Nick Benton's Corner: Why McCain Has Nothing to Say

Securities and Exchange Commission Chief Christopher Cox alluded to $55 trillion in credit default swaps recently, at least a tip off that the problem is far greater than any $700 billion bank bailout can begin to fix.

There remains no transparency regarding how the nine banks that were partially nationalized by the U.S. Treasury last week are using those hundreds of billions of taxpayer dollars. Are they using the money to ease credit and get capital-starved American businesses going again, or are they using it to cover their insolvent leveraged obligations, instead. Who knows?

One thing is for sure, Sen. McCain has nothing to say. He's degenerated into a Deputy Dawg-style cartoon character, ignoring the crisis altogether and instead spending his time accusing Sen. Obama of being a "socialist!"

First of all, the term, "socialist" is hardly lethal. It's an old person's bugaboo, at best. Most under 45 have no opinion of its merits or otherwise, since it's had nothing to do with their lives.

But for McCain to try to characterize Obama's tax policy as "socialist" because it proposes a different tax treatment for the rich than for the poor is truly laughable, were it not so pathetic. Of course, as everyone knows, our existing tax system is based on just that same distinction.

McCain is really complaining that Obama will not coddle the GOP's rich cronies the way that Bush has for eight years, and he intends to.

McCain's deafening silence on the true magnitude and consequences of the current meltdown, in favor of nasty and lame attacks on his opponent, is defining with ever greater clarity to the American public his mean-spirited irrelevance, at best, and that of his and his party's Johnny-one-note mantra on taxes. No wonder he and his GOP colleagues continue to sink in the polls.

To deflect culpability from themselves, some Republicans are trying to pin the current mess on Democrats, but it can't stick. This all was set up on the watch of the current White House and a Republican-controlled Congress, mostly from 2000 to 2006, working with the radical free-market Fed Chief Allen Greenspan and the investment banking czars of Wall Street, including the present Treasury Secretary Henry Paulson, who was chief of Goldman Sachs most of that time.

In fact, Paulson, appointed by the Bush administration to his current post, was himself a big part of the very mess he's now supposedly working to clean up.

Dylan Ratigan of CNBC-TV pulled up the testimony of Paulson from a Feb. 29, 2000 Congressional hearing, when the then-Goldman chief urged Congress to enact legislation permitting greater speculative leveraging to occur, including in opaque credit default markets and off-balance-sheet transactions. Leverage limits were eventually raised from 12-to-1 to as high as 40-to-1 in response to his and others' wishes.

Then, on the subprime mortgage side of the problem, Mark Zandi of Moody's, in his new book, Financial Shock: A 360 Degree Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, writes that it was the Bush administration, and its "ownership society" obsession, and not Democrats, that "put substantial pressure on Fannie Mae and Freddie Mac to increase their funding of mortgage loans to lower-income groups."

He documents Democrats' worries about increased evidence of predatory lending at the same time, and how Bush and most Republicans in Congress opposed legislative efforts to curtail it.

With McCain having been in bed with all this Republican chicanery, himself, is it any wonder that he simply has nothing to say now?

No votes yet



I am newly registered first time voter, a natural born citizen of the United States of America, of hispanic descent and live Texas. My father is a naturalized citizen who served in our Navy as a young man and has achieved more in this country, our United States of America, than ever possible in any other country. Though I have never been interested in politics before, this election has compelled me for the love of our country, the freedoms we all take for granted too often, and each individual who does all they can to continue towards a "more perfect union". Our country needs us all to educate everyone around each one of us as to our basic voting rights.
That being said, I am terrified, I have been watching news reports, TV and online, and there have been multiple tactics by GOP to keep the student vote down in many swing states: Colorado, Virginia, Wisconsin and probably many more. 
There are flyers and rumors circulating amongst students (written in a manner that seems to be coming from other students to make these messages sound more authentic) that if they vote they can A) risk losing their scholarships or B) be arrested for parking tickets. IF they do actually vote, they will be directed to use provisional ballots. There are also flyers being distributed in Virginia and no doubt other states that say that a recent decision was made by the state legislature to hold two polling days due to the extremely high projected turnout. The flyer states for Republicans to vote on Tuesday, November 4th and Democrats to vote on Wednesday, November 5th.
These lies are very very scary. We must all do what we can to reassure students and all voters that these are ALL suppression tactics to try to steal the election from Barack. We cannot allow this to happen!
It is our constitutional right to vote, and all Americans must know this, and know that anyone who is trying to suppress your vote is suspect for fraud. This comes down to the collective hope we all have for our country and therefore we must all work to have Barack Obama in the White House as our next President of the United States.
Share these tactics with everyone you know and let them know what GOP is trying to do.


and do everything we can to watch the polls and help make sure that everybody that shows up to vote gets to vote!

Thanks for posting!