http://www.bloomberg.com/apps/news?pid=20601070&sid=alfUj1r0Z10o&refer=politics Obama, Not McCain, Shows Steady Hand in Crisis: Albert R. Hunt Commentary by Albert R. Hunt Sept. 22 (Bloomberg) -- For the first time since 1932 a presidential election is taking place in the midst of a genuine financial crisis. The reaction of the candidates was revealing. John McCain, railing against the... [more]
http://www.bloomberg.com/apps/news?pid=20601070&sid=alfUj1r0Z10o&refer=politics
Obama, Not McCain, Shows Steady Hand in Crisis:
Albert R. Hunt
Commentary by Albert R. Hunt
Sept. 22 (Bloomberg) -- For the first time since 1932 a presidential election is taking place in the midst of a genuine financial crisis. The reaction of the candidates was revealing.
John McCain, railing against the ``greed and corruption'' of Wall Street, won the first round of the sound-bite war. He came out with a television commercial on the ``crisis'' early on Monday of last week, and over the next three days gave more than a dozen broadcast interviews. He and running mate Sarah Palin would reform Wall Street and regulate the nefarious fat cats that caused this fiasco.
It was a great start. It then went downhill as he stumbled over his record of championing deregulation, claimed the economy was fundamentally strong, and flip-flopped over the government takeover of American International Group Inc.
For his part, Barack Obama didn't come across as passionately outraged and wasn't as omnipresent or as specific.
More revealing, though, was to whom both candidates turned on that panic-ridden morning of Sept. 15, and how the messages evolved before and after that day.
McCain called Martin Feldstein, the well-known Republican economist and Reagan administration adviser, John Taylor of Stanford University, who served in President George W. Bush's Treasury and Carly Fiorina, once the chief executive officer of Hewlett-Packard Co.
Obama called former Federal Reserve Chairman Paul Volcker, and former Treasury Secretaries Robert Rubin and Larry Summers.
It was a mismatch.
Towering Volcker
Feldstein, for all his intellect, was ineffective in the Reagan administration; then-White House deputy chief of staffDick Darman cut him out of important action. Volcker, first at the Treasury and then as chairman of the Federal Reserve, was a towering figure in every way.
Taylor is a well-regarded academic. In four years as undersecretary of the Treasury, he left few footprints. Summers, as both deputy secretary and secretary, left a lot.
Fiorina is smart and quick; to put it charitably, Rubin will forget more about financial markets than she'll ever know.
When it comes to governance, and either Democrat Obama or Republican McCain will inherit this miserable financial mess, the best guide is who they talked to, what they said, where they've been, and how knowledgeable they are.
Obama's record and earlier speeches belie some of his more populist rhetoric. Yet they also suggest, as do his advisers, a much more activist government role than is likely under a McCain-Palin administration.
Comfortable With Subject
Obama called for the overhaul of the financial-regulatory system and tougher enforcement well before this past week's traumas.
Detached observers who watched him last week, especially in a Bloomberg Television interview, were taken by how conversant and comfortable he was on the subject, despite his thin record. Few detached observers came away with that impression watching the Arizona senator.
Much of the re-regulatory fever focuses on the Federal Reserve and any new agencies created to clean up the fiasco. Central, however, will be a more vigorous Securities and Exchange Commission, or whatever holds that investor-protection function.
McCain displayed a sudden interest in the SEC last week when he demanded that Chairman Chris Cox be fired. When his campaign was asked if the senator had ever criticized the current commission's performance before, they failed to respond.
All For Obama
Tellingly, three former SEC chairmen, a Democrat, Arthur Levitt, and two Republicans, David Ruder and Bill Donaldson, have endorsed Obama. Levitt is a board member of Bloomberg LP, the parent company of Bloomberg News.
Donaldson, who was tapped by Bush to head the SEC, says Obama called him last year about the financial-regulatory problems. He has never heard from McCain.
``Obama has been talking about the need for better financial regulation well before this crisis hit and has done some real thinking about it,'' says Donaldson, a lifelong Republican. ``McCain comes across as someone who suddenly realized changes have to be made.''
There is a case for McCain: it's if you believe in less regulation, that the government should get out of the way and let the markets work their will.
No `Real Understanding'
``I don't think anyone who wants to increase the burden of government regulation and high taxes has any real understanding of economics,'' McCain said this spring at an Inez, Kentucky, town hall meeting, where he also declared ``the fundamentals of our economy are good.''
