McCain-Palin out of touch with middle class

Discussion: 28 comments so far…

1. By mangojango

   9/20/08 at 4:16 a.m.

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   They "looked" great during Clinton bcause of the overspeculation of the Dot.com investors, and then the bubble burst, just like this real state bubble that we are seeing burst now, which we were warned about for years. Starter homes for $400,000 with 5% down and 5% Arm? Since when is that not a recipe for catastrophe unless you're trying to flip then take the money and run?

   The fundamentals ARE strong because you still money for luxuries like a computer and internet access. Though f you listen to Obama, you'd think the sky was falling and he is the World Saviour.

   Maybe if people who couldn't really afford the homes they "bought" had shown less greed in not buying beyond their means (in a smaller house), and realtors hadn't overinflated home values, and maybe if the Democrat-controlled congress that opposed regulation and the Republican administration had used better long-range planning... maybe... maybe...

   Seems like people of either party succumbed to greed, including those who choose higher risk investment funds. From my point of view, there will be financial storms like this that are only foreseeable in onset in hindsight - who knows when the next Katrina or Ike will hit? Why do some folks return and keep rebuilding where there is high risk? Perhaps for the thrills that go along with it. While others settle close just because they see other people there, think it's safe without ever really knowing the true risk -- much like you. Or maybe you knew the risk all along but prefer to blame others?

2. By geezelouise

   9/20/08 at 5:10 a.m.

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   Maybe if we stopped all this Republican/Democrat crap and just looked at the issues instead.

   I don't care if the person running the country is a dyed in the wool alien from another planet, as long as they do a good job and follow the Constitution.

   I'm sick of party politics. I want the truth, I guarantee I can handle it. And I want my Government to be transparent and ethical.

   I am sick of corruption, sick of pay to play politics and sick of people fighting amongst themselves solely because they are registered a D or an R.

   How about a Government by the people, for the people. One that obeys the same laws I do.

   That's what I'm looking for.

3. By uddeboda

   9/20/08 at 5:12 a.m.

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   McCain-Palin out of touch with the middle class??, they are out of touch, period.

   Here you have McCain, who looks like something out of a vax museum, and then there is little cutie pie Palin, a threat to the whole world, who wouldnt hesitate one minute to start the 3rd WW, and if she does, lets hope it starts up in Alaska across the Bering straits into Siberia, then she can in some practice with her hunting rifles.

4. By neiman1

   9/20/08 at 8:25 a.m.

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   McCain tried to reform Fannie Mae and Freddie Mac with legislation in 2002. The defeat came from both parties but the Democrats were the biggest detractors. Regulations passed during the Clinton Administration required banks to loan in neighborhoods marked as low income. Banks that didn't meet their goals were penalized and threatened with their charter being revoked. The no down no proof of income was the brain child of Sen. Dodd and the CEO of Fannie Mae that headed up the Obama VP search team. What a joke these guys are now that they run for cover. The only honest statement of the week was Harry Reid when he said "NO one knows what to do"

5. By Future2012

   9/20/08 at 8:39 a.m.

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   It is important to understand and that Democrats like Bill Clinton, Barak Obama, Jimmy Carter, Harry Reid, Nancy Pelosi, Christopher Dodd, Richard Durbin, Charles Schumer, Patrick Leahy, Charles Rangel, have had done "nothing" with regard to the energy and financial laws in this country over the last 32 years.

   But Democrats are not out of touch.

   By doing nothing and not being involved in the 2000 dot.com meltdown, the start of the housing meltdown of 2006, or the sending of 700 billion petro dollars overseas, Democrats clearly have no bloody fingerprints on anything.

   By not having been involved in these energy security and financial laws, for the last 32 years these folk are "issue virgins", and can, with clean slates, come in and tell us what to do.

   All week, Obama has carefully just demonized the economy and blamed the GOP for all our problems. Harry Reid and Nancy Pelosi have back him up on the lack of Democratic involvement in these issues for the last 32 years.

   Obama has repeated this week that his wealth taxes, oil taxes, investment taxes, and payroll taxes, new spending (including those annual 1000 dollar welfare checks to those 44% not making $200k and that do not now pay taxes), turning oil companies into non-profits, Democratic are nationalizing financial institutions this weekend, nationalizing health care, eliminating foreign trade, peace dividend so we can cut the military, etc. is just the thing to re-invigorate the economy.

