Cuomo? Hell No.

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John McCain sticks with his knuckleheaded call for Chris Cox to step down at the SEC.

This may sound a little unusual, but I've admired Andrew Cuomo. I think he is somebody who could — restore some credibility, lend some bipartisanship — to this effort.

Robert George mans the torpedos.

Huh? Is McCain serious? Now, don't get me wrong. Cuomo, currently New York state attorney general, is a smart Democrat, and moderate in many ways. However, there's a strong case to be made that, as Clinton's HUD secretary, many Cuomo decisions actually may have exacerbated the mortgage meltdown that is at the heart of the current financial industry crisis.

George's evidence is a brutal Wayne Barrett column about the Cuomo record.

Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why… the near-collapse of these dual pillars in recent weeks is rooted in the HUD junkyard, where every Cuomo decision discussed here was later ratified by his Bush successors.

Appointing Andrew Cuomo to clean up the housing mess would be the equivalent of kicking off an Afghanistan troop surge by making Donald Rumseld our man in Kabul.

This is a pretty academic debate, though: As blithering as McCain is proving to be as a potential executive decision-maker, he sounds like he opposes the odious bailout. Obama is primed to support the bailout after complaining about it and thumbs-upping various Democratic amendments.

Via Ben Smith.

NEXT: Don't Clog. Be Clean. Get Screwed.

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  1. I really find it hard to believe that anyone with a single ounce of common sense would be taking anything McBush says seriously. He is a proven LIAR which means his word means absolutely NOTHING. We’ve dealt with that mentality for the last 8 years, can we affod another 4 years of it? I think not!

    Jiff
    http://www.Ultimate-Anonymity.com

  2. Come on now. Do you really think joe is going to let you put any part of the blame on the clinton adminstration?

  3. Why not just go full-bore and hire Spitzer?

  4. He is a proven LIAR

    He’s seeking elected office. I think that point goes without saying.

    It’s so bad, though, even the people at National Review are throwing out the idea of a slogan of “Obama no terms, McCain one term”, adding “these are two terribly flawed candidates.”

    That in and of itself should about qualify as a sign of the apocalypse (or at least a refreshing moment of candor where they’ll agree with most of us in that the two parties fielded real stinkers of candidates).

  5. What exactly is knuckleheaded about wanting Chris Cox to step down? You don’t have to be a democrat to argue that he, Hank Paulson, and Ben Bernanke are in a daily competition to defy as many laws and regulations as possible in order to Save The Financial System As We Know It.

  6. Why not just go full-bore and hire Spitzer?

    No, Dupree! She seems to have a firmer (ha!) grasp of financial transactions then either Cuomo or Spitzer.

  7. In an alternate universe joe rages against the the tight money regulations that protect bankers and the rich and cheat the poor and downtrodden out of owning a house so that they can invest into their future. And somehow he blames it all on the Republicans and their committed allies, libertarians.

  8. Wow, I loom large. Everybody, stand on one foot.

    Anyhoo, my response is, “Christopher Cox? Yeah, that’s it, it’s all Christopher Cox’s fault.”

    The week after 9/11, the governor of Massachusetts fired Virginia Buckingham, the head of the agency that runs Logan Airport. She had nothing to do with anything that happened, she was just a high-profile scapegoat. This call for Cox’s head is more of the same.

  9. No, Dupree! She seems to have a firmer (ha!) grasp of financial transactions then either Cuomo or Spitzer.

    I’d be like, look, dude
    Do you really want the loan?
    You know what I mean?

  10. Really, joe, you should be getting a cut of the advertising revenue here. It sure looks like this thread was going to be dedicated to arguing positions that you may or may not have articulated in the past, whether or not you had shown up.

  11. The 1992 law that made this all possible was called the Federal Housing Enterprises
    Financial Safety and Soundness Act
    . I kid you not.

  12. joe is only here to have spirited discussions with people he respectfully disagrees with. joe is totally value-added.

  13. Wow, I loom large

    Don’t flatter yourself, shorty. Being a relentless partisan hack is all you are and will ever be.

  14. …and rework the statements of high-cost call girls into haiku form.

  15. We need more people with Wall Street experience. They understand how to avoid a financial crisis.

  16. joe I respectfully disagree with you statement that any type of deregulation has occurred within the last decade.

    The Clinton and Bush adminstrations have been playing three card monte with the financial markets since the early nineties. Some rules may have been eliminated, but they were replaced with other rules.

    Nothing has been accomplished other to distort the market in favor of short-term investors while destroying long-term investors. That’s not deregulation, that’s gaming the system.

  17. Photo caption: “Get your hand out of my pants, Eliot. No, seriously…”

  18. I’m starting to WANT this election to be cancelled.

  19. I can’t believe… I seriously can’t believe, I regret Hillary Clinton won’t be the next president…

    No wait. That’s not right. She would be to Bill’s economic policy what W was to HW’s foreign policy.

    *sigh*
    I guess it doesn’t matter. We’re just screwed.

  20. Maybe I pegged the wrong candidate as the Clinton’s puppet. Or maybe they both are. Greg Craig is working with Obama for the debate and Gene Sperling is advising Obama on the economy. Isn’t there anyone out there that can help Obama that isn’t a Clinton crony.

  21. “Really, joe, you should be getting a cut of the advertising revenue here.”

