Chris Matthews: Bailout failed because McCain's leadership failed
Chris Matthews cuts through the spin and pins the blame squarely where it should be: On House Republicans and John McCain who promised to deliver their vote.
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"McCain said he was going to lead the Republican charge, he was going to make sure that this was a bipartisan success. He called charge, and the Republican retreated. That's what happened here. "
Politico's Mike Allen writes:
McCain takes credit for bill before it loses
Sen. John McCain (R-Ariz.) and his top aides took credit for building a winning bailout coalition – hours before the vote failed and stocks tanked.
The rush to claim he had engineered a victory now looks like a strategic blunder that will prolong the McCain’s campaign’s difficulty in finding a winning message on the economy.
Think about how bad this is for McCain. He "suspended" his campaign last week and promised to get the House GOP on board. The bill failed today because those very same Republicans bailed once Pelosi hurt their feelings. McCain put his leadership credentials on the line and failed. Not a little fail, but an Epic Fail. And the worst part about it is he and his campaign have been claiming for the past 48 hours that it was McCain's leadership that got the bill passed.
Marc Ambinder asks the right question:
So if McCain wanted credit for passage, should he share some of the blame for its defeat?
TPM's Greg Sargent wonders if the failure to pass the bailout with cause McCain's suspension stunt to backfire:
In political terms, John McCain needed this bailout bill to pass. Now that it's failed in the House, it's clear that this could pose a serious blow to his campaign -- and that his big campaign suspension gambit could backfire badly.
Keating 5!
Why the continued spin that this 'Bailout' was a good thing?
Do something about the 10,000 mortgages a month going into default.
Government of, for and by the Fat Cats.
Btw, What leadership?
McCain called charge and their credit was turned down. NOT QUALIFIED.
mccain mccan't
what a mcfuckup.
Fed went ahead and pumped 630m in anyway -
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwz_k5JvuB8&refer=w...
I think he deserves all of the blame for politicizing the situation.
McCain called charge and it was exclusively cash and carry.
andy @ 5:
That should be a B, $630B .
mcfuckhead has to suspend his campaign
because he can't find palin to change
his depends. so, now those very depends
are full of three days of shadobies.
Thank god it failed... don't care how it happened, but Im glad it did.
You know, we're talking a lot about the bill, but I haven't actually seen that bill. Where is it, so I can peruse it?
You folks are implying that this bill was necessary and important, but I haven't seen the DETAILS of that bill.
Seven hundred billion dollars... and no one really knows what's going on.
"Bailout failed because McCain’s leadership failed"?
what nonsense. he was almost totally on the sidelines. other than getting all flustered, and pretending to stop his campaign (oh, but the ads didn't stop), what did McSame do? Nada.
McDummy just added to the mess. Just say NO to wallstreet, take your profits and save yourself, like.....sell 1 of your 7 houses? Hey Tweety,where have you been the last 7.9 years? Go and blabber no more.
James @ 11:
Full text...
http://www.latimes.com/media/acrobat/2008-09/42631254.pdf
Just one more example of John McCain acting before thinking things through. Not a good characteristic for someone running for president.
McFailure / PA(l)IN '08
For Change That's More Of The Same!
Bailout failed because it's a lousy idea.
Why are Democrats such bailout bitches?
This is so painfully ironic to watch. The Democrats get behind a bill that Bush is anxious to sign and the Republicans head out for lunch. I stand by my previous assessment. The Republicans have lost this election. They know it and the bigger the flaming bags of turds they leave on Obama's doorstep the better they'll like it.
McC(umst)ain's campaign already has the winning message:
"Don't vote for the Negro!"
Everything else is window-dressing...
Why can't the multi-billionaires at the top 1% (who own everything and everyone) dip into their bank accounts and fork over some $$$?
Don't they love America?
Matt @ 18:
cuz, after 30 years sucking up to the BEEEEEG money, and finally getting on the teet, they don't wanna piss 'em off.
Kevin @ 12:
That's what you get when you try to take credit for something you assume is going succeed.
Matt @ 18:
Bush remembered his fear tactics gave him the unpatriotic Patriot Act, why not try them once more.
The McCain campaign is crashing and burning. Barring the 23 percenters and the bigots, we'll be seeing President-elect Obama on November 5.
Kevin @ 12:
Thats exactly the point! McCain should be rounding his republican friends up and pointing them in the same direction. He failed to do so!
The problem isn't just on wall street, it is in retirement funds, mutual funds other instruments which invested in the bogus, misrated mortgage derivatives.
That will affect a lot of people, including many seniors who are depending on these retirement funds - and people who are planning on retiring.
What happened to Enron employees who were getting ready to retire and their entire retirement imploded? Every penny they had saved -- and forced to invest in Enron stock, gone virtually overnight.
