Senator Obama and his allies in Congress infused unnecessary partisanship into the process.R.I.P.
[Cross-posted at E Pluribus Unum]
Exposing the lack of compassion by conservatives and debunking right wing hypocrisy at every opportunity.
Be excellent to each other and Party On, Dudes -Abraham Lincoln-
Intellectual freedom is the only guarantee of a scientific - democratic approach to politics, economic development, and culture. -Andrei Dmitrievich Sakharov-
They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety. -Benjamin Franklin-
SEC. 109. FORECLOSURE MITIGATION EFFORTS. (a) RESIDENTIAL MORTGAGE LOAN SERVICING STANDARDS.—To the extent that the Secretary acquires mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the taxpayer, to take advantage of the HOPE for Home owners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.So what's Paulson going to say to these fat cats? "Pretty Please, with serfs and handmaidens on top?"
The most interesting and important interview (to me) in this supersaturated news cycle was Fareed Zakaria's CNN sit down with Wen Jiabao, the leader of China, no doubt one of the few world leaders who can speak intelligently about the works of Marcus Aurelius and Adam Smith. (I guarantee that neither Bush or McCain ever even heard of Smith's Theory of Moral Sentiments even if they've got The Wealth of Nations theme of "Free Markets" tattooed on their ass.)
The Chinese Premier believes we're in this together and all should share in fixing the credit crisis. Think about what an amazing shift this is from the isolation of "Red" China of just a few decades ago, where the Great Wall extended into their economic policy (and still dominates their internet access). However, if we don't get our house in order, this should be a signal that a credit squeeze, loss of value by international shareholders of Wall Street firms combined with a recessionary business cycle triggered plummeting housing values could quickly turn into a catastrophe that makes memories of the Great Depression seem like the good old days.
Wen, who is known for his openness and economic mastery, told Zakaria that despite the impressive growth his country has experienced over the past 30 years, things have changed because of the United States' subprime problems. "We have seen a decline in external demand, and China's domestic demand cannot be significantly increased in a short period of time. [So] we do risk a slowdown. We must re-adjust macroeconomic policy," Wen says. "A U.S. recession would certainly have an impact on China's economy. Ten years ago, China-U.S. trade stood at only $102.6 billion. Today the figure has soared to $302 billion-a 1.5-fold increase. A shrinking of U.S. demand would certainly have an impact on China's exports. And U.S. finance is closely connected with Chinese finance. If anything goes wrong in the U.S. financial sector, we would be anxious about the security of Chinese capital."
I think this confirms my analysis that without some kind of bailout that gets the credit markets going again, quickly, we risk exactly the historic meltdown Warren Buffet warns about.
I got the feeling that Premier Wen was trying to at least reassure us that they weren't considering cashing in all those T-Bills they hold and trigger a Boy And His Dog world. At least not yet. But he didn't obscure the fact that they may have no choice if we don't get 'er done.
They are willing to go along to a point, accepting the end of 10% plus growth and entering a period of more sustainable expansion. But unlike us, they won't tolerate a true recession there, a zero or negative period of economic growth without tapping into their savings -- so much of it tied into credit granted the US government to feed our war lust and conspicuous consumption. Remember, they've already cut off lending to US banks, which is hardly the way a "partner" who wants to "share the burden" all that much.
Maybe they'll conclude that no matter how bad a global economic implosion might hurt the USA, they'll suffer even more and will let it ride -- because any hint that they'd pull out of their "investment" in America would seal everyone's doom. (And you really have to know where to look to infer there was even a hint given, but not a threat.) We can only hope the threat doesn't become more blatant as things go from bad to suck in the next couple of years.
Weirdly, Wen spoke of the "real" American economy as fundamentally strong -- which he defines as our technical and manufacturing base, our innovative abilities. Interestingly enough, the head of the People's Republic didn't define our economic "fundamentals" in the transparently cynical way John McCain tried to redefine how stupid he sounds when talking all things economic.
So once again, for reasons no one in the government or the media cares to discuss, I've convinced myself that the bailout needs to happen or we face dire consequences. The devil being in the details, I'll be taking a close look at what comes out of the sausage factory on Capitol Hill, and some of the wacky ideologically driven alternatives that have been offerend recently.
