Update: Hillary Clinton knows what to do. Hillary has a plan. Senator Clinton offered a series of bold, specific proposals, including creating a new version of the Home Owners’ Loan Corporation (HOLC) to restore confidence in the market, curbing the most damaging and manipulative trading practices, providing relief to homeowners facing foreclosure, and reasserting competent federal oversight.
Also, now that Joe Biden has equated paying higher taxes with patriotism, what should Americans make of Barack Obama saying on the Bill O’Reilly show: Look, I don’t like paying taxes. What, you think I like writing a check?
McCain is ahead is electoral votes according to Real Clear Politics (216 to 212 with 110 tossups). McCain is ahead in electoral votes according to a pro-Obama electoral vote website (a winning 274 for McCain, 243 for Obama). Big Media however tries to create the impression that Obama is winning.
According to Big Media John McCain is running a negative campaign and Obama is running a high minded campaign. However, several studies say quite the opposite. 77% of the Obama campaigns’ ads were deemed “negative,” compared to 56% for McCain.
According to Big Media McCain/Palin are stumbling and bumbling on economic issues. According to Big Media Obama/Biden are doing well on economic issues. But today it was Joe Biden who stumbled when he equated paying higher taxes with patriotism. “It’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.” We’ll give Joe Biden the benefit of the doubt and presume he does not mean that destitute or poor Americans are therefore less patriotic than wealthy tax-payers.
McCain is calling for heads to roll. Chopping off heads usually gets the attention of bureaucrats and hired policy makers.
Republican presidential candidate John McCain, in remarks prepared for delivery Thursday, said he thought Christopher Cox, chairman of the Securities and Exchange Commission, should be dismissed.
“The chairman of the SEC serves at the appointment of the president and has betrayed the public’s trust,” he was planning to say in Iowa, according to a text released in advance of the speech by his campaign. “If I were President today, I would fire him.”
In a speech in Cedar Rapids, Iowa, Sen. McCain said the SEC allowed abusive short-selling, or bearish bets on a company’s stock, to turn “our markets into a casino.”
McCain also called for for creation of a new agency modeled after the Resolution Trust Corp. that handled the fallout from the savings and loan crisis. He said the new agency would be called the Mortgage and Financial Institutions Trust.
McCain also pointed out some unpleasant facts about Obama:
Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That’s not change, that’s what’s broken in Washington. [snip]
Senator Obama has never made the kind tough reform we need today. His idea of reform is what his party leaders in Congress order him to do. We tried for bipartisan ethics reform and he walked away from it because his bosses didn’t want real change. I know how to make the change that Senator Obama and this Congress is afraid of. I’ve fought both parties to shake up up Washington and I’m going to do it as President.
Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn’t their fault and they aren’t going to take any action on this crisis until after the election. Senator Obama’s own advisers are saying that crisis will benefit him politically. My friends, that is the kind of me-first, country-second politics that are broken in Washington. My opponent sees an economic crisis as a political opportunity instead of a time to lead. Senator Obama isn’t change, he’s part of the problem with Washington.
When AIG was bailed out, I didn’t like it, but I understood it needed to be done to protect hard working Americans with insurance policies and annuities. Senator Obama didn’t take a position. On the biggest issue of the day, he didn’t know what to think. He may not realize it, but you don’t get to vote present as President of the United States.
While Senator Obama and Congressional leaders don’t know what to think about the current crisis, we know what their plans are for the economy. Today Senator Obama’s running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn’t patriotic. It’s not a badge of honor. It’s just dumb policy. The billions in tax increases that Senator Obama is proposing would kill even more jobs during tough economic times. I’m not going to let that happen.
Earlier this week McCain spoke at a Michigan GM plant.
I’m here to send a message to Washington and to Wall Street. We’re not going to leave the workers here in Michigan hung out to dry while we give billions in taxpayers dollars to Wall Street. We’re going to take care of the workers. The workers. They’re the ones that deserve our help.
It’s time to get our auto industry back on its feet. And it’s time for a new generation of cars and for loans to build the facilities to make them. These workers here are the best in the world. They’re the best and most productive and most innovative and the finest and.are the backbone and foundation of our economy. And anybody that tells you they aren’t hasn’t had the opportunity to know them and their product like I have.
One of our great presidents, Franklin Roosevelt, expressed this optimism even at the
height of the great depression. He said and I quote, “Plenty is at our doorstop but a generous use of it languishes in the very sight of the supply.”
My friends, that’s true again today. I reject the gloom and doom that says our nation is in decline. America’s best days are ahead of us. We’re going to fight the special interests and corruption in Washington.
I have a record of doing that. I’ve taken on my own party, I’ve taken on the Democrats, the Republicans and the corrupt special interests in Washington. I’ve done it. I’ve done it against a guy named Abramoff. I did it when we reached across the aisle and did campaign finance reform and take the big checks out of Washington. I’ve done it time after time. I’ve taken on the big conglomerates in the defense industry when I took on a scandal in Boeing that ended up with people in federal prison. I know how to reform Washington.
We’re gonna fight, we’re gonna fight the greed and irresponsibility on Wall Street and we’re gonna create prosperity for our people and now’s the time to grow the economy and my plan does that.
Sen. Obama’s does not. He has said in recent days that he may delay his economic plan because of the adverse impact of his tax increase. Even Sen. Obama admits that the agenda he’s been pushing would hurt our economy not help it. That’s exactly the wrong approach I’m going to create jobs and get our economy back on its feet.. I’m going to lead our nation…it’s not your problem, fault. I’ll tell you whose fault it is. Corruption in Washington and corruption on Wall Street and as president I’m gonna clean it up and I’m going to fix it.and return you back to the strength of our economy that you have earned and deserve.
Obama is now trashing McCain because according to Obama the SEC chairman cannot be fired. The Supreme Court disagrees with Obama. Obama appears to be on the side of the incompetent SEC Chairman Christopher Cox. Putting legal cases aside, does Obama really believe that if a President demands the resignation of an SEC Chairman that chairman would not eventually be forced to resign?
And the Dimocrats, where are they?
The U.S. Congress is unlikely to pass new legislation to overhaul financial regulations this year because “no one knows what to do,” Senate Majority Leader Harry Reid said today.
“We are in new territory, this is a different game,” Reid said at a briefing in Washington. Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson “know what to do but they are trying to come up with ideas,” Reid said.
Hillary supporters tired of the unqualified, inexperienced, race-baiting, gay-bashing, woman-hating, Obama – know what to do.
American voters also know what to do: NObama, NOvember.