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'My friends... I have decided to withdraw from the presidential race...'
It has been a wonderful opportunity, my friends, to have served this country for 26 years in the senate.
But, my friends, given that the stock market continues to sink into the abyss, Americans 401ks are now 0.501Ks, their houses have declined 30% in value or been put into foreclosure, and economists are now seriously talking about a 'depression', I realize that Bush has so screwed America, that no Republican will be occupying the White House for at least a generation.
My friends, Gov Palin will be taking my place in the race effective immediately. She is, my friends, mavericky enough to take up this hopeless cause in my place...
And, my friends, she will announce her VP pick shortly. I understand, my friends, that she is considering Tom Cruise, who, as we all know, played 'Maverick' in TopGun - and is in my opinion far better qualified to lead than 'that one' that I debated last night.
I, my friends, am leaving town as quickly as possible. After all, my friends, I have it upon reliable sources that Bush, Cheney and Paulson have already left the Capital for destinations unknown....
My friends, may God be with you... Because Bush, Cheney, Paulson and I won't be....'
McCains inept campaign has lost him the election. He really is sunk. It's like watching a man drown and desperately trying to grasp any piece of flotsam that is drifting by to save him. He is becoming a joke and that is a shame.
Well, I don't see how things could possibly turn around for McCain.
The stock market is certainly in the toilet.
Unemployment is supposed to increase for the next few quarters.
Lots of people are going to be screaming mad when they see their 401K statements later this month -and they're going to hold the party in the White House to blame - fair or not...
I don't see anything that can save McCain - not even - God forbid - war with Iran...
Every day of bad stock market and economic news puts another nail in McCain's coffin...
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 The United States Senate May 25, 2006 Section 16 Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal. The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. I urge my colleagues to support swift action on this GSE reform legislation.
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 The United States Senate May 25, 2006 Section 16 Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal. The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. I urge my colleagues to support swift action on this GSE reform legislation.
S-109 seems to be the only straw that McCain supporters have to grasp these days - how sad - how pathetic...
Much worse than the scandals at Fannie and Freddie (which I think are being investigated by the FBI - and hopefully will result in lots of convictions), was the Community Reinvestment Act that passed during Carter's administration which forced banks to lend to marginal people, and the deaf ear that Bush paid to gathering financial storm clouds with his 'deregulate everything' style of leadership and his big support of the 'ownership society'......
Both parties have a great deal of responsibility for the financial mess we are in... And McCain is not the person to get us out of this mess - he will make it worse - like his stupid proposal to have the government buy and restructure mortgages of those facing foreclosure.
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