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Alegre's Corner
We're not finished folks - not by a long shot!

Bailout Deal Breaks Down - Where's Barack?

by: Alegre

Thu Sep 25, 2008 at 21:49:19 PM EDT


Most of you have probably already heard that the deal on the Hill has fallen through.

Urgent efforts to lash together a $700 billion rescue plan for the national economy broke apart Thursday night, hours after key lawmakers had declared they had reached a deal.

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke sped to Capitol Hill to try to revive or rework the proposal that the administration says must be quickly approved by Congress to stave off economic disaster.

Congressional leaders were to meet with the economic chiefs into the night.

My question... why isn't anyone talking about what a missed opportunity this is for BHO?  Why isn't he out there like Hillary, talking about his solutions every chance he gets????

With all the talk coming out of Camp BHO about working across the aisle and getting results by talking with the other side, I'm amazed that BHO isn't joining McCain in suspending his campaign and working 24/7 to find a solution to this economic meltdown.  This is his golden opportunity to show leadership on an issue that's got everyone scared.  Dammit folks are worried about job security and making their next mortgage payment or the rent.

Seriously - if people here in Maryland are starting to worry about our jobs (and we ARE), then can you imagine how all-consuming this is for people back in the Rust Belt?  Those swing states (MI, OH & PA) are in serious pain where this failed economy's concerned - this is the perfect chance for BHO to lock down much needed support in these must-win states!

Make the jump - there's more...

Alegre :: Bailout Deal Breaks Down - Where's Barack?
Sorry to be blunt, but he's acting like an @sshole dammit.  It's like his campaign is purposely blowing this thing by focusing on some lame-@ss faith tour rather than talking about the pain this economy's causing people back home in the Rust Belt. He should be POUNDING AWAY at this economy.  He should have led the way back to DC to lead the efforts in finding a solution to this impasse that seems to have taken over on the Hill.  He's always talking about working with the other party in a bi-partisan manner well DAMMIT (!!!!) here's his big chance.  And while McCain's jumping all over this by suspending his campaign BHO looks like a complete jerk by going forward with his debate prep shite and his call-me-if-you-need-me attitude.

Gawd if he could only grasp how much PAIN there is back home because of this economy, he might actually start to act like it's a front-burner issue.

Guys I'm not saying all this to rip into BHO.  I'm a Democrat and I want Democrats to win this year, and when I see someone who should be 10 or 15 points ahead in the polls given this economy acting like it's not the ONLY issue to be addressed, I want to bash some heads together until people start to listen.  

If BHO wants to win this thing he needs to take the Rust Belt.  To do that he's got to hammer and I mean HAMMER away at the economy.  Act like its the only game in town.  Take the lead in working out a solution among his colleagues in the Senate by getting in front of the cameras and mapping out his plans - his solutions - his ideas for keeping people in their homes and earning a decent wage.  He's gotta be seen talking with the rethugs about solutions - about things like HOLC and foreclosure moratoriums - about looking after Main Street as well as Wall Street.

IN other words... he's got to get his @ss back to DC full time instead of just for high-profile visits at the White House.  He's got to be seen rolling up his sleeves and getting the job done.

He's gotta start acting more like Hillary actually.  She's been leading the way on this issue and she's earning a lot of respect from folks for tuning into our worries and working to find solutions for the long haul.
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Bailout Deal Breaks Down - Where's Barack? | 32 comments
Probably trying to decide where in the White House to put (0.00 / 0)
his official portrait as President Obama

Oh, have I mentioned I can't stand Obama?
Umm... Wow (0.00 / 0)
Just wow.

Invest in Women - Change the World
http://twitter.com/alegrescorner
[ Parent ]
ummm wow (0.00 / 0)
Alegre this is a bit unfair of you to be attacking Obama for this.  He has clearly stated what provisions MUST be in the bailout...this is NOT John McCain or Barack Obama's (or Hillary's) bailout....they are NOT on the committee.  He is doing exactly as he should...McCain is a fool and this is a very sophmoric grandstanding on the part of the republicans.  It's a joke.  Obama warned of this crisis last summer (2007), and presented solutions to this.  To say he has to be in Washington to talk about this is ridiculous....the Democrats are pretty much on board, he does not have to do any convincing.  He has spoken to Paulson and committee members every day, often twice and is fully aware of what they are doing.  
Bush forced him to go to the meeting today - just for a photo-op, a total waste of time for all concerned.

He is in touch with the key players and that is how it should be - and he can do the debate at the same time.

[ Parent ]
I'm Not Attacking Anyone (0.00 / 0)
You don't get it do you?

