McCain urges Bush to bypass Congress

reply to post by rapinbatsisaltherage



yeah, I know, it's all pretty crazy.

You're hot.

-Jimmy

reply to post by budski

He says officials also should use the authority granted in a housing bill to purchase up to a trillion dollars in mortgages.

(A) GENERAL AUTHORITY- In addition to the authority under subsection (i) of this section, the Secretary of the Treasury is authorized to purchase any obligations issued by any Federal Home Loan Bank under any section of this Act, on such terms and conditions as the Secretary may determine and in such amounts as the Secretary may determine.

EMERGENCY DETERMINATION REQUIRED- In connection with any use of this authority, the Secretary must determine that such actions are necessary to--

‘(i) provide stability to the financial markets;
‘(ii) prevent disruptions in the availability of mortgage finance; and
‘(iii) protect the taxpayer.

source


I think this is the bill he is referring to.

Housing and Economic Recovery Act of 2008 It gave the Secretary of Treasury temporary powers.

After watching, I have to say he looks véry nervous while speaking, with his eyes blinking so rapidly.

Allmost as if he expects to get burned by them, and still he says them.

Originally posted by marg6043Darn, If McCain becomes president he pretty much will have the powers of a dictators thanks to his buddy Kind George.

John McCain said yesterday, "If I were dictator, which I've always aspired to be..."



Why do I get the feeling that he's not joking?

The full interview can be watched here: www.salon.com...

[edit on 1-10-2008 by Areal51]

reply to post by jam321


If you read the bill well and correct me if I'm wrong on Section 1117 of the bill tittled:

SEC.1117. TEMPORARY AUTHORITY FOR PURCHASE OF OBLIGATIONS OF REGULATED ENTITIES BY SECRETARY OF TREASURY.

Sec. 1117 A, B, and C.
www.govtrack.us...

Sec. Paulson only has the authority to buy assets from Freddi Mac, Fannie Mae and the Federal Home Loan Banks, just those three.

Freddie and Fannie already gone belly up and are under governemnt control and the FHLB didn't got into this subprime mess thanks to their bussiness model so they are in good financial condition.

So to make it even worst, Sen. McCain don't even know what he is talking about, he is under the impression that this bill authorize Sec. Paulson to buy assets from private institutions when it doesn't.




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reply to post by Areal51




This is really getting scarier by the minute, I think the McCain campaign should hide John the same way they hide Palin

reply to post by Bunch


You're right! McCain is losing it. He literally does not know what
he's talking about in that video.
Good Lord, Barney Frank and Pelosi on one side...Bush and McCain on
the other. A lesser of two evils would be welcome. There's no "lesser"
here. It's a choice between a debacle and a disaster.

Speaking as someone with no US political affiliation, it appears as though he either hasn't got a clue what he's talking about, or is trying to bullplop people.

Either wouldn't surprise me.

Does anyone know what the ramifications of this might be, IF this happens?
(and it's a big IF at the moment)

reply to post by lw2525


Well, ya know they all hang out over there at the Bohemian Club.
This is so crazy, and you know there are gov loyalists who will support every word that drops from his lips.

-Jimmy

Ya know, this whole show that is being put on is pretty funny.
On one side you have a guy who is getting rather old and things just don't register right, while his running mate is completly clueless about the economy, i mean, common, I and many here on ATS vastly know more about economics and the current ecconomic situation than her.
On the other side we have a guy that everyone worships, wilst he does say he wants to fix, things, he never tells us how he believe he will achieve it, other than raising taxes and taking away the right to defend ourselves, while his running mate is a leader in gun control and tells us that good, patiotic americans have the duty f paying higher taxes, bith no nothing about economics or how to run this country.

-Jimmy

McCain,is a neo-fascist jackass just like the rest of the so-called dems and repubs he wants to bring about a american dictatorship!

Originally posted by Areal51

Originally posted by marg6043Darn, If McCain becomes president he pretty much will have the powers of a dictators thanks to his buddy Kind George.

John McCain said yesterday, "If I were dictator, which I've always aspired to be..."

Why do I get the feeling that he's not joking?

The full interview can be watched here: www.salon.com...

[edit on 1-10-2008 by Areal51]

Areal51,the SOB is not joking he wants to be a dictator make no mistake about his motives for runing for president!

Originally posted by Areal51

Originally posted by marg6043Darn, If McCain becomes president he pretty much will have the powers of a dictators thanks to his buddy Kind George.

John McCain said yesterday, "If I were dictator, which I've always aspired to be..."

Why do I get the feeling that he's not joking?

The full interview can be watched here: www.salon.com...

[edit on 1-10-2008 by Areal51]

What I don't understand, is how he managed to conceive of a statement, in his mind, which he shares his aspirations of being a dictator... and the net effect of such a statement would be positive. I can't think of any context where that could've gone well.. If he's kidding around he doesn't show it

reply to post by GirlNextDoor


I'll believe an Iranian News Source before I believe any of the crap from over here.

reply to post by Bunch


sorry took so long....

