Yup and its the poor's fault. We need to raise their taxes so the Rich can get tax breaks.

McCain '08

Wow, remember when John said "The issue of economics is not something I've understood as well as I should" last year? Did he do NOTHING to rectify this ignorance since then? What a doofus; if knew anything about money and economics, he'd know that the cause of the crisis is twofold: Consumers buying what they can't afford, and the Fed artificially beefing up the economy with more and more fiat money. Senator, if you want a sound education in economics, I'd guy buddy-up with Dr. Paul. I'm sure he'd happily let you in on how things really work.

All of a sudden he knows something about the economy?!

We dont believe you!!

Senator McCain has to do this to look like he has a clue about how to handle the American economy, but I think he's simply hoping and praying the housing mortgage crisis peters out. His economic experience is lukewarm to say the least. Right now, it seems just as important to elect a president who will address the economy with more regard than foreign policy (not to downplay this, but we have to take care of the house before we take care of our neighbor's). One interesting note, Bloomberg supported Senator Obama's economic plan. I trust Bloomberg when it comes to wise fiscal decisions, so that's certainly something to think about, isn't it?

"Lenders ended up violating the basic rule of banking: Don't lend people money who can't pay it back," not right John M. Borrowers ended up violating the basic rules of borrowing….don't borrow money you can not pay back and do not sign loan agreements you are too stupid to understand.

Jack if people would listen to Hillary maybe we can get out of the mess we are in. At least she is trying to find ways and I havent heard anything from the Obama group but critizing everything Hillary says/ At least McCain admits he doesnt know a lot about money matters I am sure Obama wont admit to any thing like that. Dorothy

Why does no one point the finger at the millions of people who took out loans on homes they should have never taken the risk in purchasing; why instead are the populists planning to force taxpayers to bail out the irresponsible, when those people should suffer and learn from the pain they inflicted upon themselves…

Actually, McCain just doesn't want the truth to be known. The companies, much to everyone wanting the bubble to not burst, and for some the importance of Americans being able to own their own homes, followed within the outlines given to them and while some might have pushed the envelope, no restrictions were written and sent down from the top….the govt. let it happen. Who is the top of the top of our Govt. today?? Well, you know McCain doesn't want to blame the TOP MAN nor his own party. But if you have listened to financial analyst, you will know the truth and it isn't going to be here by McCain. Regulations come down from the Feds all the time, but not here where it was needed and you just have to ASK, WHY NOT?

How about the economy? The lenders have been doing this long before the economy went bad. How about gas prices? How come oil companies are making record profits while everyone is working to pay for gas.

McCain said: "Lenders ended up violating the basic rule of banking: Don't lend people money who can't pay it back"

Can't argue with that, but some of the morons that took those next-to-nothing "teaser" ARM rates and are now in trouble when their rates entered the real world have to take their share of the blame also.

Gore/Obama '08

I think he must have listened to Hillary`s speech the other day and just made a copy of himself.

Another copier.

McCain is absolutely nuts. Hillary needs to hurry up and end her campaign so Obama can blow him outta the water.

"Blame" is a mute point by now. The government, under the Republican, Bush, and his cronies, let it happen and let the big shot "crooks" make money before their eyes. Bush loved "the rich" and It is continually unraveling before our eyes.

He simply does not get it. The problem is not that money was lent to people who cannot repay but that the republican handling of the economy has led to job loses and monster inflation that has turned stable borrowers into jobless and helpless debtors. Calling these borrowers irresponsible people who borrowed more than they can repay tells in a nutshell what to expect in a McCain presidency and believe me 'IT IS VERY SCARY'.

Blame Bush, Sentor MCsame. seven year of republican admistration is what got us to this mess.

HAVE YOU PEOPLE NOTICED HOW HILLARY AND HER BEST BUDDY McCAIN SEEM TO "MISSPEAK" EVERY COUPLE OF DAYS.

John McCain…I do believe you will get to the bottom of it. Unlike Hillary who wants to BAIL OUT EVERYONE…you or Obama either one will do WHAT IS RIGHT! Neither of you have special interst or lobbists to worry about.

One request…for God's sake start NOW…don't wait America needs fast action…we voters can also see exactly how the candidates will work to solve this problem.

McCain's correct, we the tax payers should not relieve the housing burden placed on us by those who speculated the prmoise of raising housing values.

