Reply - more liberal fail
Actually Cavuto didn't say Fox News. He said Fox.

Murdock and Fox have been in the business since 1985.

http://www.riehlworldview.com/carnivorous_conservative/2009/04/tea-party-more-liberal-fail.html


Conservative Spin Fail
Cavuto was directly addressing coverage by cable news organizations when he made those quotes, directly comparing Fox News to CNN and MSNBC. (Watch the video clips.)

And, unless they covered it on Married with Children or the X-Files, there was no "Fox" coverage of the Million Man March because the only news broadcasts on Fox at that time were provided by local affiliates from other networks,and that was at the discretion of individual stations. They did not have a national nightly news broadcast.
I see your point but you fail to see mine.

If we are reading stories to our 5 year old about a same-sex couple who raises a baby together....to me that suggests more than tolerance.  That is teaching acceptance that that lifestyle is okay and that is something I cannot condone. 


I believe in God but others don't.  I would appreciate it if people would tolerate my religion as it is a part of me but they don't have to accept my religion.  That is their decision.  My faith and religion cannot be taught in schools or even on school property because it is a controversial subject nowadays and I have tolerated that and continue to keep my "preachings" out of public schools.  I would appreciate it as well if public schools would keep the teaching and acceptance of homosexuality out of public schools as well.


GT you fail to realize that you are not the only person with an opinion
Bush positives:

Saddam is gone.
The Taliban and Al Queda for all intenstive purposes are neutered.
The economy is booming despite all the major hurricanes.
Employment is up dramatically.
The Iraqis have a constitution.

These are but just a few.

What are the democrats doing besides witch hunts? Nothing of value for the country. No plans, no answers, just fingerpointing.

Bush is far from inept in my humble opinion, but of course, you don't validate anyone's opinions but your own.

Agreed. Empires are doomed to fail.
nm
No, Duck, not made up, and you fail to miss my point...
I think the dems are missing a LOT of points with Obama's plans for us...
You fail to note that the Army Corp of Engineers....
is a federal entity and it was THEIR job to fix the levies, too bad W cut all the funding so he could play Monopoly in Iraq.
Either side can fail to deliver on promises. My only hope and prayer is that
I'm honestly not 100% sure either one of these candidates can do it so where do people like me fit into the picture? I'm not even sure I will be able to vote for either one, and that's based on my personal values. I don't feel Barack is the man, like many seem to, but I don't feel McCain is, either. I know I'm not alone. I don't believe socialized insurance is the answer, I believe in going after insurance companies that dictate what patients can have done and set premiums too high for people to afford and pharmaceutical companies that pay people off to push their drugs, whether it be doctors, groups, etc. I'd like to see all with tax cuts, not just big companies. Wonderful if they get a break for keeping jobs in the US, but that should be just one of many tax cuts for all, starting with taxes paid at the pump. What about public education? We pay fees and still have to buy extra books and other supplies for our kids' education, yet many children are less educated now out of public high school than ever before because they are too focused on the proficiency tests to actually teach a well-rounded fund of knowledge, so what are the proposals to fix that mess?

No matter who gets elected, they've got quite a job on their hands, and I sincerely doubt either will be able to live up to their promises. And no, I don't necessarily blame Bush for all the problems in this country, but rather I blame all presidents and congress, past and present. Somewhere along the way, it stopped being for the people, that's for sure, and more for their pocketbooks (both Dems AND Repubs). Since so many seem to see Barack as the second coming, I certainly pray that you are right, but I really doubt it. He's had zero experience so who is to say he won't buckle under the load once he realizes what he's gotten into? And McCain isn't my idea of perfection, either, so don't reply by bashing Republicans. I want to hear facts that aren't based on party views but honest-to-goodness facts on who has the best plan in line for these things. And how do you know who is being sincere and who is just making empty campaign promises?
Nope. Liberally-biased media wont let him fail.
nm
Dunces in bathrobes...drink some more O juice...your boy wonder will fail; it has started....
//
you 'right-wings' just hope, wish and wait to see O fail and fall.
God bless Obama and give him strength and wisdom!
There IS no constitutional crisis.
Recession teetering on the brink of depression. WAKE UP, will ya?
Maybe it isn't a crisis, just extortion and
I bet it won't be long before some of the anti-union people (poster below) will be begging for union representation.  Since Reagan kept his promise to break the unions it's been a downhill course and I imagine we've just about reached the bottom of the hill.
Actually, you are wrong about his role in this crisis....
concerning Fannie and freddie, he tried to get legislation passed to deal directly with them...and the Democrats blocked it. Fact is, John McCain was on the RIGHT side of this issue, and perhaps if the Democrats had listened to him in 2005 we would not be facing this crisis today. In the interest of full disclosure and truth, this is what he said regarding that legislation:

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 created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.

