BREAKING -- Barney Frank: God save us from John McCain's "help"
By SilentPatriot Wednesday Sep 24, 2008 9:52pm
Barney Frank, chairman of the House Financial Services Committee, held an impromptu press conference Thursday night to give a status update on the Wall Street bailout bill. After announcing earlier in the day that a fundamental framework had been agreed upon, it appears House Republicans are trying to gum up the process with proposals Secretary Paulson testified would not work.
Download | play 
Download | play
Senator McCain has said he had to interrupt his campaign and couldn't do a debate because he had to come here to help us. God save us from such help. But in any case, there is no sign whatsoever that Senator McCain's got any real role here, so he certainly ought to feel free to go back and debate.
So let's get this straight: A general framework was agreed upon before Senator McCain decided to "suspend" his campaign, and now that he's in Washington to "help," it appears all those agreements have fallen through. What leadership!
This is all classic Republican political gamesmanship. The bailout is widely unpopular and House Republicans -- being the unserious, petty people that they are -- are trying to link all the fallout to Bush and the Democrats in order to boost their electoral prospects. We ought to call their bluff and refuse to pass a bill until a solid majority of them are on board. The inevitable market hit will then be laid at their doorstep. Let them take responsibility for tomorrow's 200 point hit.
Login or Register to post comments.
200 point hit?
Try 500+ with 200 points in the first hour of trading.....
I love this. It is the best thing to happen to democracy in our country in a LONG TIME.
Time to drive a knife in their collective hearts.
I don't want this bailout passed in its present form. I wouldn't trust Paulson either...so who cares what he says will and will not work. The man ran Goldman which is having problems as well (the buffet buy). The equity and debt holders need to feel the pain not the taxpayers.
Well put, SP, well put.
for once in your life, just walk away, charlie brown ...
TDS's opening piece is comparing Bush's Iraq fear mongering with his speech last night - spot on!
http://www.juancole.com/
Thursday, September 25, 2008
McCain Rushes Campaign to Nowhere
Mao Zedong announced the adage by which John McCain is clearly living now: "The enemy advances, we retreat. / The enemy camps, we harass. / The enemy tires, we attack." Mao was describing not a conventional but a guerrilla war, and McCain is now unexpectedly playing the Filipino insurgents of 1899 to Obama's America. Guerrilla wars are waged by the weak but wily. McCain has all but announced that his conventional campaign has crashed and burned. We do not know if the prepping for the debate was a disaster, or it turns out you really can't let Palin be interviewed freely by normal people, or whether terror set in that a second great depression will turn the country starkly to the left for the foreseeable future.
I dare the Republicans to say something positive about McCain's leadership now.
I believe the term might be pathologically reckless. The man is over the edge and there are still over 40% of this populace who are so stupid, so filled with vengeance that they will vote for him. We better be praying for a 10% bailout on our collective IQ. I'm not a drinker, but I'm buying a bottle of bubbly and a bottle of whiskey for election night. I'll choose which one to abuse about 9:00.
McCain is going to show the world what a "maverick" he is.
Obama and the Dems need to make sure the public is well informed as to who is ruining this deal. If they don't want it, then Obama needs to name them by name and put the blame where it belongs. No hesitations.
Thinker @ 8:
I've laid away a few supplies for tomorrow night's "debate". It could be a real deciding moment if Obama gets to shine without opposition.
Absolutely.
Refuse to do anything until the Republican caucus announces support for a bill.
Better yet, if the Republicans don't want to do anything, Democrats should walk out en masse and deny a quorum.
The bailout if favored by the public? No problem. No vote.
This was always going to happen, it's how it always happens. Sometimes it backfires on the Republicans, most times it doesn't. I hope it does and the whole damn GOP dissolves in total chaos, but the odds are against that.
Democratic strategy:
1. Collaborate.
2. Get kicked in the balls.
Repeat as needed.
Democratic strategy, in easily digestible cartoon form:
http://www.youtube.com/watch?v=Ebpod5LqFts
"NO BAILOUT" is the only strategy that will win this one.
Are the links working for others?
[I emailed the fixers-Sitemonitor]
"The inevitable market hit will then be laid at their doorstep."
By whom? The party faithful will believe any story that's spun to them.
"Let them take responsibility for tomorrow’s 200 point hit."
How can this be assured? Can't they just blame the stalemate on the Democrats?
Oh boy, I think you're gonna love THIS "Honest McCain Campaign Poster"!
{ Deleted, Spam. SiteMonitor}
The dems can finally affort to write a bill as strongly as they'd like with the backing of the murikan people. Repug oppostion will be calamitous. Will the dems have the balls??