Yes, this sucks big time. But it is hardly only Wall Street who is getting benefits.
I would like to see much more for people in their mortgages. A plan for converting solid mortgages to fixed rate, getting people out of those resetting APR's. A stay of foreclosures. None of that was in what I read (I have not yet read all 110 pages of the bill).
Some of it was good, some not so good...but I have only gotten through the first 15 pages thus far.
Can a maverick be a leader?
Can a maverick be a lieder?
Can a maverick be a liter?
Can a maverick be a Leed whore?
Can a maverick be elite or......
I'd like to think the plan failed to pass because Paulson demanded $700 billion to spend without oversight, without explaining how he was going to spend it, what aspect of the clusterf*ck he was going to target, or how it was going to help. Didn't really make it easy to get behind. Oh, and how about the Treasury people taking a conference call with financial industry people basically assuring them that they had workarounds for all the "oversight" and "accountability" that the Dems had supposedly bargained for?
Flackman @ 25:
with the 23%s, the bigots will be enough to carry the thing...
McC(umst)ain's campaign: "You CAN'T vote for a KNEEGROW!!!!"
Tweety just played Palin's "bailout = healthcare" quote back to back with Tina Fey's impression. Is this happening on other channels? I hope it is... people need to know that it was (mostly) an actual quote!
Sorry, link didn't get included... http://www.dailykos.com/story/2008/9/29/04719/9070/308/613962
MsJoanne @ 14:
Hi MsJoanne. Perhaps you can help me here. I consider you to know what you're talking about so maybe(if you would) you could link me to the real causes of this debacle called our economy. Phil Grahams contribution for example.
I read and hear so much, it gets confusing. So if you would be so kind, could you point me in the right direction?
I think this all stems back to 94. Maybe further.
This was a Republican bill Republicans failed to pass.
It was a gop stunt for the election.
They did it anyway:
Fed Pumps Further $630 Billion Into Financial System:
http://www.huffingtonpost.com/2008/09/29/fed-pumps-further-630-bil_n_130...
Partisan speach by Pelosi? Is this the same gang who launched a partisan impeachment of a twice democratically elected president who presided over peace and prosperity?
CNN is pushing the Repugnant talking point of blaming Pelosi for the failure of the bill.
Seems she made speech which exposed McCunt's sabotage attempt at derailing the original agreement so that he could then emerge as the great uniter; except now the Repugs are climbing onboard the 'Faux Populist' bandwagon claiming that they must 'protect' the taxpayer from having to pay for those 'evildoers' on Wallstreet.
.
Q U E S T I O N:
Why is the MSM pushing the passage of this bill...
... And why is it the Republican's fault for killing it?
.
Obama and Biden need to hammer McCain and the Republicans on their failure to push this bill through. McCain looks totally incompetent given his actions last week. But who knows; maybe Sarah can spin this to their advantage.............ha, ha.
A 7% drop in the Dow may be only the beginning if something isn't done soon.
I get pissed off when I think of what this amount of money could do for education, health care, Infrastructure roads, bridges etc...
WTF are we thinking about people.
Main street Has been in trouble for the last 30 years. Nobodies bailing our asses out.
What the hell happen to the stimulus packages they were giving out. That worked as well as the surge.
Yeah. there you go the splurge and surge Administration.
Don't trust them. And I'm just sick and tired of giving these fucks my money! You all should be too.
First of all, when McCain had his shot at his celebrity themed get together with Bush in the Office etc... HE DIDN"T HAVE SHIT TO SAY. Obama put forth his ideas and plans and waited and asked if McCain had anything to add to the meeting and McCain deferred to the Republican leaders or something.
HE is a Fucking JOke.
Well, well, well.. . a little study of history should inform most readers that, when the courtiers/ass-kissers/sycophants like Matthews start to turn on their masters, the rules/protocols/deals are out the door and the back-stabbing/throat-slitting and general mayhem are soon to follow. It's a well worn them in all mythologies from Homer to Shakespeare to the pathetic Tricky Dick. Grab a pancho and some rubber boots and head for high ground. There's mucho blood and guts about to hit the fan.
getalife--
I completely agree, it's a stunt.
McCain - privatizing congratulations and socializing blame.
"If you want some madman running around like his hair is on fire every time there's a 'crisis' then McCain is your man."
Is this the same gang who launched a partisan impeachment of a twice democratically elected president who presided over peace and prosperity?
Peace?
Ask the Serbians about that...
Prosperity?
Clenis presided over another bubble. He just didn't get caught when it burst.
He signed the Gramm-Leach-Bliley act, and announced he was proud to do it. He could have vetoed it. It passed in the Senate with only 54 votes. 67 needed for overturn.
