McCain Runs Out of Money...Stops Election Campaign.

If they don't get the bail-out they are going to claim it is an act of terrorism to the USA, and they will unload with other hits like they did on 911. Hard times were before this so called crisis.... McCain needs to quit because he has no money to continue..because of the bank crash....There is no doubt about this....he is smoldering and trying to get more fuel to keep his fire going.....But the storms are going to sweep him away with a landslide for Obama.

"In covering the proposed $700 billion bailout of Wall Street don't repeat the failed lapdog practices that so damaged our reputations in the rush to war in Iraq and the adoption of the Patriot Act. Don't assume that Congress must act instantly, as so many news stories state as if it was an immutable fact. Don't assume there is a case just because officials say there is. 
 
"The coverage of the Paulson plan focuses on the edges, on the details. The focus should be on the premise. And be skeptical of what gullible Congressional leaders, most of them up before the voters in a few weeks, say after being given a closed-door meeting on supposed horrors. . .  

"Ask this question -- are the credit markets really about to seize up? 
 
"If they are then lots of business owners should be eager to tell how their bank is calling their 90-day revolving loans, rejecting new loans and demanding more cash on deposit. I called businessmen I know yesterday and not one of them reported such problems. Indeed, Citibank offered yesterday to lend me tens of thousands of dollars on my signature at 2.99 percent, well below the nearly 5 percent inflation rate. That offer came after I said no last week to a 4.99 percent loan. 
 
"If the problem is toxic mortgages then how come they are still being offered all over the Internet? On the main page AOL generates for me there is an ad for a 1.9% loan (which means you pay that interest rate and the rest of the interest is added to your balance due.) Why oh why or why would taxpayers be bailing out banks that are continuing to sell these toxic loans? . . .

"What steps are being taken to take back bonuses, fees and other compensation from the folks who got rich selling toxic mortgages and illiquid investments that Secretary Paulsen claims are threatening the whole system? 
 
"How will adding $700 billion to the national debt ease strains on the credit markets? 
 
"As of now we are, as a group, behaving just as we did the last two times the administration sought to rush through a hastily thought out, ill-conceived plan. Why in the world are we being so gullible and naive? Whatever happened to the core value of journalism -- check it out?

And, Nobel laureate Joseph Stiglitz, an economics professor at Columbia University, is describing the plan as a raw deal for taxpayers. What's needed most, Stiglitz argues, is to assist struggling homeowners. "We should begin with the core of the problem, the fact that millions of Americans were made loans beyond their ability to pay. We need to help them stay in their homes, including by converting the home mortgage deduction into a cashable tax credit and creating a homeowners' Chapter 11, an expedited way to restructure their liabilities." If these mortgages are fixed so the debts are paid, will that not make the banks solvent?  It is time to build the economy from the base, rather than the top. Trickle down does not work - especially when it is debts that trickle down.

Please take action NOW.  Three steps below.

1. Write Congress.  We have a model letter but you can modify it to make the points you think are important. Click here