Tuesday, October 07, 2008

The second presidential debate


I'm very disappointing by the amount of personal attacks there in this round of debate. Particularly for McCain. He didn't provide any details of his own plan, if any, but attacking Obama as well as reiterate his "record".

This may be the last straw that breaks my long lasting support to McCain. If the election were held today, he won't get my vote.

Over all, neither side is doing well for my liking. As usual, when attacks been started, false facts will be cited to their advantages. Here are some examples found by the AP on "Obama, McCain Stretch facts in debate":

Examples include:
McCAIN: Said one way out of the financial crisis is to "stop sending $700 billion a year to countries that don't like us."

THE FACTS: Although he didn't spell it out, he was referring — as he has in the past — to purchases of oil from countries hostile to the U.S. The figure is inflated and misleading. The U.S. is not spending nearly that much on oil imports and roughly one-third of what it does spend goes to friendly countries such as Canada, Mexico and Britain.

OBAMA: "I believe this is a final verdict on the failed economic policies of the last eight years, strongly promoted by President Bush and supported by Senator McCain, that essentially said that we should strip away regulations, consumer protections, let the market run wild, and prosperity would rain down on all of us. It hasn't worked out that way. And so now we've got to take some decisive action."

THE FACTS: McCain has indeed favored less regulation over the years but supported tighter rules and accountability on Fannie Mae and Freddie Mac two years before the start of a financial crisis prompted in part by those giant mortgage underwriters. Obama was not a leader in that unsuccessful effort. Some of the current problems can be traced to legislation passed in 1999 that lifted many regulations over the financial industry. That deregulation was championed by then-Sen. Phil Gramm, R-Texas, a McCain supporter, but also by President Clinton, who signed the legislation, and by former Clinton Treasury Secretary Robert Rubin, now a top Obama economic adviser.

OBAMA: "Actually I'm cutting more than I'm spending so that it will be a net spending cut."

THE FACTS: Obama has many ambitious plans to spend more taxpayer dollars on a variety of federal programs, including clean energy technologies and job training. He's said he'll cut pork-barrel programs and the costs of the war in Iraq to pay for it — as well as raise taxes on the wealthy — but the specifics of his new spending plans greatly outweigh the few spending cuts he's identified.

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