Until recently, he repeatedly invoked Ronald Reagan's calls for less regulation. He voted for the 2002 Sarbanes-Oxley corporate-governance regulations -- then last year said he regretted that vote.
McCain isn't averse to some regulations. He has strongly championed a greater federal role in campaign finance, tobacco and boxing. In each case, he saw a clear villain -- special- interest money, a tobacco product that puts profits ahead of lives, and unscrupulous boxing promoters.
There has been little evidence that prior to last week he ever put financial firms in this category. Although he assailed excessive corporate compensation last week, McCain has opposed a tepid House-passed bill that would give corporate shareholders the right to cast a non-binding vote on compensation of top executives.
Turning to Gramm
The person he has turned to most for counsel on such matters is his ex-Senate colleague Phil Gramm. Gramm is a political Gordon Gekko, a brainy economist with a Darwinian view of markets and public policy.
It's not easy to remember what the financial world looked like 10 days ago much less 10 months ago. Decisions that will be reached after this election will be the most important since the 1930s.
Obama, as more than a few Democrats are complaining, hasn't been as quick, sharp -- or demagogic -- as they would like. McCain has been beset by deeper difficulties: an inchoate and inconsistent message that seems to reflect political exigencies more than principled convictions.
On the financial crisis, last week belonged to Obama.
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Response by ccdevi
almost 18 years ago
Posts: 861
Member since: Apr 2007
I'm so shocked at who posted this. Good thing you're not partisan.
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
ccdevi - do you think that McCain was aware of the situation and handled it in a Presidential manner?
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Response by ccdevi
almost 18 years ago
Posts: 861
Member since: Apr 2007
was he aware of what situation?
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
the complete meltdown of our economy. On monday when the market was crashing McCain said twice that the fundamentals of our economy were strong. How could someone who had any clue on our economy actually say such thing, let alone on the day it is melting down?
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Response by julia
almost 18 years ago
Posts: 2841
Member since: Feb 2007
I also think Obama handled it very presidential...he didn't rush out and make all sorts of promises and demands of wall street. McCain handled it like a man running for president. Big difference.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> said twice that the fundamentals of our economy were strong.
I know that most of NYC is self-centered, but Wall Street is NOT the fundamentals of our economy.
The fundamentals of our economy are people that make stuff and buy other stuff.
> I also think Obama handled it very presidential...he didn't rush out and make all sorts of promises
> and demands of wall street.
Very presidential = didn't do anything in a crisis???
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
nyc10022 - makes a completely moronic statement that not panicking equals not doing anything. Did you read the article? It was exactly about what Obama did well and what Mccain did stupidly.
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Response by uptowngal
over 17 years ago
Posts: 631
Member since: Sep 2006
Obama's reaction came across as intelligent and methodical, whereas McCain appeared populist and phony.
Ironically, what Obama's proposing is similar to what Paulson (a Bush appointee) wanted to do back in July. Oh, and Obama received donations from Fannie & Freddie, more than McCain.
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
Oh and Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
Oh and u[ptowngirl - Mccain pushed for, supported, and helped create legisltation that deregulated the markets and got us into this mess. Oh yeah , McCain was also at the center of the Keating 5 scandal which was the last time Aermicans were swindled of their life savings then the taxpayers had to bail them out.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
And Obama's boy got bribed by Fannie and Freddie with a freebie mortgage. Really wanna play this game?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> nyc10022 - makes a completely moronic statement
Wow, coming from the guy who has made more moronic statements than anyone on this board...
Like Market will be up 15% (was down 2% YOY 2Q, 6-7% decline QoQ to Q3).
Or his whole anti-republican diatribe (which going pointed out for missing all the facts).
Perfitz, is there ANYTHING you haven't gotten wrong?
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
nyc10022 = eddiewilson = republican schill.
I called 15% yoy in NY RE for the past spring. I was correct.
Please name anything that I have said about the REpublicans which is not true?
Do you tihnk that the performance of the Republican party over the last 8 years was good? Do you stand bye their policies and results?
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
nyc10022 also to prove your credibility please provide a link that says Obama's "boy" got a free mortgage.
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Response by julia
over 17 years ago
Posts: 2841
Member since: Feb 2007
The bottom line....we saw how each man would handle a crisis, financial or military and I strongly believe many voters who were unsure of Obama (experience, etc.) felt good with what Obama did. I thought it would be a close race but now I think McCain is going to blow it at the debates trying to catch up and Obama wins in a landslide!!!
