Home > Jay Bookman > Archives > 2008 > September > 16 > Entry
DEL.ICIO.US‘The final verdict on an economic philosophy that has completely failed’
The Atlanta Journal-Constitution
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In terms of crisis management, Bush administration officials and the Federal Reserve seem to be handling the turmoil on Wall Street about as well as possible.
It can’t be easy. They’re at the controls of a 747 with two engines out, flying blind in a storm without instruments, trying to wrestle the thing to the ground slowly without a crash.
But so far, there’s no sign of panic in their response, and no sign of ideology or politics interfering. The situation is too critical for that nonsense, and they seem to know it. Experienced, intelligent people are simply trying to make practical decisions in compressed time, with very little hard information to go on, and they’re winging it pretty good.
Now, how we got into this mess is a very different question, a question that the two presidential candidates are rushing to try to answer for voters.
“We are going to reform the way Wall Street does business and put an end to the greed that has driven our markets into chaos,” Sen. John McCain said Tuesday. “We will stop multimillion-dollar payouts to CEOs who have broken the public trust. We will put an end to running Wall Street like a casino. We will make businesses work for the benefit of their shareholders and employees.”
American workers, McCain said, “have been betrayed by a casino on Wall Street of greed, corruption and excess that has damaged them and their futures. And we’re going to fix it.” By Wednesday, McCain’s campaign was fielding a TV ad proposing “tougher rules on Wall Street to protect your life savings.”
Barack Obama was similarly blunt, describing the last few days as “nothing less than the final verdict on an economic philosophy that has completely failed.”
“When the White House is hostile to any kind of oversight, corporations cut corners and consumers pay the price,” he said Tuesday. “When regulators are chosen for their disdain for regulation and we gut their ability to enforce the law, then the interests of the American people are not protected. It’s an ideology that intentionally breeds incompetence in Washington and irresponsibility on Wall Street, and it’s time to turn the page.”
The two candidates, in other words, are playing a similar song. But coming from McCain, it sounds like a very strange tune, like bluegrass being played on a tuba. Like others in his party, McCain has typically seen regulation and government oversight as unnecessary obstacles to economic growth.
Earlier this year, for example, when the economy began showing signs of trouble, McCain promised voters “specific proposals to address our economic challenges.” However, he also promised that “they will be based not on big-government intervention, and not on raising your taxes, not on increasing government regulation but unleashing the forces of the free market and capitalism.”
A decade ago McCain pushed unsuccessfully for a moratorium on all federal regulations. Asked about that by the Wall Street Journal this spring, McCain said, “I’m always for less regulation. But I am aware of the view that there is a need for government oversight.”
“I am fundamentally a deregulator,” he told the Wall Street Journal. “I’d like to see a lot of the unnecessary government regulations eliminated, not just a moratorium.”
That approach borrows a lot from the philosophy of McCain’s close friend and economics advisor, former Treasury Secretary Phil Gramm. As a U.S. senator, Gramm was widely considered the architect of our largely deregulated financial system that helped create this mess.
Obama, on the other hand, has been consistent in his analysis and policy. In a major speech in March, he laid out his approach quite clearly.
“Under Republican and Democratic administrations, we’ve failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practice,” he said. “We let the special interests put their thumbs on the economic scales. The result has been a distorted market that creates bubbles instead of steady, sustainable growth; a market that favors Wall Street over Main Street, but ends up hurting both. …
“Instead of sensible reform that rewarded success and freed the creative forces of the market, too often we’ve excused and even embraced an ethic of greed, corner cutting, insider dealing, things that have always threatened the long-term stability of our economic system,” he said in his Cooper Union speech.
Too much regulation, or regulation that is poorly crafted, can undoubtedly drain an economy of its vitality and flexibility. But as both candidates now understand — or at least say — a blind, ideological rejection of government oversight can be equally dangerous. It’s time for a return to good ol’ American pragmatism, to judging policies on whether they work, not on whether they pass some rigid litmus test.
Comments
By Older Reporter
September 16, 2008 5:01 PM | Link to this
Short covering on Wall Street today.
By Goldie
September 16, 2008 5:06 PM | Link to this
JAY— what an even bigger disaster for America, if some flukey thing happens in November and John McBush gets hisself into the White House. Obama needs to stay on message about Phil Gramm these next few weeks and what he’s done to America.
By RW-(the original)
September 16, 2008 5:16 PM | Link to this
Bill Clinton signed Phil Gramm’s bill.
George Bush asked for a new oversight panel for Freddie and Fannie, while Barney Frank said there was no pending troubles whatsoever with those two.
I do agree this sounds odd coming from McCain and that was a great line about the bluegrass coming out of a tuba.
Here’s what Biden’s plan is.
By all means, Joe, let’s let a judge slash the interest rate and principle, after the fact, to let the least credit worthy keep their homes. What could possibly go wrong with that?
No wonder he thinks we need a return to the WPA that it took a World War to save us from.
Geez
By jasper
September 16, 2008 5:17 PM | Link to this
Jay - Is’nt this the same administration that gave us Sarbanes Oxley, the most sweeping reforms in the business community since the 40’s. How much oversight or regulation is it going to take. SOX has been a cost and labor intensive nightmare for public companies, but somehow managed to restore public trust. Much more would have backfired.
And so much for McCain’s decade moratorium on regulation. He was in favor of the SOX act of 2002. If you can’t be factual on the details, at least try to get the math right.
By Paul
September 16, 2008 5:18 PM | Link to this
I read through the comments about actions and inaction by the Pres, Congress, committees, agencies, etc and also read Jay’s columns that are pretty even and ask: who best to handle?
