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McCain Conference Call

I listened in on a media conference call the McCain campaign did about an hour ago. Jack Kemp spoke on behalf of the campaign (and in a couple of instances just for himself). Ed Morrisey has a really good summary of the call including the following, which I thought was interesting:

Cincinnati Enquirer: Only one-third of House Republicans voted for this package. How did this fail, and who gets the blame? Kemp was surprised that they didn't get the votes counted beforehand. He thinks the problem started with the characterization of the bill as a "bailout", when the taxpayers would purchase tangible assets and could profit from their resale when the market stabilizes. He objected strongly to the idea that this bill would socialize the credit markets. Instead, it allowed the only player with enough liquidity to trade it for real assets.
Update: I have said before that I don't know much about banking and the market, and that is definitely true, but I worked as a paralegal for a law firm that represented the FSLIC, FDIC and RTC during the Savings and Loan crisis from 1988 to around 1998. From what I saw of that situation it seems to me something similar where institutions would be dealt with individually, with those in the most trouble getting attention first, would be preferable to writing one big check. There may be lots of reasons beyond my comprehension of finance that this approach would not be sufficient to deal with the current situation. I really wish I was better educated about the issue. What is sad is that so many of those in Congress and the media appear to know even less than I do and it is a shame this is being dealt with a month prior to a presidential election.


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Comments (11)

Hey Kemp, when can I expect... (Below threshold)
ODA315:

Hey Kemp, when can I expect my dividend check?

I understand what Kemp is s... (Below threshold)
Sheik Yur Bouty:

I understand what Kemp is saying, but it still puts too much power in the Treasury.

I agree. I thought it was i... (Below threshold)
Lorie Byrd:

I agree. I thought it was interesting because I have not heard anyone say that before, but I am still hoping there is a more market based approach that will be adopted.

<a href="http://www.daveram... (Below threshold)
The Listkeeper:

http://www.daveramsey.com/media/pdf/the_common_sense_fix.pdf

It's time for the common sense fix...

It never ceases to amaze me... (Below threshold)
Howard:

It never ceases to amaze me how Obama supporters focus on what they call Palin's lack of credentials for the number two spot, when Obama's lack of credentials for the number one spot are much, much more troublesome. Palin governed an entire state, fought corruption, and got a 9 billion dollar energy pipeline project in the works. Obama spent TWENTY YEARS ... yes, that's TWENTY YEARS, as a follower of Jeremiah Wright's racist, anti-American, Black Liberation Theology church. As a community organizer, Obama registered thousands of new voters, then used technicalities to rob his political opponents of their place on the ticket and robbed those same voters he registered, of their chance to vote, when he ran for election. Then, as a U.S. Senator of Illinois, Obama spent the first two years voting present 160 times, and never calling a meeting of the Afghanistan committee he chaired. Obama spent the next year, once again on the campaign trail running for President. Obama's foreign policy experience consists of a 9 day whirlwind photo op visiting 6 countries. Since Obama has such a thin resume to run on, he has spent most of his campaign apologizing for America, blaming everyone else for a litany of problems, and calling his opponents racists. If it wasn't for Obama getting 96% of the black vote, the mainstream media, who is totally in the tank for him, plus support from a bunch of spoiled elitist celebrities, plus Obama's ability to dramatically outspend both Hillary and McCain, he wouldn't be able to get elected to dog catcher.

I don't think it's a coinci... (Below threshold)
gemma:

I don't think it's a coincidence that it's being dealt with a month before the election. I know. I know. I sound like a trufer for sure but give me a break! We aren't screaming in panic and running through the streets with torches calling for Republican heads as "they" planned. It will get worse before better...tantrums always do.

I say thank heaven for the ... (Below threshold)
LenS:

I say thank heaven for the election. It's the fear of actually getting kicked out of office that saved us from this idiotic bill yesterday. If only all 100 Senators faced the same pressure, we'd be better off. Heck, it would be even better if Paulson and every Treasury bureaucrat down to the trainees could be fired by the voters.

I have a question: last nig... (Below threshold)
Upset Old Guy:

I have a question: last night the Fed injected 670 Billion in liquidity into the monitary system. Just short of the 700 Billion of the Bail-out bill.

Doesn't that money take care of the credit crunch that was binding up business, banking and the market? It certainly was enough to calm the foreign markets and Wall St today. So, why do we need a bail-out bill now?

Fanny Mae and Freddy Mac have been taken over. Liquidity has been restored to the monitary system. Aren't we at the point where valuable but bankrupt companies are bought up cheap, bankrupt and valueless companies go away, the Justice Department goes after the criminals, and bad managers lose their jobs?

Someone, explain why the Fed's action last night doesn't make this whole bail-out scheme unnecessary?

Why not call it the Red Whi... (Below threshold)
Cockroach:

Why not call it the Red White & Blue Patriot Economic Saving Plan? Then nobody can accuse it of being socialism! Kemp/McCain is playing the Rovian naming deception game. You can call a pig a dog but its still a pig.

LoriYour experience ... (Below threshold)

Lori
Your experience with FSLIC and RTC give you a unique insight into this so I would suggest follow your instincts and opinion.

You are certainly correct in your suspicion of the government funding one large payout that is redistributed without proper oversight. The first run at this bailout last week shows what a farce the Dems had in mind.

As several commenters here have said, thank God it is an election year.

Think of all of the cliches... (Below threshold)

Think of all of the cliches. Why would we continue to give these people more money, when they were the ones that got us here. This is just about getting through the election. Come early February, they will tell us how bad things really are. Then they are going to want more money.

The experts are lost. They only see things through their ponzi scheme ways. It's not only about this bailout. It's about the systemic paradigm that we must keep spending money hand over fist. At some point the bill comes due.

http://thehickoryhound.blogspot.com/




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