“Without McCain, they would have run over me like a freight train”

posted at 7:50 am on September 29, 2008 by Ed Morrissey

Last night, the House Republican leadership held a press conference to discuss the economic bailout package, which they now support. John Boehner, Eric Cantor, Roy Blunt, and Adam Putnam explain that the new package greatly reduces — but does not eliminate — taxpayer risk. It improves the original Paulson plan, and Boehner notes who is responsible for the House GOP even getting a seat at the table:

But I think I’ve made clear to many of you that if it were not for John McCain supporting me at the White House when I said whoa, whoa, time-out, they would have run over me like a freight train.

Before McCain arrived in Washington, the Senate and the House Democrats figured they could force the Paulson plan down the throats of House Republicans. Afterwards, Nancy Pelosi and Harry Reid had no choice but to deal with Boehner and the conservatives, and making changes to the package to get their support. Also, Boehner announced that McCain has begun making calls to get Republican votes for this bill, which shouldn’t surprise too many who had listened to McCain over the weekend.

Are House conservatives happy? Not really, but it looks like they have done the best they can do to keep the long-term costs to taxpayers as low as they can.

Transcript follows:

Putnam: The economic challenges that our nation faces with the collapse of the country’s largest bank, Washington Mutual, others in Europe and in the United States also following that same route. Politically, we’ve also seen some remarkable events where both major presidential candidates came together on a joint statement of principles on the necessary package to avert an economic crisis in this country, the likes we haven’t seen in this country in generations.

We have just completed a good republican meeting to discuss with our members respectfully with each other how we can best move forward and frankly how this package has changed and evolved because of the ideas that have been injected into that discussion by John Boehner and Roy Blunt and Eric Cantor and others who believe that the original Paulson plan wouldn’t pass muster here. It has changed and improved and done all of those things on a bipartisan basis. And so I would like to introduce the leaders who have been working around the clock on that effort beginning with our Minority Leader John Boehner.

Boehner: Adam, thanks. The American people are angry about the situation they find themselves in, but little control over it. I got to tell you my colleagues are angry about the situation they find themselves in. Nobody wants to have to support this bill. But it’s a bill that we’ve come to and worked on together. It’s a bill that we believe will avert the crisis out there. We’re certainly hopeful it will avert the crisis out there.

When we stood up and blocked the so-called deal last week, we did so because we didn’t think taxpayers were being protected. Over the course of the last three days, a number of the members led by Paul Ryan and Eric Cantor, really did craft an alternative that made a giant improvement in the final product that we’re going to be looking at.

I think that if you step back and look at this bill, it’s a bill that does entail taxpayer risk. But I think what you see is we’ve reduced the amount of taxpayer risk in this bill considerably. And if you look through the entire bill when you get to the end of it, if after five years the taxpayers have in fact lost any money, it really requires us to go to those who benefited from this bill and to recoup that money. So at the end of the day, there are no taxpayer funds at risk here.

We do know what is at risk today and that’s our economy. That’s why we’re supporting this bill. We have urged our colleagues to support this bill. We’ve had a long conversation with our members because they’ve got concerns. They want to do the right thing on behalf of their constituents and their country. That doesn’t always mean the word yes. But we’re working with our members and want them to support this because it is the right thing to do for our country. Roy?

Blunt: Thank you, John. We had a chance, when our conference started, we were able to see the final product. The final product is now available to all members. It’s not exactly the bill we would have drafted certainly, but it’s a long way where it was a few days ago with substantially more taxpayer protections.

I think you can much more adequately describe this bill now, because of the elements that have been put into it , as a workout of the problem rather than a bailout of the problem. As long as we were bailing out somebody, that didn’t make sense to the American people. We’re working through a problem that ensures that the American people continue to have access to credit to start businesses, to build houses, to do the things that they need to do for themselves and family. It does begin to make sense. We’re going to do our best to be sure that message is the message that we’re going to be carrying forward.

We had a long session with our members – none of whom had seen the bill. They read all of the reports, but hadn’t seen the bill. Essentially this was a session of just answering questions. And one of the principled questions was how adding this insurance element, this guarantee element to the tools that this Secretary of the treasury and the next Secretary of the Treasury would have will make a difference in how we work out this problem, and how we protect taxpayers. And Eric Cantor and the group he put together did so much to make that a workable alternative and really turn this bill around in the eyes of many of our members. Eric, why don’t you talk about that.

Cantor: Good evening. The working group plan, which is I guess now known as the government backed insurance plan, or these mortgage backed security pools is premised on the notion that what we are trying to do is lessen the burden on the taxpayers and at the same time ensure that Wall Street shares in the cost of this recovery. Plain and simple, we’re substituting out taxpayer dollars out for purchase and instead bringing in insurance premiums from those who will benefit from the government guarantee. As we said earlier, about the bill in general and certainly this provision, which we think will ultimately result once the credit markets have returned back to some confidence after the initial injection of taxpayer dollars, this insurance program will end up being very successful as owners of these assets that are the good assets, but victim of these other toxic assets. We’ll take advantage of the insurance program, which is mandated to be created in the statute.

Q: [ Inaudible question ]

Boehner: We’ve made it pretty clear to our members that we are supporting this bill. We also have made it clear to our members we expected as many of them who could vote for this to vote for it. But this was more about an informational session, answering our questions, allowing members to voice their opinion. I think the real work will go on over the next few hours.

Q: How involved has McCain been in this, in getting votes and making calls to members?

Boehner: He has been making calls to members in support of this bill. But I think I’ve made clear to many of you that if it were not for John McCain supporting me at the White House when I said whoa, whoa, time-out, they would have run over me like a freight train. And I’m grateful for his support.

Q: Mr. Leader, tomorrow, if it gets to the vote and the vote is very tight, it appears that the republicans will have to be the ones to pull this across the finish line –

Boehner: I’m encouraging every member of our conference whose conscience will allow them, to support this bill. Thank you very much.


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If this is such a great deal, why are the Dow futures down 200 this morning? Maybe something had to be done, but I think golden parachutes should be eleminated for CONGRESS! They should give up their golden retirement packages since they are to blame, in my opinion, for this mess.

bopbottle on September 29, 2008 at 7:55 AM

Yeah, but you were run over by the Straight Talk Express Bus instead. Now go and brush the tire marks off, sniveler.

