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70 Comments
Damn, I’m good, I said after Mccain’s theatrics, bush would invite them both to an economic meeting. This had already been staged before mccain’s drama. The repubs. are playing politics.
What time is bush going to make his dire prognostications?
Corrections in the marketplace…
And LOTS of blinking!
I’ll be the first to say it: Bush is in tight with that darn democratic congress! I can no longer call them the “do nothing” congress. Not when they have voted over, and over again to increase deficit spending, increase the national debt, pass the second biggest earmark legislation in history, fail to enact any significant changes with their Energy Act (accept delay 35 MPG fleet average until 2023), and have tremendously added to the national debt.
Now, with the democrats deeply indebted to the campaign contributions THEY took from the banks, loan companies, and Freddy and Fanny – they are now going to give BILLIONS and BILLIONS to millionaires, rich bankers, rich investors, and the crooks in business.
Bush really cannot compete with the likes of a Congress out-of-control controlled by democrats.
Think careful next election. We don’t want more of the same!
When does the 3rd quarter officially end? Is it September 30th? SOMETHING MUST BE DONE BEFORE THAT DATE! How long before the quarterly reports that can’t be manipulated enough come out?
bush really really had his heart set on being able to manipulate the indicators until he was out of Dodge.
The top 20 executives of each failed company, banks and other organizations that are failing need to be arrested, handcuffed and led directly to jail with no bonding allowed.
Its a false impression that top executives of large corporations are necessarily Republicans or Democrats. I suspect they tend to be like neither party … only opportunists for their personal financial issues.
It’s also a false impression that these same top executives are the ones who can lead this nation out of trouble merely by giving them humongous amounts of money borrowed from the Chinese to get America out of the malaise we are in.
I should research this but I recall that Franklin Roosevelt fired all airline company presidents for dividing up air mail routes back in 1933 or 1934. I believe President Truman threatened to nationalize the major railroad companies in about 1948 to 1950.
This financial situation has been developing for some time and was probably visible to many at the top. Heads need to roll. Corporate leaders should be taken to prison. It’s too late for excuses, pandering and one upsmanship.
This financial cancer is sure to spread down the ladder. Like Hitler’s henchmen in the bunker, you can bet the top cats are trying to cash out tonight and fly to safe havens around the world.
As that saying goes, you haven’t seen nothing yet.
American way – remember Bush had a total Republican controlled Congress for 6 years! They have done their number on the American taxpayers and now they want the taxpayers to bail them out.
I still think Bush is the puppet in this stage show because I doubt if he really knows how the economy works. That said, it does not excuse him for his part in this fiasco.
Unfortunately, during the speech I was wondering if anyone even believes this man anymore. I think Bush is like the boy that cried wolf. He has lied so many times in the past to the American people that when the real crisis comes, no one will even bother to listen to him.
And McCain himself admitted that he does not know much about the economy but he has promised to go to Washington to fix it – more political BS. He just does not want to debate Obama while the sinking economy is the hot topic. McCain needs to fire his own campaign advisers who were a part of this financial mess.
But of course we can all count on Sarah Palin to do her part – maybe she’ll teach us all how to kill and dress a moose for moose stew?
bush wants to cover his a**.
———-
White House spokesman Tony Fratto said President Bush called Democratic presidential hopeful Sen. Barack Obama tonight around 7:30 pm. Bush and GOP presidential nominee Sen. John McCain also spoke this afternoon, and their staffs conferred afterwards, Fratto said.
The president has invited the bicameral and bipartisan leadership, and the two senators running for president, to the White House tomorrow “to work on driving to a bipartisan and timely solution.”
Obama has agreed to attend the meeting.
http://voices.washingtonpost.com/the-trail/2008/09/24/president_bush_calls_obama_and.html?hpid=topnews
I have to agree with you Jwink. This is a bad bill from the get go. If the CEOs aren’t punished in some manner then the bill shouldn’t pass.
