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Showing posts with label Bailout. Show all posts
Showing posts with label Bailout. Show all posts
Monday, October 6, 2008
Obama Highlights McCain's Keating 5 Scandal - Video
What's good for the goose is surely good for the gander, right Senator McCain?
Coming on the heels of McCain's nonsensical attacks on Obama for his fake "association" with William Ayers, the Obama campaign has decided to get topical and highlight McCain's shameful involvement in the Savings & Loan scandal of the 1990s that cost the American taxpayer over $150 billion for the bailout (sound familiar?).
McCain was reprimanded by the Senate for his "poor judgment" in using his political office to intervene on behalf of this friend, Charles Keating, CEO of the failing Lincoln Savings & Loan, who was later convicted on felony racketeering charges.
Seeking to highlight McCain's "association" corrupt backroom dealings on behalf of Charles Keating, for which McCain was formally reprimanded by a Senate ethics investigation, the Obama campaign has launched a new site at KeatingEconomics.com. The 13-minute documentary was posted at noon today -- see the video below.
Also: Read up on the facts of the Keating 5 scandal on Wikipedia.
Update: Here's the video:
Sunday, October 5, 2008
Obama's Prescience on the Economy
The Daily Dish posted a prescient letter that Obama wrote to Hank Paulson back in March 2007. Won't it be great to have a President who actually sees stuff like this coming?
Read the Whole ThingWe cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes.
And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly...
[A] consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don't let this opportunity pass us by.
Friday, October 3, 2008
Under Bush/Republican Leadership, National Debt Soars
This graph is pretty stunning. Under Bush and the Republican Congress' leadership, the national debt (as a percentage of GDP) is now at its highest level since World War II!
Update: Compare the above graph to this graph of the unemployment rate over the last 14 years. Heckuva job guys!
Tuesday, September 30, 2008
David Gergen: Republicans 'Shockingly Irresponsible'
You go, David Gergen:
Here's what he said:
“It’s really the House Republicans who bear special ignamy tonight because two-thirds of them voted against it. It was House Conservative Republican member who derailed it. They had strong reasons they voted against it but let their be no doubt, if we pay a huge price like we did today, it was the house Republicans who [bear responsibility]. This business about Nancy Pelosi making a speech, yes she shouldnt have said it, yes it was inappropriate, but the fact that it changed their minds? Oh poor babyies. Yes, a few words from the House Speaker made them run and go back into their boxing corners? Come on.”
Republicans Back Off 'Pelosi Made Us Do It!' Claim
Republicans yesterday claimed that Nancy Pelosi was being mean to them and, as a result, that is why they decided to vote against the bailout bill.
The claim was so stupid and tone-deaf that even Peter Wehner of the ultra-conservative National Review Online had this to say:
I have been defending House Republicans for a week against friends who thought they were acting in an irresponsible fashion. I argued they were people with admirable free-market principles who were simply trying to improve legislation and have their voices heard, something to which they were certainly entitled. And I thought they made the bill better than it was. But yesterday’s vote, and the excuses that followed the vote, have made me reassess my judgment. Watching Boehner, Blunt, and Cantor blame the outcome on the Pelosi speech was an embarrassment.
Well, cue the frantic backpedalling:
– Rep. Michele Bachmann (R-MN): “We are not babies who suck their thumbs.”
– Minority Whip Roy Blunt (R-MO): “I think you don’t want to give too much blame to that speech.”
– Rep. John Shadegg (R-AZ): “It was embarrassing for leadership on both parties to lose the bill, so they went out and made a stupid claim.”
– Rep. Marsha Blackburn (R-TN): “That speech was not the reason I voted against the bill.” [MSNBC, 9/30/08]
Quote of the Day
"I’ve spoken with several House Republicans over the past few days and most admirably believe in free-market principles. What’s sad is that they still think it’s 1984. They still think the biggest threat comes from socialism and Walter Mondale liberalism. They seem not to have noticed how global capital flows have transformed our political economy." -- conservative columnist David Brooks
Monday, September 29, 2008
In Crisis, McCain Attacks, Obama Calls For Calm
Steve Benen nails what this crisis is telling us about the candidates:
This afternoon, responding to the economic crisis, the Obama campaign issued a statement calling for calm, encouraging lawmakers to keep working, and urging investors not to panic. The McCain campaign attacked Obama. It's a reminder that one can tell a lot about a person's character by how they respond to adversity.
MoveOn's New Ad on the Economy: 'McCain's Friends'
Hmm, I can't imagine why John McCain is doing so poorly in the polls right now. Could it have something to do with how mind-numbingly wrong he's been on deregulation during his three decades in Congress?
