McCain: Treasury Could Spend $1 Trillion on Bailout Without Congressional Approval

“The Treasury has at its disposal about a trillion dollars that they could begin, without congressional authority, buying up some of these terrible mortgages and help stabilize the situation."

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September 30, 2008 at 12:53 pm - Fox News
Dateline: Washington DC
R.J.   September 30th, 2008 - 1:06 pm

Just what we need, more Shrubanomics.

Colonel Mosby   September 30th, 2008 - 1:15 pm

Just when I started to think he was really the lesser of two immense evils…He comes up with this…What part of dictatorial decree does he believe is acceptable to Citizens? So, if fear mongering doesn’t work, lets just do it any way? Way to go McCain, you should have been Barry’s VP choice.

The Final Solution   September 30th, 2008 - 1:18 pm

All you need to know before reading below is who Owns the Private Federal Reserve. HINT: There has never been a Federal Reserve Chairman who wasn’t a jEW!!!

Marx’s Proposal Number Five seems to be the leading motivation for those backing the Wall Street bailout

By Martin Masse
In his Communist Manifesto, published in 1848, Karl Marx proposed 10 measures to be implemented after the proletariat takes power, with the aim of centralizing all instruments of production in the hands of the state. Proposal Number Five was to bring about the “centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.â€Â

soundmiami   September 30th, 2008 - 1:31 pm

Ya, that’s what tanked the economy. All those people out there with a quarter of a million in cash who can’t just buy three different CDs.

Mark Paquette   September 30th, 2008 - 1:33 pm

Well, one thing seems clearer to me all the time, socialist combined with capitalist policies don’t work. It appears at least they’re mutually exclusive, although from what I see of America’s ‘poor’, I don’t think socialism could work here at all.
Without integrity, I suspect any system is doomed to failure.

Drumz   September 30th, 2008 - 1:37 pm

So, when the Treasury (or whoever) buys up all “these terrible mortgages,” will the taxpayers providing that relief be able to stay in their homes? Or, do you just steal taxpayers money and give it to banks so they can re-loan it again to richer people?

What about those who don’t own homes? Our taxes should NOT bailout greedy bankers. Neither should they bailout irresponsible borrowers. Let them all fail by their own actions.

REVHATCHELL   September 30th, 2008 - 2:08 pm

McMarx!

Why Celebrating JEWISH Holidays amidst National CRISIS?   September 30th, 2008 - 2:16 pm

WHY would American legislators in the midst of this National CRISIS suddenly drop everything and RUSH off to celebrate ROSH HOSHANNA???? Since when is our American legislature JEWISH???, and even if so, why would they put that hackneyed Old Testament stuff AHEAD of solving a NATIONAL CRISIS that hangs over us all???

Haven’t they ever heard of the old adage, “WORK BEFORE PLAY”???

R.J.   September 30th, 2008 - 2:44 pm

Hey wake up people. If this was anything other than a scam by the fat cats, the stock market wouldn’t be up 400 points today. It’s the super rich that belong to the S&P 500 that made the market crash yesterday. And since their attempt to scare everybody failed, they’re putting it all back in the market today. Just go to show whose side McShrub is on.

RUFUS   September 30th, 2008 - 3:02 pm

Congress did not rush home because of the Jewish High Holidays at all.

They rushed home to take the rectal temperature of the voters in their districts on this deal. If they voted against it, they will try to see if maybe the constituents would still re elect them if they change their votes….and to conference with the GOP and DEM parties and money boys for their respective districts.

This is a chance to go see how they are perceived before having to REALLY vote on this thing. That is why the House Pelosi is pretty glad this did not pass….this way, the DEMS get to blame the REPS some more….and IF THE CRISIS DOES NOT HIT….and it sure looks like it is NOT HITTING the US as hard as it is Europe…..then they can also blame the Bush admin and the REPS for falsely creating a crisis for political positioning in the election.