We should stop rewarding failure. We should stop thinking along party lines and think along the lines of what is right for the country.
Those senators and congressmen that benefited from of the companies that are failing they should not be writing the bill that will be their salavation. We need to clean house from the top down.
If McCain sits this one out in hopes that he can postpone to the date the VP debate was originally scheduled (so the VP debate would neeed to be postponed…), then Obama will have twice the time FREE! What would Barr or Nader do for this amount of FREE TV coverage?
———–
Commission on Presidential Debates
Statement by the debate organizers:
“The Commission on Presidential Debates is moving forward with its plan for the first presidential debate at the University of Mississippi in Oxford, Miss., this Friday, Sept. 26. The plans for this forum have been under way for more than a year and a half. The C.P.D.’s mission is to provide a forum in which the American public has an opportunity to hear the leading candidates for the president of the United States debate the critical issues facing the nation. We believe the public will be well served by having all of the debates go forward as scheduled.”
Mom and Linda until you get over the idea that this is the fault of any party and/or the president then you are missing the entire reason this happened.
There are no heros in congress or the senate. There are several villans.
mom,
I am able to read and comprehend. I notice that at NO TIME did either you or I cast blame on any ONE political party. I don’t know what okobserver thinks she is proving by her criticisms but it isn’t that she is capable of reading and comprehending.
okobserver – then you need to get over your idea that Republicans have clean hands also!
All I said was that Bush had a total Republican controlled Congress for 6 years and they ran everything they wanted through without any dissent.
And you are right, there are no heroes in Congress or the Senate and John McCain was right there in the middle of it. As for villians – McCain has a few as his campaign advisers. Is he willing to fire them? Until he does, can he really call himself the reformer?
McCain is chicken! Senator Obama can simply quote McCain on the economy and Kill him in the debate.
Linda, don’t sweat it. Okobserver doesn’t like my ideas and I really don’t care. He/she thinks Republicans are all saints and now that their halos are turning into horns, he/she doesn’t like it.
I think he/she is really just mad about my little statement about Palin’s moose stew.
But I do agree with him/her that all the villains in this financial disaster need to go. And if it is found out that it goes up to the White House, then they need to go also. No one is above the law.
You owe $7,000 to Wall Street.
Let Wall street AND the crooks who made this mess sink. No bailout.
mom, I too wish the culprits could be held accountable; I don’t have hope that will happen. Laws don’t seem to pertain to everyone.
btw, okobserver IS female — aka ksgrm (before she took on okobserver as her nic).
The Republicans appointed the HUD officials who are supposed to review the first paper presented when you sign up for a mortgage.
They trusted the market to regulate itself.
“This is a bad bill from the get go. If the CEOs aren’t punished in some manner then the bill shouldn’t pass.”
I’m glad you agree with Barney Frank and others who are working to get that into the bill. Bush has tried to stonewall against that but I don’t think he will succeed.
What I look forward to observing, strictly from a comical standpoint, is how McCain will ride in to town tomorrow like the Lone Ranger to “solve this economic crisis.” It should be a hoot watching him try to strike a thoughtful, economic pose for the cameras. The Arizona Senator has gone, in one week, from claiming that the fundamentals of our economy are sound to practically jumping up and down like a frightened child and declaiming about the next Great Depression. And just like on the opening night of his convention, we’ll get to view the Republican contender in some sort of “fix mode,” our “hands-on” candidate in action. From the point of view of a filmmaker, tomorrow’s episode might be harder to bring off, given that rescuing an economy is more of an abstract concept that has to be verbalized, whereas the hurricane could be staged with McCain helping to pack water bottles, miniature pizzas and so forth, as he readied the troops for the deluge. If necessary, they could even have filmed him diving in to the flooding water after somebody’s baseball cap. Perhaps this last image can provide a clue to what we’ll see in the morning, something along the lines of footage with the Republican nominee purposefully walking toward the entrance of an investment bank, briefcase in hand, slashing the air with his hand as he makes a vehement and tide turning economic point to a key advisor.