Klein: McCain's 'Puerile Histrionics' Helped Scuttle Bill
Joe Klein assigns part of the blame for today's mess on McCain's "puerile histrionics":
I do blame McCain for his puerile histrionics and for dragging this issue--which should have been above partisanship--into presidential politics. Let's make no mistake about it: his various gimmicks had absolutely nothing to do with the substance of the issue. He doesn't know all that much about the substance of the issue. The gimmicks were a failed attempt to make it seem as if he had powers, and knowledge, he didn't have. Clearly, he was in a more difficult position than Obama--the populist conservative wing of House Republicans was unwilling to take responsibility for the fruits of the deregulation that they promoted--and that might have required a more aggressive effort to move votes on his part, but the flailing about only confused Republicans (was he for, was he against?) and made matters worse.
The Failure of John McCain - Video Collection
Here's a collection of today's commentators speaking the truth and calling out McCain for his failure of leadership today:
CNN:
MSNBC:
Blame Democrats? House Leadership Blasts Back
McCain and the GOP leadership earlier today blamed anyone and everyone (but themselves) for the failure of the bailout bill, singling out Barack Obama and Nancy Pelosi for their wicked, wicked ways:
Well, Banking Committee Chairman Rep. Barney Frank was having none of it:“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
This bill failed because Barack Obama and the Democrats put politics ahead of country.”
A good jab from the video above:
Here's the story. There's a terrible crisis 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'll make you an offer. Give me those twelve peoples' names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they'll now think about their country.
McCain Blames Obama for Failure of Bailout -- Seriously
If I didn't need a job right now and such antics might make people look twice at me, I would be smashing my head against my computer monitor right now and screaming profanities in tongues.
I know, I should try to not let these things affect me but, well, some things are really beyond the fucking pale. The McCain campaign just issued a statement blaming Obama for the failure of the bailout bill:
[Cue primal scream...] In these trying moments, just repeat the mantra I suggested earlier, "The Blame Falls Mainly on McCain."“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
“This bill failed because Barack Obama and the Democrats put politics ahead of country.”
Blame for Bailout Plan Falls Mainly on McCain
Now that Congress has scuttled the revised Bush/Paulson bailout plan, can we all now agree that the blame for the failure falls squarely on McCain's shoulders?
Before you start tut-tutting me over this notion, consider the fact that McCain's top surrogates were all over the airwaves over the last several days giving the lion's share of the credit to McCain for ushering in an alleged bipartisan consensus. Here are some examples from Think Progress:
“[T]his bill would not have been agreed to had it not been for John McCain. … But, you know, this is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain.” — Former Massachusetts governor Mitt Romney, 9/29/08
“Earlier in the week, when Senator McCain came back to Washington, there had been no deal reached. … What Senator McCain was able to do was to help bring all the parties to the table, including the House Republicans.” — Senior adviser Steve Schmidt, 9/28/08
“But here are the facts, and I’m not overselling anything. The fact is that the House Republicans were not in the mix at all. John didn’t phone this one in. He came and actually did something. … You can’t phone something like this in. Thank God John came back.” — Sen. Lindsey Graham (R-SC), 9/28/08
“Before John McCain suspended his campaign yesterday, the situation that we’re looking at today looked very different then. After he showed leadership and called for bipartisanship, for us to partisanship aside and tackle this solution head on, here we are.” — Spokesman Tucker Bounds, 9/25/08
Now that this supposed bipartisan consensus has failed in an epic and explosive way, isn't turnabout fair play?
If McCain and his surrogates want to go running around giving McCain credit for drumming up conservative support for the bailout plan, shouldn't they be required to also lay the blame on McCain for his failure to deliver the aforementioned support?
As Andrew Sullivan puts it:
If McCain is to receive, or at least claim, credit for a compromise is he now to blame for the failure of the compromise? Will he now abandon his newly found populism and go back to being the free market zealot that he once claimed to be given that the base of his party has spoken so loudly? In short - I think this puts John McCain in an even more difficult position. "His" compromise failed and now he must stay in Washington until this is resolved or admit that the suspension of his campaign was in fact nothing but a stunt!
Update: Even the ultra-conservative National Review sees dark clouds on McCain's failure/blame horizon:
Not that it's the most important fallout, but this vote is very bad for McCain. He was trying to get House Republicans on board, after all, and he failed. Blaming the Democrats for the failure will not and should not work, given the ratios on both sides.
Repeat after me: "The Blame Falls Mainly on McCain."
Premier Bush and Our Still-Slumbering Outrage
All of the sh*t dumped on us by Premier Bush and his cronies over the last seven+ years is kind of getting to me today. Here's an excerpt from a recent IM exchange with a friend of mine:
me: i mean, can you think of anything that would "shock" you at this point? how would we react if we found out, say, cheny organized a blackwater raid, disguised as Iranian military, to slaughter babies in a neonatal clinic? shocked? dismayed? defeated?