This is about perception and the perception is that BHO is aloof and above it all - too busy prepping for that debate that may or may not go down to get his tail back to DC and do his job.

I don't know where you're posting from but the Rust Belt needs relief and it needs it last year.  If he wants to win this thing (and I have serious doubts about that at this point) then he needs to HAMMER the issue of the economy - 24/7 for the next 39 days.

Invest in Women - Change the World
http://twitter.com/alegrescorner

[ Parent ]
Well, then he should have said so and (0.00 / 0)
not said, "If they need me, they will call me." Which really begs the question, does this man care enough about the plight of the average American?? Does he give a damn about anyone but himself?? So far the answer is no. Yeah, I know, all the speeches about how he can bring change, hope, etc. but no specifics about HOW he is going to do it and how it's going to be paid for. The problem with Obama is that he is asking people to vote for an image with no substance. And his record on doing his job in the Senate isn't very good either. He was "too busy" to hold a meeting of his own committee, which oversees NATO and the war in Afganistan, but not too busy to write a book, "The Audacity of Hope" in his first 18 months in office. Since his job was to hold those meetings and NOT to write a book, it does bring up the question of whether he has the work ethic and concentration necessary to be President.  

Live your life in such a way that when your feet
hit the floor in the morning, Satan shudders & says
'Oh $#!%'...she's awake!!
[ Parent ]
In All Fairness Re That SubCom... (0.00 / 0)
I think he was assigned Chairman aroind the time he annonced for the WH, and after his book came out.

But you're right about his being too busy to hold hearings.  There's no excuse given NATOs role in Afghanistan and Iraq.

Invest in Women - Change the World
http://twitter.com/alegrescorner

[ Parent ]
The converse is true as well.. (0.00 / 0)
If he had enough time to write a book, and still do his Senate job, before he started on that committee, he should have had time to hold a meeting when writing the book was no longer on his schedule. He has even less excuse for not holding a meeting.  

Live your life in such a way that when your feet
hit the floor in the morning, Satan shudders & says
'Oh $#!%'...she's awake!!
[ Parent ]
HRC's statement on this (0.00 / 0)
was pitch-perfect (I'm referring to the one in the WSJ). I haven't heard anything that concrete or concise coming from Camp O. But Obama has hardly engaged on economic issues, which seems crazy given how bad things are and how much voters prefer Democrats to handle the economy.

I disagree about the debate though. I want to see it. I think the candidates owe it to the electorate to appear together and discuss issues.  

That can be done after this round of crisis management. (0.00 / 0)
McCain said postponed, not canceled.  And, he is the one that asked for many more debates and it was Obama who refused.
[ Parent ]
According to BTD, it was big bad McCain ... (0.00 / 0)
who broke the deal. So what is next?  I'll tell you that the Democrats have to craft a bill and pass it that will help ordinary Americans and stop reacting to the poison proposals from Bush and Paulson.  The Dems are in the majority, act like it.  Do you really believe that if the shoe was on the other foot that the Republicans would blink and cave like Democrats are doing?  No way.

Be prepared to hold your breath for long time if you really think that Obama will get out in front and lead on this issue.  It isn't in his make-up.  Hillary has to continue to push and we have to back her by contacting all our reps that her plan is the way to go.  I've been doing that every day.

Agreed - I Doubt He'll Take the Advice (0.00 / 0)
and get out in front on this issue.

He's been ignoring good and thoughtful advice - why should he start listening now?

Invest in Women - Change the World
http://twitter.com/alegrescorner

[ Parent ]
I like this line in the NYT article (0.00 / 0)
.
"It has become abundantly clear, that members of Congress are hearing from their constituents, many of whom are furious about the proposed rescue."

http://www.nytimes.com/2008/09...
"Bailout Plan Stalls After Day of Talks..."
.
[ Parent ]
He is talking about a "sense of urgency", (0.00 / 0)
something he didn't have a few days ago when he said "If they need me, they will call me." Now he is going on and on about how important it is to get this situation solved as soon as possible. http://politicalticker.blogs.c... So he has gone to Washington to talk about how this situation shouldn't be injected into the campaign. Is that weird, or what?? Apparently he doesn't see the connection between responding to this urgent situation and asking for the job of President. The comments on that ticker are so funny..one guy actually praises Obama for "staying above the fray". I just can't believe that anyone would see this as a time to stand aloof and wait. At least not if you are paid to DEAL with stuff like this. And he is still collecting his Senate salary, right?? Well, he wants to get back to campaigning and the debate. And he doesn't see that this situation is helping at all..in fact it's something that shouldn't really concern candidates.