I then read speaker Pelsoi denying any responsibility, at all. None. Zero. Zilch. Pres Obama better get ready - anything bad happens, it’s gonna be him, him, him, ‘cause Pelosi and company never, ever do anything that turns out badly.
Good luck with that ‘change’ thing, Senator.
Link: Pelosi - Dems bear no responsibility
I will offer that most regulations are after the fact to regulate poor behavior that is not illegal. Regarless of the candidates’ views of regulations and markets, much of the business community seems to take the attitude “if it’s not specifically prohibited, I can do it.” Or, “is there anything that says I can’t do this?” So more regulation will follow.
What’s equally important are phase points for reviews to see if the regulation does in fact control that which it was designed to do and is it cost-effective. Sarbanes-Oxley is a fine example.
By Herman
September 16, 2008 5:20 PM | Link to this
The Senate Committee on Banking, Housing, and Urban Affairs is chaired by Sen. Christopher Dodd (D-CT). Sen. Dodd was recently embroiled in a scandal for receiving a so called V.I.P. loan from Countrywide Financial. As a “Friend of Angelo” (Mozilo) he was given a 75k break on his loan. While Mozilo was CEO, he pocketed upwards of 200 million dollars. Most of our financial woes are currently tied to the Mortgage industry. An industry that Democrat Chris Dodd was supposed to be keeping an eye on. I guess we know what he was keeping his eye on. So much for the most ethical Congress in history. Sorry, this one does not fall on the executive branch. The Senate screwed us. Again.
By AJC/DNC Management
September 16, 2008 5:26 PM | Link to this
When a market correction becomes the end of the most powerful and resilient economy in the world, be sure to wake me up.
Until then, y’all can be mesmerized by the sweet, meaningless lullabies emanating from thee campaign trail and like all good dullards, float off upon these gaseous discharges like they are some big tuft of puffy cloud, which I see some of us have already done.
Relax, everybody.
Geez.
By jasper
September 16, 2008 5:28 PM | Link to this
In regards to government regulation on business, wouldn’t you just love to see someone ask Bambi if he thinks SOX was a good idea. Then just watch his eyes spin as his brain gropes through plaid, athletic, baseball teams, and finally the Clinton’s cat.
By RW-(the original)
September 16, 2008 5:29 PM | Link to this
Herman,
That’s only Dodd’s committee when Barack isn’t over in Israel claiming it’s his comittee
Even though Obama isn’t even on the Banking Committee.
By AJC/DNC Management
September 16, 2008 5:29 PM | Link to this
Oh, this must be what Jay is moaning about:
Russian shares suffered their steepest one-day fall in more than a decade on Tuesday, losing up to 20 per cent, as a sharp slide in oil prices and difficult money market conditions triggered a rush to sell.
Thee demise of socialism!
Government control of the markets works wonders, don’t it?
By Herman
September 16, 2008 5:32 PM | Link to this
Now lets talk about Evan Bayh. He also sits on the Senate Committee on Banking, Housing, and Urban Affairs. His wife Susan Bayh, as you may or may not know, has as her primary occupation sitting on the boards of directors of companies that her husband frequently votes in the Senate to impact.
Unsurprisingly, it’s very lucrative to sit on the board of directors of some big company, and more lucrative still when your husband is voting in ways that can favorably benefit the juicy stock options that you are about to exercise.
I don’t know why these folks have such a hard time keeping these financial institutions in line….
By N-GA
September 16, 2008 5:38 PM | Link to this
Rather than get into a long dissertaion here, I suggest you Google “hedge funds history”. You will get several links to relatively objective histories about hedge funds, and a little insight into how unregulated they are.
No matter what else is said, they exist as investment vehicles for the ultrarich. While typical Americans invest in mutual funds and occasionally, equities, the ultrarich need more interesting investments that provide returns generally not available to the rest of us. Yet when they get in trouble, the government jumps in because “they’re collapse could have a catastrophic impact on our financial system”.
Do you think this bears any relationship to the speculators/profiteers driving up the price of oil?
By "The Corporal"
September 16, 2008 5:38 PM | Link to this
Luke Chapter 14
28For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?
29Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,
30Saying, This man began to build, and was not able to finish.
Wise words from the Banker of the Universe.
By TW
September 16, 2008 5:39 PM | Link to this
Isn’t Phil Gramm also the Enron Loophole guy?
By RW-(the original)
September 16, 2008 5:40 PM | Link to this
Uh oh…..While we’re asking Obama about SOX we better ask him if those were just words he’s been spouting off about Pakistan or electing him seems to assure us of a brand new war.
ISLAMABAD — On the eve of a meeting with the top U.S. military commander, Pakistan upped the ante in the standoff over U.S. troop incursions, saying its soldiers had orders to fire on American troops if they entered from Afghanistan on raids.
By Herman
September 16, 2008 5:40 PM | Link to this
Oh, yes… and then there is Senator Robert Menendez (D) also on the Senate Committee on Banking, Housing, and Urban Affairs. There was a federal investigation of Senator Menendez over potential conflicts of interests with recipients of government financing just last year.
Hmmmmm. So many Democrats on this particular committee with so many legal and ethical problem. Yeah, the current financial crisis must be the fault of the Bush Administration….
By AJC/DNC Management
September 16, 2008 5:43 PM | Link to this
Uh-oh:
As an unnamed McCain aide points out to the Hill, the chief House co-sponsor of the bill, then-Rep. Jim Leach of Iowa, is a co-founder of Republicans for Obama. If he has had second thoughts about banking deregulation, he did not mention them in his Democratic Convention speech.
In the Senate, Gramm-Leach-Bliley passed by a vote of 90-8 before being signed into law by President Bill Clinton, a Democrat. Among those voting “aye” were Scathing Sen. Harry Reid and Sen. Joe Biden, Barack Obama’s running mate. John McCain was absent, off campaigning for the 2000 New Hampshire primary.