Fletch54 on September 29, 2008 at 7:56 AM

Q: How involved has McCain been in this, in getting votes and making calls to members?

Boehner: He has been making calls to members in support of this bill. But I think I’ve made clear to many of you that if it were not for John McCain supporting me at the White House when I said whoa, whoa, time-out, they would have run over me like a freight train. And I’m grateful for his support.

There, you dirtbag dolts in the mainstream media make note of this and publish it . . . although I won’t be holding my breath to see it in print.

rplat on September 29, 2008 at 7:57 AM

The first part of this plan should require the Messiah, Dodd and Frank to give back the Fannie Mae money they have been bathing in.

bopbottle on September 29, 2008 at 7:59 AM

if after five years the taxpayers have in fact lost any money, it really requires us to go to those who benefited from this bill and to recoup that money.

FAT CHANCE.

Barack Obama, the Cloward-Piven candidate, no matter how he describes himself, has been a radical activist for most of his political career. That activism has been in support of organizations and initiatives that at their heart seek to tear the pillars of this nation asunder in order to replace them with their demented socialist vision. Their influence has spread so far and so wide that despite their blatant culpability in the current financial crisis, they are able to manipulate Capital Hill politicians to cut them into $140 billion of the bailout pie!

God grant those few responsible yet remaining in Washington, DC the strength to prevent this massive fraud from occurring. God grant them the courage to stand up in the face of this Marxist tidal wave.

Jim Simpson is a former White House staff economist and budget analyst.

This legislation is more Cloward-Piven. If it fails, there’ll be another bail-out bill ad nauseum. In five years, God only knows who will be in power. But we know that Marxism will be that much stronger. That any tax money at all goes to failed CEOs proves that the bill is more of the same.

maverick muse on September 29, 2008 at 8:03 AM

Now McCain has to get back out there with both fists and feet swinging. He needs to name names and turn this ridiculous blame game back on the people who deserve it – Dodd, Frank, Raines, Johnson.
House Republicans need to talk to anybody and everybody about how they tried to stop this and were ignored.

http://www.house.gov/shays/news/2008/september/septshaysfinancialcrisis.shtml

ctmom on September 29, 2008 at 8:03 AM

Ah – Congress.

em·bez·zle (ěm-běz’əl) Pronunciation Key
tr.v. em·bez·zled, em·bez·zling, em·bez·zles
To take (money, for example) for one’s own use in violation of a trust.

reaganaut on September 29, 2008 at 8:06 AM

it was a 9 on 2 gangbang….

that can be fun to watch…not when Barney Frank is involved…

sven10077 on September 29, 2008 at 8:07 AM

Before McCain arrived in Washington, the Senate and the House Democrats figured they could force the Paulson plan down the throats of House Republicans. Afterwards, Nancy Pelosi and Harry Reid had no choice but to deal with Boehner and the conservatives, and making changes to the package to get their support.

Yep, but if you heard Madame Pelosi’s farcical, Orwellian fairy tale last night, it was Democrats who opposed the costly Paulson plan (as proposed by the evil Bush Administration) and it was Democrats who came to the rescue of taxpayers, starring Frank, Dodd, and Rangel as the brave knights who fought off the evil forces intent on the fleecing of American taxpayers.

Buy Danish on September 29, 2008 at 8:07 AM

Because the meltdown is all of a piece with the bailout, check out what Stanley Kurtz has to say about the role of Obama, the community organizer, and ACORN in the bad mortgages fiasco: http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm?page=0

Obama should have been hammered on this issue during the debates. We can be certain that Obama will make “fair and just” bailouts and further credit for the uncreditworthy a continued campaign issue.

onlineanalyst on September 29, 2008 at 8:08 AM

Lovely and when this too fails they can and will blame the republicans for using fake money to pay for fake money.

Socmodfiscon on September 29, 2008 at 8:08 AM

Now’s McCain’s chance to take no prisoners. Why he hasn’t done it before now, I can’t imagine. But if he doesn’t “go nuclear” and out the bad guys, R or D, then his whole “reform” thing is weak.

We’re teetering on Soviet Union-style meltdown. Maybe that’s Creative Destruction in action, I don’t know. If it is, it’s going to get a lot darker before the dawn. God help us!

mr.blacksheep on September 29, 2008 at 8:10 AM

Oh, I’m all broken up about the Republicans’ efforts to protect the taxpayer. I know that they, ala Bill Clinton, have, “worked harder than at any other time in their life,” to reign in Fannie and Freddie.

Somebody name the last Republican that showed any backbone, true leadership, and ability to make the will of their constituency felt on the Hill.

The Pubbies don’t deserve a Congressional majority, because they squandered the one we gave them, found out how much money there was to be personally gained by being in the power chair, and went along with the Dems under the guise of being bi-partisan. More like a secret handshake in a con game.

Feh.

Joan of Argghh on September 29, 2008 at 8:11 AM

Saw this running on CNN this morning. Before you watch, take a deep breath, and put away anything breakable.

Weight of Glory on September 29, 2008 at 8:11 AM

Wait…what? It wouldn’t have been rammed up or down anything. Pelosi had the votes, you should have sat back, refused to come aboard to cover the DFL ass and let them hang themselves.

Either the dems would have taken the entire blame for the bill or they would have passed nothing, either way the GOP could have bitch-slapped them across the room for it.

Bishop on September 29, 2008 at 8:14 AM

What time does the revolution start again?

grapeknutz on September 29, 2008 at 8:14 AM

I think it’s going to be an extremely close vote. I’m still not convinced it will pass. There are enough kook democrats who A) don’t think it goes far enough and B) will vote against anything tainted with Bush’s blood on it. If the Republicans can hold together it will go down in flames.

SouthernGent on September 29, 2008 at 8:15 AM

Boehner: He has been making calls to members in support of this bill. But I think I’ve made clear to many of you that if it were not for John McCain supporting me at the White House when I said whoa, whoa, time-out, they would have run over me like a freight train. And I’m grateful for his support.

There, you dirtbag dolts in the mainstream media make note of this and publish it . . . although I won’t be holding my breath to see it in print.

rplat on September 29, 2008 at 7:57 AM

My thoughts were similar, according to the MSM Obama and his cronies in con-gress already did run the Republicans over, and I’m afraid we won’t hear any different.