It was pushed by his (GOP)SecTreas, Rubin who, upon getting it into law, retired back to the 'private' sector, where he made gazillions.
He kept Greenspan on as his Fed Chief.
Clenis: the best GOP Presnint of the late 20th Centuryt...
This is exactly what McCain wanted. He wanted to be seen as taking a leadership position but he doesn't really want to be associated with the bailout because it unpopular with voters. It's classic McCain. Say one thing, do the opposite.
Rep. Dennis Kucinich Rejects $700 Billion Bailout
“Is This the United States Congress or the Board of Directors of Goldman Sachs?” Rep. Dennis Kucinich Rejects $700 Billion Bailout
http://www.democracynow.org/2008/9/29/is_this_the_united_states_congress
Little McCain will say,
"You know I face some tougher challenges than this. I was a Vietnam POW. Back then you will have to be believe in your resolve to get through the mess you are in, you have to be impartial to reality. I know the American people have to resolve and discipline to get through this crisis, they should ignore their own reality and substitute mine. After all, I am a maverick and a Vietnam POW. I know what I am talking about. So the elitist and highly educated liberal media should back off the American people, listen to my voice and my message, that's the reality for you."
mudshark @ 33:
If only it was that easy.
I think it started with Reagan and his cause of deregulation. You cannot deregulate some things (take Ron Paul who feels that there should be no oversight in anything, ever). Regulation is required in some respects.
Then there was the Gramm-Leach-Bliley "Financial Modernization Act" which was three Republicans who deregulated everything that was put into place after the Great Depression to keep it from ever happening again. Thus far, what is happening here is a too close for comfort repeat of what happened in the 20's - only with different instruments, and stuff.
Clinton let that Fin Mod Act get through, which totally blew. I have read that it got put in something at a late hour, I don't know if that's true, no matter what, it never should have been signed into law. Period.
Then you had Bush, via his HUD Secretary Jackson (remember him, the guy who spent tens of thousands of dollars on pics of himself and Bush, who got taken out of his position for, what else, ethics concerns) who mandated that everyone gets a mortgage.
Then you have the greedy fuckers who took advantage of ignorant and greedy people (ignorant in that they were told, You don't need a lawyer to look over your docs, just sign here - and they did, or ignorant in trusting people, or ignorant in not knowing or understanding what they were getting into, and greedy who purposely thought they could afford that McMansion but couldn't and shouldn't have ever gotten a loan. I read stories of people who were especially taken advantage of, especially seniors, who just got screwed every which way but Sunday. And then ther was the greedy fuckers who were getting $10k for each mortgage they closed with no proof of people's ability to pay, or proof of jobs even.)
Then let's add the greedy fuckers who bundled these mortgages to be sold as assets. Normally, a mortgage would be a very solid investment, for each mortgage, if paid as stated will bring in 2x its value over 30 years, but when bundled and rated (AAA = great, BBB = pretty ok, CCC = sucks) as AAA when they should have gotten more BBB or CCC ratings, people (companies, retirement funds, money markets, IRAs, what have you) bought these bundled mortgages as safe, conservative investments, when they were anything but.
Too much blame to go around to a bunch of people. IMHO, deregulation was key. Key in no oversight of these instruments and oversight in funding mortgages, and oversight in wild greed by everyone who was on the lending side.
Hope that helped.
The DOW is still above 10,000. If it were that dire they would have passed something by now.
Bush:I knew that if I scared'em one more time a could get'em to give me that money Dick.
Cheney: WHAAAA WHAAAA where is my glass of blood? Yeah your right W. What was that bet again? oh yeah, here ya go.....$1.00
McCain is blaming Pelosi now.
Another vote on the bill on Thursday. Same day as Palin's debate.
Hmmm.
.
Q U E S T I O N:
Where's the outrage at the Dems that caved to political pressure by the Administration and actually voted to socialize CEO's profits?
.
Embittered-Anti-Republicrat Max-Hussein-1 @ 38:
Investments.
andy @ 5:
so does this mean Wall Street doesn't now need the $700 billion we were supposed to be giving them? (hoping, here). Or does this mean they just did it without running it by and through Congress?
somebody got some 'splainin' to do
www.moravings.blogspot.com
I get pissed off when I think of what this amount of money could do for education, health care, Infrastructure roads, bridges etc…
clam your jams, cool your jets, relax...
that money was NEVER gonna be spent on 'the undeserving poor' (which is the only kind there are in a "meritocracy": that is, if you deserved to be prosperous, you would be.).
That $700BILLION was only there for the purposes specified. Otherwise, it din't exist...
