DISQUS

dad · 1 year ago

Governments then have a basic mandate to enact the good, they have mechanisms to effect that mandate, one of which is money, and they have a relationship to the people which constitutes the meaning of government. The Paulson Proposal is, in effect, an amendment to the Constitution, which states that the executive, in its sole discretion, has a mandate to prop up the financial sector at whatever cost, without review. It states that it has the mechanism of unlimited and unfettered spending power. It asserts a meaning which is foreign to virtually every part of the political spectrum, libertarians, conservatives, centrists, liberals, and socialists alike have balked at this vast grab of power which violates separation of powers, accountability, and virtually every other principle advanced for the protection of a Democracy. This much is obvious, and is obvious to millions of people. The Paulson Proposal is a demand for economic servitude.

grandma · 1 year ago

senile himbo

bluestockton · 1 year ago

What is a himbo?

grandma · 1 year ago

a male bimbo

shanobama · 1 year ago

McCain is not as smart as Dan Quayle. He only has a kind of suck-up, brown nosing smarts. He ratted out the 4 others involved in the S&L bail out. Nagged reporters to put him in the news, or put them in the news-whatever he wanted. He has manipulated the media for years. He has used the POW card his whole career.

Cindy is the push behind this himbo. She was probably smarter than Johnny boy before her stroke.

Gridlock · 1 year ago

Sarah Palin draws 60 thousand morons who apparently have no idea McSame is responsible for screwing them over. They're too busy being spoonfed her "gee willickers" bumpkin schtick.

You'd think after 8 years of having a beer with Bush (that he pissed in) they'd get a fucking clue.

grandma · 1 year ago

I guess they haven't had enough....how bad does it have to get.

devlzadvocate · 1 year ago

Its Florida. They have been in the sun too long. There is just no reasoning with those people. Its best not to go there.

Mark in Florida · 1 year ago

They lie about the crowd numbers. It's usually about 2/3s lower. So if they say 60, it's probably less than 20. This has been true of every stop they are making.

grandma · 1 year ago

Scott Pelley: In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?

John McCain: No, I think the deregulation was probably helpful to the growth of our economy.

Obama needs to use that in an ad......

Steve_in_CNJ · 1 year ago

that's a ready-made Obama ad. there may still be a few swing voters who don't know who gets the credt for this disaster.

An_American_Karol · 1 year ago

McCain is just like Bush; he is too stupid to know he is stupid. He has "people" telling him he is smart and needs to be president. Bush part two...

devlzadvocate · 1 year ago

agree. and I don't want to say the name, but that SP...ugh. that person really doesn't know shit. and that voice...drives me CRAZY! Four years of that and I'll be drinking and doing drugs again.

An_American_Karol · 1 year ago

Oh, no. Hold strong, devlzadvocate.... we will outlast her.

devlzadvocate · 1 year ago

thanks! just joking Karol....we have a fight to carry on.

tbhull · 1 year ago

OT -

Bailout just increase significanlty as the pigs feed at the trough this weeken, as the plan has grown to include bailing out bad credit card debt, bad car loans, student loans etc.

http://www.bloomberg.com/apps/news?pid=20601087...

This means the Treasury Secretary can do whatever he wants to collect this debt without judicial oversight is plan is passed.

bluestockton · 1 year ago

How about the shot of Cindy and the gigolo walking off the stage after he accepted the nomination for president. He was walking on air, but Cindy looked as if she were going to her dentist's office. I couldn't help remembering Pat Nixon, who hated politics but sucked it up when she had to appear in public, and at least faked a look of "I'm delighted to be here."

moreleesafer · 1 year ago

WOW! was this interview conducted before the horrendous happenings of this week?

devlzadvocate · 1 year ago

His comment is just plain stupid and you would think that, in hindsight, knowing what Paulson has now proposed, he would have said something different.

His past desire for deregulation has created a need for, not just more regulation, but government takeover!
So, his statement should read, "No, I think the deregulation was probably helpful to the growth of our economy and has created this situation requiring a takeover by the Federal Government, in direct opposition to what I was trying to achieve."

"However, we can now buy another house and Sindy can by several more outfits worth $100,000+"

grandma · 1 year ago

One would think he would have said something different.......he wants to have it both ways.....no can do Grampa.

unrepentant_expat · 1 year ago

McCain's garden...

http://www.bom.gov.au/announcements/sevwx/nt/im...

An_American_Karol · 1 year ago

Looks like Bush has been there, expat. Whatever he touches dies.

FastAndBulbous · 1 year ago

OT, but TPM is reporting that Goldman Sachs and Morgan Stanley will become bank holding companies subject to regulation by the Fed, rather than standalone investment banks.