   Since the Democrats have done nothing, and are not responsible for anything, this will be a great new fresh start.

6. By teacher

   9/20/08 at 8:47 a.m.

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   " if people who couldn't really afford the homes they "bought" had shown less greed in not buying beyond their means (in a smaller house)"

   Greed? It's greedy to buy a home? For me, a divorced mother needing to buy a home for her child, it was greed that led me to buy a home beyond my means? GREED? A teacher's salary, even combined with a pitiful amount of child support, could not buy a reasonable, safe home in the skyrocketing market when I bought. It wasn't an option to wait several years to buy. Smaller would've been fine, but ghetto was not.

   When sub-prime mortgages went out to everyone and anyone, it drove house prices up - simple supply and demand.

   I bought beyond my means not because I'm greedy, but because I wanted to provide a home that was not in the ghetto for my child , and that's the only way I could do it.

   You know who's "greedy"? Parents who can't lift a finger to help their children with school, but expect teachers to individually tutor 150 or 200 students, and don't want to pay higher taxes.

   You know who's "greedy"? The agents and mortgage companies who will have no sanctions for this mess. While the government's bailing these companies out, all of these greedy pigs should pay until they have the miserable lifestyle I have as a teacher, and that many have since the Republicans took over with the "trickle down" theory.

   I'm smart and have worked very hard all my life, and am a responsible parent. And the best thing I have to look forward to in my life is having a little time with my children before I have the relief of having this losing-battle struggle finally be over.

   My life was directly affected by Reagan when the colleges appropriate for my intellectual ability and work ethic decided that lower-middle-class was not something they could afford. Now we've had a few more decades of the rich-get-richer crap. It's beyond belief that any average American would vote for McCain. Those who do drop precipitously in terms of respect as far as I'm concerned. Add up the IQ's of both and maybe you'd reach Obama's. I want someone intelligent, analytical, and sincere in the White House. For too many Republicans, it's about me, me, me, and there is no us, nor is there an acknowledgement that the NUMBER ONE predictor of a person's social class in this country is that of their parents. (But Republicans will claim that's because lower-income people aren't very bright, right?)

7. By teacher

   9/20/08 at 8:49 a.m.

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   Additionally, those who have think anyone can just get a loan to get ahead. Want to go to college? Get a loan. Want to start a business? Get a loan. Guess what, folks? You can't get a loan if you have nothing. That's how capitalism works: for people with capital to invest.

8. By jfnance32

   9/20/08 at 9:05 a.m.

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   Democrats were jumping up and down when Iraq had problems.

   Now with the success of surge, you hardly ever hear Obama say any word about Iraq.

   This week it seemed that Democrats were jumping up and down about the stock market going south.

   .....be careful about hanging your hat on misery....the stock market seemed to recover and the ladies retirement plan should be find and they have a plan to free up the credit crunch, too.

9. By cmon

   9/20/08 at 11:04 a.m.

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   Of course the stock market jumped. What a dim-witted statment, nance. If I knew that someone was going to bail me out after I screwed up, I'd invest, too.

   Now, Bush wants to hand nearly ANOTHER TRILLION DOLLARS upon the american people, to buy out bad debt. Well First, will the government now own the property they are paying off for the banks? If they do, what will happen? Will it be sold off to people who must go to banks for loans?

   I hope that's not true, since this whole thing sounds like a reward for the banks. I remember when congress proposed a smaller measure to bail out the HOMEOWNERS, and you, NANCE went BERSERK with your lies and crap. Tell me, Mr J.F. Nance: DO YOU OR DO YOU NOT AGREE WITH THE GOVERNMENT BAILING OUT THE BANKING INDUSTRY, OVER THE AMERICAN PEOPLE???

   BTW, I see that you are still too much of a COWARD to answer my other two questions, but I have no doubt that you will try some feeble attempt to spew more of your bile, and yet reveal to the world your true self.

10. By LT2LV

    9/20/08 at 11:11 a.m.

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    I don't think there can be better proof that the Bush administration cares more about the wealthy than about the middle class. The little people are losing their jobs and their homes left and right? Meh, who cares? The big investment banks that hold the rich people's money going under? EMERGENCY!!! Must bail them out!!! Can't have the rich people lose their money!! OH the humanity!!!

11. By Future2012

    9/20/08 at 12:16 p.m.

