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Even McCain now says - Let the banks fail

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posted on Mar, 8 2009 @ 11:21 AM
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www.reuters.com...




U.S. should let some big banks fail - Republicans - Sun Mar 8, 2009 11:05am ED (snip) Senator John McCain, who remains a Republican leader after losing the 2008 White House race to President Barack Obama, criticized the new administration's response to the banks.

"I don't think they made the hard decision and that is to let these banks fail," McCain told "Fox News Sunday."

As the U.S. government boosts its stakes in major banks such as Citigroup Inc (C.N), talk of nationalization has stirred a debate over how far regulators will go to help the ailing financial system. McCain echoed Shelby's criticism of U.S. banks but both senators avoided the term "nationalization" -- a concept typically derided by Republicans as a move toward socialism.

Asked what should be done, McCain said: "You'd sell off their assets and you have the -- unfortunately, the shareholders and others will take a beating." (snip)


Really suprising to hear this from mccain. He's the most corrupt man in
congress and i thought the bankers owned him.




posted on Mar, 8 2009 @ 11:31 AM
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Funny to hear this from McCain since he "postponed" his election campaign in order to go to Washington and help "fix" the problem.

He was one of the proponents of the bailout to begin with. Now he's saying that the banks should be allowed to fail. Typical politics, IMO.



posted on Mar, 8 2009 @ 11:35 AM
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Frankly I find the whole thing puzzling...

92% of Americans still have their jobs
88.8% pay their mortgages
Okay so I admit that something like only 68% of us pay off our credit cards on time but hey they are giving em to college kids, what do you expect...

I really don't get it. I mean when you look at the flip side of the numbers its not that bad... so I have to ask why are things so bad???
8.8 unemployed 12.2 behind on house payments... those numbers are rather small when compared to the whole



posted on Mar, 8 2009 @ 11:40 AM
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Originally posted by DaddyBare
Frankly I find the whole thing puzzling...

92% of Americans still have their jobs
88.8% pay their mortgages
Okay so I admit that something like only 68% of us pay off our credit cards on time but hey they are giving em to college kids, what do you expect...



Not everyone believes that 8% unemployment rate. Not even close, in the eyes of many. Anyway, something is seriously wrong when stocks like fannie and freddie and citigroup and AIG are under a buck.



posted on Mar, 8 2009 @ 11:46 AM
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Originally posted by Make Speed Limit 45

Not everyone believes that 8% unemployment rate. Not even close, in the eyes of many. Anyway, something is seriously wrong when stocks like fannie and freddie and citigroup and AIG are under a buck.


Well that is what I'm getting at... if the reported numbers are correct things just shouldn't be as bad as they are right?

So what's really going on if as they report 92% of us are still working and 88% make our house payments then why would a bank find itself on the brink when most still send that monthly check?
Forget the bailout money, just where is all that monthly payment money going?



posted on Mar, 8 2009 @ 11:52 AM
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reply to post by DaddyBare
 


Because those things aren't the real cause of this financial crisis. The real cause is that banks managed to get the leverage limits overturned and began leveraging up their debt and reducing their capital reserves. When you are leveraged at 20:1, a 5% default rate is like dropping a hand grenade into a gas tank.



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