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You are here: Home / Elections / Election 2008 / Country First

Country First

by John Cole|  September 25, 20086:19 pm| 88 Comments

This post is in: Election 2008, Assholes, Democratic Stupidity, Did You Know John McCain Was A POW?, Republican Crime Syndicate - aka the Bush Admin.

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Photo credit- The Daily Shocker

I have to say, it is pretty awesome watching the shitbirds who helped get us into this mess use the negotiations to help stave the crisis (assuming a bailout is needed) for political gain. It is like they simply don’t give a shit about anything but power.

Memo to Democrats- Walk away. John McCain is not there to work on a bipartisan solution. Here is there for himself. You have walked into a room where there is a plastic sheet on the floor and the curtains drawn, yet there has been no sound of gunfire yet. WALK. AWAY.

*** Update ***

Now, with video:

‘

*** Update #2 ***

So what is the play? Will they continue to bog the negotiations until afternoon tomorrow? WaMu failed, and the markets are going to keep applying pressure to congress. Look for the market to tank tomorrow. Then the GOP can ride McCain in on his white horse in the afternoon?

Assholes.

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Next Post: Your Boots Are Made For Walking »

Reader Interactions

88Comments

  1. 1.

    flounder

    September 25, 2008 at 6:23 pm

    That’s what I think. They should say to the White House:
    “The House Repubs and McVain are your lapdogs. Either there is an emergency or their isn’t. Here is the bill. Get them onboard or leave us alone. We’ll be at the bar.”

  2. 2.

    Pooh

    September 25, 2008 at 6:25 pm

    What a bunch of fucksticks.

  3. 3.

    Comrade Dreggas

    September 25, 2008 at 6:26 pm

    If the dems play this smart they’ll be able to use it against McCain.

    If he votes against the bill after screaming that the sky is falling for the past week then he looks even worse. Of course it seems thanks to McCain’s stunt the bipartisan bill was killed, most likely the markets will tank again tomorrow.

  4. 4.

    Quinn

    September 25, 2008 at 6:29 pm

    The whole point is to buy time. The Rethugs want more time so McCain can come in at the last minute and introduce legislation. Of course, the Dems will cave and McCain will look like a fearless leader. If they do not cave, all the talking heads will buy the spin that “the Democrats do not want to consider his bill for political reasons.” This is a joke.

  5. 5.

    Elliott

    September 25, 2008 at 6:31 pm

    No Schmidt. Republicans are going to look like winners, and attract supporters who like to win more than they like to think (most of us, most of the time: admit it), until someone hits them in the face, so to speak.

  6. 6.

    amorphous

    September 25, 2008 at 6:32 pm

    It is like they simply don’t give a shit about anything but power.

    Fixed.

  7. 7.

    Steve M.

    September 25, 2008 at 6:33 pm

    McCain and the GOP are going to stonewall until Obama’s in Mississippi, then, ten minutes before he’s ready to go onstage (alone), they’re going to announce that they’re agreeing to whatever was on the table and John McCain was the selfless hero.

  8. 8.

    Comrade General Stuck

    September 25, 2008 at 6:34 pm

    Even with all the jaded wingnut politics we’ve seen over the past 8 years, this is the mother of all ratfucks for democrats if they fall for it. It is, however so full of irony and double dealing, it is also possible wingnuts might end up ratfucking themselves. Obama ought to tell them to kiss his ass, show up at Ole Miss and debate Jim Lehrer if Mccain doesn’t show up. Republicans can twist themselves into ideologic pretzels trying escape their record and the fact that the Scarlet R is painted on their scaly foreheads.

  9. 9.

    Comrade Slotman

    September 25, 2008 at 6:35 pm

    I’m not big on the bailout–I’ve been gradually convinced that some action is necessary, to prevent things like the people funding our debt from dumping our treasuries, but not necessarily whatever the Dodd version of the Paulson plan would be. But Comrade Cole (channeling Comrade Ackbar) is correct, if they can’t get bipartisan support for this they shouldn’t pass anything.

  10. 10.

    comrade chopper

    September 25, 2008 at 6:35 pm

    The Rethugs want more time so McCain can come in at the last minute and introduce legislation.

    exactly. this is mccain realizing that the dems had already worked out a bill before he rolled into town on a white horse to save the day. now he’s getting the house GOP to stall it so he can break the artificial log-jam and look all presidential.

    how transparent. what a prick.

  11. 11.

    raff

    September 25, 2008 at 6:37 pm

    McCain is positioning himself in a cynical attempt to politically capitalize on the Bailout (even though he admits he hasn’t read the Paulson Report, which is all of 3 pages long). America first!

    It’s typical McCain diva-showboating. A tale of sound & fury, signifying nothing, told by an idiot.

  12. 12.

    demkat620

    September 25, 2008 at 6:37 pm

    Agreed. Walk away. This was always the plan. And sorta of off topic but Roger Simon is acting like a dildo on MSNBC right now.