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> I called 15% yoy in NY RE for the past spring. I was correct.
Actually, you weren't. Per corcoran, down 2%.
Try again. (actually, don't. the louder you yell, the more incorrect you are)
> nyc10022 also to prove your credibility please provide a link that says Obama's "boy" got a free
> mortgage.
Perfitz, you really need to stop while you're only 5 years behind...
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> schill.
And it is "shill", and clearly you don't know the definition of that word either...
> Please name anything that I have said about the REpublicans which is not true?
There was the entire thread on that last week Perfitz. Don't play dumb. You said a record for lies on that one.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> I called 15% yoy in NY RE for the past spring.
And, I realize you probably need a definition on this one, too.
Spring would be the second quarter. In 2008, averages prices were down 2%. Even YoY, the way you specifically claimed it. Manhattan only, stats from Corcoran.
Man, it is tough to be any more wrong that Perfitz.
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Response by uptowngal
over 17 years ago
Posts: 631
Member since: Sep 2006
"Mccain pushed for, supported, and helped create legisltation that deregulated the markets and got us into this mess."
petrfitz, what are you talking about?
"Oh yeah , McCain was also at the center of the Keating 5 scandal which was the last time Aermicans were swindled of their life savings then the taxpayers had to bail them out."
McCain was fully exhonerated.
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
nyc10022 I think that you are as good at spreading misinformation as MccCain is! Too funny. A guy who was part of mccains VP vetting team MAY have gotten favorable loans terms. You describe him as Obama's boy got a free mortgage. What a lie.
As compared to McCains Campaign Manager (McCains real boy) got over $2million from them for doing nothing except promising that McCain wouldnt touch them:
last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Mr. Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae’s former chief executive, Franklin Raines, an assertion both Mr. Raines and the Obama campaign dispute.
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.
“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
oh yeah here is the Q2 numbers:
"We're talking Q2 results should surprise no one. Just like the first quarter of 2008, prices are at record levels but sales are down from this time last year. Miller Samuel's report for Elliman has the average Manhattan sales price at $1,669,729, a 25.2% increase over the prior year quarter result of $1,333,316. Gregory Heym's Halstead/Brown Harris Stevens report has the average at $1,663,533, a 36% increase over his numbers in Q2 2007."
Prices were up higher than I predicted. You are as wrong as George Bush and John MccCain have been for the last 8 years.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Genius, you are including new apartments
Resales are down 2%. As in anything already bought, down 2%.
Try again, though!
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Response by PHBuyer
over 17 years ago
Posts: 292
Member since: Aug 2007
"See this hand?"
"Steady as rock"
"Yes, but this is my shooting hand"
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
And don't forget, another 6-7% in Q3!
AWESOME prediction, though. You gave us all some laughs.
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
McCain was not fully exhonerated. His case was reviewed by members of his own party and McCain was criticized by the Committee for exercising "poor judgment" when he met with the federal regulators on Keating's behalf.
Among the Keating Five, McCain took the most direct contributions from Keating
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
nyc10022 - you are manipulating the numbers like Bush and McCain did with the intelligence leading up to the Iraq war.
I was right, prices were up over 25%.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Here it is...
"PropertyShark.com, in collaboration with the Corcoran Group, today announce the release of the first Corcoran Report with sales data audited and supplemented by PropertyShark.com. The Corcoran Report covers Manhattan residential real estate sales for the second quarter of 2008. Key Takeaways from 2Q08 Manhattan Sales include new information on sales transactions, median sale prices and on the region of Manhattan."
"Median price was down 2% for re-sale properties"
Sounds just like "UP 15%" to me!
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> I was right, prices were up over 25%.
Please keep saying it, Pete... you just look dumber each time.
Down 2% is somehow "up 25%". And you're rich and good looking, too.
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Response by Sizzlack
over 17 years ago
Posts: 782
Member since: Apr 2008
You are hilarious Petr. If you go out to dinner and the restaurant screws up your order...do you tell the waiter they messed up your meal like George Bush messed up the economy?
Or if they give you back incorrect change...do you yell at them for shortchanging you like George Bush shortchanged the American people?
Perhaps you ordered pepperoni and they give you mushroom instead...do you tell them that they gave you the wrong order like George Bush gave the wrong information leading to the Iraq war?