May want to shelve the Gramm talking points.
By jasper
September 16, 2008 5:46 PM | Link to this
Let’s not forget that Franklin D. Raines, former Clinton admin. director and former director and CEO of Fannie Mae, leaving in 05 with a $100million package, indicted for fraud, was also considered as a running mate for Algore.
Therefore we can not rule out the possibility that global warming is behind this overheating of the financial markets. I smell a nobel prize on this scoop. Run with it Jay.
By TW
September 16, 2008 5:48 PM | Link to this
So, as of today, who srewed us harder - Gramm or Keating?
By Midori
September 16, 2008 5:48 PM | Link to this
Herman,
is your last name “Munster”?
By Taxpayer
September 16, 2008 5:54 PM | Link to this
If you want to know more than the simple fact that President Clinton signed an 11,000 page bill — with a little 262-page, un-vetted addition from Phil Gramm — from December 2000 that provided the funding needed for the government to continue functioning, then read on. Could McCain Have Come Up with a More Ill-Suited Economic Advisor Than Phil Gramm? There’s a lot more to this history lesson than some are willing to acknowledge or maybe they would rather we not even know about it. After all, it’s much more telling than some hyped up story about one’s preacher and the years one spent listening to that preacher, isn’t it.
By RW-(the original)
September 16, 2008 6:05 PM | Link to this
Taxpayer,
The Gramm-Leach-Bliely Act was signed into law in 1999. So are you saying that Republicans were pulling the wool over Clinton’s eyes on an annual basis?
By jasper
September 16, 2008 6:14 PM | Link to this
Not to mention Taxpayer, if that’s your real name, The gramm leach bliely act wouldn’t have allowed banks to expand their businesses without the repeal of the Glass-Stegall Act, by your old buddy Jimmy Carter. You’re right, there is a lot more to history, but don’t discount 20 years under the influence of a racist america hating preacher either.
By Bud Wiser
September 16, 2008 6:16 PM | Link to this
“Fannie Mae and Freddie Mac survived scrutiny by manipulating, cajoling, and lobbying politicians and hiring board members who were politicos (e.g. Jamie Gorelick) rather than mortgage gurus. They hired lobbyists, gave massive donations, obtained nice tax breaks, and sailed below the regulatory radar screen.
Of the 354 lawmakers who received money from Freddie and Fannie between 1989 and 2008, Sen. Chris Dodd, D-Conn.,received the most. But next was … drum roll please … Barack Obama. Yup. And he was only there for three years . Not too much went to John McCain, about a sixth of what Obama received.
I posted this yesterday. Fox News reports it today. I keep telling you people to listen to me. Your man is as crooked as a dogs hind leg, like many more Washington types, except for John McCain, who doesn’t make a livng off lobbyists like Oblahma, Dodd, and the rest of the crooks.
“None of you morons had one single response, denial, or refutation to that, therefore it can only be believed that you as well believe in income redistribution (socialism), like your master, making you then socialists as well.
Just_Me at 950p wrote:”…Perhaps if McCain had truly vetted his token female…”.
Perhaps if the Democrats had fully vetted their token black, then you buffoons wouldn’t be watching your ticket sinking in the polls …
Wrote that yesterday too, and none but the stupid have responded with anything but slurs and insults, the staple of Democratic politics. Facts just seem to make you idiots so uncomfortable, don’t they?
I am LMFAO at your incredible ignorance. No wonder Congress can’t get anything done since those Democrap tools seem to think like you do, at least when they’re not stuffing their wallets with lobbyist money like Dodd and Obama.
Obama/Biden ‘08 - making it easy to be stupid
By Paul
September 16, 2008 6:27 PM | Link to this
N-GA 5:38
If I write “Bingo!” I can’t be accused of using a sports metaphor.
Read your post from last night regarding dinner and Sangiovese at 6 this morning and my mouth was watering. Quite a sauce you had there.
RW-(the original) 5:40
So who’s the first journalist to ask Obama if he’s willing to risk war with Pakistan?
Or the first Obama-ite to tackle it?
Jay?
Taxpayer 5:54
[[If you want to know more than the simple fact that President Clinton signed an 11,000 page bill — with a little 262-page, un-vetted addition from Phil Gramm}}
Please, you’re not saying Pres Clinton signed a bill into law without understanding what it said, are you?
Bud Wiser 6:16
Wassamatter with you? Didn’t you hear Spkr Pelosi? They were not responsible. (Repeat over and over, with emphasis. Follow with “Bush’s fault, Bush’s fault, Bush’s fault).
Gotta keep the partisans happy!
By Mrs.Godzilla
September 16, 2008 6:27 PM | Link to this
Yes, Jay, we can say that the behavior of the Bush administration while dealing with the current financial crisis appears to be better than their response to Katrina.
But now more than ever we need to apply a conservative catch phrase to the current Republican Party:
Three strikes and you’re out!
9/11
Katrina
The Economy
Buh-bye.
By N-GA
September 16, 2008 6:35 PM | Link to this
Paul,
I’ve seen a few super-seniors achieve an aerobic heart rate during Bingo!
By Mrs.Godzilla
September 16, 2008 6:39 PM | Link to this
How ‘bout that Carly Fiorina?
That’s a hell of a spokesperson.
None of the candidates could run Hewlett Packard (after HER record there - too funny).
If she thinks running a computer company is tougher than running the UNITED STATES OF AMERICA we finally can use the term empty suit and have it mean something.
I’m starting a new club.
“Real Women Stupid Women Helping Club”.
Sheesh.
By sunshine and thunder
September 16, 2008 6:40 PM | Link to this
JAY
So the solution, as always, is MORE government regulation.
