McCain urges Bush to bypass Congress

It's a real news story. Here is something from Yahoo! News:

DES MOINES, Iowa - Republican presidential nominee John McCain is urging the Treasury Department to intervene aggressively to limit damage from the financial meltdown, action that McCain says President Bush can take with the stroke of a pen.

Opening a business round-table Tuesday in Des Moines, Iowa, McCain said he has urged the Treasury to use its exchange stabilization fund "as creatively as possible" to backstop the market crisis. He says officials also should use the authority granted in a housing bill to purchase up to a trillion dollars in mortgages.

McCain decried the defeat of the financial bailout measure in the House, and he warned that the nation's political leaders will have to take risks even though solutions to the crisis may be unpopular.

news.yahoo.com...

It's worded a bit differently but says the same thing in essence.

[edit on 10/1/2008 by AshleyD]

Here's the video for you doubters..................~25secs in....

www.youtube.com...

[edit on 1-10-2008 by Pinktip]

reply to post by budski


I don't know why you think I haven't watched the video. I WATCHED THE VIDEO. Did you see my post asking further questions about it, which Pinktip responded to?

Sheesh. Stop painting me with your "rose colored glasses" label BS just because I don't trust the link you posted.

I don't trust anything posted from news sites.

It's called skepticism.

This kinda makes me wonder if many of you would have had the same response if Obama had suggested this?

Whether it be Congress trillion or the treasury trillion they are still going to invest a trillion. Why not let the treasury invest the trillion now and Congress can slow down their legislation to ensure that they have all areas covered. Once they have they can reimburse the treasury.

This isn't no longer about those who can't pay their mortgages. Congress passed legislation on that awhile back. This isn't about bad mortgages. This is about credit. If banks can't provide credit or tighten up their lending practices too severely, many and I do mean many...businesses will be force to shut down or go bankrupt. This will trickle down and finally the people on the bottom will feel the pressure. High prices, no job, no way to pay utilities....etc. This will also affect other countries economy. That is why you are hearing the word Great Depression so much. If you don't believe me, call your bank and ask them if it is harder to get a loan.

And as far as Congress listening to the people, I think not. The other day the vote was missed by a dozen. Mainly because many are up for reelection and didn't want to lose their job. They know the people are saying hell no.
But the writing is already on the wall. Congress will pass this bill. To try to take the pressure off you will continue to hear them talk about how they protected the interest of main street. In a way they did if we are able to continue working, but it primarily is for the benefit of the businesses. Even if credit is restored it still won't prevent a company from going overseas or downsizing.

Since I am one of the statistics since two weeks ago (unemployed and taking a vacation ), I have been able to watch this proposed bailout very closely. I am amazed at what I am seeing:

President Bush is throwing a temper tantrum.
Secretary Paulson looks like he is about to cry.
Speaker Peloski is having a hissy fit.
Representative Frank is willing to try to play nice to get votes.
Senator McCain ia more worried about the bailout than his Presidency bid.
Senator Obama is worried sick.
CNN has joined the ranks of the end-of-the-world believers.

Put all these together and I am having a ball watching. Yeah, the above are my impressions only, but I think they are accurate.

But this thread, this story has something much more sinister than any of the above comic activities: The Executive Branch is not more powerful than the Legislative.

To even suggest such a thing as bypassing the Congress indicates a severe disregard of the Constitution that every President is sworn to uphold. That's the straw that breaks this camel's back. I will vote for Obama in November. May God have mercy on me.

There is another bypass being instituted right now. The Senate is bypassing the requirement of the Constitution that all revenue bills must originate in the House. They are apparently doing this by making the bailout an amendment to another bill, The vote is scheduled for tonight (Wednesday, October 1).

If We the People want our Constitution to continue, this must be stopped. The system worked Monday when the bailout was defeated. Now we have to disallow abuse of that system to thwart the will of We the People, before We the People become We the Slaves.

TheRedneck

USA TODAY

McCain said he had urged Bush in a morning call to use the Treasury's Exchange Stabilization Fund to expand the financial services it guarantees beyond money market accounts.

He also said he urged Bush to require the Treasury use its roughly trillion-dollar authority to shore up mortgage values.

"The administration can take these actions with the stroke of the pen to help alleviate the crisis gripping our economy. I urge them to do so," he said to an audience of about 200 employees and business owners at the Des Moines concrete forms manufacturer.