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    Obama, Harry, Dodd, Schumer, and Nancy need to hang Bush out on the bailout.

    If they do they will proven once and for all the that the "do nothing Congress" is totally un-responsible for anything, and the rich will not get anything.

    Harry can stop anything. They just need to pretend to go along over the weekend, and then say they were lied to and Bomb the law.

    The demise of the economy will ensure Obama's election. Go DEMS.

12. By belinda

    9/20/08 at 12:32 p.m.

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    Democrats AND Republicans are to blame for the financial crisis...and while the people in Congress may make the rules, it's we the people who decide to play by them. Gov't pushed for lending programs that led to the housing bust; for example, I received a notice from Citicorp four years ago touting its multi-billion-dollar commitment to increased lending to "less advantaged" populations to promote the goal of home ownership, all in support of government goals related to minority lending and affordable housing. When most of the loans went bad, was that Citigroup's fault or Uncle Sam's?

    To the teacher above who wanted a "home" outside "the ghetto" for his/her kid: you were part of the problem. Your entitlement attitude is typical of many nowadays who think they have a right to an owned home, free and amazing healthcare, the best education someone else's money can buy. Can't live with the conditions of your profession? Get another line of work. Stop whining about how parents or people around you don't live up to your standards or act the way you think they should. Grow up & stop looking to the government to mug your neighbor to resolve your sense of grievance and your longing for things you can't afford because you haven't scrimped or saved or chosen a profession that will get them for you soon enough. Who needs public servants whose only service to the public comes from their lips and often in dismissive, derogatory terms?

    To those who tout Obama or McCain as the solution: you should grow up too. It was loose monetary policy that created the illusion of prosperity during both the Clinton years with its dot.com bust and the Bush years with its housing implosion. Look up moneyfactory.com (U.S. Bureau of Engraving & Printing), check the stats on how much currency our gov't produced over the past 20 years, and correlate that with the boom/busts of the same 20 years.

    The gov't (D & R) inflated our currency, dropped interest rates to nothing and told all of us pigs to come and get it. And we did. Smart pigs got rich, dumb pigs got slaughtered, but we all got to wallow in the sty of easy money for 20 years. Civic and personal responsibility don't have a chance in such an environment.

    If you lived within your means the past 20 years, didn't buy houses to flip, and viewed stocks not as a casino but as a place to invest in American enterprise - congratulations! You're one of those Obama/McCain will have to rob to help bail out the juveniles who've lived lifestyles they couldn't afford these many years. It's higher taxes or inflated currency, folks...there's no other choice. So when it comes to voting this fall, maybe all of the partisan posters out there can spare us the drivel. The problem is an overly intrusive centralized government, period. Obama/McCain aren't going to fix that, no matter what they say.

13. By JustTheFactsJack

    9/20/08 at 12:44 p.m.

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    I'm surprised that Bush isn't telling us to "Go Shopping" like after 9-11 and all of our problems will disappear. They took away retirement plans and told everyone to get their own 401k. Now everyone's 401k's took a dive and they use our tax dollars to bail big business out and what did we get? A brand new tax bill and empty 401k accounts.

    Wake-up and smell the moose poop.

14. By Awall

    9/20/08 at 11:12 p.m.

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    The finacial crisis has barely touched the average Americans that inhabit main street, but that will soon change.

    Millions of people will lose their jobs in the months ahead. When the stock market crashed in 1929, unemployment was not a big problem. In that financial crisis, as in the current one, Americans were fearful of what lay ahead but their pocketbooks had not yet taken a big hit. The fears of main street Americans were realized, however, in the years ahead (1929-1934).

    We will see something less severe, but similar, during the next 18-24 months. It's unfortunate for Obama that the election will be held Nov. 4, instead of six months later. If the election was May 4, 2009, he would win in a landslide.

15. By azsk8fan

    9/21/08 at 3:53 p.m.

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    That's life - Dems in control and the little guy can live a half-way decent life - Reps. in control and the rich get richer. Corporations get pay back for all their 'favors'........ the only problem is that even with Dems. in control we're still really dealing with a select group of 'priviledged people' who get into politics to protect their wallets. Neither party can REALLY relate to the working middle class- what with that silver spoon shoved so far up their a$$ how can anyone expect them to be 'in touch' with the majority of the American population.

16. By TruthPlease

    9/21/08 at 4:14 p.m.