What happened to those regulated GSE’s called Fannie Mae and Freddie Mac? Seems to me there was government oversight there.
Sarbanes Oxley has gone a long way toward moving jobs from America to Asia.
If you want to improve the economy there are better places to start. For one thing, moving jobs back onshore. That means getting rid of four things:
Punitive taxes
Burdensome regulations
Threat of litigation
Union wage scales
By Jimmybug
September 16, 2008 6:41 PM | Link to this
As be get McCain and Palin for America as best!
Obama as ruin america! NO CAN HAPPEN!
As be get! As be get! We as need say America as best and McCain Palin as be get!
As be get! As be get!
Jimmybug
By RW-(the original)
September 16, 2008 6:43 PM | Link to this
Paul,
Good news, the Pakistani General now says he was taken out of context. I’m not sure what nuance there was in that declaration, but maybe the spinmeisters at Team Barry have quit shaking.
By getalife
September 16, 2008 6:44 PM | Link to this
Proposing a 9/11 commission confirms McLiar has no clue about economy.
The distraction of the blame game continues with problems keep piling up and no solutions.
By Mike
September 16, 2008 6:49 PM | Link to this
Wait a second! Did Bookman say the Republican was wrong and the Democrat was right?
Wow! Didn’t see that coming!
By joe
September 16, 2008 6:49 PM | Link to this
Nice to see our little local socailist has managed to climb up from behind his rock.
Of course we know the Choosen One has the answer. It is tax those who produce and give to those who do not.
By Paul
September 16, 2008 6:50 PM | Link to this
Mrs. Godzilla,
I’ll hazard a guess that Obama’s advisors are having a tough time coming up with a theme that sticks. I think many Reps either see McCain (and maybe Palin) as not your typical Republicans, or as the type of Republicans they’ve been hoping for. Heck, if they don’t like McCain’s progressive social views they can always latch onto Palin’s conservative views and say “I can live with that.”
The Rep talk recently sounds like McCain’s reverting back to Populist mode - and sounds little different from Obama. So for many it will come down to “who has my confidence?” Given the huge margin that was the Dems on economic matters is now a narrow margin this is a problem for them.
Another point his advisors need to do better on - he’s delayed Social Security action for ten years, he’s said it’s possible he may not rescind the top-tier tax cuts (I believe I have that correct) so on those two issues the distinguishing points are what?
Add to that the expanded war talk and the difficulty is, in times of uncertainty many revert back to the tried and true. Happens with religious revivalism - conservative Christian, Moslem - all the time.
His management team needs a shake-up.
By Taxpayer
September 16, 2008 6:57 PM | Link to this
Paul,
Please read the link and we can talk about it if you like. For openers, Phil Gramm slipped in 262 pages of unvetted legislation into a “must-pass” spending bill in December of 2000 for a lame duck Congress to vote on. The act of introducing the legislation in such an underhanded manner should be enough to question the man’s ethics all by itself but this is the tip of the iceberg for this guy. This man really defines scum from what I’ve read. Apparently, no one got a chance to properly examine those pages except the lawyers that wrote it and handed it to Gramm. The farm bill was supposed to have some language in it about closing part of Gramm’s handiwork dubbed the Enron loophole but I have not looked into that enough to find out if that actually happened. Let me know what you think of the information in the link from my earlier post. By the way, I’m sure Clinton was just as thorough in his reading of legislation as Bush is.
By RW-(the original)
September 16, 2008 7:04 PM | Link to this
Paul,
That gap is going to widen back out significantly if Team Maverick doesn’t rapidly get away from this tortured definition of fundamentals and new commissions, especially if he’s going to remind people of that fiasco known as the 9/11 commission. He can easily get it back to drill, baby, drill and put it into both his message on the economy and also stress the national security aspect of drilling.
This has been two really bad days for McCain, so it’s a good thing he’s got the Barracuda back at his side.
By Mrs.Godzilla
September 16, 2008 7:09 PM | Link to this
Paul….I don’t think so.
It feels good to be able to say that I trust Barack Obama’s judgement.
Sometimes I have the space in my day to attempt to argue point by point against the foolishness that “conservativism” has become - other times I am just plain snarky - and still other times I just have to say all that gobbletygook bears scrutiny. But not tonight.
It’s report card time and the Republicans get a C minus. (I really think D minus, we do still exist as a nation afterall, but I’m willing to compromise in public on that point)
By RW-(the original)
September 16, 2008 7:13 PM | Link to this
Jay B,
Here’s some red meat for you if you’re ready to take another shot at Sarah
I sure hope this isn’t the way this gets resolved or we’ll hear about it the whole first term.
By mavsreader
September 16, 2008 7:13 PM | Link to this
Thinly veiled “Who has my confidence?”
By Taxpayer
September 16, 2008 7:24 PM | Link to this
It’s for times such as this — a low point in the unavoidable cyclic fluctuations in any economy — that Bush should have reserved some dry powder, in the form of the flexibility to turn to deficit spending to stimulate an economy in need, instead of flaunting that powder so unabatedly on such items as the Iraq War, the Prescription Drug Program, and tax cuts for the nation’s millionaires and billionaires.
By Paul
September 16, 2008 7:28 PM | Link to this
Taxpayer
I intended that more as a jab at the ‘system’ - Clinton was just the pres under discussion.
Many would be shocked at the amount of legislation that gets written by lobbyists. More so at the phone book-size stacks that get handed to Congressional staffers as the starting point. Notice how neither candidate has made much noise about lobbyists and Congress? Or how little has been said by Spkr Pelosi or Sen Reid about what goes on in their sandbox?
Sadly, I don’t see Gramm as unusual in this regard. What you wrote does, I think, apply to many, many of our representatives. At least, I think they’re supposed to represent us. (Another reason Palin’s phrases resonate with so many).
