>Bravo For John McCain!
by Don White
Oxford, Mississippi–If you saw the debate last night you saw John McCain deliver the knockout punch.
You also saw Barak Obama display his ineptitude about foreign affairs and his lies about not increasing taxes on people making $250,000 and below. Come on, Barak, no one believes you won’t increase taxes on people making that much money. Who do you think you’re kidding?
The fundamental difference between conservatives and Democrats is that the latter believe higher taxes are the answer. Obama would increase taxes on American businesses–companies that pay on average 35 percent taxes, the second highest in the world. McCain made an excellent point when he said what would stop companies from taking their business to Ireland, which has the lowest business taxes at eleven percent? Nothing. And that means if Obama is elected you will see further job losses–just the opposite from what this economy needs at this time.
McCain is right on. Why not lower business taxes, a move that will create more new jobs? Why not build 45 nuclear power plants during the next 20 years, a move that he said would create 700,000 new jobs. Obama is against both of these moves, including more drilling. He has no imagination and would be a terrible president if elected. His spending proposals would bankrupt America.
But just as important, the older guy, McCain, had new ideas while the younger, inexperienced guy, Obama, showed what we’ve known all along–he just spouts the same worn out, discredited Democratic rhetoric that we need to tax businesses in America and lower taxes for the poor or middle class, whoever that is because he wouldn’t answer McCain’s question on that or on who was rich in America. Democrats’ mantra is tax the rich, spend, spend, spend for medical insurance and other services.
Here are the only new ideas coming out of the debates, and they’re both McCain’s: The Republican nominee called for fixing the financial meltdown by changing rules so it never happens again and pinning the blame on those who caused it–Democrats in Congress like Barney Frank and Charlie Rangle, Freddie Mac and Fannie Mae, the Securities Exchange Commission, the Treasury Department, the Fed, banks, mortgage companies, and other government agencies.
McCain said he would fire all of the agency leaders and start over, and that has to include SEC Chairman Christopher Cox. Technically, a president can’t fire a Security Exchange Commission chairman, that’s the job for the SEC. Cox is a corporate lawyer who served in the Reagan White House and as a Congressman from Orange Co., Calif. for 17 years before being named to run the SEC in 2005. Insiders believe he was “missing in action” and couldn’t be located by phone when Bear Sterns went under.
Next, an aggressive and experienced McCain, speaking of Russia’s veto power in the UN and their aggression in Georgia, called for creation of a League of Democratic Nations. This body would have more power than the UN, since they’re generally in agreement and it’s members are well heeled because of private enterprise and free markets. It would, naturally, be able–along with NATO–to respond to nations like Russia that want to work with the West but want to make up their own rules of conduct which include messing with the internal affirs of other countries.
Obama had no comments on McCain’s two new ideas, and that’s because he needs a teleprompter to speak coherently and he lacks ethos. In rhetoric, ethos is one of the three artistic proofs (pistis (πίστις)) modes of persuasion (other principles being logos and pathos) discussed by Aristotle in ‘Rhetoric‘ as a component of argument. At first speakers must establish ethos. On the one hand, this can mean merely “moral competence”
McCain clearly won the debate on both the economy and national security and foreign affairs and on new ideas. He is clearly the better contemporaneous speaker, and that’s because he has real life stories and experiences to retell while Obama’s quest remains a dream and he hasn’t a clue about any of this.
McCain hit him on an obvious weak point–that Obama said that without preconditons he would sit down with Raul Castro, Hugo Chavez, the North Koreans, and Amadinajab of Iran. Showing typical moral weakness, Obama tried to lie himself out of this when the record is clear, that’s what he said. Then he hummed and hawed, saying one of McCain’s advisers, Henry Kissinger, had said he would likewise sit down with foreign dictators without preconditons. McCain flatly disputed this and told the audience this was a lie. I hope someone corners Henry and he sets the world right, because those of us who have experienced his diplomacy over the past 35 years know that there were always preconditons before a president he was advising sat down with a head of state.
Obama memorized some points and things he said–not always coherently, and after a lot of “a’s and pauses” to gather his vacant thoughts. Obama said nothing about the proposed League of Democracies. Nothing about firing the agency people who were responsible for the financial meltdown. How could he. They aren’t his ideas and he’s an “empty suit.” Why aren’t they his ideas? He loves the slush fund money he and his party receives from Fannie and Freddie. He loves the earmarks he is able to make in Congress to his wife’s company. He’s corrupt, so why should he want to change anything?
These reform ideas are those of the maverick, the reformer, John McCain. That Obama has never thought about a solution to these problems as McCain has is criminal. It’s criminal because reform means the end of the kickbacks and unethical donations he receives from these government agencies. Frankly, he’s just not in a position to clean up Washington and McCain and his running mate Palin are. If America elects Obama they will elect a man who has no fresh ideas. He’s powered by the same old failed Democratic rhetoric that got us into this problem in the first place.
As Albert Einstein said: “The significant problems we solve won’t be solved at the same level of thinking we were at when we created them.”
Bravo for John McCain!
More on Chris Cox and the SEC: The SEC is two years older than John McCain. It was created by Congress in 1934 at the height of the Great Depression. The SEC is charged with making sure that public companies accurately disclose their financials and business risks to investors, and ensuring that brokers who trade securities for clients keep investors’ interests first.
In the pro-deregulation ethos that dominated Washington over past two decades, there was little appetite for adding powers to an agency like the SEC: In 1998, when the Commodity Futures Trading Commission proposed regulating the burgeoning derivatives market, the banking lobby, with some help from hedge funds and investment banks, quickly thwarted the measure. And Cox’s predecessor at the SEC, William Donaldson, encountered stiff opposition when he tried to push more pro-shareholder measures and subject hedge funds to more oversight. When a court struck down Donaldson’s hedge fund registration rule, Cox announced that the SEC would not seek to appeal the ruling — he took the same no-appeal tact when a court shot down an SEC effort to make mutual funds appoint an independent chairman. On the other hand, certain types of enforcement — like cases against companies that backdated stock options — have flourished under Cox. And now he’s a loud supporter of regulating the $58 trillion credit default swap market that helps companies insure against defaults on their debt — but also links financial institutions together in dangerously opaque ways.
Both McCain and Obama criticized the fact that no one both spotted a potential problem and made sure something was done to fix it. Babara Kavit of Times.com says she didn’t think the SEC had sufficient manpower, expertise, or resources to detect the problem. McCain will fix that!
“Much has been made of the SEC’s failure to spot trouble brewing at the investment banks that fell under its purview,” she wrote. “An SEC rule change in 2004 — which didn’t generate a lot of attention at the time and passed before Cox came along — let the five largest investment banks significantly raise the amount of money they could borrow. In retrospect, the new ratio — $40 dollars borrowed for each dollar of capital to back it up — was precariously high, considering smaller broker-dealers were capped at a ratio of $12 borrowed for each dollar of capital.”
All in all, this has been a good week for John McCain. He flies back to Washington to help the conservatives and Democrats come together in devising a bill that could be passed by early next week. McCain won this debate, but what will the polls show is anyone’s guess. Frankly, I am highly suspicious of polls. They call up 200 people and that, somehow, is supposed to be representative of what America thinks? I don’t think so.