Video: It’s My (Democratic) Party, and we’ll invite who we want to
posted at 11:25 am on September 27, 2008 by Ed Morrissey
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How do you define bipartisanship? Well, apparently for the Democrats on Capitol Hill, it’s defined as having both House and Senate Democratic Caucuses in the room at the same time. The Democrats in Congress held “bipartisan” hearings to address the financial crisis and bailout package, but forgot to invite a few people to attend:
This should not be read any other way than just a miscommunication on schedules and times. — Chris Dodd
We can’t do it alone — We need the House Republicans to join us. — Harry Reid
Gee, Harry, if the House Republicans are so critical to the plan, why didn’t anyone think to invite them to the meeting? Taxpayers around the country have to be concerned with leadership so incompetent that they forget to invite the other party to a bipartisan meeting. If Chris Dodd and Harry Reid can’t handle the invitations, how can they handle a complex financial crisis?
Interestingly, the Washington Post reports today on why John McCain’s return to DC got House Republicans into the game at all. While Reid bleats now about how important the House Republican caucus is to success, he and Nancy Pelosi had all but cut them out of the loop before McCain’s return:
Democrats, eager to reach a deal before McCain could claim credit, hunkered down and made real progress ahead of his arrival. Conservative Republicans in the House reacted as well, according to aides who were part of the talks.
The Republican Study Committee, an enclave of House conservatives, had already begun turning against the Paulson plan. When McCain announced his return, the conservatives feared he would forge an agreement largely along Paulson’s lines, with slight alterations and the GOP leadership’s blessing. …
When Sen. John McCain made his way to the Capitol office of House Minority Leader John A. Boehner (R-Ohio) just past noon on Thursday, he intended to “just touch gloves” with House Republican leaders, according to one congressional aide, and get ready for the afternoon bailout summit at the White House.
Instead, Rep. Paul D. Ryan (Wis.), the ranking Republican on the House Budget Committee, was waiting to give him an earful. The $700 billion Wall Street rescue, as laid out by Treasury Secretary Henry M. Paulson Jr., was never going to fly with House Republicans, Ryan said. The plan had to be fundamentally reworked, relying instead on a new program of mortgage insurance paid not by the taxpayers but by the banking industry.
McCain listened, then, with Sen. Lindsey O. Graham (S.C.), he burst into the Senate Republican policy luncheon. Over a Tex-Mex buffet, Sens. Robert F. Bennett (Utah) and Judd Gregg (N.H.) had been explaining the contours of a deal just reached. House Republicans were not buying it. Then McCain spoke.
“I appreciate what you’ve done here, but I’m not going to sign on to a deal just to sign the deal,” McCain told the gathering, according to Graham and confirmed by multiple Senate GOP aides. “Just like Iraq, I’m not afraid to go it alone if I need to.”
Before McCain arrived, Reid and Pelosi had tried to sideline House Republicans, cutting them out of the discussions. The reasons for that are twofold, and quite plain. House Republicans are as a group more conservative than their Senate counterparts and had major reservations about signing onto a $700 billion bailout plan, regardless of the situation at hand. The second reason is that Pelosi didn’t need them, at least not at the time; she could force a vote in the House and carry the bill easily without them, and apparently had decided to do just that if Senate Republicans went along with it.
McCain’s arrival changed the calculus. The Democrats no longer had the ear of Senate Republicans, who waited to see what their new party leader would say. When he sided with Boehner, at least in terms of bringing him to the table and getting House Republican concerns addressed for real consensus, he forced Reid, Pelosi, and Paulson to talk to Boehner.
That’s why the snub of Bohner and the House GOP came as no accident. They still don’t need Boehner to win a vote in the House. Unfortunately, since McCain shone a light on Pelosi’s power play, they now need Boehner for political cover. That means they have to work towards a true consensus, not a Pelosi-Reid-Paulson plan that they can blame solely on George Bush in the final weeks before the election.