[cross posted at E Pluribus Unum]
From the home office in Sedona, Arizona: The Top 10 October Surprises in this year's campaign:
10. Senate elects McCain Miss Congeniality.
9. McCain personally captures Osama at the gates of hell.
8. McCain dumps Sarah, nominates Dave.
7. McCain adopts Jonas Brothers.
6. Sarah Palin announces she's pregnant, calls it her "Colbert Bump."
5. McCain changes middle name from Sidney to Mustafa.
4. Brad Hanson sells wallet-size nudie of Sarah to National Enquirer.
3. Charlie Crist spotted standing in line at County Clerk's office in San Francisco with Lindsey Graham.
2. Harlem Globetrotters endorse McCain.
And the #1 October Surprise:
1. Palin Wins Debate!
I thought of the Louisiana Purchase as I saw Treasury Secretary Henry Paulson defend his bailout plan. Paulson is a smart business guy, and he knows the first principle of finance is to buy low and sell high.Yeah, I'm skeptical too. The only reason I give this idea that there might be a lucrative upside on this is the way it's been sold -- not with optimism and emphasizing the potential debt reduction angle, but with fear and panic inducing big numbers pulled out of a hat.
Andy Kessler wrote in The Wall Street Journal yesterday that the Paulson plan may be a similarly good deal for the American taxpayers.
As Kessler says, “My analysis suggests that Treasury Secretary Henry Paulson … may pull off the mother of all trades, which could net a trillion dollars, and maybe as much as $2.2 trillion — yes, with a t — for the United States Treasury.”
He goes on to say, “You can slice the numbers a lot of different ways. My calculations, which assume 50 percent impairment on subprime loans, suggest it is possible, all in, for this portfolio to generate between $1 trillion and $2.2 trillion — the greatest trade ever. Every hedge fund manager will be jealous.”
Republicans like John Boehner brought up the concerns of House GOPers and McCain acknowledged hearing about their concerns. And McCain, and staffers, did seek to gauge the level of support of the GOP working group's white paper. The Democrats were left with the impression that McCain endorsed the GOP efforts, but they concede that he did not raise them directly.Cuz he didn't read the randsome note from the treasury.
The fact is that Boehner doesn't have 100 votes from his conference -- 100 votes that Nancy Pelosi really wants. And that's not McCain's fault.Funny that the leaders of the banking committees in both houses, from both parties announced they had a deal on the basic principle and simply just had to write the thing -- until Bush, at McCain's behest based on an idea by his Maverickynessitude himself, held a photo-op which had the effect of trashing all the work of the last week.
But Boehner and the White House -- and McCain -- if they want to get something passed -- do have the responsibility to persuade these Republicans to support the bailout .
After all, if not to get these recalcitrant Republicans on board, why did McCain go to Washington in the first place?
One the proposals -- favored by House Republicans -- would relax regulation and temporarily get rid of certain taxes in order to lure private industry into the market for these distressed assets.I'm shocked, shocked I say that tax cuts and deregulation is the Republican approach to a problem only exasperated by eight years of tax cuts and a steady diet of continual deregulation since Reagan showed the GOP that tax cuts were how to win elections and ruin the government they hate in one fell swoop.
So unconstitutionally using a narrow conservative majority of handpicked Supreme Court ideologues to steal the presidency for an unqualified boob who lost the election by a half million votes didn’t do it.
Diddling with their secret plan to invade and occupy a non-threatening, oil-rich country in the Middle East and reading My Pet Goat while terrorists determined to strike in the US finished their plans and killed thousands of Americans and turned the country inside out, didn’t make you mad.
Constructing a system of secret prisons around the world where we tortured and murdered innocent kidnapping victims just to show how tough we are, didn’t upset you at all.
Launching a disastrous, illegal war through a campaign of lies, deception and treason, that has killed thousands of US soldiers, destroyed our credibility and moral authority in the world, inspired unknown millions of Muslims to want see us harmed and will cost at least a trillion tax dollars before it’s done, didn’t stop you from voting for the miscreants.
Viciously and dishonestly smearing decorated war heroes, dedicated civil servants, honest journalists and millions of your countrymen while exposing secret intelligence and destroying CIA counter-WMD-proliferation operations in Iraq and Iran just to keep power for all the wrong reasons, didn’t even get a rise out of you – except perhaps to cheer a bit at their political success.