He saw it coming, tried to tell the Dems, and they blocked it. Chris Dodd, head of banking and finance comittee, Democrat, largest recipient of donations from them. Guess who was #2?
crisis manufactured by Bush

they knew about this for weeks -- trying to railroad dems before election.


 


Like I said before, try focusing on a REAL crisis.
x
Financial crisis meeting;

November 14, 2008
World leaders dine in style as they discuss financial crisis


(CNN) – The global economy may be undergoing a significant downturn, but the White House's dinner budget still appears flush with cash.


After all, world leaders who are in town to discuss the economic crisis are set to dine in style Friday night while sipping wine listed at nearly $500 a bottle.


According to the White House, tonight's dinner to kick off the G-20 summit includes such dishes as "Fruitwood-smoked Quail," "Thyme-roasted Rack of Lamb," and "Tomato, Fennel and Eggplant Fondue Chanterelle Jus."


To wash it all down, world leaders will be served Shafer Cabernet “Hillside Select” 2003, a wine that sells at $499 on Wine.com.


The exceedingly pricey wine may seem a bit peculiar given leaders are in Washington to discuss a possible world financial meltdown, but Sally McDonough, a spokeswoman for Laura Bush, said it "was the most appropriate wine that we had in the White House wine cellar for such a gathering.


McDonough also said the White House purchased the wine at a "significantly lower price" than what it is listed at.


"Of course the White House gets its wine at wholesale prices," she said. "Given the intimate size of the group, it was an appropriate time for The White House to use this stock."


The leaders of the U.K., France, Russia, China, India, Brazil, Saudi Arabia, South Africa, Turkey and 11 developing economies have all come to Washington at the behest of President Bush in an effort to express confidence in the fundamental underpinnings of the world's economy.


– CNN's Becky Brittain contributed to this report


My solution to carmaker crisis

SUGGESTED SOLUTION TO CARMAKER'S CRISIS, AS WELL AS SOME ENVIRONMENTAL ISSUES


Maybe I've gone off the deep end - but I'm so sick of hearing about the big 3 bailout requests I've come up with a serious suggestion to help them.


I think its environmentally, morally, and financially irresponsible for the government to give tax breaks to those who buy NEW cars (much less bail out the manufacturers). The majority can't afford them anyway (or can't guarantee they'll have a job to make payments on them tomorrow), and we already have enough cars! Backyards and junk yards are full of cars because we can't get parts for them! How many economy cars that were good on gas are sitting in junkyards - because we don't have the parts to keep 'em on the road?


Why can't we get parts? The greedy corporate suits in Detroit figured if we couldn't get them, we'd be forced to buy new cars whether we wanted to or not! So they won't make them. I guess their plan didn't work, because when we bought new cars, we bought them from someone else.


I believe replacement parts manufacturing can be profitable - as the few little companies that make replacement parts for classic cars can prove. It might not restore the bonus of every deprived CEO in Detroit, but it could save quite a few line jobs. There is no longer a big market for new cars - but there's a constantly growing market for replacement parts. Its better than continuing the denial that Detroit has been in for the last decade - clinging stubbornly to the myth that we LIKE what they make, that we WANT it, and that we can AFFORD it, and that every one of us pines away for shiny new giant gas-guzzler in our driveway. We like what they USED to make, the muscle cars, the economy cars, the cars that were our sentimental favorites back in the day, when cars didn't cost the price of a house, and lasted longer than the 5 year warranty! They still have the blueprints to make the parts for those models, as well as parts for later-model cars past their warranty. That's what we want, what we can afford - and the sheer volume of parts purchased would make them a profit as well as helping the little guy with bad credit survive. Not everyone can get a loan for a new car - or even a used one - but those that can't could probably come up with the price of a needed part


I propose we reduce the production of new cars drastically. Instead we revamp a large number of our factories to manufacture parts for the cars that already exist (if we really MUST bail out the big 3, let's insist they put the money toward this). Alternatively, we insist that for every new car they manufacture - they must manufacture a certain number of essential repair parts for their discontinued models (which, according to recent news - will be most of them). This creates jobs, renews the jobs at some of the small non-union subcontracting plants that had to close when told to stop making the parts, or at least saves the jobs of UAW workers who were making unwanted new cars. Let them close their dealerships - but keep the dealer repair shops open. We then give tax credits for anybody who takes classes on repair - this creates jobs, as more people would rather fix it versus junk it (and can certainly afford the part easier than a whole new car). We give tax credits to anyone who gets a non-running vehicle operational again, we give tax credits for anyone who opens a repair/refurbishment shop, we give tax credits to junk yards that reduce their scrap heaps. Much better than a tax credit encouraging people to take on even more debt for a new car!