I constantly hear of people complaining about their house payments. And hearing these, you have to wonder who the educated are that would extend themselves so far and how their loans were approved?

No, don't relieve self-imposed mistakes with tax-payer money. Use our tax-payer money to strengthen our infrastructure, health care, social security, education and bring our soldiers home.

I am still for Obama, but Mccain has a good thought here - the housing program was abused by the over-speculation of the market.

People bought houses they couldn't afford, and both democrats want to support them? That's just incentive for people to spend ridiculously, hit bankruptcy, and have the government bail them out. That's ridiculous.

McCain's been the first candidate to hit the nail on the head, and address the problem with an accurate solution.

For the candidate who "Doesn't know much about economics" he's the only one making sense.

Why did not they. THE REPUBLICANS say this when it mattered?
Just like the War in IRAQ. Who had the balls to speak up to the
cronies? No one. Many Americans could see the writing on the wall.
Why did'nt OUR TRUSTED OFFICIALS?????????????????????

"Clinton proposed giving mortgage service companies legal protections to allow them to help troubled homeowners, and she re-introduced an idea for a second economic stimulus package that would include $30 billion to help homeowners facing foreclosure." - I doubt these legislative
actions will help homeowners. The tax rebates are too small to have any meaningful effect and consumers will use the rebates for needless things. Legal protections for service companies may be counterproductive and may encourage corruption.

I am happy that someone has taken a stance. I'm tired of doing things right and staying within my own budgets to find out that my tax dollars are to go pay for people that spent more than they could afford.

The American people need to be responsible for their own actions just as much as banks and bank managers. Sometimes a quick buck today will cost you 10 next year, anyone in the banking industry understands risk and if the Government bails them out this time, what's going to stop them from doing it again?

Amen! If you make a bad busines decision, the Federal government should not bail you out with tax payer money. That's stupid!!!

No, no, no. The consumer, the one who signed the contract, is the person responsible to pay per agreement. No one forces buyers to go into debt they can't afford. The housing market is no different than credit cards or purchase of a car: you sign on the bottom line and you pay as agreed.

Problem is, so many of today's consumers have got the idea they don't have to live up to their contracts. Now where did that idea come from?

Why isn't the fact that John McCain not having been born in the Panama Canal Zone is running for president?

Embelishments on one's resume is one thing; changing the facts around ones birth place to run for President is another.

Coco Solo Hospital was not added to the Cana Zone until Dec 17, 1941 when McCain was 5 years old. Franklin Roosevelt Executive Order 8981.

Barry Goldwater was at least born in a US Territory; McCain Wasn't!

The government bailed out "Bears and Stern", and now McCain has the gaul to blame the mortgage crisis on the banks who loaned money to irresponsible people without skin. In addition he stated that the banks violated the basis principle of banking, "don't lend money to people who can't pay it back. All I can say is that, one man alone can be pretty dumb sometimes, but for real bonafide stupidity, there ain't nothing that can beat teamwork……banks….especially when they get greedy.

Good point–Banking/Lending 101.

McCain, what you dont understand is that if we dont address the foreclosure issue the value of these houses will continue to go down. It is a basic "supply and demand" idea. The more houses in the market, the lower the prices will be. If the government had regulated these practices in the first place we wouldnt be in this mess. Now, to just let homeowners go to foreclosure is a financial death sentence to the whole system. Many of these mortgages back other securities and that's why banks like Bear Stearns went down. Does McCain really want such a financial crisis in its hands when he goes against the Dem in November?

Typical Repulican, blame the Poor people for THEIR problems even after they make HUNDREDS of MILLIONS of dollars profit off of them. Those loans were CRIMINAL but you will never see that in the press.

Straight up Bait and switch!

JOHN The Great White. SHARK…

Will Gobble you up. Obama. ( Borackuda)

Has McCain ever being baptised?

McCain is partially correct…How about holding the lendees accountable for poor decision making by getting themselves into loans they can't afford and then getting foreclosed. The lenders are the ones left holding the bag for their bad call in lending money to high risk applicants….It takes two to Tango.

Especially disappointing is the decision by the Fed to bail out Bear Stearns….I want a government that holds individuals, and corporations alike, accountable for poor financial decision making. IT IS NOT THE GOVERNMENT'S RESPONSIBILITY TO UNDERWRITE YOUR STUPIDITY!!!

There is some validity to the argument that Congress brought this on themselves when they pressured the lending industry to make loans available to low income families allowing them to own a home.

