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First Read is an analysis of the day's political news, from the NBC News political unit. First Read is updated throughout the day, so check back often.

Chuck Todd, NBC Political Director

Mark Murray, NBC Deputy Political Director

Domenico Montanaro, NBC News Political Reporter



McCain on housing, hits Clinton plan

Posted: Tuesday, March 25, 2008 4:12 PM by Domenico Montanaro

From NBC/NJ's Adam Aigner-Treworgy
SANTA ANA, Calif. -- In what were his most extensive remarks on the current housing crisis to date, McCain spoke to nearly 20 cameras and a small crowd of local business owners here this morning and expressed his confidence in the foundations of the U.S. economy.

After what amounted to a brief primer on the creation of the subprime housing bubble, McCain tried to demonstrate his economic knowledge by explaining in some detail the "series of complex, inter-connected financial bets that were not transparent or fully understood," which contributed to the broader economic crisis now facing the country.

VIDEO: John McCain says that the government is not in the business of saving and rewarding banks or small borrowers who behave irresponsibly.

"I have always been committed to the principle 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," McCain said, beginning his proposed solutions. "Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy."

McCain did not specifically address the Fed's recent alleged "bail out" of Bear Stearns, but he seemed to imply support for such moves geared toward protecting the "entire financial system."

He called for increasing the required down payment for certain home mortgages when the conditions allow for it, and for assembling "the nation's accounting professionals" and "the top mortgage lenders in this country" to create a corporate-driven homeowner assistance plan.

Although McCain said he was "prepared to examine any new proposals," when asked by reporters after his event if that included the assistance plan that Hillary Clinton proposed yesterday he amended his comments.

"I'm open to ideas," McCain said. "That idea I believe is a very expensive one. I don't believe it works, and I'd like to know how it's paid for."

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GOLLY GEE McSTUPID must have finished his book on economics he was reading by Greenspan.
Funny how he is such a expert critic!
Johnny dig yourself ONE hole at a time!
I saw part of this speech.  I had to stop walking because I found it so insufferable how he was talking down to us.

Tell us again how we have to work another job (uh, we work like four) and how we have to forego a vacation (uh, haven't had one for I don't know how many years).

I don't think I can listen to this man give a speech, I guess I'll be trying to read his speeches online.  Maybe  that will work a little better?

Obama 08
I wonder if McCain understood a word of what he read. Several times he said "leader" instead of what should have been read as "lender".

The stuff was way over McCain's head.
Oh gawd.  Now he's pretending to know something about economics after he already admitted it's something he doesn't understand.  I guess his advisors filled his head with stuff and he's trying to repeat it before he forgets it all again.
Does anybody think he actually had no idea what he was saying?