"I've been concerned for some time that when you start interjecting presidential politics into delicate negotiations, you could actually create more problems than less," Obama said. "It is amazing what you can get done when the cameras are not on and people are not looking to get credit or allocate blame."

He hasn't been concerned about the people losing their homes, the investors whose retirement money just went down the toilet, or the effect that this mess is going to have
on anyone but him and his campaign plans.

What a piece of sh*t the Dems have for a candidate. If anything proves what Obama is more concerned about than anything else, it's the statement that this situation isn't something that should be injected into the campaign. What job does he think he is running for?? Dog Catcher??  

Live your life in such a way that when your feet
hit the floor in the morning, Satan shudders & says
'Oh $#!%'...she's awake!!

You don't seriously think... (0.00 / 0)

....'The One' the clown and only is actually capable of doing anything do ya?

What a sick joke Ted and John and Chuckie and Miss Nancy have played on the country. But ya know....

The last laugh is gonna be on them when the Dem caucus faced with McSame in the WH with, possibly, America's first woman President along with him and a resurgent GOP, ready to loot and scoot some more, turns on the morally repugnant and totally clueless Pelosi and sez:

'WHAT THE FUCK HAPPENED!'

Oh to be the proverbial fly upon the wall at that meetup....

If it does play out this way it will be a golden opportunity for true progressives and all their allies to get rid of the rot and corruption in the Democratic Party which has allowed the morally bankrupt scum of BushCo to rule unopposed.

May Miss Nancy choose the honorable way out.

I suggest seppuku. So convinced am I of her guilt in the death of over one million Iraqi's I will stand kaishkunin.

Get ready folks, for when the Clown goes down we will have our chance.  

It would suffice (0.00 / 0)
for her to resign.

Enough with the feudal stuff.

Enough with the death and blood.

[ Parent ]
I don't know, Alegre. (0.00 / 0)
I am particularly fond of my plans to use my retirement funds to supplement my social security income when I retire, and not have to work until I am 80 years old because the bottom fell out while they are all playing politics.  I would appreciate it if neither one of them would use this crisis to further their campaigns, compare their leadership qualities, and just stay the fuck away from Washington.  I think Obama is coming closest to doing just that.  All of them.  Everysingle one of the idiots down there, don't have a care in the world if the economy goes under.  They can still spew crap all day,go home and prop their legs up at night.  They should stay away from using my life to prop up their careers.
Washington Mutual Fails, Seized by Regulators (0.00 / 0)

By ERIC DASH and ANDREW ROSS SORKIN
Published: September 25, 2008 (NYTimes)Page A1

Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.

Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation's largest savings and loan to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution.

The move came as lawmakers reached a stalemate over the passage of a $700 billion bailout fund designed to help ailing banks, and removed one of America's most troubled banks from the financial landscape.

Article continues for another 15-plus paragraphs
http://www.nytimes.com/2008/09...

Right now, the present candidates are irrelevant, unless or until an announcement of international co-operation between leading nations toward solving this problem is made.  

Ahh Crap... WaMu Was Hanging on By a Thread (0.00 / 0)
Another one bites the dust (sigh)

Invest in Women - Change the World
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[ Parent ]
WaMu bought by JPMorgan.. (0.00 / 0)
Or so the news says.. http://money.cnn.com/2008/09/2...

JPMorgan Chase acquired the banking assets of Washington Mutual late Thursday after the troubled thrift was seized by federal regulators, marking the biggest bank failure in the nation's history and the latest stunning twist in the ongoing credit crisis.

Under the deal, JPMorgan Chase will acquire all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits.

To put the size of WaMu in context, its assets are equal to about two-thirds of the combined book value assets of all 747 failed thrifts that were sold off by the Resolution Trust Corp. - the former government body that handled the S&L crisis from 1989 through 1995.

In exchange for scooping up WaMu, JPMorgan Chase (JPM, Fortune 500) will pay approximately $1.9 billion to the Federal Deposit Insurance Corporation.




Live your life in such a way that when your feet
hit the floor in the morning, Satan shudders & says
'Oh $#!%'...she's awake!!
[ Parent ]
Clever, but not wise. (0.00 / 0)
The ever-so-trustworthy Bush administration wants to use the proposed bailout money to reorganize the banking system - to fund the big banks so they can eat the little banks while the FDIC/taxpayers at the same time absorb the losses! Massive consolidation of the banking system. Massive control of the parasites over the economy.

http://alegrescorner.soapblox....

What we term "morality" is hard lessons learned over thousands of years. Basically, it amounts to, "If you keep doing that shit, you are going to sink the ship."

What these idiots are doing is immoral.