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The first question from me is:
Did ANYONE CARE what Senator Barack (I’m not ready to lead) Obama thought about this?
NO, nobody cared what he thought.
originalpechanga on September 27, 2008 at 11:29 AM
Harry Reid’s concern was NOT to get a bailout bill done, it was to ENSURE that McCAIN got NO credit for anything.
POLITICS over COUNTRY
Harry and Nancy PLUS Obama = DISASTER
originalpechanga on September 27, 2008 at 11:32 AM
Do you get the feeling that Senator McCain knows where a lot of bodies are buried?
Tom
marinetbryant on September 27, 2008 at 11:32 AM
It surprised but actually pleased me when McCain told Lehrer he “hoped” he could vote for rescue legislation. Unlike Obama, McCain isn’t stubborn for the sake of stubbornness and inflexible pride. Love him or hate him — and conservatives do both — McCain would die for his convictions.
Terrie on September 27, 2008 at 11:33 AM
Of course, Obama had no comment- He had to wait and see what Axelrod and George Soros told him to say.
anniekc on September 27, 2008 at 11:34 AM
I can’t think of a politician on the national stage I despise more than Harry Reid.
Purple Fury on September 27, 2008 at 11:37 AM
paulson says the house republicans bill won’t work because it isn’t a bailout for his freinds on wall street and enough cover for his democrat freinds whose corruption set the stage for the whole mess. all this happened on paulson’s watch, he’s been going behind the republicans backs the whole time and all he wants is to be able to write checks for all his freinds. The republican bill will kick start the economy without penalizing the taxpayers. The house republicans, and mccain, need to start calling for paulson’s resignation. His credibility was compromised long ago and he is an advocate for the democrat party and for the culprits in the financial markets, not the American people.
peacenprosperity on September 27, 2008 at 11:37 AM
To Repeat:
The most important thing McCain and the Republicans can do right now is get out their and set the record straight on the financial crisis and hang it around the neck of liberal congressional policies. They need to make Frank, Dodd, et al the face of the crisis. They need to call for congressional and criminal investigations. They need to scream at the top of their lungs non-stop. Nothing else matters.
TheBigOldDog on September 27, 2008 at 11:38 AM
I agree. Obama’s name has been conspicuously absent from reports of the negotiations.
McCain flew back to DC last night, Obama went to MEMPHIS to stay at a Holiday Inn Express (he needs all the help he can get).
HawaiiLwyr on September 27, 2008 at 11:39 AM
But will they?
I haven’t really heard anything so far.
BallisticBob on September 27, 2008 at 11:42 AM
This may be of major benefit to McCain in the next debate, especially if Obama’s partisan attacks leading to the blowup in the WH summit meeting can be publicized. Draws a very sharp contrast in productivity.
a capella on September 27, 2008 at 11:43 AM
Folks, what are we going to do if this entire thing blows up and Obama, Reid, and Nancy are in charge of our country?
What can we do? Just hunker down and pray for daylight and 2012?
Oink on September 27, 2008 at 11:44 AM
I think we are seeing why the Dems wanted to get McCain out of Washington…
d1carter on September 27, 2008 at 11:44 AM
happy and fulfill his wildest fantasies by making him shower with convicts for the rest of his life.
peacenprosperity on September 27, 2008 at 11:44 AM
Needs to wait till the deal is completed.
a capella on September 27, 2008 at 11:45 AM
Paulson has whacked the shareholders in the “bailouts” of Bear, AIG and Freddie. He let Lehman and WaMu die, and saw their equity and bond holders crushed before other companies picked up the pieces.