    John McCain: Action Man.

    Yeah right. That only works Roger if there is a deal, and if the dems were smart they would let it fail. Fuck the GOP.

  13. 13.

    The Grand Panjandrum

    September 25, 2008 at 6:39 pm

    I just heard the tape of Obama’s press conference at the Mayflower. Jesus he sounds like a President. Didn’t former POW McCain duck out the back door of the White House?

    Jesus watching Buchanan and Simon on with David Shuster is like watching Alternate Reality TV. McCain looks like he’s in charge and Obama looks like events are happening to him? Holy Shit Batman!

  14. 14.

    Comrade Dreggas

    September 25, 2008 at 6:39 pm

    Quinn Says:

    The whole point is to buy time. The Rethugs want more time so McCain can come in at the last minute and introduce legislation. Of course, the Dems will cave and McCain will look like a fearless leader. If they do not cave, all the talking heads will buy the spin that “the Democrats do not want to consider his bill for political reasons.” This is a joke.

    According to reports the bill that McCain talked about is all about less regulation and more tax cuts. In other words complete and utter bullshit.

  15. 15.

    Punchy

    September 25, 2008 at 6:39 pm

    CBSNews already reported that McCane has intro’d a new, competing bill. Get it? HE’S the savior. He fixes the shit.

    I’m sure some of his GOP colleagues are furious.

  16. 16.

    Delia

    September 25, 2008 at 6:43 pm

    Okay, I was listening to Talk of the Nation on NPR for a little bit this afternoon. They were asking people if they thought the bailout was a good idea. This woman from New Jersey (NYC suburb area) called in. She said her husband used to work on Wall Street, and last year when things started getting dicey he talked to some of his former colleagues who were still working there and asked them if they were worried.

    And they said:

    NO. BECAUSE IF THINGS GET REALLY BAD THE GOVERNMENT WILL ALWAYS BAIL US OUT!!!!!!!!

  17. 17.

    Laura W

    September 25, 2008 at 6:43 pm

    Obama ought to tell them to kiss his ass, show up at Ole Miss and debate Jim Lehrer if Mccain doesn’t show up

    I believe he plans to do just this. And offered a town hall, a one-on-one with Lehrer, or both.
    Anyone see the press conference today from Mississippi? That party is gonna be held, McInsane or no McInsane.
    I’ve had this on all day, with a two hour break, and I’ve heard nothing but ridicule and “second guessing” of McCain’s motives, from almost everyone on tee vee (but for the lobotomized surrogates.)
    As soon as I can find the video of Brian Williams lead off interview with McShame, I’ll post. Pretty interesting, and pretty gutsy (for network anchor, even though I heart Bri Bri.) Finally. Maybe Brian was waiting for Katie to blaze the trail.

  18. 18.

    Comrade The Moar You Know

    September 25, 2008 at 6:44 pm

    Punchy Says:

    CBSNews already reported that McCane has intro’d a new, competing bill. Get it? HE’S the savior. He fixes the shit.

    I’m sure some of his GOP colleagues are furious.

    Please God, let this be true. America HATES this bill. Absoutely hates it. Dems need to run from any bailout bill like it’s radioactive. Let McCain be “presidential” and take the reins on this thing and we’ll get our veto-proof majority. He’ll drag the entire GOP down to defeat. Probably for a decade.

  19. 19.

    The Grand Panjandrum

    September 25, 2008 at 6:47 pm

    Buchanan just nailed it. This election is back to being about change. John “Chicken Little” McCain is hosed. And cab drivers love Governor Palin.

    Fuck me to tears.

  20. 20.

    J. Maynard Gelinas

    September 25, 2008 at 6:48 pm

    Punchy:

    His GOP colleagues are not the slightest bit furious. They’re enabling it. One wonders if this whole fucking thing was a political dirty trick to begin with. Just as that code pink protester suggests.

    We could hope for Democrats to stop smelling the roses and pull their heads out of their asses. But that’s more foolish than drawing one’s sword at a windmill. I say we pray the Asians finally get fed up and really start dumping US treasuries until our leaders get off their fucking asses.

  21. 21.

    Mike in MI

    September 25, 2008 at 6:48 pm

    McCain is treating the US economy as a political football. Repeat loudly and often, dems.

  22. 22.

    El Cid

    September 25, 2008 at 6:49 pm

    I’m sorry — Democratic Congressional leaders (because they are the drivers here) are not going to walk away from an opportunity to give a trillion dollars to Wall Street super-rich.

    They’ll do it if it costs Obama the election, if it cost them the election, if they had to push a bright red button that would drop a 16-ton weight on their heads.

    They will not walk away.

    They will hand a trillion dollars to the Wall Street super-rich no matter what the consequences. Opportunities for direct money transfers like this to the ultra-wealthy do not come along very often. They will not let it go.

  23. 23.

