David Gergen Calls House Republicans "Shockingly Irresponsible"
By SilentPatriot Monday Sep 29, 2008 4:00pm
David Gergen excoriates the GOP's "huge failure of leadership" for failing to get more than 1/3 of their caucus to vote for the bailout bill and calls them "poor babies" for using the Nancy-Pelosi-hurt-my-feelings excuse.
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It's really the house of Republicans whom I think bear it especially tonight. Two-thirds voted against it. You did have - to be fair to the Republicans, it was a Republican president, a republican Treasury Secretary who supported this, who pushed it, but it was House conservative Republican members who derailed it.
Now, they have strong reasons why they voted against it. But let there be no doubt that if we pay a huge price as we paid today, if we basically continue to pay a huge price in the next couple of days, lost a 1$.2 trillion as you said in equity value a day and it may get worse tomorrow and in the days following. Let there be no doubt it was the house Republicans who derailed this. They were against it from the beginning. They made that clear.
This business about Nancy Pelosi making a speech. Yes, she shouldn't have said that and yes that was inappropriate. But the fact that they changed their minds because of that, oh poor babies, she has a few words and the House Speaker, you know, made them run back to their partisan corners. You know, forget that nonsense.
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Like someone said earlier, call the wambulance.
They were supposed to betray their constituents?
That money belongs to the people, NOT THE NEW WORLD ORDER!
Shockingly irresponsible that they didn't admit that deregulation is at the heart of the problem.
It is shockingly irresponsible that the Corporate Media continues to pump this Mother of all Swindles for Fat Cats.
Oh wait, they are the Fat Cats.
Never mind.
First?
I don't know who transcribed that quote, or how fast they were going, but it's a bit hard to read.
Preznit Bust told his Republicans to vote for it. Rush Limbaugh told them to vote against it. Two-thirds of the republican reps voted the way Rush told them to, so I guess that tells you that Rush runs the Republican Party (or, rather, that whoever runs Rush runs the Republican Party). What better incentive to vote Democrat and put all these tools on the street (and I don't mean Wall Street, or even K Street)?
What's gotten into David Gergen?
It seems all the Righties are turning on their masters.
I heard him say "Yes, a few words from the House Speaker made them run and go back into their PARTISAN corners?"
the pundit whines in the forest, who hears? Does anyone put it past the bank or banks in question to suddenly come running to the agent for Gergen or any other pundit, offer them a lot of money to say good things about the bailout in hopes that St. Nicholas soon will be there?
why is anyone in a hurry? The market went back up 485 today and the last thing we need is shills like gergen interjecting their own personal paranoia that could just as likely be driven by greed.
How many of these birdcage beaks have been paid off? Anyone notice sudden changes of position?
I am shocked to be with the republicans on this. SHOCKED!
Way to go David Gergen! You hit the nail right on the head! Glad you didn't fall for McCain's attempt to blame his failure on Obama and Pelosi.
I guess McCain should have made another dozen calls--poor guy. Worked his fingers to the bone making all those "dozens of calls" so he could take the credit for the bail out passing. The only problem is that he claimed the credit before it was over. Opps. Another McCain mistake.
Is that a strategic error or a tactical error???? I guess he'll have to call his savior, General Patreus, and ask.
{Please Do Not post in all Caps or in all Bold lettering. It's yelling. Thank You. SiteMonitor}
No one should be ashamed for voting against this scary ass bill!
So, they have no trust, no accountability, no credibility, injected 630 billion into the market, the market rebounds 485 points and they are still trying to get 700 billion more.
Talk about lipstick on a pig.
Good luck selling that pig to the voters.
Hornet @ 4:
Fourth, apparently!
The entire post is hard to read, actually. With all due respect to SilentPatriot, he needs to better edit his posts (or get himself an editor) before submitting them, I think. Hell, I'll do it!
Alice X - (Click Here for Nader Debate What If) - status quObama - change you can pretend in - @ 3:
I appreciate that few of us are economic experts (I am not one myself), but I'm nonetheless surprised by all of the people who happen to be glad that the bill failed. When it did, the US markets collapsed even further, sinking into oblivion. And now the rest of the world seems poised to follow suit.