If your thesis is that Paulson is only trying to help out his rich friends, much of Wall Street must not qualify for his friendship.
dedalus on September 27, 2008 at 11:46 AM
Miscommunication about the only issue that faces these incompetent boobs…
d1carter on September 27, 2008 at 11:46 AM
But the bad news is that only those of us in the “Hot Air” bubble will ever know the extent of the Dem’s tactics- this information is no where else to be found.
anniekc on September 27, 2008 at 11:47 AM
Liquidate your assets, get rid of as much debt as possible, keep all your cash on hand and buy some gold (quarter ounce coins to barter with if necessary). Buy guns and ammo before they are outlawed. Dig a well in your yard and keep a manual pump available. Self sufficiency will be crucial at the beginning of the coming Dark Age
peacenprosperity on September 27, 2008 at 11:49 AM
2012 won’t save us. By then, the donks will have the unions able to intimidate members via lack of confidentiality and will have the Fairness Doctrine firmly in place. It is either 2008 or a very long period of Democrat entrenchment.
a capella on September 27, 2008 at 11:50 AM
I heard somewhere that Pelosi would never even consider cutting the capital gains tax as the Republican plan calls for. And they call Bush stubborn.
ctmom on September 27, 2008 at 11:50 AM
Stock up on weapon and ammo.
ManlyRash on September 27, 2008 at 11:52 AM
Some things cannot be saved. treasury department officials have been feeding the democrats info behind the republicans backs and paulson has not even tried to negotiate with the republicans. Bush’s biggest weakest and failing is that he has absolutely no judgement of people. His entire time in office has been sabotaged by people like paulson, who ran goldman sachs and is every bit as guilty as anyone else, he’s the fox put in charge of the hen house.
peacenprosperity on September 27, 2008 at 11:53 AM
I also want to know more about Chris Cox allowing Bear Stearns to get by using inernal auditors. This would be a big talking point for McCain, if true, and explains his call for resignation or firing from the SEC.
a capella on September 27, 2008 at 11:53 AM
People have to get ready to accept that McCain is also willing to lose an election rather than saddle taxpayers with a $700 billion boondoggle. He is going to lead on this and let the chips fall. He’s been right so far on big gambles like this, but there’s no guarantee this is the right course for him politically.
And the notion that there was even a deal that Senate Republicans would agree to is 100% crap. That “deal” included the ACORN slush fund and also a requirement for union representation on the board of any company that gets the bailout money. It was a liberal Christmas tree (even the impartial folks at CNBC said so) and Mitch McConnell would never have agreed to it. I think McConnell played a little poker here, letting the liberals go out on a limb and then sawing it off behind them.
This was a one-afternoon PR setback for Republicans which is already over. As the truth comes out and the bill ends up being shaped more to Republicans’ liking, the Republicans are going to look better and better for slowing down this train. And Reid and Pelosi have already declared McCain the Republicans’ leader, so he is going to get the credit for getting all the liberal boondoggle crap out of this bill and saving taxpayers billions. He is back in Washington today to cement this.
It was a very high stakes gamble but I think it has worked for McCain so far.
rockmom on September 27, 2008 at 11:55 AM
Hmmm… what told me all I needed to know about Paulson was when he knelt at the feet of Pelosi.
He may have meant it as a joke, but some things should not be joked about….
Can I now say it? Palamino?
Romeo13 on September 27, 2008 at 11:55 AM
I think that is speaks (screams, screeches, bellows) volumes that Pelosi will not bring this oh, so imperetive rescue bill to a vote right now. If the situation is as dire as the House Democrats say it is they would have voted on it Friday. Perhaps the markets were in a holding pattern waiting for a vote before going into full panic mode but the Dow was up on Friday, in spite of WaMu failing. Maybe we are just hours away from a Black Monday but I’m not so sure now.
I also get a kick out of the Democrats playing footsie with the President that they have so much distain for. Who would have thought that we would see a day where Pelosi, Reid and Bush would be on one side of an argument and House Republicans, holding fast to conservative principles and citing concerns for free markets and constitutionality, and McCain would be on the other. I thought McCain was supposed to be the third term of George Bush.
Guess not, huh.
turfmann on September 27, 2008 at 11:55 AM
Yeah, no one even once looked to Obama for leadership on this. In fact, Reid said, McCain has to get this deal done on Tues. b/c “no one knows what to do.” Then McCain calls his bluff, comes to town, and Reid says, he’s injecting Presidential politics into this mess. What a Douchebag Harry Reid is! He is an astounding waste of atoms!
