McCain says supports (bigger gov giveaways to corporations) Fed move to extend lending

[UpInArms]

Source: Reuters

PITTSBURGH, July 8 (Reuters) - Republican presidential candidate John McCain said on Tuesday he would support a move by Federal Reserve Chairman Ben Bernanke to keep an emergency lending facility for big Wall Street firms open longer than originally planned.

"I support any effort to fix, to make our economy improve. Americans are still hurting. The economy is still worsening," the Arizona senator told reporters at a campaign stop in Pennsylvania.

"I have confidence that Bernanke's decision was a correct one," he said. "If that will help, then I'm for it."

<snip>

The Fed set up the so-called Primary Dealer Credit Facility, or PDCF, in March as part of its effort to facilitate the purchase of ailing investment bank Bear Stearns by JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz). It said at the time the PDCF would continue for at least six months.

Read more: http://www.reuters.com/article/bondsNews/idUSN0836417620080709?sp=true

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I wonder if he consulted with his buddy - Charles Keating - before issuing this press release?

Though he was not convicted of anything, McCain intervened on behalf of Charles Keating after Keating gave McCain at least $112,00 in contributions. In the mid-1980s, McCain made at least 9 trips on Keating's airplanes, and 3 of those were to Keating's luxurious retreat in the Bahamas. McCain's wife and father-in-law also were the largest investors (at $350,000) in a Keating shopping center; the Phoenix New Times called it a "sweetheart deal."

[Trillo]

1. Interesting lack of logic.

American citizens are struggling, they need financial help so ---> let's help Wall Street.

It just seems to me like some kind of major disconnect. Like not plugged into the wall outlet.... Kind of like watching your neihbors house burn down, so you go up the street to sprinkle water on the house that isn't on fire....

[jtt]

2. flip flop flip flop flip flop flip flop

"Senator John McCain of Arizona warned Tuesday against vigorous government action to solve the deepening mortgage crisis and the market turmoil it has caused, saying that “it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.” ( http://www.nytimes.com/2008/03/26/us/politics/26mortgage.html?hp )

[superconnected]

3. This man really is dumb and really does hate people. Bad press release for an Election run

but then he really is this dumb. He believe the rw propaganda of helping corporations first helps the people. Reganomics never worked. Trickle down never happened. What a baffoon this dumbshite is.