No one likes the bill. But many intelligent experts seem to think that it's far better than nothing, and it would seem that the actions of worried investors would substantiate that hypothesis.
We can go about flogging the crappy engineers once the ship is safely back in port.
Tom Delay was just on Hardball. When he got through saying all his tripe, Chris ended the segment by saying that Delay is no longer on the hill but he is still working behind the scene or something of that nature.
Who the hell cares what Delay thinks about anything these days.
I have always found Gergen to be rather sensible. He isn't exactly a dependable hack for either side.
According to a post at Kos, Newt was telling the republicans to vote against the bill until just before it failed when he came out with a statement supporting it. Is this a case of playing both ends for the middle?
Their leadership failed when we needed it to. The 'bailout' should not have happened.
"Here Foxes. Guard the rest of our chickens, wouldja?"
the Republicans are doing 'merica a favor because the bail-out is a lie - a huge band-aid that will burst and shortly need replacing withyet another band-aid - say no to bailing out millionaires - take it another step - what if no one pays their mortgage - the people screw the bankers
The poor whiney ass titty baby Republican clowns just withered under the harsh words from the lady speaker of the house.
Poor, poor babies.
At least we know what McSame's leadership is worth: fuck all.
Well, David Gergen is like ACDC - this time he's more on the side of Democrats.
He usually runs to whichever side seems to have the momentum and goes with the flow, Dem or Rep.
I certainly hope the Democrats are hard at work coming up with their own bill to alleviate this credit problem in the short-term without handing over the keys to the Universe to Paulson and Cheney.
Why is this blog supporting the bailout of these Wall Street crooks? If there is 700 million to spend, why not give it directly to the homeowners who were swindled into taking high-risk credit arrangements which they really did not understand? The Democrats should be opposing this bill. It is likely to do much more harm than good since it will greatly inflate the dollar, with the very possible consequence of dollar dumping by the foreign banks from which our government have borrowed so much. What kind of Bizarro world is it in which the congressional Republicans actually do something right (if only effectively rather than on principle)? Just because Nancy "impeachment is off the table" Pelosi is pushing this thing doesn't mean that we need to tag along with her.
Right! And when was the last time Nancy Pelosi MADE Republicans change their minds?
When was the last time any Democratic speech made Bush's Republicans change their (collective) minds?
777 - 485 = All's well?
Rufus Xavier Sarsaparilla @ 20:
HEAR HEAR.
.
Fed Pumps Further $630 Billion Into Financial System
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9MTZEgukPLY&refer=home
WHEN WILL CONGRESS STOP LYING TO THE PEOPLE????
WHO DOES CONGRESS SEEK TO "BAIL OUT" WITH AN ADDITIONAL $700,000,000,000.00?
If anyone doesn't know what political theater looks like, then they're not paying attention to the 110th CONgress!
.
miss_kitty @ 23:
DITTO!!!!
Where's the outrage on the sellout Dems?
.
I agree with the comments about the editing... yes, spelling nazi or whatever, but the fact is a lot of us on the left laugh it up when the right holds signs that say "get a job, morans" but many of us are just as bad. Plus, using correct spelling and grammar just makes things easier to read!
Apostrophes are not necessary to form a plural... their/they're/there are 3 different words...
Bailout = Robbery.
How about a little proofreading, SP? You're averaging almost one typo per sentence.
It is fascinating; the Dems are doing the wrong thing by subsuming to the biding of a president belonging to the opposite party with a 20-something approval rate. And the GOPers end up doing the right thing, but for the wrong reasons.
Sort of illustrates why we are fucked... don't it?
Meat @ 13
Yeah, Fourth! I took too much time editing my post! :-)
Bailout is a typical Bush scare tactic and this blog fell for it....
Dow has 3rd highest point gain in history..
Tim @ 31:
Didn't the Fed just injected like $600 billion?
j @ 26:
Thank you. I'll be more carefull with my speeling and to talk good grammar from know on.
