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McCain's Troubling Ties
Author: BobR    Date: 09/24/2008 12:07:44

The current economic meltdown is dominating the news as investment bigwigs fear for their golden parachutes, and common people fear for their retirement funds. Little spoken is the very real possibility that the dollar could become a worthless piece of paper outside the U.S. Considering how much we import (oil, products from China, etc.), that is a very real problem that requires a careful solution. Considering that this is occurring during the home stretch to the presidential elections, makes it a political football as well.

The McCain campaign has numerous problems. All along they've been slamming Obama as inexperienced. By default, that means Obama's fingerprints cannot be on this situation. McCain, on the other hand, seems to be hip-deep in muck and sinking fast. Consider:

  • Rick Davis is McCain's campaign manager. He was also a director of McCain's Reform Institute (Link)

  • AIG was one of The Reform Institute's biggest donors: (Link)

  • Rick Davis was also a lobbyist for Fannie Mae, and his firm has been receiving money from Fannie Mae right up until the government takeover last month: (Link)

  • William Timmon's Sr. is the head of McCain's Transition Team, and was also a lobbyist for Freddie Mac: (Link)

  • Fanny Mae, Freddie Mac and AIG are all currently being investigated by the FBI: (Link)
THAT'S not change we can believe in...

So on top of Phil Gramm - the person who deregulated the industries which led to the root cause of this problem - being McCain's economic advisor, his staff is also closely tied to businesses being investigated by the FBI. The Rick Davis relationship is probably the most damaging, as explained in this NY Times article:
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.

“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.

So despite McCain touting himself as a "maverick" when it comes to going against his own party, he is a Republican through and through when it comes to mutual palm greasing with moneyed business interests. In fact, he's even supported off-shore tax havens for the rich:
Democratic vice presidential candidate Joe Biden said Republican John McCain protected offshore tax shelters worth billions of dollars to U.S. insurance giants.

In his second trip in four days to this battleground state Tuesday, Biden said McCain promised to oppose any efforts to close a "Bermuda loophole" where American companies shielded $4 billion to $7 billion from U.S. taxes.

By claiming their headquarters as Bermuda, Biden said, firms actually based in the United States can keep profits out of the reach of the Internal Revenue Service.

"They're skipping out on billions of dollars in taxes, and that money could be used to insure our children, ... to make sure the (Veterans Administration) is not underfunded, to rebuild bridges that are crumbling around the nation," Biden said.

Biden was referring to a provision of tax law that some insurance companies can use to wipe out much of their U.S. tax liability. The companies that issue fire, property and casualty insurance are allowed to establish a Bermuda office and transfer the premiums they collect there, treating them as business expenses. That creates a deduction that erases millions of dollars in taxable profits, costing the U.S. Treasury $4 billion or more a year.

McCain spent three days in Bermuda in August 2007 meeting business and political leaders, and while there was quoted by the island's main newspaper, the Royal Gazette, as promising to defend tax breaks for insurance companies that locate there.

"The industry, the reinsurance that's had such phenomenal success has been good for both nations," McCain was quoted as saying in an Aug. 23, 2007 article. "I would oppose any measures that would upset that."

So McCain is fine with U.S. companies not paying their taxes, and he has lobbyists for failed financial institutions currently under investigations by the FBI on his payroll. What else?

Remember AIG? The failed insurance giant that was a major contributer to his Reform Institute? (and - thanks to Bermuda tax shelters - probably didn't pay the taxes that will now be used to bail them out) McCain quickly changed his tune about whether they should be bailed out. I wonder how quickly THAT phone call came in?... On top of that, McCain is criticizing the bailouts, despite saying the financial system is facing a major crisis, when only last week he said it was sound.

How bad is it for McCain? Even George Will has hung him out to dry.

That IS change we can believe in. :)

Bonus Click: Here's a graphic that shows the comparitive sizes of various government bailouts...


 

149 comments (Latest Comment: 09/25/2008 00:14:02 by Mondobubba)
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Comments:

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Comment by wickedpam on 09/24/2008 12:17:51
first! Morning :hug:

Comment by TriSec on 09/24/2008 12:36:15
Wooohoooo! Open blog!





























Comment by BobR on 09/24/2008 12:52:27
ok, so I updated the blog with some real substance...

Comment by TriSec on 09/24/2008 13:02:24
Ah, regarding the bonus click.



I saw that in the Globe Sunday...in addition to the size, note the timeline and which years didn't require any government bailouts...





Comment by Raine on 09/24/2008 13:10:06
Good morning.



Nice way to tie the mess that McCain is, bobber.