McCain is the leader here. He will hammer this home in the domestic policy debate, I have no doubt.
JAM on September 27, 2008 at 11:56 AM
inernal should be internal
a capella on September 27, 2008 at 11:56 AM
What can we do? Just hunker down and pray for daylight and 2012? – Oink on September 27, 2008 at 11:44 AM
You can join the clan; we are planning on building a wall around an oil rig out in the desert, and defending it with crossbows and flamethrowers.
Bishop on September 27, 2008 at 11:57 AM
MAVERICK! Go McCain and Go House Republicans!
jencab on September 27, 2008 at 11:57 AM
But Pelosi had stated that the Democrats would not go with a plan unless they had at least 100 Republicans in the House approving it as well.
I’m convinced that the Democrats knew their “plan” was untenable (i.e., it was not going to receive House GOP support) but they quickly put one together – again knowing that it would never pass – and then they could blame McCain specifially and the Republicans generally for the failure.
Smart move, if you think about it. Ruthless but smart.
SteveMG on September 27, 2008 at 11:59 AM
For some reason Paulson is forcing the Consolidation of the banking industry.
Instead of smaller banking institutions which could be allowed to fail, he’s using the FED to force consolidation… even selling 307 BILLION in WaMu assets to JP for 1.9 Billion? Less than a penny on the dollar?
He’s picking winners and loosers… instead of doing what the Fed Res Bank is supposed to do, which is be the LENDER OF LAST RESORT.
Romeo13 on September 27, 2008 at 11:59 AM
Goldman (along with Morgan Stanley) has avoided the substantial write downs and multi-billion dollar losses that Citi, Merrill and Lehman took. He’s less the fox than someone who built a better hen house.
Bush has made some bad appointment, but whatever Paulson’s faults he’s not out of his league like Brownie, Harriet Myers or Chertoff. Congress knows that Paulson and Bernanke have a deeper insight into the markets than they do.
dedalus on September 27, 2008 at 12:00 PM
rockmom on September 27, 2008 at 11:55 AM
Tacking on billions of pork projects to a scheme which is already making taxpayers choke was a really dumb idea. You would hope such exposure would lead people away from the DFL.
Bishop on September 27, 2008 at 12:00 PM
.
I think he has the shovel.
.
As for Zerobama? He went to the gym while McCain was exposing Reid/Pelosi.
Really.
shooter on September 27, 2008 at 12:00 PM
Move to Alaska. They have a pretty good Governor there.
rockmom on September 27, 2008 at 12:02 PM
Paulson doesn’t have control over the Federal Reserve–ultimately congress does. Paulson’s 700B request is an attempt to get the Treasury Department out of the ad hoc emergency work they’ve been doing.
dedalus on September 27, 2008 at 12:03 PM
Reid-Pelosi claiming that before McCain showed up, they had a ‘deal’ was an obvious ruse, later confirmed by House Republicans who had been kept out of the loop.
So they ‘had a deal’ just like ‘the debate is over’ on MGW, rhetorical trickery from the MoveOn left.
petefrt on September 27, 2008 at 12:03 PM
Check out the post on Michelle’s site if you haven’t already on the Obama rally in Virginia where they’ve banned signs because of the protest signs carried by the African-Americans Against Obama that were removed from a previous rally. The evidence of how a future Obama administration and Democratic Party will deal with opposition and dissent is right in front of there, but the media, thinking that it can control Obama, isn’t covering it–except for local papers and media. If Obama is elected, by 2010, those who elected him, along with the media that thought it could control him, will be regretting their decision, along with the rest of us.
The Democrats seek nothing less than a one party state. Those Republicans who are willing to “play ball” and accept permanent minority status will be rewarded with safe seats, earmarks, and the occasional bone in the form of favorable legislation tossed at them. Those who oppose–will no longer be sitting in their seats. As for the media, again, those who play ball will be rewarded with plums, while those who don’t…
In a democracy, the people get to choose its direction. The people in a democracy also get to choose whether to end it. Something for the undecideds here and elsewhere to think about on election day.
