October Surprise Was The Market Crash

On the Sunday News Talk Shows and on the American cable news channels the pundits all commented on how this election there was apparently no October Surprise.

In American political jargon, an October surprise is a news event with the potential to influence the outcome of an election, particularly one for the presidency.

No October Surprise???

What do you call this.......Mutual funds plummet in October as global credit crisis grows

THE US stock-market crash appeared to draw to a close with the month of October, as a gain in the final session helped shares to stellar returns for the week.However, consumer-spending data and a steady stream of layoffs suggest the bear market is not over yet. The Dow Jones Industrial Average rose 144.32 points, or 1.57 per cent, to 9325.01, for its first two-session gain since September. For the month of October, the Dow fell 14 per cent, its biggest percentage drop since August 1998. It could have been worse: Until Tuesday's rally helped it bounce 11 per cent this week for the best weekly return since 1974, the Dow was looking at one of the worst months in its 112-year history. The Nasdaq Composite rose 22.43 points, or 1.32 per cent, to 1720.95, gained 11 per cent on the week and finished the month with a loss of 18 per cent. The Standard & Poor's 500 rose 14.66 points, or 1.54 per cent, to 968.75, helping it to a 10 per cent gain for the week. In October, the broad S&P 500 fell 16.9 per cent, its worst month since the date of another infamous crash, October 1987. "It was nuts," said Joseph Saluzzi, co-founder of agency brokerage Themis Trading, of the October action. "There was a time there in the middle of the month people were afraid, thinking: 'What is really happening here? Is this the end of the world? What's going on?'

It cost McCain the election when he insisted that the fundamentals of the economy were good as the market came tumbling down.US Election Panel: 'It was close until the credit crunch

Wall Street collapsed right on top of McCain
Point: Dan SchnurThe most decisive event in this campaign wasn't anything either of the candidates said at their respective conventions or in any of the debates. It wasn't a sound bite from a speech or interview, or a memorable assertion in a television commercial or e-mail attachment. The turning point in this election didn't happen on the campaign trail but rather on Wall Street. In the last week of September, the race was essentially tied. Then Wall Street collapsed -- and it collapsed right on top of John McCain.In the first week or two after the extent of the economic meltdown became apparent earlier this fall, what had been a closely contested election broke significantly in Barack Obama's direction. The worst month for the Dow Jones industrial average in more than a decade made McCain's national security credentials almost irrelevant to voters frightened about their economic futures. Just as the success of the troop increase in Iraq and the rise in gasoline prices earlier this year represented real-world events that boosted McCain's support, the political ramifications of the rapidly spreading economic crisis have been of immense assistance to Obama's efforts to convince voters as to the necessity of a change of course in Washington.

SEE:
McCain A Socialist
No Austrians In Foxholes


tagsGreat Depression, John McCain, market crash, free trade, Republicans, recession, asset-backed commercial paper ,, goldhomes, mortgages, housing, bubble, US, economy, oil prices, sub-prime mortgage, Wall Street, crash, recession,October Surprise, Inflation, Staglation, Stock-Market, US, Federal-Reserve-Chairman, Oil, gold, commoditiesSmoot-Hawley, protectionism, tariffs, Herbert Hoover, U.S., U.S. economy, Canada, Great Depression, John McCain, market crash, free trade, Republicans, recession,

Pork

So Joe the Plumber, who ain't a plumber but a McCain stand-in stereotype gets preferential treatement because of his celeberity status....pork by any other name. Hey McCain gimme the straight talk on this....

Joe the Plumber gets warning, not speeding ticket
TOLEDO, Ohio (AP)
— Police stopped "Joe the Plumber" for speeding last week but didn't issue a
ticket out of concern it would reflect negatively on the Toledo department, an
officer's report said.
Officers tracked Samuel J. Wurzelbacher driving about
50 mph in a 35 mph zone in his Dodge Durango SUV on Wednesday, the police report
said.
In the final presidential debate, Republican John McCain portrayed
Wurzelbacher as emblematic of people with concerns about Democrat Barack Obama's
tax plans. Wurzelbacher has since endorsed McCain. His instant fame set off a
rush of interest in the plumber's background.
Toledo's police chief said on
Tuesday — the day before the traffic stop — that a department clerk faces a
disciplinary hearing for allegedly looking up Wurzelbacher's address on a state
computer database.
Wurzelbacher was given a verbal warning because of that
ongoing investigation and because a citation could have "negative repercussions
to the department and city as a whole," according to the report, which lists
"Patrolman Bailey" as its author.
Wurzelbacher would not comment on the traffic stop when reached by telephone Monday evening.

And I really like 'Joe's' honesty

JW: You know, I don’t know enough about that to give you a real intelligent
answer

Typical Republican.

TagsJohn McCain, republican, U.S.presidential election, Samuel J. Wurzelbacher, ,Joe The Plumber

Vegetarians For McCain

In a deseperate bid for votes McCain in a sound bite I just heard on CBC said he is appealing to; "independents, libertarians and heck even vegetarians."

Someone should tell him that appeal to liberal vegetarians might not sit well with his VP.

Born Sarah Louise Heath in Sandpoint, Idaho, in February 1964, Palin was the third of four children. The family moved to Wasilla when she was a child. Her dad, Chuck, was a teacher and loved Alaska’s hunting and fishing lifestyle. Today Chuck’s pick-up truck has a bumper sticker reading “Vegetarian — Old Indian Word For Bad Hunter”.

Ironically it is the same sound bite he used back in 2000 when running against George W.

