McPalin talk Fannie, Freddie
COLORADO SPRINGS, CO — Sen. McCain and Gov. Palin each briefly addressed the expected temporary government takeover of mortgage giants Fannie Mae and Freddie Mac, vowing today that their administration will streamline the organizations.
“John McCain has been calling for years to reform things and cut bureaucracy, even at the lending agencies that our government supports,” Palin said during a rally Saturday afternoon. “The fact is that Fannie Mae and Freddie Mac, they have gotten too big and too expensive to the taxpayers. The McCain-Palin administration will make them smaller and smarter and more effective for homeowners who need help.”
McCain added that the news that the government is likely to takeover the two organizations, which hold or back half of the nation’s mortgage debt, is another indication that “these are tough times.”
“You’re worried about keeping your job or finding a new one. And you’re struggling to put food on the table and stay in your home,” he said. “All you have ever asked of government is to stand on your side and not in your way and that’s just what I intend to do: Stand on your side and fight for your future.”
Campaign Senior Policy Adviser Doug Holtz-Eakin also issued a written statement Saturday declaring that McCain-Palin support the current steps being discussed in order to help voters affected by the mortgage giants from facing further difficulties.
“John McCain supports the steps needed to keep the financial troubles at Fannie Mae and Freddie Mac from further squeezing American families and endorses the idea that management and shareholders should not benefit from government backing. While details are not yet available, the actions taken today are consistent with those objectives. Fannie and Freddie have been the poster children for a lack of transparency and accountability, and remind us of the needed reforms to financial markets in general,” Holtz-Eakin said.
Since news first hit of the Fannie-Freddie financial woes due to a record number of Americans going into foreclosure, the traditionally anti-interventionist McCain has argued that the feds need to ensure the two companies can stay afloat given their impact on the market.
“These two organizations have played a role that needs more transparency and we cannot allow them to fail,” McCain said at a July 10 press conference.
Tags: fannie mae, Freddie Mac, john mccain, Sarah Palin
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Is it time to call a Ponzi Scheme a Ponzi Scheme, and to report on what is really happening? Forget the accounting rules that are questionable, will the bookkeeping practices now become transparent to the funding taxpayers? I doubt that we anywhere near hearing the complete story. So will we?
Did McCain comment on this?
“Andrew K. McCain, a son of Republican presidential nominee John McCain, sat on the boards of Silver State Bank and of its parent, Silver State Bancorp, starting in February but resigned in July citing “personal reasons,” corporate filings with the Securities and Exchange Commission show. Andrew McCain also was a member of the bank’s audit committee, responsible for oversight of the company’s accounting.’
You know… that his son was part of an audit committee on a bank that just failed.
From a strategic perspective, the biggest mistake the Treasury and FED can do is to wipe out common shareholders. If they think they can fix the confidence issue by addressing the debt, they and totally mistaken. The simple logic is it is more expensive to raise debt then funds through equity.
Once the decision is taken, investors will no longer trust the Administration in not backtracking on future assurances. With debt alone as the model, the taxpayers will bleed with losses after losses with no respite in sight.
How are they going to bring back the investors in equity if the people no long trust that the administration will preserve common shareholders interest in future. Only fools will be taken into another round of investing without guarantees.
The irony of this not even Alan Greenspan, of the presidential candidates nor Bernanke understand the issue when it fully plays out. The taxpayers will stand to lose much more if the shareholder mechanism is damaged. Only the restoration of a free market shareholder system can restore stability at alower cost. Henry Paulson understands this issue well but have recently either been shaken by rhetorics and pundits comments or simply do not want to be on the wrong side of the political climate.
From a strategic perspective, the biggest mistake the Treasury and FED can do is to wipe out common shareholders. If they think they can fix the confidence issue by addressing the debt, they are totally mistaken. The simple logic is it is more expensive to raise debt then funds through equity.
Once the decision is taken, investors will no longer trust the Administration in not backtracking on future assurances. With debt alone as the model, the taxpayers will bleed with losses after losses with no respite in sight.
How are they going to bring back the investors in equity if the people no long trust that the administration will preserve common shareholders interest in future. Only fools will be taken into another round of investing without guarantees.
