Why the Dems Want the Economy to Fail

I won't belabor the point about Wall Street face-planting after the US Congress fails to do anything about the 2008 banking and economic crisis. But take note of this:

Surprise! This is an election year. The Democrats are holding nothing back in order to win the presidency. They have no doubt seen the polls indicating that democrat Barack Obama's poll numbers have increased precipitously since the start of the crisis. Given that Obama's numbers have shot up in inverse proportion to the Dow Jones Industrial Average going down, why would the Democrats want to end the crisis?

The US stock market lost 777 points yesterday, translating to 1.1 TRILLION dollars of lost value. That's about 1.5 times the cost of the $700 billion rescue. If you think that doesn't affect you, have a look at your retirement portfolio; if you have a 401K, you lost a lot of money. Common sense would tell anyone with the slightest twinge of statesmanship that the crisis must be ended. But in an election year, all bets are off.

What other reason can be offered for Rep. Nancy Pelosi to go on a name-calling spree, including saying that against her Republican opponents were "unpatriotic," right before a critical vote on the measure? Common sense would say that action would cause the vote to fail. Ironically, she was in the midst of a speech congratulating the House of Reps on it's "bipartisan" efforts, when she went off-message and condemned Pres. George Bush and Republicans for causing the crisis in the first place (not true; they all caused it, as far back as 1999).

Barney Frank, head of the banking committee, did much the same, but he couldn't even corral all of his dem party members in the committee to vote for the measure; 12 democrats on the banking committee voted against the bill. Had they voted yes, the bill would have passed.

The longer this crisis lasts, the more stock value is lost, the harder it is for credit to be issued, and the greater the risk of an outright depression. The US monetary system is locked up, and all the democratic leadership in congress can do is call names. Positively incredible.

What will the dems do to win an election? I think it's time that all of them - both parties - are given their walking papers. Vote out all incumbents. It's the patriotic thing. Will you hold my place in the breadline while I go vote?


ABC News: Stocks Have Miserable Day After House Vote:

"The day started with silence -- the iconic opening bell of the New York Stock Exchange failed to sound -- and things just got worse from there, ending in the single biggest one-day point loss in history.
Congress votes down economic relief package prompting investors to sell.

The Dow Jones industrial average lost 777.68 to close at 10,365.45. The previous biggest point drop came on Sept. 17, 2001, the first day the market reopened after the 9/11 terrorist attacks.

A jittery stock market spent all morning in negative territory as investors worried about the $700 billion bailout package before Congress today. By 1:40 p.m. it became clear that the House was not going to pass the bill, and stocks went into a freefall; the Dow fell 400 points in 10 minutes before eventually dropping 700 points below Friday's close.

The Nasdaq and S&P 500 also posted massive losses, down 9.1 percent and 8.8 percent respectively."

Ha, Ha, HA! - Md. Delegate Who Called For DUI Plates Charged

wjz.com - Md. Delegate Who Called For DUI Plates Charged:

"A Maryland state delegate who called for 'DUI' license plates that would be issued to people convicted more than once of drunken driving has been charged with driving under the influence himself."

As politicians yell at each other, it begins

They say that people get the government they deserve. Does this prove the point, as our bank accounts are emptied?

FOXNews.com - WaMu Seized, Sold Off in Biggest Bank Failure in U.S. History - Local News | News Articles | National News | US News:

"NEW YORK — As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.

The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July."

Bailout Talks Disintegrate Into Verbal Brawl

I said earlier they'd screw it up, but this is just priceless.

We taxpayers pay them an awful lot of money to behave like children at recess. Maybe we need new teams on both sides (meaning vote out all incumbents). Remember that in November.

FOXNews.com - Bailout Talks Disintegrate Into Verbal Brawl; Fate Uncertain - Politics | Republican Party | Democratic Party | Political Spectrum:

"The fate of the Bush administration's $700 billion bailout package was thrown into doubt Thursday evening, after congressional leaders left a landmark White House summit on the economy hurling accusations at each other and declaring there was no deal."

One way the economic bailout affects you

Auto financing gets tougher, but deals are getting done - Sep. 23, 2008

NEW YORK (CNNMoney.com) -- A massive pile-up in the credit markets is causing serious congestion for new car buyers who want financing, according to industry observers. But some dealers say they're still able to work out deals.

"Credit availability has been the number one issue in our industry for several months now," said Mike Jackson, chief executive of AutoNation (AN, Fortune 500), the country's largest auto dealership chain.

The inability to arrange suitable financing has killed the deal for a lot of customers in AutoNation's 317 dealerships nationwide, Jackson said. He stressed that customers are still coming in, but they can't get a loan they can afford on the vehicle they want.

Almost all auto dealers recently surveyed by the industry newspaper Automotive News said they were having a harder time finding loans for customers with poor credit. About 60 percent said they having more trouble getting financing even for customers with good credit.

