Housing
Fannie Mae and Freddie Mac, the government-sponsored mortgage finance companies now being bailed out by the government, used their implicit guarantees of federal support to take risks that proved excessive and led to their collapse. But the vast bulk of subprime mortgages that fueled the underlying crisis were financed by their private sector rivals. Most experts agree that lax regulation was part of the problem.
Fannie Mae and Freddie Mac, the government-sponsored mortgage finance companies now being bailed out by the government, used their implicit guarantees of federal support to take risks that proved excessive and led to their collapse. But the vast bulk of subprime mortgages that fueled the underlying crisis were financed by their private sector rivals. Most experts agree that lax regulation was part of the problem.
The Federal Reserve, after years of refusing to clamp down on deceptive mortgages, admitted as much this year when it began drastically tightening its rules. Senator John McCain’s $300 billion proposal to buy up these mortgages and the administration’s bailout plan have both been criticized as too lenient toward irresponsible banks and Wall Street firms; proponents say that what matters is ending the crisis.
http://elections.nytimes.com/2008/president/issues/housing.html
http://elections.nytimes.com/2008/president/issues/housing.html
Climate Change
It is hard to see how legislation that, by design, raises the cost of energy will take hold in Congress while the economy remains in turmoil. Some environmentalists are pushing for a focus on more research or actions a president can take without legislation.
It is hard to see how legislation that, by design, raises the cost of energy will take hold in Congress while the economy remains in turmoil. Some environmentalists are pushing for a focus on more research or actions a president can take without legislation.
On the international front, prospects are poor for significant progress. Globally, and particularly in China and India, economies are being fueled mainly by an ever-expanding use of coal. The next president will take office just 11 months before a deadline that the world’s nations have set for a new climate treaty, a situation that many experts say almost guarantees a weak result.
http://elections.nytimes.com/2008/president/issues/climate.html
http://elections.nytimes.com/2008/president/issues/climate.html
Russia
Russia’s short, victorious war over Georgia in August is certain to affect American foreign policy for years to come; the dangers it highlighted were cited as a factor in Senator Barack Obama’s choice of a seasoned foreign affairs hand, Senator Joseph R. Biden Jr., as his running mate. But while Senator Obama and Senator John McCain both criticize President Bush for relying on a personal relationship with Prime Minister Vladimir V. Putin, and both strenuously criticize Russia’s manhandling of Georgia, there is a stark difference between them. Mr. McCain’s arguments emphasize the view that Mr. Putin was never worthy of trust. For Mr. Obama, there is no escaping the need for Russian-Western cooperation on huge problems.
http://elections.nytimes.com/2008/president/issues/russia.html
Russia’s short, victorious war over Georgia in August is certain to affect American foreign policy for years to come; the dangers it highlighted were cited as a factor in Senator Barack Obama’s choice of a seasoned foreign affairs hand, Senator Joseph R. Biden Jr., as his running mate. But while Senator Obama and Senator John McCain both criticize President Bush for relying on a personal relationship with Prime Minister Vladimir V. Putin, and both strenuously criticize Russia’s manhandling of Georgia, there is a stark difference between them. Mr. McCain’s arguments emphasize the view that Mr. Putin was never worthy of trust. For Mr. Obama, there is no escaping the need for Russian-Western cooperation on huge problems.
http://elections.nytimes.com/2008/president/issues/russia.html
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