    Comrade Zifnab

    September 25, 2008 at 6:52 pm

    Even with all the jaded wingnut politics we’ve seen over the past 8 years, this is the mother of all ratfucks for democrats if they fall for it. It is, however so full of irony and double dealing, it is also possible wingnuts might end up ratfucking themselves. Obama ought to tell them to kiss his ass, show up at Ole Miss and debate Jim Lehrer if Mccain doesn’t show up. Republicans can twist themselves into ideologic pretzels trying escape their record and the fact that the Scarlet R is painted on their scaly foreheads.

    Two big things to consider. Firstly, Northeastern Democrats – Clinton, Schumer, Biden, Dodd, (former Dem) Lieberman, Carper, Casey, … – they’ve all got twelve inch woodies for the banking industry. These were the guys who took a look at the ’05 Bankruptcy bill and couldn’t sign on fast enough. They come from big banking and trading states, and they loooooove themselves some old fashioned Wall Street reach-arounds. These guys WANT to bail out the industry, but they don’t trust the Bush Administration far enough in to turn over the money. It’s no good if only Republican donors and friends get handouts. Why would Goldman Sachs drop money in the DNC coffers if only Republican allies are getting cash up front?

    Secondly, Democrats might see the ratfuck coming, but that this point do they honestly even care? What’s a giant bailout going to do for the Rethugs? Which Dem Senators are endangered this cycle? Which House races are even remotely competative? Let the GOP ratfuck away. They got slaughtered in ’06 and their odds look pretty shitty today. McCain’s polling has already more-or-less bottomed out. Is anyone really going to switch their votes because Johnny Vietnam pranced around in front of the cameras for a week when there’s five more till the election? After the CBS interview, I don’t think Dems are exactly frightened of the McCain / Palin power duo stealing the White House from under Obama’s nose. It’s the Republicans’ Mondale Moment. Obama is going to dance on McCain’s pointy little head whatever people think of this economic clusterfuck.

    So why not have your cake and eat it, too? Dems reluctantly pass a giant handout to their banking buddies and get to let McCain make an ass out of himself while they patiently wait for the White House to fall into their laps.

  24. 24.

    Comrade Jake

    September 25, 2008 at 6:54 pm

    CBSNews already reported that McCane has intro’d a new, competing bill. Get it? HE’S the savior. He fixes the shit.

    Well, that’s not going to happen. There’s no way the Dems will allow it.

    I honestly don’t know that McCain has any real play here. I’ve thought through a couple of scenarios, and none of them have a good endgame for McCain. I think he’s simply winging it.

    The wildcard is the stock market/credit lockup, and I just don’t see how he possibly has a strategy if that begins to really look precipitous.

  25. 25.

    StarshinaHumboldtBlue

    September 25, 2008 at 6:56 pm

    Has the USC-Oregon State game started yet? You guys have convinced me to avoid any cable news tonight, so watching the Trojans will be a nice distraction.

  26. 26.

    MobiusKlein

    September 25, 2008 at 6:56 pm

    Don’t negotiate with the (economic) terrorists.

    Bush showed up with the demand (700B, no strings).
    A serious president would start with a proposal that was somewhat reasonable to begin with.

    No negotiations with fixed deadlines. The guy catching the plane always loses.

  27. 27.

    t jasper parnell

    September 25, 2008 at 6:58 pm

    I think he’s simply winging it.

    Bingo, his whole campaign has been about winging it. His is too fucking dumb to thing strategically or tactically and is only able to think operationally. So long as Obama continues on the S and T level and does not fall into the operational trap, all will be well. I hope.

  28. 28.

    Comrade Dreggas

    September 25, 2008 at 6:58 pm

    WAMU is gone

  29. 29.

    Progressive Libertarian

    September 25, 2008 at 6:59 pm

    The Democrats have a very easy play here. Scrap the current bill and put forward a progressive alternative. Include bailout money but take away the upside on this for Wall Street by making these guys fork over equity. Also, it’s essential to explicity include revenue items to help defray the costs of the plan. This should be accomplished by bumping the capital gains tax rate, immediately reversing the Bush tax cuts and raising the tax rate on the top 5% of earners. These are the people whose fire is being put out so it doesn’t spread to the whole neighborhood. These are also the people who will gain the most in nominal terms from the bailout. Put it in the bill!

    People are paying attention to this bill, so it will be tough for Republicans to pull their usual song-and-dance about how such tax tie-ins are increased taxes for “small business owners” or “farmers” or whatever. It’s either the people who are being bailed out pay, or we all get stuck with the bill. Everyone can understand that. If anyone wants to balk at this, Democrats should just point out that the they are putting the interests of the top 1% ahead of the country, “which is exactly what got us into this mess in the first place.” Repeat as necessary.

    The smartest thing the Democrats can do is to come up with a progressive version of a bailout bill designed to 1) ensure opposition by Bush and yet 2) which would be political poison for McCain to oppose. Throw in expanded unemployment coverage and COBRA protections, SCHIP, and other progressive policies that are widely popular but which Democrats have historically had difficulty enacting. Justify it on the grounds that the provisions are necessary to “protect Main Street” from the effects of Wall Street. Do not budge on the plan.