Good lord you could do that forever...and I bet you do!
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
"If you go out to dinner and the restaurant screws up your order...do you tell the waiter they messed up your meal like George Bush messed up the economy? "
Actually, he only said that if they got the order right. Its when he makes a mistake that he uses the analogy.
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
Obamabots need some help. Since you know real estate, you tell me the last time you bought a house with a convicted felon. Also, the convicted felon sold you a plot of land for 1/6 the price. However, the plot of land is now too small to build upon due to the building code. Wouldn't you agree that the purchaser got a really sweet deal? You get a mansion with an large yard that no one can build upon for 1/6 the price. This is called bribery!!!
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
I wish just 1 republican would accept and own up to the performance of your party and your policies.
IT is so embarrassing that you guys cant even admit that it was your party and your policies running this country.
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
Obama acts holier than thou but is the most corrupt politician in the Senate and that is saying alot. Rezko is the convicted felon and he received more than 20million is funds from Illinois. Guess who was in the state senate in Illinois? Obama
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
when proven badly wrong... QUICK, CHANGE THE SUBJECT.
Again, Pete, have you ever been right about ANYTHING?
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
Convicted Felons...hmmmm..let me see.....
PArtial list of convicted felons working in the Bush Adminsitration:
John Poindexter, Convicted of conspiracy, lying to Congress.
Appointed to head DARPA by Bush
Elliot Abrams, Pleaded guilty in 1991 to withholding information from Congress in the Iran-contra affair.
Appointed as Deputy Assistant to the President and Deputy National Security Advisor for Global Democracy Strategy by Bush
Otto Reich, Convicted in 1990 on five felony charges of conspiracy.
Appointed by Bush to direct Inter American affairs at the State Department. President Bush used the tricky recess appointment procedure to bypass potential hostile and damaging questioning by Democrats on the Senate Foreign Relations Committee.
John Negroponte, Convicted of lying to Congress about the Iran-Contra affair
Bush appointed him as U.S. Ambassador to the United Nations
Rogelio Pardo-Maurer. Supported Contra forces in Nicaragua.
Appointed by Bush as deputy assistant secretary of defense for Western Hemisphere affairs.
These men, all rewarded with powerful jobs in the Bush government for their felonious and murderous backgrounds......
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
Please answer the question:
Obamabots need some help. Since you know real estate, you tell me the last time you bought a house with a convicted felon. Also, the convicted felon sold you a plot of land for 1/6 the price. However, the plot of land is now too small to build upon due to the building code. Wouldn't you agree that the purchaser got a really sweet deal? You get a mansion with an large yard that no one can build upon for 1/6 the price. This is called bribery!!!
Obama acts holier than thou but is the most corrupt politician in the Senate and that is saying alot. Rezko is the convicted felon and he received more than 20million is funds from Illinois. Guess who was in the state senate in Illinois? Obama
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
nyc10022 - I was absolutely correct. You were totally wrong. Stop manipulating data I know that it is hard for a Republican....
hee McCain is as dirty as they come. The Rezko thing is such a reach.
How many Americans lost their life savings with Keatings S&L scandal? How many lost their life savings with Rezko?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> nyc10022 - I was absolutely correct. You were totally wrong.
One more time... 2% down is NOT 25% up. Covered the specific period you mentioned, Manhattan only. Real stats. No one "manipulated" anything you jackass, you were just wrong. Those are the direct quotes out of the corcoran report.
God, perfitz is wrong, someone must have "mainpulated" something. Jesus, take some responsibility for yourself already.
Hell, it was YOU who, when shown that QoQ was down, wanted YoY as the measure instead (which is disingenuous in the first place). Now even THAT you've been shown to be an idiot, and here you still are... You made a claim, you were shown to be absolutely incorrect.
Stop being a child.
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
Exactly, you refuse to recognize the personal corruption of your candidate and throw the entire blame of public policy on the other candidate. You tell me which is worse, to be part of a corrupt system and look to change it (McCain) or to be personally corrupt and refuse to acknowledge it (Obama)?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Maybe perfitz IS obama.
Both are clearly in denial about their own shortcomings and mistakes...
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
dumbass republicans you guys are the ones who ruined our economy and our country. keep on spinning you cant spin your disasterous economy.