Now we the tax payers have to bail out not only the lenders but the home owners. Whatever happened to personal responsibility? If you know you can't pay a loan it should not be up to the tax payers to bail you out.

Standard Banking scheme played out to its fullest
Credit Card rip off interest = loan shark
This is all part of the agenda
Why no government protection after all these years
Will he really do anything about it NO NO NO

Finally, a politician who tells it like it is. The blame for this mortgage mess rests with those crooked lenders who made these "fantasy" loans and the borrowers who no matter what they say knew they couldnt afford the house they bought and now both want the taxpayer to bail them out. I'm sick of seeing these sob stories on the news about the couple who are now living in a trailer because once their adjustable rate went up they couldnt pay the note and lost their house. They said they didnt read the paperwork and were not aware the rate could and would eventually go up. Too bad. You were greedy. You gambled. You lost. Get on with your life. It's not the end of the world although you may not be able to lease the Lexus you are used to. Same with the lenders. Too bad. If you go out of business oh well. I wish the other candidates would take this tone instead of pandering for votes.

All the candidates are convienently ignoring the fact that most of the sub prime loans that are now defaulting are government backed loans. When a loan is purchased from Fannie Mae, a mortgage lender is required to underwrite the loan to Fannie's standards. So it is not the mortgage lender's fault that these loans are going bad as much as its Fannie Mae's fault that allowed these loans to be purchased in the first place. Mortgage lenders will lend money to anybody if they know the federal government is willing to back it.

It's about time someone stands up to tell everyone to take responsibility for their actions, you borrowed the money, you pay it back, no bail out here. McCain a true american hero who could be in a WH race with a Mispeaking liar (with a history of it. hey but anything for a vote) or a person who sits by for 20 years while their preacher hates america and tells it! Easy choice for me! McCain all the way!

Well, they can pay it back by losing their houses, John. Like that's ever been a problem for you! The bottom line in a house mortgage deal is that if you can't pay the bank, they even up by having you sell the house. Same with cars; folks who aren't senators or ranking military officers have to offer to give up property in order to borrow money. I'm surprised you don't know that. Usually this works because the car, or house, is worth enough to pay most or all of the loan; but now with gas so high and the depression coming fast, cars and houses aren't worth so much. The banks were greedy, no doubt, and they have friends in both parties who will save them from losing their own cars or houses; but the real problem here is that Bush wrecked our booming economy. You rich people will notice it only when your maids can't afford taxis to get to your mansions.

McCain stated: """….Don't lend people money who can't pay it back,"""".

WOW…..and to think so many thought he knew little about ECONOMY…. go figure it!!!

Is it not a bit ironic that a member of the Keating Five would dare comment on mortgage lending practices?

Who gets to decide what actions are warranted when someone makes an "inappropriate" comment. Why is the comment about Hiliary being a monster more offensive than Richardson being called Judas, or implying Obama is not patriotic, or why is it OK for Hiliary to "mispeak" when it appears to be more of an outright lie? Isn't there a great injustice in our society when judgement can be applied so radically differently? For that matter, why are CNN commentators able to make comments that may be hurtful to someone's career - in effect they are judgements - yet others lose their jobs over similiar comments? We have become a society which gets more pleasure from seeing and inflicting hurt and destruction, than helping our fellow man succeed. Does an inspirational leader like Barack Obama even stand a chance?

AMERICAN DREAM DOWNPAYMENT ACT 2003
Lack of Congressional oversight and Bush Administration fight against States to Control Mortgage lenders through the courts is why Spitzer had to fall from grace and power.

Can anyone say Valery Plame Wilson?

Hey McBush… How about "predatory leders" looking to make a profit?

Well, this should certainly backfire in McCain's face. Does he think Americans are so stupid that we would forget that he has been in the powerful capacity of United States Senator for decades-and didn't see this crisis coming? Further, why wait until March 2008 to mention it? He neglects to mention that some of his biggest contributors are these mortgage corporations-thus his silence on the matter for so long.

Once again, McCain shows us he is nothing but an old politician who will say anything to get elected. I guess in some McCain supporters' minds, he is taking a stance. How comforting to know that McCain has a solution to help us save our homes while the illegals he is gonna open the borders to drive our property values all the way down.

Are we not a "Free Market" society? Hillary wants to redistribute wealth by bailing out those who acted irresponsibly to the tune of $30 BILLION.