    This screws McCain. There’s no mavericky way for McCain to stand with the president in opposing an “essential” bailout bill because he doesn’t like the fact that taxes get hiked on the top 1% and some kids get health insurance. Particularly not given that he’s been masquerading as a populist. If he tries to argue the plan won’t work, relentlessly ridicule the fact that the man knows absolutely nothing about economics. Roll out the greatest hits of McCain’s gaffes on the economy. His only move is to eventually sign on, which would have the effect of fracturing the Republicans in Congress.

    This is the same basic play the GOP has made dozens of times, always with success. I simply can’t understand why everytime the GOP is holding a decent hand (i.e. better poll numbers on national security after 9/11), they are able to ram it down our throats (“the terrorists will kill us all if the Democrats don’t do exactly what we say!”). And yet this one time, when the Democrats essentially flopped a full house (Democrats are trusted more on economic issues and the public blames the GOP for this mess), we think the “smart” play is to simply check this one down to the river and hope McCain doesn’t get lucky.

    Don’t wait to see how McCain intends to play his hand. Put him all in right now!

  30. 30.

    JL

    September 25, 2008 at 7:01 pm

    StarshinaHumboldtBlue Says:

    Has the USC-Oregon State game started yet? You guys have convinced me to avoid any cable news tonight, so watching the Trojans will be a nice distraction.

    you are definitely not a comrade!

  31. 31.

    aimai

    September 25, 2008 at 7:01 pm

    Look, we are all a billion times smarter than the Dems. The moment McCain walked in they should have walked out and explained, politely and loudly, that McCain doesn’t represent anything. They should let him present his plan and then simply refuse to look at it at all until after the weekend. Tell McCain and the country that since McCain isn’t serious about staving off financial collapse *by monday* as he insisted was possible they were all goign to do other shit until monday and just see what happens. BUT THEY AREN’T GOING TO WALK AWAY FROM THE BILL because they still don’t get it. If one side plays politics and the other side still tries to do the responsible thing the responsible party loses the election. It always works that way. They need to turn to the country and say “these people aren’t serious about your welfare or anything but their own money and pride. Elect democrats in November and we have a glimmer of a chance that we can dig ourselves out of this morass. But if you keep putting these assholes in power you will keep getting no good results. But the dems are just stupid enough not to play hardball.

    aimai

  32. 32.

    Punchy

    September 25, 2008 at 7:02 pm

    Is anyone really going to switch their votes because Johnny Vietnam pranced around in front of the cameras for a week when there’s five more till the election?

    People really, really hate this fucking POS bill. 16% think its a great idea. That’s it.

  33. 33.

    ThymeZone

    September 25, 2008 at 7:09 pm

    Yes, and what Flounder said. Either there is a crisis, or there isn’t. If there is, then stop using it as a McCain campaign device. If there isn’t, then what has the last week been about?

    If the Republicans can’t sell their administration’s plan to their own people, then …. as you say … walk away.

  34. 34.

    El Cid

    September 25, 2008 at 7:11 pm

    I think a lot of people have no idea how much hatred there is for this bailout. Nothing they have heard about it makes them hate it less. Even if they believe something’s gotta be done.

  35. 35.

    Thom Jeff

    September 25, 2008 at 7:12 pm

    WALK. AWAY.

    Perfect. Let McCain and Boner come up with their plan, let it pass WH and Treasury muster, and then sit down again. But now…

    WALK. AWAY.

  36. 36.

    Comrade Jake

    September 25, 2008 at 7:13 pm

    Ambinder poses the fundamental question that McCain will have trouble circumnavigating:

    After all, if not to get these recalcitrant Republicans on board, why did McCain go to Washington in the first place?

  37. 37.

    cleek

    September 25, 2008 at 7:13 pm

    If the dems play this smart

    if (false)
    {
    // this never happens
    }
    else
    {
    // this always happens
    }

  38. 38.

    The Grand Panjandrum

    September 25, 2008 at 7:15 pm

    Rahm Emmanuel from downtown (reference John McCain saying he wasn’t sure if he would or would not vote for the Paulson bailout plan. All THREE pages): “The Straight Talk Express must not have a reading room on it.”

  39. 39.

    Comrade General Stuck

    September 25, 2008 at 7:18 pm

    So why not have your cake and eat it, too? Dems reluctantly pass a giant handout to their banking buddies and get to let McCain make an ass out of himself while they patiently wait for the White House to fall into their laps.

    I agree that overall this is a lose lose for republicans at this point. Government bailout is a huge grenade lobbed into an already shaky coalition of Business wingnuts and the true believer anti government crowd, and dems don’t seem to have an ideological problem with doing this (although I do) as long as everyone gets helped. I really doubt anything of consequence will get passed before the election. Nothing ever does in an election year, especially something of this far reaching magnitude. However, if the markets start to tank and the economy melts down to the quick, all bets are off and it’s impossible to say who will get the blame before the election. IMHO.

