McCain Promises A Series Of ‘Meetings’ To Solve Housing Crisis
McCain Promises A Series Of ‘Meetings’ To Solve Housing Crisis
Today, Sen. John McCain (R-AZ) spoke to the Orange County Hispanic Small Business Roundtable in California on solving the nation’s economic woes. His speech, however, was short on “straight talk” and offered no serious proposals, instead rehashing President Bush’s failed plans to let the mortgage lenders voluntarily help homeowners. From McCain’s speech:
My friends, let’s start with some straight talk: I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.
I am prepared to examine new proposals and evaluate them based on these principals. But I think we need to do two things right away. First, it is time to convene a meeting of the nation’s accounting professionals to discuss the current mark to market accounting systems. […]
We should also convene a meeting of the nation’s top mortgage lenders. Working together, they should pledge to provide maximum support and help to their cash-strapped, but credit worthy customers.
Watch it:
It’s not surprising that McCain went easy on the financial industry today. According to the Center for Responsive Politics, his campaign has received $1,241,736 in donations from commercial banks and mortgage lending interests.
Several of his advisers and fundraisers are also lobbyists who have represented firms involved in the housing crisis. For example, the firms of Charlie Black, Richard Hohlt, and Juleanna Glover Weiss have made over $2 million in contracts from JP Morgan, and Black and Hohlt’s firms have received $1.9 million from Washington Mutual, the in-house lobbyist for Citigroup.
In fact, McCain has consistently voted against mortgage protections and other steps to help consumers fight unfair credit terms. Some lowlights:
– McCain voted against discouraging predatory lending practices. In 2005, McCain voted against an amendment prohibiting law-breaking high-cost predatory mortgage lenders from collecting funds from homeowners who are forced into bankruptcy court. [S. 256, 3/03/05]
– McCain failed to vote on bill to overhaul mortgage lending practices of FHA. In 2007, McCain failed to vote on passage of a bill that would overhaul the mortgage lending practices of the Federal Housing Administration (FHA). The bill would reduce the required minimum down payment for an FHA-insured loan and simplify its calculation, requiring a flat 1.5 percent of the appraised value of the home. [S. 2338, 12/14/07]
– McCain failed to sign on to Truth in Lending Act. Less than four months ago, McCain failed to sign on to this bipartisan initiative providing protection to consumers taking out home mortgage loans. Among other measures, it was designed to “establish new lending standards to ensure that loans are affordable and fair.” McCain also refused to co-sponsor this legislation in the 107th Congress as well. [S. 2452, 12/12/2007]
For today’s speech, the campaign had to use “both a large flat screen monitor and two side pannel teleprompters” in order for McCain to “look more natural speaking” in his most extensive speech on the economy to date.
More at the Wonk Room.
Transcript:
My friends, let’s start with some straight talk:
I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.
I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.
In our effort to help deserving homeowners, no assistance should be given to speculators. Any assistance for borrowers should be focused solely on homeowners, not people who bought houses for speculative purposes, to rent or as second homes. […]
I am prepared to examine new proposals and evaluate them based on these principals. But I think we need to do two things right away. First, it is time to convene a meeting of the nation’s accounting professionals to discuss the current mark to market accounting systems. We are witnessing an unprecedented situation as banks and investors try to determine the appropriate value of the assets they are holding and there is widespread concern that this approach is exacerbating the credit crunch.
We should also convene a meeting of the nation’s top mortgage lenders. Working together, they should pledge to provide maximum support and help to their cash-strapped, but credit worthy customers. They should pledge to do everything possible to keep families in their homes and businesses growing. Recall that immediately after September 11, 2001 General Motors stepped in to provide 0 percent financing as part of keeping the economy growing. We need a similar response by the mortgage lenders. They’ve been asking the government to help them out. I’m now calling upon them to help their customers, and their nation out. It’s time to help American families.
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Jeez, everytime he starts with My Friends, you just know he’s about to spew some crap.
I can’t even say My Friends any longer without thinking of him, now. Ugh.
March 25th, 2008 at 2:21 pmMac: “Whiney-ass folks…let ‘em try stayin’ in the Hanoi Hilton for a few years - mortgage free!!”
March 25th, 2008 at 2:22 pmI can’t WAIT for this LIAR to get here to hell.
I just LOVE his EVIL, and will ENJOY SMASHING HIS FACE IN, as well as that of the most EVIL MURDERER George W. Bush.
SMASHING TIME!!
Cheers,
Bush’s MASTER Satan
March 25th, 2008 at 2:22 pmYeah call a few meetings, that always helps McClueless.