Sec. Paulson only has the authority to buy assets from Freddi Mac, Fannie Mae and the Federal Home Loan Banks, just those three.

I don't think it is to buy FROM one of those three. They are using these three to buy the bad mortgages.

Treasury Secretary Henry Paulson announced Friday that mortgage giants Fannie Mae and Freddie Mac will step up their purchases of mortgage-backed securities to help provide support to the crippled housing market.

source


So he does has the authority as given to him by a housing bill.

Think you owe McCain an apology.

That being said here is my view. Remember that the 700B number was made up out of thin air. I think there was a reason for that. If Paulson already has the authority to purchase bad mortgage, he really doesn't need that money. I think the money was the distraction. I think the real issue are the new powers they want for the Secretary of Treasury.

reply to post by budski


I’m sure if McCain and Bush do this it will surly put American in rage. You think downed email servers were bad . How about Washington coming to a complete stop with more than half or all of America protesting on the white house lawn. Washington would be one big traffic jam not to mention the surrounding states. Americans will stand up to this kind government. mark my words Americans will not take this lying down. It seems that Washington is under estimating the public on this issue.


[edit on 2-10-2008 by SJE98]

reply to post by GirlNextDoor


I heard this on CNN the night. also CNBC. and the wall street journal. yes it's for real.

Originally posted by jam321
reply to post by Bunch

 

sorry took so long....

No problem, the only reason I have been able to keep up is because im on leave right now

You quoted:

Sec. Paulson only has the authority to buy assets from Freddi Mac, Fannie Mae and the Federal Home Loan Banks, just those three.

Then you said:

I don't think it is to buy FROM one of those three. They are using these three to buy the bad mortgages

Then you quoted:

Treasury Secretary Henry Paulson announced Friday that mortgage giants Fannie Mae and Freddie Mac will step up their purchases of mortgage-backed securities to help provide support to the crippled housing market.

From your source:

That program was announced earlier this month when the government snatched control of the two troubled mortgage giants. At that time, the Bush administration said that it planned to purchase $5 billion in mortgage-backed securities issued by Fannie Mae and Freddie Mac. Paulson on Friday didn't say by how much the program would be expanded.

So he does has the authority as given to him by a housing bill.

YES! up to 5 billion dollars, hence this bill to get more authority for 700 billion dollars, STILL doesn't change the fact that Sen. McCain doesn't know what he is talking about.

Think you owe McCain an apology.

Not on this issue!

That being said here is my view. Remember that the 700B number was made up out of thin air. I think there was a reason for that. If Paulson already has the authority to purchase bad mortgage, he really doesn't need that money. I think the money was the distraction. I think the real issue are the new powers they want for the Secretary of Treasury.

No! This bill is a scam is a way for democrats like Franks and Dodd to dodge the bullet of the wrongdoings that they have made, is a robbery of taxpayers money to go to the pockets of FOOL CEO's that ran their companies to the ground out of greed.

BTW... since this is getting a bit technical and I dont want to derail the thread, just please point me out to where on the bill it states that the Treasury Department is authorized to spend 1 trillion dollars on MBS's like Sen. McCain said on the interview.

You do that and I give you the apology you wanted from me.

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reply to post by Bunch

BTW... since this is getting a bit technical and I dont want to derail the thread, just please point me out to where on the bill it states that the Treasury Department is authorized to spend 1 trillion dollars on MBS's like Sen. McCain said on the interview.

remember he said UP to 1 trillion.

The only real limit on the Treasury’s authority is the new $10.6 trillion debt ceiling. There is roughly a $1.1 trillion cushion between the new limit and existing federal debt of $9.5 trillion.

source


You know after finding this, I am really pissed. Count this plus the 700B they are about to give him and that is almost 2 trillion of our hard earned money. Appreciate you challenging me or I would have never discovered this. Talk about a load of sh--. We have been bamboozled. Most people don't even realized how much we have already given him.

Anyway, I like your theory about this bill. I still feel we are in for a lot more surprises with all this new power going to the treasury. Just means more research for us.

Have a great night.

reply to post by jam321


You really don't have faith in American do you. Of course I also thought of this. The credit train as you have been told on TV is not what it appears to be. The market is coming down from an all time high . The Market should be trading somewhere about 9000- 9700 but it's not. NYSE markets will adjust, with or without the bailout . In short the markets will still move down to the real level of the economy . The only difference is that the 700 million will be lost anyway. get the point. The American Tax payer will be left with nothing is this bailout. If the bailout is passed do you really think your still going to get a car loan. Construction loan, or any type of loan for that matter. The credit markets are tight now for overnight lending. That will loosen a bit, but not for consumers it will get tighter and there will still be job losses.