4shoes on September 29, 2008 at 8:16 AM

Saw this running on CNN this morning. Before you watch, take a deep breath, and put away anything breakable.

Stupidity.

I’ve decided to change careers. I’m going to “donate” a lot of money to various Democrat senators, come up with some sweetheart of a scam, and screw as many libs out of their money as I can.

There are at least 50 million or so starry-eyed moonbats out there waiting to be fleeced.

reaganaut on September 29, 2008 at 8:17 AM

Yep, but if you heard Madame Pelosi’s farcical, Orwellian fairy tale last night, it was Democrats who opposed the costly Paulson plan (as proposed by the evil Bush Administration) and it was Democrats who came to the rescue of taxpayers, starring Frank, Dodd, and Rangel as the brave knights who fought off the evil forces intent on the fleecing of American taxpayers.

Buy Danish on September 29, 2008 at 8:07 AM

Pelosi and the Dem’s news conference which preceded the one referred to above in this thread, was full of outright lies and accusations about Republicans. At the same time, it was a barn burner. Anyone who doesn’t follow politics very closely would have come away (after hearing both of these news conferences) that the REpublicans caused the problem, and the Republicans not only provided no help in the solution, but were obstructionist.

I very very rarely watch TV, and usually get my “spin” of what’s going on from comments like those in Ed’s piece. In this case, my opinion after watching these conferences live was that the Republicans lost and lost badly. One team wants to win, and one team wants to be nice.

Other commenters made mention that one of McCain’s main themes is that he is a reach across the aisle, bi-partisan kind of guy. If those concerns are stopping the Republicans from standing up for themselves, I doubt we have any hope.

I believe the entire election will turn on the bailout. Nothing else will matter. So far, the Democrats have won it. Obama’s statement that McCain did nothing and Obama’s ideas saved the day are left unchallenged.

JiangxiDad on September 29, 2008 at 8:17 AM

The Dems are acting like a firefighter turned arsonist – ‘Look how I saved you!’, when in fact, they are responsible for setting the fire to begin with. Credit indeed. I assume that all of the investigative reporting will occur right AFTER the presidential election. The press will feign ‘suprise’, and it will be buried on page C-42, but they will hope to get their credibility back….

mouell on September 29, 2008 at 8:18 AM

Saw this running on CNN this morning. Before you watch, take a deep breath, and put away anything breakable.

Weight of Glory on September 29, 2008 at 8:11 AM

There’s NOTHING wrong with that vid. It’s an attempt by the Dems to inoculate themselves from blame. It’s politically smart. Apparently they would like to win.

The Republicans have a better case to make. One day they might if they decide they would like to win.

JiangxiDad on September 29, 2008 at 8:21 AM

Now McCain has to get back out there with both fists and feet swinging. He needs to name names and turn this ridiculous blame game back on the people who deserve it – Dodd, Frank, Raines, Johnson.
House Republicans need to talk to anybody and everybody about how they tried to stop this and were ignored.

http://www.house.gov/shays/news/2008/september/septshaysfinancialcrisis.shtml

ctmom on September 29, 2008 at 8:03 AM

Yes, this is what I expect a “straight-talk express” to do. If, in the interests of promoting the idea of bipartisanship and reaching across the aisle, McCain expects to win the presidency, he is sadly mistaken. His opponent and surrogates are not playing by the rules of senatorial comity and compromise; they are playing down-and-dirty for keeps, the facts be damned.

Senator McCain, get the facts out there. You have them at your disposal, and they are irrefutable. Educate the American public that is ill-informed because the media are not doing their homework. Now is not the time to be humble about your former efforts to press for accountability of Freddie Mac and Fannie May.

onlineanalyst on September 29, 2008 at 8:23 AM

[Boehner]And if you look through the entire bill when you get to the end of it, if after five years the taxpayers have in fact lost any money, it really requires us to go to those who benefited from this bill and to recoup that money. So at the end of the day, there are no taxpayer funds at risk here.

That’s putting an upbeat face on it, but I think passing ex post facto laws won’t fly. They have to have gotten it right from the start, because some really smart guys (such as Buffet, Burkle, and Soros) will be there to suck whatever they can legally get out of the system.

unclesmrgol on September 29, 2008 at 8:24 AM

mr.blacksheep on September 29, 2008 at 8:10 AM
Now’s McCain’s chance to take no prisoners. Why he hasn’t done it before now, I can’t imagine.

In his first debate with Obama he had a chance to highlight his earlier strong efforts to oversee Fanny and Freddie, and completely glossed over it. That’s crazy. He has to hit it hard in ways the common person understands. It’s the Obama “affordable housing” kind of thinking for people who can’t afford it that caused this crisis. It’s a home run for McCain. The public is sick about the bailout.

Paul-Cincy on September 29, 2008 at 8:24 AM

McCain, would gladly lose as long as it helps the country. That probably isn’t very comforting and is depressing knowing what it could wind up doing…but it makes me think that through struggle…good always wins.

tomas on September 29, 2008 at 8:24 AM

I believe the entire election will turn on the bailout. Nothing else will matter. So far, the Democrats have won it. Obama’s statement that McCain did nothing and Obama’s ideas saved the day are left unchallenged.

JiangxiDad on September 29, 2008 at 8:17 AM

Yup…McCain was there doing his job as a senator while Obama was phoning it in.

flipflop on September 29, 2008 at 8:25 AM

Steve McIntyre of Climate Audit, who is a hero to anyone who resists having AGW shoved down their throat, posted something on the crisis and said that Dodd seemed very reasonable and a steady hand after watching him on CNN. His commenters set him straight, but it just goes to show how even intelligent people can be lulled to sleep by the MSM. Now take your SOMA!

rhodeymark on September 29, 2008 at 8:27 AM

I think McCain knows the sneaky Liberals have
financial blood on their hands,in some of the
news clips McCain looks a bit p#ssed,not to
be confused with anger btw!!

Something has to be done,this mess is beyond criminal!