  40. 40.

    Libby Spencer

    September 25, 2008 at 7:22 pm

    Get out of my head John Cole. Those were my thoughts, exactly.

  41. 41.

    Comrade Jake

    September 25, 2008 at 7:22 pm

    Heh, I’d missed this.

    Barney Frank compared McCain’s involvement to: “Richard Nixon blowing up the Vietnam peace talks in 1968.”

  42. 42.

    Daily Shocker

    September 25, 2008 at 7:26 pm

    There’s never been a better time during all of this for the Dem’s to walk away. Walk out saying “we had a deal till McCain showed up,” put this whole failure in his lap. Make him a failure at bringing groups together, and a failure at getting things done, with the super added bonus of no more bailout!

    They have all the political cover in the WORLD now to lay this at the feet of the Republicans. You can say they wanted a clean bailout that was going to kill Main St., and that the Dems just couldn’t abide. It’s perfect! Now is the perfect time to get out!

    In the words of Ben Stiller in Starsky and Hutch:

    DO IT.

  43. 43.

    Tattoosydney

    September 25, 2008 at 7:26 pm

    Off topic, probably been posted already…but I don’t care!!

    NEW JON SWIFT!!

    Let’s suspend the whole election.

    …

    John McCain was born before television even existed and he barely knows what a computer is. We need a President like McCain who will not be distracted by trying to take on a new crisis every day but will have the discipline to put everything else aside and concentrate on a problem before taking a short nap and going on to the next one.

  44. 44.

    ThymeZone

    September 25, 2008 at 7:30 pm

    Walk out saying “we had a deal till McCain showed up,”

    Basically, what Dodd said earlier.

    We have been working on a version of Secretary Paulsen’s plan, and suddenly McCain parachutes in and the Republicans show up at the White House with a whole new plan.

    Sorry, game over. If Paulsen was that wrong, why did you send him up to the Hill?

  45. 45.

    Comrade Jake

    September 25, 2008 at 7:32 pm

    So, I guess the CW out there right now is that McCain’s proposal involved fewer regulations and more tax breaks for businesses? Here’s the video.

    That makes zero sense. So McCain put forward a proposal that would make an already unpopular, POS bill, even more unpopular? With fewer regulations? When everyone and their brother recognizes that a lack of regulations was a big part of the problem.

    How are the optics of that possibly good for McCain?

  46. 46.

    cleek

    September 25, 2008 at 7:34 pm

    How are the optics of that possibly good for McCain?

    that depends on what the media focuses on

  47. 47.

    comrade chopper

    September 25, 2008 at 7:35 pm

    yeah, wamu is toast.

    the way mccain is trying to stall the bill to get his name plastered all over it, the whole market will take a shit meanwhile. great for him – he gets to be the guy who let the market take a giant shit for his own vanity.

  48. 48.

    ThymeZone

    September 25, 2008 at 7:36 pm

    The paradox here is that the Republicans either are, or want to appear to be, split over the bailout plan.

    If they are split, exactly what was the charade at the White House about today? Who is in charge of the Potatoheads?

    If they are not split, but are just pretending to be split, then the charade at the White House today can only have been for one purpose: To set up a rescue by McCain.

    Either way, Dems have nothing to gain by going along with this clusterfuck until the GOP gets its act together. Which may take a while, they are a party that apparently believes that living near Russia makes a person a foreign policy expert. So they may have some cognitive problems.

  49. 49.

    burnspbesq

    September 25, 2008 at 7:36 pm

    Here’s what I don’t understand.

    We already have an institution that is perfectly capable of sorting out all of this shit, without the need for a $700 billion raid on the Treasury.

    It’s called the United States Bankruptcy Court.

    Why not allow it to do the work it was created to do?

  50. 50.

    Stevenovitch

    September 25, 2008 at 7:37 pm

    if (false)
    {

    // this never happens
    }

    else
    {

    // this always happens
    }

    #define false true

  51. 51.

    JL

    September 25, 2008 at 7:37 pm

    The democratic members need to walk out in unison tomorrow and say John McCain personally killed the bill and they are going home. It’s time to show who the true leader is. FYI, it appears that WaMu is gone. Is Wachovia next.

  52. 52.

    Comrade Jake

    September 25, 2008 at 7:40 pm

    Is Wachovia next.

    Huh? Wachovia’s in bad shape? That’s the first I’ve heard of it.

  53. 53.

    comrade amoЯphous

    September 25, 2008 at 7:42 pm

    Wait, makkain is seriously proposing less regulation?

    Profits first!

  54. 54.

    Comrade Slotman

    September 25, 2008 at 7:47 pm

    Yeah, Wachovia’s been on the “next to go” list for a while. They were trying to work out a merger with Morgan, I think, but Morgan just waited for WaMu to fail and come to them. Maybe Goldman waits for Wachovia to fail and pick up the deposits.

