McCain Deals Obama A Face Card

2008 debate

Republican presidential nominee John McCain (L) and Democratic presidential nominee Barack Obama (R) arrive on stage for the first presidential debate September 26, 2008 in Oxford, MS. AFP PHOTO /Paul J. RICHARDS/AFP/Getty Images

WITH SO MUCH ON THE LINE, for America and the world, the debate that matters most right now is taking place in the United States Capitol—and I intend to join it. Senator Obama is doing the same. America should be proud of the bipartisanship we are seeing."

A true leader spoke, when yesterday Obama was playing politics, and today, when Candidate McCain could have buried his opponent with a nod to the facts of Obama's latest absentee snarkyness as this financial crisis consumes everyone but the Chosen One himself, he once again takes the high road, dealing him a face card instead! Concerning the blogosphere debate on which candidate will get a bigger bounce from this fiasco, I think it is too early to tell, but if McCain is dealing Obama a face card by trying to include him in a bi-partisanship maneuver, it can also still be said that he nevertheless controls the deal.

Folks, as the calendar winds down to Election Tuesday, you will have the opportunity to cast your vote for a myriad of third party hopefuls, or to select one of the two major party choices—opting for a proven leader who puts his nation and his honor consistently to the test or settling for a political opportunist who ducks and dabbles in the very worst form of Chicago machine politics...

For more on this meltdown, specifically the public rebellion against a Federal bailout, check out this George Stephanopoulos article comments page. Maybe this bailout should be killed by any means necessary, but I still believe some sort of Federal poop scoop is necessary in terms of stabilizing the global markets. I am hoping Senator McCain comes out against it unless a total reorganization with full and absolute accountability for the industry culprits is reached.

Truth has consequences, no matter how many face cards the player may hold. Why are we dishing it out for Wall Street again? Wouldn’t it be much cheaper and far more fair to all concerned—especially the taxpayers—to simply quarantine the bad loans and renegotiate with the home owners rather than risk of total devaluation and replacement of our currency? Surely this is not the clandestine but moderately hyped amero caper already on the scene reporting for duty, is it?

Does it mean that each and every asset that is sold at a profit with taxpayer funds will result in 20% being stripped from the public and put into the hands of private organizations such as ACORN, regardless of how many other toxic assets result in total loss to the public e.g. of billions of dollars? If so, it is ensured that this “bail out” will never be in the public interest, but indeed does have Obama's socialist fingerprints all over it. Take a gander at this language in the bill:

  • TRANSFER OF A PERCENTAGE OF PROFITS.
  • 1. DEPOSITS. Not less than 20 percent of any profit realized on the sale of *each troubled asset* purchased under this Act shall be deposited as provided in paragraph (2).

    2. USE OF DEPOSITS. Of the amount referred to in paragraph (1)

      a. 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
      b. 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
  • REMAINDER DEPOSITED IN THE TREASURY.
  • All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.

Oh, I see. It's crystal clear now. Let's funnel more graft to the ACORN nuts. Why? Because they are under investigation in several states right now for voter fraud, and they must need the cashflow. Guess the name of their attorney not so long ago or far away? Yep. That very same handsome and articulate Barack Obama—now the unmitigated darling of the DNC, the MSM, his babbling minions, Himself, and his Chicago-styled Revolutionary Guard (not necessarily in that order)...

Check here for a graphic connecting all the ACORN nuts.

This Federal bailout, as it has been floated, seems highly suspicious unless strong multi-level oversight is provided, so that the thieves and culprits of this fiasco are are not further enriched at taxpayer expense. However, all the dust has cleared, here is how one wigwag has put it:

Working people will be far better off if the Paulson plan is passed than if it's not. It is more progressive to let taxpayers pay the tab. Why? Because we have a progressive tax system. The top 1 percent pay 28 percent of all federal taxes. The top 5 percent pays 36 percent of all federal taxes. The bottom 40 percent pay no federal taxes.

Thirty million working Americans have traditional pensions that will be unable to pay benefits if the market collapses. Over 34 million working Americans have 401Ks that are mostly invested in the stock market. If the market plunges, their retirement plans plunge. Some 45 million Americans have IRAs with a significant portion invested in stocks. For many Americans this is all they have other than Social Security.

It is far more progressive to let taxpayers pick up the tab than shareholders. The wealthier you are the more taxes you pay. If all your assets are wrapped up in your home (the price will plunge even more if the Paulson plan isn’t passed) and your retirement account a stock market plunge will be devastating.

End of story? Not quite.

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