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New McCain-Palin spot touches on Lehman crisis. UPDATE. Obama reply

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Script For "Crisis" (TV :30)

ANNCR: Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it.

Tougher rules on Wall Street to protect your life savings.

No special interest giveaways.

Lower taxes to create new jobs.

Offshore drilling to reduce gas prices.

McCain - Palin.

Leadership, experience, for the change we need.

JOHN MCCAIN: I'm John McCain and I approved this message.

AD FACTS: Script For "Crisis" (TV :30)

ANNCR: Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it. Tougher rules on Wall Street to protect your life savings. No special interest giveaways.

· John McCain: "And Under My Reforms, All Aspects Of A CEO's Pay, Including Any Severance Arrangements, Must Be Approved By Shareholders." "In times of hardship and distress, we should be more vigilant than ever in holding corporate abuses to account, as in the case of the housing market. Americans are right to be offended when the extravagant salaries and severance deals of CEO's -- in some cases, the very same CEO's who helped to bring on these market troubles -- bear no relation to the success of the company or the wishes of shareholders. Something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct, while the offenders themselves are packed off with another forty - or fifty million for the road. If I am elected president, I intend to see that wrongdoing of this kind is called to account by federal prosecutors. And under my reforms, all aspects of a CEO's pay, including any sever ance arrangements, must be approved by shareholders." (John McCain, Remarks, Washington, D.C., 6/10/08)

· John McCain And Governor Palin Will Reform Our Mortgage And Financial Markets. "Fixing Fannie and Freddie, and reforming our mortgage and financial markets, is critical to getting the housing market and the entire economy moving again. A great deal of the savings and wealth of American families is wrapped up in the value of their homes. A house has traditionally been the wealth-building course to retirement. The housing industry employs millions of Americans. One of us, John McCain, said over two years ago, 'If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose.'" (John McCain and Governor Sarah Palin, Op-Ed, "We'll Protect Taxpayers From More Bailouts," The Wall Street Journal, 9/9/08)

· John McCain And Governor Palin Will Address The Role Speculation Is Playing In Energy Prices. "Congress already has investigations underway to examine this kind of wagering in our energy markets, unrelated to any kind of productive commerce, because it can distort the market, drive prices beyond rational limits, and put the investments and pensions of millions of Americans at risk. John McCain believes that where we find abuses, they need to be swiftly punished. To make sure it never happens again, we must reform the laws and regulations governing the oil futures market, so that they are just as clear and effective as the rules applied to stocks, bonds, and other financial instruments." (McCain-Palin 2008, "John McCain's Lexington Project: A Comprehensive Plan To Break Our Dependence On Foreign Oil," Press Release, 6/25/08)

· John McCain Fought For Financial Transparency In Stock Option Expensing. "U.S. Senator John McCain (R-AZ) today offered an amendment to the Accounting Reform Bill that would require companies to record the stock options that they grant to their employees as an expense on their financial statements. His floor statement follows: 'Mr. President, I rise today to offer an amendment that requires companies to record the stock options that they grant to their employees as an expense on their financial statements. If companies want to claim these expenses as a deduction for tax purposes, they ought to be noted as expenses on a company's income statement. We must end the double standard for stock options.'" (Office Of U.S. Senator John McCain, "We Must End Double Standard For Stock Option," Press Release, 7/11/02)

· John McCain Has Long Fought For "Transparency Of Our Financial Markets." "As the incoming Chairman of the Commerce Committee, I plan to conduct rigorous oversight over those aspects of corporate governance that fall under the panel's purview. I also plan to pursue further reforms that are desperately needed such as expensing stock options. We have an obvious, pressing obligation to investors to ensure the transparency of our financial markets. Reform is a process. It is not a one-time fight." (Office Of U.S. Senator John McCain, "McCain Declares Reform Crusade Continues," Press Release, 11/14/01)

ANNCR: Lower taxes to create new jobs.