  55. 55.

    Comrade Jake

    September 25, 2008 at 7:48 pm

    A Kos diarist has a video up of Obama’s interview with Couric tonight.

    It’s worth a watch.

  56. 56.

    Comrade Nicole

    September 25, 2008 at 7:50 pm

    Two big things to consider. Firstly, Northeastern Democrats – Clinton, Schumer, Biden, Dodd, (former Dem) Lieberman, Carper, Casey, … – they’ve all got twelve inch woodies for the banking industry. These were the guys who took a look at the ‘05 Bankruptcy bill and couldn’t sign on fast enough.

    Schumer, Clinton, Casey and Lieberman didn’t vote for the Bankruptcy bill. Only two Dem senators from the Northeast voted for it (Biden and Carper- Delaware. Big surprise).

    I’m not saying the Dems aren’t a complete embarrassment these days, but I remember Schumer delaying that awful bankruptcy bill back in ’02 by inserting an amendment to it that pro-life groups convicted of illegal activities against abortion clinics could not declare bankruptcy as a means of avoiding paying court fees and fines. And the pro-life Republicans couldn’t go for that, so it stopped the bill. Eventually the House stripped the amendment out and it passed. Here’s a link- from a pro-life site, no less:

    http://www.acljlife.org/news/abortion/020916_demonstrators.asp

    They said it was due to his pro-abortion stance, but I remember thinking it was a pretty obvious ploy to shelve the bankruptcy bill, which was clearly a giveaway to the credit industry. But hey, it worked for a little while.

    I’ve been disgusted with Schumer since Mukasey, but it’s not fair to say he’s always been in the tank for the banking industry.

  57. 57.

    John

    September 25, 2008 at 7:50 pm

    The Democrats have a very easy play here. Scrap the current bill and put forward a progressive alternative. Include bailout money but take away the upside on this for Wall Street by making these guys fork over equity.

    Er, my sense was that this was in the version that everyone except House Republicans and McCain agreed to.

  58. 58.

    ThymeZone

    September 25, 2008 at 7:53 pm

    Why not allow it to do the work it was created to do?

    The whole thing is perched on top of a pyramid scheme. If you unplug any of it, the whole thing … including the part over your head and my head … falls in.

    Unless I misunderstood what Paulsen was trying to say the other day.

  59. 59.

    John

    September 25, 2008 at 7:54 pm

    Yeah, Wachovia’s been on the “next to go” list for a while. They were trying to work out a merger with Morgan, I think, but Morgan just waited for WaMu to fail and come to them. Maybe Goldman waits for Wachovia to fail and pick up the deposits.

    Wachovia was talking of merging with Morgan Stanley, iirc. WaMu is apparently going to be bought by JP Morgan Chase, which is a completely different company. (MS was, until this week, an investment bank; JP Morgan Chase is a commercial bank).

  60. 60.

    Georgia Pig

    September 25, 2008 at 7:54 pm

    Relax. This is a total clusterfuck and probably not really what McCain wanted, but now he’s stuck with it and Palin. This guy has been fucked six ways to Sunday by his own stupidity, no wonder he’s in a shitty mood. It’s the karma for sucking up to Bush, Falwell and the rest of the motley crew. Now he’s got a bunch of House wingnuts hung around his neck with a stupid plan that no one with half a brain thinks will work. This will drive a huge wedge between the business repubs, who hate him because he’s a grandstander and not a team player, and the die-hard right ideologues, who have adopted him as their new champion because of Palin. O’Reilly was even ranting about Limbaugh because his stock portfolio is hanging in the balance. Slimy as they are, the business guys are still somewhat connected to reality. The TED spreads are real. I listened to some of the wingnuts testifying yesterday in front of Barney, and they don’t have a clue. They think some wackazoid tax cut will solve everything, as usual.

  61. 61.

    r€nato

    September 25, 2008 at 7:55 pm

    I have no idea if Tony Alamo is a Republican as well as being a child-molesting Bible-thumping fundy mentalist preacher, but I’d say it’s a pretty sure bet:

    Evangelist arrested for child porn

  62. 62.

    littlesky

    September 25, 2008 at 7:57 pm

    It is like they simply don’t give a shit about anything but power.

    It’s not “like” they simply don’t give a shit, they don’t give a shit. The same people who lied us into a war in Iraq wouldn’t hesitate to play politics with the economy if it means a slightly bigger slice of the pie ends up on their plate.

    Anyone playing along with this stunt is unfit for office.

  63. 63.

    TenguPhule

    September 25, 2008 at 7:59 pm

    How are the optics of that possibly good for McCain?

    Cum-stained glasses.

    What is seen, can’t be unseen.

  64. 64.

    Comrade Slotman

    September 25, 2008 at 8:00 pm

    Wachovia was talking of merging with Morgan Stanley, iirc. WaMu is apparently going to be bought by JP Morgan Chase, which is a completely different company. (MS was, until this week, an investment bank; JP Morgan Chase is a commercial bank).