Obama and Biden need to get off the people/personality attacks and on to the policy attacks. Or at least say “this is what he said he will do, this is why it’s weak and this is how I’m better.”
RW-(the original)
When I heard McCain I thought “Great, another commission. You call that leadership?” The history of commissions isn’t all that great. I wonder if Team Obama can get out one of their 12 hours to the tube videos or if they’ll hang with “he’s Bush, he’s Bush.”
Right. Bush picks Cheney. Obama picks Biden. McCain broke the mold.
Had a dropped post. Regarding the Pak general. Real quick – ‘context’ sounds like he’s been listening to American politicians but I’ll bet it resonated with much of his audience. Point I made to Jay late (for me) the other night was rosy scenarios don’t always turn out rosy. Assumption is if we’d not hit Iraq and concentrated on Afg we’d be done now. I gamed: we build up in Afg. OBL still is in Pak tribal areas. Our raids escalate to large incursions with mobile camps then base camps. Afg becomes the rallying point for jihadists. Battles escalate, Moslem tensions rise. Musharraf is overthrown in a coup by elements in the Intel and Mil services – fundamentalists sympathetic and working with AQ. Now we have a nuclear Islamic regime with American forces in country and no conventional way to counter them. Just nonconventional. Need I continue?
Which is why neither candidate gives me a warm and fuzzy feeling with their ‘pursuit’ talk.
Mrs. Godzilla,
I should have expanded: by “revert back” I meant to more familiarity. I think one can make a case they both have decent judgment and good gut instincts – my gosh, Obama steamrolled the Clinton machine and showed real finesse in his campaign. McCain rose from the dead and toppled the Rep power brokers.
Part of my point is that concentrating on “Republicans” especially in the last eight years doesn’t address McCain’s points. What we have now is Obama-McCain with “you’re the same. Am not. Are so . Am not and let me show you why…” It may be just enough for people who want change, but not what they see as too big a change, to tilt McCain’s way. I really, really think Obama needs another plan.
I pretty much agreed with your report card. Except the Congress oughta get about the same grade as the Administration.
By N-GA
September 16, 2008 7:46 PM | Link to this
Paul,
You didn’t tell me you worked at Rand…..
By RW-(the original)
September 16, 2008 7:48 PM | Link to this
Paul,
And then when Saddam started causing trouble because we were bogged down in a two front war in Afghanistan and Pakistan we could hear the daily wailing from the left that Iraq had been the problem, but now we didn’t have the manpower to deal with them.
By hesingswithfrogs
September 16, 2008 7:58 PM | Link to this
Republicans,
Please raise your right hand and repeat after me.
I [state your name] do solemnly swear that I have been wrong about the role government regulation should play in our markets. I hereby acknowledge that unfettered laissez faire economics places the health, safety, and well-being of our citizens at too great of a risk to be allowed. From lead contaminated toys to tainted medicine to an unsafe food supply to the current Wall Street Meltdown, it is now clear to to me that that my beliefs were foolish. While I still support the streamlining of government regulation, I now recognize that government regulation is necessary for the protection of our citizens and of our economy from stupidity, greed, and corruption. I apologize to my fellow citizens for my support of the disasterous policies that have wreaked havoc on our nation. In an effort to make amends for screwing the pooch on this one with my foolish thinking, I will abstain from voting in November’s election. It has become obvious to me that my judgment is lacking.
By T
September 16, 2008 7:59 PM | Link to this
By RW-(the original)
So, then everyone has agreed, instate the draft. Awesome. War is what is supposed to pull us out of a recession, right?
By Paul
September 16, 2008 7:59 PM | Link to this
N-GA
Just read a bit of their stuff years ago. Remind me to tell you one study I kept for a long time - analysis of tax base growth and outlays in LA titled “Where did the money go?” There are at least two here who would find it interesting -
:-)
RW-(the original)
You broke the code -
Off to fix dinner for the folks - here with us while no power from Ivan.
Pleasant evening, all -
By RW-(the original)
September 16, 2008 8:13 PM | Link to this
Hurricane Ivan was in 2004. Have your folks thought of really blasting out at FEMA, Paul?
Have a good evening.
By Taxpayer
September 16, 2008 8:16 PM | Link to this
Paul,
I assumed I needed to jab to match your jib. As to the legislation in question, it didn’t even get reviewed by anyone else. If it had been introduced at a time when it would have likely been reviewed, I doubt that it would have made it through Congress. It was a dirty, sneaky, Gramm move and this is the guy that is buddy buddy with McCain and provides McCain with his economic advice to pass off to this nation of “whiners”. Thanks but no thanks. That’s one Palin message that is worth resonating, but on real topics instead of her cheerleader rhetoric or McCain’s flippant flops. .
By Just_Me
September 16, 2008 8:17 PM | Link to this
RW Curious- No snarkiness; just out of plain ol’ curiosity….
What is your take on Palin’s sudden change of heart, and now the Republican legislators suing to delay the investigation?
I think it doesn’t look well for her- Objectively (as objective as I can be) it just looks as if they are closing ranks to protect her….
I am curious, really, about your feelings—although I kind of know where you’ll go.
;-)
By RW-(the original)
September 16, 2008 8:27 PM | Link to this
Just_Me,
Assuming by change of heart you mean her decision not to actively support the investigation I completely agree with it. The guy in charge of the investigation portion called her guilty before there ever was an investigation and has promised to turn this into an October surprise.
I don’t agree with the legislators suing, although I would agree with a suit to change the venue to the personnel board. You’re probably right, but I didn’t see in the part I read that they were all Republican representatives
Now quit hijacking the topic or we’ll be banned!
