Tag Archives: mccain

World Economy Continues to Spiral Downwards

Today the House of Representatives convened to vote on the $700 billion dollar bailout plan that would buy bad mortgage debt from large banks and firms and give them an opportunity to get back on their feet. The plan failed with a vote of 228 to 205. Both President Bush and UK Prime Minister Gordon Brown expressed their disappointment in bill’s failure.

Traders on the floor in Wall Street were not pleased. Shares dropped a record amount today, falling 770 points. Wachovia, the fourth largest bank in the US, sold to competitor Citigroup.

The problem is no longer just here in the US as major foreign markets fell drastically today. Without the bailout plan, many more banks and investment firms will bust. Nancy Pelosi stated, “The legislation has failed, the crisis has not gone away.” Republican house leader claimed a speech given by Pelosi, “poisoned our conference, caused a number of members that we thought we could get to go south.”

Presidential candidate John McCain claims that the Democrat’s partisan speech as being unhelpful. He stated, “Now is not the time to fix the blame, it’s time to fix the problem.” He encouraged congressmen to try and work out a new deal immediately.

Opponent Barack Obama expects a bailout bill of some form to pass. He is upset that the mess on Wall Street has transferred to the average citizen. He says, “If I am president I will review the entire plan the day I take office to make sure that it is working to save our economy and that you get your money back.”

SOURCE

xPirate’s thoughts on the situation: I’m very worried now that the bill has failed. With the markets falling as much as they have recently, we are heading very quickly toward another Great Depression. I personally expected the bill to pass, but once again, Republicans bring a halt to our glimmer of hope. I’m pissed that once again partisanship and stupid bickering in Washington has led to nothing being done! Do these politicians just not realize that we are in a state of crisis? We can’t wait for the parties to agree on everything.

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Palin Takes Questions and Answers…nothing?

Vice Presidential candidate Sarah Palin took questions from the press today for the first time since she was announced as Senator John McCain’s running mate. After visiting ground zero in New York she allowed a select few reporters to ask questions. She answered a grand total of four questions, two about the War on Terror, one about the reelection of Alaskan congressmen, and the fourth about the planned economic bailout package. The interview went like this:

PALIN: Every American student needs to come through this area so that, especially this younger generation of Americans is, to be in a position of never forgetting what happened here and never repeating, never allowing a repeat of what happened here. I wish every American would come through here. I wish every world leader would come through here, and understand what it is that took place here and more importantly how America came together and united to commit to never allowing this to happen again. And just to hear and from and see these good New Yorkers who are rebuilding not just this are but helping to rebuild America has been very, very inspiring and encouraging. These are the good Americans who are committed to peace and security and its been an absolute honor getting to meet these folks today.

CNN: On the topic of never letting this happen again, do you agree with the way the Bush administration has handled the war on terrorism, is there anything you would do differently?

A: I agree with the Bush administration that we take the fight to them. We never again let them come onto our soil and try to destroy not only our democracy, but communities like the community of New York. Never again. So yes, I do agree with taking the fight to the terrorists and stopping them over there.

POLITICO: Do you think our presence in Iraq and afghan and our continued presence there is inflaming islamic extremists?

A: I think our presence in Iraq and Afghanistan will lead to further security of our nation, again, because the mission is to take the fight over there. do not let them come over here and attempt again what they accomplished here, and that was some destruction. terrible destruction on that day. but since September 11, Americans uniting and rebuilding and committing to never letting that happen again.

POLITICO: Do you support the reelection bids of embattled Alaska Republicans, Rep. Don Young and Sen. Ted Stevens?

A: Ted Stevens trial started a couple days ago. We’ll see where that goes.

JERSEY JOURNAL: What do you think of bailout package before congress?

A: I don’t support that until the provisions that Sen. McCain has offered are implemented in Paulson’s proposals.

Source

xPirate offers his opinion: First of all, did Sarah Palin even answer the first two questions or did she completely talk about something else? I guess she answered the first one, but how valid can a statement that begins with, “I agree with the Bush administration…” be? She totally dodged the second question altogether. She basically just said her answer to the first question in different words. Yes, Sarah, we know that taking the war over there is safer for our country, but that has nothing to do with whether it’s pissing off Islamic extremists. On to the third question, what a wonderful response. I have no idea what’s going on with Ted Stevens, nor after reading this interview do I know if he has Sarah Palin’s support. Good job, Sarah, you finally answered a question the fourth time around! Way to be a true leader there, following close behind your political running mate. Her first press release and this is what she gives us? I think I have a new slogan…McCain Palin, they’ll ignore the issues the same way they ignore questions from the press. Okay, so it needs some work.

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McCain, Obama, and Bush to Deal with Economic Crisis

It’s no news that the current US economy is facing a huge crisis. This afternoon John McCain announced that he was suspending his campaign to return to Washington in hopes to fix the troubled economy. President Bush has invited both candidates as well as various Democratic and Republican leaders from congress to the White House to discuss a deal on a financial bailout. Bailout is an economic term used to describe the situation where a bankrupt corporation or bank is given a fresh injection of liquidity in order to meet short term needs. (Wikipedia)

Both political parties, in the midst of all their petty fighting, agree that something must be done about the crisis that this country’s economy now faces. Bush made a short 12 minute address to the nation earlier this evening. Both Obama and McCain have issued a joint statement saying,

“Now is a time to come together Democrats and Republicans in a spirit of cooperation for the sake of the American people.The plan that has been submitted to Congress by the Bush administration is flawed, but the effort to protect the American economy must not fail. This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe.”

Candidate John McCain recently met with a group of economic advisers and have come up with a $700 billion dollar proposal. It was after this meeting that McCain called for Bush, not famous for dealing with issues on a personal level, to bring the candidates to the White House. McCain has also suggested that the presidential debate scheduled for Friday be postponed in the midst of this economic crisis. Obama has no plans to cancel the debate or suspend his campaign.

Source 1 – MyFox Colorado
Source 2 – MTV News

xPirate’s view on the situation: I’m surprised. Given how divided our country has become politically, it really makes me feel good that these leaders are willing to put partisanship behind them to work out this crisis. Of course, something should have been done sooner, but at least something is happening. I’ve been living in fear of another Great Depression these past few weeks, so I’m hoping that something is able to be done.

John McCain made a smart move by calling for this meeting. I’m no economist, so my opinion on whether McCain’s proposal will work or not really isn’t valid. I’m just happy to see something being done about our economic plunge to death! He probably just won some votes for this.

I do believe that the presidential debate scheduled for Friday is important and would like to see it take place. However, if there’s still work to be done in Washington, that should be the first priority. While I support Obama, he constantly is talking about the “change we need,” so now is his time to prove to our nation that he really can bring about this change that we need.

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