Naahh.
rmp @ 14:
Not for me and I have Firefox.
[It's been fixed. If you tried to play it, you may have to clear your browser's cache to get it to work-Sitemonitor]
Okay...my question is why weren't Barney Frank and Chris Dodd on this back in 2006 when the magical democratic majority was elected? In my ignorance maybe they were. All I can say is I hope Frank and Dodd can get something worked out that will help those that need it the most, the average American. I heard one of those Republican suggestions, lower the capital gains tax, and my heart sank (did anyone pass a basic economics course on the republican side, ever?). Shit I'd use that paper of republican suggestions/ plan as as a rolling paper because good lord that's the only way I'm going to be able to deal with this insanity. (Ohhh and my bank, WaMu, just failed! Bring out the champagne, people!)
So who thinks McCain has read the Paulson plan yet? Maybe it needs to be required reading before they waste any more time debating it.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 50:
jo, I'km using Chrome. So it isn't a firefox thing.
[It's been fixed. If you tried to play it, you may have to clear your browser's cache to get it to work-Sitemonitor]
I truly wonder why there is this delusion that a bailout will accomplish anything for workers or homeowners.
Linky no worky. I gave up FF a couple weeks ago so I could watch video but even IE ain't getting this one.
Hopefully, Michigan's Tim Walberg won't be participating in the next congress.
-------------------------------------------------------------------
Today a new internal poll released by Myers Research & Strategic Services for congressional candidate Mark Schauer (D-Battle Creek) shows the state Senator leading incumbent Congressman Tim Walberg 42% - 36%, outside the 4.38% margin of error.
"Walberg has been on the air lying about Mark Schauer's record of fighting for jobs and protecting kids for more than a month, and it's clear that people simply aren't buying what he's selling," said Schauer campaign manager B.J. Neidhardt. "There's still a long way to go before Election Day, but voters are clearly rejecting the Bush-Walberg economic policies that have devastated Michigan's economy."
Cointel, I'm as broke as I can be. Let 'em try and scare me.
The Very Bitter Ceci Hussein @ 7:
bin laden tape coming soon.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 23:
At best it will have a marginal and temporary affect on people's retirement savings. In the long run, it will increase the pain, IMHO.
rmp @ 22:
You darlings just fixed it.!! Many thanks!!
"Save the cheerleader, save the world"
jane from hell @ 26:
I know what you mean, quite personally.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 27:
I'm so jaded now, nothing bin Laden says will ever make me believe the GOP.
I'm firm in my resolution to get those crooks out of Washington.
And I hope that there will be someone who will pursue criminal charges so they will be locked up in jail for the rest of their lives.
IN response to:
"This is all classic Republican political gamesmanship. The bailout is widely unpopular and House Republicans — being the unserious, petty people that they are — are trying to link all the fallout to Bush and the Democrats in order to boost their electoral prospects."
Republicans are trying to tie this mess to..... Bush? Um, have people forgotten: Bush is a Republican. Interesting strategy.
Uppity Blue Lensman @ 28:
not even that. the focus is on the underlying vehicles, not the real estate that could save the whole fiasco. if the property were preserved, the vehicles could survive long enough to clean up the good ones because a solid recovery process could actually restore market confidence.
Her is what Germany and China have to say:
and
McCain Screws Up Bailout, Confuses Shia with Sub-Prime Mortgages
Sheesh @ 1:
Also spread the word, time to stop paying off the credit cards and paying the mortgage.
If the money dries up, they go out of business, the credit crunch evaporates and everything resets.
sounds good to me.
Uppity Blue Lensman @ 3:
Exactly, the minute the put forth a bill, Dems should revolt to put Country First. This is how the repubs have played this game in the past...revolt, then force the hand. I say it is time for Dems to wake-up and call their hand, revolt while McCain is in front of the cameras spewing his dribble...have Reid just turn and look at him and say, oh we don't believe it is the taxpayers interest to finance golden parachutes for your friends.
I'm just gonna keep repeating this quote:
Those who have no qualms about fomenting wars, have no qualms fomenting depressions.
Cointel, what a great comment you link to. Now I need a smoke.
(((((rEPUBLICAN IMPLOSION 2008)))))
Uppity Blue Lensman @ 5:
'give me your wallets or your kids dont go to college'
of course with the ever expanding cost of college, people are struggling and getting into major debt for college now.
GOPnot4me @ 16:
I thought it on point.