Brownback needs to be fired for supporting this. I do hope you all contacted your representatives and reminded them that this IS an election year.
Democrat Franklin Raines, from Fannie Mae, agreed to settle a claim brought against him, by the BUSH administration.
However, Democrat Raines was replaced by Democrat Mudd, who said that Obama and the Congressional Black Caucus was the “conscience of Fannie Mae” –
http://www.youtube.com/watch?v=usvG-s_Ssb0
Hmmm, seems to me that Pat Buchanan and Ron Paul have been warning us about this economic meltdown for years.
And a coming demographic winter, too.
But we love abortion, so those prophetic voices had to be silenced.
Will someone please step forward and lie to us the way we like it again?
Civil and Criminal liability, and running the financial markets, must be done SEPERATELY!
There is no possible way to get a “pound of flesh” out of any CEO, prior to granting government credit.
Business must be done, in as normal a fashion as possible. In the mean time, the regulators and the lawyers and the prosecutors must do their SEPERATE jobs.
Seperation of Powers will not ALLOW Congress to punish anyone. It is NOT the job of Congress to hand out civil or criminal findings or penalties.
David B
It what world do you live in?
Where does any law say that HUD is to review every mortgage?
Bryan, this is all your fault, you and your God voters. why don’t you just pray a little harder for your marriage with big business and religion and politics. Get out of people’s bedrooms and wombs. Try pushing for actual values like not letting businesses rob you blind.
Someone needs to tell Bernenke that we have been in recession for a long time now. Flipping idiots.
The fundamentals of our economy ARE sound, we have, even now, moderate inflation.
We have, even now, high employment and low unemployment.
We have not had a single quarter of negative GDP.
WE DO have a problem in that roughly 5% of our mortgages might default.
This can be a contained, isolated problem, or it can be a major disaster.
I told you cons Bush should have been impeached before he did any more damage. Who is the anti-regulation group? taint the dems.
Free market! What happened to that?
I shouldn’t have to bail out anyone, I don’t even own stocks. If you want to pay be my guest.
Consider it a bad investment.
What I am willing to pay for, is the ability for those homeowners to refinance through a government agency under a better rate.
You konw, so they can keep their homes and continue to be responsible.
After hearing that all these companies paid bonuses to their workers- we give them NOTHING except walking papers.
Well, that will be moderated, so I’ll say it differently. You’re flippin stupid.
pmom
The mortgage problem is a failure of government, not a failure of the free market.
Fannie Mae was Democrat controlled.
Freddie Mac was Democrat controlled.
Lehman Brothers was Democrat controlled.
Countrywide was Democrat controlled.
All of the above gave FAR more money to Democrats than to Republicans.
The Bush Administration DID go after Franklin Raines, and his associates, for looting Fannie Mae.
However, the Democrats in Congress responded by PROTECTING Fannie and Freddie even more!
http://www.youtube.com/watch?v=usvG-s_Ssb0
The Congressional Black Caucus said “we are family” to Fannie Mae.
Fannie Mae said, “you are the conscience of Fannie Mae” to Obama and the Congressional Black Caucus!
Looks like mccain’s numbers are starting to align with Gwb’s, getting close to the 28%ers.Today is going to make mccain look foolish, tomorrow even more so, and Friday obama’s goimg to make him cry mama.
“Franklin” is the epitome of the con characterized in Thomas Frank’s book “The Wrecking Crew”.
Never a better time for “free market” than now.
LET the financiers fail. Let us all hurt for it and remember never to let them do this to us again.
Saw that mccain had to wrap up media commitments before he rides off to Washington tomorrow. Hearing mccain was coming to town the congress and admin made much progress today!
Don’t fear, Maverick is on the way (will he bring his sidekick?)