/Although after three straight posts with the exact same topic we should get some leeway. .
By AJC/DNC Management
September 16, 2008 8:31 PM | Link to this
“The Pelosi-Obama-Hairy Reed Congress has failed to pass an all-of-the-above energy plan, failed to stop earmarks, and failed to break the partisan gridlock that plagues Washington,” RNC spokesman Alex Conant said. “If Pelosi thinks the Democratic Congress is doing a good job handling the economy now, then just imagine how bad our economy would be if Democrats controlled the White House, too.”
Blinky says uh-uuuh, not us.
The same dimwit that thinks natural gas flows naturally from her mouth, wait a minute, maybe she has a point.
Not.
By Donovan
September 16, 2008 8:33 PM | Link to this
Liberals are not invited to this economic party. Forget about the great Abe Lincoln speech from the Messiah. Worry about John McCain who is acting like you liberals have for the past 50 years. His patronizing rhetoric is winning votes. We have caught on to the smoke and mirrors routine and will capture the White House for another 4 years. After that, Sarah will take over as the conservative a* kicker for 8 more years. Oh, by the way Jay…nice little move by the liberal main stream media on their typical character assassination of McCain with the Atlantic Monthly.
By getalife
September 16, 2008 8:41 PM | Link to this
Another huge bailout for AIG.
I guess w killed capitalism and replaced it with corporate socialism.
Corporatism.
By AJC/DNC Management
September 16, 2008 8:44 PM | Link to this
Aahhh yes, the Duh Report breaks it all down into easily understood bits of information:
The younger masters of the universe who work on Wall Street like as not are liberal on cultural issues and appalled at Republican foreign policy, though they’re no fans of regulating capitalism. They give big-time to such Democrats as Barack Obama (who supported legislation moving class-action lawsuits from state to federal courts, a bill intended to reduce the size of jury awards in such lawsuits) and Chuck Schumer (who has opposed a fairer tax rate for hedge fund operators). The Democratic Party is their political home — just as it is labor’s.Harold Meyerson, Washington Post
So the dhimmocrats have had two full years to restrain thee horrors unleashed by Phil Bramm but why would they do that, considering that their buddies and political contributors are the ones reaping the benefits?
And you foot the bill?
By getalife
September 16, 2008 8:54 PM | Link to this
Makes you wonder why Americans support these two corrupt parties.
Right Andy?
By AJC/DNC Management
September 16, 2008 8:55 PM | Link to this
You have to read this entire article, especially the first few sentences of the last paragraph.
The libs have been pantsed by their own mouthpiece.
By Common Sense
September 16, 2008 9:13 PM | Link to this
To: AJC when are you going to stop blaming one party.
Earmarks do not add up to 10 billion a month for Iraq.
If Mrs. Palin is not guilty why is she not testifing? The truth always win out!
Oops the McClain/Palin has a problem with telling the truth!
O.K. they need to file the lawsuit not to testify.
How can the 06 Congress stop the banks,lenders and mortgage companies from making bad loans that started in 03?
Why so much blame when greed at the top. CEO’s are getting their just desserts no-one is worth the millions these under performing leaders.
You have to have regulation to keep CAPITOLISM in check!
By Edward
September 16, 2008 9:14 PM | Link to this
I guess Bob Barr is running out of money?
You would think he would use his experience in law, business and what ever else to get a real job, and get off the Texas thing. He’s wasting time and money, which I’m sure he has figured out a way for us taxpayers to pay him for this . We didn’t want him before and don’t want him now. Let it rest , Bob.
By Dave F
September 16, 2008 9:19 PM | Link to this
TONIGHT’S NEWS
Suit Filed To Stop Troopergate Probe Into Gov. Sarah Palin - AK Lawmakers, TX Group Say Investigators Have Conflicts Of Interest
OK, this shows just how much McCain and Palin will change the current ‘stonewall’ practice of Washington.
They certainly won’t be holding any new investigations of Republicans. But if their premise were correct, no Democrat can serve on this investigation because they support Obama, then the opposite is also true, and no Republican should be allowed as they support Palin. This is ridiculous!
There is a lot which must be investigated and studied of the past 8 years, not swept under the carpet as it will be if the GOP retains control of the West Wing.
Why do we have a “gag” order on the American press barring them from reporting corruption in the administration of our Iraq activities? If you read foreign newspapers or outlets, like the BBC, you can find how massive it’s been. They’re flabbergasted that we put up with it.
By Gwen
September 16, 2008 9:25 PM | Link to this
Does the name Thomas Eagleton ring a bell?
By Moe Money
September 16, 2008 9:28 PM | Link to this
Gramm and other extreme-right Republicans saw the opportunity to damage their political opponents among minority businessmen and community groups, who generally support the Democratic Party. Gramm succeeded in inserting two provisions to weaken the CRA, one reducing the frequency of examinations for CRA compliance to once every five years for smaller banks, the other compelling public disclosure of loans made under the program.
The latter provision was particularly offensive to black and other minority business and community groups, who have used the CRA provisions as a lever by threatening to challenge mergers and other bank operations which require government approval. In most such cases, the banks have offered loans to businessmen or outright grants to community groups in return for dropping their legal actions. These petty-bourgeois elements have been able to posture as defenders of the black or Hispanic community, while pocketing what are essentially payoffs from finance capital and concealing from the public the details of this relationship.
The Clinton White House threatened to veto the bill if CRA provisions were substantially weakened, in response to heavy pressure from the Congressional Black Caucus and the Reverend Jesse Jackson, whose Operation PUSH has made extensive use of CRA in its campaigns to pressure corporations and banks for more opportunities for black businessmen. But eventually the White House caved in to Gramm, accepting his amendments so long as the program remained formally in place.