Clear concise, with a good dose of infuriation as well.

Comment by m-hadley on 09/24/2008 13:11:59
Mornin' Everybody,

I worked on a rather ragged blog post last night (it was one post that morphed into another) and would appreciate any comments or feedback. Check it out. Excellent post BobR :D

Happee Hump Day. :P

Cheers,

mfaye

:gobama:

Comment by Raine on 09/24/2008 13:13:19
Shane-O !!!

Comment by TriSec on 09/24/2008 13:14:53
Momma is messing with the show??



My friends, that's not change we can believe in!



:modbat:





Comment by Raine on 09/24/2008 13:15:41
HEy! I mentioned that Blog Active Story over teh weekend!



I want to know if Sarah Palin willl pray his gay away!

Comment by Scoopster on 09/24/2008 13:20:02
Morning all! Busy busy busy.. finally I have some sales to process for the month!

Comment by Shane-O on 09/24/2008 13:25:49
Quote by TriSec:

Momma is messing with the show??



My friends, that's not change we can believe in!



:modbat:



Notice also that coming back into the show after the movable breaks (22-24 after and 42-47 after) they've cut the "Splat Stephanie Miller" bumps -- getting into the show quicker.



Progress - I like it.



Comment by Scoopster on 09/24/2008 13:35:24
Comment by BobR on 09/24/2008 13:39:59
Comment by BobR on 09/24/2008 13:42:35
This is a disturbing development: Army Unit to deploy inside U.S.



Beginning in October, the Army plans to station an active unit inside the United States for the first time to serve as an on-call federal response in times of emergency. The 3rd Infantry Division’s 1st Brigade Combat Team has spent thirty-five of the last sixty months in Iraq, but now the unit is training for domestic operations. The unit will soon be under the day-to-day control of US Army North, the Army service component of Northern Command. The Army Times reports this new mission marks the first time an active unit has been given a dedicated assignment to Northern Command. The paper says the Army unit may be called upon to help with civil unrest and crowd control. The soldiers are learning to use so-called nonlethal weapons designed to subdue unruly or dangerous individuals and crowds.






Comment by Raine on 09/24/2008 13:50:59
Oh caller... you so do not get it.

Comment by wickedpam on 09/24/2008 13:53:08
sheltered much?

Comment by m-hadley on 09/24/2008 14:00:24
Quote by BobR:

This is a disturbing development: Army Unit to deploy inside U.S.



Beginning in October, the Army plans to station an active unit inside the United States for the first time to serve as an on-call federal response in times of emergency. The 3rd Infantry Division’s 1st Brigade Combat Team has spent thirty-five of the last sixty months in Iraq, but now the unit is training for domestic operations. The unit will soon be under the day-to-day control of US Army North, the Army service component of Northern Command. The Army Times reports this new mission marks the first time an active unit has been given a dedicated assignment to Northern Command. The paper says the Army unit may be called upon to help with civil unrest and crowd control. The soldiers are learning to use so-called nonlethal weapons designed to subdue unruly or dangerous individuals and crowds.








BobR,

Randi Rhodes was all over this yesterday - I hate to say it but it is sounding more and more like the Voice Deity's predictions are coming to pass :nervous:

Cheers,

mfaye

:gobama:



Comment by Scoopster on 09/24/2008 14:05:05
Quote by BobR:

This is a disturbing development: Army Unit to deploy inside U.S.



Beginning in October, the Army plans to station an active unit inside the United States for the first time to serve as an on-call federal response in times of emergency. The 3rd Infantry Division’s 1st Brigade Combat Team has spent thirty-five of the last sixty months in Iraq, but now the unit is training for domestic operations. The unit will soon be under the day-to-day control of US Army North, the Army service component of Northern Command. The Army Times reports this new mission marks the first time an active unit has been given a dedicated assignment to Northern Command. The paper says the Army unit may be called upon to help with civil unrest and crowd control. The soldiers are learning to use so-called nonlethal weapons designed to subdue unruly or dangerous individuals and crowds.


Uhh.. what the fuck. And to think there's a protest march tomorrow in New York City.

Comment by Raine on 09/24/2008 14:08:11
*sigh*



I feel overwhelmed today. And that story that Bobber posted, scared the pee out of me.

Comment by starling310 on 09/24/2008 14:09:01
Good morning all.



Oooh...Naomi Klein!

I really need to get my home computer FIXED!!! I can't download the Bill Maher podcast until it's fixed. :grumble:

Comment by starling310 on 09/24/2008 14:09:49
Quote by m-hadley:

BobR,

Randi Rhodes was all over this yesterday - I hate to say it but it is sounding more and more like the Voice Deity's predictions are coming to pass :nervous:

Cheers,

mfaye

:gobama:





Jim IS the brains of the operation.