This means that there are now zero standalone investment banks in the US, and that these firms may now set up commercial banks to accept customer deposits.

http://talkingpointsmemo.com/news/2008/09/last_...

An_American_Karol · 1 year ago

McCain is a walking, talking parody. What a joke he has become.

Steve_in_CNJ · 1 year ago

the 1999 legislation was supported by bill clinton and about 90 senators. it occurs to me that obama is much better positioned on this issue than hillary would have been.

Savage8862 · 1 year ago

It is my understanding, and I may be wrong on this, but Bill Clinton had no choice but to sign it because it was rammed through by Phil Graham as part of an omnibus bill.

devlzadvocate · 1 year ago

and the threat of override.

Steve_in_CNJ · 1 year ago

i should know better than to post without checking facts. if we are talking about the gramm-leach-bliley act, it was a 54-44 party-line vote. Joe biden voted NO. i couldn't verify that there was a threat of override.

but this was written in October 1999:

"The banking, insurance and brokerage industry lobbyists have combined their forces over the last five years to mount the best-financed campaign of influence-buying ever seen in Washington. In 1997 and 1998 alone, the three industries spent over $300 million on the effort: $58 million in campaign contributions to Democratic and Republican candidates, $87 million in "soft money" contributions to the Democratic and Republican parties, and $163 million on lobbying of elected officials. The chairman of the Senate Banking Committee, Texas Republican Phil Gramm, himself collected more than $1.5 million in cash from the three industries during the last five years: $496,610 from the insurance industry, $760,404 from the securities industry and $407,956 from banks."

http://piggington.com/clinton_republicans_agree...

krauthammer lied on TV this morning concerning the level of support in the senate. i should have known better.

devlzadvocate · 1 year ago

Oh, I just got what he said....it slipped by me for a while. Deregulation was "helpful to the growth of OUR economy". It depends on what the definition of "OUR" is!!! In his definition of "our" it is the "elite" or "ruling class". Indeed, deregulation HAS helped their economy and the Paulson Plan will continue to help it. Also, in terms of helping individual citizens with foreclosure problems, if they wanted to help, they would, but they don't, which also helps their economy. We will see how Dems fit into the "elite" or "ruling class" category by their assessment of the Paulson Plan.

Savage8862 · 1 year ago

I am fearful that we are going to lose the White House. I am fearful that we will lose seats in Congress. I just cannot understand why the polls are so close when every educated person has said that Democrats should be walking away with this election.

This country cannot afford and survive another Bush term which it will be if McCain and Palin get in. We will be unemployed, at war, with no health care, and a theocracy.

What the hell is wrong with the American people? Are we racist and we refuse to vote for a black man? Are we being swayed by the lies from the McCain camp? Are we idiots and just don't care? Are we accepting of McCain's lack of economic knowledge, foreign policy knowledge?

I have looked at all of the swing state polls. I have looked at all state polls and I see a trend. The trend is moving away from Obama and favoring McCain and I just don't understand why. For the first time in my 42 years, I am beginning not to like what this country is becoming and fearful of what this country may turn into.

devlzadvocate · 1 year ago

why? unfortunately, the unspeakable. race.

grandma · 1 year ago

been reading headlines that Palin drew 60,000 in Fla today.

Just saw this in the Miami Herald:

But Palin drew thousands more than the estimated 20,000 people that turned out for Bush. A fire rescue official estimated the crowd at 25,000 to 30,000, while the Republican Party of Florida pegged the audience at twice that size.

http://www.miamiherald.com/979/story/696050.html

devlzadvocate · 1 year ago

and not a tropical storm in sight.

An_American_Karol · 1 year ago

grandma, that campaign has shown itself to be big liars. I wouldn't believe a thing they said. Wishing it so doesn't make it so.

grandma · 1 year ago

I know...I just wish the media wouldn't report their lies as fact.......big diff between 25, 000 and 60,000

and one lady in the crowd said this:

"Nancy Grossman, a retiree from Lady Lake, said, “I just love her. Give her four years and she’s ready for the presidency.”
-----------------------------

Ready in four years??!!!!...and she's voting for her !!!

aquarius2 · 1 year ago

Whoa! Just read this, Morgan Stanley and Goldman Sachs has applied for and been approved by the Feds to become bank holding companies, after a 5 day waiting period. This means that if they fail or start to fail they can now just ask the Feds for a bailout. So Paulson wants almost a Trillion now and if sometime in the future if these two companies fail they automatically have access to the Feds funds.

