McCain Caught On Video Flip-Flopping On AIG Bailout

jpeyton

Moderator in SFF, Notebooks, Pre-Built/Barebones
Moderator
Aug 23, 2003
25,375
142
116
Text

McCain, the born-again regulator who has spent the entire sum of his career fighting regulation, gets caught yet again in a war of words...with himself. He speaks with fiery toughness about being completely against a bailout of AIG before it happens, then goes completely limp the next day when asked about the same subject. Someone get this man some economic Viagra, or at least a pair of balls so he can stand by his word day-to-day.
 

jpeyton

Moderator in SFF, Notebooks, Pre-Built/Barebones
Moderator
Aug 23, 2003
25,375
142
116
ABC already has a piece they did on it.

I HIGHLY recommend watching it. It's amazing how all they did was piece together McCain's own statements to paint a portrait of a lying little weasel.

He was all FOR deregulation as late as spring 2008; even AFTER Bear Stearns collapsed. It's a embarrassment this guy is even allowed to speak in public anymore.
 

Ballatician

Golden Member
Dec 6, 2007
1,985
0
0
I don't think these videos show a clear flip flop. He does say that he is against the bailout but after it happens its almost like he's trying to explain why it happened even if he didn't want it.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
Agree with last email, this is not a very clear flipflop, he more or less avoids the question.

Oh, actually on second thought, yes this is a clear flip flop. "I didn't/don't want to do that" but doing it is like saying that spanking your kid is for their own good and you hate to do it but do it anyway; I get the impression here that he approved it out of "necessity" despite the day before being against it.
 

GroundedSailor

Platinum Member
Feb 18, 2001
2,502
0
76
Originally posted by: Ballatician
I don't think these videos show a clear flip flop. He does say that he is against the bailout but after it happens its almost like he's trying to explain why it happened even if he didn't want it.

Bull. He's clearly backtracking on his long stated principle of deregulating and let the market decide.

Well we're seeing the long term effects of the Gramm-Leach-Bliley Act which rolled back provisions put in place after the great depression. John McCain is behaving like any politician who turns as the wind changes.

 

heyheybooboo

Diamond Member
Jun 29, 2007
6,278
0
0
Originally posted by: GroundedSailor
Originally posted by: Ballatician
I don't think these videos show a clear flip flop. He does say that he is against the bailout but after it happens its almost like he's trying to explain why it happened even if he didn't want it.

Bull. He's clearly backtracking on his long stated principle of deregulating and let the market decide.

Well we're seeing the long term effects of the Gramm-Leach-Bliley Act which rolled back provisions put in place after the great depression. John McCain is behaving like any politician who turns as the wind changes.

This.

McCain is The Deregulator.


sidebar - Our dear friend Jesse Helms ran a very effective Senate campaign against a popular NC governor named James Hunt with the simple tag line, "Where do you stand, Jim?" Other than being a lying POS, Helms was effective in portraying Hunt as a politician who would say anything to get elected. So ...

""Where do you really stand, John?""

 

ericlp

Diamond Member
Dec 24, 2000
6,133
219
106
Don't make up excuses for this idiot. He clearly changed his mind on the issue. He has no clue on how it works and would make a terrible president.

 

lupi

Lifer
Apr 8, 2001
32,539
260
126
Originally posted by: jpeyton
ABC already has a piece they did on it.

I HIGHLY recommend watching it. It's amazing how all they did was piece together McCain's own statements to paint a portrait of a lying little weasel.

He was all FOR deregulation as late as spring 2008; even AFTER Bear Stearns collapsed. It's a embarrassment this guy is even allowed to speak in public anymore.

Yeah, except you're so wrong if just makes you look stupid.


May 26, 2006



 Washington D.C. ­? Today, U.S. Senator John McCain (R-AZ) submitted for the record the following statement regarding his co-sponsorship of the Federal Housing Enterprise Regulatory Act of 2005:   

Mr. President, this week Fannie Mae?s regulator reported that the company?s quarterly reports of profit growth over the past few years were ?illusions deliberately and systematically created? by the company?s senior management, which resulted in a $10.6 billion accounting scandal.  

The Office of Federal Housing Enterprise Oversight?s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives.  In the case of Franklin Raines, Fannie Mae?s former chief executive officer, OFHEO?s report shows that over half of Mr. Raines? compensation for the six years through 2003 was directly tied to meeting earnings targets.  The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.  
Mr. President, the OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator?s examination of the company?s accounting problems.  This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.  These are entities that have demonstrated over and over again that they are deeply in need of reform.  
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac ? known as government sponsored entities or GSEs ? and the sheer magnitude of these companies and the role they play in the housing market.  OFHEO?s report this week does nothing to ease these concerns.  In fact, the report does quite the contrary.  OFHEO?s report solidifies my view that the GSEs need to be reformed without delay.  

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation.  If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.   

I urge my colleagues to support swift action on this GSE reform legislation.