Matt Helm on September 27, 2008 at 12:05 PM
Which is a tremendous marker in his favor.
It will be very valuable in the next debate. I hope there is more leakage about Barry’s disasterous approach at the WH summit. Need to keep that puppy alive and well, showing his approach to problem solving..
a capella on September 27, 2008 at 12:05 PM
So that’s why they needed 5 billion worth of berkshire hathaway money?
peacenprosperity on September 27, 2008 at 12:06 PM
Uh, you do know that Congress cannot, by their own rules, force the FED to do anything? It was set up that way so Congress could NOT affect fiscal policy directly… they have oversite and can change the rules, but have not done so. The FED is controlled by the Board, NOT by Congress.
Paulson could open up the spigots of the FED if he so wished. He has not… why is anyones guess at this point, BUT, I think it boils down to China.
If the dollar falls, China looses a lot of the clout they gained by hanging onto the dollar… and have threatened us with dropping a TRILLION dollars on the market if WE make it fall. Opening the FED loan spigots would put more dollars into the system without any real backing, not even the backing of the US Gov…
Would not be great for the dollar, but would not be as much of a catastrophy as a further increase in Federal Debt IMO.
Romeo13 on September 27, 2008 at 12:10 PM
I fail to see why both candidates wouldn’t want to be really involved in this since it will be their watch that it is implemented.
Cindy Munford on September 27, 2008 at 12:10 PM
One reason they needed it was that they became a bank holding company last week, with different capital requirements than investment banks have (not that there are any large investment banks left). Buffett didn’t give any money to Lehman or Merrill during their big capital raises, and he gets offered almost everything by companies looking to raise a billion or more.
dedalus on September 27, 2008 at 12:14 PM
Obama knows he has a majority in Congress and is perfectly willing to let them take the risks so he can essentailly vote “Present” once more. McCain is willing to take poltical risks because he is a leader. This is where the rubber meets the road, and painful as the last week has been, it serves as a fine example of the contrasts between the two.
a capella on September 27, 2008 at 12:17 PM
Here is what we do:
1) Gradually get out of US Dollar investments before the dollar continues plunging.
2) Be nice to your boss cause you want him/her to fire your co-worker instead.
3) If you were already in cash, and were thinking of a house, then be ready to shop around for a nice house for decent price. Contingent on having a good job(s).
4) Get some popcorn and watch the show as the Dems run the country economically down over the next four years.
5) Pray.
Sapwolf on September 27, 2008 at 12:18 PM
Yes, exactly by their own rules they’ve delegated the Constitutional responsibility that was given to the legislative, not executive, branch. By what mechanism does Paulson (an executive appointee) have greater authority over the Fed than Congress? Ultimately, Bernanke doesn’t report to Paulson.
dedalus on September 27, 2008 at 12:19 PM
**I fail to see why both candidates wouldn’t want to be really involved in this since it will be their watch that it is implemented.
Cindy Munford on September 27, 2008 at 12:10 PM**
Cindy, John McCain answered the call to duty, apparently at Paulson’s request through Lindsay Graham. Obama did not, until he couldn’t ignore a Presidential request.
What really illuminates the reason for your question, is that the ones who had been “working on it” for the Democrats, all deferred to Obama when asked for the Democratic side. It was completely obvious that he was ill-informed at best, and completely un-informed at worst, despite his “I’ve been in constant touch through the phone” BS.
Obama has NO COURAGE, and is absolutely afraid of taking a stance on any iffy issue. He talks about his wondrous plans, which are nothing buy typical Democrat boiler plate. When it comes down to something really difficult, and fraut with potential diastrous outcomes, he takes a pass. Want proof? Look at how he tried to say that Russia and Georgia “share the blame”. Russia has been inciting the folks in the breakaway provinces to revolution for years as a way of handicapping the budding democracy in Georgia. Obama’s initial take is typical moral relevancy, when it is CLEARLY NOT the case here, and he was forced to modify his (he uses the term clarify a lot) position to more closely align with McCain.