I think his sidekick has some trouble brewing in her home state. Ya know, the one where she is the leader. The one where she was cooperating with the investigation of whether she did or didn’t abuse the power of her office.
http://mudflats.wordpress.com/2008/09/24/criminal-witness-tampering-in-troopergate/
The McCain camp should go all the way and, for special effect at tomorrow’s heroic entrance, put the footage to music. I recommend the instrumental that ran through the first “Blues Brothers” movie, when Belushi and Ackroyd are going from haunt to haunt, putting the band back together. What was it, theme song from the Pink Panther? All right, all right…I’m getting my movies confused.
While you’re reading at mudflats, this one is good too.
“Alaskans for Truth” are Hopping MAD!
Who’s yelling? Progressive talk show hosts and Conservative talk show hosts, Democrats and Republicans, Indpendents and Non-Partisans, Libertarians and Librarians, Lawyers and Teachers, Politicians and Political Junkies, Hockey Moms and State employees, Legislators from both sides of the aisle, and ….pretty much anyone up here who is paying attention. Those are the kind of people that always seem to gum up the works for those who try so hard to get away with things. We’re such an annoyance, us damn attention-payers…
This contingent of strange political bedfellows have just about had it with Sarah Palin, John McCain and the shenanigans they are pulling with our state government, specifically the department of law. They’re also sick of watching the insidious influence of nasty national politics (in the form of McCain lawyer Ed O’Callaghan) turning once respected local journalists like former KTUU reporter, now Palin mouthpiece, Megan Stapleton into vicious attack wolves who seem to have no qualms about sinking their teeth into the necks of revered public servants and giving them a good shake. To quote a certain presidential candidate, “ENOUGH!”
http://mudflats.wordpress.com/2008/09/24/alaskans-for-truth-are-hopping-mad/
LindaLinks is at it again!
Why does Bush need Congress?
He’s the unitary executive.
He didn’t need Congress to wage Bush’s Misbegotten War against Irag.
Just print the money.
Who’s going to stand in his way? His Justice Dept.? His Supreme Court?
Also heard mccain campaign put out a talking points memo, telling them to talk up that mccain puts country before politics!
Don’t worry phantom – we will all see those talking points. PaulTheShrill Shill will post them for us.
My ‘putting country first’ question for them: Are you willing to FUND this bailout? Or just pass it on to future generations, sowing the seeds for future problems for our country The former would be putting country first. The latter will be putting self and party first.
McCain is the new McWorse. He’s unfit to serve. Didn’t use to be that way. He learned from his mistakes in the Keating 5. He got his ass kicked because he put his fate in the hands of Charles Keating. Now he’s put his fate in the hands of Charlie Black, Rick Davis, Steve Schmidt and 57 other lobbyists, kin to Jack Abramoff and Tom The Hammer DeLay. He’s sold his soul. He lies. He’s unfit. Too bad. He had potential. He coulda been a contender.
lindainks55
Posted September 24, 2008 at 10:02 pm | Permalink
I think his sidekick has some trouble brewing in her home state. Ya know, the one where she is the leader. The one where she was cooperating with the investigation of whether she did or didn’t abuse the power of her office.
http://mudflats.wordpress.com/2008/09/24/criminal-witness-tampering-in-troopergate/
——————–
A leftwing blogger starts a webpage and Linda uses it as a source link. Follow that thought process. It must get mushy in that mind.
okobserver posted September 24, 2008 at 11:34 pm
“A leftwing blogger starts a webpage and Linda uses it as a source link. Follow that thought process. It must get mushy in that mind.”
————-
That’s a very odd response to these documents, linked at lindainks55 “source link.
http://mudflats.files.wordpress.com/2008/09/92408paperwork.pdf
okobserver, are you suggesting those documents are forgeries?
Well, I watched the president’s address, and If I hadn’t watched his other speeches, I would have sworn it was all animatronics. I can’t believe he even saw that speech before it popped up on his monitor, let alone had any part in writing it. It’s painfully transparent that the speech, and the whole bailout proposal were brought to us by the same Wall Street bankers and speculators who got us in this mess in the first place!