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
I originally supported Sen. Clinton. Regardless, it is your candidate that continues with the same advisors and policies that have served our country since Pres. Carter. It would be nice if you had more information except for the usual talking points. Please research the following: Trilateral Commission and George Soros. Afterward, please let me know if your candidate will challenge the system or take even more liberties with it.
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
speaking of changing the subject you are now trying to tie George Soros to Obama to funny. Why dont oyu tie Warren Buffet to him? Warren is regulary advising Obama.
Why dont you try tying the murderous Saudi's to the republican party. You know the country that had 15 of the 19 9/11 attackers, and your party's leader still holds hands and kisses the Saudi princes/.
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
MOVEON.org is funded by George Soros. Moveon.org supported Obama during the caucuses. Obama won the nomination because of his support in the small caucus states. Petrfitz, it is important that truth be discussed. Sen. Obama is different from Clinton and McCain. Sen. Obama does not have the interests of our country in his heart. He has only personal ambition and will be a disaster as President. The worst President is Pres. Bush, a Republican, followed by Pres. Carter, a Democrat.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> dumbass republicans you guys are the ones who ruined our economy and our country.
I love it. Idiot speculators who thought the RE market would go up forever are the root cause for our mess, and Pete is front and center there. And he's blaming the rest of us...
Would expect nothing less of an genius like Pete.
If he actually supported Obama, he'd be quiet, because clearly he isn't helping anyone's case...
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Response by julia
over 17 years ago
Posts: 2841
Member since: Feb 2007
petrfitz...John McCain is a good and decent man...he shouldn't be president but you don't have to tear him down with untruths or half truths. Leave him alone and he will be going back to Arizona soon.
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Response by petrfitz
over 17 years ago
Posts: 2533
Member since: Mar 2008
luis which is worse Moveon.org or Swift Boaters? Who tells lies? Who questions soldiers purple heart wounds?
Also please provide 1 bit of fact that backs up your assertion that Obama does not have the interests of our country in his heart.
Look at the 1st decision of each candidate - Obama named Joe Biden VP. Someone with a lot of experience who could run the country. Biden gives Obama little to no political lift. McCain names Palin who has zero experience, is not prepared to lead the country, is not vetted. Palin gives McCain sleezy political lift.
Who has the best interests of the country in their hearts?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
I just figure given Pertifz' record of predictions and analysis, it makes sense to vote against anyone he supports. I'm pretty sure he would have told us to vote carter.
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
Rev. Jeremiah Wright...Sen. Obama is too inexperienced, insincere, and inadequate for the Presidency.
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
His failure to select Sen. Hillary Clinton as Vice Presidential nominee. She was the most experienced and competent candidate available to Sen. Obama. Supposedly, he is a united...just like Bush. I would say Obama is Bush-lite...
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Response by luis5acc
over 17 years ago
Posts: 81
Member since: Oct 2007
His association with a US terrorist, William Ayers. Sen. Obama worked for Ayers with over 100 million in education grants...
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Response by Oxymoronic
over 17 years ago
Posts: 165
Member since: Dec 2007
Republican or Democrat, you're not going to influence the course of the election in New York. If you passionately want to influence the outcome, how about spending a couple of weeks campaigning a swing state? Alternatively, how about talking about real estate?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
good call. My prediction...
if Obama is elected, Manhattan RE declines
if McCain is elected, Manhattan RE declines
Anything else?
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Response by ootin
over 17 years ago
Posts: 210
Member since: Jul 2008
this is kindof a weak argument against McCain. petrfitz, you've had much better arguments, how did you come up with this one?
I'm so shocked at who posted this. Good thing you're not partisan.
ccdevi - do you think that McCain was aware of the situation and handled it in a Presidential manner?
was he aware of what situation?
the complete meltdown of our economy. On monday when the market was crashing McCain said twice that the fundamentals of our economy were strong. How could someone who had any clue on our economy actually say such thing, let alone on the day it is melting down?
I also think Obama handled it very presidential...he didn't rush out and make all sorts of promises and demands of wall street. McCain handled it like a man running for president. Big difference.
> said twice that the fundamentals of our economy were strong.
I know that most of NYC is self-centered, but Wall Street is NOT the fundamentals of our economy.
The fundamentals of our economy are people that make stuff and buy other stuff.
> I also think Obama handled it very presidential...he didn't rush out and make all sorts of promises
> and demands of wall street.
Very presidential = didn't do anything in a crisis???
nyc10022 - makes a completely moronic statement that not panicking equals not doing anything. Did you read the article? It was exactly about what Obama did well and what Mccain did stupidly.