    I’ve said it before and I’ll say it again: This is the kind of thing that makes me suspicious of the fact that you never see joe and Gillespie in the same room together.

  22. CN,

    That my pursuit of my self-interest as I perceive it (ie, arguments with smart people who disagree with me) leads to higher ad revenue for Reason is best understood not as a conscious conspiracy, but as the natural growth of a mutually-advantageous spontaneous order.

    Hit & Run gets is bread not from the generosity of joe, but from his belligerence.

  23. I’ve said it before and I’ll say it again: This is the kind of thing that makes me suspicious of the fact that you never see joe and Gillespie in the same room together.

    there’s a flaw in your theory. joe’s here too much. only a government employee has that kind of time.

  24. Please stop repeating the stupid “kickbacks” quote. ACuo is sort of an idiot, but not near the idiot that the fucking federal judge is or the reporters who equate YSP’s to kickbakcs just because the broker gave the borrower a higher rate.

  25. What exactly is knuckleheaded about wanting Chris Cox to step down? You don’t have to be a democrat to argue that he, Hank Paulson, and Ben Bernanke are in a daily competition to defy as many laws and regulations as possible in order to Save The Financial System As We Know It.

    Sure, you can argue that. But until you actually present some evidence, we’ll continue to not take you seriously.

  26. Since I once worked for a bank and have e-mails before the crash predicting trouble, can I be the new Money Czar? My first ruling, which like all of my rulings will not be subject to judicial review, shall be to require all transactions to be conducted by barter until the credit market has healed itself.

    Cuomo is part of the problem albeit a small part, so McCain shows his economic strength again. He’s too concerned with looking all bipartisany to worry about the facts.

    I’m not listening to anymore accusations about which party is at fault, because I don’t see a difference between them anymore. Just do whatever is politically expedient in an emergency, and leave the consequences to someone else. Ha, ha!

    What’s this about YSPs? Brokers are evil and abusive, oftentimes, but YSP is how they get paid. Or got paid, anyway. The lenders were as much to blame as the bad brokers, anyway.

  27. What’s Spitzer up to these days, anyway? I haven’t seen hide nor hair of him since that one turn he did as Whore Critic for The New York Times.

  28. What’s Spitzer up to these days, anyway?

    Not much, it seems.

  29. The political process:

    1) Party A takes power and changes the rules to benefit their campaign contributors. The cover story is ‘deregulation’ doesn’t work.

    2) Party B takes power and changes the rules to benefit their campaign contributors. The cover story is ‘regulation’ doesn’t work.

    Repeat.

  30. Episiarch,

    Ah, thank you. That explains everything. Knowing the Spitz the way I do, he’s probably very busy in that coupling therapy with his wife. I hope he gets back to his whore review work, though. It really enlivened the Sunday Times.

  31. Whore Critic for The New York Times.

    Eliot Spitzer knows the correct place for the whores in today’s fast-paced business meeting.

    I think he’ll actually be starting a consulting firm, a la Michael Brown, but for whore-related issues.

  32. If joe did not exist, we would have to invent him. And if he did exist, we would have to beat him with his own feces.

  33. Eliot Spitzer knows the correct place for the whores in today’s fast-paced business meeting.

    Is there anything the KITH didn’t foresee?

  34. Wouldn’t that be just like the Spitz to invent a whole new field of human endeavor like whore consulting?

  35. Is there anything the KITH didn’t foresee?

    Well, I have yet to have a flying pig come entertain me while waiting in line, but I’m sure that’s forthcoming.

    a whole new field of human endeavor like whore consulting

    It’s really long overdue. Think of the countless celebrities and politicians who could have benefited from such a service.

  36. This may sound a little unusual, but I’ve admired Andrew Cuomo. I think he is somebody who could – restore some credibility, lend some bipartisanship – to this effort.

    Well, since Larry Harmon is unavailable

  37. Well, I have yet to have a flying pig come entertain me while waiting in line, but I’m sure that’s forthcoming

    He only shows up in Toronto. That’s where I saw him.

    “Hey hey hey, hee hee hee, I guess my work here is done”

  38. Obama is primed to support the bailout after complaining about it and thumbs-upping various Democratic amendments.

    Obama caused the sub prime mess….so i guess he sort of has to support a bail out.

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0

    But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.

    Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

    Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.

    There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.

    Oh, and there is one little footnote to the story that’s worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.

  39. Wow, Obama caused the sub prime mess all by himself? And he did this by receiving contributions? I’m impressed. And people claim he’s done nothing in the Senate.

  40. Obama received more contributions from Fannie Mae employees. McCain receivedm more contributions, by about a factor of 10, from its board members.

  41. Obama received more contributions from Fannie Mae employees. McCain receivedm more contributions, by about a factor of 10, from its board members

    A quick review of opensecrets.com casts doubt upon this statement. What is it’s source ?

  42. What is it’s source ?

    Kos? Obama’s campaign? I’m just guessin’ here.

  43. A quick review of opensecrets.com casts doubt upon this statement. What is it’s source ?

    joe tends to lie.

  44. As a vote-getting statement, McCain’s mention of Cuomo was brilliant. Democratic-leaning commentators have a really difficult time explaining what’s wrong with choosing a guy who’s 1) currently an elected Democrat in a big-state statewide office, 2) a former Clinton cabinet member, and 3) son of one of the most famous and beloved figures in the modern Democratic Party.

    As a piece of planning for governance, blehhhhhh.

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