"Just read the words, John".
February 27, 2007
“It was a convenient lie, and it just might have worked. Much of the punditocracy declared Hillary the winner of the bout over Geffen, since the Wolfson statement baited Obama’s above-the-fray campaign into responding in kind. Thus, the flap itself showed the merit in Geffen’s original criticism of the Clintons: “Everybody in politics lies, but they do it with such ease, it’s troubling.”
One of the points of the Clinton campaign’s harsh counterattack was to keep anything related to Bill Clinton’s misconduct in office off-limits. (Geffen noted Bill’s recklessness in the Monica Lewinsky affair and his appalling pardon of international fugitive Marc Rich.) At the time, the Clintons labeled impeachment “the politics of personal destruction,” and now even alluding to it as Geffen did is also the politics of personal destruction. This is defining destruction downward. Soon enough, even watching a Geffen-produced movie will be an out-of-bounds personal attack.
Distasteful though it might be, Democrats would be well-advised to revisit Bill Clinton’s personal scandals from the 1990s, not for what they say about Bill (we already know all that), but for what they say about the political character of Hillary. She was present at the creation of the Clinton “ultimate fighting” style of politics. As George Stephanopoulos recounts in his memoir, when he and James Carville discussed creating a central clearinghouse for attacks during the 1992 campaign, Hillary quickly grasped the idea: “‘What you’re describing is a war room,’ she said, giving us both a name and an attitude.”
During Clinton’s campaign and presidency, the war room got its truest test in beating back allegations of Bill Clinton’s infidelities. The strategy was to deny no matter what, and if the allegations had merit, persuade the woman involved to lie about them or, if she didn’t comply, destroy her. Hillary the feminist pioneer was an adamant supporter of and participant in this approach.
This has always been the corruption at the core of the Clinton team — Bill’s heedlessness and the need to cover it up. It created a political ethic that has a rottenness at its heart, and Hillary has deeply partaken of it. She tacitly acknowledges as much. On the campaign trail, she says of Republicans, “I’m the one person they’re most afraid of because Bill and I know how to beat them, and we have consistently.” It’s the war room as applause line.
Of course, Bill also always had an irresistible, lovable-rogue quality. With Hillary, voters will get all the bare knuckles with little of the charm. Howard Wolfson now refers somewhat dismissively to Obama “as someone running on a campaign of hope.” Prior to Obama, the candidate most associated with hope in American politics was Bill Clinton. The enablers around him justified their hardball tactics on grounds that his Kennedyesque potential couldn’t be wasted on some silly scandal or another.
In Bill, the Democrats had the entire package — a young, charismatic politician who was also an adept attack artist. Now, they have Obama, who represents the first tendency, and Hillary, who represents the second. Perhaps one of them will achieve a Bill Clintonesque synthesis. For now, their race is a test whether a self-described purveyor of hope can survive the rigors of running against a brilliant, experienced wielder of the convenient lie.”
OBAMA YOU LIED!!!

YOU LIED ABOUT YOUR PASTOR, DON IMUS, CANADIAN NAFTA STORY, RELATIONSHIP WITH REZKO AND REZKO DONATION TOTALS!!!!

YOU CAN'T EVEN TALK ABOUT BOSNIA.

OBAMA YOU HAVE A PASTOR THAT DIVIDED THIS COUNTRY AND YOU COULDN'T EVEN STOP THAT!!!


OBAMA YOU LIED!!!

YOU LIED ABOUT YOUR PASTOR, DON IMUS, CANADIAN NAFTA STORY, RELATIONSHIP WITH REZKO AND REZKO DONATION TOTALS!!!!

YOU CAN'T EVEN TALK ABOUT BOSNIA.

OBAMA YOU HAVE A PASTOR THAT DIVIDED THIS COUNTRY AND YOU COULDN'T EVEN STOP THAT!!!


The housing market is in the dumper, and the overall market has dropped, what, 10%? Big deal! Now there are
signs of a housing recovery. The big investors see undervalued stocks in both the financial and house building sectors, and they are starting to scoop up those cheap stocks. Plus, overvalued homes have dropped to reasonable, and affordable levels. This is turning into the "Recession That Wasn't!".
Economic policy from one of the Keating 5 cohorts, is laughable!
In a nutshell whats good for Wall Street is good for America.  The Bush tax cuts, that McCain now supports, put money back in the pockets of the very rich with no reinvestment in the  U.S. The bail out of Bear Stearns may have stemmed a financial crisis for high end investors but did little for the middle and lower class in the U.S.( I enjoyed Morning Joe yesterday with the young lady requesting sympathy for the former Chairman of Bear Stearns who went from $1 billion in stock options to a mere $12 million. I thought she wanted us to take up a collection to help that poor millionaire)    At a time when billions were wasted in Iraq ,where we outsource our military for the benefit of private contractors with little or no oversight that broke our military by back door drafts I find Mr. McCains comments akin to let them it cake. Tone death with Hoover like compassion.
Do we have a responsibility to a nation that doesn't help itself McCain? This jack-ass doesn't believe in helping American homeowners in trouble but is willing to stay in Iraq and piss away billions of dollars and many more lives in a folly. Sickening.
Clearly not his topic, not his strong suit.  Clinton has taken your place MCCain...you are no longer needed!
Of course he is speaking with forked tongue - protect the republican interests first and don't allow an irresponsible bank like BS that traded in mortgage securities to collapse, but the people that have the mortgages are SOL.
Another great article, from MSNBC. I love this title "McCain on Housing, Hits Clinton's Plan" well daaaaa, cause the old fart, who knows nothing about economics, give a detail plan that was given to him. If Mc Cain is President we will go into a frighin' "depression". Hillary Clinton has been talking about this mortgage crisis for months. And she warned the Bush administration of the problems we are now facing. Neither McCain Or Obama, come close to the knowledge Hillary has about the economy. Go look at her record, it's in black and white if you can read.
Even though I support John McCain, I have to laugh about his comment on how Hillary's mortgage assistance plan would be paid for.  Why John, you know the U.S. government will simply sell more Treasury bonds at very low interest rates to fund any new government bail-out.  It's how the Federal government finances just about everything, since no one will dare raise income taxes.  The value of the U.S. dollar will simply fall further, the price of oil will simply go higher and things will eventually get worse for everyone before things get better.  I for one am looking into investing in Euro-denominated certificates of deposit before the dollar becomes as relatively useless as the peso.
It's the economy, stOOpid!!