    You are correct–got my descendants of the House of Morgan confused. The WaMu-purchasing entity is the company better known as Chase, not the (former) investment bank.

  65. 65.

    Jane_in_Colorado

    September 25, 2008 at 8:02 pm

    Wachovia is neck-deep in the sub-prime mess and heavily leveraged. Any bank that is offering 4+% on 12 month CDs while the Fed Funds rate is at 2% has liquidity problems.

  66. 66.

    JL

    September 25, 2008 at 8:06 pm

    Wachovia is neck-deep in the sub-prime mess and heavily leveraged. Any bank that is offering 4+% on 12 month CDs while the Fed Funds rate is at 2% has liquidity problems.

    I guess it was a good thing that I brought Wachovia up.

  67. 67.

    t jasper parnell

    September 25, 2008 at 8:07 pm

    How are the optics of that possibly good for McCain?

    “Cause he is a Maverick takin’ shots and hits and fixin’ and shakin’ up things? And a POW; she’s a Hockey Mom, etc.

  68. 68.

    Dreggas

    September 25, 2008 at 8:08 pm

    Hank Paulson knows republicans are trying to torpedo the bail out

  69. 69.

    JL

    September 25, 2008 at 8:10 pm

    Shelby is on Rachel and is saying absolutely nothing. It is so amazing to watch. He is waving paper from economists that say don’t pass this bill and she is asking him why. He can’t appear to answer.

  70. 70.

    Comrade Slotman

    September 25, 2008 at 8:11 pm

    The whole thing is perched on top of a pyramid scheme. If you unplug any of it, the whole thing … including the part over your head and my head … falls in.

    Unless I misunderstood what Paulsen was trying to say the other day.

    “You see, Congressman, the economy is just a gigantic game of Jenga….”

  71. 71.

    stickler

    September 25, 2008 at 8:11 pm

    God damn. What a freaking week this has been.

    Look: if the GOP wingnuts bollox up the deal, the Democrats MUST (not “should”) start from scratch and put together a rescue package that is revenue-neutral.

    That means: big fucking taxes on Wall Street, humiliation for banking CEOs, full equity positions for Uncle Sugar if tax money goes to a bank, etc. etc. etc.

    Wall Street is begging the Congress for rescue. Beggars can’t be choosers. And in 2008, the American people hate bankers almost as much as they hate George Bush. It’s political gold.

    (Thus, the Democrats won’t do it.)

  72. 72.

    liberal

    September 25, 2008 at 8:12 pm

    Comrade Nicole wrote,

    Schumer, Clinton, Casey and Lieberman didn’t vote for the Bankruptcy bill. Only two Dem senators from the Northeast voted for it (Biden and Carper- Delaware. Big surprise).

    IIRC Lieberman voted to end the filibuster, which given the vote count on the bill itself was just as bad.

  73. 73.

    liberal

    September 25, 2008 at 8:18 pm

    stickler wrote,

    That means: big fucking taxes on Wall Street, humiliation for banking CEOs, full equity positions for Uncle Sugar if tax money goes to a bank, etc. etc. etc.

    Damn straight.

    The idea that we might have trouble scraping up the money is nonsense. AFAICT a transaction tax on trades would raise more than $100B per year. Plenty to fund this sh*t.

  74. 74.

    Comrade Nicole

    September 25, 2008 at 8:20 pm

    IIRC Lieberman voted to end the filibuster, which given the vote count on the bill itself was just as bad.

    Why am I not surprised to learn this? Thanks for the clarification.

  75. 75.

    gopher2b

    September 25, 2008 at 8:25 pm

    The market is going ot open up down 500 points (at least) and plummet from there. They will probalby have to shut down the exchanges.

    These retards have no idea what they are messing with. It’s not like you can fuck with these things. Once companies start defaulting on obligations they breach contracts which causes other companies to breach and default, etc, etc. You cannot get the Genie back in the bottle.

    I was finally getting to the point where I was pretty sure we needed the bailout and they pull this shit.

    They have no idea what they are doing.

  76. 76.

    Rome Again

    September 25, 2008 at 8:25 pm

    Things are spinning so fast that I’m getting dizzy. Everywhere I turn I see people talking about “the plan” – which fucking plan are they talking about? There seems to be more than one plan now. What the hell is going on, which plan is on the table and is McCain going to miss the debate tomorrow?

    Re: Wachovia, it’s been distressed for a while now.

  77. 77.

    Mary

    September 25, 2008 at 8:31 pm

    I’m sitting in Toronto, looking at my RSPs (investments savings), knowing that if I yank them out out and stick them in ING I’m looking at huge penalties, and also knowing that tomorrow they may as well be little bundles of this.

    I’m never going to be able to retire, right?

  78. 78.