Obama's reaction came across as intelligent and methodical, whereas McCain appeared populist and phony.
Ironically, what Obama's proposing is similar to what Paulson (a Bush appointee) wanted to do back in July. Oh, and Obama received donations from Fannie & Freddie, more than McCain.
Oh and Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
Oh and u[ptowngirl - Mccain pushed for, supported, and helped create legisltation that deregulated the markets and got us into this mess. Oh yeah , McCain was also at the center of the Keating 5 scandal which was the last time Aermicans were swindled of their life savings then the taxpayers had to bail them out.
And Obama's boy got bribed by Fannie and Freddie with a freebie mortgage. Really wanna play this game?
> nyc10022 - makes a completely moronic statement
Wow, coming from the guy who has made more moronic statements than anyone on this board...
Like Market will be up 15% (was down 2% YOY 2Q, 6-7% decline QoQ to Q3).
Or his whole anti-republican diatribe (which going pointed out for missing all the facts).
Perfitz, is there ANYTHING you haven't gotten wrong?
nyc10022 = eddiewilson = republican schill.
I called 15% yoy in NY RE for the past spring. I was correct.
Please name anything that I have said about the REpublicans which is not true?
Do you tihnk that the performance of the Republican party over the last 8 years was good? Do you stand bye their policies and results?
nyc10022 also to prove your credibility please provide a link that says Obama's "boy" got a free mortgage.
The bottom line....we saw how each man would handle a crisis, financial or military and I strongly believe many voters who were unsure of Obama (experience, etc.) felt good with what Obama did. I thought it would be a close race but now I think McCain is going to blow it at the debates trying to catch up and Obama wins in a landslide!!!
> I called 15% yoy in NY RE for the past spring. I was correct.
Actually, you weren't. Per corcoran, down 2%.
Try again. (actually, don't. the louder you yell, the more incorrect you are)
> nyc10022 also to prove your credibility please provide a link that says Obama's "boy" got a free
> mortgage.
http://articles.latimes.com/2008/jun/12/nation/na-johnson12
Ooh, ow, OUCH. TOO easy.
Perfitz, you really need to stop while you're only 5 years behind...
> schill.
And it is "shill", and clearly you don't know the definition of that word either...
> Please name anything that I have said about the REpublicans which is not true?
There was the entire thread on that last week Perfitz. Don't play dumb. You said a record for lies on that one.
> I called 15% yoy in NY RE for the past spring.
And, I realize you probably need a definition on this one, too.
Spring would be the second quarter. In 2008, averages prices were down 2%. Even YoY, the way you specifically claimed it. Manhattan only, stats from Corcoran.
Man, it is tough to be any more wrong that Perfitz.
"Mccain pushed for, supported, and helped create legisltation that deregulated the markets and got us into this mess."
petrfitz, what are you talking about?
"Oh yeah , McCain was also at the center of the Keating 5 scandal which was the last time Aermicans were swindled of their life savings then the taxpayers had to bail them out."
McCain was fully exhonerated.
nyc10022 I think that you are as good at spreading misinformation as MccCain is! Too funny. A guy who was part of mccains VP vetting team MAY have gotten favorable loans terms. You describe him as Obama's boy got a free mortgage. What a lie.
As compared to McCains Campaign Manager (McCains real boy) got over $2million from them for doing nothing except promising that McCain wouldnt touch them:
last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Mr. Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae’s former chief executive, Franklin Raines, an assertion both Mr. Raines and the Obama campaign dispute.
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.
“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.
oh yeah here is the Q2 numbers:
"We're talking Q2 results should surprise no one. Just like the first quarter of 2008, prices are at record levels but sales are down from this time last year. Miller Samuel's report for Elliman has the average Manhattan sales price at $1,669,729, a 25.2% increase over the prior year quarter result of $1,333,316. Gregory Heym's Halstead/Brown Harris Stevens report has the average at $1,663,533, a 36% increase over his numbers in Q2 2007."
http://www.prudentialelliman.com/MainSite/MarketReports/ReportsMenu.aspx
Prices were up higher than I predicted. You are as wrong as George Bush and John MccCain have been for the last 8 years.
Genius, you are including new apartments
Resales are down 2%. As in anything already bought, down 2%.
Try again, though!
"See this hand?"
"Steady as rock"
"Yes, but this is my shooting hand"
And don't forget, another 6-7% in Q3!