Actually, if you really want to know who’s to blame, this mess is all the legacy of Ronald Reagan’s Supply Side Voodoo. He preached the doctrine of deregulation so effectively that a lot of congressmen became true believers that the financial community would never get so greedy that it would upset its own applecart. Well, we finally found out they would!
If, and it’s a mighty big IF, we bail out the market, we need to be damn sure none of the same players get the chance to do us over again. One sure way to do that is alter the concept of the corporation. Currently, the management of corporations can’t be held financially accountable for their own schemes. We need to fix that! The people who are responsible for the health of a corporation, meaning the board members and top management ought to be held liable when they fail their responsibilities. I mean that when they screw up to the extent they have this time,
1. they forfeit their fortunes and future incomes (except for a welfare wage income, with no sheltered funds), until their losses are repaid. 100% of their money would be paid to their investors in the order of smallest investors and their employees and pension funds first, and then their creditors, until they’re paid up or die trying. Maybe, with that much at stake, they’ll be a bit more careful with our money.
2. Any industry or government
regulator found to have taken ANY money or favor or job from the industry he’s regulating will be given his very own trial, and if convicted, a sentence of no less than 10 years in a non-country-club prison, in the same cellblock with the executives who bribed him. Maybe that will help them be more careful.
3. Regulations will be put in place to discourage speculation in all markets, possibly including a hefty tax on excessive capital gains, and a limit on declared losses for any but the smallest investors. Investing is not a day at the track; we need to keep the incompetent and the dishonest out of our markets.
4. I might also propose that anyone in the financing business, maybe anyone in any sales position, be required to place his hand on the bible and swear to tell the truth, the whole truth, and nothing but the truth to every one of his customers, upon pain of perjury. Now there’s something that could destroy the very roots of capitalism!
wut?
Reggie,
Do you need lessons in reading as well as spelling?
It was Al Qaeda that did this.
They are THE perfect scapegoat and enemy.
Hee hee hee heeee!
“The top 20 executives of each failed company, banks and other organizations that are failing need to be arrested, handcuffed and led directly to jail with no bonding allowed.”
Jerry, in case I havent told you lately, dude, I LOVE your posts!
Maybe we need a new TERRA alert system for Wall Street.
I’d say the light would be pegged on red right now!
We are in waaaaaaay more danger from deregulation and bailouts for knotheads than from another TERRA attack!
Be afraid. Be very afraid…
Putting out a political taliking point memo, on your actions are apolitical, sounds kind of like politicking to me.
Let’s see how much CHANGE Obama has. Let’s see how much of a MARVERICK McCain is.
Bet they don’t even question the bail out. Bet they don’t even look for alternatives. Bet they don’t question the funding.
Maverick? Change? Yeah, not so much.
http://www.youtube.com/watch?v=dv6rQ0U01Yc&eurl=http://www.infowars.com/?p=4841
Democrat Bill Bennett (The guy who defended President Clinton) says clearly that “John McCain is an honest man”!
Bennett should know. Bennett asked to drop McCain from the entire “Keating 5″ investigation, but since the Senate was Democrat controlled, at the time, and since that would have left a “Keating 4″ who were ALL DEMOCRATS, politics got in the way of doing what was right!
McCain was exhonerated, in the Keating matter!
—–
They Gave Your Mortgage to a Less Qualified Minority
by Ann Coulter
09/24/2008
On MSNBC this week, Newsweek’s Jonathan Alter tried to connect John McCain to the current financial disaster, saying: “If you remember the Keating Five scandal that (McCain) was a part of. … He’s really getting a free ride on the fact that he was in the middle of the last great financial scandal in our country.”
McCain was “in the middle of” the Keating Five case in the sense that he was “exonerated.” The lawyer for the Senate Ethics Committee wanted McCain removed from the investigation altogether, but, as The New York Times reported: “Sen. McCain was the only Republican embroiled in the affair, and Democrats on the panel would not release him.”
