Instead of the panicky, absolute meltdown on economics by John
McCain this week, it would have been SO easy for McCain to use the
current economic crisis to his advantage. To wit, a statement like
this: "As the co-author of two bills, in 2002 and 2005, to rein in
Fannie and Freddie, and as a proven longtime opponent of corporate
corruption, I am the man to handle problems like this one. In these
tough times, I join former officials from Democratic and Republican
administrations alike in calling for a new, temporary entity
modeled after the old Resolution Trust Corporation, to help us keep
the problems from turning into a collapse. Right now the economy
clearly is shaky and many Americans have reason to be worried --
but there is absolutely no need for panic. Strong action is
necessary, but it must be sober action. It must not saddle
taxpayers with too much potential debt. It must stabilize
the markets, but not reward irresponsible behavior. It must
stop panic, but not stop all losses. It should improve long-term
economic prospects, not exacerbate them for short-term comfort. My
opponent would tax innocent investors and pensioners a great deal
more, specifically on their investments, just as their investments
are taking a hit already.
"I would, instead, immediately move to make those investment tax
cuts permanent, so that innocent 401K owners and retirees could
count on the value of their life savings. And I would urge the
Federal Reserve and Treasury and president all to make crystal
clear that they will support a strong dollar going forward, so that
investors domestic and foreign would know that this is a sound
economy and that their investments will not lose value. I would
also cut borrowing by the government by demanding that Congress
eliminate all earmarks for the next fiscal year, AND to cut the
total budget allocations accordingly. I will have other concrete
proposals later in the week, but the most important thing to
realize is that this is no Great Depression, that the underlying
strengths of the economy are substantial enough to mean that these
tough times are just that: tough times, but not so tough that the
sky is falling. We are Americans. We can get through this. With my
leadership, calm leadership, we will."
topics:
Economics, Earmarks