AWESOME prediction, though. You gave us all some laughs.
McCain was not fully exhonerated. His case was reviewed by members of his own party and McCain was criticized by the Committee for exercising "poor judgment" when he met with the federal regulators on Keating's behalf.
Among the Keating Five, McCain took the most direct contributions from Keating
nyc10022 - you are manipulating the numbers like Bush and McCain did with the intelligence leading up to the Iraq war.
I was right, prices were up over 25%.
Here it is...
"PropertyShark.com, in collaboration with the Corcoran Group, today announce the release of the first Corcoran Report with sales data audited and supplemented by PropertyShark.com. The Corcoran Report covers Manhattan residential real estate sales for the second quarter of 2008. Key Takeaways from 2Q08 Manhattan Sales include new information on sales transactions, median sale prices and on the region of Manhattan."
"Median price was down 2% for re-sale properties"
Sounds just like "UP 15%" to me!
> I was right, prices were up over 25%.
Please keep saying it, Pete... you just look dumber each time.
Down 2% is somehow "up 25%". And you're rich and good looking, too.
You are hilarious Petr. If you go out to dinner and the restaurant screws up your order...do you tell the waiter they messed up your meal like George Bush messed up the economy?
Or if they give you back incorrect change...do you yell at them for shortchanging you like George Bush shortchanged the American people?
Perhaps you ordered pepperoni and they give you mushroom instead...do you tell them that they gave you the wrong order like George Bush gave the wrong information leading to the Iraq war?
Good lord you could do that forever...and I bet you do!
"If you go out to dinner and the restaurant screws up your order...do you tell the waiter they messed up your meal like George Bush messed up the economy? "
Actually, he only said that if they got the order right. Its when he makes a mistake that he uses the analogy.
Obamabots need some help. Since you know real estate, you tell me the last time you bought a house with a convicted felon. Also, the convicted felon sold you a plot of land for 1/6 the price. However, the plot of land is now too small to build upon due to the building code. Wouldn't you agree that the purchaser got a really sweet deal? You get a mansion with an large yard that no one can build upon for 1/6 the price. This is called bribery!!!
I wish just 1 republican would accept and own up to the performance of your party and your policies.
IT is so embarrassing that you guys cant even admit that it was your party and your policies running this country.
Obama acts holier than thou but is the most corrupt politician in the Senate and that is saying alot. Rezko is the convicted felon and he received more than 20million is funds from Illinois. Guess who was in the state senate in Illinois? Obama
when proven badly wrong... QUICK, CHANGE THE SUBJECT.
Again, Pete, have you ever been right about ANYTHING?
Convicted Felons...hmmmm..let me see.....
PArtial list of convicted felons working in the Bush Adminsitration:
John Poindexter, Convicted of conspiracy, lying to Congress.
Appointed to head DARPA by Bush
Elliot Abrams, Pleaded guilty in 1991 to withholding information from Congress in the Iran-contra affair.
Appointed as Deputy Assistant to the President and Deputy National Security Advisor for Global Democracy Strategy by Bush
Otto Reich, Convicted in 1990 on five felony charges of conspiracy.
Appointed by Bush to direct Inter American affairs at the State Department. President Bush used the tricky recess appointment procedure to bypass potential hostile and damaging questioning by Democrats on the Senate Foreign Relations Committee.
John Negroponte, Convicted of lying to Congress about the Iran-Contra affair
Bush appointed him as U.S. Ambassador to the United Nations
Rogelio Pardo-Maurer. Supported Contra forces in Nicaragua.
Appointed by Bush as deputy assistant secretary of defense for Western Hemisphere affairs.
These men, all rewarded with powerful jobs in the Bush government for their felonious and murderous backgrounds......
Please answer the question:
Obamabots need some help. Since you know real estate, you tell me the last time you bought a house with a convicted felon. Also, the convicted felon sold you a plot of land for 1/6 the price. However, the plot of land is now too small to build upon due to the building code. Wouldn't you agree that the purchaser got a really sweet deal? You get a mansion with an large yard that no one can build upon for 1/6 the price. This is called bribery!!!
Obama acts holier than thou but is the most corrupt politician in the Senate and that is saying alot. Rezko is the convicted felon and he received more than 20million is funds from Illinois. Guess who was in the state senate in Illinois? Obama
nyc10022 - I was absolutely correct. You were totally wrong. Stop manipulating data I know that it is hard for a Republican....
hee McCain is as dirty as they come. The Rezko thing is such a reach.