· John McCain And Governor Palin Will Keep Tax Rates Low. Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security -- a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will keep the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains, and phase-out the Alternative Minimum Tax. Small businesses are the heart of job growth; raising taxes on them hurts every worker. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

· John McCain And Governor Palin Will Cut Taxes For Middle Class Families. John McCain will phase out and eliminate the Alternative Minimum Tax (AMT) -- a tax that will be paid nearly exclusively by 25 million middle class families. Repealing this onerous tax will save middle class families nearly $60 billion in a single year. Under John McCain's plan, a middle class family with children set to pay the AMT will save an average of over $2,700 -- a real tax cut for working families. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

· John McCain And Governor Palin Will Double The Personal Exemption For Dependents. John McCain believes the tax code should be less of a burden on those, whether they are mothers and fathers or single parents, who are trying to raise a family. He proposes to raise the personal exemption for each dependent from $3,500 to $7,000. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

· John McCain And Governor Palin Will Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D. This reform will simplify the tax code, reward activity in the U.S., and make us more competitive with other countries. A permanent credit will provide an incentive to innovate and remove uncertainty. At a time when our companies need to be more competitive, we need to provide a permanent incentive to innovate, and remove the uncertainty now hanging over businesses as they make R&D investment decisions. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

· John McCain And Governor Palin Will Allow First-Year Deduction, Or "Expensing", Of Equipment And Technology Investments. American workers need the finest technologies to compete. Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

· John McCain And Governor Palin Will Reduce The Federal Corporate Tax Rate To 25 Percent From 35 Percent. A lower corporate tax rate is essential to keeping good jobs in the United States. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace. We now have the second highest corporate tax rate in the world, making America a less attractive place for companies to do business. American workers deserve the chance to make fine products here and sell them around the globe. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

· John McCain And Governor Palin Will Ban Internet Taxes. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

· John McCain And Governor Palin Will Ban New Cell Phone Taxes. John McCain understands that the same people that would tax e-mail will tax every text message -- and even 911 calls. John McCain will prohibit new cellular telephone taxes. (McCain-Palin 2008, "John McCain's Jobs For America Economic Plain," Press Release, 7/7/08)

ANNCR: Offshore drilling to reduce gas prices. McCain - Palin. Leadership, experience, for the change we need. JOHN MCCAIN: I'm John McCain and I approved this message.

· John McCain And Governor Palin Will Expand Offshore Drilling To Reduce Gas Prices. McCain: "But I also believe that lifting the moratoria from offshore drilling or oil and natural gas exploration is something that we should place as a very high priority. And again, I don't want to dictate to the states what they should do, but I think that the states can be provided with additional incentives such as a greater share of the revenues than is presently the case." (Sen. John McCain, Remarks At Press Availability, Arlington, VA, 6/16/08)

· CNN's Frank Sesno: "Expectations Of More Production Can Send Prices Down." FRANK SESNO: "Obama's criticized McCain for saying more drilling would have a positive psychological impact. But there is psychology in energy markets, worries about soaring demand in China or supply disruptions in Nigeria send prices up. Expectations of more production can send prices down." (CNN's "Situation Room," 6/26/08)

· Harvard Professor And Former Council Of Economic Advisors Chairman Martin Feldstein: "Increasing The Expected Future Supply Of Oil Would Also Reduce Today's Price." "Any policy that causes the expected future oil price to fall can cause the current price to fall, or to rise less than it would otherwise do. In other words, it is possible to bring down today's price of oil with policies that will have their physical impact on oil demand or supply only in the future. For example, increases in government subsidies to develop technology that will make future cars more efficient, or tighter standards that gradually improve the gas mileage of the stock of cars, would lower the future demand for oil and therefore the price of oil today. Similarly, increasing the expected future supply of oil would also reduce today's price. That fall in the current price would induce an immediate rise in oil consumption that would be matched by an increase in supply from the OPEC producers and others with some current excess capacity or available inventories. Any steps that can be taken now to increase the future supply of oil, or reduce the future demand for oil in the U.S. or elsewhere, can therefore lead both to lower prices and increased consumption today." (Martin Feldstein, Op-Ed, "We Can Lower Oil Prices Now," The Wall Street Journal, 7/1/08)

· BMO Financial Group Global Finance Strategist Andrew Busch Wrote That Long Term Solutions To Energy Such As Drilling Can Have A Short Term Affect On Markets. "We need longer term plans to solve the longer term energy problems of United States. In case you aren't familiar with how markets react, a coherent, logical plan of action towards providing long term solutions will have a positive impact now on the price of energy. Why? Because it will shift the short term psychology of the market away from doom and gloom towards a light at the end of the tunnel scenario. We only need to look at President Bush's lifting of the moratorium on off-shore drilling to see an example of this in the markets. Did this act significantly change the short term outlook for oil? No, but it changed the discussion on the subject at a time when it was needed. In turn, this aided the shift in market psychology back to some fundamentals like demand.....which is dro pping." (Andrew Busch, " Busch: Long Term Energy Plans Can Be Short Term Solutions," CNBC's "Guest Blog," http://www.cnbc.com/id/25803361, Posted 7/22/08)

