1100 B‎illion or 1.1 Trillion Dollars to save Wall Street.

Mr. McCain, still think the fundamentals of our economy are strong? If this is what it will take to save Wall Street, how can you still say that the Fed should offer no further bail-outs? Again, your buddy and advisor Phil Gramm is responsible for a lot of this. Why do you keep him around anyhow? If this is what it will take to save Wall Street, how can McCain still say, the Fed needs to stop bailing out companies? www.msnbc.msn.com/id/26789423/

Now I do not like new taxes, especially not at the rate of over $3600 per American, but the Armageddon alternative would mean ushering in a new Great Depression. Perhaps McCain is more like Hoover than I originally thought. Admittedly, I think people were foolish to take out all these bad mortgages they could not afford and the banks were terribly foolish to give a loan to "just anyone". Kris and I bought our house in 2000 before Phil Gramm rushed his companion bill ((S.3283)) to the Commodity Futures Modernization Act of 2000 on the cusp of the Christmas congressional holiday and it passed with no debate, and we had a couple months worth of hoops to jump through on a mortgage we COULD afford.

As of today it seems that McCain must face the hard facts of his record that he cannot run as a reformer when he has been nothing but a de-regulator for 25+ years. We as Americans should not be duped by this, McCain and Palin (more like the puppeteers in Schmidt *coughs* Cheney crony, Rick Davis *coughs* Uber-lobbyist for Fannie Mae and Freddie Mac, and other former Rovites who are writing their speeches and pulling their strings) are trying to pull a giant wool blanket over our eyes. We are fools if we do not see it. The government has just put a giant finger into private enterprise and it cannot be removed for likely decades. I have even read some articles this morning that say our Free-market economy is no more. I think that seems a bit extreme, but realistically, the US govt. has bought (or is buying) 80% of AIG's assets and will sell them for profit if this situation resolves and the markets stabilize. McCain's dreams of smaller government are dead, the US govt. just got bigger in enormous proportions thanks to President Bush and the economy will fail if McCain gets his way and reverses it. Whether we like it or not, the government now owns (or will soon own) major portions of our our retirement insurance plans, bank notes, and for millions their failing mortgages. McCain cannot undo what is being done by Bush, Paulson, Bernanke, and Cox with it having catastrophic ripples into our already receeding economy. Oh, and McCain, how about stopping the "I'll fire this guy" stuff and the "Fed should stop bailing out these companies" garbage and come up with some real answers. Oh, that's right, you can't because you've admitted that after 26 years in DC and a stay on the commerce committee you still do not understand the economy. If the "fundamentals" you are talking about are the workers, then how about the ones without a job after Lehman Bros. collapsed, or the thousands of workers on the stock market that are not the fat cats in charge of things? Have they betrayed us too? No, they have no control in what their bosses do. They are just there being "fundamentally strong" and earning a paycheck. How about DHL Mr. McCain? Now, I've had my share of problems with them on packages, but that does not matter because your probe into their company (one you used to advise from everything I've read) closed down the DHL outfit in my area and threatens 10,000 DHL jobs in Ohio. ( www.usatoday.com/news/politics/election2008/2008-08-07-mc... )

Yes, Ohio-ans, John McCain could cost your state 10,000 jobs. Okay, I'm done...for now.

Fred

McCain: ‘The Issue Of Economics Is Not Something I’ve Understood As Well As I Should’ ( thinkprogress.org/2008/01/18/mccain-economy/ )