    Joshua Norton

    September 25, 2008 at 8:38 pm

    It’s like everyone is standing around watching McCain shove a kid into traffic. Then when he pretends to “save” the kid from getting run over they all start whistling and applauding about what a hero he is.

    And they stood there and watched him do it. They predicted he’d do it. They talked about what a phony set-up it was going to be. And they still run with the “McCain’s a Maverick Hero” headline anyway.

    Spare me. Thanks to the repiggies, there hasn’t been one thing of substance about this entire election. It’s been a bunch of ratfucking and kids games of “I double dare you to call me a liar/racist/misogynist” bullshit. Not to mention a whole bunch of “I am rubber, while you, Sir, are glue”…..

    Eeeesh!

  79. 79.

    t jasper parnell

    September 25, 2008 at 9:05 pm

    WaMU is done.

  80. 80.

    nicethugbert

    September 25, 2008 at 9:17 pm

    The first thing the Dems should have done was tell Sun Wukong to STFU! Engrave the Glass-Steagel Act(1933) on a funeral urn. Burn the Paulson Plan. Put the ashes in the urn and mail it to Chimp DC. Merry X-mass monkey!

    Why doesn’t Dodd talk to people like Galbriath instead?

    A Bailout We Don’t Need

    Now that all five big investment banks — Bear Stearns, Merrill Lynch, Lehman Brothers, Goldman Sachs and Morgan Stanley — have disappeared or morphed into regular banks, a question arises.

    Is this bailout still necessary?

    The point of the bailout is to buy assets that are illiquid but not worthless. But regular banks hold assets like that all the time. They’re called “loans.”

    With banks, runs occur only when depositors panic, because they fear the loan book is bad. Deposit insurance takes care of that. So why not eliminate the pointless $100,000 cap on federal deposit insurance and go take inventory? If a bank is solvent, money market funds would flow in, eliminating the need to insure those separately. If it isn’t, the FDIC has the bridge bank facility to take care of that.

    ………

    Dump Dodd! Dems are too close to this Paulson Shit, Obama too! Damn Icarus!

    Oh, happy October surprise everyone! Welcome to Rethuglican Vaudville!

  81. 81.

    Comrade Texas Dem

    September 25, 2008 at 9:36 pm

    I agree with Georgia P. If the Republicans were really trying to stall they wouldn’t offer a completely different proposal. Rather, they would be saying, in effect, “Yeah, we’re close, but there are still some things to be worked out.” And then tomorrow McCain would tell us they have reached a deal with the Dems and the WH. That still might happen but I doubt it. The bottom line is that a significant part of the Republican House caucus just doesn’t want a deal. And if you’ve been listening to talk radio you can understand why. The right wing is up in arms about the bailout deal and the Republicans are feeling the heat. There’s deep split between the business Republicans and the main street Republicans, who are much more working class in their orientation.

  82. 82.

    stickler

    September 25, 2008 at 9:37 pm

    Again:

    If McCain helped fuck this up at the last minute (!), bad as that rescue “plan” was bound to be, then dammit, the Democrats MUST come back with some kind of FDR-on-steroids whoopass. 90% marginal tax rates on Eastern elites; public auction of CEO estates; stockades and whippings.

    Cripes, I’m starting to channel William Jennings Bryan at this point.

    Either the bastards really are on the ropes and need this bailout, or it’s all a giant wealth transfer scam.

    CALL THE GOD-DAMNED BLUFF!

  83. 83.

    Comrade MeDrewNotYou

    September 25, 2008 at 9:52 pm

    Comrade John Cole wins the Internet!’

    “It’s a trap!!!”

    Admiral Ackbar should run in 2016. If he can get past the residency requirements, that is.

  84. 84.

    Rome Again

    September 25, 2008 at 10:10 pm

    Again:

    Were you talking to me? I’m so confused with all these McCain shenanigans I have no sense of anything anymore.

    I need a drink (I don’t drink often, I think I’ll start… better yet, buying a gun and putting it to my head is beginning to look like an act of mercy).

  85. 85.

    Comrade grumpy realist

    September 25, 2008 at 10:44 pm

    1. Markets tank tomorrow and Monday. 1000 points, 2000 points.
    2. The amount of squealing from the pro-bailout crowd will be able to be heard from the Moon. Bush will be realizing that unless he gets something on the table, pronto, he will go down in history as the Jerk Who Caused The Second Great Depression. Immense hysteria and terror.
    3. Republican party splits between the business Republicans and the social con Republicans?

Comments are closed.

Trackbacks

  1. I’m With Comrade John | Comments from Left Field says:
    September 25, 2008 at 6:24 pm

    […] Just walk away. Share and Enjoy: […]

  2. WALK AWAY! - The Daily Shocker says:
    September 25, 2008 at 8:17 pm

    […] Democrats have to get themselves as far away from this stinking “Paulson Plan” as fast as they can. […]

  3. Balloon Juice says:
    September 25, 2008 at 9:03 pm

    […] From the comments: […]

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