[ Parent ]
Here is another that'll scare the pants off ya. (0.00 / 0)
And all the while they are down there spreading their tails like a bunch of peacocks.  

http://www.reuters.com/article...

[ Parent ]
Fear is useful (0.00 / 0)
if one is not frozen into inaction, or rushed into stupid actions by it.

This is a 312KB (not huge) PDF file.
http://wlym.com/articles/ingra...

Report 8 within the above - Central Banks

How We Got Where We Are
The years between 1876 and 1914 were the turning point. Under the influence of Henry Carey and his allies, Germany, Japan, Russia, and other nations adopted aspects of American System economics, and initiated major economic development projects. [which were perceived by the oligarchy as threatening Britain's global sea-power hegemony.]  Britain countered with its drive for a global financial dictatorship, all the while plotting to unleash the deadliest war in human history.

Lets take a brief look at the emergence of central banks in a selection of nations at the end of the 19th century:
{snip}

If one looks not at the earlier "foundings" of these banks, but rather at the charters that transformed them into central banks and brought them into line as part of the London-dominated Central Banking System, it is revealing:

{snip} With the exception of France, all of this occurred in only 26 years. And of course, only a few years later we see the Federal Reserve in the United States.

Spreading the Global Web
There is an incredible amount of gibberish written about Central Banks, but the current academic view is that a bank, to be considered a real Central Bank, must satisfy three requirements:

-    1) a monopoly right of issue (of currency)
-    2) the bank must act as the lender of last resort
-    3) the bank is divested of commercial operations

By that definition there were only 18 Central Banks in the entire world as late as 1910! In 1950 there were 59, and by 1990 there were 161. {...} The Central Banking System is not a centuries-old institution. Neither is it an axiomatic pre-existing feature of human culture. It is a creation, and a very modern creation at that, whose existence, until the recent period has been very tenuous.


.

[ Parent ]
BREAKING: ACORN $$ in scuttled deal...to the tune of 20% !!!!!!!! (0.00 / 0)
Breaking!!!!

What? ACORN Given 20% of Bailout Money under Original Bailout Proposal???????

http://insightanalytical.wordp...

Revealed tonight on Greta Van Susteren....No wonder it was scuttled.  I hope McCain was behind sinking this!~

"If befriend donkey, expect to be kicked"--Charlie Chan

ACORN???? (0.00 / 0)
Holy shit.  If they were going to get a chunk of that $$ I'm GLAD the deal fell through.  I've been hearing some seriously scary shit about them and BHO's camp.

Invest in Women - Change the World
http://twitter.com/alegrescorner
[ Parent ]
I'm too cynical (0.00 / 0)
I don't BELIEVE the bailout will 'rescue' those who are losing their retirement.  I believe that the bailout is for those rich fat cats on Wall street who have made tremendous profits already and now are scared that they're going to lose one of their ten homes.  

If we're going to shell out 700 billion dollars, let's spend it on health care for all Americans.  Wall street will recover when regular people start feeling confident about our future.  

This may not be what I'm 'supposed' to say right now.  But Wall street gambled away their money and lost it.  I do NOT feel sorry for them and I do not want to provide them a refund with the little money I have.  That money could be better spent on helping ourselves.  

it's a big deal (0.00 / 0)
I agree Hillary's the best but Barack is doing okay. He has her advisors now, it's not about his action as a senator, it's about his wisdom as a future president. He's slow off the start, but he's just not as prepared as she, how could he be, but he's at least thinking and consulting. He's not pretending to be all-knowing and then coming up with any old thing, meaning he recognizes his own limitations and that's a good thing.  It'll take more than one brain to get us out of this mess.  

Hillary - alternative energy
More on the bailout deal that wasn't (0.00 / 0)
I just wanted to mention some facts about what's going on, in case anyone might be interested. There is no deal, never was a deal, but a lot of members of Congress are trying to come up with an acceptable deal. It may not be anything like what Paulson suggested.

The facts as I know them:

Paulson knew there was no deal and knew that it wouldn't be possible to come up with a plan before Monday unless McCain came back to Washington. He contacted Lindsey Graham who then got in touch with McCain who then dropped everything to come to DC.

The meeting in the WH was extremely contentious. The Dems had a deal the Dems agreed upon but when the Rs saw what they were up to, they balked and then Harry Reid completely lost it and Franks blew a gasket. What the Dems had done was commit a huge chunk of the bailout to ACORN. Wow! That's a group that has been investigated for vote fraud in 17 states, suspected of thuggery, organized crime, money laundering, criminal waste, you name it. Obama's campaign gave over $800,000 to ACORN.

