Tag Archives: Economy

The GOP has to be kidding

Well, the “Bailout” vote failed and what do the GOP say? It’s Speaker Pelosi’s fault over a SPEECH she made.

Cry me a river! Is anyone really that dumb to believe it? I thought Rep. Frank statement said it best:

Here’s the story. There’s a terrible crisis affecting the American economy. We have come together on a bill to alleviate the crisis. And because somebody hurt their feelings, they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hypersensitivity.

We also have — as the leader will tell you, who’s been working with them — don’t believe they had the votes, and I believe they’re covering up the embarrassment of not having the votes. But think about this. Somebody hurt my feelings, so I will punish the country. That’s hardly plausible. And there are 12 Republican members who were ready to stand up for the economic interest of America, but not if anybody insulted them.

I’ll make an offer. Give me those 12 people’s names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they’ll now think about the country.

Like I said: Cry me a river. I honestly don’t know if this plan was good or not, but I do know that the Democratic and GOP leadership agreed to it and they could not get their act together.

I wonder: will Sen. McCain suspend his campaign again? With stocks finishing down 777 points, I’d imagine it has his attention. As Politico pointed out, Sen. McCain took credit before it failed. That’s pretty embarrassing and is a great example of how it isn’t over till it’s over. It’s like when the McCain campaign declared “Victory” in the debate HOURS before the debate.

Slight Update: OK…. Sen. McCain has once again jumped in (No, No “suspension”) and blamed Sen. Obama. What a shock, Sen. McCain is peddling the GOP lie that the Democratic Party played “Politics” when the fact is that the GOP “leadership” is incompetent (GW Bush?) and Sen. McCain can’t lead his own party. Read more at Politico.

Music I’m listening to right Now:
Chasing Cars” by “Snow Patrol” from the “Eyes Open” Album. You can see the video on VH1.

Great start to the week

Just perfect. Stocks finish Down 372 and Crude Oil Prices Up More Than $16. An example of why I hate Monday’s. This will be Yet Another bad week. On the Plus side: We did convert from Oil to Gas heat.

IMO: It’s just a bad idea

"Trust Me!"A little follow up to the “Bail Out” : Apparently, the Democratic Members of the House and Senate read the proposed Legislation (it’s not very long 3 Pages?).  Senator Dodd has proposed a version WITHOUT Section 8 (Seriously, it’s Section 8. Coincidence or do they just know it’s Crazy??).

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

As I mentioned before, I have really a big problem with this part.

Here is how I bet the Administration attempts to frame it: “The Democrats are UN-American and Hate the Ecomony!!!” or “WE have a plan. the Democrats have NOTHING!“. What do you think?

In any case, I bet the Administration will attempt to ram this down Congress throats.  Call me skeptical but whenever this Administrations cries about a “Dire Imminent Emergency!“,  I grab my wallet with both hands and wonder. The Economy is in trouble and does need help. The problem is, this Administration ALWAYS takes the “My Way Or the Highway” approach to “negotiating”.

I *really* hope Congress does NOT roll over on this.

Slight update: The NY Times has an informative article on this topic.
Another update: Here is Sen. Dodd’s bill on Politico. Sen. Dodd’s version reads:

SEC. 8. LIMITS ON REVIEW.
(a) IN GENERAL.-Any determination of the Secretary with regard to any particular troubled asset pursuant to this Act shall be final, and shall not be set aside unless such determination is found to be arbitrary, capricious, an abuse of discretion, or not in accordance with the law.

(b) EXCEPTION. -Notwithstanding subsection (a), the terms of a residential mortgage loan that is part of any purchase by the Secretary under this Act shall remain subject to all claims and defenses that would otherwise apply notwithstanding the exercise of authority by the Secretary or the Corporation under this Act.

Which is quite different from the version the Administration wants.

Music I’m listening to now:
Mad World“, sung by Gary Jules from the Donnie Darko soundtrack album. You can see the video here.