Hence the Deity label.



Comment by wickedpam on 09/24/2008 14:12:13
Quote by starling310:

Good morning all.



Oooh...Naomi Klein!

I really need to get my home computer FIXED!!! I can't download the Bill Maher podcast until it's fixed. :grumble:






I thought you got it fixed?

Comment by starling310 on 09/24/2008 14:16:32
Jim is so right on.



Right on, man. :bong:

Comment by starling310 on 09/24/2008 14:18:17
Quote by wickedpam:

Quote by starling310:

Good morning all.



Oooh...Naomi Klein!

I really need to get my home computer FIXED!!! I can't download the Bill Maher podcast until it's fixed. :grumble:






I thought you got it fixed?




mala, mala, mala....it has been a long ordeal.

it's definitely not fixed. we are on the 3rd hard drive ( the first 2 were wrong, wrong, wrong ) and now my friend/techie is in Bermuda. damn him for going on vacation.

i have figured out how to get to facecrack and my email on my work computer though.



alas, no itunes or updating my 'pod. :(

Comment by Shane-O on 09/24/2008 14:25:57
Quote by starling310:

Quote by wickedpam:

Quote by starling310:

Good morning all.



Oooh...Naomi Klein!

I really need to get my home computer FIXED!!! I can't download the Bill Maher podcast until it's fixed. :grumble:


Can you view YouTube? Because I can put Maher up there...





I thought you got it fixed?




mala, mala, mala....it has been a long ordeal.

it's definitely not fixed. we are on the 3rd hard drive ( the first 2 were wrong, wrong, wrong ) and now my friend/techie is in Bermuda. damn him for going on vacation.

i have figured out how to get to facecrack and my email on my work computer though.



alas, no itunes or updating my 'pod. :(




Comment by starling310 on 09/24/2008 14:27:43
CLAY AIKEN IS GAY!?!?!?

Comment by wickedpam on 09/24/2008 14:28:46
:star: :hug:

Comment by wickedpam on 09/24/2008 14:29:11
Quote by starling310:

CLAY AIKEN IS GAY!?!?!?




I'm Shocked! Shocked I tell you!



Comment by Scoopster on 09/24/2008 14:30:01
Quote by starling310:

CLAY AIKEN IS GAY!?!?!?


oh. my. what. a. revelation.





Comment by Shane-O on 09/24/2008 14:30:21
Ok - I'll try again - Can you view YouTube? Because I can put Maher up there...



Comment by starling310 on 09/24/2008 14:32:30
Quote by Shane-O:

Ok - I'll try again - Can you view YouTube? Because I can put Maher up there...





Oh! I can't view it at work, but when I am home I can. I'm able to log in off the VPN, so I can access things that are normally blocked.



Woohoo!!!

Comment by starling310 on 09/24/2008 14:32:51
Quote by Scoopster:

Quote by starling310:

CLAY AIKEN IS GAY!?!?!?


oh. my. what. a. revelation.











move along. nothing to see here.



Comment by Shane-O on 09/24/2008 14:37:35
Quote by starling310:

Quote by Shane-O:

Ok - I'll try again - Can you view YouTube? Because I can put Maher up there...





Oh! I can't view it at work, but when I am home I can. I'm able to log in off the VPN, so I can access things that are normally blocked.



Woohoo!!!


I haven't put it up yet -- but will tonight (so long as Momma isn't on the TeeVee) -- it takes a while... I'll let you know the addresses when they're done.

Comment by starling310 on 09/24/2008 14:41:46
Quote by Shane-O:

Quote by starling310:

Quote by Shane-O:

Ok - I'll try again - Can you view YouTube? Because I can put Maher up there...





Oh! I can't view it at work, but when I am home I can. I'm able to log in off the VPN, so I can access things that are normally blocked.



Woohoo!!!


I haven't put it up yet -- but will tonight (so long as Momma isn't on the TeeVee) -- it takes a while... I'll let you know the addresses when they're done.




No rush Shane-O. Thanks so much! :hug:



Comment by m-hadley on 09/24/2008 14:43:54
Naomi Klein Rocks :airhump:

Cheers,

mfaye

:gobama:

Comment by starling310 on 09/24/2008 14:46:15
She really does Faye!!

Amazing.

She makes it "look so easy." Ya know?



Comment by livingonli on 09/24/2008 14:47:18
Good morning everyone.