Conspiring with AT&T, Verizon and Comcast and committing serial felonies designed to shred your constitutional rights to be free from government spying on your private telephone and email communications and internet use, made you yawn.
Filling FEMA, the Justice Department, the Treasury, the EPA and just about every reach of the federal government with incompetent cronies to the point that the American people are doomed to suffer the worst from every made-made and natural disaster didn’t distract you from the latest episode of CSI.
But this finally has you royally, righteously angry.
Well, guess what? Republicans have been pissing down your back and telling you that it’s raining since the seventies. If this doesn’t cause you to actually finally manage to pull your head from the elephant’s ass and realize that it is only Democrats who care if government works for middle-class Americans like you, then you deserve whatever another four years of Republican rule brings down on you. Unfortunately for the rest of us, and your children, we’ll be coming along for the ride.
[Cross-posted at E Pluribus Unum]
Is mine. Marcy Kaptur lets Wall Street and the Administration have it right between the eyes.
Wall Street and the Administration want to play the bailout game, and this is how they propose to do it:
1.) Rush the decision
2.) Disarm the public through fear
3.) Control the playing field (hide info from the public, hold private hearings, and private teleconferencing calls)
4.) Divert attention and keep people confused
5.) The goal is to privatize gains and socialize losses
She went on to rip Wall Street a new one:
You have perpetrated the greatest financial crimes ever on this
American Republic. You think you can get by with it because you are
extraordinarily wealthy, and the largest contributors to both
presidential and congressional campaigns in both major parties.
She proposed a new set of points for her game, "Wall Street Reckoning." The basic points of this game are:
America doesn't need to bail you out. It needs to secure real assets and property.
Federal regional reserve banks should have a new job to help renegotiate mortgages.
American people should get equity in any companies.
Major job creation to rebuild our infrastructure.
Regulate, we need a modern Glass-Steagall act.
Refinancing must return a major share of profits to a new social security and medicare lockbox.
She finished with this: "Real reform now or nothing."
One congressional reaction that emerged — Senate Banking Committee Chairman Chris Dodd’s (D-Conn.) response to the rescue package — wasn’t favorable to many of K Street’s banking clients, who oppose one provision in particular: giving bankruptcy judges the power to lower mortgages for distressed homeowners.
“We are vigorously opposing that,” said Steve Verdier, a lobbyist for the Independent Community Bankers Association (ICBA). “If that happens, then the mortgage rates for other consumers are going to go up.”
“First, the plan must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street. There has been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. And I would like to speak directly to those CEOs right now: Do not make that mistake. You are stewards for workers and communities all across our country who have put their trust in you. With the enormous rewards you have reaped come responsibilities, and we expect and demand that you to live up to them. This plan cannot be a welfare program for Wall Street executives.”
CEO murdered by mob of sacked Indian workers
"Thousands of protesters recently forced Tata to halt work on the plant being used to produce the world's cheapest car"
Corporate India is in shock after a mob of sacked workers bludgeoned to death the chief executive who had dismissed them from a factory in a suburb of Delhi.
Lalit Kishore Choudhary, 47, the head of the Indian operations of Graziano Transmissioni, an Italian-headquartered manufacturer of car parts, died of severe head wounds on Monday afternoon after being attacked by scores of laid-off employees, police said.
The incident, in Greater Noida, just outside the Indian capital, followed a long-running dispute between the factory's management and workers who had demanded better pay and permanent contracts.
It is understood that Mr Choudhary, who was married with one son, had called a meeting with more than 100 former employees - who had been dismissed following an earlier outbreak of violence at the plant - to discuss a possible reinstatement deal.
A police spokesman said: "Only a few people were called inside. About 150
people were waiting outside when they heard someone from inside shout for
help. They rushed in and the two sides clashed. The company staff were
Other executives said they were lucky to escape with their lives. "I just
locked my room's door from inside and prayed they would not break in. See,
my hands are trembling even three hours later," an Italian consultant,
Forettii Gatii, told a local newspaper.
More than 60 people were arrested and more than 20 were in hospital yesterday.
A spokesman for the Federation of Indian Chambers of Commerce and Industry
said: "Such a heinous act is bound to sully India's image among overseas
The murder has stoked fears that outbreaks of mob rule risk jeopardising the
subcontinent's economic rise.