March 25th, 2008 at 2:25 pmThis is disgusting watching this old nut bag act presidential…
March 25th, 2008 at 2:30 pmAccording to Thom Hartman, because of the on going conflicts between Obama and Clinton, McCain has a 67% lead in the polls.
Damn, MasterSatanSmashesBushsFace - I think you may be drinking WAY too much coffee…
March 25th, 2008 at 2:32 pmThe financial industry, the mortgage bankers, et al., are going to work toward a solution to benefit America?
March 25th, 2008 at 2:32 pmHa, ha, ha, ha, ha.
Not when there is a profit to be made and government aid for their own bottom lines.
A Republican candidate is going to have meetings with executives in the above industry in order to aid Americans — sure. And the sun will rise in the West tomorrow.
My friends, let’s start with some straight talk: in shorter words: I’m lieing again.
I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now. Naturally, I’ll doing nothing to help. Please see my previous voting habits in this area.
I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy. I thought he said he wasn’t going to play election year politics with the housing crisis?
March 25th, 2008 at 2:32 pm#3: Is that you Arn?
March 25th, 2008 at 2:33 pmWill this Complicit Media call McSenile on these things? No of course not.
March 25th, 2008 at 2:35 pmMcBomb will promise all these things while increase our military budget even more. Vote McWar in and we will be at war with Iran, Pakistan, China, Russia.
Undoubtedly, he’ll barbeque some defaulting homeowners for lunch.
March 25th, 2008 at 2:38 pmI refuse to take into consideration McCain;s views or his voting record. Do we know of anyone who has flipped and flopped more than him? Once upon a time some dems considered him to be a viable VP candidate because of his so called views.
March 25th, 2008 at 2:40 pmI find McCain incredibly scary.
That’s hilarious - One of the Supertars of the S&L scandal is going to “straight talk” us about his big-banking donors.
How does it feel to set your honor aside to serve as a sock-puppet for crooked civilians, Mr. McMaverick?
March 25th, 2008 at 2:44 pmThe only people I’ve ever encountered who repeatedly use the phrase “my friend/s” are skeevy, aging Guidos from the Northeast who use it as grease for some con they’re going to try out on you.
March 25th, 2008 at 2:47 pmLet us never forget;
March 25th, 2008 at 2:50 pmMcCain = bomb, bomb, bomb, bomb bomb Iran.
do they all get to bring their Greenspan book too?
it’s going to be a real mental midget round table of book club repuglican prosperity
March 25th, 2008 at 2:52 pmMeetings? I guess that means he’s clueless. Where’s the leadership? Where’s the beef?
March 25th, 2008 at 2:53 pmThats not enough. For the debates his campaign needs to find some way to fit Lieberman in his pocket.
March 25th, 2008 at 2:53 pmThis is why I laugh when people say Obama will suffer for the pastor flap.
Nasty Recession > Black Preacher
(and it’s not even close)
It’s only MARCH. We have an entire summer of people losing jobs, homes and portfolios. McCain is not a strong candidate and the economy is sh!t.
March 25th, 2008 at 2:53 pmI will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.
If this were true, he’d have to end the war, which is at the root cause of the crisis we face now.
But it isn’t true, cause Johnny don’t know squat.
March 25th, 2008 at 2:57 pmI can’t WAIT for this LIAR to get here to hell.
I just LOVE his EVIL, and will ENJOY SMASHING HIS FACE IN, as well as that of the most EVIL MURDERER George W. Bush.
SMASHING TIME!!
Cheers,
Bush’s MASTER Satan
—————————————————-
Aw, Arn. Did you get the b&?
Here’s a hint. Tone down the rhetoric. We all know that Dubya has a date with a Fallen Angel on the far side of the tunnel of light. You don’t need to keep restating it.
This is your only warning…if you keep up what got you banned in the first place, I’ll have to start flagging you as a repeat troll. Count your blessings that I give you this much latitude. The right-wingers don’t even get that much.
March 25th, 2008 at 2:57 pmOh, great. Just what America needs!! President McSenile.
We’ve had one senile Republican president.
Then we got a *retarded* Republican president.
NOW they want us to elect ANOTHER senile Republican…?
No freaking thanks!!!
March 25th, 2008 at 2:58 pmI am not a pessimistic guy.
March 25th, 2008 at 3:01 pmBut these solutions will not solve the problem.
The case of mortgages problems needs more urgency now because lenders,whom McCain is thinking to convene after he wins the lection, are themselves in trouble financially now to oofer the support McCain is dreaming about.
