Archive for September, 2008
When the latest version of the “Bush Bailout” failed to pass, the market fell about 700 points, Monday afternoon, (September 29). The bill went down 228 to 205. 133 Republicans and 95 Democrats voted against the bailout. It got backing from 140 Democrats and 65 Republicans.
A few minutes later, republicans were on TV telling America it was House Speaker Nancy Pelosi’s fault. Before the vote, Pelosi addressed the house and described the bailout costs as “staggering.” She blamed ” the Bush administration’s failed economic policies – policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision and no discipline in the system.”
House Minority Leader John Boehner, R-Ohio, told the House that the bailout was a “mud sandwich” that nobody wants to vote for. But, accordng to him, twelve of his republican colleagues apparently professed to be so upset at Speaker Pelosi’s gross misrepresentation of facts, they decided to vote against the bailout plan.
Democrats, led by Speaker Pelosi, immediately went on TV, themselves, to give their side of the story. But it was Massachusetts congressman Barney Frank, (House Financial Services Committee chair), who stole the show. Frank was not amused with what he apparently saw as posturing by his republican colleagues. This is what he had to say:
“I am appalled! Frankly, that’s an accusation against my republican colleagues I would not have thought of making. Here’s the story. There’s a terrible crisis out there affecting the American economy – we have come together on a bill to alleviate the crisis and because somebody hurt their feelings, they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hyper-sensitivity.”
Frank went on to say he thought the republicans were embarrassed they could not muster the needed votes and were covering up.
Frank wants the names of those 12 republicans who backed out, so he can “go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they’ll now think about the country”.
How about just calling the bailout plan…a surge? Republicans who so quickly agreed to pour ten billion dollars a month into saving Iraq, will surely want to risk that kind of money on saving Main Street? Those who gave President Bush a blank check into Iraq, and continue to gamble that feuding Iraqi factions, who have been at each other’s throat for centuries, will live peaceably together, can surely also take a chance on Wall Street?
Here’s what I propose. Congress should either do something…
Or admit they’re not prepared to do anything, and leave it for the next president to deal with!
Does the word CHANGE take on new meaning, now…?
Couric: You’ve cited Alaska’s proximity to Russia as part of your foreign policy experience. What did you mean by that?
Sarah Palin: That Alaska has a very narrow maritime border between a foreign country, Russia, and, on our other side, the land-boundary that we have with Canada. It’s funny that a comment like that was kinda made to … I don’t know, you know … reporters.
Palin: Yeah, mocked, I guess that’s the word, yeah.
Couric: Well, explain to me why that enhances your foreign-policy credentials.
Palin: Well, it certainly does, because our, our next-door neighbors are foreign countries, there in the state that I am the executive of. And there…
Couric: Have you ever been involved in any negotiations, for example, with the Russians?
Palin: We have trade missions back and forth, we do. It’s very important when you consider even national security issues with Russia. As Putin rears his head and comes into the air space of the United States of America, where do they go? It’s Alaska. It’s just right over the border. It is from Alaska that we send those out to make sure that an eye is being kept on this very powerful nation, Russia, because they are right there, they are right next to our state.
I don’t know about you – but I understand this financial mess so much better now, after President Bush explained it, Wednesday (September 24) night. And now, he wants McCain and Obama to help. Er…run that by me again. President Bush needs input from Obama? The same Obama, who, according to republicans, doesn’t know anything about nothing?
Mr. Bush could easily caucus with McCain – the sage, along with Cheney, the three R’s, (Rice, Rove, Rumsfeld), Paulson and CEO’s from Fannie, Freddie, Merrill Lynch and Goldman Sachs, Paulson’s old employer. They could hammer out an agreement, all by themselves. The White House followed that scenario to invade Iraq and according to them, it’s a success. I see another Mission Accomplished! Why spoil a good thing?
Umm…did Mr. Bush say why he wants 700 billion…instead of 500 billion…or even 100 billion? What’s the formula? We give 75 billion to Company A, 125 billion to Company B and 500 billion to everyone else? Will that money be shelled out now… or over time? And if so, how many months or years are we talking about? Not that Americans really need to know that, of course…I’m just blogging’!
Now if those big institutions are allowed to go under, can/will smaller entities take up the slack, hire and grow? Will the doom and gloomy “end of the financial world scenario” come to pass, or is that overkill? Do we need or have the stomach for a Phoenix rising from the ashes? Then again, as Phil Gramm put it, when he was co-chair of the McCain campaign, it’s all in your head. So stop whining! Break out of your “mental recession” and go back to work, in China!
Anyway, I feel better knowing that the White House is on top of things…and that McCain and Obama are holding White House invitations to negotiate for us. We have two presidential want to be’s and one president who has been. Let’s just spin it this way. Three presidents are on the case, stop worrying.
Biden, Palin and I – we’ll be in Alaska moose hunting. Call us when some more diplomats come to town!
John McCain is running scared! Down in the polls for two minutes, he’s in full panic mode. (Quick, hide the nuclear bomb triggers!) When Obama was down last week, he was Mr. Cool. He didn’t come up with gimmicks. He didn’t feel a need to bom-bom-bomb, bomb-bomb anything. He just kept on campaigning. And it apparently paid off. HE didn’t make NBC interrupt my programming (OK, I was watching Family Feud. I’m elitist – so what?) to announce campaign suspensions.