I hope to my Republican friends, and I believe to most Americans -- that we can reassemble a coalition, a coalition that reaches out across party lines, preserving our core with conservative Republican principles and yet attracting to our banner people who are independents, people who are Democrats, libertarians, vegetarians.''

The McCain campaign has gone green recyling old sound bites in the last hours before their defeat.


Tags
John McCain, republican, U.S.presidential election, Sarah Pallin,

Latino Votes Will Change American Politics

While much talk has been about Obama's success mobilizing black voters the other big ethnic block that will swing the elecion tommorow and change the face of America is Latino's. In fact it is the Latino vote that has Obama closing in on McCain in his own home state; Arizona. Red states are turning purple.

While the Republican Party represents the white folks in Red States including McCains home state, there are thousands of Latinos who work for those Republicans, and they are not voting for McCain who sold them out to appeal to the nativist politics of the Republicans to win the party's nomination for President. A decision he will live to regret after tommorow.

SEE:

West Side Story

Richardson On The Ticket

The Ugly Truth About Migration

Tags
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Pallin's Pipeline

Sarah Pallin's American nativist politics ends when it comes to oil. The Alaskan Govenor is in the pocket of one of Canada's oldest and leading Pipeline companies; TransCanada Pipelines. But shhhh don't tell anyone. Her Drill Baby Drill rhetoric belies the fact that you can drill all you want in Alaska but the point is to get the oil and gas to a refinery. And Alaska for all its ground assets does not have refinering capacity, so that oil and gas has to get shipped south. And who will do the shipping? TransCanada Pipelines, tying Alaska into its Keystone pipeline project.

The controversial pipeline will ship bitumen from the Tarsands south to the Gulf Coast for refining. In Alberta, and in fact across Canada, the pipeline is controversial for several reasons, one is it runs through disputed Lubicon Cree land, and secondly it shows that we remain hewers of coal and drawers of oil, rather than having true energy independence by doing secondary and tertiary production; refining here. Unlike Alaska, Alberta has refineries, and refining capacity.But thanks to TransCanada's cozy relationship to the Stelmach regime, like its cozy relationship with Pallin, we and the Alaskans get screwed.

During the election Harper announced that if elected he would restrict exports of bitumen, the Stelmach regime remained uncharacteristically silent over the issue. Usually Ottawa intrusion into Alberta's energy patch would elicit a hue and cry of outrage with the usual rantings about the NEP. However Harpers move was to assure Americans that Canada has continues to view them as the primary preferred customer for our oil.

With the current fiscal meltdown most of the refining expansion planned for Upgrader Alley in Alberta are now on hold which gives carte blanche to TransCanada to ship our oil and jobs south . As Ross Perot once said; can you hear that giant sucking sound as Alberta and Alaska oil jobs go south?

As Ms. Palin takes to the road to campaign with Mr. McCain, invoking the pipeline as a major victory, some Alaska lawmakers who initially endorsed her plan now believe it was a mistake. State Senator Bert Stedman, a Republican who is co-chairman of the finance committee, said that in its contract with the chosen developer, TransCanada, the state bargained away too much leverage with little guarantee of success.

Of the five companies that eventually bid, Ms. Palin’s administration chose TransCanada Pipelines, which operates 36,500 miles of pipeline across North America. TransCanada had previously tried to negotiate a pipeline deal with the Murkowski administration, but was sidelined by the governor in favor of the big oil companies, some officials who were involved in the talks said. That contributed to the rift that led to the departures of Mr. Irwin, Ms. Rutherford and five others from the state Department of Natural Resources.
The proposal that TransCanada negotiated with the Murkowski administration was structured differently from the current one and had no provision for a $500 million state subsidy, said two people who reviewed it and who spoke on condition of anonymity because the proposal remains confidential.
Of the Palin aides familiar with TransCanada from those earlier negotiations, Ms. Rutherford had an unusually close connection. For 10 months in 2003, she was a partner in a consulting and lobbying firm whose clients included Foothills Pipe Lines Ltd., a subsidiary of TransCanada.
Ms. Rutherford said in an interview that after TransCanada submitted its pipeline proposal to the Palin administration, she and the governor never discussed whether her role on the team might be viewed as improper or give the appearance of a conflict of interest.
Ms. Rutherford, who said she had not lobbied for Foothills but had done research and analysis, stated that she was not one of the pipeline team members who recommended a developer to Ms. Palin. That was done by Mr. Irwin and Patrick S. Galvin, the commissioner of the Department of Revenue, she said.

TransCanada is already building the $5.2-billion Keystone pipeline, which will carry 590,000 barrels a day from Hardisty, Alta., to refinery hubs in Illinois and Oklahoma from 2009. The expansion will take an extra 500,000 barrels a day to refineries in Houston and Port Arthur, Tex.
As well as the confirmed supplies and the possible construction delay, TransCanada said it has increased its stake in Keystone and the expansion as its partner, ConocoPhillips Corp. of Houston, has reduced its share from 50 per cent to 20.1 per cent. TransCanada now has 79.9 per cent of the pipeline, although shippers will have an option to take a 15-per-cent stake.
ConocoPhillips spokesman Bill Graham said the company is still committed to Keystone, and will be a major shipper on the pipeline, but he wouldn't comment on why the company had reduced its interest.