In the most high-profile incident so far, thousands of violent protestors
recently forced Tata, the Indian conglomerate that owns Land Rover and
Jaguar, to halt work on the plant being built to produce the world's
cheapest car - the £1,250 Nano. The move could result in nearly £200 million
in investment written off.
Tata halted work three weeks ago, claiming it could not guarantee its workers
safety at the factory in the state of West Bengal. In a rare show of support
for a competitor, the billionaire industrialist Mukesh Ambani, one of
India's most powerful businessmen, said that the Nano crisis showed how
protestors were creating a "a fear-psychosis to slow-down certain projects
of national importance."
Other companies, including Vedenta, the London-listed mining company, have
encountered similar problems in India.
In a statement issued from Rivoli in Italy, Graziano said that some of Mr
Choudhary's attackers had no connection to the company. It added that the
chief executive was killed by "serious head injuries caused by the
"We absolutely condemn the attack," Marcello Lamberto, the head of Oerlikon
Segment Drive Systems, which owns Graziano, said.
"This is by no means a regular labour conflict but is truly criminal action.
The whole of Oerlikon Group is close to the family of Mr Chaudhary in this
Now this is all a very rough guesstimate and doesn't include the costs of all sorts of other ramifications. Here is a fun one: the dissolution of China. Its economy is built for hypergrowth. A dramatically rising standard of living is both keeping the Communist Party in power and keeping the country together. Neither might survive a global economic meltdown. What is the economic impact of that? I don't know. My guesstimator just blew up.I think I can flesh this out a bit. The two biggest foreign holders of U.S. public debt, in other words the countries or their central banks that make it possible for us to run this country at a perpetual deficit, are Japan and China at $593 and $518 Billion respectively. This represents nearly half of our total foreign held debt, which in turn is about 44% of the total debt. If you've been following along, most of this debt is held in the form of Treasury Bonds which can (in theory) simply be redeemed on demand.
Sept. 21 (Bloomberg) -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.This sure is looking more and more like a heist than a funding request. Is that the Hell No Choir warming up?
The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.
The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.
``The costs of the bailout will be significantly higher than originally considered or acknowledged,'' said Josh Rosner, an analyst with independent research firm Graham Fisher & Co. in New York. ``How, given these changes, can the administration and Federal Reserve believe they are being forthright in their unrevised expectation of future losses?''
During boom times, it's profitable to preach laissez faire, because an absentee government allows speculative bubbles to inflate. When those bubbles burst, the ideology becomes a hindrance, and it goes dormant while big government rides to the rescue. But rest assured: the ideology will come roaring back when the bailouts are done. The massive debts the public is accumulating to bail out the speculators will then become part of a global budget crisis that will be the rationalization for deep cuts to social programs, and for a renewed push to privatize what is left of the public sector. We will also be told that our hopes for a green future are, sadly, too costly.The whole Kabuki begs the question none dare speak, except everybody who knows, including Klein, that this charade of concern for the financial markets is no less a "crisis" than the ever rising unemployment and foreclosure rates, the millions of people whose health care plan is to cut out junk food and avoid doctors, and whose idea of paying for their kids education is to buy lottery tickets.
Americans are in no mood to trust more of their individual and collective assets to the reckless gamblers on Wall Street, especially because it seems more than likely that taxpayers will have to pay to buy back their own assets when the next bubble bursts.Tell me that this wasn't set up for John McCain to oppose, to put on display his Maverickynessitude? They may not know how to govern, but splitting the nation between simplistic sloganeering and more nuanced approaches to complicated problems is something the GOP excells at. They absolutely knew this plan would be dead on arrival, were never serious about anything but making sure stockholders and executives remained solvent, and crafted a way to exploit this mess for maximum gain.
So what is really being called into question by the crisis is the unquestioned commitment to growth at all costs. Where this crisis should lead us is to a radically different way for our societies to measure health and progress.
None of this, however, will happen without huge public pressure placed on politicians in this key period. And not polite lobbying but a return to the streets and the kind of direct action that ushered in the New Deal in the 1930s. Without it, there will be superficial changes and a return, as quickly as possible, to business as usual.