McCain expects troubled banks,under stress of credit crunch,to provide help.
This is playing politics with Housing crises,something McCain said he will not do at the start of his speech.
The government must play a bigger role to with sincere effort in helping the owners in a well thought and supported plan which involves US government, otherwise speeches like the one we heard today from McCain is nothing but a hog wash and attempt by McCain’s handlers to show that McCain is on top of things economically.
Just making speeches will not do it.
That accounting meeting is for banks and securities firms investing in mortgage securities, it’s not for the little mortgage holder:
http://www.armencomp.com/mark-to-market.html
March 25th, 2008 at 3:01 pmWill McCain order the military to drop bombs on the foreclosed homes?
March 25th, 2008 at 3:03 pmAccounting professionals like Arthur Anderson? They certainly have a track record of integrity. Mortgage lenders like Countrywide, now under FBI investigation for financial impropriety? Good call, moron!
McCain seems determined to run the Shrub playbook, as this page is straight out of the Cheney/Energy Policy chapter.
March 25th, 2008 at 3:06 pm“For today’s speech, the campaign had to use “both a large flat screen monitor and two side pannel teleprompters” in order for McCain to “look more natural speaking” in his most extensive speech on the economy to date.”
_________________________________________________
Geez — what are they going to do to help him “look more natural speaking” when it comes to the debates?
March 25th, 2008 at 3:06 pmWill these meetings take place in the conference rooms of shake S&Ls?
March 25th, 2008 at 3:09 pmMeetings?
March 25th, 2008 at 3:09 pmI guess McSame and Cheney want a little nappy time.
It’s tiring being an ornery old coot.
Jeremy,
I didn’t get “banned”. As far as your “advice”, go FKVC yourself, a la Cheney.
I have seen YOUR posts, and you are NO PROGRESSIVE, just another azslicker of MURDERER Bush the COXUCKER punk TRAITOR
to the USA.
And I don’t need “advice” from PUNKS like YOU or any other Busgh aszlicker, so keep “flagging” with one hand and…
Sincerely,
McHussein McNRA McGun McNut
March 25th, 2008 at 3:11 pmYup, calling together another meeting will certainly solve this mess. It always works ;)
“A meeting is a wonderful activity to engage in to give the illusion of progress in resolving an issue.”
Alas, it is only an illusion…
March 25th, 2008 at 3:12 pmAnd you “warning” me is like Bush being a “war hero”.
Both are the acts of unamerikkkan TRAITORS to the USA.
So, again, FKVC YOU, PUNK. ESAD!
March 25th, 2008 at 3:13 pmMcSame says: “My friends,. . . I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now. And then, I’ll choose the most harmful thing every time…”
After all, it’s the repubby-can way…he learnt it from his hero Dumbya…
March 25th, 2008 at 3:14 pmHmmm… a series of meetings to solve the housing crisis. How many meetings? Does 2 constitute a series? Would it be 4 or 5? Would 8 meetings do the trick? I’ll tell you what these meetings would accomplish. A nice golf junket and shopping spree for the trophy wives at taxpayer expense.
March 25th, 2008 at 3:14 pmThat little Quisling ‘jerkoff from denver” is “WARNING” anyone?
A “warning” for YOU, jerkoff from denver.
YOU will be with Bush and Cheney and ME, your MASTER Satan when YOUR time comes.
YOUR face will be SMASHED as well. For ETERNITY.
Cheers from hell and Ronald Reagan,
Bush’s MASTER Satan
March 25th, 2008 at 3:21 pmDiagramming McCain’s statement:
“My friends,- The setup to make you think he is YOUR friend. He’s not, but he is somebody’s friend.
let’s start with some straight talk: - this isn’t straight talk, but talking points my lobbyists have given me.
I will not play election year politics with the housing crisis.” - I WILL play election year politics with this issue, just like every other issue I talk about, and here it comes. I will help out businesses - I won’t help out the little people.
McCain did it - the candidate’s trifecta!
Boots and shovels, anyone?
March 25th, 2008 at 3:21 pmOK, so I stand corrected. You’ve got a sock-puppet. How cute. Both accounts have been flagged. Keep it up…the more traffic you generate, the more the admins will have flags to review and the more likely it is that you’ll get banned on both accounts.
Or an apology in lieu of being a jackass and back off the rhetoric will suffice. Your choice.
March 25th, 2008 at 3:26 pmSo, he’s in favor of predatory lending and he is opposed to truth in lending. Sounds like a good little Republican!