My computer installed two Windows XP updates so my computer rebooted both last night and just this morning.



Looking at the graph, it is not surprising that all the huge bailouts were under Chimpy's watch and there was nothing between Reagan/Poppa Bush .



And now I am really paranoid about what might be going down.

Comment by Raine on 09/24/2008 14:57:11
:thud: How the hell is he going to get thru the debate?







Comment by starling310 on 09/24/2008 15:01:43
Quote by Raine:

:thud: How the hell is he going to get thru the debate?









As long as he brings both of his faces he'll be fine!



Comment by wickedpam on 09/24/2008 15:01:52
Oh speaking of debates - my neighbor told me that they've agreed on the terms of the VP debate and that neither candidate will talk to the other, it's going to more like an interview. Is that right? Casue that ain't a debate.

Comment by livingonli on 09/24/2008 15:04:51
Quote by wickedpam:

Oh speaking of debates - my neighbor told me that they've agreed on the terms of the VP debate and that neither candidate will talk to the other, it's going to more like an interview. Is that right? Casue that ain't a debate.


It sounds like they are really keeping her on a tight leash and are worried about what she might say if she went off the reservation.

Comment by velveeta jones on 09/24/2008 15:06:20
Ug. What a night! DON'T ASK!! :Grumble:



Anyway, Good morning comrades, or whatever one call's one's friends in a fascist regime (right around the corner).

Comment by wickedpam on 09/24/2008 15:06:32
thought the same thing but I can't find anything to tell me if that's the correct format

Comment by velveeta jones on 09/24/2008 15:08:50
Quote by livingonli:

Quote by wickedpam:

Oh speaking of debates - my neighbor told me that they've agreed on the terms of the VP debate and that neither candidate will talk to the other, it's going to more like an interview. Is that right? Casue that ain't a debate.


It sounds like they are really keeping her on a tight leash and are worried about what she might say if she went off the reservation.




The Dem's caved in to the terms demanded by the Reps. "Its not fair, Sarah is a girl novice.



Whatever.

Comment by TriSec on 09/24/2008 15:09:21
Reading up just a touch on the 3rd Infantry Division...



Their home base is Fort Stewart (Close to Savannah, GA)....are they going to be deployed from there?



Only the 1st Brigade is supposed to be "on call"...a brigade is around 2500 soldiers, give or take. (Not all combat, better than half of that number would be strictly support troops...clerks, cooks, maintenance, medical, etc.)



So, can this Brigade put down "civil unrest" in all 50 states simultaneously? If there's things happening in Boston, Chicago, San Francisco, and Washington, where would they go? How quickly could they get there? What about their armor, helicopters, artillery, and all the things necessary to support a brigade?



It's alarming to be sure....but it's not realistic. Scare tactics, pure and simple.





Comment by livingonli on 09/24/2008 15:15:41
Are they just moving the segments around on the Stephanie Miller newscast this morning?

Comment by starling310 on 09/24/2008 15:16:58
Quote by velveeta jones:

Quote by livingonli:

Quote by wickedpam:

Oh speaking of debates - my neighbor told me that they've agreed on the terms of the VP debate and that neither candidate will talk to the other, it's going to more like an interview. Is that right? Casue that ain't a debate.


It sounds like they are really keeping her on a tight leash and are worried about what she might say if she went off the reservation.




The Dem's caved in to the terms demanded by the Reps. "Its not fair, Sarah is a girl novice.



Whatever.




What a load of BULL SHITE!!!





Comment by starling310 on 09/24/2008 15:18:46
I am always so glad when Sean Hannity tells us what he thinks should happen.





Comment by livingonli on 09/24/2008 15:20:51
Quote by starling310:

Quote by velveeta jones:

Quote by livingonli:

Quote by wickedpam:

Oh speaking of debates - my neighbor told me that they've agreed on the terms of the VP debate and that neither candidate will talk to the other, it's going to more like an interview. Is that right? Casue that ain't a debate.


It sounds like they are really keeping her on a tight leash and are worried about what she might say if she went off the reservation.




The Dem's caved in to the terms demanded by the Reps. "Its not fair, Sarah is a girl novice.



Whatever.




What a load of BULL SHITE!!!





I just want to go so piratey on these people. But then that's probably why they are bringing the army in to make sure that we are kept in line like good little serfs.

Comment by TriSec on 09/24/2008 15:22:47
How much of my liberal credentials would I lose if I decided to exercise my Second Amendment rights (while I still can?)



A rifle won't hold off the 3rd Infantry for very long, but I want the history books to record the "Gardencrest Skirmish" the right way.