· Omer Bhatti, The Head Trader At WorldSpreads, Said That The U.S. Offshore Drilling Plan Will Help Lower The Price Of Oil. OMER BHATTI (Head Sales Trader at WorldSpreads): "I think the offshore drilling plan that was agreed in the U.S. kind of helped the scenario to create that pullback scenario." (CNBC's "Worldwide Exchange," 7/28/08)
=========================================

Below is a statement from Bill Burton, Obama Campaign Spokesman in response to the McCain ad "Crisis"

"John McCain has been in Washington for twenty-six years and hasn't lifted a finger to reform the regulations that could've prevented this crisis. In fact, his campaign is run by some of the very same lobbyists who fought against these regulations and worked to put special interest giveaways in our federal budget. Now he's proposing $200 billion in tax breaks for the biggest corporations in America but not one penny of relief to more than 100 million Americans who are worried about their life savings and their ability to make their mortgage payments. John McCain buys into the same failed economic theory that landed us in this mess in the first place, and we can't afford to take a chance on his disturbingly out-of-touch policies at a time when our economy is in crisis," said Bill Burton, Obama Campaign Spokesman.

26 Comments

Wow, what is this, an insane asylum newsletter?

But McCain is for market deregulation, which is what got us into this mess in the first place.

The GOP IS the problem There is No way McCain is gonna change anything.Voting for him is the equivilent of America commiting suicide.The republicans just need to stand down.

The blind man said: " I see!"

But this is not about the wise blind man.

McCain is blinded. Long 28 years were not about change as he wishes to claim. He and Mrs. Palin remind us of the Little Red Riding Hood, the wolf will watch the hens. McCain's track record is precisely what the country does not need. Think Charles Keating, and decades of failed policies by Republicans. Even if the same republicans may vote for McCain blindly, there will be no positive change or solutions to crisis. America will be in even worse trouble. McCain also sat and supported all abuses brought to America during the last 8 years. Where was his "independent" spirit? He is an absolute opportunist at best; too bad he screwed up his own past heroism with lousy behavior with absurd politics.

empty promises like these frighten me because there are people who will believe this is the "best" option when all i really is is double-speak and preying on economic fears

Off shore drilling will not lower gas prices one cent. Oil corporations hold a monopoly and dictate supply and demand. When MCcain was is school there was no environmental science therefore he knows next to nothing about our path to energy independence. More oil = more war. Solar and wind will make clean hydrogen for every citizen of this great county if we stop the oil/bush cartel. Vote Obama , vote for a clean independent future.

It's two delusional people again acting as though they don't belong to the Republican partuy that has brought this country to it's knees. They don't have a consious.Where was John Mccain while this was going on? Was he hiding in Arizona? NO - he was in Washington being a part o fthis administration and it's disasters.

The people of the US are not stupid - John and Sarah dont under estimate us.

Senator Obama has not passed even one bill in the Senate that he has personally written. The only two that were passed with his name on them were written by others, who then asked him to sign his name on them. His fast track to the presidency is his way of "seeking Power"-- as quoted by his friends and co-workers at Altgeld Gardens in Chicago, where he had his stint as a "community organizer." That was where he claimed to experience "leadership." However, his co-workers there were quoted as saying "he was ineffective."

LOL

McCain's long time economic advisor Phil Gramm wrote the bill the deregulated banks and led, in part, to the current mortgage crisis.
McCain only dumped Phil after Phil said we were a nation of "whinners."
With McCain the same clowns who broke the system are telling you they will fix the system. They made a lot more money breaking it then they will make fixing it.

Let me ask a question, was it Democrats regulations or Republicans deregulations that caused the financial mess are in? Also is airline travel better since deregulating the airlines?

Yeah! We are the party that caused the problem! We ran the economy to the ground! So, you see, America ought to reward us with four more years of the same! We criticize Obama for criticizing our stupid economic plans, because we have stolen his platform of change! We are the change guys now!

Yay Us! Watch us fool you again, moronic voters!
We fooled you twice, so, as a reward, we get to fool you again! Yeeha!

It's truly astounding that McCain can continue to falsely brand himself, and especially his running mate, as "maverick reformers," given his lockstep decisions with Bush in recent years, and Palin's flagrant cronyism and secrecy as mayor and governor. Oh well, at least he's talking about the issues again, instead of launching scurrilous, deceptive ad hominem attacks.