This ACORN,and bail out of the financial mess by the Libs,
makes Nixon’s break in look like a parking ticket!!!!

canopfor on September 29, 2008 at 8:28 AM

JiangxiDad on September 29, 2008 at 8:17 AM

While I continue to remain skeptical and cautiously pessimistic, I have a hunch that McCain has something up his sleeve. He’s been conspicuously silent in the past three days…too silent. And I can’t help but wonder if he isn’t holding his fire on purpose.

He head-faked all of us once before with the selection of Sarah Palin and he may be getting ready to do it again.

IF that is the case, then he is paying out rope to the Democrats by allowing them free reign to bray like the donkeys they are and destroy any argument for reaching across the aisle. When enough rope had been paid out, he will yank hard and hang them with it.

If my hunch is correct, expect him to unleash a full and devastating broadside as soon as the bill is passed in Congress. He will throw the gauntlet down and name names – as he promised he would in his acceptance speech.

If that happens, it will completely alter the dynamic of this race and he will win – no question about it.

IF that happens. We can only wait and see.

ManlyRash on September 29, 2008 at 8:30 AM

The foreign markets overnight did NOT respond well to this so-called rescue package. This is exactly what Japan did in 1998 and guess what? It didn’t work. If our congress critters have any cojones, they’ll vote NO on this horrid piece of legislation.

pullingmyhairout on September 29, 2008 at 8:31 AM

I just emailed Boehner and suggested he “get a pair”.

Speaking of getting a pair, I wonder what Sarah thinks about this. McCain should unleash her to stop this damn thing.

Did you hear Sen Gregg say how proud he was of the people who had worked so hard on this bill? Now how does that work? You create a problem and then expect praise for fixing it? I don’t think so.

huckleberryfriend on September 29, 2008 at 8:31 AM

I haven’t seen anything McCain’s team has done lately! I thought I would wake up today to ads screaming from the rooftops about the Dem’s!

By the way- LOVED the analogy of the Dem’s being “Arsonist turned Firefighter”

I’m very concerned that McCain has something going on- he’s been awful the last few days.

anniekc on September 29, 2008 at 8:31 AM

I see a diversion coming – an october surprise in the form a missile landing in Iran…

pullingmyhairout on September 29, 2008 at 8:32 AM

I can’t seem to link to CNBC here and I’m tired of wasting my time. If you all want to see how effective Adam Putnam is, go to CNBC, click on videos, and search for:

Bailout Plan Politics
Sen. Sherrod Brown, D-Ohio, and Rep. Adam Putnam, R-Fla., discuss the Wall Street bailout plan.

If time is limited, skip ahead to around 6:30 and listen to a little of Brown and then Putnam mop the floor with him.

TheBigOldDog on September 29, 2008 at 8:33 AM

See this for another good reason to oppose the bailout. You’ll be liable for years and years of bad decisions like this. Every city, town, and municipality will not have any reason to be fiscally responsible.

tgillian on September 29, 2008 at 8:33 AM

Yup…McCain was there doing his job as a senator while Obama was phoning it in.

flipflop on September 29, 2008 at 8:25 AM

What do we do? If we lose, at least lets go down swinging and have our side heard.

Let’s hope ManlyR is right and McCain doesn’t intend to go down without a fight either.

JiangxiDad on September 29, 2008 at 8:33 AM

I find this very interesting, in light of the bald-faced lie B.O. told yesterday when he said that McCain was anything BUT instrumental in getting the bailout passed, and it was in fact B.O. who led the way to its passage, or at least this is the BS B.O. is spinning right now.

In fact, here is the story that Fox News reported yesterday:

Obama: McCain Gets No Credit for Wall Street Bailout
Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.
WASHINGTON — Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.
Instead, Obama said he deserves credit for making sure the proposal includes safeguards for taxpayers. Obama said he is inclined to support the bailout because it includes increased oversight, relief for homeowners facing foreclosure and limits on executive compensation for chief executives of firms that receive government help.
“None of those were in the president’s provisions. They are identical to the things I called for the day that (Treasury) Secretary (Henry) Paulson released his package,” Obama said. “That I think is an indication of the degree to which when it comes to protecting taxpayers, I was pushing very hard and involved in shaping those provisions.”
The safeguards were supported by many in Congress, including Democrats and Republicans.
Republican presidential nominee John McCain announced last week that he was suspending his campaign to focus on the crisis.
Asked during an interview on CBS’ “Face the Nation” whether McCain deserved credit for bringing lawmakers together, Obama said “no.”
“Here are the facts: For two weeks I was on the phone everyday with Secretary Paulson and the congressional leaders making sure that the principles that have been ultimately adopted were incorporated in the bill,” Obama said.
Congressional leaders were working through the weekend on a package to bailout troubled Wall Street firms. They hope to have a House vote on the measure Monday, with a vote in the Senate coming later.
Under the plan, the federal government would buy mortgage-backed securities and other bad debt held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.
“My inclination is to support it because I think Main Street is now at stake,” Obama said.
Obama also said the next president should work to overhaul the regulatory structure of Wall Street, though he offered no specifics.
“We have to remember how we got here, not so much to allocate blame as to understand the choices that are going to face the next president,” he said. “Unless we update our 20th century regulatory framework for a 21st century global financial system, then we are going to continue to be vulnerable to this kind of situation. And I think the next president has to come in with a very strong package of reforms.”

http://elections.foxnews.com/2008/09/28/obama-mccain-gets-credit-wall-street-bailout

In response to what B.O. just said here, if I can loosely quote the words of the late great former Senator and U.N. Ambassador Daniel Patrick “Pat” Moynihan:

THESE——–ARE———–LIES!!!!!!

pilamaye on September 29, 2008 at 8:35 AM

And just where is this taxpayer money coming from? Its not our money they are using, they are putting us further into debt.

huckleberryfriend on September 29, 2008 at 8:35 AM

Thanks, Mr. Boehner, John McCain needs all the help he can get. But coming from a sniveler like you, I doubt that it will have much credibility. Bill Clinton has been much more helpful to McCain than any Republican thus far.

jay12 on September 29, 2008 at 8:36 AM

Permit me to re-post what I had offered at the tail-end of the Newt thread:

All you need to know, straight from ACORN:

On Sunday, Sept. 28, ACORN National President Maude Hurd released the following statement after Congressional leaders announced a $700 bailout plan for Wall Street:

“Members of Congress worked tirelessly over the weekend to rid Wall Street of its toxic assets, which are responsible for the worst financial crisis since the 1930s. Unfortunately, families who fell victim to Wall’s Street’s toxic lending practices and now risk losing their homes were largely left out.