Interesting note on the vote in the house, those who are in a close race voted no by a large margin, reps and dems alike. This tells me that the people back home dont like this bailout at all, IMHO im with them, why should we give money to people that have proven that they cant be trusted? The chicken little chirping about the failure of the US economy is BS, the banks have a lot of cash to lend, just ask JP Morgan that bought WaMu, they are just holding on to it to force Washington to pay up for the losses that they have incurred. Have you heard of ANY of the CEOs that run these companies file for bankruptcy? They still have cash, they just dont want to spend any of theirs, they want to spend ours on high risk options.
BTW Watching McCain during this "crisis" and his posistion on what to do, is like watching a ferret on speed trying find the food in the corner in a round room.
Orangutan. @ 41:
A-fukkin-men!
McCain appears to suffer from premature proclamation.
He also proclaimed he had won the debate before it ever began. Remember that ad that ran?
Now only days later he makes another proclamation of a win before the vote was taken.
Maybe he needs to see a physician about this problem.
Don't worry: if the fucking politicians can't make a decision, the market will decide for them.
I guarantee they'll come up with something before it gets to 9500.
Of course, by then it's like buying a house that's already on fire.
Obama needs to drive home the fact that this bill failed because George W Bush has zero creditability with the American public, why do you think the House of Representatives got flooded with calls against this? The real reason is a basic lack of trust in this administration.
GWB is the boy who cried wolf one too many times.
Need any more proof that McCain and the Republicans have NOTHING for America? . . . and just think--McCain wants Sarah Palin to be his Vice President.
MsJoanne @ 50:
Yep, sure did. Thank You. That's pretty much what I suspected.
I guess this is what Billy gets(and us) for being bipartisan and being willing to work with the pugs.
JHR @ 39:
I fear you are 100% correct. While everyone celebrates the killing of this package, America takes another spin on the downward spiral. Maybe we'll all be good at hunting and gathering who knows ...
Here's how we roll in the USofA, welfare-wise:
If you need a break, but have no power, and so do not/cannot get it, then you don't and didn't deserve it. If you'd only worked a little harder, saved a little more, drunk a little less...
BUT:
If you need a break, and have powerful friends, you'll eventually get it. Didn't get the $700BILLION bail-out? Well, here's $600Billion to tide you over, cuz you're successful, and therefore deserving. You have all the right phone numbers...
James @ 11:
Here ya go. I found this on C-span's website
neither party wants the 'bailout' something is going to pass
though because the credit market is frozen right now.
mccain supported the bailout when it went into a vote so
he says..he's trying to show some strength/knowledge
about the economy.
Do you think McCain will suspend the debate because of the crisis? I don't think Sarah is ready for prime time.
How can you lead on a matter that you know nothing about?
the rovian jujitsu's getting so complicated i'm starting to think even rove doesn't know wtf's going on.
but i'm sure this is stupendous news for mccain!!!
James @ 11:
http://www.politico.com/pdf/PPM110_rescuepackage_bill.pdf
Here's the break down of the vote:
http://clerk.house.gov/evs/2008/roll674.xml
[Deleted. Off topic. Geoff, you can voice your dissent from the popular opinion here, but not on this thread. You can post it on the Malkin thread from earlier in the day OR on the Open Thread- posting the identical comment on more than one thread is considered spamming. thank you. Site Monitor]
I noticed that the last sentence on audio was: Do we have Charlie Gasparino with us?
I would love to hear what he said. I was watching Squawk Box this morning, and was shocked to see Gasparino's Republican hackery.
Abbybwood @ 72:
this is the third time I have seen this link. IT MAKES NO SENSE! Look at the information on the page:
FINAL VOTE RESULTS FOR ROLL CALL 674
(Democrats in roman; Republicans in italic; Independents underlined)
H R 3997 RECORDED VOTE 29-Sep-2008 2:07 PM
QUESTION: On Concurring in Senate Amendment With An Amendment
BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes
Ayes Noes PRES NV
Democratic 140 95
Republican 65 133 1
Independent
TOTALS 205 228 1
How does this relate to the bailout bill???
mudshark @ 33:
Good background...
http://www.thisamericanlife.org/extras/radio/355_transcript.pdf
From the very beginning this thing was presented terribly. If you are trying to sell a car, you don't approach the customer and say, You must buy this car so my big shot boss can take a world cruise. If you don't buy this car you will lose your job, you home and your financial ability to do anything. You must buy this car right here and right now. It costs more than you can imagine but you must buy it. Just hand me the cash and trust me to give it to my boss whenever I please.
They should have presented their request with the positives it would have for the country, not all the dire negatives.
Matt @ 18:
I think that it is because many working people will lose their pensions unless there is some kind of bailout.
That is a real problem.
But the CEOs still want to keep their platinum parachutes for the service of imploding their businesses.
They want a big bailout with no oversite and the usual executive perks.