Don’t get me wrong….there IS a problem in the market….but it is a result of the Burst Housing Bubble….like the Oil Bubble, and S & L condo bubble, and the Dot Com bubble that killed a lot of the market…but once the greedy got slaughtered, after the smart money had already taken their money and left….those that HAD their money out went back into the market and bought assets up really cheap….and drove the market back up over a fairly short period.

This market liquidity can be fixed right now without any congressional bill and without any taxpayer cost……change some rules and regs that have made the “crisis” hit…..and the marketplace will seek the true value for the assets of the mortgages that are not worth the full amount that was borrowed….and the folks that bought too much house based upon promises of the lenders can go sue the Dems and the Community Reinvestment Act that put all the money into the houses of folks that never owned a house and could not afford one anyway.

The beauty of the free market is it fixes itself. When government intervenes….everyone gets shafted.

GoodMorning   September 30th, 2008 - 3:18 pm

Good morning. Seems like more people are waking up now to what is happening with regard to who runs the (private bank)Federal Reserve. Good question that has been asked is why is congress taking a religious holiday celebrated by only 5% of the population in the midst of a crisis and at the same time criticizing others for not acting. And most amazing is a candidate for president proposing to raid the US Treasury to buy up failed private investments without congressional oversight or taxpayer approval. Looks like the lesser of 2 evils is may be a poor choice as well.

Bubbala   September 30th, 2008 - 3:21 pm

R.J., by “the super rich that belong to the S&P 500 that made the market crash yesterday,” then, you mean Democrats like Warren Buffett, Bill Gates, Spielberg, David Geffen, Brad Pitt, Steve Bing, the Feinsteins, Pelosis, Mr. Ralph’s Supermarkets (Ron Burkle), Oprah Winfrey, Barbra Streisand, etc….DEMOCRATS like that?

I doubt McCain is on THAT “side” of things, with Socialists (in some cases, outright Communists) such as that lineup, among others like them.

Rob   September 30th, 2008 - 3:23 pm

A BAIL OUT HAS TO HAPPEN BUT THIS IS NOT THE WAY TO DO IT…

The government should not buy mortgage backed securities they should buy the mortgages…Rewriting the terms of the loans not the principle.. The loans would be written placing any late payments onto the back of the loan as principle. The interest rate would be at current rates plus a .25% premium…So they would still pay a penalty for the loans that they bought. The length of loans could even be written out to 40 or 50 years, to allow people to afford these loans (this would have to come also with a prepayment penalty before 10 years or something like that)…One their credit stabilizes over a 5-7 year time period the government could sell these loans back to the private sector….Meanwhile the taxpayers make money on the “bail out” in the long term…Interest payments alone would be a huge source of revenue…Then selling the viable mortgages down the road would also provide revenue…Making the loans non dischargable in bankruptcy would guarantee the debt…

PR   September 30th, 2008 - 3:44 pm

Sounds like McCain would just give all the taxpayer’s money away without getting any approvals at all. Bush seems to have sunk us for about a trillion dollars for every term in office and McCain wants to do that in his very first day…

But no worries, McCain is so far gone now it does not matter…

R.J.   September 30th, 2008 - 3:56 pm

Bubbala, It’s McShrub that is trying to be a dictator commmie, by trying to get the treasury to give a trillion dollars to the fat cats without any approval. Quit showing off your stupidity.

Marty, Boston   September 30th, 2008 - 4:17 pm

Doesn’t the US treasury already own the “failed” mortgages by the takeover of fannie mae and freddie mac. Make the loans affordable to the OWNER OCCUPIED housing and take the rest of the INVESTMENT, i.e. speculators, property. Screw the speculators and those who sold them the property and inflated loans as well as the management that let it all happen, with their golden parachutes and bonuses. Some should be in JAIL, like that lying b***h lawyer Garelic (sp?).

Golda Meir   September 30th, 2008 - 4:42 pm

I had to laugh that Barney Frank said he was taking off Rosh Hasanna today(despite the emrgency)out of religious observance yet he won’t cease and desist from buggery for his religious faith.