Currently, Alberta exports 500,000 barrels of bitumen daily to the U.S., about 40 per cent of total production of the tar-like substance from the oilsands. That will rise to one million barrels a day by 2010 when two new pipelines, the Alberta Clipper and Keystone pipelines, take bitumen to Texas and Illinois respectively.
Bitumen must be upgraded into heavy oil before it can be sent to refineries to be made into gasoline and other fuels.
Stringham disputed the suggestion that oil companies are sending bitumen south for upgrading to avoid Canada's greenhouse gas emission standards, which come into effect in 2010.
Everyone expects the U.S will have some similar standards soon, he says.
Besides, the decision on where to build an upgrader for bitumen is based on economics, not the environment, says Stringham. In some ways, Alberta is a preferred place to build an upgrader, given the low taxes and stable political environment, though high labour costs are a problem these days.

But building bitumen upgraders isn't easy in the Edmonton region's upgrader alley.
Last month, the BA Heartland upgrader, partly completed near Fort Saskatchewan, was suddenly mothballed. The credit crisis in the U.S. was the major reason cited by the company for closing down the project at this time.
The very same day, however, ConocoPhillips and Calgary-based Encana began work in the U.S. on a $3.6-billion refinery retrofit to handle Alberta bitumen flowing to Illinois.

No wonder, then, that Harper's policy to keep the bitumen here was hailed as good news in the Fort Saskatchewan area where there are plans for a dozen upgraders. "Our group feels it's a very progressive move," said Neil Shelly, executive director of Alberta's Heartland Industrial area.
"It levels the playing field for us because we will be capturing carbon dioxide at the plants in this area, and the U.S. does not have those requirements that entail an additional cost." Gil McGowan, president of the Alberta Federation of Labour, agrees those upgrading jobs should stay in Canada.
But he doesn't hold out much hope that Harper's bitumen policy will actually reduce the flow of jobs or bitumen down the pipeline.
In fact, McGowan suggests that Harper is sending a reassuring message across the border that energy hungry America will remain Canada's preferred customer and that China, with its lower environmental standards, will be on the prohibited list.
Even if the Democrats win the U.S. election, they too will want a continental energy policy, as that's the only way to reduce U.S. dependence on Venezuelan and Middle East oil.
"He's sending a signal to Washington and Houston that if he is prime minister, Canada will continue the continental energy system," says McGowan "It's the worst kind of election promise. ... He's able to give the impression he was doing something to protect jobs, without taking concrete action.
"What this really does is tie the hands of Alberta producers from looking for other customers." Pipeline builder Enbridge Inc. is one of the few companies going after those new customers in China and Southeast Asia. It's the biggest shipper of bitumen to the U.S and is currently building a $4.2-billion pipeline to the Pacific Coast, dubbed the Northern Gateway, initially to serve China.

Find blog posts, photos, events and more off-site about:The Economist, Alberta, tarsands, oilsands, Canada, state capitalism, royalties, oil, profits, Alberta Royalty Review,Alberta Cabinet, CAPP, Ed Stelmach,Big Oil,oil royalties, John McCain, republican, U.S.presidential election, Sarah Pallin,

White Power

Is race an issue in the upcoming American Presidential election? You bet. It was clear to anyone who watched the two America's which appeared this summer at the Democratic and Republican conventions. While the media and pundits have focused on VP Pallin's success in appealing to the Republican base, that base is white. The sea of white faces during the republican convention was overwhelming. And it sends a message; Republican America is old rich white people. The amount of Afro-America, Latino, or Asian American faces in the crowds can be counted on one hand. Indeed during a recent McCain rally, the only African Americans present were his Secret Service detail.

A sea of white faces grey and blue rinse hair stared out at us from the floor of the Convention. Since then the sea of white faces that surrounds McCain and Pallin at rallies, may not be the core of the rich upper class white Republican party, but it is white none the less.

The messaging that Obama does not understand small town America, those who love their guns and bibles is aimed at this white base.

The result is that McCain and Pallin are addressing themselves to the issue of race, they speak for White America.

The Democratic convention by contrast was the real America, multiracial, young and old, women, men, gays and lesbians, latinos, blacks, asians, and yes even the forgotten Americans; those of the First Nations. Blue collar workers, students, professionals, and yes rich lawyers. But the overwhelming nature of the crowds that gather at Obama rallies, whether vote for him or not, is by contrast with the McCain crowd, the real America, a demographic diverse crowd.

In order to make himself appear popular amoung youth McCain and his handlers have been lining up young people behind him on the stage, many who are clearly not of voting age.

McCain and Pallins campaign to appeal to White America has resulted in the predicatable; White supremacist 'plot' to kill Barack Obama: A history of hatred

By claiming by inference that Obama is not American, not white, a terrorist sympathizer, a socialist and a Marxist, all the key words used by StormFront and other radical right wing conspiracy types to justify their hatred of America's diversity. McCain and Pallin launched their Nativist attack on Obama at the Republican Convention and the result has been to shore up their racist base and to appeal to those on the fringe of America who brought us Ruby Ridge and the Oklahoma Bombing.

I note that not one media pundit has pointed out that the Republican convention and the McCain rallies are overwhelimngly white. They are in fact White Power rallies.

While discussing supposeded white working class anathema to Obama, and the issue of race, these same pundits both liberal and conservative refer obliquely to 'ethnic' America. Now we in Canada would use that term differently, it would refer to our multicultural heritage. In American Speak it refers to white Americans an in particular those whose politics are reflective of American Nativism.

Will white Americans vote for Obama, of course, overwhelmingly. That is not the real question the pundits are asking, rather will white Nativist/racist Americans vote for Obama? And the anwser is they have their own party and candidate; the Republican Party and John McCain.