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    This is unfair. Please remember the first 6 1/2 years of the Bush Admin. the economy was good. It is bad now. But it is not all Bush's fault.

    Tell America the Truth.

    It was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk sub-prime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.

    Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

    The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky sub-prime loans that he and Democrats now decry as not only greedy but "predatory."

    Source:
    Whose policies led to the credit crisis?
    posted at 9:40 am on September 16, 2008 by Ed Morrissey
    Send to a Friend | printer-friendly

    In 2003 Treasury Secretary John Snow, and Housing Secretary Mel Martinez told the House Financial Services Committee that we need a new agency to supervise Freddie Mac and Fannie Mae. But, the National Association of Home Builders and Congressional Democrats opposed it.

    "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

    Source: NY Times: September 11, 2003 New Agency Proposed to Oversee Freddie Mac and Fannie Mae

17. By TruthPlease

    9/21/08 at 4:18 p.m.

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    The newspapers and TV news reporters don't want you to know this.

    In 2005, Senator McCain sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005,

    It proposed establishing an independent Federal Housing Enterprise Regulatory Agency with authority over Fannie Mae and Freddie Mac. The bill would have restricted some of the cavalier behaviors that have hurt Freddie and Fannie by applying risk-based capital tests, imposing new enforcement actions and penalties, limiting golden parachutes and requiring more transparent reporting.

    In 2005 Senator McCain wrote to the President and Congress.

    "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. The Office of Federal Housing Enterprise Oversight's or 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."

    The bill was defeated by Democrats and some Republicans.

18. By azsk8fan

    9/21/08 at 4:23 p.m.

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    And don't let the 'Mr. Nice Guy' personna fool ya either. Both candidates will say what they think the American people want to hear but in the end, regardless that maybe the candidate really DOES 'get it' as far as the majority is concerned, well guess what folks, they are more indebted to their 'party' than to the people who elected them into office so unless their ideals match their 'party line' you just aint gonna see it happen. Talk is cheap and apparently in this economy it's the only thing that is anymore.

    And now that the banks are being bailed out maybe someone who has the 'say so' can speed up the process of buying a foreclosed home. The banks wouldn't be sitting on nearly as many if they didn't take their sweet time agreeing to sell it even when they're offered THEIR asking price. Ask anyone who has dealt with a foreclosure - they offer the asking price, have their financing in order and still have to wait for weeks or more to get an acceptance of their offer from the bank. Consequently many will move on to a home that is for sale, not in foreclosure, and one where they can ask for an answer to their offer in 24-48 hrs. if the seller wants to sell their home. If I put in an offer and the seller can't decide in 24 hrs. whether to accept it or not, guess what folks, I'm moving on to the next house on the block - it's certainly isn't like there aren't any others to choose from.

19. By TruthPlease

    9/21/08 at 4:25 p.m.

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    James Johnson was CEO of Fannie Mae from 1991-98. He is a major fundraiser for Obama and was head of Obama's committee to select a VP. Franklin Raines was CEO of Fannie Mae from 1999-2004. He is a major fundraiser for Obama and is Obama's housing and mortgage advisor. Both of them took salary and bonuses of millions of dollars. In one year alone Johnson got $21 million and Raines over six years got $90 million.

    These men were at heart of the sub-prime mortgage mess. They instructed Fannie Mae to purchase billions of dollars of uncollectible and defaulted on mortgages. Now the taxpayers will have to pay $200 billion to bale out Fannie Mae and Freddie Mac. Also, these men cooked the books to enrich themselves. They inflated Fannie Mae's earning by $6-$9 billion in order to collect salary and bonuses of $50-$90 million.

    Austan Goolsbee is senior economic advisor to Obama. On March 29, 2007 he wrote an article in the New York Times "Irresponsible Mortgages Have Opened Doors To Many Of The Excluded" Goolsbee said, "Cracking down on sup-prime mortgages could hurt exactly the wrong people".those who previously would have been denied loans. "It has allowed them access to mortgages whereas lenders would have once just turned them away. Giving loans to people unable to repay is going to cost taxpayers close to $1 trillon dollars.

    These are the men Obama has chosen as advisors.

20. By TruthPlease

    9/21/08 at 4:29 p.m.

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    Please Wake Up. Don't let the news media brainwash you into voting for Obama.

    Google, James Johnson, Franklin Raines and Austan Goolsbee and read for yourself.

