Would you like to see how John McCain’s cheer-leading of deregulation of the financial services industry led to the current assault on the economy, and the siphoning off of at least $700B from the taxpayers like you and me? Here’s a good summary, by “Devilstower” of Daily Kos. It’s called “Three Times is Enemy Action.”
This article eventually bears down on the concept of the “credit default swap market,” offering some staggering and horrifying statistics that have to be seen to be believed.
Take your choice: McCain is either A) massively ignorant or B) he consciously facilitated our economic meltdown to help his friends (his friends have included Charles Keating, which whom McCain and his family vacationed on Keating’s private jet). Either way, McCain was at least a “loyal acolyte in the cult of deregulation.” At a minimum, McCain has been publicly exposed as certifiably unqualified to continue serving in any public office.
"the siphoning off of at least $700B from the taxpayers"
you left out the part where they say the government will later sell off the mortgages and ultimately make a profit for us taxpayers. you need to be patient to allow this to take place. it's going to be so great.
I also left out the part where the industry is going to come back and as for another $700B in 6 weeks, and we're going to replay this entire fiasco. Before we get all excited that there are secured mortgages, we must remember that many of them are over-appraised houses and there will be horrific costs of either kicking these people out of their homes or propping them up too.
If these mortgages are so damned well secured, why did they financial corporations come begging in the first place? For more concern that the U.S. plan to recoup the $700B is pie in the sky, see here. There doesn't appear to be any accountability built into this vast expansion of the federal bureaucracy and there is little to no transparency. This $700B is going to pay the financial-services of Blackwater, and you can bet that there will be some major corruption and incompetency in the process, just like there has been with the money we've been pouring into "Iraq."
And we must also consider the added costs when the car manufacturers and who knows who else is going to come to eat at the public trough. The car makers are especially outrageous to make a play for our tax dollars (to take those dollars away from other programs) because they've suckered millions of people into getting low-mpg vehicles that drive our current energy crisis. No one seems to be responsible. The republicans rail at this nihilism, incompetence and corruption when it's an uneducated welfare mom. Now it's a whole hell of a lot of educated people–people who knew better and didn't give a shit about the long-term consequences of what they were doing.
think sarcasm.
I vote for McCain being too ignorant to hold any public office!
http://dangerousintersection.org/2008/08/04/15-re…
Taxpayer: Thanks. Too many fundies running around on the site these days. Thus, I have a hair-trigger for anticipating silly arguments.