March 25th, 2008 at 3:29 pm>So, he’s in favor of predatory lending and he is opposed to
>truth in lending. Sounds like a good little Republican!
Yeah. He lost in 2000 to George “Let’s enrich our friends in the oil industry and screw the ‘little people’” Bush, so the lesson he took away is that he has to be George’s George, and work thrice as hard to f*** us all over.
Now if the mudslinging in the Democratic Primary would stop, then we could end this bull$#!+ and put his candidacy to rest once and for all.
March 25th, 2008 at 3:32 pmJeremy in Denver Says:
March 25th, 2008 at 3:26 pm
OK, so I stand corrected. You’ve got a sock-puppet. How cute. Both accounts have been flagged. Keep it up…the more traffic you generate, the more the admins will have flags to review and the more likely it is that you’ll get banned on both accounts.
Or an apology in lieu of being a jackass and back off the rhetoric will suffice. Your choice.
Add Karma Recommend (0) | Report Abuse
Keep “warning” with one hand, while you do your “thing”, jackoff in Denver.
YOIUR “choice”.
Eat zhit, you PUNKASS azslicker of TRAITOR Bush.
And I’m SORRY that YOU are an azslicker of TRAITOR Bush.
Have a nice day, PUNK.
Sincerely,
McHussein McNRA McGun McNut(e)s
March 25th, 2008 at 3:32 pmMcAncient. What an complete a$$hole.
March 25th, 2008 at 3:34 pmmisshusseinmolly
March 25th, 2008 at 3:06 pm
Geez — what are they going to do to help him “look more natural speaking” when it comes to the debates?
Wanna bet he gets a special ‘box on the back’?
March 25th, 2008 at 3:36 pmActually, Arn, I type with both hands. Funny how that works. It’s called ‘touch-typing’, which is a wonderful skill to have.
Again, you’ve been flagged. I find it very funny that suddenly ‘Master Satan’ shows up spewing your line about socking Dubya in the jaw for all eternity in hell (which I thought was funny the first time I saw it. ;) Not so much the next 49…no, make that 50…), I assumed he was you after being banned, and suddenly you come to ‘his’ defense.
If your goal was to act like there were two of you, you screwed the pooch royally on that. Of course, you COULD have said, “Nah, I didn’t get banned, just wanted to have some fun.” I’d tell you, “That’s called sock-puppeting, and is trollish. Have your fun in other ways, like come up with a new insult for Dubya.” Instead, you spewed your crap.
One of two reasons for that.
1) You really are a righty troll, possibly yet another account of the one troll that comes here and drops right-wing troll turds here. Goal is to make us look bad.
2) You’re a lefty troll. In which case, I’d tell you head to a righty blog, post your crap, get banned, go to the next one, repeat, and so on. You’re making _us_ look bad.
The only reason I’m replying to you is to get you to continue spewing your crap which I then flag, get you to shut up, or ideally, get you to apologize for going after one of your own and reserve your spew for trolls…the ideal solution. Let’s see if you’re smart enough to figure out I’m playing you right now. :)
March 25th, 2008 at 3:43 pmRUCerious:
I’m not sure a box on his back will help him. They’re going to have a smart neocon as his VP, and that neocon will be ready to take over after McCain has to step down for ‘health issues’, and then he’ll appoint a tool as VP and really start taking advantage of Dubya’s power grab.
This assumes that the Democrats don’t get their act together and send Hillary packing before August…
March 25th, 2008 at 3:46 pmNothing says “I have no clue what to do about this problem other than to hope it goes away so I can claim credit for fixing it” like promising to hold a series of meetings with the people who drove the bus off the cliff.
Every time this guys opens his mouth he reminds me a little more of Reagan — post-Alzheimer’s Reagan that is.
March 25th, 2008 at 3:48 pmOooooooo. Meetings.
March 25th, 2008 at 3:50 pmOoooooo taxpayer assistance to the very bank that controls the money supply. How messed up is that?
March 25th, 2008 at 3:53 pmJackoff in Denver,
I don’t need “warnings” or “advice” from punks like YOU.
What I speak is TRUTH about MURDERER Bush the COXUCKER punk TRAITOR to the USA.
Keep FLAGGING, Bush-aszlicker, keep flagging. And jacking with the OTHER hand…
BWAHAHAHAHAHAHAHAHAHAHA!
Sincerely,
McHussein McNRA McGun McNut(e)s
March 25th, 2008 at 3:54 pmMeetings take Minutes & waste Hours.
