McCain’s Last Minute Deal Breaking Plan (UPDATED)
For 26 years, John McCain was a deregulator. When it became obvious that deregulation was in part or mostly responsible for the money market meltdown, last week John McCain revised history and became the universe’s greatest regulator and champion for the working people. And now, at the least minute, when a bipartisan deal was imminent, and while McCain’s poll numbers were tanking, what does McCain do?
He “suspends” his campaign, announces he is too scared to debate, and then destroys the negotiations with the following alternative plan calling for…wait for it…. MORE CORPORATE TAX BREAKS AND LESS REGULATION.
[youtube]http://www.youtube.com/watch?v=J0663DHLr58[/youtube]
KATIE COURIC: And, Bob, I understand that John McCain actually floated an alternative plan. What can you tell us about that?
BOB ORR We’re told at the White House Senator McCain offered an alternative plan that would include fewer regulations and more corporate tax breaks for businesses, kind of a private solution. But we’re also told those ideas angered and surprised Democrats like banking chairman Chris Dodd who now says he thinks the White House summit was more of a political stunt for McCain.
UPDATE: From ABC News:
ABC News’ George Stephanopoulos Reports: Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting, sources say.
Paulson walked into the room where Democrats were caucusing after today’s meeting at the White House and pleaded with them, “Please don’t blow this up.”
Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee was livid saying, “Don’t say that to us after all we’ve been through!”
House Speaker Nancy Pelosi said, “We’re not the ones trying to blow this up; it’s the House Republicans.”
“I know, I know,” Paulson replied.
House Republicans are ideologues. They are committed to the discredited and failed notion that more tax giveaways to the rich and to big business, and more deregulation, and no government is the solution to all problems. So they could not help themselves. They had to offer this plan, a plan whose ideological underpinnings are responsible for this mess in the first place. And McCain jumped right in and threw his support behind the House Republican plan at the meeting, according to several sources. So we now know without a doubt where McCain stands. He wants more economic disaster, not less. He wants more war, not less.
WTF? Now, I am speechless.
Can this be true? Fewer regulations? Corporate tax breaks?
Oh please, please, please make it so. For if this is true… McCain is toast.
Ha!
I was just writing about this. Although I note that Armbinder is reporting that the proposals aren’t McCain’s, they are the House GOP’s and Paulsen is not hearing any of it.
This is actually the Rush Limbaugh position. This was caused by TOO MUCH regulation. ZOMG
How does McCain think his idea is acceptable to anyone outside of the Wall Street elite-CEO’s? His campaign is now officially fucking laughable.
LG, WTF are you doing listening to Limbaugh? I don’t know if I can be seen in public with you ever again…..
So instead of McCain coming in and saving the day, he came in and torpedoed the week of work. So mavericky!
Really, is he crazy? Does he really want to lose? I was not super crazy about the bailout but I can not have imagined this!
I guess that means Sarah will not be able to debate on October 2, which was his plan all along.
The weird thing is that the House GOP resorts to its ideology and completely ignores that the problem is supposed to be — and that is no money to lend to anybody. Tax credits and so on don’t produce any money to finance a payroll tomorrow.
I have to say that Obama has a great opportunity in his Town Hall meeting tomorrow (I think McCain is definitely bailing) to explain how deregulation led to this mess and can contrast with the McCain proposal.
Yes, I am ashamed. It is good to know what the enemy is saying, though.
Here’s my prediction:
McCain will show up and he will be on a hair trigger because this backfired. He will lash out at Obama and lose the debate.
Then he drops out on Wednesday.
And be replaced by who? Palin? hahahaha
Holy crap. They’ve totally given up on adulthood.
Republicans now want to cut capital gains?
Are you watching what I’m watching, J? Barney Frank
OK… admittedly this sounds crazy, but has anyone thought about the possibility that this may be some sort of political kabuki theater where McCain is going to demonstrate his maverickishness by having a very public split from Emperor Bush?
Yes, it is really possible. People don’t want to pay Wall St this money…
he may stumble into it…but I don’t think the Dem Majority is going to let him have the victory nor is the Press
Actually, if you read the plan, you’ll find things in there that are desperately needed, specifically transparency, oversight and reform.
I actually agree with Dave that transparency and oversight is needed, and any bailout must include, among many other things, punitive provisions for oversight and reform.
I thus take it, Dave, that you oppose the House Republican plan, correct, for it amazingly calls for less transparency and oversight.
Sounds like Pelosi can’t put aside partisan politics in order to get things done.
And Pandora – We absolutely should cut capital gains tax.
Mike…do you even live in the real world? Who blew up the bipartisan deal last night? Not Pelosi. She was willing to deal. It was the House Republicans who were unwilling to deal.
I mean, when you say stuff like that, which is at odds with everything in the paper, on TV , on the radio, and on the internet, it makes you look like an idiot or a liar.
um, what Paulsen is proposing is sort of a reverse capital gains tax. In effect he is cutting capital gains tax below zero.
It’s like EITC for Wall Street.
You sell your investments to the government, and we will pay you what they are worth, and throw in some vigorish just to keep you in an investing mood.
DD – I know Repubs rejected the plan, and with good reason, since it contained the same kind of crap that got us into this mess in the 1st place…….funding groups like ACORN
http://hotair.com/archives/2008/09/26/the-democratic-acorn-bailout/
heh – hotair.
pravda of the right.
Fine Von, then just read the linked portion RE: Dodd’s proposal to fund ACORN and the housing trust.