Tell me who is best to handle and fix this economy and I will vote for that person.

If you say Clinton, vote Clinton.
If you say McCain, vote McCain.
If you say Obama, vote Obama.
McCain give a speech on housing and that stock market goes down -- coincidence?  
For me, the economy is the #1 issue so I was extremely interested in Sen. McCain's speech. In fact, I listened to it twice. He sounded like he was reading what one of his staffers wrote it and he was repeating what he was told to say. His voice did not reflect or provide me comfort that he knew what he was talking about or he didn't care about the topic. Not sure how he will overcome this by November.
Poor Mr. McCain, the government is not in the business to help small banks, or individuals.  But, it is in the business to help the larger business lake Beare Sterns bail out.  I wonder about his association as well as Bush and Chaney to that bail out.  The middle-class doesn't have a chance to own a home, feed their children or sent them to decent school , thank the Republican Party.  RNC helps the lobbyist that donate to their party.
McCain ins old and can not remember what he says form one minute to the next. So I say to all Clinton democrats is this who we want in office when Obama seals the nomination??
"I'm open to ideas," McCain said. "That idea I believe is a very expensive one. I don't believe it works, and I'd like to know how it's paid for."

Mr. McCain... We, the People, of America are wondering the EXACT same thing about the Iraq war.
hehehe. HRC jumped before looking. very amatuerisque. Im an Obama maniac but i know HRC is wrong on this one
McCain knows he can beat Obama in November.  Obama lost all the big states in the Primary -- Hillary won there.  ANd if Hillary can beat Obama there, Mccain certainly can.  MCain can win the smaller states also, where Obama won in the Primary -- They would prefer a republican in those states anyway.  Obama may win the Nomination -- But he won't win the General in November.  And if the votes in Florida & Mich.  were counted he would have lost the Primary too.  Hillary would have taken Florida & Mich and taken the Nom.  This country will go right down the Drain with another Republican in the White House for four more years..It is a Rotten Shame.
Come on, John, you don't even really need to talk about the issues. Hillary and Obama are the most effective staffers you have at this point. I'll go ahead and start drafting the "Election to President" section of your Wikipedia page.

And Obama and Hillary supporters say THIS guy is the war hawk? Psh... do the most radical of you ever go back read your posts like the next day or anything? Scary.  
http://twocanpete.blogspot.com/
Wow! He accidently told the truth. Juan is really going to tick of the crying, whining, babyboomers with this one.
Hillary Clinton has the best economic plan. She will be a great President. Her qualifications, leadership, work ethic, choice of religion make her the most electable candidate. Hillary gave the correct answer today when asked about Obama's "pastor". She would not have Jeremiah Wright as her pastor and neither would I. I would not have Moss as my pastor either. Check out Obama's new pastor Moss on youtube giving his Easter "sermon". It's appalling.

Obama is unelectable.

His choice to attend a racist, anti-white, anti-American, anti-semitic, pro-Farakhaan "church" is a fatal mistake. What kind of man, what kind of father would subject his own part white children to the racist & anti-American diatribes of Jeremiah Wright?