And with the recent attacks on Obama and the this latest assassination plot, Black America's very real fear is that once again a Black leader will be assasinated before he gains power, or in the immediate aftermath of his election. American history of the long march for Civil Rights proves this fear is valid.

The Republican campaign which has focused on the politics of fear makes this a very real possibility. While the apologists will say that the Neo-Nazi's are a fringe element, they are very much part of the base of the Republican Party that Pallin in particular appeals to.

McCain has spent weeks overtly linking Obama to "terrorists" and "Palestinian donors" and posing the sinister question: "Who is the real Barack Obama"? Right this very minute, the McCain/Palin campaign is running massive robocalls in numerous battleground states, including North Carolina, alleging that Obama "has worked closely with domestic terrorist Bill Ayers, whose organization bombed the U.S. Capitol, the Pentagon, a judge's home, and killed Americans" and, if elected, "will enact an extreme leftist agenda." Last night on national television, McCain vehemently defended Sarah Palin's repellent and patently false accusation that Obama "is pallin' around with terrorists."

But the McCain brand in recent weeks has taken a beating. In reaching out to that still-restive conservative base, McCain, a gambler partial to craps, in late August put his own history on the line. A survivor of several bouts of dangerous skin cancer, he picked an untested and, critics say, largely unqualified running mate in Alaska Gov. Sarah Palin, whom he barely knew. And he launched a negative campaign against Democratic Sen. Barack Obama that has unleashed outbursts of nativism and racism at his rallies that have appeared at times to even startle the nominee. The Palin gambit initially worked in hard-fought states like Florida. "When he named her and settled on the theme that they would be the ticket for change, he really altered the campaign's dynamic and momentum here," says Aubrey Jewett, a University of Central Florida political science professor. "But days later, the economic crisis overshadowed everything."
Even some of McCain's most ardent supporters say they have been stunned by the campaign's singular, provocative focus on painting Obama as "dangerous" and a "pal" of terrorists because he served on an education reform board in the 1990s with 1960s-era antiwar extremist William Ayers, now an education professor in Chicago. "The campaign is heavy into character assassination," says a longtime McCain admirer who, like many, believed that McCain, with his maverick flashes and his appeal to independents, was the only Republican who could win this year after two terms of an unpopular GOP president. "I don't know what the hell is going on."

Sarah Palin has stopped being a joke and is becoming a danger in this troubled democracy of ours. Her job has been to excite the hard-core right-wing base (which McCain could never do) and she is doing it with a strident, demagogic amalgam of nativism and McCarthyism.
She is generating us-against-them warfare, pitting small-town America against the cities. Seems odd at first blush, since there are more votes in the cities—until you recognize that the big difference between her kind of small town and the wicked cities has everything to do with diversity of population.
The cities are filled with others. The cities are filled with “them.” The cities are filled with people like “that one.”
In Palin’s small-town universe—limited to only certain parts of the country—people are pro-America. The others…well, that’s where people pal around with terrorists, don’tcha know. That’s why her audiences are inspired to call for Obama’s execution. Hey—how about “lynch”? We haven’t heard that in a while.
She is the worst demagogue I have ever seen on a major party ticket—including Richard Nixon at his lowest.
Palin is not alone in this drive. Last week we saw U.S. Rep. Michelle Bachmann of Minnesota update Joe McCarthy, proclaiming that “leftists” such as Sen. Harry Reid and Speaker Nancy Pelosi—to say nothing of Obama himself—were not really pro-America. Fact is she wants the media to investigate and expose all Democrats because they are likely against America.
It takes a lot to make my jaw drop, but this return to Red Scare days sure unhinged my mandible.
It is interesting to see that two women are in the vanguard of this new-found America-First-ism. But then, John McCain’s own brother pointed out that northern Virginia—the D.C. suburbs—is communist territory. Not like the real Virginia, where the founding fathers kept slaves on their plantations. Hey—only kidding folks.
These are not just retro weirdos on a soapbox in Bughouse Square. This is the vice presidential candidate of the Republican Party and governor of one of our 50 states. This is a sitting congresswoman from the upper Midwest.
Their words come as we stand at the brink of a major recession—the kind of economic environment that produced native fascists such as Father Coughlin and Huey Long. These are dangerous times for dangerous words—and win or lose we have not heard the end of them from Sarah Palin and her cohort.

Tags

John McCain, republican, U.S.presidential election, Sarah Pallin,
Obama,
Skinheads,
Democrats,white power,nativism,racism,

McCain Senile?

During interviews in the past week McCain's talking point on Powells endorsement of Obama is that he is backed by five former Republican Secretaries of State. On Meet the Press on Sunday he couldn't remember them all.......

SEN. McCAIN: No. I'm disappointed in General Powell, but I'm very, very happy to know that five former secretaries of state who I admire enormously--Henry Kissinger, Jim Baker, Larry Eagleburger, Al Hague--Jim Baker, Henry Kissinger, Al Hague, Larry Eagleburger and one other, and over 200 retired flag general--generals and admirals are supporting my campaign. I'm very proud of their support.
MR. BROKAW: Senator, we opened today with a--how you're doing in Iowa. The Des Moines Register has endorsed...
SEN. McCAIN: George Shultz. George Shultz is the other one.
MR. BROKAW: George Shultz, right.
SEN. McCAIN: George, I'm sorry I left you out to start with. George Shultz, the great--one of the great secretaries of state in history. Anyway, go ahead. I'm sorry.