I heard suspending, but it didn’t really register. I though ending/curtailing/finis—visions of Mitt Romney danced before my eyes. And I went, yes! Alas, he was only suspending! Darn! Anyway…here he comes, John McCain, on his steel horse, (made with metal from China, no doubt) to rescue the dying economy.
And what exactly is his kiss of life? What’s HE going to do among those pesky insiders he’s been bashing lately? Hold George Bush’s hand? Huddle with Fed chief Bernanke and Treasury Secretary Paulson and rewrite their scripts. McCain’s fellow republicans did after all rewrite scientific data they did not like, at the Food and Drug Administration and on Global Warning.
Maybe he can testify before the Senate Banking Committee. He could use his past involvement in the very similar Savings and Loan scandal (1980’s) to give Americans some insight into how these things fester and grow? Or he could just call on his good buddy Joe Lieberman to knock some sense into Democrats…?
McCain needs to leave Washington alone. Democrats and republicans seem to be doing just fine without him. They may not be going as fast as the White House wants. But CEO’s who rode their institutions into the ground should not be allowed to leave with millions in golden parachutes. They need to feel some pain. They need to hurt, too! Homeowners losing their homes should not be the only ones bleeding.
McCain cannot speed up anything. In fact, he might just be a bigger distraction! He needs to continue campaigning and tell Americans how he plans to fix the mess, if he becomes the next president, in a few weeks. That’s what we want to hear. IF THERE’S A VOTE, GO AND VOTE. We’ll get that message, loudly, clearly, without gimmicks. WE DO NOT NEED MORE COMMITTEES, EITHER. There are already too many committees clogging the good old boy network!
Obama, if I was advising you, I would tell you. Keep on campaigning! You can’t do anything in Washington, either! And above all, do not let McCain, Mr. Foreign Policy Expert, wriggle out of Friday’s (November 26) debate. Strange, you’d think McCain would rush to debate Obama on foreign policy, especially now that he has a foreign policy wonk like Sarah Palin by his side. With Palin explaining to McCain the difference between Sunnis and Shiites, how can he not debate?
I came across a book, “Hockey for Dummies”, and that made me start thinking of all the other books just waiting to be written. Like…
• “Hockey Mom for Dummies” by Sarah Palin.
• “CEO Severance Packages for Dummies: Hewlett-Packard, Lipstick and Me” by Carly Fiorina.
• “Sunni, Shea and Surges for Dummies” by a presidential candidate.
• ” Pronouncing Important Words (like nuclear) for Dummies” by a president.
• “Campaigning for Loved Ones: Do’s and Don’ts for Dummies” by a former president.
Add some of your own. That list could be rather interesting…
Here we go again. The government is spending billions of tax dollars to bail out some fat cats on Wall Street. They even want to help other investment banks become commercial banks. Lehman blew million-dollar investments, now we have to trust the brothers, and deposit our kids college/retirement funds in those very same banks. Come again…?
Government spent 2.3 billion in tax dollars to bail out the Savings and Loan crisis in the 1980’s/90’s. And who was right there in the middle of it all? John McCain! The Arizona Senator and four other fellow senators: Dennis DeConcini of Arizona, Alan Cranston of California, John Glenn of Ohio and Donald Riegle, of Michigan apparently got way too cozy with a rich banker named Charles Keating.
Keating ran the Lincoln Savings and Loan, in California. He made some “bad loans”, involving highly risky/shady real estate deals. (Wall Street was also repackaging and selling chunks of risky/shady? mortgages before its money-making house of cards came crashing down. S&L customers said they didn’t know the bonds they were suckered into buying were uninsured and very risky. Customers today say they didn’t understand ARMs,(Adjusted Rate Mortgages)and many investors/companies apparently didn’t realise the repackaged mortgages they were buying into, were equally risky!)
When federal investigators started sniffing around, Keating ran to his buddies John McCain and four other Senators, dubbed: the “Keating Five” to try and help him block the investigation. All five, including McCain, were accused of corruption.
McCain’s wife Cindy and her dad invested nearly half-a-million-dollars in a business venture with Keating. Keating also contributed more than 100-thousand-dollars to John McCain’s campaign. McCain, his family, and their baby-sitter flew at least nine times at Keating’s expense, on his personal jet. The McCain’s little trips included flights to Keating’s super-luxurious Bahamas retreat. (You could never accuse McCain of being elitist. Blue-collar workers from small town America, including Alaska, were there too! But being so ELITIST, these factory workers, farmers and lumberjacks chose to travel economy class, on American Airlines.)
McCain should have disclosed those trips, under House rules. But he did not disclose them until the scandal broke in 1989. When the bad smell hit the fan, McCain paid Keating more than $13,000.00 for the flights.
The Senate Ethics Committee criticized McCain for showing: “poor judgment.” Keating served five years in prison for his corrupt mismanagement of the S&L Company.
Check it out. Google search: John McCain and the S&L crisis.