Is anyone surprised the dems sold out their own?
By Jessica
September 16, 2008 9:33 PM | Link to this
Palin is hiding something. If there were absolutely nothing at all to Troopergate, then she would speak with the investigators and ask that everything be made public.
When you file suit to stop an investigation, you’re hiding something, either illegal or unethical, that you don’t want made public.
By jasper
September 16, 2008 9:34 PM | Link to this
Libbies, why are you so worried about firing a crooked cop. Remember the whole Rev. Wright escapade, when you were saying, “Why can’t we discuss the issues?”
By RW-(the original)
September 16, 2008 9:46 PM | Link to this
Governor Palin has made public her 13 page affidavit. Governor Palin didn’t file the suit to stop the witch hunt. Governor Palin isn’t under subpoena by the panel.
Perhaps instead of having 800 moonbat comments saying she’s hiding one of you could provide some evidence.
By Marlene
September 16, 2008 9:47 PM | Link to this
Palin made many enemies in her own Alaskan Republican party. This investigation wasn’t the doing of the Democrats, it was her own party so they have no one but themselves to blame for letting this mess happen and trying to rally behind Palin.
They should have had spines and told McCain “no” when it came to Palin.
You mean they couldn’t find another conservative Republican woman with an expertise in something and no skeletons falling out of the closet left, right, up and down to run for the VP spot?
By Katherine
September 16, 2008 9:58 PM | Link to this
Until recently I lived in Alaska for over 20 years. I watched this unfold on a daily basis.
It started months before Palin joined McCain. And she has lied from day one. When she was confronted with audio tapes that prove she lied she said she had been unaware of these actions and welcomed an investigation by the State Legislature. She said, and I quote; “Hold me responsible!”. The investigation was completely bipartisan and unanimously agreed to. It is a fact that Palin is evading this investigation.
This woman is on her way to being recalled by the citizens of Alaska. The McCain campaign knows this, and is involved in an attempt to garner as many absentee votes submitted prior to November as possible.
By Midori
September 16, 2008 10:27 PM | Link to this
I just wish the wingnuts stood up for and defended our country as with as much gusto as they stand up for and defend their incompetent, corrupt, lying “leaders”.
By sunshine and thunder
September 16, 2008 10:30 PM | Link to this
EVERYONE
It seems that in 2003 the Bush Administration proposed an overhaul in the regulatory structure for Fannie Mae and Freddie Mac.
Guess who was against it????
democRATs
By jasper
September 16, 2008 10:31 PM | Link to this
Marlene and Katherine. Something about a recent, June 08, 83% approval rating by the fine folk of Alaska makes me think you guys might be off your nut.
Do you really think the Alaskan public are going to rally behind a drinking on the job cop who tasered a kid.
And Katherine, do you really think that McCain can pull in enough absentee votes to win the election while Palin is being recalled prior to the Nov. election.
Yes, consider yourself left wing nut jobs. You Obamaphiles are only mad because she stole some of his popularity, and let’s face it, that’s really all he’s got.
By Midori
September 16, 2008 10:59 PM | Link to this
oh, STFU, Jasper —
too bad that lying harpie can’t cut everyone a check like she does for the people of Alaska: her favorables dropped 10 POINTS in two days alone.
another wingnut myth has been unraveled.
You like to keep bringing up the taser incident.
Are you aware that a FEDERAL JUDGE got so sick of Palin’s lying, smearing and interference that the judge threatened that harpie with child abuse???
you know all about nut jobs, don’t you?
You Obamaphiles are only mad because she stole some of his popularity, and let’s face it, that’s really all he’s got.
what’s the harpie got now? other than egg on her face after getting busted for all her lies?
I’ll take my omelet with mushrooms and cheese.
By WillM
September 16, 2008 11:33 PM | Link to this
“To think that the biggest neo-liberal nation in the world would start nationalising banks … we’re rubbing our eyes in disbelief.”
Daniel Cohn-Bendit, French radical
By Midori
September 16, 2008 11:34 PM | Link to this
Hey, Scott Palin -
if Sarah can lie with such ease and glibness to people she doesn’t even know - have you ever thought: “what has she lied to “me” about”??????
By Frederick Douglass
September 17, 2008 12:08 AM | Link to this
RW now they’ve provided you with evidence that the woman lied, so stop getting yourself all worked up. Just put your jammies on, cross that bridge to nowhere and get a good night’s sleep.By the way, is the bridge to nowhere any thing like those stairs to nowhere were at the Ponderosa?
By j thompson
September 17, 2008 2:41 AM | Link to this
the president does not run the banking committee . The democrats have controlled it for over 2 years.
By AJC/DNC Management
September 17, 2008 5:28 AM | Link to this
WORLD IN BRIEF: Elite force tightens grip on oil route-Iran announced Tuesday that it has put its elite Revolutionary Guards in charge of defending its territorial waters in the Persian Gulf in what appeared to be a hardening of its stance on the vital oil route. Tehran has warned repeatedly that it will close the narrow Strait of Hormuz at the mouth of the gulf if the U.S. or Israel attacks it over its nuclear program.-Urinal/Jihad
Noooo! Not the Revolutionary Guards, anything but that!!!!
What are we going to doooooooo!!!!!!
I know, I’m going to dig a hole in the ground and hide in it!!!
Ooooohhhh, don’t let them get me!
Morons.
By AJC/DNC Management
September 17, 2008 5:30 AM | Link to this
Look at Russia limping around the world:
Georgia cites calls as proof of Russia’s guilt Intercepts indicate Moscow made the first assault in five-day war, government says.-Urinal/Jihad
Even the jackals at the Urinal are taking potshots at them now.
Way to go, Bushie!