March 25th, 2008 at 4:00 pmBy the time McCain remembers there’s trouble in the housing market we will be living on the Moon. McCain came to the areas of California that were burned out by fire and asked for money knowing that FEMA and the Bush Administration turned their backs on the victims. In short the Republican Party said take care of yourself. Now McCain doesn’t remember the fires in California he’s just out for the money.
March 25th, 2008 at 4:44 pmNext McCain will travel to the Katrina sites and ask for money for his campaign. He didn’t get any money from the Iraqis while campaigning overseas. The French said thanks for the support of the US Contract but sorry no campaign money for you, do come back again sometime with more US Contracts.
He’ll convene meetings to talk about the crisis with the only people he trusts? The same ones who created the mess in the first place? Color me, not impressed, with Mr. Straight Talker.
March 25th, 2008 at 4:47 pmNow Mr. McCain has Condi fever. Yes Condi Fever. Meetings SURE…., fly around the world to meet and meet and meet and meet and meet til nothing gets done the fly around the world again and meet and meet and meet and meet and meet til nothing gets done….CONDI FEVER. Report back to president. Nothing got done…Perfect!
March 25th, 2008 at 4:50 pmShorter McCain: My friends, it’s time for some corporate welfare, on the middle class’s dime.
March 25th, 2008 at 5:48 pmI think it’s time to see his medical records. He’s on the verge of dementia. His comments about the Iran/AlQueda connection should send up a huge red flag. And we want to trust him with the already fouled up economy?
March 25th, 2008 at 6:35 pmSo McCain is clueless. No surprise there, but how does kicking the can down the road in a bunch of meetings help solve the 2-year old problem. The time for these meetings was 18 months ago, not after the first of the year.
March 25th, 2008 at 8:35 pmIn the corner of my mind, I seem to remember Bush, about 8 years ago and running for president, saying that he didn’t know what he would do but that he would get smart people together to talk it out.
It certainly was successful for Bush !!??!
March 25th, 2008 at 9:18 pmThe Clinton Administration and Robert Rubin helped create the current mortgage crisis because they answered the call of lobbyists in 1999 and repealed the Glass-Stegall Act.
The Glass-Steagall Act was enacted to remedy the speculative abuses that infected commercial banking prior to the collapse of the stock market and the financial panic of 1929-1933, by separating banking and investment. Because of the repeal of the Act, banks now can make loans without regard to risk or concern about financially shaky borrowers who may have a hard time paying an adjustable rate mortgage. Banks no longer concern themselves because they sell the loans to companies like Bear Stearns and will not be there when the loan goes into default. Admittedly, everyone bought into the false expectation that home prices would continue to rise indefinitely.
On April 6, 1998, Sandy Weill of Travelers Ins. and John Reed of Citicorp announce a $70 billion stock swap merging Travelers (which owned the investment house Salomon Smith Barney) and Citicorp (the parent of Citibank), to create Citigroup Inc., the world’s largest financial services company, in what was the biggest corporate merger in history.
The transaction would have to work around regulations in the Glass-Steagall and Bank Holding Company acts governing the industry, which were implemented precisely to prevent this type of company.
Following the merger announcement on April 6, 1998, Weill immediately plunges into a public-relations and lobbying campaign for the repeal of Glass-Steagall and passage of new financial services legislation (what becomes the Financial Services Modernization Act of 1999). One week before the Citibank-Travelers deal was announced, Congress had shelved its latest effort to repeal Glass-Steagall. Weill cranks up a new effort to revive bill.
Weill and Reed have to act quickly for both business and political reasons. Fears that the necessary regulatory changes would not happen in time had caused the share prices of both companies to fall.
As the push for new legislation heats up, lobbyists quip that raising the issue of financial modernization really signals the start of a fresh round of political fund-raising. Indeed, in the 1997-98 election cycle, the finance, insurance, and real estate industries (known as the FIRE sector), spends more than $200 million on lobbying and makes more than $150 million in political donations. Campaign contributions are targeted to members of Congressional banking committees and other committees with direct jurisdiction over financial services legislation.
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.
On Oct. 22, Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.
Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill’s chief lieutenant.
March 25th, 2008 at 9:59 pmWell, at least he’s not, as Senator Clinton is, proposing a committee headed by Robert Rubin and Alan “Bubble Trouble” Greenspan!
March 25th, 2008 at 10:06 pmLeave it all
’til somebody else lends you a hand
He’s a real nowhere man
March 25th, 2008 at 10:11 pm