If some of elderly vehicles are unsafe by today's standards, we could manufacture parts that make them safer and update them, depending on the needs of each model. Surely the powers that be could run a scan for every VIN and get the statistics for how many models of each are currently still on the road (just like they do when there's a safety recall), and decide from there on whatever issues need addressed.


We should also consider legislation that insurance companies stop totalling vehicles without proof that their repair will be more expensive than a new car. "What a car is worth" needs to be restructured - what is the environmental/financial impact of junking it worth - the cost of a new one? If an old paid-off car ran perfectly fine before the wreck - should it be totalled because the damages came to a couple bucks more than the Blue Book value? I really don't think so! In this economy, having a paid-off vehicle with the option of keeping minimal insurance on it is nearly priceless!


We found out during the last couple years that we really can't afford a brand new McMansion, and we don't actually need one either, and we're much better off with less house than our budget can stretch to cover. Many of us know the same thing about the brand new car, but we don't have a choice because we can't fix the old one, and can't trust that the used one we buy will have parts available for it when it breaks down. That needs to change. We need more cost-effective options and we WANT the choice of fixing what we already paid for, instead of being forced to buy ever-more expensive brand new ones again and again and stuffing the landfills indefinitely!


My solution also applies to large appliances. Our landfills are full of them! The manufacturers of refrigerators, washers/dryers, riding lawnmowers, etc. should be required to produce a set number of repair parts for their older models - instead of making commercials about a lady throwing her old one off a cliff simply because she's tired of it!


Do we really want to be a nation of salesmen and consumers? I think we'd have more pride, strength and better ability to make it through these hard times if we replaced our salesmen with repairmen, blind consuming with sensible choices, and learn to one-up the Joneses with how much we saved from the landfill instead of how much we spent. Let's stop planned obsolescence and let the companies that refuse to give up the practice go belly up! They deserve it - they are trashing the environment as well as ripping off their customers - deliberately manufacturing products to break down in a couple years is just morally wrong. Lets make if fashionable to preserve and restore instead of consume and discard! I hope I'm not the only one that's tired of this - so is anybody with me on this? If you're in favor spread the idea! Discuss this with everybody!


And your solution to the economic crisis is???? (nm)
x
Not the same at all! The man inherited a national crisis,,,,,,sm
the likes of which have not been seen since the Great Depression, he had no hand at all in creating it. But he was brave enough and altruistic enough to come forward and TRY to bring changes that WOULD HELP OUR COUNTRY IN THE LONG RUN. Do you like instant Cup-A-Soup and coffee, because you and so many others are putting the RIDICULOUS load on Obama's shoulders to INSTANTLY come up with the perfect answer to all the crises (and yes, this is a multi-dimentional problem, no quick fix here), make everyone happy, snap his fingers, and poof the big bad depression that has been brewing for a LONG TIME since the Bush administration, and I say that because under President Clinton we had record surpluses in our nation, and by the by, you think W. was well-polished, well-experienced to head this country just cuz Daddy did? Come off it, he hired most of Daddy's friend and cabinet, he took his cues, but the poor guy could not even speak well, even with his Yale education. This man has been in office 4 months versus the past 8 years, a bit of inequity here?
Financial crisis a democratic scandal....sm


http://www.floppingaces.net/2008/09/16/financial-crisis-a-democrat-scandal/

Read all the comments underneath this, if you have time.




No need to wonder...current mortgage bank crisis...
brought to you courtesy of greedy democrats on Congress and greedy Democrats at the top of Fannie Mae. The handwriting is on the wall. This one's on you. McCain saw it coming in 2005 and the dems shut him down. Well, we are reaping what they sowed. To quote Toby Keith...how do you like them now?
How The Democrats Created The Financial Crisis....sm

How the Democrats Created the Financial Crisis: Kevin Hassett

Commentary by Kevin Hassett



Sept. 22 (Bloomberg) -- The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story.

Why did Bear Stearns fail, and how does that relate to AIG? It all seems so complex.

But really, it isn't. Enough cards on this table have been turned over that the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some fatally.

Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.

In the times that Fannie and Freddie couldn't make the market, they became the market. Over the years, it added up to an enormous obligation. As of last June, Fannie alone owned or guaranteed more than $388 billion in high-risk mortgage investments. Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.

The problem was that the trillions of dollars in play were only low-risk investments if real estate prices continued to rise. Once they began to fall, the entire house of cards came down with them.

