McCain says FDIC limit ought to be raised to $250,000 from $100k with or without Congress…

John McCain believes the treasury should, via the FDIC go ahead and increase the insurance on deposits from $100,000 to $250,000 with or without Congressional approval.

“I have talked to the President this morning and recommended an increase from $100,000 to $250,000 FDIC insurance on deposits. I also strongly recommended that we use the exchange stability fund that the Treasury has available — $250 billion — to shore up these institutions. Also, the Treasury has at its disposal about $1 trillion that they could begin without Congressional authority buying up some of these terrible mortgages and help stabilize the situation. So I’ve talked to the President. I know that we have to act. Even though we failed yesterday, even though I went back and was able to get more Republicans on board or help get more Republicans on board, we will go back to this, and I will be engaged always where I think America needs engagement.”

Here’s the Video

“We’re going to have to change enough Republican and Democrats’ minds. It was 95 Democrats that voted against it. People’s credit is at risk here — the ability to buy a car, to make your home loan payments, for small businesses to get credit. Look, this is affecting Main Street America. And we’re going to have to resolve it, and we’re going to have to act. One point two trillion dollars of American savings, pensions, IRAs, mutual funds, investments, et cetera was wiped out, and that hurts Main Street. I’ve got a plan for cutting spending, for keeping taxes low, for making sure that people can stay in their homes, and a long-term plan. In the short-term, we’ve got to take these measures I just outlined to you, and let’s go back, and let’s make Americans understand who are opposed. I was watching your program earlier. How this affects not Wall Street, but Main Street and working families of America.”

Meanwhile, this isn’t McCain taking a populist stand, he’s been talking about the whole mess with Freddie and Fannie way before it became an issue in this election cycle:

Meanwhile, around the same time, Democrats were insisting that there is nothing wrong with Freddie and Fannie:

But the real question is what exactly was Obama up to while this mortgage mess was playing out? Real Clear Politics provides the answer:

The financial markets were teetering on the edge of an abyss last week. The secretary of the Treasury was literally on his knees begging the speaker of the House not to sabotage the bailout bill. … amid all this, the Democrats in Congress managed to find time to slip language into the bailout legislation that would provide a dandy little slush fund for ACORN.

ACORN stands for the Association of Community Organizations for Reform Now, a busy hive of left-wing agitation and “direct action” that claims chapters in 50 cities and 100,000 dues-paying members. ACORN is where Sixties leftovers who couldn’t get tenure at universities wound up. That the bill-writing Democrats remembered their pet clients during such an emergency speaks volumes. This attempted gift to ACORN (stripped out of the bill after outraged howls from Republicans) demonstrates how little Democrats understand about what caused the mess we’re in.

ACORN attracted Barack Obama in his youthful community organizing days. Madeline Talbott hired him to train her staff — the very people who would later descend on Chicago’s banks as CRA shakedown artists. The Democratic nominee later funneled money to the group through the Woods Fund, on whose board he sat, and through the Chicago Annenberg Challenge, ditto. Obama was not just sympathetic — he was an ACORN fellow traveler.

Posted by PUMA Pundit

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