Opinion

The thinking embracing this scenario is the belief, prominent among Republicans, in near-absolute executive authority. We see it in Bush, Cheney, McCain and Palin's view of their executive privilege to flout legislation or even the constitution itself.

They believe in the swashbuckling power of executives to do whatever they deem necessary to get the job done. This allows them to trust in that drive, forgetting that executive power must often be checked for the greater good.

And that's what the laws of our liberal democracy are for. But as Aristotle warned us long ago, oligarchs always seek to replace the rule of law with the rule of men. It's crucial that congress not let them.

Another source:

Opening a business round-table Tuesday in Des Moines, Iowa, McCain said he has urged the Treasury to use its exchange stabilization fund "as creatively as possible" to backstop the market crisis. He says officials also should use the authority granted in a housing bill to purchase up to a trillion dollars in mortgages.

I guess that authority was granted to them in a previous Housing Bill, which one I dont know.

Here is the video


Yeah forget about the people, we dont care about the people!

Thats great leadership been exhibited by Sen. McCain right there, that let you in on his judgement. Next is going to be Iran, people dont want war? "Ahhh forget about the people, I can declare war to whoever!"

Pretty scary stuff right there.

OOps, somebody posted video already!

Did anybody ever think that McCain would want to handle things any different than Bush has in the past?

Everybody, well a lot of people have been saying that McCain = Bush, well, here's your proof!

Of all the arrogance, even Bush didn't try to stick this debt to the American taxpayers without Congress's approval.



[edit on 10/1/2008 by Keyhole]

Originally posted by Solarskye I can't vote for either Presidential candidate so I guess I'm writing in no confidence or Ron Paul.

Ron Paul is the only one I have any confidence in any more. And McCain is my senator. I haven't trusted him for years now.

More than the idea of encouraging the Pres to bypass congress, I'm annoyed by McCain saying he's encouraging his Republican colleagues to change their minds and vote for the bailout. I was proud of the Republicans who voted no on Monday.

But really, Obama and McCain are saying the same thing. The bailout needs to be supported. Ugh.

I still think Ron Paul is the only who's made any sense on this whole issue.

[edit on 10/1/08 by GirlNextDoor]

reply to post by Bunch


What is the difference. Obama knows people don't want this bailout but he sure is persistent that he is going to make sure it passes. They are all the same. Majority of people are against a bailout, but a majority of congress are for it. Does that majority of Congress care about what the people think?

If it wasn't for reelection year this bill, against America's view, would have been passed overwhelmingly.

I think somebody once said

" I don't care what America wants, I am going to give them what they need."


We don't want this bailout but they Congress think we need it.

I will try to find out who said it.

reply to post by budski


Don't worry blind McCain supporters would probably say that the video is fake and is not him on the video also

Sen. McCain is giving you a previewof what he is going to be when he becomes president. Country First! YEAH RIGHT!, this is clearly more Bush type of running a country, forget the people, benefits for a few, and I can do what I want cause I got the power.

I dont know how people STILL can think about giving this guy the position of President AFTER the Bush fiasco.

reply to post by jam321


From my perspective, I don't have a dog in this race as I'm in the UK.

It just really sucks and is a great example of how the mega-rich care about nothing except protecting themselves and their wealth - and by default, each other.

It does indeed seem as though McCain is more interested in his money and his mates than being president.

I can't believe he doesn't know about how people felt over the failed bailout, which suggests to me that he doesn't care what people think because a) he knows he'll win anyway, b) he thinks the citizens are stupid, c) he cares about his money and his friends more.

Perm any of the threee or all three together.

reply to post by jam321


Because one thing is to state your position and try to move the bill foward and another is to try to circumvent the process altogether like it dont mean anything.

Thats why we have 3 branches of government and not a KING sitting in the White House.

Sen. McCain is suggesting not only that the people is wrong, but our democratic system of government is wrong and everybody else that think otherwise should move out of the way.(Remember Bush: You either with us or with the terrorist....hmmmm)

The only thing here that is wrong are crooks in Wall St that got us in this mess.

[edit on 1-10-2008 by Bunch]

reply to post by GirlNextDoor

But really, Obama and McCain are saying the same thing. The bailout needs to be supported.