In 1989, [during the post Keating Five Thrift Bailout -Mark] there was no choice. The federal government insured theWe are about to give the Treasury unbelievable discretion and funding on what to buy and how much to pay for it. That's the same problem the financial geniuses have, valuation and when to purge the poison. If they knew what the Shitpile was worth, they could balance their books and trading would go on as usual.
thrifts, so when they failed, the feds were left holding their loans;
the RTC's job was simply to get rid of them. But in buying bad loans
before banks fail, the Bush administration would be signing up for a
financial war of choice. It would spend billions of dollars on the
theory that preemption will avert the mass destruction of banks. There
are cheaper ways to stabilize the system.
Yes, it does sound terribly conspiracy-theory-esque when explained justI don't know if fascism really is the right term here. Not that it's too inflammatory, or that the complete merger of the corporate with government isn't exactly what we're seeing -- which is the very definition of fascism.
this way. But what else does one call a criminal conspiracy to destroy
Congressional powers permanently, alter Judicial powers permanently,
and steal public funds?
We are being treated like suckers, my friends. Or like the peons of the rich and wealthy. But much more importantly, the market will be in the same shit almost instantaneously, because the rules of its game have not been truly changed.Call it whatever you will, supply-side, trickle-down, fiscal responsibility, globalization, or free market fairy tails -- they gave us a republic and we allowed them to distract us with enough bread and circuses to let them establish an aristocracy that lives of the rent we pay from the land we work through the foreseeable future.
"'We have lost. Conservatism has absolutely no more moral high ground to speak from.'Oh but were it true, that the zombie lies of the right would simply vanish in a cloud of short-selling derivative buybacks. Alas, I doubt we've heard the end of their drivel.
Fiscal conservatism has been on life support for quite some time. Bush/Paulson pulled the plug permanently today."
Come on, let's be fair about this:
"If this bailout is necessary, it should not be middle income orEnough is enough! They got their almighty tax cuts, their golden parachutes, their commissions on the loans they sold they knew would probabably default, their estate tax freeze so they can raise another generation of worthless snobs, and they gamed the system until it broke.
working families who have to pay for it,” Sanders said. “It should be
the people who benefited from President Bush's disastrous policies,
including the very wealthiest people in this country."
On Saturday, Vermont Independent Sen. Bernie Sanders went two or threeEnough. Make 'em pay or we don't play.
steps further in the opposite direction, offering a proposal to impose
a 10 percent surtax on couples who makes more than $1 million annually
or individuals who make more than $500,000. He estimates this increase
would raise $300 billion for the federal government over the next five
years — or less than half of the $700 billion Treasury has asked for.
Funny how when you read something, certain things just jump out at you.
Seven Hundred Billion Dollars and No Pennies. That answers that question.
That's the 12 figure limit on the Proposal to bailout the mortgage securities markets. That's on top of what some doom sayers predict will be the ultimate Five Hundred Billion Dollar cost of the Freddie/Fanny takeover.
I do believe we've reached the stage where a billion here and a billion there are finally adding up to real money.
At first glance, reading the actual language of Treasury's proposed bill it seems more like a resolution of the board of directors, or a trust agreement than a statute. But it immediately answers another burning question that arose when the financial gurus first caught the rumor this would happen: at what price would Hank Pauldon be buying up all these mortgage-backed securities?
Answer: at any price he wants.
Sec. 2. Purchases of Mortgage-Related Assets.
to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
Paulson will also be authorized to sell any of this paper at any price he can get. I'm optimistic since once Treasury puts out it's first take-it-or-leave it offer to purchase these now worthless securities, we'll corner the market on them, have a chance to rate them and imprint the full faith and credit of the United States on the instrument, and sell them back on the market for any amout we say they're worth.
Here's the killer clause, a real Master of the Universe provision:
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Oh and now the debt limit on the Treasury is bumped up to $11,315,000,000,000. (That's Eleven Trillion Bucks.)
I don't think we ever need worry about some other nation invading the USA and taking us over -- but with this much debt we're ripe for a hostile leveraged buy-out. In fact, if the CEO PrezNitWit were running a corporation this way, he'd be looking for a bailout.
You can say this, the proposal is certainly short and sweet. No doubt the sheer brevity of the proposal will convince most that there's nothing sinister going on, and therein lies the rub. We are a government of limited, enumerated powers and pretty much gave the Secretary of the Treasury sweeping authority to run the entire security/credit apparatus of our economy with little or no restrictions.