Nobody wins in this situation but the execs want more of the same.
The Fed just threw in some 600 Billion.
And if we pitch in 700 Billion.
You think gas won't go up?
The price of milk will drop?
I'll get a raise..cough,choke, cough?
FOGETTABOUTIT!!!
Geoff @ 73:
[Deleted. Abusive. Please keep it a tad more civil, MsJoanne. Thank you. Site Monitor]
Like Randy Newman said:
"It's money that matters,
in the USA.."
http://uk.youtube.com/watch?v=gUyiWZ3IEug
BobbyFlav @ 17:
THIS
Won't you pray for Sarah????
http://prayforsarahpalin.com/
Matt @ 18:
I have to quote my friend, Bryce, here--never forget:
Republicans are evil.
Democrats are retarded.
(with apologies to all mentally-challenged people for not being anti-pc)
(Deleted, Spam. SiteMonitor)
Darth_Romney @ 82:
So if she fares poorly on Thursday, it's our fault because we didn't pray enought, right?
1. Between the Couric/Palin interview
2. Chris Matthews saying "McCain's leadership failed"
3. McCain trying to call off the debate...
This has not been a good week for his campaign. At least now the expectations are low for Palin and the debate on Thursday.
Republicans are fucking liars..
They voted NAY because Pelosi gave a partisan speech...?
Please if that was the case then why are they saying changes should be applied to the bill before they vote again thursday. Now if this is the case that they didn't agree with the Bailout Bill , why would they say they would support the bill in the House.No one is going to push a bill that isn't going to go through the House. Either way they are fucking liars and people who would vote for these assholes again are fucking stupid!! PERIOD!!
I have a theory about this.
Fascism has been virtually inevitable since the implications of industrialism--which was the (n&s) precondition for "kapitalism", permeated the 'consciousness' (you could say the "discursive practices" of) 'government' in the late 18th Century. See, e.g., Foucault, The Order of Things).
The 20th Century witnessed the epic struggle to determine which 'brand' of fascism would prevail. Monarchical fascism was mostly gone by 1920, with the fall of the Habsburgs and the Romanovs during and after WW I. The last remnant was the Japanese Empire, which fell in '45. The other totalitarian style, "State" Fascists, including Mussolini's Italy, Germany's Hitler, (though not Soviet Stalinism), mostly didn't survive 1945, either. Argentina tried to resurrect Mussolini in the '70s, but the time had passed. Sovietism fell in 1990.
Leaving the practitioners of "market" fascism: First and foremost, the USofA, but later, and more effectively, the PRC.
The Chinese are the envy of all the "corpoRatists" in the USofA--indeed of the world-- today, who are studying furiously to figure out how the Chinese have convinced their citizens to trade "liberty," which they've never known, for the pleasures of prosperity, the epitome of "market" fascism, the corporate state. USers are being subjected to the terms of a similar "bargain."
So, in the battle of fascisms, "ours" more or less won...lucky us...
Chris Matthews, my hero! I smell a Pulitzer Prize here.
Just kidding... he's still a pompous, vapid blemish on the ass of journalism. But, you know...Even a broken clock is right twice a day.
pissed off patricia @ 77:
Well said, PoP!
I think this article from Glenn Greenwald is important. It pointas out that the way the Congress has been acting these past few days is NOT a typical.
http://www.salon.com/opinion/greenwald/2008/09/29/bailout/index.html
ALL OF YOU have decried the fact that the Congress passed the Patriot Act without READING it... now that the members HAVE read an act that was being rushed through, and decided to exercise some restraint, you're COMPLAINING?!?!
Yeah. I know that it was a partisan play on the Republican's side... but I don't care. This is an instance where a dis-functional Congress actually WORKED in favor of the average citizen for a change.
There was practically NO oversight on this bill... and the irony is, the Fed pumped 600 billion dollars into the economy today ANYWAY. So why do we need this bill?
Cait @ 87:
...and don't forget Geo. Will writing his big column in the W Post, saying McSame isn't right for the job!
I applaud ALL of those in the House that voted down this bullshit bill......I don't care what side of the aisle they are on, or whether they are covering their a$$es for election or what....it DOES NOT deserve our support, the majority of Americans are flat out pissed off by the thought of it and there is no single good reason to give them ANY taxpayer money. Period.
WcCain needs to go find a stone and crawl under it.
see no. 55 above
Mccain. Leadership? What a joke. At least his perceived fake leadership is perceived as failing.
Less than 40 days to go and Obama has pissed me off again.
After FISA I thought I'd never vote for O. Then I got over it and pledged, again.
Obama's support of rewarding these greedy criminal's is RIDICULOUS.