That is right John If any body knows about sleazy money and banks ,you are well qualified to speak about it. REMEMBER THE KEATING FIVE IT APPEARS AS SOME GUY INVOLVED IN THATCROOKED DEAL WAS USING YOUR NAME, ALSO WHEN TRYING TO PULL A FAST ONE IN THIS ELECTION CYCLE. YOU KNOW ONE OF THE REASONS YOU KEEP COMING UP IN SLEAZY DEALS IS REALLY NOT STUPIDITY IT IS BECAUSE YOU ARE AWLWAYS TRYING TO INVOKE YOUR OWN STANDARDS WHICH DO NOT APPEAR TO BE TO HIGH.

First, Senator McCain is absolutely right. I calculated my budget, chose a house I could afford, and read my mortgage paperwork carefully. I am far from being a rich man, but I am a financially stable homeowner because I'm RESPONSIBLE.

Too many people in this country spend way beyond their means and then cry foul when they get so far in the hole they can't get out. I will not support a candidate who plans to use my tax dollars to give irresponsible people a better deal on their house than I got on mine.

Second, for all you left wing nuts blaming the current administration. It would seem to me that the Democrats have been running Congress for the past few years, and that's the primary source of legislation, NOT the president. Where were the proposals to address the shady lending practices? Answer: There weren't any until it became a crisis.

Remember when you point a finger, there's three more pointing back at you.

Whether or not you plan to support his candidacy, you can trust John to tell it like it is and demonstrate the courage to hold the right people responsible. Say what you will about him, but he is no George Bush.

I couldn't agree more. I have worked my entire life, saved my money and avoided debt. Someone should explain why my tax dollars should go to bail out someone who chose to buy a home they couldn't afford in the first place.

There is also a good borrowing rule:

Never borrow money at rates you can't afford or with terms and conditions that will set you up for financial ruin.

The government shouldn't be bailing out the banks nor the consumers who took advantage of loose money dangling from the end of a clearly labeled "noose".

Mr. McCain knows next to nothing about the economy. He even admitted it. He has people whispering things to him. He misspeaks everyday.
Somebody needs to whisper to McCain that we have had 7 years of fiscal irresponsibility committed by this administration and the Republican party.

A few words for McCain to keep in mind:

SAVINGS & LOAN SCANDAL

KEATING 5

Righ on Gary…

It's tough enough to take care of my own financial responsibilities–without pissing away my grandchildrens future to Government debt in order to bail out banks and consumers who were irresponsible.

Well the media is marketing the myth it is the home buyer at fault.
Get a grip the criminal in the mortgage scam are complicit with Wall Street.
The big lie is we bail the big guys Bear St earns and the homeowner who was SCAMED goes broke. NO HOME!

Why even vote in any election, we are run by big biz who own the mere politicians!
I am giving up on this fiasco, we are doomed.

Great, Mr. McCain. You don't see helping the average Joe, but bailing out Wall St. makes sense. More corporate welfare is exactly what we need right now. Applying the same thinking to this issue that you apply to Iraq, I would expect you to say something like "we're in this mess now so let's not waste time rehashing how we got here. Let's just do what we have to do to to fix it". You certaily didn't say that. With the economy not being your strong suit, could it be that you don't know how? Sounds like more Bush talk to me. I suggest we help our economy by getting out of Iraq. Spending $5,000 per second in that war is nonsense. BTW, my true patriot is my son who is expected home from his third one-year tor in Iraq soon.

Hey McBush how about Record job losses you think that might have something to do with it .

Another brain dead Republican

I agree totally with those who place blame on the lenders AND the borrowers. The lenders knew exactly what they were doing. It doesn't take a rocket scientist to figure out that a person with poor credit, not enough income to purchase a McCastle, and no hope of quadrupling his/her income is a very poor credit risk; but they were willing to take a chance. The borrowers, on the other hand, must have been oblivious (or stupid) to get in that far over their heads. The American taxpayer (Democrat or Republican) should not have to bail them out. These were business deals…signed, sealed and notarized.

Amen. It's about time somebody spoke up with this sentiment. Just becasue one wants it doesn mean he/she can have it. That is why I live in a condo, not a mega masion, although I want and feel I deserve it.

Amen Future President McCain!

McBush has no idea what he's talking about. He's just been spoon-fed a bunch of jargon he doesn't even understand from every adviser under the sun. He will be absolutely crushed matching wits with the Dems over the ecomomy. I'm pretty sure he thinks al-Qeada caused the housing market crash.

