Housing crisis at Brave New Films

John McCain: Speech 09/19/08

2008-09-30T12:48:41Z

John McCain
Speech
Green Bay, WI 09/19/08

TRANSCRIPT:
JOHN MCCAIN: That kind of accountability, and responsibility, is missing in Washington today. That's why I believe that the chairman of the FEC should resign and leave office and be replaced. [applause]

LABEL: JP SP MI 09-19 (LR#10) G - ClipA - LS

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John McCain: Speech 03/25/08

2008-09-26T14:47:08Z

John McCain
Speech
Santa Anna, CA 03/25/08

TRANSCRIPT:
CCAIN: I think we need to do two things right away. First, it is time to convene a meeting of the nations accounting professionals to discuss the current mark to market accounting systems. We are witnessing an unprecedented situation as banks and investors try to determine the appropriate value of the assets they are holding and there is widespread concern that this approach is exacerbating the credit crunch.

We should also convene a meeting of the nations top mortgage lenders. Working together, they should pledge to provide maximum support and help to their cash-strapped, but credit worthy customers. They should pledge to do everything possible to keep families in their homes and businesses growing. Recall that immediately after September 11, 2001 General Motors stepped in to provide 0 percent financing as part of keeping the economy growing. We need a similar response by the mortgage lenders. Theyve been asking the government to help them out. Im now calling upon them to help their customers, and their nation out. Its time to help American families.

LABEL: JM CA 3-25 (JC#121) AGZZ - ClipO

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John McCain: Town Hall Meeting 09/15/08

2008-09-24T14:48:57Z

John McCain
Town Hall Meeting
Orlando, FL 09/15/08

TRANSCRIPTION

JM FL 09-15 (LR#5) GE - ClipD - LS

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Sarah Palin: Rally 09/15/08

2008-09-24T14:48:57Z

Sarah Palin
Rally
Golden, CO 09/15/08

TRANSCRIPT:
SARAH PALIN: "...Im glad to see that in this case the Federal Reserve and the Treasury have said no to using taxpayer money to bail out another one, this time Lehman Brothers. Every effort has to be made now of course, to ensure the accounts and deposits of hard working Americans, that those investments are protected. This crisis happened for several reasons, which have to be addressed right now. Guys and Gals our regulatory system is outdated and needs a complete overhaul. Washington has ignored this. Washington has been asleep at the switch and ineffective. And management on Wall Street has not run these institutions responsible and has put companies and markets at risk. They have placed their own interest first instead of their employees and the shareholders who actually own these companies. So John McCain and I we are going to put an end to the mismanagement and abuses in Washington and on Wall Street, which have resulted in this financial crisis. We are going to reform the way Wall Street does business and stop multimillion dollar payouts and golden parachutes to CEO's who break the public trust. It is so important that the US, we have got to remain the strongest financial market in the world it must be the market that the American people and investors everywhere can trust. So restoring the integrity and the confidence and the leadership in our markets and in our government is essential. This is going to be one of the highest priorities of our administrations..."

LABEL: SP CO 09-15 (LR#4) CG - ClipA - LS

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John McCain: Rally 09/15/08

2008-09-24T12:49:05Z

John McCain
Town Hall
Orlando, FL 09/15/08

TRANSCRIPT:
JOHN MCCAIN: A little straight talk, as you know, as you well know, were seeing tremendous upheaval on Wall Street. The American economy is in a crisis. It is in a crisis. People tonight will be sitting around the kitchen table, trying to figure out how theyre going to stay in their homes how theyre going to keep their job, how theyre going to put food on the table and America is in a crisis today. And unemployment is on the rise and our financial markets are in turmoil. People are concerned about our economic future. But let me say something: the economic crisis is not the fault of the American people. Our workers are the most innovative, the hardest working, the best skilled, the most productive, most competitive in the world. Thats the American worker. And my opponents may disagree but those fundamentals, the American worker, their innovation, the entrepreneurship, the small business, those are the fundamentals of America and I think that they are strong. But they are being threatened today. Those fundamentals are being threatened today because of the greed and corruption that some engaged in Wall Street and we have got to fix it. We have got to reform the way that they do business and frankly my friends, our workers have been the strength of our economy and they remain the strength of our economy today. And those fundamentals are threatened, they are threatened and at risk because some on Wall Street have treated Wall Street like a casino. So, were going to fix it.