So John McCain has been held hostage by both the Viet Cong and the Democrats.Continued
——————————————————————————–
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Alter couldn’t be expected to know that: As usual, he was lifting material directly from Kausfiles. What is unusual was that he was stealing a random thought sent in by Kausfiles’ mother, who, the day before, had e-mailed: “It’s time to bring up the Keating Five. Let McCain explain that scandal away.”
The Senate Ethics Committee lawyer who investigated McCain already had explained that scandal away — repeatedly. It was celebrated lawyer Robert Bennett, most famous for defending a certain horny hick president a few years ago.
In February this year, on Fox News’ “Hannity and Colmes,” Bennett said, for the eight billionth time:
“First, I should tell your listeners I’m a registered Democrat, so I’m not on (McCain’s) side of a lot of issues. But I investigated John McCain for a year and a half, at least, when I was special counsel to the Senate Ethics Committee in the Keating Five. … And if there is one thing I am absolutely confident of, it is John McCain is an honest man. I recommended to the Senate Ethics Committee that he be cut out of the case, that there was no evidence against him.”
It’s bad enough for Alter to be constantly ripping off Kausfiles. Now he’s so devoid of his own ideas, he’s ripping off the idle musings of Kausfiles’ mother.
Even if McCain had been implicated in the Keating Five scandal — and he wasn’t — that would still have absolutely nothing to do with the subprime mortgage crisis currently roiling the financial markets. This crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era.
Before the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton’s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.
Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”
Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.
When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.
In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration’s affirmative action lending policies as one of the “hidden success stories” of the Clinton administration, saying that “black and Latino homeownership has surged to the highest level ever recorded.”
Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn’t get out of their loans by selling their houses.
A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it’s gone off.
In Bush’s first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government’s “implicit subsidy” of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.
Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing.” How dare you oppose suicidal loans to people who can’t repay them! The New York Times reported that Fannie Mae and Freddie Mac were “under heavy assault by the Republicans,” but these entities still had “important political allies” in the Democrats.
Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats’ two most important constituent groups: rich Wall Street bankers and welfare recipients.
Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.”
http://www.humanevents.com/article.php?id=28714
Good God, now he’s quoting Coulter, the queen of moronic thinking. Oh well, I guess birds of a feather, and all that.
JM
If Coulter is the “queen of moronic thinking” then it might be fun to watch a “moron” like YOU, try to prove her wrong.
Are you up to the challenge?
JM
Do you refute what Democrat Bill Bennett says?
“John McCain is an honest man” Bill Bennett, Special Counsel to the Senate Ethics Committee, who investigated the Keating 5.
First to believe Bill Bennett, you have to believe there is a difference in the two parties.
Sorry, there is none. So fuch Bill Bennett too.
Does anybody remember that “Yes We Can?” Obama commercial?
The Big Bad Banker says you don’t have the credit to get a mortgage?
YES YOU CAN!
Here’s the keys you minimum wage no money down home buyer!
That is the philosophy that has caused this crisis.
http://www.infowars.com/?p=4843
An interesting read, if you care to read it.
Don’t sweat it, they have struck a deal (wow, that was quick…like they already had it figured out or something). Go back to sleep now.
Pall,
Well, he did cheat on his first wife. Considerably. Probably on this one too. But his honesty (other than in his campaign claims) isn’t the issue. He has born with a silver swagger stick up his ass, and no idea whatsoever how the rest of us live our lives. Until last week, he was talking about how sound our economy is. After all, beer drinking is up, so things couldn’t be better!
This is not the guy we want to trust to hand out Seven Hundred Billion (with a “B”) Dollars of taxpayers hard earned money in corporate welfare to the very people whose greedy fancy deals brought us to the brink of another Great Depression and who are his financial advisors now. He doesn’t know diddley about the economy of the people of our country. He’s never been grocery shopping, he’s never pumped gas into his limo, he’s never had to decide which bills get paid this month and which have to wait so his kids can pay their school book fees!