President Chicken Little has made these terrorizing speeches far too many times to give him or his BS experts ANY credibility.
Didn't one of these NeoCons state their objective as breaking down the government until it was weak enough to 'drown in a bathtub'?
Let the Casino Wall Street crumble- we're far better off without.
Tom Price (R-GA) on what the GOP wants in the bailout:
- insurance to fix the free market (Paulson says it won't work, trust Paulson? I'll let you decide)
- reduce capital gains taxes
- accounting to get the companies books straight
Excuse me, but, SAY WHAT?
God, we're so fucked.
MsJoanne @ 75:
Cause they're a bunch of shysters?
They play games big time with the way they name legislation. For all I know this $700 billion "bail-out" was attached as a rider on the above mentioned bill??
Somebody here has to understand this.
BTW, since when does Congress shut down business for The Jewish New Year?? It's not like it's Roshashana (the Highest Holy Day)! I say, with a situation as dire as this, let those of the Jewish persuasion go have their holiday and the rest can stay and work. They miss the vote, they miss the vote. If it were a major league baseball game the Jewish player would probably just sit on the bench. But the people's business should go on. Am I being unreasonable here?? Please advise. Thanks
"McCain, Obama and President Bush had each endorsed the 110-page bill, crafted in marathon talks over the weekend"----> http://www.politico.com/news/stories/0908/14050_Page2.html
Honestly, if they it was endorsed across the board, what happened? This bill may or may not have been the solution, but we need something! 777+ loss today...
Beginning of the end of an era.
James @ 92:
Page 70
SEC. 125. CONGRESSIONAL OVERSIGHT PANEL.
13 (a) ESTABLISHMENT.—There is hereby established
14 the Congressional Oversight Panel (hereafter in this sec
15 tion referred to as the ‘‘Oversight Panel’’) as an establish
16 ment in the legislative branch.
17 (b) DUTIES.—The Oversight Panel shall review the
18 current state of the financial markets and the regulatory
19 system and submit the following reports to Congress:
20 (1) REGULAR REPORTS.—
21 (A) IN GENERAL.—Regular reports of the
22 Oversight Panel shall include the following:
23 (i) The use by the Secretary of au
24 thority under this Act, including with re\
page 71
1 spect to the use of contracting authority
2 and administration of the program.
3 (ii) The impact of purchases made
4 under the Act on the financial markets and
5 financial institutions.
6 (iii) The extent to which the informa
7 tion made available on transactions under
8 the program has contributed to market
9 transparency.
10 (iv) The effectiveness of foreclosure
11 mitigation efforts, and the effectiveness of
12 the program from the standpoint of mini
13 mizing long-term costs to the taxpayers
14 and maximizing the benefits for taxpayers.
15 (B) TIMING.—The reports required under
16 this paragraph shall be submitted not later
17 than 30 days after the first exercise by the Sec
18 retary of the authority under section 101(a) or
19 102, and every 30 days thereafter.
And in response to Abbybwood @ 100...not unreasonable at all to expect the vote to take precedence over a holiday.
Abbybwood @ 100:
There should be in the USofA the celebration of NO "religious" holidays marked by National fiat. No Xmas, no Good Friday. No Rosh Hoshana. No Eid, nothing with any secular taint at all. Thanksgiving is a harvest feast. New Year. Celebrate the Equinox, give everybody a week off, and let the 'faiths' squabble about the advertising. National holidays, like memrial, or labor or presidents' or independence: Kewl. Those are truly "national." Xmas, per se, is secular (Xian) god-shit...
The grand old paps McSame
He had ten thousand tales
He spun them up to the top of the hill
and lost his compass back
MsJoanne @ 27:
Thanks for this. I usually feel like I can come up with an informed opinion on most any piece of legislation, but I am not sure here. Has Bush cried wolf so many times that this is the real wolf at the door and we don't believe him, or is it yet another lie? If this is the one time he is right, then are we headed for "Grapes of Wrath" time? Deregulation has been pretty non-partisan starting with Reagan, though I'd have to put it 75/25 to the Republicans. But now, because of their entrenched interests with Wall Street, I'm not sure if any party in the Senate can be trusted. That is the price of repeatedly lying to the electorate and throwing down emergency legislation at the last minute, instead of allowing time for it to be evaluated. But if those against the bailout are wrong...
Also, can you explain how the refusal to pass this bill today has caused such a plummet even though the Fed released almost the same amount ($683b) in new money today?
Could not have happened to nicer fuckin POS!
For all of his Hard Work on the vote, McCain couldn't even deliver one vote - not one vote - from the Arizona House delegation. All eight, four R's and four D's, voted No. Of course, Pelosi couldn't deliver even one of them, either.
I am so maverick it hurts!
Sorry I screwed up the quote thing @106. Bottom part is mine.