LABEL: JM FL 09-15 (LR#5) GE - ClipA - LS

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John McCain: Town Hall 09/15/08

2008-09-24T12:49:05Z

John McCain
Town Hall
Orlando, FL 09/15/08

TRANSCRIPT:
JOHN MCCAIN: The American worker, and their innovation, their entrepreneurship, the small business, those are the fundamentals of America and I think they're strong. But they are being threatened today, those fundamentals are being threatened today because of the greed and corruption that some engaged in in Wall Street and we have got to fix it. And that- we have got to reform the way that they do business and, and frankly my friends, our workers have been the strength of our economy and they remain the strength of our economy today. And those fundamentals are threatened, they are threatened and at risk because some on Wall Street have treated Wall Street like a casino. So, we're going to fix it. But their efforts are not being matched at the top, from Washington to Wall Street, the top of our economy is broken. We've seen self-interest green, irresponsibility, and corruption undermine these hardworking American peoples, the fundamental of America. We're going to put an end to the abuses in Washington and on Wall Street that have resulted in the crisis that we are seeing unfold today. Enough is enough. Enough is enough. We're going to reform the way Wall Street does business and put an end to the greed that has driven our markets into chaos. We'll stop multimillion dollar payouts to CEOs who have broken the public trust. And we'll put an end as I said to running Wall Street like a casino. We'll make businesses work for the benefit of their shareholders and their employees, and we'll make sure your savings, IRAs, 401k, and pensions are protected. So, and my friends, one of the things we have to do is we have a regulatory system in Washington today that was designed in the 1930's and there's an alphabet soup of different agencies and they have to be streamlined, they have to be consolidated, and they have to be effective. And those regulators have been asleep at the switch and we've got to fix it. There's a lot of other things we've got to do, as well. But have no doubt, that we have still have the most productive, the most innovative, the most entrepreneurial, the best workers in the world who reside in the United States of America today. And we've got to give them a chance. And honor those fundamentals.

LABEL: JM FL 09-15 (LR#5) GE - ClipB - LS

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Sarah Palin: Rally 09/06/08

2008-09-12T12:47:13Z

Sarah Palin
Rally
Colorado Springs, CO 09/06/08

TRANSCRIPT:
SARAH PALIN: [...] A man with such strength of heart understands people, and the problems that we're all facing these days. He understands what to do about job losses and high energy prices and mortgage failures, the problems faced by hard-working, middle-class Americans--all of us! And that's why John McCain has been calling for years to reform things and cut bureaucracy, even at the lending agencies that our government supports. The fact is that Fannie Mae and Freddie Mac--they've gotten too big and too expensive to the taxpayers. (cheers) The McCain-Palin administration will make them smaller and smarter and more effective for homeowners who need help.

LABEL: JM SP CO 09-06 (SD#33) USGK - ClipB - LS

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Obama on Freddie-Fannie:Must Protect Homeowner Not Lobbyists

2008-09-26T22:47:42Z

Barack Obama holds a press conference to address the potential government takeover of Freddie Mac & Fannie Mae mortgage companies laying out three benchmarks the government intervention must meet.

"First, any action we take has to be focused not on the whims of lobbyists and special interests worried about their bonuses or hourly fees but, whether it will strengthen the economy, help stablize the housing market, and whether it will help struggling homeowners who are also being hit by lost jobs, stagnant wages," Obama stated.

According to WaPo, the intervention would be the most significant takeover since the housing crisis began.

http://online.wsj.com/article/SB122072588739407007.html?mod=googlenews_wsj

"Any move by Treasury would represent perhaps the most significant intervention by the government in the financial industry since the housing bust touched off turmoil in the credit markets a little more than a year ago. From the $168 billion economic-stimulus package in February through the bailout of investment bank Bear Stearns Cos., the Bush administration and the Federal Reserve have taken an increasingly aggressive stance in responding to what has become one of the worst financial crises in decades.

Fannie and Freddie are vital cogs in the U.S. housing market. Their troubles have threatened to worsen the bursting of the housing bubble, which has led to a surge in foreclosures.

A Treasury intervention could help Main Street borrowers by keeping interest rates on mortgages lower than they would be in the event of continued instability."