The irony of this not even Alan Greenspan, of the presidential candidates nor Bernanke understand the issue when it fully plays out. The taxpayers will stand to lose much more if the shareholder mechanism is damaged. Only the restoration of a free market shareholder system can restore stability at alower cost. Henry Paulson understands this issue well but have recently either been shaken by rhetorics and pundits comments or simply do not want to be on the wrong side of the political climate.
I’m glad to see sarah stepping up and becoming more involved. I can’t wait until she is briefed on Iraq, Georgia, Iran and the like. then she will give it to them. Let’s keep that stardust on her~ She is fantastic!
[...] to bailing out “those who act irresponsibly,” Senior Policy Adviser Douglas Holtz-Eakin has issued a statement supporting the bailout: John McCain supports the steps needed to keep the financial troubles at [...]
If we’re talking Ponzi schemes, lets talk about social security.
Fox news,
Why in the world can this network be fair and balance. Obama today responded on the fanny Mae and Mac breaking news today.
Here’s my opinion: I am a registered republican voting for Obama. Watching the republican convention was an insult to me and our country. All I remember was negative speeches, and the speech given by the S.P. was offensive and not appealing.
The reason I am voting for obama is for CHANGE….Adding S.P. on the republican ticket has not change my mine, because she is the same as McCain. Also, Obama has been talking the issues from the beginning. Why is it now McCain wants use the term CHANGE & REFORM?
I am a white women, middle working class with no health insurance, and going to college which is very expensive. I am a true believer in Obama for Change. McCain can not say or do anything to change my vote. because I did vote for Bush two times and now I feel its time to vote for Obama for clear change. Hillary Clinton and Obama have the same views on change and how they can help with middle class issues, and our country.
P.S. I hope S.P. knows (if elected V.P.) she will gone alot traveling. I hope she really put alot of thought into this because having a new baby she will be missing most of his first years. I know that her husband will help and along with staff members but thats not the same. Since she is only 44 years old, whats the rush to be V.P.? Its great to have high goals, but remember your baby will be little for a short time. Why is it so important now to be V.P. and not a few years later when your little baby is few years older? I guess as a mom, I really enjoy being the one to watch them take their first steps, talk, get them on the bus in mornings. Please don’t get me wrong, a dad is very important role in family life. I would be asking the same question if this was a man running for the highest office who had a tiny baby at home. Being a governor of a state, you were home I sure most nights, not much over seas travels. Being the V.P. you will be out of the country alot.
Hoover (Republican) created the highest tax increase in US history 63% at the high end, Nixon (Republican) instituted Affirmative Action & OSHA & EPA, Regan (Republican) raised taxes 6 times, George Bush Promised “read my lips no new taxes” and subsequently raised taxes. The latest Bush is probably the worst president ever; And McCain is not a conservative. McCain-Feingold!!!
Bob Barr is a true Conservative!
Fix the title you clowns. McPalin??????
why would you say mcpalin thats offensive to me just as obiden would be i want fair look at both side politics not this
This is proof that big is not necessarily better, and that big government is actually bad for you. Any accountant will tell you that it is better to cut cost. Democrats remember to vote “Present”.
Are the 2 CEO’s going to be accountable for this crisis? How about the people underneath them?
Do these people get to go home and be lavishing in all the money they took from the people getting loans? Now all of us get to help bail these two companies out. WHERE IS THE ACCOUNTABILITY? WHY DID WE NOT SEE THIS HAPPENING? AGAIN, WHO IS IN THE GOVERNMENT BEING SELF SERVING? DON’T THINK THE MIDDLE CLASS PEOPLE ARE NOT UP ON THINGS AND ARE READY FOR MCCAIN TO START CLEANING UP AND GIVING BACK TO THE PEOPLE. PEOPLE SEE THE CONGRESS RATING. WHAT DOES THAT TELL YOU?
well i see mcpalin nows all of the sudden wants to help the PEOPLE!!!!!! i sat right here and watched him say WE CANNOT REWARD IGNORANT PEOPLE!!!!!!!!!! this is a true FLIP FLOP!!!! he ought to carry a tape recorder around with him and tape his responses and listen to them before he makes an ASS of himself AGAIN !!!!!!!!! and yes SEAN we the people own this country not MCSAME and MISS PITBULL!!!!! all people want is ONE HOME not seven!!!!!! AND YES IT WAS OBAMAS MESSAGE ABOUT CHANGE, NOT MCSAME, OBVIOUSLY IT WAS A GOOD MESSAGE WHY ELSE WOULD THE OLD FOSSIL TRY TO STEAL IT????? GOOOOO! OBAMA!!!!!!!!!