And this is not the first time poor McCain has been confused...........

Did John McCain confuse autism with Down syndrome?

Is McCain Senile? He Confuses FEC with SEC, Sunnis with Shiites ...

A mind is a terrible thing to see go to waste......

We know from a May review of some of John McCain's medical records and from previous reports that the Arizona senator has battled the most deadly form of skin cancer melanoma. His physician says McCain, who at 72 would be the oldest man ever sworn into a first term as president, has not displayed any memory problems, but she has not said whether her patient has undergone cognitive tests.

After this week perhaps its time for that cognitive test.....since he never has been given any psychological testing even after his years as a prisoner of war and his failed suicide attempt.

McCain has released more details about his health than the other three nominees, though he has done so in a phased way and has apparently not agreed to any extensive interviews about his health. A handful of reporters were allowed to view his records during his bid for the 2000 Republican presidential nomination. Another group of reporters were permitted to see newer records last May. By not allowing reporters to interview him or his doctors extensively about his entire medical history, he has made it impossible to get a complete picture of his diagnoses and treatment.In 1999, early in his first run for the presidency, McCain allowed a small number of reporters, including me, to review an estimated 1,500 pages of his medical records without photocopying or recording the information.In doing so, McCain gave the public its broadest look at the psychological profile of a presidential candidate. He released psychological records about him that were amassed as part of a Navy project to gauge the health of former prisoners of war. Assessments were based on standard psychological tests and what McCain told his doctors after his release. The records mentioned that in 1968, about eight months after his capture and after some particularly brutal beatings from his North Vietnamese captors, McCain attempted suicide, trying to hang himself with his shirt.The records and his doctors, whom I interviewed with the senator’s permission in 1999, said he had never been given a diagnosis of a mental health disorder or treated at the project’s center for a mental health disorder.

McCains mental health is the Republican 800 lb Gorrilla in the room...

The other gorilla in the room
John McCain has his own gorilla.
The Republican gorilla (Shush, he’s old. Is he senile?)
Is John McCain senile, forgetting long held principles, becoming a caricature? With all due respect to this elderly man of integrity and honor, he may not be clinically senile, suffering actual dementia, but he may be past his best years.
Senator McCain acquitted himself well at the first debate; he recalled names, places and events with sufficient clarity so as to deny any clinical disease. However, his interviews with the press have become increasingly angry and hostile. More and more observers have posited that his erratic behavior, adopting contradictory and mutually exclusive positions may be caused by the stress of the campaign and his 72 year old body not being able to get the rest that it requires to function properly. That isn't ageism—that is a simple fact of life.
There have been public comments suggesting that Senator McCain may not have the mental strength and capacity to handle the job of President. Again, just as with the “concerns” about Senator Obama’s race or faith are not well founded and are framed as worries about his “inexperience”, the shifts in John McCain’s positions, sometimes within hours, are raided as issues of senility rather than simple political opportunism. For example, on one day at 9:00 A.M., he declared that the United States economy was basically strong; later that day he called for a massive bailout that would cost our children and grandchildren close to $1 Trillion!

And let us not forget that the mere fact that Democratic VP Thomas Eagleton had been treated for clincal depression led to his resignation when the Republicans exposed it is there any wonder that McCain has not had a cognitive psych test.....

Of course depression and mental illness has not been a limitation for U.S. Presidents in the past.....49% of US Presidents suffered mental illness in Duke study

Tags
John McCain, republican, U.S.presidential election, mental health,

McCain A Socialist

Call this a case of the pot calling the kettle black, McCain calls Obama's economic policies socialist Yesterday on Meet the Press McCain admited his own home mortgage buy back plan originated in the 1930's under FDR, and was originally proposed by Hillary Clinton. Now who is a socialist?

MR. BROKAW: But there, there is this continuing use...
SEN. McCAIN: ...I feel that...
MR. BROKAW: ...of the phrase "socialism." How would you describe the $700 billion bailout that has the United States government buying shares in American banks, in effect nationalizing those banks to a degree, and even your own mortgage plan of spending $300 billion to buy bad mortgages from banks, having taxpayers who have done the responsible thing, in effect, subsidize people who've done the dumb or wrong thing?
SEN. McCAIN: Because we are in a financial crisis of monumental proportions. The role of government is to intervene when a nation is in crisis. A homeowner's loan corporation was instituted in the Great Depression. They went out and they bought people's mortgages, and, over time, people were able, then, to pay back those mortgages. And the Treasury actually made some money.
This Treasury in this administration is spending its time bailing out the banks. The cause of the crisis was the housing crisis, as we know. And how--home values, as long as they continue to decline, then we're not going to see a turnaround in this economy. A lot of other things have to happen, have to happen, but at least let's understand that we ought to keep people in their homes. That's the American dream. And they say now that maybe they're going to address that problem. Let's address it first. And so when a, when a nation is in crisis, that's when a government has to intervene.
Now, a lot of the times you were talking about, 2004, other times, times were pretty good overall. You had different--you have to have different roles of government in different times. I'm a fundamentally--obviously, a strong conservative. But when we're in a crisis of this nature, that's when government has to help. That's, that's what, that's what our fundamental belief--the reason why we have governments. In times of crisis, we go in and we try and help the people, especially in this situation where they're the, the victim of a drive-by shooting by excess, greed and corruption in Washington and Wall Street. And again, I and others said we have to have legislation to rein it in. Senator Obama didn't lift a finger.
MR. BROKAW: Well, you did--you made your comments about Fannie Mae and Freddie Mac at the time of the accounting issue, when that was first raised. Can you cite a time...
SEN. McCAIN: In, in reality, we, we proposed legislation and made a statement that said, "Look, it's not just the accounting, this whole process is going to lead to disaster." I'd be glad to provide you with the letter.
MR. BROKAW: Let me ask you quickly about your $300 billion bailout of, of mortgages.
SEN. McCAIN: Hm.
MR. BROKAW: Some people have said, look, if there's a homeowner out there who's done the irresponsible thing...
SEN. McCAIN: Mm-hmm.
MR. BROKAW: ...and a bank is looking at that foreclosure and saying, "Hey, I don't have to work this out. I can just get the government to pick it up," why should a taxpayer in Waterloo, Iowa, or in Akron, Ohio, have to subsidize somebody who has done the dumb, wrong thing?
SEN. McCAIN: Well, in simplest terms, if their neighbor next door throws the keys in the living room floor and leaves, then the value of their home is going to dramatically decrease as well. And again, this has been done before. As I said, during the Great Depression and...
MR. BROKAW: And that's when Republicans called it socialism under FDR.
SEN. McCAIN: Well, look, in the Great Depression, there were some things that worked and some things that didn't work. But for the government to do nothing in the face of a massive crisis of proportions that we have not seen, I mean, it's hard for us to imagine how, in, in retrospect, how serious the Great Depression was, but the fact is that Senator Obama, by the way, opposes that, that; and I want to use some of the $750 billion to go and buy those mortgages and that, I think, will stabilize the market. It's not the only thing that needs to be done, but I think it's a vital first step so Americans can realize the American dream.