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US Rep G.K. Butterfield (NC) & Dan Blue: McCain Out of Touch

2008-09-10T08:47:29Z

Congressman Butterfield and State Rep Dan Blue hold a press conference in North Carolina on McCain's Housing Crisis.

"Senator McCain is not in touch with the American people," Butterfield said.

"If you own so many that you can't keep up with them," Blue said, "then you ought to make an effort to see what regular people are going through."

The Obama Camp has surrogates in a number of states holding press conferences on how out of touch McCain is in response to McCain's recent housing crisis.

McCain did not know how many houses he and his wife own, when asked by a Politico reporter. "I'll have my staff get back to you on that," McCain replied.

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John McCain: Speech 03/25/08

2008-08-28T12:52:50Z

John McCain
Speech
Santa Ana, CA 03/25/08

TRANSCRIPT:
JOHN MCCAIN: 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. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

In our effort to help deserving homeowners, no assistance should be given to speculators. Any assistance for borrowers should be focused solely on homeowners, not people who bought houses for speculative purposes, to rent or as second homes. Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't. I will consider any and all proposals based on their cost and benefits.

LABEL: JM CA 3-25 (JC#121) AGZZ - ClipM

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McCain's Too Out of Touch to Realize He's Out of Touch

2008-10-07T15:29:12Z

Leave it to Republicans to stick to their misguided talking points at all costs—a hobgoblin of little-minded spokesmen. Yesterday, we released McCain's Mansions, a short video juxtaposing John McCain's many multi-million dollar homes with the plight of Eileen Gillis, a systems engineer forced to take a second job as a sales clerk in order to make mortgage payments on her house. (Spoiler alert: Gillis, like many Americans, can't prevent foreclosure.)

The video caused a firestorm, spreading so rapidly by so many viewers on-line that it caught the attention of The New York Times, The Washington Post and other major news outlets. The video even prompted Alex Conant, spokesman for the Republican National Committee, to reply: “Considering Barack Obama lives in a multi-million dollar house bought with the help of his buddy, Tony Rezko, who is now a convicted felon, it’s odd that Obama’s supporters would choose to make the candidates’ homes an issue.”

What's so deceptive about Conant's statement is the sly but now standard Republican sleight of hand. Any time progressives mention McCain's ten luxurious homes, Republicans can make such uber affluence vanish, replacing it with Obama's minor Rezko connection. Bravo!

Only this time we're not falling for it. The point of creating McCain's Mansions was to illustrate the Grand Canyon-sized chasm between McCain's elitist world and the economically-crippled one in which the majority of us struggle to live. It's a chasm McCain could probably see from his wife's personal jet that flies him around the country, except that he has the shade drawn.

Meet the Bloggers with Senator Bernie Sanders

2008-10-07T16:52:01Z

Join us: meetthebloggers.org

Michael Moore will be the guest next Friday, August 22nd at 1pm ET.

On this week's Meet the Bloggers, Sen. Bernie Sanders (I-VT) talked about the collapse of the middle class in our country, the growing class war, and ways of ending the economic crisis.

Sen. Sanders was joined by bloggers, including Isaiah Poole (Campaign for America's Future) and Amanda Logan (Center for American Progress).

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Meet the Bloggers: Isaiah Poole Explains How We Got into an Economic Crisis

2008-10-07T16:49:00Z

On Meet the Bloggers, Isaiah Poole discussed how our country got into an economic crisis in the first place.

Meet the Bloggers airs live every Friday at 1pm ET. But if you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

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Meet The Bloggers: Isaiah Poole Proves a Class War Exists

2008-10-07T16:48:59Z

On Meet the Bloggers, Isaiah Poole suggested the middle class had been a major casualty of the class war.

Meet the Bloggers airs live every Friday at 1pm ET. But if you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

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Meet the Bloggers: Amanda Logan Says U.S. Families Unable to Afford Emergencies

2008-10-07T16:48:59Z

On Meet the Bloggers, Amanda Logan (Center for American Progress) said many American families can no longer afford to handle health or unemployment emergencies.

Meet the Bloggers airs live every Friday at 1pm ET. But if you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

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Meet the Bloggers: Amanda Logan Wants Progressive Policies to Fix Economic Woes

2008-10-07T16:48:59Z

On Meet the Bloggers, Amanda Logan (Center for American Progress) says we need progressive policies to fix our economic woes.