Ask the Motley Fools.
I believe everyone here wants to know ALL the truth..not just bits
So here are a few questions Ms Palin before the election:
1. Since you were pregnant and you started to leak fluid, during a
speech in Texas, you chose to finish your speech and then fly for
11 hours back to Alaska. And then drive for 45 minutes to a hospital
in a small town to have a baby with health problems.
How so?…you would thnk that you would want the best care possible
for yourself and the baby at a large city to handle your needs.
2. I read in your newspaper that you gave birth to a 6lb 2oz baby boy.
Which you have told us that he was born 4 weeks premature.
Does a premature baby not weigh less if premature?..just asking.
Did you transport yourself and baby to a neo-natal unit because he was premature?..No because you were back to work 3 days after giving birth. THAT’S ODD
3.Why are all the family pictures taken off the govt and other websites?
Are there things there you don’t want us to see?…Too late we’ve already seen them.
4. It’s odd that the only baby’s parents name that was born in the hospital on that day was definitely NOT Palin. Newspapers are printed
Looks like the MSM hasn’t the gazoo’s to check on these questions because the Repub will call it “sexist”
HERE’S MY TAKE ON IT….
You got a phone call when in Texas that Bristol was going into labor, so you booted it for home to make a good coverup.
Either there are going to be a lot of people perjure themselves, either way you and McWar are in a whole pile of hurt.
WAIT FOR IT…..NATIONAL ENQUIRE IS DOING MSM’S HOMEWORK
oh yeah right! AND this coming from someone who doesnt remember how many homes he has??? YOU OWN 7 HOMES McCAIN maybe PALIN can help him keep TRACK!
Can you people please refer to people by their real names? This business of joining people’s names are disrespectful (came out of the Hollywood crowd of morons with “Bennifer” Branjolina”, etc.) Don’t go down that path - You sound stupid.
Just wait till we have to bail out that national healthcare program that liberals want to give us! It won’t take but a year or two. The people of the fine state of Mass. already know!
Are you kidding me? McCain opposed the 1994 Fair Credit Reporting Act, voted for the 1999 Graham-Leach-Bliley Act that “deregulated” the banking industry allowing for the very derivatives that led to this crisis, and argued against SEC registration of hedge funds in 2004. Now he’s been calling for reform for years.
The government should not be in the mortgage business. This was a semi-govt. business and look at how poorly the government botched it. $25Billion bailout- what are the offsets for this expenditure? As in OUR everyday lives-if we have a big expense come along, we have to stop and figure out where the money is coming from and what we have to cut back on. It is time for our government to begin to live within it’s means and not continue to go to the taxpayer for more and more. It would be great to see some private company take over these two government mismanaged businesses.
Well it’s the Republicans who let this go on…they were in charge. Why did they wait so long?
That’s it American, vote for the same old, same old, again….
Another Bush failure.
And some Americans want to give a blind eye to what the Republican party has done to our country and vote them in again.
what the hell does mcpalin stand for or mean……????winners
I am surprised they haven’t looked closer into Herb Allisons past performance at TIAA and before that ML? Were those places better off after her left? Was he ousted there?
Another government bailout at the taxpayers expense. Markets have a way of taking care of themselves without government intervention. Rewarding mismanagement and bad behavior by giving these institutions billions of dollars is senseless and it will be only a matter of time before the federal government will be bailing someone else out once again at taxpayers expense.
Oprah says Obama for president “Obama/Biden”, somewhere along those lines. I would feel badly to disagree with her; if you watch her or not. I love Oprah and am waiting to see what she will be sporting on the Obama inauguration speech!!! CHEESE!!!
Would Sarah please tell us what was meant by that statement? It seems somewhat confused.
If John McCain is so worried about the lending institutions business then why was he involved in one of the worst savings and loan scandals of all time?
Obama 08
It’s not McPalin - it’s McPain.