ACORN members are extremely disappointed that the bailout package does little to assist these homeowners, such as providing them relief through the bankruptcy courts. Although weak, there is language in the bailout package authorizing Treasury Secretary Henry Paulson to facilitate more loan modifications. ACORN members plan to hold Secretary Paulson accountable and ensure he uses this authority to make streamlined loan modifications a priority for struggling American families.”
Does this woman understand why those assets became “toxic”? Does she understand how “toxic lending practices” were forced by the point of the litigation gun by her own organization? Did she have any qualms when the banks already made “loan modifications” to those of her constituency who already paid no money down and who offered no securities? Do those who rely on ACORN not know how to read nor understand the idea of choice and consequence?

onlineanalyst on September 29, 2008 at 7:23 AM

onlineanalyst on September 29, 2008 at 8:37 AM

Thanks, Mr. Boehner, John McCain needs all the help he can get. But coming from a sniveler like you, I doubt that it will have much credibility. Bill Clinton has been much more helpful to McCain than any Republican thus far.

jay12 on September 29, 2008 at 8:36 AM

Trot your butt back to KOS where somebody will appreciate your garbage.

rplat on September 29, 2008 at 8:38 AM

McCain will vote for the bill. Obama will vote against it, saying he could not in good conscience vote to put the burden of this on the taxpayer. The bill will pass and Obama will be on the right side of taxpayers’ emotions.

And that might send him over the victory line.

BigD on September 29, 2008 at 8:38 AM

One day they might if they decide they would like to win.

JiangxiDad on September 29, 2008 at 8:21 AM

Yeah. Someday…someday. Also, outside of it being wicked misleading (like playing the clip of McCain being for deregulation, and presenting that as the cause of the problem, when in fact he was for increased regulation and reform of Freddie and Fannie in 2005…when we had the majority…sigh), it’s incredibly smart. I just wanted to show it here as a constant reminder that while our guys are always interested in reaching across the isle, and being bipartisan, and not playing the blame game, and being magnanimous, the dems. just go about beating the pants off us at every turn, holding presser after presser about how this is McCain‘s fault and naming names on every TV talk show. Shoot, Franks was even blaming Ronald Reagan. They are just better at this game than our guys; and don’t get me wrong, I’ve been proud of how both Boehner and McCain handled things, I can’t imagine the kind of pressure they were being hit with. I just wish they would have gone further. I was actually impressed with McCain, how he seemed to stand with the House rather than his own chamber, at least that is how I’ve been reading it. I still don’t think that this will defuse the nuclear bomb from going off, however. It probably only added one more minute to the play clock. How’s that for a mixed metaphor? And at 7:40 in the morning!

Weight of Glory on September 29, 2008 at 8:39 AM

And just where is this taxpayer money coming from? Its not our money they are using, they are putting us further into debt.

huckleberryfriend on September 29, 2008 at 8:35 AM

They are, and perhaps there really isn’t any alternative.

What pisses me off almost as much as the financial malfeasance is that no one is saying exactly how this will cost the taxpayer. To raise the debt ceiling that much can be very inflationary and devalue the dollar. Both of those things hit the average family at home on everything they buy–especially energy, but even food and clothing.

These weasels aren’t being upfront with the very people who are going to see their standards of living fall to pay this–us.

JiangxiDad on September 29, 2008 at 8:40 AM

This was a multi billion dollar game of chicken and the house republicans blinked. This is generational warfare plain and simple. Anyone of working age gets totally screwed by this bill. The working class is royally screwed because new spending means new taxing, if not now down the road. Working poor have been played for suckers by the investment class in this manufactured crisis.

No reform, no bailout.

Angry Dumbo on September 29, 2008 at 8:41 AM

If this is such a great deal, why are the Dow futures down 200 this morning? Maybe something had to be done, but I think golden parachutes should be eleminated for CONGRESS! They should give up their golden retirement packages since they are to blame, in my opinion, for this mess.

bopbottle on September 29, 2008 at 7:55 AM

It’s insanity to see the media going to Dodd and Frank on how to solve this problem when they’re two of the main reasons for the problem in the first place.

I think McCain knew he was going to have an uphill fight against the media to beat Obama, but sheesh. This bailout bill makes it pretty clear that the media at large is willing to lie to the American people, at the possible expense of the economy, if it helps their candidate.

BadgerHawk on September 29, 2008 at 8:42 AM

Does this woman understand why those assets became “toxic”? Does she understand how “toxic lending practices” were forced by the point of the litigation gun by her own organization? Did she have any qualms when the banks already made “loan modifications” to those of her constituency who already paid no money down and who offered no securities? Do those who rely on ACORN not know how to read nor understand the idea of choice and consequence?

onlineanalyst on September 29, 2008 at 7:23 AM

Short answer to all your rhetorical questions: :HELL NO.

pullingmyhairout on September 29, 2008 at 8:42 AM

And that might send him over the victory line.

BigD on September 29, 2008 at 8:38 AM

Yeah…I hate to be so pessimistic, but the majority of the voting public are “idjit” voters and will swallow the BS that the whole mess was caused by Bush and the Republicans when in fact it’s the Dems who’ve consistently blocked any attempt to circumvent the problem.

Remember…it all started with a Democrat with Jimmy Carter’s Community Reinvestment Act in 1977.

flipflop on September 29, 2008 at 8:42 AM

I still don’t think that this will defuse the nuclear bomb from going off, however. It probably only added one more minute to the play clock. How’s that for a mixed metaphor? And at 7:40 in the morning!

Weight of Glory on September 29, 2008 at 8:39 AM

It may have addded only one more minute, but the 4th Q has really only just begun, and I’ve seen amazing comebacks that have your heart racing and your blood pumping.

Now are we talking about baseball or football or something else?

JiangxiDad on September 29, 2008 at 8:44 AM

I just wanted to show it here as a constant reminder that while our guys are always interested in reaching across the isle
Weight of Glory on September 29, 2008 at 8:39 AM

Freaking homonyms! Dumb slow brain.

