So here are a few things that John McCain should say tonight during the debate ... but won't.
1. Barack Obama says that he wants to lower capital gains taxes for small businesses in America. Does anyone see anything wrong with Barack Obama's plan? How about the fact that small businesses in this country don't pay capital gains taxes, they pay income taxes. And guess what? Barack Obama wants to raise income taxes on anyone making over $250,000 a year, and that includes you small business owners or the person you work for.
2. Do you realize that under a Barack Obama administration, his tax policies will be dictated by what the government deems to be fair or neighborly? They will decide how much of your money you actually "need," and the rest is subject to seizure. Oh, that paying higher taxes is "patriotic." Since when is it the government's job to decide how much of your money you should be allowed to keep?
3. Just yesterday I made a speech outlining how Democrat policies, supported by Barack Obama led to the mortgage meltdown in this country. It was the Democrats who, for years, opposed any type of reform. I called for this reform back in 2006. President Bush asked for this reform. But the Democrats didn't want it. They wanted to continue funding subprime mortgages because that was the American dream.
4. And speaking of these subprime mortgages ... have any of you ever heard of a little organization called ACORN? I bet you Barack Obama has heard of it. Because he worked with ACORN as a community organizer. (Oh wait, I'm not supposed to say that. Now I am racist ... ) But it was organizations like ACORN that would bully and coerce banks into making subprime mortgages to people who should be renters.
5. My opponent has proposed nearly one million dollars in pork spending – we call them earmarks now – for every day he's served in the U.S. Congress. I've been here for decades, and haven't asked for one dollar of pork.
6. My running mate, Governor Sarah Palin, resigned a government position so that she could go after a member of her own party engaged in corrupt activities in Alaska. Barack Obama has a history of supporting the corrupt political machine that helped him rise to prominence in Chicago.
And that's just for starters .........
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Indeed, if the current financial crisis has a villain, it is Phil Gramm, who remains close to McCain. As chair of the Senate Banking Committee in the late 1990s, Gramm ushered in — with McCain's fervent support — a massive wave of deregulation for insurance companies and brokerage houses and banks, the aftershocks of which are just now being felt in Wall Street's catastrophic collapse. McCain, who has admitted that "the issue of economics is not something I've understood as well as I should," relies on Gramm to guide him.
McCain also did his part to loosen regulations on big corporations. In 1997, McCain became chairman of the powerful Senate Commerce Committee, which oversees the insurance and telecommunications industries, as well as the CEO pay packages of those McCain now denounces as "fat cats." The special interests with business before the committee were big and well-heeled. All told, executives and fundraisers associated with these firms donated $2.6 million to McCain when he served as the chairman or ranking member.
What McCain glosses over is that accepting early release would have required him to make disloyal statements that would have violated the military's Code of Conduct. If he had done so, he could have risked court-martial and an ignominious end to his military career. "Many of us were given this offer," according to Butler, McCain's classmate who was also taken prisoner. "It meant speaking out against your country and lying about your treatment to the press. You had to 'admit' that the U.S. was criminal and that our treatment was 'lenient and humane.' So I, like numerous others, refused the offer."
"Thanks to my prisoner-of-war experience," McCain writes, "I had, as they say in politics, a good story to sell."
In the spring of 1979, while conducting official business for the Navy, the still-married McCain encountered Cindy Lou Hensley, a willowy former cheerleader for USC. Mutually smitten, the two lied to each other about their ages. The 24-year-old Hensley became 27; the 42-year-old McCain became 38. For nearly a year the two carried on a cross-country romance while McCain was still living with Carol: Court documents filed with their divorce proceeding indicate that they "cohabitated as husband and wife" for the first nine months of the affair.
Although McCain stresses in his memoir that he married Cindy three months after divorcing Carol, he was still legally married to his first wife when he and Cindy were issued a marriage license from the state of Arizona.
In the year before his Senate run, McCain had championed legislation that would have delayed new regulations of savings and loans. Grateful, Keating contributed $54,000 to McCain's Senate campaign. Now, when Keating tried to stack the federal regulatory bank board with cronies, McCain made a phone call seeking to push them through. In 1987, in an unprecedented display of political intimidation, McCain also attended two meetings convened by Keating to pressure federal regulators to back off. The senators who participated in the effort would come to be known as the Keating Five.
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