We went from a poorly regulated corner of the financial world to a completely unregulated one, ruled by fiat of Hank Paulson according to any arbitrary and capricious rule he deems appropriate.
Paulson can create a new agency to oversee this monstrous endeavor, or not. He can buy securities from some companies and refuse others, letting them die on the vine. No oversight, no determination or recourse for fraud, no insider manipulation prevented, Nothing.
This is the ultimate theft vehicle, with a built in get out of jail free card.
Then again, if we bring the same approach to health care that we brought to the banking industry, maybe in eight years or so, our health care system will completely collapse and the government will have to step in and take over. Voila! A national health care system. Brilliant.Consider this observation by brand new Kossack (User No. 179910), Roydeeboy:
Did those neocons at 1600 Pennsylvania have this on file and they just spent a day running it through spellcheck? Will we ever know what it contains, or will the Congressional leadership just rubber stamp this and put a 1,000-page bill on the floor Monday with a "vote-or-else" rule?Now I don't want to go all "Truther" on you, so I'm not going as far to say that the capital meltdown was planned. But that doesn't mean these Mayberry Machiavellis won't take full advantage of the situation. That's what they do -- and they've had a dry run lately turning Iraq into supply-side heaven.
I guess I'm just a little wary of all this because I'm just finishing Naomi Klein's "The Shock Doctine: The Rise of Disaster Capitalism." This is so typical of the episodes in the book where ideological pols make vicious use of "crisis" situations to impose economic doctrines they can't get passed into law.
This bailout - with its associated inflation - is going to take down a huge number of humans - probably including me - while rescuing the institutions that caused it. And never you mind about the greedweasels already have milked the calamity for millions of dollars.
Kissinger, who served under both Richard Nixon and Gerald Ford, said: "I'm in favor of negotiating with Iran."I don't have a rant for that, but I'll bet McCain broke his walking stick across his knee when he heard. (Look for the Sec.St. Panel on CNN.)
Republicans are pissed off because it's so hard to get good help these days - help that knows they are just the help, that knows their place, that uses the servants' entrance and calls them "sir" and doesn't question them. A strong middle-class - that is, a secure workforce - gets bolshy and tells abusive employers to bugger off, and the ruling class doesn't like that.John Cole couldn't be more pissed.
Ezra's head spins with Teh Stoopid things McCain says.
I do not ever want to hear another damned word about the free market. I don’t want to hear another thing about letting the market regulate itself. I don’t want to hear about the free flow of capital. I don’t want to hear about government getting out of our lives.
But to the blame for the crisis on Fannie Mae and Freddie Mac is likeLeft Coaster's Paradox could have saved a lot of digital ink by pointing out Sec.Treas. Paulson is the one holding the gun.
blaming an Orthodox Rabbi for a food shortage that started in the pork
market. He may be hungry too, but it sure as hell isn't his fault.
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation. ~McCain (pdf)So what was that again about everything being Obama's fault?
McCain went first at about 9 am. As I watched I saw him throw barbsI think this is important, more important that what we in blogtopia (y!sctp) always say is important. People decide these things by tone, what they see, hear and feel in their gut. It's something that Obama exudes and McCain has forfeited with his gimmicks and slimy tactics -- gravitas.
at Obama and speech in a very stilted, rehearsed tone. What message
would any passing very get from this speech? Its your average stump
speech that any candidate would give.
Obama came on
sometime after 11 am, and his had a completely altered tone. He came
out, flanked by economic advisors, and answered questions from the
press in a very serious manner. He expounded on points and sounded very
knowledgable. Then he said him and his advisors were going to get
together and come out with a more specific, detailed plan in the coming
days to deal with this. He also struck a very bipartisan, "we gotta
pull together and get through this together" chord, as well.
I hope someone else caught the crowd reaction when John McCain announced at a campaign event his personal scapegoat for almost thirty years of “conservative” laisse faire economic policies. Do you suppose that even five of them knew what the SEC Chairman does or who Chris Cox is as they cheered “BURN ‘ER!”?
These people really shouldn’t be allowed to gather in public.
\"She's a Witch!\"
[Cross-posted at E Pluribus Unum]