Yellow Elephant Safari @ 33:
Hurray for the GOPukes and 1/3 of the dems who didn't cave on this one.
Pelosi's speech is good whether you support the bailout or not. It is a damn accurate assessment of how we got in this mess. Republicans have augured this country into the ground.
Whether you support the bailout or not - can you honestly trust the Republican party to support the average American citizen? They never have before.
so a dead cat bounce can count as a point gain? sure, as long as you ignore the previous day.
Alice X - (Click Here for Nader Debate What If) - status quObama - change you can pretend in - @ 3:
Alice Abides!
dank @ 35:
Right on!
Rufus Xavier Sarsaparilla @ 20:
OOPS! Sorry, I meant 700 BILLION, with a B!!!!!
Gergen's Dog won't hunt...
Bush, Bernanke and Paulson are Hyping the Crisis...
Video: Rep. Marcy Kaptur Today on Wall Street Bailout
Dow went up 485+ points...
If things were really dire, the Market would continually reflect it.
Bush & Cheney are on their Shock Doctrine kick again..
Looks like Gergen is pissed that his slaves...I mean Congress critters aren't listening to their masters.
King of Kings @ 2:
I'm glad they didn't pass it, but if they were going to vote for it but didn't because of Pelosi they are too juvenile to be elected officials. Simple as that.
Follow the leader.
Jill, please follow your leader.
Follow your leader over the fucking cliff.
Trust your dreams.
Your dreams tell you about reality.
Glen @ 36:
That speech, while accurate was a sample of the unbelievable incompetence that has characterized her entire tenure:
-It was way too late to the dance. (Where was she last year when card companies were tightening credit...A sure sign of trouble.)
-Bad timing. (Duh.)
-Handed the opposition a perfect excuse for the "failure". (Actually the failure was a victory but that's another story.)
I applaud people of both parties who voted against this bailout. I hope they keep voting no.
Global Evildoer Fighter @ 41:
Sometimes I think these people are like the little boy who cried wolf one too many times...
Yes, it is a serious situation but----
We are run by incompetents who use crisis after crisis to shove down our throats their inept and ill-conceived strategies.....
Good. I'm glad they derailed it. There should be no bailout, whatsoever. If you haven't educated yourself on the issues here, you might think this is to 'save the economy' which is nonsense.
Kudos to all those Repubs and Dems who voted AGAINST it. Fuck C&L
Didn't 95 Democrats vote against it as well? They aren't responsible for derailing it too? If we do pay a huge price those Dems don't bear responsibility along with the Republicans?
I'm against the bailout myself, so I think those Dems and Repubs who voted against it were right. After the Wall Street bankers empty their portfolios to chip in to the bailout then I'll consider using money from taxpayers who are getting screwed again.
Gergen is delusional if he thinks the Dems don't bear some responsibility for this vote.
The Republic party proved once again that they are ONLY init for themselves and could give two $hits about the country they live in. They only care about saving face. De-regulation caused this, along with Bush's incompetance and failure to lead. They know it, the American people know it, and the world knows it. their stunt just showed how cowardly they really are. Bye bye GOP, say hi to the Whigs for me.
Why give a fuck about Gergen?
he's an apostle of the status quo.
He's for the bankers, all the way.
Just like McC(umst)ain and Obailout--ooops, sorry, he's calling it a 'rescue' now, too.
Go figger.
vrk @ 43:
That's right....if they are just simply too chicken-sh*t (pardon me) to state the truth and just blame their decision solely on something that Pelosi had said and had apparently hurt their feelings that is just 24k crap....
"Why is this blog supporting the bailout of these Wall Street crooks? If there is 700 million to spend, why not give it directly to the homeowners who were swindled into taking high-risk credit arrangements which they really did not understand? The Democrats should be opposing this bill. It is likely to do much more harm than good since it will greatly inflate the dollar, with the very possible consequence of dollar dumping by the foreign banks from which our government have borrowed so much. What kind of Bizarro world is it in which the congressional Republicans actually do something right (if only effectively rather than on principle)? Just because Nancy “impeachment is off the table” Pelosi is pushing this thing doesn’t mean that we need to tag along with her."