I blame the idiots who signed on the dotted line. The American public shouldn't reward stupidity.

Hey, I saw McCain wink when he was giving this speech. In fact, I saw him wink twice.

I'm sick and tired of paying for other people's mistakes. The notion of "common good" belongs in Socialist countries, not the United States.

It's bad enough our taxes are progressive and not flat (starting after a certain point). The government should NOT bail out the mortgage companies. The two entities at fault for this crisis are the mortgage companies and the borrowers. If the borrowers had been intelligent about the loan they chose and didn't exceed their lifestyle, the crisis would have been avoided.

Constantly bailing out people who make mistakes (whether it's the poor or people borrowing more than they can afford) is far too expensive and SHOULD NOT be paid by those who are responsible, pay too much in taxes as it is and do not leech from the system.

There is NOTHING offensive in the preceding post. If it does not appear, CNN is doing a great job of keeping the comments on the track they think it should be on.

Don't listen to Hillary. She lies. The proposal she came up with was initiated by Senator Dodd. She stole it. SHe'll so anything to get in office. The proposal is good. But it's not hers.

I am tired of getting people out of jams that they put themselves in to. If they speculated on the stock market or wasted their money on lottery tickets, we would not be bailing them out, so why this. McCain hit the nail on the head, but people always want to blame someone else for their own stupidity.

John nobody should suffer and become homeless. Be very careful how you judge people. You may find yourself in their shoes someday. If we as a people could protect ourselves from the bad judgements we make there would be no need for police, local, state and federal gov't nor would we need jails. People make wrong decisions and there are always criminals out their to take advantage of that. I hope you learn your lesson from all of the wrong decisions you've made in your little life.

Perhaps John McCain should ask Barack H. Obama to be his Vice-

President since they both do not have any solutions to any of the real

problems that will face them if they get into the office. All they are both

capable of doing is pointing fingers.

Hillary Rodham Clinton is the only true capable person to be the next president of America….

WAIT A MINUTE!! Senator McCain is once again not grasping the entire situation. Along with alot of you that have NO IDEA what it is to dream of something like a home and have that dream used AGAINST YOU!!! I am 52 years old and I can remember a time when if you didn't have 10% CASH to put down on a house. YOU DID NOT GET ONE. Then they lowered it to 5%, a few years ago it went to 0%. On top of that some of the lenders were actually putting the income of the potential buyers HIGHER than what they actually earned!! This is what you call making money on another persons weaknesses. The government knew this was happening and they could have stepped in and put in some MINOR restrictions. That is one of the purposes of a government to protect those people who can be easliy taken advantage of, and they didn't. You CAN NOT trust business to regulate itself…JUST WON"T HAPPEN!!!

McCain's point is what the banks have argued. You have to remember the Gov't is very involved with the interest and bank loans. This Gov't has become bigger spender than Hillary's Bosnia trip. To think that McCain will now blame the same people who has funded him in the past, just lets me know they refused him this time around. It's sad to see how He hasn't mentioned on how to penalize the banks who were giving out the loans. The banks is just at fault, but then again how can you blame the homeowners who lost their jobs/careers to NAFTA (which Hillary sat in on for strategy), Market up for grabs, and isn't funny how we can blame homeowners? How about the US Gov't deciding to borrow the billions of dollars from China? What's the interest on that?

"…the oil companies are gouging the little guy…" (speculators and the declining dollar actually cause the price jumps) "…the rich mortgage bankers took advantage of the poor American…"(people are willing to risk everything to have more than they can truly afford) "…the governemnt needs to protect us…" (can you say "personal responsibility" ?) This garbage has been spewing out of people's mouths as usual, with no one willing to accept responsibility for creating their individual messes. I continually see young families driving HUGE SUVs, living in huge, luxurious homes, and eating in restaurants 5 days a week. An entire generation has created and lives in their personal "house of cards". They get what they deserve.

The fact remains that the lenders are responsible to the investors who purchase these loans to ENSURE that this money is being lent to the QUALIFIED borrowers.

I really don't care how many silly borrowers lose their homes. What I care about is how horrible our economy has become because of lazy and greedy lenders.

Also there were a ton of these lenders who were serioulsy hoodwinking the uneducated, so even on the lost home front, it's not the borrowers fault.