No disagreement there. I heard Obama say we need this bailout only moments ago on CNN.

But the camel's-back-breaking straw of which I spoke was not support of the bill (which is bad enough), it was the arrogance to suggest that Congress, duly elected by the people and duly authorized to serve by the US Constitution, is not even a requirement to getting the bailout passed de facto. This is a direct suggestion that the Constitution is irrelevant should it become inconvenient to those in power. While Obama does support the bailout, at least he has not suggested that it is more important than the US Constitution.

My gut is still telling me that Obama probably just doesn't have as much personal financial gain at stake as McCain, but the very thought of McCain's statements make me sick. He has to be defeated now, at all costs.

TheRedneck

reply to post by Bunch


I see it different. I think he is saying that the treasury already has the money and authority to do so. How is it going around the system if you are already authorize. The only thing the treasury doesn't have is all that extra power that Paulson had asked for. And seeing how the President and many members of Congress are saying that this is needed ASAP, all suggestions should be welcomed. Especially if our economy is on the brink of failure as many of these same politicians have stated.

By the way you forgot to mention the crooks on capitol hill that got us in this mess also..What the hell, throw in the executive branch too.

reply to post by jam321


What you need to pay close attention is to his judgement.

What he is going to do if he is president in a time of crisis? Well that let you in on his views. Forget the people, forget the democratic system of government that is in place and rule like a KING.

reply to post by budski


I respect what you say. So the people are against the bailout. Let's pretend McCain says that the people are against it so am I. He follows their lead. Tomorrow the economy go boom. Banks are no longer extending credit. Majority of Americans, lose their jobs. What happens to all the bills we have to pay? What kind of income will we be making? How drastic will our lives change when there are not too many jobs to be had? What kind of things can we buy with limited money? What happened to our retirement savings? What happens to other countries when we are no longer able to buy their goods?

Will we better off because McCain followed what the majority of Americans wanted? Not even Obama is doing what Americans want him to do.

Hey for you fellow ATS members, I give you credit for doing your research but you all must admit that the majority of Americans don't do their research. They make their decision based on friends, relatives, or media.

Yes, the rich will benefit, but regular people will also. They will still have a job to provide for their family.

So, you may not have a dog in this race, but you do have a dog on this issue.

Perhaps I am wrong but should the prez and anyone running for that job be telling the world , don't worry we are a great nation and we will over come , instead of saying , if we don't do this we will all crash and burn ? It seems that with there words alone they are feeding the panic and helping make the situation a hole lot worse . They are feeding the panic and not trying to calm the people or the confidence of the people or the world markets one bit . That in its self tells me that there is something very fishy going on .

terrorism –noun
1. the use of violence and threats to intimidate or coerce, esp. for political purposes.
2. the state of fear and submission produced by terrorism or terrorization.
3. a terroristic method of governing or of resisting a government.

Silly me , I thought that there were laws against that .

Barr didn't make it on the ballot here in Louisiana due to ignorant state workers and a Hurricane, so it looks like Baldwin is gonna get my vote this year.

Heck ANYONE other than McCain or Obama will get my vote

reply to post by jam321


Nothing has been lost - the government could quite easily LEND money to respectable banks who weren't so greedy in order to help people over this time of crisis.

Wall street banks = one of bush's biggest campaign contributors who then demanded and got de-regulation so that they could take huge risks with other peoples money.

Paulson = ex morgan stanley CEO who came running when his buddies cried out for him.

Derivatives market = biggest con ever perpetrated on the US citizens, made legal by bush&co.

McCains top contributors 2008 election cycle:

Merrill Lynch $298,413
Citigroup Inc $269,251
Morgan Stanley $233,272
Goldman Sachs $208,395
JPMorgan Chase & Co $179,975
AT&T Inc $174,487
Blank Rome LLP $150,426
Credit Suisse Group $150,025
Greenberg Traurig LLP $146,787
UBS AG $140,165
PricewaterhouseCoopers $140,120
US Government $137,617
Bank of America $129,475
Wachovia Corp $122,846
Lehman Brothers $117,500
FedEx Corp $113,453
Gibson, Dunn & Crutcher $104,250
US Army $103,613
Bear Stearns $99,300
Pinnacle West Capital $97,700

source

I don't know about you, but I see a bit of a pattern here.