McCain Can WIN if....

Written by Chuck Floyd on 2008-10-02T18:46:22+00:00

Senator McCain must oppose the Senate Bailout Bill and come up with a new plan that the House Republicans can pass.  In the current form, the Senate Bill is grand larceny of the bank accounts of Americans. 

The Senate passed the $700 billion Wall Street bailout bill by a vote of 74-25. This follows the rejection of the bill by the House on Monday. In a poll, 62 percent of Americans oppose the giveaway, but the lobbyists are doing everything possible to assure the rejection is overturned. According to Bob Borosage, co-director of The Campaign for America’s Future, House leaders "are bringing in the small business lobby and the banking lobby to buy the twelve Republican votes they need."

The Senate took up the bill in order to pressure House members who voted against it to change their positions when it returns to a vote on the House floor on Friday. This procedure may be unconstitutional, because revenue bills must originate in the House, but there is no time or political will for anyone to mount a challenge on constitutional grounds. As another means of inducement—or blackmail—the bill includes the repeal of the wildly unjust alternative minimum tax.

Every reputable economist commenting on the bill opposes it, including NYU’s Nouriel Roubini, who says the plan is "totally flawed." He says the plan is: "a disgrace: a bailout of reckless bankers, lenders, and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer."

If Senator McCain wants to win the Presidential election, he must expose the "pork" and be a leader on this issue.  All businessmen are against this bill.  All taxpayers are against this bill.  Put the money in the market for "liquidity", but do not bail out the executives who made the bad decisions.  Senator McCain--wake up, be forceful and lead on this issue.  You are not running for the Senate where you have to get along--you are running for President where you have to lead.