I think the Dems should take advantage of these stalling tactics and stop trying to negotiate how much lipstick to put on the pig that is Paulson's bill. How about we not let ourselves get rushed into signing onto Bush's plan and take some time to actually figure out what might help us make our way through this crisis--and I'm pretty damn sure it's not as simple as "cash for cr*p." That would be great for Goldman Sachs and Warren Buffet but for the rest of us, not so much.
The Very Bitter Ceci Hussein @ 7:
Do I hear "crickets"?
Steve @ 33:
Republicans have been trying very hard to avoid being identified as...Republicans. In Washington state, the Republican candidate for Governor is trying to be listed on the ballot as "prefers GOP" instead of as the Republican that he is. That's how poisoned the Republican "brand" is these days.
Good. Break it. I lost any use for Barney frank last year when he started selling out on "comprimises" with "the business community". He's (almost) as bad as the Thugs with talk of what a "crisis" this is.
It's a crisis for Goldman-Sachs et al. There lot's of money to be had - just ask any defense contractor - they're not having problems borrowing. Or the credit card companies. They're got money to burn and will lend you as much as you'd like. The problem is rates (for you and I) which the government can do a lot about without "rewarding Paulson's buddies reckless and borderline criminal behavior.
I've yet to hear ANY reasons why we should not let these dopes crash and burn. Before you say I'm bitter notice that I DON'T say "they'd let us hang". The reason we should "let them hang" is that "rescuing" them is counterproductive. Besides the fact it encourages precisely the type of practices that get them (not us) into this fix (see Chrysler bailout) it is open ended. There's literally over a hundred trillion of mortgages outstanding.
The solution to this problem (as it were) is to regulate, not recussitate.
More Deregulation and tax breaks for the rich! Isn't that what McCain did after the Keating 5 scandal?
My first thought was that McCain wanted to delay any final resolution because if it's resolved tonight, then he's got no excuse to cancel tomorrow night's debate.
We should check the Asian Banks on Bloomberg...( last night there Bank Runs and Huge market dumps....)if they dump- we dump...400 points by noon is my perdiction....the house repugs are being shortsighted- WHO does this help ? they don't even like McCain why would they participate in his stunt ?
I think something is wrong with McCain and his campaign is keeping it silent.
Jeez, 46, did you mean gRavel?
Sue @ 48:
You think he's gonna fly in at the last possible second, like jumping out of a helicopter on a lawn of the school?
I am not in line with the common sense approach that McCain did this to stall...this was in the plan I think roughly 2 weeks ago. Methodical...yes, well thought out...no, but some voters will understand and this plays on their emotions. The grandma that still has to riffle through her purse for change to pay for the meds or the parents that have to save change for their kid to buy milk at school...it all fits into this narrow box. The view I take is one that McCain has missed...he is running like a coward from the economy and must seek shelter from those that think exactly like him or at least of the same vein. It shows the public he is willing to take a chance, albiet one a chance on their future, not his...he will be at no great financial loss.
I see the repugs supporting one bill, bringing it to the floor, and stating before it even makes it...we have drafted a bill that would put the taxpayer in the drivers seat. The dems will be in the position to only respond, which if history is the guide, they will accept this with little compromise. When what they should do is come out in the morning, present a plan with Dodd in the lead, call McCains bluff, and create a sense of "we're on board for the American People, where are you", this paints McCain even deeper into the corner with little option but to accept or head for the debate.
motorfingaz @ 44:
Just like rats fleeing from a sinking ship. ;)
This is a political game of cat and mouse. If the dems go ahead and pass a bill without republicans and let the aftermath unfolds the repugs will blame the dems for passing such a bill that did nothing to help. If the dems don't do anything who are the majority of both the house and senate the repugs will place the blame on the dems for not passing anything.
Either way John's McCain's roll in this fiasco will be to rally the dems and repugs and introduce a bipartisan bill and be the savior of this "economic crisis." I say don't pass any bill until both parties are on the line talking. Will America fall once again for the shock once again? lets hope not.
I just checked on my credit card debt- don't worry, it's safe.
200?
Wouldn't be at all shocked to see a 1000 point drop by close tomorrow.
Wall Street owns these clowns.
grampy mcshitstaininsane is now officially McCOWARD. what a fuckin pussy he is and EVERYONE knows it. if he doesn't have the NADS to show up for the debate he might as well stick a fork in his campaign.
I still believe that this ends up swallowing up air time for the MSM, instead of going out and speaking on camera to working people...this affects them more than it does the Senators. This also runs against the campaign McCain is saying he is running for, shouldn't he and Palin be their "Reforming" the good ol boy network? Just curious, but I believe that is what he said, it sure doesn't look like to me, it looks as though he is smooth talking with them at this very moment...Obama should hit him with that. "McCain talks reform, but he still talks with the deal makers in his party on your future....is that the kind of reform America needs."