Quoted for truth!
Two thirds of Republicons voted against it and one third of the Dems voted against it and the answer why is easy... that vast majority of their constituents hate the idea of bailing out Wall Street and the MOFO's who caused this crisis.
We hear constantly that "we have to do something to save the finanancial system or it will cost you your 401K's, savings account, and your job" which is just an attempt to get us to bail out the fat cats on Wall Street.
There are other options because America has been at this very same cross roads before... in the 1930's.
Herbert Hoover said bail out Wall Street and FDR said bail out Main Street and FDR won. His plan created the HOLC, the Home Owners Loan Corporation and he asked for all of the homes and farms in foreclosure and bought them.
This cleared the balance sheets of the banks, kept home owners in their homes, recapitalized the markets and the economy recovered. It was an independent organization and not subject to partisan control and when it closed its doors in 1951 it had returned the cash to the tax payers and actually had made a little profit.
You've heard a lot about the hundreds of economists who have protested against the Paulson plan and written to congress. Republicons even waved the letter in front of the camera in the House before the vote.
It might interest you to know that one of the most prominent economist on that list was Nouriel Roubini who had been called to testify before the Senate Finance committee because he has been right about our current crisis consistently while Paulson and Bernanke have been consistently wrong.
And what does Professor Roubini and the rest of the economists who discuss this on their website recommend? Exactly what FDR did!
http://www.rgemonitor.com/roubini-monitor/253739/home_home_owners_mortga...
The new and improved Paulson Plan is a joke and it is not the only option. As those economist said it probably wouldn't work and we the tax payers would have been on the hook for decades.
It isn't the only option and why not go with a plan that has a proven track record in these situations?
With much fanfare, but little in the waqy of actual details, something to "rescue" wallstreet will "pass" on thursday or friday.
Bet on it...
they ain't gonna spend their re-election recess doing the people's bidness.
No fuukin way...
Tag @ 50:
Sooo we're left with the democrats? How are they going to function without the republicans scaring the shit out of them all the time? Its how things get down. Republicans unlock the boogie man and democrats run around with their heads cut off. It's the way of the land.
Eric Cantor looks like my loan broker with the alligator smile.
Rufus Xavier Sarsaparilla @ 20:
All reasonable questions. However:
All we really need to know to understand the 'meltdown':
If your country is operating with a 'fiat' currency (i.e. backed by nothing) then you are living in a 'debt' economy.
A debt economy is wholly run by private international bankers, acting as the receivers for a bankrupt nation.
The bankers ensure that this state of bankruptcy remains permanent.
As the nation has no substantive wealth (e.g. gold reserves) the government is forced to put its own people up as the collateral.
The people, through instruments such as birth certificates, social security numbers etc enter into a system of voluntary servitude, as prescribed in the 13th and 14th Amendments.
The wealth of the country is then converted into the tools (and human resources) the bankers need to force this system onto the remaining countries of the World.
When a given country has served its purpose, its economy may be crashed in order to force an economic merger with its neighbors. This not only makes things much tidier for the bankers, it moves them closer to World government - the final merger of all trading blocks into one global system - an unopposed oligarchy of masters over serfs - global feudalism.
Any questions?
Meat @ 14:
And the irretrievably disconsolate market is what, wait, it is back up by 485.21.
The market is driven by fear and greed, it can turn on a dime.
The Democratic Congress needs to address the concerns of the people. Do something about the 10,000 mortgages a month going into default and the bubble up process will benefit the bankers.
As it stands, the Bankers only need to say lets not lend any money (oh by the way there is plenty of money to lend, I just took 10k unsecured into a checking account, no problem) and they just say it and the screws are in.
Speaking from the standpoint of the Bankers: King Hank I, Henry the former Chief of Goldman Sachs and until recently Secretary of the Treasury but now King of Washington, that Henry will get the Congress to give us boatloads of money for these worthless securities.