House Republicans came up with a plan that costs a fraction of the $700 billion Paulson plan. It calls for the elimination of the cap gains tax for two or three years and the capital repatriation tax. It also calls for buying insurance on mortgage-backed securities.

http://tinyurl.com/4ycpeh

Right now, futures are way down due to RIMM and uncertainty over the bailout. Looks like Friday is going to be rough.

I'd like to offer a little background on this mess. A crucial protection was eliminated in November, 1999, by the Financial Services Modernization Act of 1999. It was called the Glass-Steagall Act of 1933, a provision put in place to keep banking separate from insurance and investment banking. The chief lobbyist was Citigroup and among the most active members of Congress out to kill Glass-Steagall were Chris Dodd and Chuck Schumer. They were at it for years so they were very happy when Phil Gramm introduced this legislation. As a condition, though, they wanted a compromise with the Community Reinvestment Act so that more loans would be made for minorities. This set the stage for what was to follow. That bill was passed by an overwhelming majority. John McCain did not vote.

http://partners.nytimes.com/li...

Next came the Commodities Futures Modernization Act of 2000. It "broke down the firewalls between Wall Street and commercial banks and banned regulation of credit default swaps, an insurance-like product bought by financial services companies to cover their risky subprime mortgage investments. American International Group, rescued by the Federal Reserve on Tuesday, is one of the biggest sellers of these swaps."

Starting in April, 2001, president Bush urged Congress to do something about Fannie Mae and Freddie Mac, institutions that were already showing signs of trouble. A bank in Chicago owned by the Pritzker's that had been making subprime loans was seized that year. Penny Pritzker is Obama's financial advisor. There were 16 more warnings from Bush to Congress but nothing was done. Chuck Hagel introduced a bill in January, 2005, that would have regulated troubled financial institutions, including and specifically aimed at Fannie/Freddie. Cosponsors included Dole, Sunnunu, and McCain. It died the following year, blocked by the Democrats.

Democrats blocked all efforts by Republicans to regulate the troubled banking industry, maybe because they were heavily funded by the investment banks and insurance companies. Chief culprits are Barney Frank and Chris Dodd. Now, they're the ones trying to fashion a deal.

Also of interest:

Hundreds of Economists Urge Congress Not to Rush on Rescue Plan

http://www.bloomberg.com/apps/...

Country before party.

This very pro-McCain (0.00 / 0)
video greatly expands on what you are saying (if you are pointing to the rot in the Dem leadership).

To someone looking to reform the Democratic Party, it's a bit like having a squad with only small arms and watching a heavy tank advancing on you. An "Oh shit" moment.

There are a few well-aimed shots in the 900+ comments, but this beast is coming down the road.

http://www.youtube.com/watch?v...

[ Parent ]
Some relief from that onrushing machine (0.00 / 0)
may be found here:

http://www.robertreich.blogspo...

He points out (I'm sure he's correct, but I don't see documentation) that both parties were complicit.

As well, he has worthwhile comment on the bs bailout proposal.

I'd written more on this but lost it with a bad click. This guy has creds. See his Bio at wikipedia for starters. He has good ideas too.

Were Hillary President, I wouldn't be surprised to see him asked to join the team.  

[ Parent ]
thanks (0.00 / 0)
Very interesting background/overview.  Thank you for posting this.
[ Parent ]
Again, how come... (0.00 / 0)
the 2 male candidates can't possibly be expected to both campaign and do their jobs at the same time?  doesn't seem to phase Hillary at all.

She was campaigning for BO in MI yesterday.  She immediately rolled out several suggestions for solutions to this financial crisis.  I am quite sure she is in touch with what is going on minute by minute on the committees, and if it was required of her, I have absolutely no doubt that she could fly cross country tonight and give a credible performance at a debate.  She knows how to do this.  no, on the job training and no anxiety about blowing the other guy out of the water in an impromptu press conference - cause she already knows what to do and say.

can we have her back NOW, pretty pretty please with sugar on top?

She Has More Than A Passing Interest in This Mess (0.00 / 0)
Wall Street's in her state after all and a LOT of jobs are depending on what happens over the next few days.

The beauty of her plans though is that they also take into account the needs of the folks on Main Street.  Folks losing their homes and jobs - people who are going into debt just paying their month to month bills for the basics.

Hillary gets it in a way those clowns will never get.  It's because she's actually LISTENED to us.

Invest in Women - Change the World
http://twitter.com/alegrescorner

[ Parent ]
Bailout Deal Breaks Down - Where's Barack? | 32 comments
"Always aim high, work hard, and care deeply about what you believe in. When you stumble, keep faith. When you?re knocked down, get right back up. And NEVER listen to anyone who says you can't or shouldn't go on."
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