[friend]: nothinghonestlyi am sort of expecting to learn that the 2000 election machines were riggedsame w/ 2004 in ohionot all just enough in key placesthat he never should have been pres in the first place
me: the thing that kills me most of all is that there is SO little of meaningful RAGE out there to gel a movement around. i mean, getting obama elected is a good start but where are the mass protests? why aren't we calling for the literal head of bush and cheny, with torches and pitchforks on Pennsylvania Avenue?[friend]: because the people can handle getting fucked over and over again, as long as the govt does it sorta slowly
The Failure of Premier Bush's Bailout Plan
Honestly, I don't know what to think of the $700 billion bailout bill being scuttled in the House today. The subject matter is so arcane to me that I don't know where to begin. When it comes down to it, I suppose this is where I come out:
ONE: Nearly every major person President Bush has hired over the last seven+ years has turned out to be a major f*ck-up.
TWO: Hank Paulson was hired by President Bush, failed to see the financial crisis coming, repeatedly claimed that he had the situation under control and is NOW telling Congress, with a gun pointed toward the American economy's collective head, that the bailout plan he proposed is the wise panacea that will magically stave off financial ruin (oh, and by the way, it needs to be passed yesterday).
Thus, THREE: From One and Two, I am inclined to believe that whatever Premier Bush's Executive Branch of Idiocracy tells me is -- at least -- a corrupt, dissembling lie. As a result -- and I may live to regret it if the American financial system really does die today -- I ultimately think the House scuttling the bailout bill today was probably a good thing. The question of whether they can come up with something better if, of course, an open question.
Friday, September 26, 2008
McCain's Economic Histrionics
Matt Cooper sums up McCain's unhinged histrionics since the start of the financial crisis last week and his gumming up of the Congressional works:
McCain certainly hasn't helped and now we're at a point where a deal seems unlikely tomorrow in time for the debate which means McCain will have to make another decision--whether to swallow his pride and show up for the Meeting in Mississippi or be the biggest no-show in the history of American politics. Since he doesn't seem to have added anything to the negotiations in Washington, it's hard to see why on earth he should show up for the debate with Barack Obama.
Incredibly, McCain has said that he hasn't read the Treasury plan--all three pages of it. Since this crisis began ten days ago, nothing McCain has done, from declaring the economy strong to calling for the illegal firing of Chris Cox to flailing about the bailout to shrilly trying to blame the crisis on Obama and finally to the debate-canceling gambit has been reassuring about the prospect of a McCain presidency. This is the 3 AM phone call and McCain is blowing it.
Thursday, September 25, 2008
Quote of the Day
Wisdom from conservative Daniel Larison on John McCain's fake 'suspension' of his campaign:
In the end, knowing when you can contribute something and knowing when to avoid complicating an already difficult situation by intruding on ongoing negotiations is what separates grandstanding from leadership. It is what separates the simple egomaniacs from the ambitious pols who nonetheless have some idea what public service is. McCain’s belief that he is indispensable in a time of crisis is the surest sign that he is unfit for any office in republican government, much less the chief magistracy of the Republic.
Craig Ferguson Lays Into McCain
Craig Ferguson in last night's show laid into McCain's faux suspension of the campaign, comparing him to Napoleon and Castro:
CNN's Campbell Brown Decries Bush, Paulson Incompetence
My, my, Campbell Brown is en fuego lately (check out her dressing down of the McCain campaign's sequestration of Sarah Palin here):
Sarah Palin Thinks Bailout is About HEALTHCARE
Look, I know some of you fair-minded people out there wanted to give My Fair Lady From Alaska a little leeway before you judged her qualifications to become President of the United States if something happened to John McCain. But, at this point, and after last night's train wreck of a Katie Couric interview, if you still have any reservations, I must insist that you give back your right to vote:
COURIC: "Why isn't it better, Governor Palin, to spend $700 billion helping middle-class families who are struggling with health care, housing, gas and groceries? Allow them to spend more, and put more money into the economy, instead of helping these big financial institutions that played a role in creating this mess?"
PALIN: "That's why I say I, like every American I'm speaking with, were ill about this position that we have been put in. Where it is the taxpayers looking to bail out. But ultimately, what the bailout does is help those who are concerned about the health care reform that is needed to help shore up our economy. Um, helping, oh, it's got to be about job creation, too. Shoring up our economy, and getting it back on the right track. So health care reform and reducing taxes and reining in spending has got to accompany tax reductions, and tax relief for Americans, and trade -- we have got to see trade as opportunity, not as, uh, competitive, um, scary thing, but one in five jobs created in the trade sector today. We've got to look at that as more opportunity. All of those things under the umbrella of job creation."
Watch It:
As Steve Benen puts it:
[T]he truth is, Palin is getting worse at answering questions, not better... With some time in government, Palin might become a less embarrassing candidate. But at this point, it's almost unfair for McCain to set her up for this kind of fiasco.
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