Bryan @ 106:
I am on the fence, too. Ｉfeel for people who may lose their life savings, especially those who are getting to be seniors.
That Bush is for it, gives me great pause. That said, Bush has, of late, made some downright democratic decisions (wtf gotten into him...it's scaring the shit out of me!)
Honestly, I think we're fucked no matter which way we slice it.
But what do I know?
So, is Palin going to suspend her campain tomorrow, and not debate on Thursday, because she has to fix the fix that McCain came up with for the bailout?!?!
I think I might have missed Bush's democratic decisions that you speak of here lately:>)
108
I'm from AZ and we have some of the worst representatives in the country particularly the R's. They are scared to death that McBush will carry AZ and carry them out of office. The R's voted with Bush 99% of the time. Between the rich retirees and the rich Mormons the state is a piece of work. I'm writing my rep Ed Pastor, D and tell him what I think. I believe they call it "chicken sh*t".
Bryan @ 113:
There were three...heck if I can remember them now (I tend to put him out of my mind when I can) but they were definitely WTF moments. And it literally scared me, as in, now what is this clown trying to pull over on us and how much more fucked are we about to be? Up really is down and black really is white when I agree with Bush!
I will think about what they were and post them if I can remember.
Obama is for it @ 64:
Make sure you have at least 1 firearm preferrably a rifle, clean, with plenty of ammunition. Only those who are armed will eat.
HAHAHA. Like I gloated over last week, everything that McCain't touches turns to s**t. Serves him right. He can't get a break.
RickMack @ 94:
I really wish people would understand the problems we will have if they are wrong. I have already lost my job and can't find one close to my old pay. This is after shutting down a business last year. Nobodys spending money.
It's like the enviromental debate. If it's not happening and we act anyway, we're out some cash but the economy/enviroment will be stronger afterwards. We will get some return for our money. On the other hand, if it's as bad as they say and we don't act soon, then we may be finished for all practical purposes. Is it worth the risk? I say NO. Pass the damn bill.
yakfitguy @ 116:
That might have been cool back in the thirties, when 80% of the population lived in rural areas. Most also had a bit of land to grow other food on. But things will be a whole lot different in an era where the population figures are reversed, unless you are in the soilent green thing.
Leadership is something you can not say about McBush. He has flopped and flipped on about every issue. In most states he would be quilty of prostitution. He has not voted in the senate since April 2nd. It's about all you can say about a grumpy old man with cancer and an airhead for VICE president. GOD HELP AMERICA because a Bush/McCain depression is near.
According to today's "Morning Blow", Boehner was already calling the bill a "crap sandwich".
Why are people surprised these scumbags didn't vote for the bill???
Who cares who did what on why it didn't pass. Get down to earth and realize IT IS NOT RIGHT TO BAIL OUT WALL STREET. That is corporate welfare and we have been victims of this for too long. Who gets the tax breaks, loopholes, take their moneys off of American shores(to not pay legitimate taxes) and otherwise steal from the U.S. treasury? They leave the taxpayer holding the bill. Example is Haliburton, and their no bid contracts, and now they exited the U.S. for greener pastures, after they raped the taxpayer, profited from unlawful Iraqi war. The same can be said for each of the big OIL companies, they got their oil from a taxpayer sponsored war, plus got HUGH tax breaks from the CRAP that is in our government. And we are paying again with obscene gas prices.
NO BAIL OUT IT IS UNCONSTITUTIONAL.
HDon @ 112:
No, she just watched her latest interview and got cold feet.
go read the whole story at wapo -- mccain brought the whole thing down single-handedly. what happened at the meeting was almost beside the point given what he did BEFORE the meeting, as detailed in the article.
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR200809...
Alice X - (Click Here for Nader Debate What If) - status quObama - change you can pretend in - @ 2:
i've been wondering the same thing. if something smells like a big, steaming pile of $#!+, that's usually what it is.
so, i'd like to thank the republicans who helped block it. you've helped buy more time.
the cartel holding our economy is ruthless. and it works in their favor when dems and repubs squabble, because it keeps us from realizing our mutual enemy.
we are ALL being GAMED by greedy bastards who don't give a damn about america, the beautiful.
don't believe me? why did the fed just run off 630 billion, without congressional approval?
work across the aisle with patriotic republicans this week, and we'll all have a very merry christmas.
(don't get me wrong, i still think the GOP is going the way of "topsy the elephant" when the election comes, but that's their own fault).
samjam @ 122:
I'd agree with you 100% if Wall Street didn't have a chain around the rest of the taxpayer's legs as it sinks. They have thrown us a knife that won't cut the chain, but it will cut through our leg. Waddaya do now? Really think about it. For once, I'll admit to not knowing.