We knew they were worthless and we knew that the Congress would bail us out, because WE bought the best Congress that money can buy!
Here, read Glenn Greenwald.
Our Government is corrupt. It is only that we are near the election that they are paying attention.
I will continue to scream bloody murder over this outrageous Mother of all Swindles.
DUMBya called for this, the Boner called for this , McBush called for this, McConnell called for this. But the GOP rank and file did not produce. where is the Republic leadership??
A FALURE TO LEAD, LEADS TO FAILURE
Pointing fingers in the balme game is not the kind of leadership we require at the moment.
There never was any question that Obama had the leadership qualities to lead the nation in either good times or bad and yes, something has to be done with regard to the economy. However, using the American tax payer as the lender of last resort has to end and this is why so many of us are outraged over the Bush/Paulson plan and I was being kind to Bush in even mentioning his name as I wonder at times if he even ties his own shoe laces.
Ever since the Federal Reserve was created banks under its control would lend out nine dollars for every one taken in and eventually the ponzi scam you create falls apart because somewhere along the way a borrower gets sick, or dies, or loses his job and funds that were borrowed can't be paid back. Multiply this process millions of times over decades, add in the cost of a few wars that aren't budgeted for and you have the recepie for a financial disaster.
So where do we go from here? We need look no further than the framework that the founders of our country created. We can start by resurecting a NEW banking system under the US Constitution that at first would run in paralell to the OLD Federal Reserve system and begin printing new US Treasury notes that are backed by both the gold and silver the country owns. That is what puts the good faith and credit of our country back behind the dollar. We would only require perhaps 100 billion not 700 billion to cover money market accounts and banks so that the credit markets can be unfrozen. Exisitng banks would become New Treasury banks and in time, the monster known as the Federal Reserve like the vampire it is will shrivel and die when the light of day and real money have been accepted by the people and the world.
That is how you instill confidence in both the banks and government. Not by running around like a chicken without its head stating that the sky is falling and if you Joe and Jane six pack don't cough up 700 billion your all going to hell in a hand basket.
Secondly, put in place individuals who have NO vested interest in the outcome other than serving we the American people.Paulson was brought up in an atmosphere in which profit at all expense was the name of the game at Goldman Sachs. We need people who will do what is right for the country and not what is good for private sector banking and brokerages on Wall Street.
All of the above can be accomplished in a short period of time an it will require we the tax payers and owners of OUR government to help. But first, Congress must increase the value of our gold which they have kept intentionally low at the fire sale price of $42.50 an ounce when the rest of the world says it is worth $900.
Third. We must end the influence of big money interests on K street from buying favors and votes from those we elect to do the peoples business. Any less than this, and nothing will ever change.
This can be done with the proper leadership and those who have been responsible for this mess from Wall Street to government must be held to account in a court of law. if we are truly a country of law that the rest of the world looked up to, then where we find ourselves today is a sad commentary on where we have come from as long as we allow mans greed and avarice to destroy what our forefathers died for in giving us. The time to act is now, with force and resolve to move forward. It will take everyones effort. But in the end, we can build a greater country built on the principals of the founders. We can create new industry around alternative green energies and least of all we can bring back to the manufacturing sector good paying jobs and technologies that will provide a launching pad for all who wish to work and support their families. Education of the masses is key to this objective and just as we as individuals have to live within our means, so must government. To do otherwise will leave us to be nothing more than a thrid rate country. The time to act is now, and I sincerely hope that Obama and others are the answer to an even greater furture for our country.
One thing that stunned me this morning, while watching the local Fox affiliate in HD.
They mentioned that Congress was on holiday today, THE DAY AFTER they scuppered the bail out.
and its not an American public holiday, it a Jewish / Israeli public holiday Rosh Hashanah
WTF is the American Congress doing celebrating some obscure foreign religious holiday, esp the day after, and on the day when they should all be in Congress sorting out the SNAFU of their making.
Religious Affiliation of the members of the 109th Congress, 110th cant be too much different.
Congress already follows pretty much a shortened version fo the school calander, with six trimesters, with six generous breaks per year,
so they need additional extra holidays that the general public and prob even the federal employees dont enjoy.