This is not the guy we trust with the lives of our children in the service. This is not the guy we trust with the diplomacy necessary to keep us out of all the various conflicts and wars springing up around the world. This is not the guy we trust to keep our food safe and our medical care available to those who need it. We need a president with more than pugnacity between his ears!
Bush (sorry Paulson) the dictator says to Congress, “bail me and my friends out, or I’ll burn your economy to the ground”.
Interesting email I received:
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How about Obama and the latest Chicago scandal?
“A $100,000 state grant for a botanic garden in Englewood that then-state Sen. Barack Obama awarded in 2001 to a group headed by a onetime campaign volunteer is now under investigation by the Illinois attorney general amid new questions, prompted by Chicago Sun-Times reports, about whether the money might have been misspent.
The garden was never built. And now state records obtained by the Sun-Times show $65,000 of the grant money went to the wife of Kenny B. Smith, the Obama 2000 congressional campaign volunteer who heads the Chicago Better Housing Association, which was in charge of the project for the blighted South Side neighborhood.
Smith wrote another $20,000 in grant-related checks to K.D. Contractors, a construction company that his wife, Karen D. Smith, created five months after work on the garden was supposed to have begun, records show. K.D. is no longer in business.
Attorney General Lisa Madigan — a Democrat who is supporting Obama’s presidential bid — is investigating “whether this charitable organization properly used its charitable assets, including the state funds it received,” Cara Smith, Madigan’s deputy chief of staff, said Wednesday.”
http://www.suntimes.com/news/watchdogs/1184049,CST-NWS-watchdog25.article
That’s terrible if they stole that money! I bet Senator Obama is mad about the alleged theft, too.
Pall,
Have no idea what that’s about, but since it’s you spouting off about it, I’ll assume there’s no truth to it.
FOR IMMEDIATE RELEASE Contact: Lisa Reiss, Press Secretary
September 25, 2008 (316) 312-7777
“People Over Politics”
TIAHRT RECEIVED OVER $500,000 IN BANKING
INDUSTRY CONTRIBUTIONS
WICHITA, Kan. – Two days ago, The Center for Responsive Politics in Washington, D.C., noted that Congressman Todd Tiahrt (R-KS) received $542,631 in banking industry campaign contributions while in Congress and voted for the 1999 legislation which dramatically altered the U.S. banking industry.
The Centers’ website, http://www.opensecrets.org, listed Members of Congress who voted for the passage of the 1999 Financial Services Modernization Act (also known as the Gramm-Leach-Bliley bill) which essentially allowed for the mega-growth of the largest banks in the U.S. and their subsequent risky lending practices.
Following the stock market crash of 1929 and the Great Depression, President Franklin Roosevelt signed the Glass-Steagall act in 1933 to protect our banking system. This legislation addressed the concern of over-speculation by banks and set up regulations for investment and commercial banking.
The 1999 Financial Services Modernization Act essentially gutted this historic legislation in 1933. With the bailout of Bear Stearns by Congress in March (legislation Tiahrt voted for), the takeover of Fannie Mae and Freddie Mac in September, and the Federal Reserve’s help to AIG, the focus of the entire world is on the U.S. market which continues to teeter erratically.
The Center for Responsive Politics, found that members of Congress that voted for the lifting of restrictions on commercial banking, investment banks and insurance companies, received over two-times more financial donations from them as the legislators that opposed it.
Further information also showed that Tiahrt received the following contributions: $24,700 from commercial bank contributions; $6,500 from Fannie Mae/Freddie Mac; $4,050 from Morgan Stanley (one of the world’s top investment banks); $3,000 from Citigroup; $1,000 from Merrill Lynch; $2,000 from Bank of America. With companies such as Morgan Stanley which favors privatizing Social Security and deregulating the banking industry, you can see the effects of that in today’s Wall Street market.
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