McCain offers no change, just more tax cuts for the wealthy and an energy policy that won't cut us loose from foreign oil. Vote for real change - Obama/Biden '08.

MCCain has NO intentions of reform. He has been part of the problem for over 20 years. Palin hasn't got a clue.

A leopard doesn't change it's spots

WE THE PEOPLE DEMAND THAT THE REAL ISSUES OF THE USA ARE FULLY GIVEN BY ALL RUNNING FOR NOVEMBER 2008 ELECTION. STOP PLAYING GAMES WITH THE VOTERS AND SPEAK OUT ON THE REAL ISSUES FULLY OPEN TO WHERE YOU STAND AND WHY. McCAIN, YOU ARE DOING A VERY POOR JOB IN THIS AREA AND IF YOU ARE ELECTED, I HOPE YOU LIVE THROUGH YOUR TERM IN GOOD HEALTH FOR YOU CANNOT DO ANY WORSE THAN BUSH. OUR COUNTRY AND WORLD ARE HURTING. AMERICAN VOTERS, GET FULLY INFORMED AND VOTE. THE AMERICANS THAT CAN VOTE BUT DO NOT ARE FIRST CLASS FOOLS.

It doesn't matter who gets elected...the country is f#@ked after 8 years of Bush. The Republicans have already trashed the country and pillaged her economically. First the Mortgage crise...and now Wall St. is imploding. Can you say Major Depression, '30's style? Even Jesus Christ could not be successful as president in this country of virulent narcissists. A 200 Billion dollar surplus turned into what is now a 500 Billion deficit. 9 Trillion in National Debt not counting monies the government owes its own citizens. (SS, Medicare.etc)A failed and immoral war. Nothing done about the energy and global warming crises. Kiss all your narcissistic rear ends good bye.

Fortunately, for everybody, Sarah Palin's experience as Mayor of Wasila, Alaska, will put her in a good position to deal with the impending implosion of Wall Street, Read more at: www.SarahPalinAdmirationSociety.com

Also Read about "Anchorage's 'Other' Palin Rally - Sarah Palin's Detractors Are Coming Out of the Woodwork" at: www.SarahPalinAdmirationSociety.com

Please do not let Obama get away with saying this economy is Bush's fault. The President doesn't make legislation. This is the fault of

Senators Chris Dodd (Dem Massachusetts) chairman of Senate Banking Housing and Urban Affairs and

Kent Conrad (Dem North Dakota, ) chairman of the Budget Committee and a member of the Finance Committee

Both are "Friends of Angelo" - people who got special favors from Countrywide Financial CEO Angelo Mozilo.

another FOA is James Johnson, from the Obama Campaign.

Paul Motter
Phoenix Arizona

http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal

Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.

Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide’s “V.I.P.” program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.

Other participants in the V.I.P. program included former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke. Jackson was deputy H.U.D. secretary in the Bush administration when he received the loans in 2003. Shalala, who received two loans in 2002, had by then left the Clinton administration for her current position as president of the University of Miami. She is scheduled to receive a Presidential Medal of Freedom on June 19.

Holbrooke, whose stint as U.N. ambassador ended in 2001, was also working in the private sector when he and his family received V.I.P. loans. He was an adviser to Hillary Clinton’s presidential campaign.

James Johnson, who had been advising presidential candidate Barack Obama on the selection of a running mate, resigned from the Obama campaign Wednesday after the Wall Street Journal reported that he received Countrywide loans at below-market rates

What a lot of Hogwash.

McCain's experience with banking is collecting gifts from a bank that had to be bailed out by the Feds (Keating's Lincoln S&L), and recently McCain's son has quietly quit the board of a failing bank in Nevada, another candidate for a Fed bail out.

McCain/Palin show no signs of even the simplest of economic comprehension and their reform rhetoric is based on fiction - so how can we expect anything but more of the failed Bush polices of deregulation and lack of enforcement in the existing regulatory agencies.

I'm a little confused. Let me see if I have this straight.....

* If you grow up in Hawaii, raised by your grandparents, you're "exotic, different."

* Grow up in Alaska eating moose burgers, a quintessential American story.

* If your name is Barack you're a radical, unpatriotic Muslim.

* Name your kids Willow, Trig and Track, and you're a maverick.

* Graduate from Harvard law School and be President of the Law Review, and you are unstable.

* Attend 5 different small colleges before graduating, you're well grounded.

