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Debating the financial meltdown

  2. Election 2008
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Conn Carroll and Danny Schechter discuss McCain's debate night policy surprise.

On Tuesday night in the second presidential debate, John McCain announced for the first time that he supported the idea that the federal government should buy up all the bad mortgages at the root of the financial crisis. Senior Editor Paul Jay moderates a discussion between Conn Carroll and Danny Schechter on what exactly is meant by this proposal.

Danny Schechter also known as "The News Dissector," is a former network TV producer and radio newscaster. He currently edits MediaChannel.org. He has written nine books on including his most recent release, "Plunder: Investigating our economic calamity and the subprime scandal". He also produced the film "In Debt We Trust: America Before The Bubble Bursts".

Conn Carroll is the Assistant Director for The Heritage Foundation's Center for Media and Public Policy and he serves as editor of The Foundry, the think tank's rapid-response policy blog. Before joining Heritage in 2007, he worked at Washington's premier political tip sheet The Hotline as a Senior Writer.

See also: http://current.com/items/89388982_mccain_s_ill_conceived_mortgage_proposal
Vierotchka

6 responses // Debating the financial meltdown

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    The irony is that there really is no debate. We've already authorized bailouts (plural) without imposing regulations. This is SPECULATION only.

    dkincheloe
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    California Governor Arnold Schwarzenegger warned this week that the state might need to borrow $7 billion from the federal government, if credit markets don't ease, to pay for salaries and other operating costs. The state, which has been battered by falling home prices and foreclosures, enacted a budget that imposed cuts to the state's health insurance program for the poor and other social service programs.

    This is what the poor is facing with this bail out , it stinks

    luvmypeterbuilt2
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    dkincheloe is right, what are these two Bozo's talking about its all done to the point that 700 Billion is being dumped into the mess and to get it passed another 180 billion in pork went with it, so these two Bozo's having a debate about it truly supports the saying:

    " WHY CLOSE THE BARN DOORS AFTER
    THE HORSES HAVE GOT OUT" ?

    Idiots, talk about what the people want to hear its good poltics, of course there is nothing you can do about it, blab, blab

    Prayer for our poor country, God Bless and keep America!!!!!!!!

    JoefromBoston
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    http://money.cnn.com/2008/02/20/real_estate/loans_fa...
    Image...

    After watching a CNN documentary and seeing what was done to these innocent people in this sub-prime mortgage scandal, it is only fair that these people get back their homes.

    All the people who made sizable down-payments and paid their mortgages on time in the first 2-3 years before these mortgages reset at enormous interest rates should be able to re-negotiate their terms to 25 to 30 year amortization at the current interest rates of 5.87%.

    The CEO of Lehman Bros. has 348M from that bankrupt company - this means that all the shareholders and investors have lost their money. What is good for the goose is good for the gander!

    asteroid
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    Hillary wouldn't get the bailout past a Republican congress?

    So what? She's not going to be in the White house, Democrats will control congress and you will be looking for a job along with every other American, thanks to Bush spending money like a drunk.

    tmaxr
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    Debating takes two, but that would mean competitors.Their all gone now.Only us ghosts are here.

    nobamagirl

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