How many Americans lost their life savings with Keatings S&L scandal? How many lost their life savings with Rezko?
> nyc10022 - I was absolutely correct. You were totally wrong.
One more time... 2% down is NOT 25% up. Covered the specific period you mentioned, Manhattan only. Real stats. No one "manipulated" anything you jackass, you were just wrong. Those are the direct quotes out of the corcoran report.
God, perfitz is wrong, someone must have "mainpulated" something. Jesus, take some responsibility for yourself already.
Hell, it was YOU who, when shown that QoQ was down, wanted YoY as the measure instead (which is disingenuous in the first place). Now even THAT you've been shown to be an idiot, and here you still are... You made a claim, you were shown to be absolutely incorrect.
Stop being a child.
Exactly, you refuse to recognize the personal corruption of your candidate and throw the entire blame of public policy on the other candidate. You tell me which is worse, to be part of a corrupt system and look to change it (McCain) or to be personally corrupt and refuse to acknowledge it (Obama)?
Maybe perfitz IS obama.
Both are clearly in denial about their own shortcomings and mistakes...
dumbass republicans you guys are the ones who ruined our economy and our country. keep on spinning you cant spin your disasterous economy.
I originally supported Sen. Clinton. Regardless, it is your candidate that continues with the same advisors and policies that have served our country since Pres. Carter. It would be nice if you had more information except for the usual talking points. Please research the following: Trilateral Commission and George Soros. Afterward, please let me know if your candidate will challenge the system or take even more liberties with it.
speaking of changing the subject you are now trying to tie George Soros to Obama to funny. Why dont oyu tie Warren Buffet to him? Warren is regulary advising Obama.
Why dont you try tying the murderous Saudi's to the republican party. You know the country that had 15 of the 19 9/11 attackers, and your party's leader still holds hands and kisses the Saudi princes/.
MOVEON.org is funded by George Soros. Moveon.org supported Obama during the caucuses. Obama won the nomination because of his support in the small caucus states. Petrfitz, it is important that truth be discussed. Sen. Obama is different from Clinton and McCain. Sen. Obama does not have the interests of our country in his heart. He has only personal ambition and will be a disaster as President. The worst President is Pres. Bush, a Republican, followed by Pres. Carter, a Democrat.
> dumbass republicans you guys are the ones who ruined our economy and our country.
I love it. Idiot speculators who thought the RE market would go up forever are the root cause for our mess, and Pete is front and center there. And he's blaming the rest of us...
Would expect nothing less of an genius like Pete.
If he actually supported Obama, he'd be quiet, because clearly he isn't helping anyone's case...
petrfitz...John McCain is a good and decent man...he shouldn't be president but you don't have to tear him down with untruths or half truths. Leave him alone and he will be going back to Arizona soon.
luis which is worse Moveon.org or Swift Boaters? Who tells lies? Who questions soldiers purple heart wounds?
Also please provide 1 bit of fact that backs up your assertion that Obama does not have the interests of our country in his heart.
Look at the 1st decision of each candidate - Obama named Joe Biden VP. Someone with a lot of experience who could run the country. Biden gives Obama little to no political lift. McCain names Palin who has zero experience, is not prepared to lead the country, is not vetted. Palin gives McCain sleezy political lift.
Who has the best interests of the country in their hearts?
I just figure given Pertifz' record of predictions and analysis, it makes sense to vote against anyone he supports. I'm pretty sure he would have told us to vote carter.
Rev. Jeremiah Wright...Sen. Obama is too inexperienced, insincere, and inadequate for the Presidency.
His failure to select Sen. Hillary Clinton as Vice Presidential nominee. She was the most experienced and competent candidate available to Sen. Obama. Supposedly, he is a united...just like Bush. I would say Obama is Bush-lite...
His association with a US terrorist, William Ayers. Sen. Obama worked for Ayers with over 100 million in education grants...
Republican or Democrat, you're not going to influence the course of the election in New York. If you passionately want to influence the outcome, how about spending a couple of weeks campaigning a swing state? Alternatively, how about talking about real estate?
good call. My prediction...
if Obama is elected, Manhattan RE declines
if McCain is elected, Manhattan RE declines
Anything else?
this is kindof a weak argument against McCain. petrfitz, you've had much better arguments, how did you come up with this one?