* If you spend 3 years as a community organizer, create a voter registration drive that registers 150,000 new voters, spend 12 years as a Constitutional Law professor, spend 8 years as a State Senator representing a district with over 750,000 people, become chairman of the state Senate's Health and Human Services committee, spend 4 years in the United States Senate representing a state of 13 million people while sponsoring 131 bills and serving on the Foreign Affairs, Environment and Public Works and Veteran's Affairs committees, you don't have any real leadership experience.

* If your total resume is: local weather girl, 4 years on the city council and 6 years as the mayor of a town with less than 7,000 people, 20 months as the governor of a state with only 650,000 people, then you're qualified to become the country's second highest ranking executive.

* If you have been married to the same woman for 19 years while raising 2 beautiful daughters, all within Protestant churches, you're not a real Christian.

* If you cheated on your first wife with a rich heiress, and left your disfigured wife and married the heiress the next month, you're a Christian.

* If you teach responsible, age appropriate sex education, including the proper use of birth control, you are eroding the fiber of society.

* If , while governor, you staunchly advocate abstinence only, with no other option in sex education in your state's school system while your unwed teen daughter ends up pregnant , you're very responsible.

* If your wife is a Harvard graduate lawyer who gave up a position in a prestigious law firm to work for the betterment of her inner city community, then gave that up to raise a family, your family's values don't represent America's.

* If your husband is nicknamed "First Dude", with at least one DUI conviction and no college education, who didn't register to vote until age 25 and once was a member of a group that advocated the secession of Alaska from the USA, your family is extremely admirable.

OK, much clearer now.




Remember when McCain floated his 'gas tax holiday' idea, which no serious economist supported? McCain's response was that he didn't care what "elite economists" thought.

Just like the current administration. Remember when Paul O'Neill was Secretary of the Treasury? He couldn't believe the incompetence of these guys.

Anyone who supports four more years of the same should lie down until the feeling passes (U of C reference).

Wow, McCain has BALLS, too bad they're to saggy and old to obscure what's very evident in ALL of America's eyes. YOU and the party you run with are the reason we are in a Recession (yeah, we know you are covering thing up) and headed for Depression.

Thanks McCain . . . but NO THANKS on that 4 Year Bridge to nowhere.

In regards to Governor Palin's comment in that it about time our government did not bail out another financial instituition. And how this is suppose to help middle income Americans since it would not affect taxpayers. Are you even thinking about the people who work for Lehman and how many families will have to sell their homes and have to take such a large pay cut if they are evn able to find a comparable job. Are you really thinking about these average Americans who wake up everyday to go to work to provide for themselves and/or their family. Are you really just talking to the few top corporate executives who will probably walk away just fine....but for all the other employees...they have just lost everything. Start thinking about them.

With either idiots or political hacks writing for the Wall Street Journal, it's no wonder Wall Street is in turmoil. More oil equals lower gas prices, amazing.

No new refineries have been built in the last 30 years or so while consumption has gone up. Who has the expectation of a greater supply? Obviously not the oil companies, who set the price of gasoline.

The oil companies have no incentive in building new refineries. They know it will lower the price of their product and lower their profits.

You want to lower gas prices today. Threaten to have the United States build government owned refineries unless the price of gas goes under $2.50 a barrel in the next month. That would also threaten to make the U.S. government a direct competitor of big oil.

McCain would never do this because he is a friend of big oil not the American worker.

The majority of the people posting on here know nothing about the problem occurring today on Wall Street. Fannie and Freddie are government sponsored enterprises (GSE’s) that were set up by democrats and have no SEC oversight. Their CEO’s over the years have been the subject of scandal. This is what led to this problem, and guess what all of their CEO’s are democrats. It is ridiculous that they even attempt to blame this on bush or the republicans. As a matter of fact, in 2005 McCain sponsored a bill to move these companies away from these practices and he warned congress of the very problem that is occurring today, and the democrats in congress squashed the bill.

PLEASE READ THE COMMENTS BY AMERICAN, HE HAS SAID
IT ALL AND MORE, IF YOU READ HIS COMMMENTS YOU
WILL VOTE FOR THE RIGHT SENATOR!
AMERICA WE ARE AT A CRUCIAL TIME IN THE ELECTION,
NO LOOKING BACK, EXECUTE, GET THE JOB DONE AND
LET'S FIX AMERICA, THE OBAMA WAY!

there's a lot of people here taking everything out of context. Sarah Palin has represented a lot more people than obama or biden ever did

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on September 15, 2008 8:37 AM.

Howard Wolfson, Phil Singer on Lehman Brothers and election. Former Clinton spokesmen. was the previous entry in this blog.

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