Congress and most of its members are a F***ing joke, they dont care one iota about the economy or the people.
frank verismo @ 58:
So when McCain says that the economy is fundamentally sound, it is because of the hard working Americans that have been sold out in slavery to pay off our bad debt.
Oh Timmy: Sooo we’re left with the democrats? How are they going to function without the republicans scaring the shit out of them all the time? Its how things get down. Republicans unlock the boogie man and democrats run around with their heads cut off. It’s the way of the land.
The GOP is scared of little old nancy and her mean words, they are scared of gays, they are afraid of gardeners and maids, they are under their desk every time they see a turbin. We have had 8 years of your parties FAILED leadership and PROVEN FAILED policies.
GOP economic policy= DISASTER
GOP foreign policy= DISASTER
GOP social policies= DISASTER
time to step aside , put your diapers back on, and let the ADULTS take over.
Bye bye Timmy.
Congressional Federal Holidays
House Schedule
I think its time we called our Representatives and Senators what they really are, SLACKERS !
I love the fact that they showed a picture of Roy Blunt, the Small Man's Small Man, as being one of the culprits in all this. He is just about the smarmiest db in Congress, since the departure of Tom DeLay, of course. Hateful little worm. And, apparently, he can't count, either.
Everyone that voted against the the Bailout did the right thing, no matter what reasons they did it for, they did the right thing. Let the market fall, let the free market economy take it's course, if this is the end of the empire then so be it, you can't keep using toothpicks to prop it up. The economy will either learn to stand on it's own feet, or it wont, but printing up more IOU's will never fix it, because you are not fixing anything, you just keep buying time and as in anything, the longer you wait the worse it will be. That change everyone is chanting for is happening right now, let it take it's course and you will see how resilient this country is, or isn't.
So Kudos to everyone that voted against the Bailout!
ferrofluid (Obama + Biden = 2008) @ 62:
By the same token why should they suspend business for "Christmas?" Just because the sect of the blood/death cult celebrating the feast is the more numerous?
This is a secular state. It should not 'celebrate' any sectarian holidays. NONE. Not "Christmas," not "Rosh Hashana," not "Eid," not the Dalai Lama's birthday, not Ganesh's recapitulation. All of it is inapproprate for a secular state and a secular society.
Meat @ 14:
Nevermind the rebound today and the lack of confidence that a bailout would provide positive results! I, for one, can't wait to sell out my unborn gradchildren so banking tycoons can mover their debt bubble scam to some unsuspecting thrid-world country so they can start over!
After all, the rich are the bastions of the American Way, and if we don't protect their lifestyles, well... that's like saying you don't believe in the American Way, right? And then the terrorists win yadda yadda yadda.
We've heard it before, man. Sell it somewhere else.
I'm fucking pissed off at CNN. They are completely trying to spin this Bail out as necessary. Obviously CNN is controlled by interests who want the money form the bailout.
woody, tokin librul @ 68:
agreed, time to separate state and religion once and for ever.
Washington can create any plan it wants to, but all will be flawed if you don't back the dollar with something of value. Everything else is just smoke and mirrors and we can see where that has gotten us. if your unit of value is backed by nothing but hot air, your going nowhere.
i can't believe i'm about to say this, but i've been agreeing w/gergen for a while now...
No one likes the bill. But many intelligent experts seem to think that it’s far better than nothing, and it would seem that the actions of worried investors would substantiate that hypothesis.
The problem is, they're all--the experts, the paid intellectuals, the savants, every last one of 'em--servants of the status quo. There IS a bias toward the status quo, though folks seldom recognize it as such. It's the no-choice choice.
I don't trust ANY of these slimy bastards to protect MY interests. They are all sold-out, captives of money, special interests and a taste for power.
Mark @ 70:
Five big holding MIC type companies own 90% of the US media, and prob have stock int he banks themselves,
would be good to see a subtexted disclaimer stating which bank or financial company a particular TV network is related to.
Would put some of their BS advice and punditry into a new light.