Weight of Glory on September 29, 2008 at 8:44 AM

Now we know why Liberals are calling Team
McCain/Palin as dangerous,

ya,

to the Liberal Party!!!!!!!!!!!!!!!!

canopfor on September 29, 2008 at 8:44 AM

Unless and until the Carter and Clinton Community Reinvestment Acts are rescinded, the debt and obligation on taxpayers will have not bottom. That, Senator Obama, is “how we got here” and why those responsible and those who profiteered, like you, Raines, Johnson, Kerry, Frank, Gorelick etal, should be investigated and held accountable. You were all on the take is a setup that allowed NO oversight.

onlineanalyst on September 29, 2008 at 8:45 AM

Now are we talking about baseball or football or something else?

JiangxiDad on September 29, 2008 at 8:44 AM

Curling.

Weight of Glory on September 29, 2008 at 8:47 AM

Yeah…I hate to be so pessimistic, but the majority of the voting public are “idjit” voters and will swallow the BS that the whole mess was caused by Bush and the Republicans when in fact it’s the Dems who’ve consistently blocked any attempt to circumvent the problem.

Remember…it all started with a Democrat with Jimmy Carter’s Community Reinvestment Act in

With one exception, I agree. Actually, the voting public makes an “idjit” look like a Rhodes Scholar.

rplat on September 29, 2008 at 8:50 AM

How could I have forgotten Chris “Countrywide” Dodd in that investigation list. Mr. “Waitress Sandwich” is as sleazy and slippery as they come.

onlineanalyst on September 29, 2008 at 8:50 AM

Obama might be too busy campaigning to come back to Washington to vote for the bill. McCain could make a good ad about that–”the worst financial crisis since the Great Depression” [Obama's words] “and Obama voted Absent”.

That Stanley Kurtz article in the NY Post is devastating. Send it to the McCain camp or the RNC, and let the ads begin!

Steve Z on September 29, 2008 at 8:51 AM

Trot your butt back to KOS where somebody will appreciate your garbage.

rplat on September 29, 2008 at 8:38 AM

Jay is right. The republicans aren’t helping McCain at all up to this point. If they are waiting to finish the deal before attacking the traitorous dems who didn’t stop this mess, just to take the moral high ground because they didn’t politicize it during the crisis, I think they’re going to be sadly disappointed. Americans want anyone who is not Chimpy. McCain is acting too much like what Chimpy represents.

People are so cynical they cannot comprehend that McCain left the trail because of his principles not for politics. But EVERY media outlet, INCLUDING FOX, accused John of a stunt. After his remarks about why he stayed in a POW camp when he could have gone home.

John needs to address this again in the context of his uncommon valor. The same reason we understand his sacrifice while a prisoner are the same reasons he left the trail.

Oslime-a is the one who has politicized this, not John McCain.

csdeven on September 29, 2008 at 8:53 AM

Why do the Republicans think they accomplished anything? The Democrats will just put all their pork back in next session. This bill must be stopped.

huckleberryfriend on September 29, 2008 at 8:53 AM

While I continue to remain skeptical and cautiously pessimistic, I have a hunch that McCain has something up his sleeve. He’s been conspicuously silent in the past three days…too silent. And I can’t help but wonder if he isn’t holding his fire on purpose.

Perhaps he’s waiting for the bill to pass before he lets loose with both barrels? McCain’s campaign seems to be capable of very quick response times when they care to act. Sometimes timing is critical, and we don’t yet know why he’s waiting. Maybe its for Obama’s Kenyan birth certificate…

Browncoatone on September 29, 2008 at 8:53 AM

Breaking news:

Wachovia failed. Being bought by Citibank.

JiangxiDad on September 29, 2008 at 8:57 AM

Wachovia failed. Being bought by Citibank.

JiangxiDad on September 29, 2008 at 8:57 AM

Yeah. That’s my bank.

Weight of Glory on September 29, 2008 at 8:58 AM

BOSTON — Citigroup Inc. (C: 20.15, +0.74, +3.81%) will acquire the banking operations of Wachovia Corp.(WB: 10.00, -3.70, -27.00%), the troubled Charlotte, N.C.-based bank, according to a press release from the Federal Deposit Insurance Corp. on Monday morning.

Citi will acquire “the bulk of Wachovia’s assets and liabilities,” the FDIC statement said. Under the agreement, Citigroup will absorb up to $42 billion of losses on a $312 billion pool of loans, while the FDIC will take losses beyond that.

Citigroup has granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing the risk, according to the press release. Wachovia shares were down more than 80% in premarket trading Monday morning.

Not sure I understand how much this is costing FDIC. And Citi is giving FDIC preferred stock in exchange? Citi itself isn’t so healthy.

JiangxiDad on September 29, 2008 at 9:00 AM

Senate to vote on WEDNESDAY! What happened to the rush?

Weight of Glory on September 29, 2008 at 9:05 AM

The FDIC asserted that Wachovia didn’t fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund.

?

JiangxiDad on September 29, 2008 at 9:05 AM

There, you dirtbag dolts in the mainstream media make note of this and publish it . . . although I won’t be holding my breath to see it in print.

rplat on September 29, 2008 at 7:57 AM

Boehner was being a good man by propping up McCain here. But the fact is, America is a VISUAL society, and all we ever “saw” of McCain was the Thursday meeting at the White House. When the deal was announced, McCain was nowhere to be found. This is just going to make his little “suspension” stunt last week look even worse.

McCain and Palin need to memorize the major features of that bill inside and out and go out and talk about: (1) what it does, (2) what contributions McCain made to it, and (3) why it’s better than what the Democrats wanted to do. If he does that, he’ll nail Obama’s balls to the wall and make up some ground. But this is his last best chance, and I suggest he take it!

Outlander on September 29, 2008 at 9:05 AM

It may have addded only one more minute, but the 4th Q has really only just begun, and I’ve seen amazing comebacks that have your heart racing and your blood pumping.

Now are we talking about baseball or football or something else?

JiangxiDad on September 29, 2008 at 8:44 AM

Impossible to come back when the referees give every advantage to the other side, give all your points to the opponent, and refuse to allow you a level playing field.

fossten on September 29, 2008 at 9:06 AM

But I think I’ve made clear to many of you that if it were not for John McCain supporting me at the White House when I said whoa, whoa, time-out, they would have run over me like a freight train.