This is similar, it could all fail and he doesn’t have a magic coin that he can flip to show him which way is the correct way (that means the one history will show happened), so he obfuscated big time. He is really an empty suit with no convictions, nor core principles.
Webrider on September 27, 2008 at 12:22 PM
I wish China would publicly announce that they are no longer buying USD investments anymore and will begin dumping shortly to get into Yen and Euro and other currencies.
China needs to get tough on the USA to help us discipline ourselves now that we are a bunch of drunk sailors floating in a boat down the Yangtze.
We NEED Chinese leadership now! We are not going to get it from Pelosi/Reid.
Sapwolf on September 27, 2008 at 12:24 PM
Boehner/Palin ‘08…reschedule the debates!
Puritan1648 on September 27, 2008 at 12:25 PM
Want to know why a lawyer should NEVER be President? Because their training is to be able to argue both sides of an issue. I spent 30+ years working at one of the biggest companies in the country and it used to infuriate me when management would ask lawyers “what should we do?” Lawyers do NOT MAKE DECISIONS, NOR DO THEY LEAD! What you’re seeing with Obama and Biden, is they typical lawyerese, argue with themselves as they try to decide which way is what the people they are addressing want to hear, NOT what leaders do, which is say: Here is the problem, and this is what we’re going to do about it! They do that through their core principles and convictions, tempered with relevant experience, intelligence and acquired wisdom. Obama has virtually ZIP experience in leading, and the two things he “lead” in, South Side community organizing and head of the CAC school reform (with William Ayers) were both total disasters!
Webrider on September 27, 2008 at 12:28 PM
I’ve been wondering about Fox’s apparent move to the left. They may be covering themselves in case Obama wins.
OldEnglish on September 27, 2008 at 12:30 PM
And yet, this is a Paulson Bernake plan… SEC is doing the heavy lifting and Pelosi knee bending… but Bernake has the authority to fix this credit crises Immediatly, by using his already given authority to be the “lender of last resort”.
There has to be some reason why they want Bank Consolidation… but I don’t see it yet…
Romeo13 on September 27, 2008 at 12:32 PM
Easier to control a small herd.
OldEnglish on September 27, 2008 at 12:37 PM
I think they are stuck trying to handle this because it’s a crisis of credit rules. Sarbanes/Oxley has hampered business in America ever since it was enacted. The capital requirements kill them and they have no way to provide relief from it. Just printing more money will continue to devalue the dollar, introduce Carter era type inflation, and not really provide the capital because what they provide will not have value. The basic plan to purchase assets of unknown value and then sort them out and perhaps actually make some money to return to the Treasury (ie the taxpayers) is not bad, but the Democrats under the “leadership” of Barney Frank and Christopher Dodd haven’t learned anything, they are wanting to TAX the potential profits (if any) at 20% to give to the same people who are the root cause of the problem, those with bad credit histories who will just do more of the same, not to mention outfits like Acorn who have nothing but a Marxist agenda. I really wish there were some way for the Republicans to demand that Frank and Dodd (two of the biggest causes of the debacle) to step aside and then work it out with whomever replaces them. Pelosi and Reid can do it, they are the leaders, but neither of them has a clue. Harry Reid’s only honest moment was when he said “nobody knows what to do about it”.
Webrider on September 27, 2008 at 12:42 PM
Manly Rash- I am getting negative vibes from you. What is the deal here? Is it the spin from the MSMLSD, or the fact that McCain is not the rock ‘em, sock ‘em Conservative candidate we need in order to lay out THE ONE? Just curious.
freeus on September 27, 2008 at 12:45 PM
It’s called Judgment Day, and we’re heading for it. You can pray till the cows come home, but it’s too late… the nation went over the edge by embracing Darwin’s atheism, and are we just now experiencing the fallout. Go read your Proverbs– Solomon knew what would happen to us thousands of years ago.
leftnomore on September 27, 2008 at 12:53 PM
I was in full-blown angst earlier this week, but I actually feel better today. I don’t know where this hero Boehner came from, but I am so glad he’s around. He has led the country to the brink of sanity on drilling and now he is fighting the good fight on our behalf to try to stop this steam-roller plan of Paulson’s.