Check out this statement opposing the bailout that was sent to Congress today from several hundred top Economics professors:
http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_pro...
I hope the Obama and the Democratic Leadership will be seriously considering the points these top economists are making before they "sign off" on any deal with Bush/Paulson.
And here's a HUGE reason Sarah Palin doesn't have a snowball's chance in hell of having any credibility next to Sen. Joe Biden (and after their debate the whole world will know it):
http://www.huffingtonpost.com/stephen-fox/biden-has-done-more-than_b_129...
Well, Washington Mutual failed...
...and has been purchased by JP Morgan.
They say I won't see any changes in service when I go to the bank tomorrow. Probably true. Makes me sad for the people who work there, though. It was a good place to bank--local, you know?
I still say no bailout.
the dems should propose a commission of respected economists, bankers, and financial investers and let them sort through this and try to come up with a strategy get past this mess. this is a political problem but politicians just don't have the wherewithall to solve this on their own.
Don't forget that McDepends is going to try and push for even less regulation and bigger tax breaks ; that's sure to be a tremendous hit , considering that's the type of thinking which is responsible for the original melt-down .........
What next? Invent an excuse to suspend the elections?
jane from hell @ 39:
I guess I picked the wrong time to quit smoking.
Congress has tremendous leverage to create this program in a way that will best benefit the people of this country. These companies are sinking and just about out of time and practically standing in the street with their hands out, yet watch with me while the Congress simply asks for symbolic gestures like some kind of cap on executive pay, which probably amounts to a savings of about 0.0001% of this $700B, and then just gives away the store. I don't give one shit about exec. pay when you're talking about handing over $700B of our money to the same crooks and immoral assholes who got us here in the first place and not asking any more in return but that they the limit the pay of the CEOs. Is that the best they can do? Boy, they're really playing hardball this time, aren't they?
I mean, what's Barney Frank up to here when he's pushing McCain and Republicans to play ball on "one of the most important proposal President Bush has ever put forth" and quoting Paulson on what will or won't work? This guy is making me nervous as hell. Is he still a Democrat or did he change parties and become a Bushie when I wasn't looking? I don't like where I see this going. Executive pay? You've got to be kidding me! How many times do I have to see this movie? It always ends the same way. The Republicans ask for the moon and the Democrats meet them 9/10 of the way to the moon and call it a "compromise."
L.A. Confidential @ 65:
Why, yes.
CoIntelPro for Pronktastic Victory Over SCLM, DIEBOLD, ESS and SEQUOIA! @ 66:
Least there's always glue sniffing ...............
.
Sorry, OT but…
WaMu now PWND by JPMorgan Chase & Co.
http://news.yahoo.com/ s/ nm/ 20080926/ ts_nm/ us_washingtonmutual_jpmorgan_news
.
Kucinich_Nader_Gavel @ 46:
goldman sachs and lehman are part of the FEDERAL RESERVE SYSTEM.
Pretty cozy, eh?
Embittered & Anti-Republicrat - Max-Hussein-1 @ 70:
MCMetal @ 69:
And stop calling me Shirley.
L.A. Confidential @ 65:
Sure feeling more and more like a possibility to me...
PREPARATIONS
| 1. Food | 2. Manna Meals | 3. Water | 4. Sanitation | 5. Medical, health |
| 6. Kerosene heaters and cookers | 7. Lighting | 8. Wood cooking and heating |
| 9. Communications | 10. Essential Tools | 11. Home built items |
| 12. Electrical; generators and power | 13. War preparedness | 14. Gardening |
Hurry, while supplies last!
L.A. Confidential @ 65:
Pakistan is shooting at invading american helicopters. The cambodians had no weapons and the US was abel to lie and expand the war. Remember that? Well, the Pakistanis have had enough with the exploding wedding receptions and the 'whole family accidentally killed' stories that are apparently terrrrrists because Ollie North says so.
We'll get a war, if that's what they think it takes to get the PlainMcKKKain ticket a boost.
jane from hell @ 73:
Roger!
jane from hell @ 73:
Roger ..........Roger
Read this comment on another blog.
Looks like the trap has been set for Obama and the Dems:
Hopefully I’m just paranoid, but here’s what I imagine is happening. The McCain campaign knows that they are losing. The republicans cannot afford to lose, that is not an option for them, they would be looking at very damaging investigations when Obama wins.