SEE:
No Austrians In Foxholes

tags
Great Depression, John McCain, market crash, free trade, Republicans, recession,

McCain Presumptious

Well Bomb, Bomb Iran McCain made it official last night he is the presumptive Republican candidate for President. And Mike Huckabee gave him his crown of thorns by bowing out. But wait there is still another candidate who has not dropped out of the Republican race and is the thorn in McCain's side; Ron Paul.

Despite calls from his supporters, Paul insists he will not run for president as an independent. But he has pledged to continue his Republican presidential bid, knowing full well that the odds — and delegate math — are now firmly against him.

And last night McCain flip flopped on the war in Iraq. No longer is it going to be a hundred years war, but one that is concluded soon, after victory is declared and then troops moved out to fight the real war on terror; in Afghanistan. That's a major policy change. He is sounding more like Barack Obama despite having attacked him for virtually the same policy.

We are in Iraq and our most vital security interests are clearly involved there. The next president must explain how he or she intends to bring that war to the swiftest possible conclusion without exacerbating a sectarian conflict that could quickly descend into genocide; destabilizing the entire Middle East; enabling our adversaries in the region to extend their influence and undermine our security there; and emboldening terrorists to attack us elsewhere with weapons we dare not allow them to possess.

The next president must encourage the greater participation and cooperation of our allies in the fight against al-Qaida and the Taliban in Afghanistan.

See:

Ron Paul Spoiler



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Mitt Quits To Win Bush's War

The American Right is obsessed with using the old Nazi "stab in the back" argument to justify being wrong about Iraq. As Mitt Romney did yesterday. Romney tried to cloak his ignoble defeat in the robe of Imperial triumph appearing as the retiring Ceaser not the vanquished Republican Presidential gladiator.

Explaining his decision, he said he believed it was in the best interest of the country's national security -- he told conservatives a Democratic victory would lead to the U.S. withdrawal from Iraq, defeat in the war on terrorism and future domestic terror attacks.

"If I fight on, in my campaign ... I'd forestall the launch of a national campaign and, frankly, I'd make it easier for Senator Clinton or Obama to win," Mr. Romney said.

"Frankly, in this time of war, I simply cannot let my campaign be a part of aiding a surrender to terror."

The much vaunted Bush War On Terror was lost the day the U.S. left Afghanistan for Baghdad, and since then it has become the Politics of Fear, which Romney stooped to use as a parting shot in his wimp out speech.

No sir he was no quitter he was doing this for the good of the party and the good of the country and the good of the war, he was a good old boy. Seems though that it did little to quell the split in the party or on the right.

For one long, uncomfortable moment, John McCain was silenced by the boos at a meeting of the influential Conservative Political Action Committee.

They erupted from the back of the ballroom at the Omni hotel in Washington, a lusty chorus of catcalls from conservatives not ready to accept they were almost certainly listening to the next Republican presidential nominee.

And what does it say of Ron Paul the Republican Presidential candidate who also opposes the Bush War and who has not dropped out of the race. I guess he too is a defeatist prepared to surrender America to her terrorist enemies. Logic was never Romney's strong suit, opportunism was.

Ron Paul tapped in to a wide array of interests, and his appeal went well beyond the simple "opposition to the war" explanation arrogant journalists favored. But let's just say he could have tapped in a lot deeper and with more lasting results. It's not like we don't need the help right about now. The country is seeing the beginnings of a real leftwing backlash and the Republicans are about to nominate a "national greatness" conservative who is in every respect the anti-Goldwater. (Good luck getting any libertarian leverage from those Paul delegates at the convention.)

After the smoke cleared at the Conservative Political Action Conference – the public withdrawal of Mitt Romney from the Republican presidential race, and the attempt of John McCain to make friends with the party’s staunchest conservatives – a conservative crowd-pleaser stepped forward .