It calls into serious question the character, judgment and crediblity of Barack Obama. It's ugly and most certainly not Presidential, Vice Presidential or U.S. Senatorial.  After this campaign debacle is over, Obama won't be re-electable to the Senate.

No amount of media promotion 24/7 (MSNBC is the worst with Chrissy Matthews and Keith Olberman leading the cheers for Obama) will EVER elect  Obama as President.

**VOTE SMART!   VOTE HILLARY!**

If the Dems are stupid and nominate Obama, vote for McCain, I will and I've never voted for a republican for President.
Yeah, they only want to bail out Big Boys like Bear Stearns.......they can't be bothered with us commoners.....
"If the Dems are stupid and nominate Obama, vote for McCain, I will and I've  never voted for a republican President."  Yeah, John - smart move - vote for 4 more years of Bush policies.  And you call yourself a democrat?  I don't think so.
Personally, I blame the war and deregulation.
Sorry, "twocan" - can only give you a half a can. The "crying, whining babyboomers" have paid their houses off.

Try again?
For crying out loud people, electing McCain will put this country into a depression!  If Obama gets the nomination and you are too stupid to vote in your own ECONOMIC BEST INTERESTS then you deserve four more years of Bush/Cheney.  

Hillary, with all her baggage is better than McCain.

Obama, who denounced racism and doesn't practice it, is better than McCain.  

Vote with your head, vote with your wallet, but do not vote for McCain.  The rest of this country cannot afford and doesn't deserve your self righteousness.  
If you are some one for whom issues matter, the Washington Post presented the following economic plans (shown in alphabetical order)

The Next President's Plan . . . Hillary Clinton

http://www.washingtonpost.com/wp-dyn/content/article/2008/03/23/AR2008032301415.html

The Next President's Plan . . . John McCain

http://www.washingtonpost.com/wp-dyn/content/article/2008/03/23/AR2008032301418.html

The Next President's Plan . . . Barack Obama

http://www.washingtonpost.com/wp-dyn/content/article/2008/03/23/AR2008032301414.html
Sen. McCain needs to go ahead and bring in a v.p. who is strong on the economy (hopefully Romney)to develop their own economic policy.  
What is the hell does mccain know about economics or housing? He has lived in government sponsored housing or been on the taxpayer dole his entire life, even when he was a baby...
Hillary isn't trying to win the nomination, she's just trying to make sure Barack loses the general election...she'd rather destroy Baracks chances, putting us through 4 more years of Bush economics than to see Barack end up with the presidecy for what could end up being a 8 year term. Fact is the despite all the noise about Rev. Wright, noone believes Barack is a racist. This year is guaranteed to be for the demacrats and she knows it. She can wait 4 years but, 8 years will put her in McCains boat...too old!
I watched a bit of McCain reading a speech off the teleprompter...and even misreading 'lender' as 'leader' several times.  Now is not the time to turn the country over to an inarticulate incompetent fool..AGAIN.  Seven years of war, death, suffering, and now financial ruin are about as long as the country can bear.
This only illustrates the stupidity of the supporters of Clinton who say they plan on voting for McCain if she does not win the nomination. I think they are as naive as McCain.
Kris from St. Louis is you are right McCain is Old and can not remember what he says, However when Hilliary speaks it's called " MISSPOKEN "

You all need to get off the War it is here for now and yes Hilliary voted for it but now she has a right to change her mind, Which she dose every time she opens her mouth.

please all you free loaders and bleeding hearts get off your pitty pot and take control of your own mistakes. But then you would have to come off all that Government Aid that you get for sitting on your Pitty Pot.

It's another filp a coin year for the White House all 3 are Nut's. However if McCain wins all the dems. will cry that it was a fix but you only have Florida to blame again.
Yeah all the ones talking about Mc Cain will be the ones to vote for him. People in this country love poverty it gives them something to talk about. That is why we divided because the people in this country stupidity.
Send John to Econ 101!!  We are faced with a demand side problem!!  By raising the down payment will result in less demand and lower prices-- why not look at adding 10 years to existing mortgages -- lower payments and keep Uncle Sam out of it!!!


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