Turning Point

Take away Fannie and Freddie, or regulate them more wisely, and it's hard to imagine how these highly liquid markets would ever have emerged. This whole mess would never have happened.

It is easy to identify the historical turning point that marked the beginning of the end.

Back in 2005, Fannie and Freddie were, after years of dominating Washington, on the ropes. They were enmeshed in accounting scandals that led to turnover at the top. At one telling moment in late 2004, captured in an article by my American Enterprise Institute colleague Peter Wallison, the Securities and Exchange Comiission's chief accountant told disgraced Fannie Mae chief Franklin Raines that Fannie's position on the relevant accounting issue was not even ``on the page'' of allowable interpretations.

Then legislative momentum emerged for an attempt to create a ``world-class regulator'' that would oversee the pair more like banks, imposing strict requirements on their ability to take excessive risks. Politicians who previously had associated themselves proudly with the two accounting miscreants were less eager to be associated with them. The time was ripe.

Greenspan's Warning

The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn't be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie ``continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. ``We are placing the total financial system of the future at a substantial risk.''

What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.

Different World

If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.

But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.

That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''

Mounds of Materials

Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.

But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.

Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.

There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.

Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.









http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_hassett&sid=aSKSoiNbnQY0
McCain suspending campaign due to crisis ...sm
John McCain is looking like a leader today. I wonder if Obama will follow his lead.....



McCain suspending campaign due to crisis


Email|Link|Comments (0) Posted by Foon Rhee, deputy national political Editor September 24, 2008 03:07 PM

Saying that the Wall Street bailout plan is in jeopardy and the US economy at stake, John McCain said today that he is suspending his presidential campaign on Thursday and called for postponing the first presidential debate on Friday night.

"It has become clear that no consensus has developed to support the Administration’s proposal," he said in New York. "I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.

"Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.

"I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem."

Obama spokesman Bill Burton just issued a statement: "At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal. At 2:30 this afternoon, Senator McCain returned Senator Obama’s call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details."


"We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis."


http://www.boston.com/news/politics/politicalintelligence/2008/09/mccain_suspendi.html






McCains Top 10 economic crisis strategies.

10.   Blissful ignorance.  "The economy is not my strong suit."


 9.    Ridicule.  In an interview with the Washington Post on 07/9/2008, McCain advisor and national campaign general co-chair Senator Phil Gramm was defining McCain's plans to reform the U.S. economy.  Gramm explained the nation was not in a recession, stating, "You've heard of mental depression; this is a mental recession," and "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline."  This would be the same Phil Gramm of the Gramm-Leach-Bliley Act which allowed commercial and investment banks to consolidate.  The legislation allowed Swiss Bank UBS to purchase several American institutions. Gramm later became a lobbyist for UBS, collecting over 750,000 USD in fees. UBS alone issues over 18 Billion USD in subprime mortgages.  


 8.    Denial.  Black Monday, 09/15/2008.  John McCain:  "The fundamentals of our economy are still sound."  A worldwide stock market crash occurred as Lehman Brothers filed Chapter 11 bankruptcy and major investment bank Merrill Lynch was sold to Bank of America. Dow Jones Industrial Average lost more than 500 points, which is the biggest point drop (up to that point) since September 2001.  FTSE 100 dropped 212 points, and it was the biggest one-day percentage drop since January 21, 2008. Hong Kong, Japan and Korea stock market suspended that day due to public holiday, and they fell over 5% on the following day.   Two weeks later, we had a blacker Monday (09/29/2008) with a 777.68 point drop on the Dow Jones Industrial Average.


 7.    Political grandstanding.  Announcement of suspending his campaign to return to DC to "lead" Congress during economic bail-out negotiations.  This effort led to a defeat of the measure when the votes were cast.  Tried unsuccessfully to use the bailout as an excuse to postpone the presidential debate.  


 6.    Flip-Flop.  Claims to support regulation.  Record says otherwise. 


 5.    Incoherence.  Threatens to fire the chairman of the SEC if he were in office, even though the president does not have the authority to do so.   


 4.    Theft of intellectual property.  Claiming previously existing mortgage buy-out proposal as his own. 


 3.    Avoid / change the subject.  Greg Strimple, a McCain top advisor:  If we keep talking about the economy, we will lose." 


 2.    Engage the politics of division, hate, fear mongering and cultural warfare with high-gear Obama smear campaign:  Ayers, ACORN, Farrakhan, Rev Jeremiah Wright, Barack Hussein Obama, etc.      


 1.    McCain’s send message to voters is to stop whining about the economy and start focusing on attacking Obama.