Ron Paul, the Republican representative from Texas.

Paul was playing on the frustrations in this hall, with many voicing worries about McCain, the all-but annointed nominee.

Now the party has an apparent candidate who is a friend of Sen. Russ Feingold – on campaign finance reform – Paul said. And now the party has an apparent candidate who is a friend of Ted Kennedy – on immigration – Paul said.

He raised cheers in the hall – perhaps the first genuine cheers of the day.

“If you think we can lead this country back to conservative principles… you have another thing coming, because it’s not going to happen,’’ Paul said.

“The answer is found in fiscal conservatism – live within our means,’’ he said to cheers in the hall.

“As long as a government can stir up fear, sometimes real and sometimes not real, the people are expected to do one thing, sacrifice their liberty,’’ he said to cheers.

And then there is the war in Iraq, with Paul the only one of several Republican candidates for president this year who took a stance against the war.
.
“McCain says we should stay there for 100 years if necessary – I say there is no need,’’ Paul said to more cheers in the hall.

“We campaigned in 2000 for a humble foreign policy, no policing of the world – and now we are doing the very same thing,’’ Paul said.

But this is where he started to lose his audience: “Iraq had nothing to do with 9/11.’’

The Paulites in the hall were happy, but the rest of the crowd was starting to part ways with a Republican who has sharply parted ways with most of the candidates.

Romney was never the real conservative contender against McCain, Mr. Slick was just another liberal in conservative clothing. The real conservative contender is still in the race; Mike Huckabee. Watch conservative voters swing to him not Ron Paul despite the illusions held by his followers.

However the party establishment and the Conservative Political Establishment won't, most rank and file Republicans will hold their noses and support McCain. While those who remain McCain's critics will remain ineffectual offering no alternative since they backed Romney. And that will put them between a rock and a hard place, as the impact of their denunciations will give the conservative base of the party no alternative but Huckabee.

While the pundits like Chris Matthews, see Romney's quitting as giving McCain his coronation as the Republican Presidential nominee, it ain't over yet. And the divisiveness on the right will not be quelled by Romney's absence. The right and the Republican party is irreparably split.

"I will not vote for John McCain and it is our belief that he will destroy the Republican party," Vincent Chiarello, a retired foreign service officer from Virginia, told Al Jazeera. "I'd rather vote Democrat."

At a Friday campaign stop in Denver, the Texas Republican Congressman spoke to a standing room only crowd of 2,000 supporters-nearly double the number that came out earlier in the day to cheer on ordained front-runner Mitt Romney.

Paul’s speech was greeted with the eagerness of a religious revival. One supporter broke down in tears at the microphone as she described Paul as her “hero.” Sitting next to me in the front row was a 61-year-old lifelong Republican. She said she had never missed an opportunity to vote in her four decades of eligibility. Without Dr. Paul (this is how the obstetrician’s supporters affectionately refer to him) she said she would have sat this election out. She says she is most motivated by his anti-war stance. When greeted by a 20-something activist, they both nod in unison about their frustration with the drug war.

The interaction is a familiar one. This is not your father’s Republican party.

Dred-locked hippies stand united with Christian homeschoolers. Democrats and independents also pepper the crowd, proclaiming our need for renewable energy initiated within the private sector. There are no staged applause lines. On multiple occasions, an impromptu chant begins, “Ron Paul Revolution! Give us back our Constitution!” On stage, Paul is greeted by a drum line dressed as Revolutionary War soldiers.

The Democrats will continue to have the advantage, because even if McCain is now the presumptive candidate, the media will focus increasingly on the horse race that is on between Clinton and Obama. This is an advantage not a disadvantage in particular for Obama who can now make the case that only he can defeat McCain as national polls have shown.






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What A Rush

Rush Limbaugh the self appointed voice of the Conservative right is a drug addled failure. His attacks on McCain and their failure to influence Republican voters shows that this pill popping loser has no credibility. He and other conservative mouthpieces like Ann Coulter and Foxy Sean Hannity have bewailed against McCain and Huckabee and even Ron Paul. For them it is the brylcreme slick huckster and flip flopper Mitt Romney that reflects their values. Luckily for the Republican party the base is divorcing itself from its self appointed 'values' based leadership.

But nailing the nomination is starting to look like the easy part of the task facing McCain over the next 10 months.

The closer he gets to securing the Republican candidacy, the louder the protests from the right of the party denouncing him as a traitor to the true cause of Ronald Reagan conservatism.

Rush Limbaugh, the radio talk show host who has emerged as McCain-basher in chief, was back on the offensive within hours of the polls closing on Super Tuesday. Through his website and his radio broadcasts to 612 stations across the US, he lambasted the senator for Arizona for his allegedly anti-conservative positions on a raft of issues from immigration to tax cuts, and hinted that he might consider voting for the Democratic candidate in November.

"I'll just tell you, there's far more apathy or anger out there than the Republican establishment knows. One question I asked myself: if, if, if, if down the road you think that the election of Obama, Hillary, or McCain is going to result in very bad things happening to the country, who would you rather get the blame for it?"

The conservative talk-radio assault on John McCain and Mike Huckabee has backfired in a big way.

Supporters of Huckabee are so angry that they have launched a “Send it Back” campaign, asking people who have copies of books by Rush Limbaugh and Sean Hannity to send them back to their authors. They’re angry that Limbaugh and Hannity were trashing Huckabee on the air. Limbaugh and Hannity were joined by Laura Ingraham in trying to rally their listeners around Mitt Romney. The ploy failed. Romney won in seven contests on Super Tuesday but failed to win either California, where he expected to win, or any Southern state.

