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Edited on Wed Oct-27-10 08:39 PM by MikeMc
In late September of '08, McCain was running for bush's third term. 'The fundamentals of our economy are sound', he said, right before the economic crash. His campaign's top economic adviser was Phil Gramm, Senate repug from TX. Gramm was the guy that had sponsored the Gramm Leach Blyly Act, which de-regulated the banks, insurance companies, and investment brokers. You know, "Whiner" Gramm, who said Americans that were upset about the economy were in a 'mental depression', and Americans had turned into a 'nation of whiners'. Gramm said this ~ July of '08.
McCain the Senator had voted with bush on economic deregulation 95 % of the time, and that deregulation caused the recession. And the rubberstamp repugs in the US House of Reps had voted with l'il bush 95 % of the time, during both bush terms.
McCain and his campaign did not repudiated one of bush's deregulation moves, before or after the 2008 economic disaster. McCain, bush, and the House Repugs made this mess together, which could still put us in a Depression. The swinish bush family has worked for the banking Morgan, Mellon, and Rockefeller families since before the last depression. The banks that are currently loaning us the money (with huge interest payments due) to get out of bush's mess, and that are getting billions of dollars in bailout money from us, simultaneously.
Sooo, in September of '08, bush begged the House Dems to come to an economic conference to fix his mess, and McCain used this as an excuse to try to slime his way out of the presidential debate, since he was rushing back to DC to 'fix' the mess, and 'it was time to put partisan politics aside'. He wound up debating after the media called 'bullshit' on his little game.
L'il bush's Treasury Secretary Hank Paulson got down on his knees (literally!) to Speaker Pelosi and the House Democrats to keep them on board with bush's financial bailout deal, after repug House members walked out.
After all the low comedy the repugs could perform on stage, the rubberstamp repug congress (2/3 of House Repugs) and McCain decide to vote against the deal, a 1.5 trillion dollar bailout, half of which was spent under l'il bush. Those 'no' votes are the financial recovery measures that McCain 'accomplished', when he rushed to DC to meet with House repugs (Notice he did not meet with Senate repugs, his colleagues).
For the first time in 8 years, McCain and the repug house disagreed with bush. Repug Minority Leader Boehner (OH), blamed the vote against it on an ‘extremely partisan’ speech that Speaker Pelosi gave before the vote (this is reminiscent of the hissy fit that former repug Speaker of the House Gingrich threw because he was treated poorly by Clinton on Air Force One. So he and the repugs shut down the government.)
In other words, the guys that spent 8 years kissing bush’s ass took extreme umbrage at the woman whose ass bush was currently kissing, because of an 'extremely partisan' speech, so they weren’t going to kiss bush’s ass anymore. Therefore, the economic crisis became 'the Dems fault'. The economic catastrophe and the resulting bailout that bush Treasury Sec. Hank Paulson begged for on his knees -- those became the Dems' fault. The repug's opposition to the first half ($750 billion) of the bailout caused the Dow to suffer the biggest one day drop in history.
McCain then ran campaign ads saying that Obama was mum on the economic crisis, or Obama didn't have a plan to deal with the economic crisis. These ads ran just days after Obama ran ads, where he talked to voters on camera, about the economy. Next, McCain ran ads saying that Obama would cost us a trillion dollars (with the plan McCain said didn't exist). Keep in mind that the economic policies of bush, McCain, and the House Repugs had already cost US taxpayers $4.7 trillion in national debt, during the last 8 years of bush economic stewardship, (not including $3 trillion in projected costs for the Iraq War).
Again, for the first time in 8 years, McCain and the repug house disagreed with bush. Speaker Pelosi's 'extremely partisan' speech, which she gave when delivering the bailout, that the bush Admin begged for on bended knee -- that caused all of America's economic problems.
The total national debt, at that point, was 10.4 trillion. That amount was accrued by every US presidential administration in history put together, and repug Presidents Reagan and Poppy had contributed 3 trillion. L'il bush and the repug House and Senate gave us 4.7 trillion in debt, during the '01 to '08 period, with no spending bills vetoed.
The bush repug tax cuts for the richest mellon, rockefeller, and morgans had not led to the economic prosperity that bush, McCain, and the House repugs said would occur. But McCain and the House Repugs are still not backing down on making them permanant. It is still the primary focus of their economic plan. That, and 'deregulation did not go far enough.'
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