Is this gaming the system or what??

http://news.yahoo.com/s/ap/bank_change

devlzadvocate · 1 year ago

Get used to it. We are in the third inning of the game that started in July, 2007. When you lose your money, you lose your power. Guess what's coming?

aquarius2 · 1 year ago

This is just horrible. These two giants just took out the biggest, free insurance policy EVER!

tbhull · 1 year ago

If the dems present Bush a bailout bill with oversight, protections for mortgage holders, bankruptcy reform and otherwised watered down from Paulson's proposal will Bush veto or will he kneel before the majority like a good little boy?

devlzadvocate · 1 year ago

He will sign it with a signing statement saying it doesn't apply to his administration, just the subsequent administrations. He's done that before.

grandma · 1 year ago

oh yes...doesn't he hold the record for Presidential signing statements.

devlzadvocate · 1 year ago

yeah, but Carter started that without thinking through the potential abuses by power mad dictators.

grandma · 1 year ago

ahh..okay...couldn't remember when it started.

tbhull · 1 year ago

What about the tin foil hat state of emergency suspend the election approach if Bush does not get the bill he proposed?

devlzadvocate · 1 year ago

well, some of us are waiting for that shoe, but the Constitutional crisis would be Wow, but Bush would do it.

mirth · 1 year ago

Don't you think we have enuf to worry about without conjuring up what ifs? Maybe we should just carry our present load without adding more to the weight of it.

Besides, they don't want to suspend the election. Better to ruin Obama's presidency and then in 4 or 8 years they can pick up where they left off.

An_American_Karol · 1 year ago

He'll stay firm and the Dems will capitulate. Just a guess.

devlzadvocate · 1 year ago

they may also reach a "let's all save face" agreement so that they can walk out and if it all turns to shit later, nobody can point fingers.

aquarius2 · 1 year ago

Did you read my post about the last two financial houses being approved as bank holding companies? If these two giants also fail it wouldn't be considered a bailout because they are now considered banks.

tbhull · 1 year ago

Very few FDIC covered deposits with these two though. Most of their accounts are large and well in excess of FDIC limit.

aquarius2 · 1 year ago

If I understand this correctly if they fail they can ask for Fed funds just like any smaller bank. I mean to me it seems like a big free insurance policy.

tbhull · 1 year ago

These firms have been allowed at the window for a couple of months.

tbhull · 1 year ago

What this says is that these firms, given they are "banking" on the bailout, would rather to become a bank (after the US Treasury turns shit into cash) compared to selling to a bank. Remeber the bailout extends to these firms as it goes beyond brick and mortar banks and goes beyond our shores. The bailout needs to be flushed.

mf_roe · 1 year ago

The American economy has been a fraud and a criminal scam for decades. Most Americans are total morons when it comes to understanding how the economy truly works, Almost all worship the 30 year mortage as a cornerstone of the American Dream. The mantra of debt is better than using assets is universal. Nothing the repugs can do, nothing the dems can do will prop up this house of cards.

devlzadvocate · 1 year ago

yep, the majority of American are just happy if they are getting .5% on their statement savings account. who cares that they are being robbed blind?

tbhull · 1 year ago

Do not fool yourself. If the bailout does not happen rest assured many many American will see a loss on deposits if they are not in a bank and not below $100K. We were very close to that last week. It will come now or later.

devlzadvocate · 1 year ago

My point was that most Americans are risk adverse, but I used the wrong words.

tbhull · 1 year ago

Risks have increased everywhere.

tbhull · 1 year ago

Correct, and that, among many other reasons, is why the bailout should not proceed as it would be good money gone bad instantly.

The major players should be allowed to fail and we will rebuild anew without the shitheads that drobe us into the ditch. The can shine shoes for a nice tip in a year or two.

mf_roe · 1 year ago

The cornerstone of capitalism is failure. Failure weeds out the bad ideas it punishes the foolish it cleanses the system of non productive ideas. We have made failure illegal for the priveleged few. They have no incentive to build a solid system the rewards are far greater if they can ignore all the rules. Until we cast out the bad the good has no chance, look up gresham's law.

devlzadvocate · 1 year ago

Certainly the cornerstone of this administration is failure. While diverting our attention to look for foreign terrorists, we ignored the domestic economic terrorists destroying our country in Washington and on Wall Street. Now we are asked to grant them immunity. Them and Osama Bin Ladin.

Now that's FAILURE!

catdance · 1 year ago

John McCain: No, I think the deregulation was probably helpful to the growth of our economy.

Yeah. Until it wasn't.
Assmonkey.

Mark in Florida · 1 year ago

Oy vey. I am ready to cast my vote and move on. Bring on the debates, and let's put an end to this nonsense.