And, on top of that, I am seeing the value of McCain’s years of being a maverick in Congress.
ManlyRash is right, we should still stock up on weapons and ammo — or, consider moving to Alaska as rockmom suggested (although I really am digging this SoCal weather) — but maybe conservatives have mobilized in time to save this election.
Y-not on September 27, 2008 at 1:01 PM
Wow, The Dems seem to be having scheduling issues along with being clueless about the economic problem.
Too bad they don’t have someone that can make a few calls, put together some action, and has experience handling finances.
Maybe they should ask Barry to get his buddy Tony Rezko to lend them a hand.
Oops.
Wind Rider on September 27, 2008 at 1:03 PM
Good news, everyone!
Katherine Lopez over at The Corner reports that the provision to divert earnings of the bailout to ACORN is still in the negotiated bill.
So we got that going for us.
jeff_from_mpls on September 27, 2008 at 1:09 PM
There is something to the idea of a smaller herd. Given that banks are regulated and insured, the cheapest outcome for taxpayers is to have just enough banks to ensure competition. We’ve had several thousand FDIC insured institutions, which is more than we need for competition and too many for the government to monitor–hence Indy Mac wasn’t even on their troubled bank list the day before it failed.
Whether bank consolidation is beneficial or not is probably not relevant to Paulson. If he precipitated the current crisis, then he created a problem that damaged the ability of Goldman Sachs to make money for its executives and shareholders. The cost of capital forced GS to give up its investment banking classification and accept restrictions that will decrease its profitability.
dedalus on September 27, 2008 at 1:13 PM
The fact is that fanie mae and freddie mac got in trouble because they made bad loans.
Why?
How?
When?
How is it that the very people who caused this problem are now telling you and I that we must REACT today?
TomLawler on September 27, 2008 at 1:14 PM
Chris Dodd, Democrat, congenital liar and fraud.
Buy Danish on September 27, 2008 at 1:27 PM
Damn 1 plus 1 will always equal two. Two plus two will always equal four.
TomLawler on September 27, 2008 at 1:29 PM
Wow, I thought the ACORN stuff was definitely out. Paul Ryan made it very clear on CNBC yesterday that House Republicans will not agree to it, period. They tried like hell to keep this crap fund out of the GSE reform bill, but Mike Oxley caved on it. He’s gone now and Spencer Bachus is made of sterner stuff, as is Boehner. If McCain and the Republicans can’t get rid of this “mother of all earmarks” then I give up on all of them. :-(
rockmom on September 27, 2008 at 1:41 PM
Amen rockmom, for all the gnashing of teeth and demands that the Republicans “participate” by the disgusting likes of Pelosi, Reid and Schumer, they can’t help themselves, they have to lard it up and take MORE (potentially if it actually does make some money for the US taxpayer) of OUR money for the fraudulent entities that fuel their ascendancy. If we had a media worth its self-professed value, they would be all over this. Nothing but crickets and a few center/right posts like this one. Really sad how things are going right now as the MSM abdicates its role of making us stronger with INFORMATION, and instead makes us weaker by hiding salient information.
Webrider on September 27, 2008 at 1:49 PM
GOP MUST hammer on;
Fannie and Freddie mismanagement.
Bush and McCain calls for reform of above.
Ties to Carter and Clinton years.
Acorn.
Chris Dodd, Chuck Schumer, Barney Frank
Obama’s advisors from Fannie and Freddie.
Bailout situation is caused by lack of personal responsibility and government accountability.