This says more of Beohner’s lack of ability than McCain’s. If he is that easily rolled when people are melting down the switchboard in opposition then the Republicans need new leadership.

Dr. Dog on September 29, 2008 at 9:09 AM

I believe the entire election will turn on the bailout. Nothing else will matter. So far, the Democrats have won it. Obama’s statement that McCain did nothing and Obama’s ideas saved the day are left unchallenged.

JiangxiDad on September 29, 2008 at 8:17 AM

It is true that the election will be decided on this issue, but it is not too late to fight back. The McCain campaign and RNC need to assemble video footage of Barney Frank, Jamie Gorelick and others denying that there was a problem, juxtaposed with Republican attempts to reform the two Fs, and our side needs to go viral with this history lesson.

We need to hear the cha-ching of cash registers by both Raines, Gorelick, and Johnson, but also Obama and Dodd. We need to use this while quoting Barry and the Democrats talking about how much they hate golden parachutes.

We were heard on ACORN which give me hope that we can get through on this issue. For once our side needs to have talking points and stay on message. That is particularly true for McCain.

onlineanalyst on September 29, 2008 at 8:08 AM

Thanks for the link to the NY Post’s Stanley Kurtz piece on Barry’s role as a race-baiting extortionist in this housing fiasco! I wonder if there is any video footage of Barry’s friend protesting loudly in bank lobbies, and so forth. We literally need the American people to see with what thugs these people are.

Buy Danish on September 29, 2008 at 9:09 AM

Outlander on September 29, 2008 at 9:05 AM

McCain and Palin need to memorize the major features of that bill inside and out and go out and talk about: (1) what it does, (2) what contributions McCain made to it, and (3) why it’s better than what the Democrats wanted to do.

If McCain really wants to win, all he has to do is oppose the bill and rally the Republicans to vote against it. He needs to present a simple, less expensive alternative based on conservative principles and let the Democrats take it or leave it.

huckleberryfriend on September 29, 2008 at 9:09 AM

Watch for a run on firearms and ammunition on Nov. 5.

either orr on September 29, 2008 at 9:20 AM

huckleberryfriend on September 29, 2008 at 9:09 AM

I disagree. McCain has neither the time nor the staffing to, by himself, create a comprehensive bailout/rescue package in the time allotted. Thus, anything McCain would put together would be a cheap knockoff of the Paulsen plan and would immediately be attacked as a political stunt. Given how worried everyone is about the possible collapse of the financial markets (which, given the fact that Wachovia died this weekend and several European banks have now failed, is something that still could happen, even with the bailout bill), you do not want to get tagged for “playing politics” with an issue this important.

Look at how quickly McCain dropped in the polls just with his goofy “suspension of the campaign” and request to postpone the debate…

Outlander on September 29, 2008 at 9:21 AM

Reid and Peloser have removed all doubt that they are presiding over the most corrupt and incompetent Congress in over a 100 years. Prime Minister Steven Harper, the conservative leader of Canada, had to fight back against the liberals when they tried to drive the “green tax” down the throats of the Canadian people. In defeatinbg them, Harper said if it had passed, “the liberals would’ve SCREWED every Canadian citizen.” The arrogance of the left was hysterical in saying Harper could have used better wording. The democrats will do to us what liberals have tried all over the world and failed. Canada, France, Germany and Poland have conservative leadership rising to govern.

volsense on September 29, 2008 at 9:24 AM

Unfortunately the elephant in the room is that McCain really doesn’t understand the bailout- he’s not an economist. Most of us aren’t! I agree with whoever said that America is a visual society; We needed to see him again after the debate. In Fairness, he was on ABC yesterday morning, but he did nothing to help his cause. He sounded tired and stilted. He’s got to stop this crap about letting the American public determine his value in the bailout- Obama hammered him all day yesterday. McCain will be down again today- hopefully not by too much more.

anniekc on September 29, 2008 at 9:26 AM

Outlander on September 29, 2008 at 9:21 AM

There are already Conservative proposals available. But I’m thinking more along the lines of a stimulus bill -
Drill, Drill, Drill – Fastrack
Nuclear Power – Fast track
Electricity Infrastructure – Fast track

Meredith Whitney (one of the few that has been right about banks and housing) just said on CNBC that she expects us to lose money on the current bill because house prices are still declining.

So I think an alternative is to bypass the banks and put this money directly into the economy with “real” assets.

huckleberryfriend on September 29, 2008 at 9:30 AM

Is there a link to tbe quotes in the initial story?

Yakko77 on September 29, 2008 at 9:45 AM

Do Americans realize that being 25% of the global economy what happens with this thing will affect the rest of the World?

What a time to be worried about US finances and politics.

And where have John and Sarah been for the last few days?

And what about the consequences of an Obama Presidency to the rest of the world?

Think about it!!!

Crux Australis on September 29, 2008 at 9:46 AM

The first part of this plan should require the Messiah, Dodd and Frank to give back the Fannie Mae money they have been bathing in.

bopbottle on September 29, 2008 at 7:59 AM

Republicans should submit ethics charges against Frank and Dodd.

Expecting Frank & Dodd to act decently on their own is silly. They have no shame, but formal charges can hurt them, if voters care.

Right_of_Attila on September 29, 2008 at 9:53 AM

Crux Australis on September 29, 2008 at 9:46 AM

How’s your economy doing these days? Are events in the U.S. having any significant impact on you guys?

BadgerHawk on September 29, 2008 at 9:55 AM

Impossible to come back when the referees give every advantage to the other side, give all your points to the opponent, and refuse to allow you a level playing field.

fossten on September 29, 2008 at 9:06 AM

I don’t think we’ve lost yet. But if we do, there are two ways to lose it. If we lose fighting, (even if it is because with the media’s help, the process is rigged,) it will inspire further fighting. If we lose without a rigorous fight, people will assume our message is flawed.
We can easily avoid that very serious mistake. It will undermine attempts to challenge Pres. Obama.

JiangxiDad on September 29, 2008 at 10:09 AM

Since Paulson and Bernanke were the ones who spent a whole week putting the first plan together with the democrats, where the hell are they … shouldn’t they be out there letting everybody know that Harry and Nancy are lying?

