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Anonymous asked in Politics & GovernmentElections · 1 decade ago

We are in a Crisis right now, during the election which republican said this:?

"I'm going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated."

Yes it was! No this is not a lie check online it's there!!!

Please justify these comments? i dare you to!

20 Answers

  • Rayne
    Lv 7
    1 decade ago
    Favorite Answer

    The same guy who said this in 2006 (concerning the bill he presented in 2005) :

    "Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

    The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

    The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

    For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

    I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

    I urge my colleagues to support swift action on this GSE reform legislation." ~John McCain

    In this speech, McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG.

    He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year.

    McCain also noted the power of their lobbying efforts to forestall oversight over their business practices. He finishes with the warning that proved all too prescient over the past few days and weeks.

  • 1 decade ago

    McCain was being honest and forthright, and not trying to "get over". I found it refreshing, because I understood what he was saying.

    I like humble people, because they can still LEARN. The post of President was NEVER meant for an expert on the economy. Those experts are a dime a dozen.

    It's the people who think they DON'T have to be educated who are the scary ones.

    And I WANT my President to know as much as possible about military and foreign policy issues. He'll be the Commander in Chief of the armed forces.

    It's so sad when people misinterpret humility as weakness. Humility is an ASSET. It makes you get real about what you have to learn, and gives you the POWER to ask for help if you should need it. The most brilliant people I've ever met have also been the most humble.

    When you get older you will find this out for yourself, if you're lucky.

    What would you have LIKED him to say on the subject?

  • 1 decade ago

    By the way, as an Israeli, I recommend to look at his knowledge about the military as a negative factor.

    Not that I have anything against it - I served my mandatory period and a year more (in a non-violent violence-preventing role, don't worry)

    But we have a problem where the highest ranked military officers go into politics and then a lot of money is put into the military.

    They say it's important, but when you're in the military you see how much money can be saved by making smart moves.

    You don't want a president who is too much of a military person.

    Don't worry, the president will have someone in charge of the military, making sure it won't do anything stupid (or try to).

    You just don't want it to be the president's focus, because forget economy - other topics will be affected too.

    It happened here.

    You'll find your taxes going into wars in the middle east that nobody wants and nobody gets anything from, just like my tax money goes for places in the west bank that have 1 family and 40 soldiers guarding it. Why? military focused government.

  • 5 years ago

    of direction Republicans help wellbeing care reform. Our equipment, the perfect interior the worldwide, nonetheless needless to say has some themes. What Republicans supported became right into a loose-industry restoration to the subject...enable insurance to be offered and offered in the process state traces (which might low cost as a results of opposition), and tort reform (maximum cost linked with a scientific technique are based on the quantity the first practitioner has to pay for malpractice insurance as a results of frivolous lawsuits). Republicans, and since the polls prepare, maximum folk of people, are against the belief of the government taking on the wellbeing care sector and attempting to run it. tell me something that the government runs that's administered effectively.

  • 1 decade ago

    John McCain Supported A Proposal For An Agency To Oversee Fannie And Freddie……In 2005!

    he knows what he is doing. and he will lead this country back.

    On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal was to allow commercial and investment banks to consolidate. Some economists have criticized the repeal of the Glass-Steagall Act as contributing to the 2007 sub prime mortgage financial crisis

  • 1 decade ago

    Any sensible person admits upon learning that they can always learn more. I only wish Obama wasn't acting like such a know-it-all when his record shows he knows even less than McCain.

    Also, considering McCain's age, I am so happy that he is not the "old dog" who can't learn "new tricks" but admits freely that he can learn. What person entered the presidency miraculously knowing everything about the job? Have you ever started a job, even one in the same profession, without learning new tricks?

    My Dad, God rest his soul, always said that when you stop learning, you die.

  • Anonymous
    1 decade ago

    I'm going to guess here, and say John Mccain, which if this is true, it is just awful. But, didn't he also say the economy was in good shape right now? Talk about being out of touch!!! Someone trying for the position that he is trying for, should not have to be educated on the economy. As bad as it is right now, we need help very badly....Hoping and praying they don't win, what a nightmare, things will just get worse, so scary, as if it's not bad enough right now. People who are planning to vote Obama really need to get out there and do it. If everyone for Obama would vote, he would be sure to win........Obama\ Biden 08'

  • Anonymous
    1 decade ago

    That's like saying, "I speak English a lot better than I speak German". What's so wrong with that? What kind of economic brilliance does The Chosen One have? What kind of military experience does The Chosen One have? What experience in foreign affairs does The Chosen One have?

    There, justified.

  • 1 decade ago

    no one will dispute it because that is an issue that certain campaign's are trying to deflect. The bottom line is the current party has forced Americans to live the past 7 years in fear and awe of the Global War on Terror. and in my opinion while this was happening we were ignoring Us. So so sad so so scary

    Source(s): just my opinion
  • 1 decade ago

    He also challenged Congress to pass legislation in 2005, which they didn't , too avoid the current meltdown.

  • Anonymous
    1 decade ago

    McCain said it, so what HE IS HONEST! He only meant he knew less about economics don't mean he doesnt know economics. McCain is the one who said in 2005 that we needed to REGULATE FANNIE AND FREDDIE! Bush ignored McCain! Do you honestly think Obama knows more about anything ? Obama would NEVER ADMIT a mistake or admit he has no knowledge that is why he has 340 ADVISORS!

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