Senator McCain had initially focused his campaign by attacking Senator Obama's position on Iraq. It's a good thing the economy exploded, because few have noticed that the Iraqis want the US out, or for that matter, that the US is bombing Syria , because they're too busy worrying about their jobs, loosing their homes, or how to stay warm this winter.
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The Boston Globe reported on Senator McCain's rhetoric -
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"Now this election comes down to how you want your hard-earned money spent," McCain told an audience in a Cleveland hotel ballroom after a meeting with political and business figures he considers his economic advisers, including former Massachusetts governor Mitt Romney.
"Do you want to keep it and invest it in your future, or have it taken by the most liberal person to ever run for the presidency and the Democratic leaders ...
"Do you want to keep it and invest it in your future, or have it taken by the most liberal person to ever run for the presidency and the Democratic leaders ...
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It appears that the Globe was serious in its intent, but for some reason, it sounds like an SNL script.
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Sure, we could invest in the stock market!
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Someone must have overlooked Romney's business practices or that he bought Dunkin' Donuts, among the state's largest employers not providing health insurance, while promoting a state plan that fines individuals for their failure to participate. And of the other advisers, they're the ones who created the mess. But a good laugh is always appreciated in the morning!
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...the banks seem to be hoarding the cash.
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There’s also bizarre stuff going on with regard to the mortgage market. I thought that the whole point of the federal takeover of Fannie Mae and Freddie Mac, the lending agencies, was to remove fears about their solvency and thereby lower mortgage rates. But top officials have made a point of denying that Fannie and Freddie debt is backed by the “full faith and credit” of the U.S. government — and as a result, markets are still treating the agencies’ debt as a risky asset, driving mortgage rates up at a time when they should be going down.
There’s also bizarre stuff going on with regard to the mortgage market. I thought that the whole point of the federal takeover of Fannie Mae and Freddie Mac, the lending agencies, was to remove fears about their solvency and thereby lower mortgage rates. But top officials have made a point of denying that Fannie and Freddie debt is backed by the “full faith and credit” of the U.S. government — and as a result, markets are still treating the agencies’ debt as a risky asset, driving mortgage rates up at a time when they should be going down.
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What’s happening, I suspect, is that the Bush administration’s anti-government ideology still stands in the way of effective action. Events have forced Mr. Paulson into a partial nationalization of the financial system — but he refuses to use the power that comes with ownership.
What’s happening, I suspect, is that the Bush administration’s anti-government ideology still stands in the way of effective action. Events have forced Mr. Paulson into a partial nationalization of the financial system — but he refuses to use the power that comes with ownership.
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Whatever the reasons for the continuing weakness of policy, the situation is manifestly not coming under control. Things continue to fall apart.
Whatever the reasons for the continuing weakness of policy, the situation is manifestly not coming under control. Things continue to fall apart.
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