Democrats will only bring on more of the same, on our continuing road to becoming the United Socialist States of America.
Heads must roll.
Star20 on September 27, 2008 at 1:50 PM
You say bipartisan i say bicameral, let’s call the whole thing off!
eaglewingz08 on September 27, 2008 at 1:57 PM
The House Republicans must make the Democrats either give up the pork and subsidies to ACORN and other such groups that do the Democrats’ bidding or they must force Pelosi and Reid to ram it through and take full responsibility for their actions.
Matt Helm on September 27, 2008 at 2:00 PM
Amen. Too long to quote, but extremely well put.
BuckeyeSam on September 27, 2008 at 2:23 PM
Rich Lowry just reported a deal is imminent according to his source. No ACORN.
I know the Senate Republican staff who are working on this. They are smart and conservative (one of the most senior ones was originally hired by Phil Gramm when he was Chairman of the Banking Committee and he hates ACORN.)
rockmom on September 27, 2008 at 2:28 PM
Wall Street Journal also has a strong editorial today blasting the ACORN earmark.
This deal is a GIANT win for Republicans. And it will all probably be redone in January when the Treasury (maybe) needs another round of funding.
rockmom on September 27, 2008 at 2:30 PM
This is probably as good as it gets and it is a major victory for the House Republicans. Time to push it through and get it signed.
Matt Helm on September 27, 2008 at 2:45 PM
Less than the full $700B will be insufficient. If we are really facing a global run, a global panic, we need the biggest hammer we can find.
rockhauler on September 27, 2008 at 3:20 PM
My husband says that he knows that this financial is necessary but he wants CEO’s, boards and members of government who have broken laws to be prosecuted. This is crazy that only the little guy is being held responsible. White collar crime hurts more people than the bank robber with a mask and gun.
Cindy Munford on September 27, 2008 at 3:36 PM
A Fox News producer was just on to report that there is another meeting right now in D.C. dominated by several Dem leaders, plus Schumer and Rangel of all people, but only two Republicans, Gregg and Blunt, invited.
Terrie on September 27, 2008 at 3:51 PM
There aren’t going to be a bunch of people doing perp walks on this deal. These company’s, by and large, weren’t looted by their management. They failed because they made unwise investments. Now, the government encouraged them and even pressured them to make those investments. Ultimately, the voters need to hold the government officials accountable for what they’ve done. Since most of the worst offenders are ensconced in safely democrat seats, you’re not very likely to get even that small satisfaction.
The most serious laws that were broken were the Laws of Economics, not the laws of the USA. If the full truth of this ever comes out, it will be that this is what happens when you put liberals in charge of anything. Everybody suffers in the end.
trigon on September 27, 2008 at 7:03 PM
There should be no deal whatsoever unless, Dodd & Frank are ousted and charged as a pre-condition!
Sporty1946 on September 27, 2008 at 8:47 PM
If we are really facing a global run, a global panic, $700 billion will do nothing to stop it.
Bingo. If McCain could articulate that point in the economic debate, this race would be a lot different. But I’m not sure he has it in him. He seems to be quite content in allowing Obama to peddle his socialist crap unchallenged, and unfortunately, there are just enough economic illiterates in this country to make it pay off.
xblade on September 27, 2008 at 9:50 PM
Politics isa dirty business; I’m glad that John McCain is willing to get his hands dirty to keep the Dems from succeeding to thwart the American people. Say what you will about McCain, he does know how Washington works.
Doug on September 27, 2008 at 9:57 PM
Umm – how about Barney Frank, Chris Dodd, Charles Schumer. Dick Durbin, and Nancy Pelosi , B. Hussein Obama to name a few.
Dasher on September 28, 2008 at 3:36 PM
And, do not forget Sen. McCain went to D.C. to his sworn duty. Who followed him – none other than Obombem who at the first opportunity demanded to speak and from that point on the meeting went downhill.
Again, I ask “What do we want in our President, Leadership or Lordship?
MSGTAS on September 29, 2008 at 10:55 AM
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