Congress is on the verge of a settlement on the bailout. John McCain enters the scene. Like the good foot soldiers that the republicans are, they decide to follow their leader McCain and scuttle the bailout. Friday morning there will be a new plan put forward by the republicans, the McCain plan. All the republicans, the talk radio shows, Fox, even Bush and Paulson will push it. They will say that this plan shows McCain’s great leadership ability, and try to sell to the American people the idea that the McCain plan will save the economy. Of course the pressure will be on the democrats to vote for it. If they do, it will be a huge boost for the McCain campaign. If they don’t, the democrats will be accused of putting politics before country. Of course for this to work the MSM will have to jump on the McCain bandwagon.
Okay, what do the Dems do about this?
JC @67, why shouldn't we cap the CEO salaries/bonuses? If that is a deterrent to their company accepting any federal aid ALL THE BETTER.
Kucinich_Nader_Gavel @ 46:
What are we bailing these Fat Cats out from? THE DUBIOUS RESULTS OF THEIR OWN GREED.
Why does anyone believe the Chimp in Chief ABOUT ANYTHING? Least of all this. He is attempting a $700 billion heist!!!!
Here is Nader on the 'bailout'. It is best to watch to the end.
I rather suspect as far the 'debate' shenanigans that McCain et al do not want Palin in with Biden who will wipe the floor with her, so to speak.
They therefore are attempting this gambit to push the 'debate' tomorrow back displacing and therefore canceling the VPs.
I call it a 'debate' because it doesn't include the other three ballot certified candidates.
Let Nader, Barr and McKinney in to have a real debate. I know Nader is ready willing and able. As he says, without regulation, the Corporations know no limit to their greed. It is limitless!
Barr is slightly entertaining, let's hear him explain why we need LESS WALL STREET REGULATION. Something like the CROOKS WEREN'T RUNNING WILD ENOUGH!!!
And I would like to hear from McKinney.
Another comment saying the same thing:
It's all coming together.
Tonight was the largest bank failure in American history. Washington Mutual just collapsed. The FDIC seized it. Now the bailout is history and dead.
The GOP is playing the craziest game of chicken since the Cuban Missile Crisis. They are playing to win. They are counting on their plan getting out there with the LIE that "Our plan makes Wall Street pay for it. The Bush-Obama plan makes YOU pay for it." They are heroically fighting the "liberal bailout plan".
McSame will be on board. Expect a morning blitz tomorrow before the markets open where the GOP says that only their plan can save America as the Dow faces a loss of 500+ points again.
The Dems will be stuck saying that their plan to make taxpayers to pay for Wall Street's bailout is better than the GOP's plan to LIE about making taxpayers pay for Wall Street's bailout. They'll lose that battle.
Then they'll fold right about the time the Dow is minus 700 points for the day tomorrow.
We've all been had. John McSame will swoop in with the magic GOP "make Wall Street pay for the mess plan". Just like "We'll be greeted as liberators." Just like "Saddam's smoking gun may be a mushroom cloud." Just like all the other LIES.
Tomorrow America is about to get MAVERICKED
silentpatriot,
this "bailout" is a total scam. please WAKE UP.
there are prominent thinkers on both sides of the aisle who are saying, "NO" to any bailout, period.
read "shock doctrine" by naomi klein. DO NOT NEGOTIATE WITH TERRORISTS.
this is a scam, did you learn nothing from 9/11 and the "patriot" act?
we are now in a place similar to marvel comics "civil war". please don't be blinded by simple party allegiance. there are good guys and bad guys on both sides of the aisle.
you will be surprised that some people you THOUGHT were bad guys are actually GOOD guys, and vice versa.
barney crank is a lying puppet, so are schmuck schumer, dianne frankenstein, stinky hoyer, nancy peloser and chris dudd.
THE FIX IS IN.
PRAY for our F.B.I.!!
I have a very hard time believing they didn't see this coming. We learned today that the 3 page Paulson proposal was not created overnight but days before. I agree. "America is about to get MAVERICKED." I think this is the ultimate political gamble. It really is all about McCain. How can we not believe that after learning today too that Condi Rice has confirmed in writing that the administration did indeed discuss torture and what to call it. I mean, why would Republicans walk out of a meeting and appear to put the country at such horrendous financial risk? They wouldn't - unless - there was something to be gained. The polls are all going south for the Republicans. Across the board. So much so that many are not even putting an R after their names on the campaign. This all smells of Turd Blossom. Rove is about winning at ALL COSTS. He has proven that again and again. Why should this time be any different. If they loose, all this dirt will come bursting forth. It's their only chance to prevent jail time.
Ahhh , who gives a shit what a cancervative twit has to say..........BTW Chris , thanks for you and your equally retarded GOP leg humping brethren for foisting the worst president in US history in Chimpy upon us......