I swear, you can't make this stuff up

Matt Damon does actuarial tables? In his spare time from paleontology? After dropping out of college?

"You do the actuary tables, there's a one out of three chance, if not more, that McCain doesn't survive his first term, and it'll be President Palin,' said Damon, "I need to know if she really thinks dinosaurs were here 4,000 years ago… I really need to know, because she’s going to have the nuclear codes.”

http://www.collegeotr.com/college_otr/harvard_dropout_matt_damon_slams_sarah_palin_calls_her_rise_to_fame_a_bad_disney_movie_11453


Laura Linney on America's Founding Fathers:

Linney couldn't resist getting a little political in accepting her Emmy, saying it will always make her think of "the great community organizers that helped form our country," a reference to one-time community organizer and now Democratic presidential candidate Barack Obama.

http://mathaba.net/0_index.shtml?x=606848

Will Obscene Compensation for a Few Kill the Bailout for the World?

Greed rules, at least in some quarters.

As Hell freezes over and I find myself in agreement with the Democrats on their additions to the Wall Street "bailout" (or "rescue," however you see it), the dark side of capitalism rears it's head: exorbitant pay for those at the top, most of whom are already multi-millionaires, and far too much risk fueled by greed.

The Dems want to add 5 things to the bailout:
1. Strong oversight
2. Assistance for homeowners facing foreclosure
3. The Government will receive equity stakes in the companies allowing themselves to be rescued by the government
4. Changes to bankruptcy law allowing judges to make changes to the terms of individual mortgages
5. Limits on executive compensation.

Note again that these terms would apply only to companies accessing the plan; this does not affect law in general.

In the same way as consumers must abide by contractual terms when borrowing large sums from a bank (think mortgage or car loan), so should the mismanaged Wall Street firms requiring assistance, lest they fail, be required to submit to terms. Face it, there's no such thing as a free lunch, but even with these terms, the companies with insolvent loans on their books are getting a great deal: they palm off the junk that's currently on their books, and move ahead - plenty of cash in hand - to rape and pillage once more. The only difference is that they will need sharper lawyers to find the new loopholes that will inevitably be in the plan.

I'm not a regulation kind of guy, but frankly, I feel it's only a start. And when you really think about it, it's good for the industry, because it will save them from themselves (their greed getting the better of them and causing this mess during the housing boom of the 2000s). However, as addenda to the bailout, which absolutely must come ASAP, it's reasonable. Treasury should just agree and move on with the plan.

Treasury Relents on Key Points - WSJ.com

Only in MD do they get away with this

Marylanders just had at least 2 huge rate increases, yet that money did not pay for any additional power generation that would lower our prices. Instead, it seems to be going toward CEO Mayo Shattuck's pockets.

Were the rate increases to pay for his "golden parachute?" And why is there no outrage? Why is this not a scandal? Why are the Feds not looking into this?

wjz.com - Constellation's CEO Could Get $47 Million:

"Constellation CEO Mayo Shattuck would get a payout of $47.6 million. He would get more than $16 million from the company to pay taxes on that money."

What about separation of Politics and media?

Franken helps craft McCain 'SNL' skit - Jonathan Martin and Josh Kraushaar - Politico.com:

"Aside from exposing Franken's campaign to further questions about the seriousness of his commitment to public office, his role in the skit also leaves the NBC network vulnerable to criticism about the propriety of allowing a partisan candidate for high federal office to craft a segment mocking a presidential candidate of the opposing party."

McCarthy anew

‘SNL’ Palin-Incest Joke Falls Flat In Sketch Lampooning New York Times - America’s Election HQ

Un-believeable. SNL openly suggested in this skit that Trig may be the product of incest between Palin's husband and daughter. My God.

I am here forced to recall the McCarthy hearings, when respected Boston lawyer Joseph Welch was speaking to Senator Joseph McCarthy on June 9, 1954. His comments clearly are more true now than ever, regarding the liberal political forum:

"Until this moment..., I think I never really gauged your cruelty or your recklessness…. You’ve done enough. Have you no sense of decency, sir, at long last? Have you left no sense of decency?”

The next time you criticize Palin...

Blue-collar vote, one gaffe at a time - Victoria McGrane - Politico.com:

"Among other things, the Delaware senator [Joe Biden] has said that Hillary Rodham Clinton may have been a better vice presidential pick; accidentally referred to his partner as “Barack America”; told a wheelchair-bound man to “stand up”; and called Michelle Obama’s convention speech “the most remarkable speech I have heard in my life.”"

Dems say they won’t get fooled again - Glenn Thrush - Politico.com

Who's taking bets they screw it up?

Dems say they won’t get fooled again - Glenn Thrush - Politico.com: "Dems say they won’t get fooled again"