 masbury says: Maverick in 1 week goes from "fundamentals of the economy are strong;" to Great Depression gloom; to bailing himself out of his own campaign and debate. Loose cannon? In my opinion, the Republicans are doing the right thing stopping this bailout. It came as a result of a massive letter writing, phone call, and fax campaign by the American people, started by Mike Shedlock here over a week ago which I've been participating in: http://globaleconomicanalysis.blogspot.com/ Next we will see McCain take credit for Mike's work with Congress. He will claim he swooped in and stopped the Republican vote and offered a better solution-nothing will be further from the truth and I offer you proof above. Here in Florida a couple of weeks ago, he went from "the fundamentals are strong" to "the economy is struggling" in a little over 2 hrs at two different campaign stops. Alzheimer's or political maneuvering? I'd be curious to see what happens if there is no bailout. Let's experiment and see. I just heard it. Rep Adam Putnam (R-Florida) just said thanks to John McCain we have a new proposal. The new proposal is actually thanks to Mike Shedlock and all his readers who waged a massive campaign against the Paulson plan and in favor of a plan the privatizes the risk. that's the plan the Republicans are putting forward. http://globaleconomicanalysis.blogspot.com/ I wonder why there are not massive lawsuits against the very rich directors of companies that engaged in unscrupulous selling of unregulated securities, and against raters who classified those securities AAA without any basis for doing so. Perhaps the FBI will find reason to prosecute; even if they do not, millions in reparations should come from decision-makers. As long as home prices rose and the economy hummed, the ratings could be justified. The problems was in the risk, and if the ratings agency did not look into the derivatives created to repackage the risk, then how could they know any better? The greed of the management and board of directors of these large companies is a judgement easily made in hindsight. What if home values had risen for 10 more years? They would look like hero's. I think a public company should disclose the risk more factually and fully and that some regulations should exist on companies that could affect the solvency of the U.S. government. Unless they broke some kind of securities law or financial reporting laws, I'd be surprised to see prosecutions. Apparently the ratings companies - who has always correctly rated normal mortgage-backed securities AAA - simply didn't change gears when rating those based on risky mortgages. I heard a law prof on DemocracyNow suggest that it's simply because ratings companies make their money from the people who sell the securities. Some consumers were wary - so the sellers got AIG to insure the securities, resulting in, of course, AIG's enormous loss of cash when prices went down and there was no money to be made on sales of the homes of defaulted homeowners. The other issue is that since these collateralized debt obligations - CDOs - were not regulated, there is no standard method of determining their v... I just heard it. Rep Adam Putnam (R-Florida) just said thanks to John McCain we have a new proposalA bright commenter pointed out that McCain is not the Decider, but the Hider. - He hid from the R Convention by hanging out at a hurricane - He hid the President from the US, by keeping him on a video link rather than in person at the RNC - He hides Palin from the big, bad Media boys and girls, who might not play fair with her (but she IS experienced) - He may succeed in hiding from tonight's debate How much easier to put on the tights and cape, swoop in, and have surrogates claim a victory for you. All you do is hide and swoop. |
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