Meet the Bloggers airs live every Friday at 1pm ET. But if you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

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Meet the Bloggers: Bernie Sanders on the Collapse of the Middle Class

2008-10-07T16:49:00Z

While the corporate press has been busy covering political mud-slinging and Paris Hilton ads, Meet the Bloggers focused on the real issue facing the majority of Americans: the economic crisis. Not only is the middle class in our country collapsing, but Bushonomics have left us on the verge of stagflation. Millions of Americans who can no longer afford health insurance, gas for their cars, mortgage payments, and credit card bills are sinking below the poverty line.

As special guest Sen. Bernie Sanders (I-VT) indicated, our country is in the midst of a class war, and both the politicians and the media need to wake up and look at the causes of this crisis, such as the Bush administration's war in Iraq, its no-bid contracts, tax cuts for the wealthy.

Sen. Sanders was joined by show host Cenk Uygur, and bloggers Isaiah Poole (Campaign for America's Future) and Amanda Logan (Center for American Progress) for a must-see debate about ways to get us out of this crisis. If you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

Meet the Bloggers airs live every Friday at 1pm ET, and next week's guest will be will be Michael Moore, the Academy Award-winning creator of SiCKO and Fahrenheit 9/11, and author of the forthcoming Mike's Election Guide 2008. Better get your questions ready!

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Meet the Bloggers: Bernie Sanders Calls for Corporate Media Reform

2008-10-03T12:49:56Z

On Meet the Bloggers this week, Sen. Bernie Sanders (I-VT) claimed that we must both support alternative media and reform corporate media so that we stay informed about real issues like the costs of the Iraq war, as opposed to hearing only about Paris Hilton and Britney Spears.

Meet the Bloggers airs live every Friday at 1pm ET. But if you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

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Meet the Bloggers: Bernie Sanders on Why Bush Won't Help Working Families

2008-10-03T12:49:56Z

On Meet the Bloggers this week, Sen. Bernie Sanders discussed why the Bush administration is spending $515 billion a year on the military and giving tax breaks to the rich, while working families face economic hardships.

Meet the Bloggers airs live every Friday at 1pm ET. But if you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

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Meet the Bloggers: Bernie Sanders Wants a Media Revolution

2008-10-07T16:49:00Z

Sen. Bernie Sanders (I-VT) praised Meet the Bloggers for tackling the real issues that the corporate media doesn't want to cover.

Meet the Bloggers airs live every Friday at 1pm ET. But if you missed the episode, you can always watch it in full at http://meetthebloggers.org/.

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John McCain: Rally 01/18/08

2008-08-18T12:55:40Z

John McCain
Rally
Mt. Pleasant, SC 01/18/08

TRANSCRIPT:
JOHN MCCAIN: My friend Phil Gramm and I have been known each other for more than 25 years. We served together in the house, we served together in the senate. We, uh, I, I respect no one more in America on the issue of economics and others than I do of Phil Gramm. And I want to tell you, back in the 1980s, we were foot-soldiers in the Reagan Revolution and we cut taxes but we cut spending. We cut spending back then. And we saved the taxpayers' money and we, unfortunately, did not learn that lesson from . . . all of the legislation that cut spending as well as taxes my friends. I rely on Phil Gramm for many things but as an economist, he is without peer. I thank him for his friendship. [applause]

LABEL: JM SC 1-18 (JC#85) GHRZZ-miscA

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John McCain: Town Hall 07/18/08

2008-08-18T12:55:40Z

John McCain
Town Hall Meeting
Warren, MI 07/18/08

TRANSCRIPTION
JOHN MCCAIN: Yessir.

QUESTIONER: When I came to work at General Motors, gas was 19 or 20 cents a gallon, didn't get more than 15 miles to a gallon. The industry has changed so that everything is getting 30 miles to a gallon, and there has been very little done with the housing market. The builders that are building housing today are building houses like they did in the 40's, and everybody that lives here probably spends as much on their house payment and their gas payment as they do driving a car, and they don't do anything to encourage people on their own houses. You can drive down the street with an infrared camera and tell who's spending 5 and 600 dollars a month on their electric and gas bills. And if there was something you could do to make that easy for everybody to fix their own houses.