By AJC/DNC Management
September 17, 2008 5:48 AM | Link to this
So much for the idea that she is “inexperienced:”
Senator Joe Biden is spending between three to four hours a day prepping for his debate with Alaska Gov. Sarah Palin, with that time to be increased over the next two weeks. According to campaign insiders, at least ten to 15 outside volunteers — beyond those already working on the campaign — are assisting in both Biden’s and Obama’s debate prep.
That’s a lot of time.
What’s he worried about?
By Older Reporter
September 17, 2008 6:29 AM | Link to this
A Few of My Favorite Things
Lipstick on Piggies and Flip Flops on Stances
Attack ads that swiftboat both candidate’s chances
VP’s that poll well because of their bling
These R a few of my favorite things.
When the veep stings, attack dog style, and the hopeful’s sad
I simply remember my favorite things and then I dont feel… so baaad.
Morons who blog like retarded jackasses
Slow wits and dull wits who think like molasses
nitwits and fools that comprise average trolls
That’s why you read me because I’m so droll!
When the veep stings, attack dog style, and the hopeful’s sad
I simply flame duhng and RW 2, and then I dont feel so baaaad.
bwa haw
morons
By Marshall
September 17, 2008 8:04 AM | Link to this
Katherine, thank you.
This goes along with what I’ve been hearing from my relatives in Alaska, and reading in the Anchorage Daily News.
My brother has been called several times recently advising him he should vote absentee.
Where in Alaska did you live? My folks live outside Whittier. Beautiful country.
By Peter
September 17, 2008 8:22 AM | Link to this
Well folks the government is bailing out all the financial institutions………….. No Regulation thus we have Government take overs……AIG is now 79.9 % owned by the government……….
WELCOME TO REPUBLICAN LED COMMUNISM !!!!!!!
By Sam R.
September 17, 2008 8:40 AM | Link to this
HITLER RETURNS AS PALIN - We need to mobilize and educate and donate. The German people buried their heads in the sand and millions of Jews were killed.
Obama and Biden are working hard to get the message out about what’s at stake here. We need to work together to beat the BEAST back with information, mobilization, and resources.
In other words, we need to be on the ground and be virtual community organizers.
By Dan
September 17, 2008 8:49 AM | Link to this
Funny, people (economically ignorant ones) whine and complain about the bush economy while recalling the clinton boom, but if you look at the raw numbers for growth, unemployment, interest, inflation etc. they are almost identicle, and clinton did not have to deal with the dot com burst, 9/11 and the war.
By Michael Smith
September 17, 2008 8:49 AM | Link to this
The notion that we have a “largely deregulated financial system” is preposterous. It’s regulated in every detail.
Have you been to a mortgage loan closing lately? There are literally dozens of forms to be signed and filled out — all to comply with regulations.
The current mess is directly attributable to liberals demanding an end to discrimination in lending. Well, they got it — and the resulting mess is the inevitable consequence of INDISCRIMINATE lending.
By CherokeeDave
September 17, 2008 9:17 AM | Link to this
JB: Bush Administration??? let’s see, Freddie and Fannie gave a vast amount of campaign contributions to key congressman who could directly influence regulation “undersight”. The top “2” were: Chris Dood (D) and your’s truly Barack Obama (D). And Bush did what??? There were Republicans on these oversighta committees and they should be called out, but don’t push this on Bush. Your liberal heroes are at the core of this mess.
By tcoach
September 17, 2008 9:39 AM | Link to this
So Sam R Palin is Hitler now? How so please do tell.
By Lee
September 17, 2008 10:13 AM | Link to this
You can fix the companies that are about to fail, and save the over-priced professionals who screwed up. Or you can bailout the people who are having trouble with overpriced loans and tricky mortgages that are designed to fail. For 85 billion dollars, you can save an awful lot of teetering loans and re-finance them without outrageous balloon payments, outrageous fees, closing costs, bait and switch apr, etc.
However, if you are going to nationalize companies, at least cut the salaries to match the federal employees’ wages. Part of the reason so many of these companies are doing poorly is that too many people are paid too much. We need to cut the top salaries, and raise the worker’s salaries. After all, they should be glad for anything, since the alternative is to be out on the street.
By Filster
September 17, 2008 10:16 AM | Link to this
So Jay and all you lib nay-sayers, what do you say to the fact the Obama is #2 on Fannie & Freddie’s donate list, and 5 years ago McCain spoke, on the Congressional record, about the potential for Fannie & Freddie to do exactly what they recently did.
P.S. Does anyone else think Barbra looked fat last night?
By GT81
September 17, 2008 10:16 AM | Link to this
I realize I’m the only person peeved by this, but it irks me to use the word “philosophy” as a synonym for “an outlook or world view.” To me, philosophy is an academic discipline that big universities grant Ph.D.’s in, and whose practitioners include Aristotle and Kant. Using the word in the sense used by this writer always seems like an attempt to sound more intellectually impressive than you are.
Elevating Wall Street greed-mongering to the level of philosophy is just wrong.
By MikeB
September 17, 2008 10:20 AM | Link to this
Talk about bailouts………..
What are you gonna say the beginning of October, when Joe Biden comes down with some mysterious affliction and has to excuse himself from the ticket. Probably a brain aneurysim or some other sympathy inducing medical issue.( The original thinkers in the democratic party could do no better than the same thing that happened to Kennedy…)
When this happens and Billary gets on the ticket, who’s gonna be the real fraud in this election?
The same person that is the real fraud now. Obama… But you libs will gleefully look past this shake~n~bake blind to the bs of your own party, but ready to lash out trash and smear any opponent, disrupt any convention, and pander to a bunch of silly Hollywood types like their any better informed on the issues than Obama is. Too funny. Just wait till October for the democratic party producti