21. By NVMakz

    9/21/08 at 5:56 p.m.

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    Johnson, Raines, Goolsbee (who couldn't answer ANY SINGLE ONE of Neil Cavuto's questions straight on Saturday morning) - are among the TOP criminals in this case.

    "TruthPlease", thank you for an air-clearing of two of the top criminals here, Raines and Johnson, who are also responsible for this mess.

    Goolsbee, asked "well, the "buck" figuratively stops at Bush's desk, but that "buck" went right through Raines' and Johnson's offices FIRST - what responsibility do these two have to the American People as to their handling of their "buck". Bush didn't handle the "buck", these two did?"

    Gooslbee went right into gobbbledeguk how McCain did this or didn't do that....and threw a Palin insult thing in there, and that was his answer. Nothing at all about the question.

    Cavuto busted him on it bad, and Goolsbee ran around the obfuscation "tree" the last 5 minutes or so...

    It was DELICIOUS to hear while on the road this weekend.

22. By thebs

    9/21/08 at 6:03 p.m.

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    Whoops, you're absolutely debunked, Makz!
    http://voices.washingtonpost.com/fact-ch......

    In fact, the Washington Post, the so-called "source" for the Raines-Obama connection, gave your allegation TWO PINOCHHIOS. There is no Obama-Raines connection.

    "The McCain campaign is clearly exaggerating wildly in attempting to depict Franklin Raines as a close adviser to Obama on "housing and mortgage policy." If we are to believe Raines, he did have a couple of telephone conversations with someone in the Obama campaign. But that hardly makes him an adviser to the candidate himself -- and certainly not in the way depicted in the McCain video release."

    Raines talked to "someone" in the Obama campaign a couple of times on the phone and Makz claims he's a "PRIMARY ECONOMIC ADVISOR?"

    LOL! Debunked, yet again. That's what, beat-down #277 this week? You need an intervention, way too much McCain kool aid in your fridge.

23. By jfnance32

    9/21/08 at 6:10 p.m.

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    The Washington Post conflicts with the Washingtopn Post.

    http://www.washingtonpost.com/wp-dyn/con...

    Johnson was the VP selection chairman.

    Are they going to trying to wiggle out that one?

24. By thebs

    9/21/08 at 10:12 p.m.

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    Johnson held a position in the campaign for a week, hardly a "top economic advisor."

    In addition, he was attached to Veep vetting, not economics.

    The Washington Post debunked Raines... not a surprise the neocons still cling to a DEBUNKED interview where the characterization was a few phone calls, a characterization from a liar like Raines.

    LOL, keep spreading the lies!

25. By jfnance32

    9/21/08 at 11:11 p.m.

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    LOL....not a top advisor......in-charge of selecting the VP.......oh boy!!!!

    Raines gave advice to the campaign on more than one occasion..can't run from that.

    Obama is number two on the list of getting cash from Fannie Mae and Freddie Mac and he has only been a US Senator for 3 years.....LOL

26. By thebs

    9/21/08 at 11:12 p.m.

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    Can't run from the fact that the man running McCain's campaign, Charlie Black, was a lobbyist for Freddie Mac for 10 years.

    No, Johnson being on the Veep vetting squad is not a "TOP ECONOMIC ADVISOR."

    Raines says he got two phone calls. Never said he met with, spoke to, or even called Obama himself. That's NOT a "top economic advisor."

    LOL, debunked and clueless!

27. By jfnance32

    9/21/08 at 11:15 p.m.

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    "In addition, he was attached to Veep vetting, not economics."

    This is funny.

    Obama: Mr. Johnson, we know that you are crook. As CEO we know that you ran Fannie Mae into the ground. We know that you cooked the books to give yourself and your crooked friends millions in bonuses. We know that you are a lousy in economics, but we want you to be in-charge of selecting our VP.

    LOL....LOL.....that was a good one.......He is not giving us economic advice...so it is OK.....LOL

28. By thebs

    9/21/08 at 11:23 p.m.

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    Coming from someone whose candidate employed Phil Gramm, the architect of the current fiscal meltdown on Wall Street, as his MAIN ECONOMIC ADVISOR?

    McCain's economic plan was WRITTEN by Gramm, the man most responsible for deregulating the mortgage and securities industries!

    McCain said he'd STILL consider Gramm for the Treasury Secretary?

    LOL, still clueless!

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