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It’s Time for the “Deregulators” Like McCain to Step Aside and Shut Up September 22, 2008

Posted by trouble97018 in Economy, News, Politics, Repiglicans.

Huffington Post

Mitchell Bard

Posted September 22, 2008 | 04:07 PM (EST)

Rep. John Boehner, R-Ohio, the House Minority Leader, made this statement on Sunday’s edition of This Week regarding the need for a bailout plan to deal with the subprime mortgage fiasco: “We need to rise above partisan politics … and deal with this as adults.”

My response? That’s a load of crap. (Yes, I’m being graphic on purpose. I’m mad.)

Of course, yes, the two parties need to come together and come up with the best long-term solution to what many are calling the biggest financial crisis since the Great Depression. So in that sense, Boehner is correct.

But that’s not what Boehner really meant. In the context of the discussion, he made the statement to defend the position that Congress should pass the “clean bill” proposed by the Bush administration, which would provide for buying up “illiquid” (financial speak for “junk”) mortgages with no limits or regulations for the institutions taking advantage of the benefit.

And that is why Boehner’s comment was crap. Source Article



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