The “Send it Back” campaign also applies to Ann Coulter, who attacked Huckabee as the “Republican Jimmy Carter.” Coulter, who has achieved notoriety for making personal attacks and writing books blasting Democrats, also said that McCain was so unacceptable that she would vote and campaign for Hillary Clinton if the Arizona senator was the Republican presidential nominee.

Ironically Limbaugh is using traditional right wing rhetoric to attack McCain, the old Nazi stabbed in the back accusation.

Suggesting he has come under intense pressure to get on board and back McCain, radio personality Rush Limbaugh held his ground Monday, saying on his program: "John McCain has stabbed his own party in the back I can't tell you how many times. He stabbed his own president in the back on legislation a number of times. He doesn't support his party or his president when the chips are down."

The stab in the back first gained currency in Germany, as a means of explaining the nation's stunning defeat in World War I. It was Field Marshal Paul von Hindenburg himself, the leading German hero of the war, who told the National Assembly, "As an English general has very truly said, the German army was 'stabbed in the back.'"

Truly a drug addled brain at work here. Not unlike Goering, whom Rush bears a striking resemblance to ideologically as well as physically.






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Hillary Gets The Womens Vote

A lot of noise has been made around how Billary is winning the womens vote, a feminist revival as she gets the votes of baby boomers. Including the bulimic bully of the right; Ann Coulter.

Ann Coulter hates John McCain so much that she claims she'll "vote for" and "campaign for" Hillary Clinton if McCain wins the Republican nomination.

In response to Coulter's announcement on Fox's "Hannity & Colmes," Senator Clinton told "Inside Edition":

“Well, you see, I told you I could bring the country together.”

So I guess all that hate of the Clinton's that the social conservative right had hoped to mobilize is now being directed at McCain. It's joy to watch the Republican Right fall into an internecine feeding frenzy and we are only half way through the primaries. Wait for the real implosion to occur in Minneapolis.




SEE:

Bill Clinton A Reagan Democrat

Keep Coulter I'll Take Paglia

Poster Girl for Anorexia

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McCain Supports Canadian Style Medicare

For veterans. He was using this as part of his Florida stump speeches last week.

Allowing veterans to use whatever provider they want, wherever they want by giving them an electronic health care card or through another method.

It seems our American friends south of the border fear government single payer systems because of their anti-government ideology in some cases and because they don't understand Canada's Medicare system.

They would rather suffer under the current monopoly market controlled by insurance companies and HMO's (owned by corporations and sold on Wall Street) than have a single payer system like we have in Canada where you take your Medicare card to any doctor you want to go see. Just what McCain wants for veterans.

Of course one of the common attacks from the right on Canadian Medicare is that we apparently have line ups stretching for miles for folks waiting for operations. That image of course is courtesy the Fraser Institute.

The reality is that doctors in Canada run their own private practices and clinic businesses which are paid for by you and me through a single payer program run by the government. A fact that seems to be missed by our friends south of the border when they curse government run, socialist medicine.

And yes we still have unacceptable wait times for some surgeries, that has not changed after two years of the Conservatives being in power. So don't expect much from their counterparts south of the border when it comes to fixing their health care problems.


SEE

Proletarian Doctors



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Nevada A Tie

For second place getween Ron Paul and John McCain. It's a statistical tie, yet one announcer on MSNBC announced earlier that when McCain had a few votes ahead of Paul, that it was a 'lead' for McCain. Now CNN predicts a tie. Yet Paul has beaten McCain, by the numbers. Paul is in the lead. He places second. But as usual this will get no press.

Its a conspiracy of silence, the media isn't talking to or about Paul. Despite his beating front runners McCain and Huckabee, and wannabes Thompson and Giuliani.He has consistently scored above Giuliani the Great White Hope from New York yet nary a comment from the pundits about him.

REPUBLICAN CAUCUSES January 19, 2008

Race	Status	Candidate	State Del.*	%	Del*	Precincts
Nevada Updated 1 minute ago County Results Entrance Poll		Romney	21,537	52%	18	95% reporting
		Paul	5,345	13%	4
		McCain	5,244	13%	4
		Thompson	3,266	8%	2
		Huckabee	3,203	8%	2
		Giuliani	1,777	4%	1
		Hunter	811	2%	0
		Tancredo	0	0%	0

Nary a word about Paul not on Fox or MSNBC or CNN or heck even CNBC. Even though he has come in second twice now, first in Wyoming and now in Nevada. And he came in fourth behind Huckabee in Michigan.

Considering this deliberate media campaign of silence over Paul's candidacy and his campaign he still is getting support from the libertarians in the Republican base and independents.

While the media focuses on Evangelicals they overlook the importance of the libertarians and Barry Goldwater Republicans that have converged around Paul.

And he is getting their cash Ron Paul MLK "Money Bomb" is Coming Up Monday, January 21

And he still has more delegates than Republican establishment wannabe Giuliani.

While some pundits see Huckabee as the anti-establishment candidate the Republican leadership fears. Paul is the disestablishmentarian candidate that the whole neo-con establishment fears.

SEE:

Who's the Loser?

New Hampshire Polling Puts Paul Fourth

The Secret Of Ron Paul's Success

Fox Vs. Paul

Huckabee: Paul is Dead.

Gravel and Paul on PBS

Republican Presidential Paul-itics

Libertarians for U.S. President

Ron Paul



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