The Final Solution   September 30th, 2008 - 5:02 pm

The cantor chants the prayer beginning with the words Kol Nidrei with its touching melody, and, gradually increasing in intensity from a shy pianissimo (quiet) to a confident fortissimo (loud), repeats three times the following words:

“All personal vows we are likely to make, all personal oaths and pledges we are likely to take between this Yom Kippur and the next Yom Kippur, we publicly renounce. Let them all be relinquished and abandoned, null and void, neither firm nor established. Let our personal vows, pledges and oaths be considered neither vows nor pledges nor oaths”.

Tom   September 30th, 2008 - 5:43 pm

Yo Miss Final Solution,

Your antisemitism is so old and so boring. Please consider another hobby.

And practice it only in the privacy of your own home, pleas, at least until you can present it to the public without fictionalizing virtually everything.

Thanks,

olddog   September 30th, 2008 - 5:56 pm

Hey Final Solution, your antisemitic rants won’t save you from being beheaded by muslim extremists.

Anthony   September 30th, 2008 - 6:10 pm

I think these people in office has lost their marbles. To think they can do whatever they want to without representation is beyond treason. It is downright tyranny and everyone should be extremely pissed about this statement made by McMarx who could be our next IMPERIAL DICTATOR.

The 545   September 30th, 2008 - 6:41 pm

Politicians are the only people in the world who create problems and then campaign against them.

Have you ever wondered why, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?

Have you ever wondered why, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?

You and I don’t propose a federal budget. The president does.

You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.

You and I don’t write the tax code, Congress does.

You and I don’t set fiscal policy, Congress does.

You and I don’t control monetary policy, the Federal Reserve Bank does.

One hundred senators, 435 congressmen, one president, and nine Supreme Court justices 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

The Final Solution   September 30th, 2008 - 6:41 pm

Please point out anything of fiction that I have posted!

CLINGING_to_GUNS_and_RELIGION   September 30th, 2008 - 7:10 pm

Neither McCain nor Obama are fit to president of the United States.

They both are trying for FORCE Americans (by instilling FEAR) to accept the BAIL OUT Plan!

This is BS!

Take you Bail Out plan and shove it up your As! McCain and Obama!

Listen to the People, we do not want the Bail Out plan!

Why Nullify Your Own VOWS?   September 30th, 2008 - 8:29 pm

http://www.myjewishlearning.com/holidays/Yom_Kippur/Overview_Yom_Kippur_Community/Prayer_Services/Kol_Nidre.htm

WHY on earth would anyone, let alone a whole “religious” group of people, declare that their VOWS are null and void???

MOST societies (civil ones) believe in and practice the ethic that, “MY WORD IS MY BOND.” A vow is a promise, and only a liar/cheat would make a vow, knowing it is untrue… Very confusing!

Can somebody who really knows what this Kol Nidre thing is, how it works, and what it is for, please take the trouble to explain and clarify this, so we can better understand it?

Thanks in advance.

The Final Solution   September 30th, 2008 - 9:16 pm

There is nothing else to understand. I have posted only the truth!

This is why they have always been removed from every country where they have insinuated themselves. You now know the jew!

PR   October 1st, 2008 - 2:10 am

Hey Final… maybe we will track you down and “render” you to the Russian death camps just as in 1946…. :D

You will not be missed, and we really don’t care at all…

Hillery is going to control those black helicopters next year. :D

Like those fools down in Somalia. Dance, while the war ships wait there you tard :D

The Final Solution   October 1st, 2008 - 6:23 am

~~~~~~~~PR~~~~~~~~~

Funny you couldn’t post what “fiction” I posted.

You also need to read the book by jewish author John Sacks called “An Eye For An Eye”. You will find the jews ran the camps in Germany after the war and slaughtered hundreds of thousands of German civilians, men women AND children through barbarity unseen in the modern world!!!

Strange Times   October 1st, 2008 - 4:17 pm

Sachs: “we’re living in times that are so politically correct that just to report the truth becomes controversial.”

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