Much of what this Bill proposes is to prop up bad debt. This debt is owed because of bad risk, but the “insurance” for the risk was relied upon if needed because of default. That reliance was systemic throughout the finance industry. The entire industry can’t pay, which is not only going to bring down the “insurance” parts of the company, but the company itself. That includes the banking, the credit, the investment, AND the insurance. Now we get the trickle down that was promised by Ronnie RayGun!
So what? You’re not making $200 mil bonuses so how does this affect you?
It won’t right away. But…
When XYZ company gets a contract to deliver 10K Widgits but can’t immediately cover the cost of the Wedgit assembly - there is no short-term loans available, and the contract goes poof. Now XYZ can’t cover payroll for the next Quarter. Layoffs ensue and people go out of work. XYZ fails. These out of work people can’t pay their bills and the companies that rely on those workers’ income can’t cover their expenses. Poof! Retail chains pop like bubbles.
Add to this the trillion dollars being printed by the Fed, and the 3.50 gallon of milk now costs 5.25, which no one can afford anyway. And the spiral goes into freefall. Recession turns to depression. There is no jump-starting the economy because there is no capital – the banks already went bust.
…
I don’t like this $700B plan. I’m glad if failed because it solved nothing. But be careful about wanting to do nothing. When a CEO doesn’t get his 200 mil bonus, he can probably live with it. When you lose your job, your home, and can’t buy baby's milk – we’re all in trouble.
John McCain has a comprehensive economic plan that will create millions of good American jobs, ensure our nation's energy security, get the government's budget and spending practices in order, and bring relief to American consumers. Click to learn how the McCain Economic Plan will help bring reform, prosperity and peace to America.
http://www.johnmccain.com/Issues/jobsforamerica/
kilgore @ 128:
Piss off!
Let the corporate chips fall where they may. The gov't should spend the money on unemployment insurance and other FDR-like programs. There needs to be a major redistribution of wealth in this country.
kilgore @ 128:
Why would he need to have a job plan in a "fundementally sound economy"? The market will take care of itself.
Bryan @ 129:
they told me to say this....they told me to say this...they told me to say this...they told me to say this...they told me to say this...they told me to say this...they told me to say this...th
McCain is in real trouble now. He needs a game changer again to show how "mavericky" he is. He needs something to really rock the boat, and keep people off balance. I'm thinking "Sex change".
Somebody give Tweety a cupie doll! He finally got it right with his analysis of John McCain ordering the Republicans to CHARGE.
John Tighe @ 133:
I'm thinking he'll finally admit the truth before the enquirer releases it:
"Barak, I am your father"
kilgore @ 128:
SPAM SPAM SPAM SPAM SPAM. Sandwich time.
MsJoanne @ 50:
funny, for some reason i thought it started around 1913 w/ woody wilson getting his @$$ blackmailed. but what do i know?
McCain is a fart in the wind , the guy is not stable . Leadership ? The guy should have stayed just a senator and out of the spot light , now he has been exposed as a dim wit fraud , a guy riding on his daddy's achievements and his POW hero bullshit pony for the last couple of decades . What a combo , Sarah the Moose Hunter and John MCcain ! Sheeese ! God save us !
McCain's handling of this "episode" during his campaign will, no doubt, go down in American history books as "How Not To Run A National Campaign." I would liked to have been a fly on the wall of his office today when the call came in that HIS REPUBLICANS had defeated the vote. Bet he went BALLISTIC!
"Mission Accom... awww"
How ironic... recalling that McCain also claimed victory in Friday's debate, more than 12 hours before it started.
plooger @ 141:
Proof positive that his psychic skills are no better than his cognitive ones.
i would feel very comfortable blaming mccain for the bill's failure if it wasn't for the fact that 90+ democrats voted "Nay." we could have passed the bill w/o the republicans, but the democrats are too scared to take credit for passing the bailout. you can't blame mccain, because the dems are just as culpable as the gop. if you wanted to be cynical, you could even suggest that the dems voted no SO THAT mccain would get the blame & it would look bad for him. i would hate to think that's what happened, but at the very least, i don't think mccain can get that much blame because the democrats were just as much at fault for not voting for the bailout.
NO BAILOUT!
TRUST and VERIFY = CONFIDENCE
WE NEED A WIN/WIN situation.
This GOVERNMENT FAILED their people in BOTH (TRUST and VERIFY). WHEN in doubt bring EVERYTHING back to even kil. EVEN out the distribution and plug the holes. Root out the bad apples so we can start again.......PERIOD.
This should be on every news report: ALL Republican voters from Arizona and Alaska voted NO! How's that for McCain/Palin leading their party?
Is this a new Tweety emerging? He certainly has been a happy camper of late.
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