The GOP didn’t get congressional representation at that table until McCain came back to DC. Why won’t the Bush administration people tell the truth about the democrats?

funky chicken on September 29, 2008 at 10:26 AM

@ Blackhawk

The current problems in the US would never happen in Australia for two reasons.

1) Government regulation of the the financial and banking sector – although the Republicans in the US balk at this.

2) No sub-prime mortgages – who in their right mind would not carry out credit history checks on prospective mortgagees? And knowing full well that if interest rates increased someone would default on their mortgage?

I live in Sydney and it is probably the only city in Autralia with substantial exposure to Wall Street and the US financial sector. I expect to see the effects here first.

Crux Australis on September 29, 2008 at 10:40 AM

Not sure I understand how much this is costing FDIC. And Citi is giving FDIC preferred stock in exchange? Citi itself isn’t so healthy.

JiangxiDad on September 29, 2008 at 9:00 AM

Called it…

Paulson has stated he is only looking to buy debt of 3 to 5 major institutions…

Citi, BofA, JP… all the winners of the recent Gov forced buy outs… who else will be on the list and left standing.

Once these Banks get their debt cleared, THEY will be able to get Loans, other banks will not. I predict MORE bank buy outs in the next couple of weeks as this plays out.

Romeo13 on September 29, 2008 at 10:55 AM

Crux Australis on September 29, 2008 at 10:40 AM

Hey Aussie! We can fix that lack of problem for you. Want our Democrats?

CC

CapedConservative on September 29, 2008 at 10:59 AM

Paulson has stated he is only looking to buy debt of 3 to 5 major institutions…

Citi, BofA, JP… all the winners of the recent Gov forced buy outs… who else will be on the list and left standing.

Once these Banks get their debt cleared, THEY will be able to get Loans, other banks will not. I predict MORE bank buy outs in the next couple of weeks as this plays out.

Romeo13 on September 29, 2008 at 10:55 AM

Think maybe Goldman Sachs????

CC

CapedConservative on September 29, 2008 at 11:00 AM

2) No sub-prime mortgages – who in their right mind would not carry out credit history checks on prospective mortgagees? And knowing full well that if interest rates increased someone would default on their mortgage?

I live in Sydney and it is probably the only city in Autralia with substantial exposure to Wall Street and the US financial sector. I expect to see the effects here first.

Crux Australis on September 29, 2008 at 10:40 AM

Note the date on the following. It’s from only a few days ago.

Date Published : Wednesday, August 27, 2008

The Australian and New Zealand Bank
(ANZ) has released plans to enhance its indigenous home lending operations.

In its report called Home ownership and indigenous Australians, the bank declared that a focus on indigenous home ownership offered a “potential business opportunity in an under-served market”.

The report found that in Australia indigenous home ownership levels are low with only 36 per cent of Aboriginals owning their own property.

Although this is up from 32 per cent in 1996, the bank claimed – citing the Australian Bureau of Statistics – that these ratios are significantly below the indigenous home ownership levels in the US, Canada and New Zealand of 59 per cent, 41 per cent and 50 per cent respectively.

The bank said that a large number of native Australians in urban and regional environments meet lending criteria but may not think about a mortgage due to “preconceptions of not receiving approval for a loan, or fear of not being welcome or understood”.

Lenders may also inadvertently discourage potential indigenous by applying standard customer and credit processes “that are unsuited or not tailored to personal circumstances”, the report found.

To combat this exclusion, the Melbourne-based bank claimed it will focus its efforts on behavioural change to address indigenous financial and home ownership rates, which will include developing a closer understanding of their needs.

Seems like social engineering is alive and well in Aus. too. There’s plenty online about schemes for transforming Aus. society to better meet the needs of its aboriginal citizens.

As for Australian economy, your dollar should get something of a lift from our fall, but you stock market is at lowest level in nearly two years. Guess it’s due to commodity demand being weak now. Don’t know which, if any of Australian banks bought American mortgage assets and may be in trouble because of it. Good luck.

JiangxiDad on September 29, 2008 at 11:06 AM

Obama is taking credit for work he did not do. Incompetent morons like him always take credit for other people’s work. This is the guy Democrats want to elect President, God help us.

pukara61 on September 29, 2008 at 11:39 AM

The CNN ad was terrible–and effective. All the buzz words were there.

In the absence of any real argument from McCain, what are people supposed to believe?

Why won’t he talk about what really happened? All he has to do is use some film from the banking hearings, and he’s got it!

PattyJ on September 29, 2008 at 11:51 AM

I think Boehner has done a great job this summer, between the “drill now” push and this latest effort on the bailout. The measure could have passed without the House Republicans. Our Republican Senators are the ones who caved first – on both drilling and the bailout – and Boehner did his best to salvage what he could. He won on drilling (last I heard the offshore ban was going to expire) and made some inroads on the bailout.

The person I’m most disappointed in is President Bush. He apparently panicked and allowed Paulson to work in cahoots with the dems to assemble a terrible bill. He should have insisted in bipartisan negotiations from the start. I am grateful for Bush’s handling of terrorism these past 8 years, but I’m sick to death of how weak he is on domestic issues.

Cantor seems like a very honorable guy and Boehner has acquitted himself well recently, so I’m inclined to trust them that this is the best they could do under the circumstances (ie: a media in the tank for the dems, a weak president, a slimy treasury secretary, and a Republican minority).

Y-not on September 29, 2008 at 11:58 AM

Wha…Wha…Whaaaaat? How can Boehner be correct…
I mean, isn’t San-Fran-Nan running the most inclusive, post-partisan, transparent, and ethical conress-EVAH !?!

And now the libs are trying to cast Mav as a deal-breaker???

Typical Hypocrisy from the left

RocketmanBob on September 29, 2008 at 12:05 PM

And guess what the only byte taken from this was:

Boehner: I’m encouraging every member of our conference whose conscience will allow them, to support this bill. Thank you very much.

This deal is a gold-plated dog turd, just like the mortgages it intends to buy up.

Also, can someone explain to me how these bad mortgages are going to get paid for? The money isn’t gonna come from American citizens, that’s for sure. They’re the ones trying to sell the houses. Who’s gonna buy them?

God’s children, maybe?

spmat on September 29, 2008 at 12:48 PM

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