MCCAIN: I believe that one of the things the federal government could lead in is impose standards in federal buildings, those that we lease and build and that we own, that would make them more energy efficient. I believe we should provide tax credits to any American that's willing to make their home or the homebuilders who build the homes that are more energy efficient. We've got to place incentives for doing so. And it goes back to, obviously, as you know, our greater dependence on foreign oil and lessening that dependence. I also think that it'd be very important for we as Americans to conserve a little more. I know that we can all do that without- you know- turn off the television set when you leave the room, etc. But I also think that one of the challenges Americans have today, if I could just mention this aspect of it, is not only making their homes fuel efficient, energy efficient, staying in their homes, there's thousands and thousands and thousands of citizens in this state who can't afford their payments to stay in their homes, and I don't think we've fixed the problem. One thing I'd like to see us be able to do is for you to be able to go down and get a thirty-year FHA guaranteed mortgage on your home at the new value of your home. My friends, this value of homes continues to go down as you all are so painfully aware, and we got to hit bottom some place. Then, it's going to start up again because I believe America's best days are ahead of us. But I want Americans to be able to right now tonight at the kitchen table saying, "We can't afford our home loan payment, our mortgage payment, be able to go down and apply for a thirty-year guaranteed fixed mortgage payment, fixed interest payments, at the new value of their homes so they can stay in their homes. Then I want to incentivize them and make them energy efficient. Did you want to follow up?

QUESTIONER: I just built a new home and I can't sell the old home that I had and I was forced into a jumbo mortgage and they charge extra interest just because it's beyond a certain point; it doesn't matter whether or not you capable of paying the loan or not. And because Michigan's got such a low cost for the average house, anything that they would pass doesn't affect that bottom line, it's way below what it needs to be. You need to raise the jumbo loans and make them all the same interest rate.

MCCAIN: Well, again, as you say, the values of homes in Michigan and across this country have dropped dramatically, and so you ought to be able to make payments at the new value of your home. And get a guaranteed mortgage to do so. But second of all, I would point out, that if we don't keep people in their homes, then that is the essence of the American dream. And I think the first thing we've gotta do is make sure you can afford your home loan mortgage payment. But second of all, you've got to fix this problem. I wonder how big the document was that you signed. Why should it be 50 or 60 pages? Why shouldn't there be in big print, at the bottom of that page, I understand this document. And why shouldn't we be going after people that unscrupulously preyed on people who otherwise were not aware of the many terms of the very thick document and preyed on people that were not prepared in any way to meet the conditions of those loans. And those people oughta be punished and punished severely.

CLIP LABEL: JM MI 07-18 (JR#63) AKG - ClipG

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McCain: Town Hall 07/18/08

2008-08-09T16:23:28Z

John McCain
Town Hall Meeting
Warren, MI 07/18/08

TRANSCRIPTION
JOHN MCCAIN: Yessir.

CLIP LABEL: JM MI 07-18 (JR#63) AKG - ClipG

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Freddie Mac predicts more pain

2008-09-25T12:40:32Z

Aug 6 - The housing turmoil is still ongoing, but mortgage related losses are just beginning, home financing giant Freddie Mac told investors after posting another quarterly loss.Blue chips rose 40 points to 11,656. The S&P 500 gained 4 points to 1,289. The Nasdaq jumped 28 points to 2,378.

Crude oil lost 59 cents to finish at $118.58 a barrel.

Conway Gittens reports from New York.

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Foreclosure Prevention Begins at Home

2008-10-03T05:45:32Z

Congress has probably done all that we can expect to prevent foreclosure with the housing bill passed last month. Because of its poor design, the Congressional Budget Office projects that it will only help 260,000 families facing foreclosure.

This bill also gave Fannie and Freddie a pass, bailing out its stockholders and its hugely overpaid and incompetent managers (competent managers don't put companies into bankruptcy) while imposing no real conditions on these companies' conduct. Congress only imposes conditions when the issue is welfare for poor people.

Among other things, Congress could have required that Fannie and Freddie follow the model that Sheila Bair of the FDIC is pursuing following its takeover of the bankrupt subprime lender IndyMac. She has stopped foreclosures on IndyMac's mortgages and is trying to arrange workouts with homeowners.

There is also Representative Raul Grijalva's Saving Family Homes Act, which would give homeowners facing foreclosure the option to stay in their home for up to 20 years as renters paying the market rent. But no one expects Congress to pass this one any time soon.