Home > Political Insider > Archives > 2008 > September > 29 > Entry
DEL.ICIO.US‘Oh, my God.’
The Atlanta Journal-Constitution
One of the more dramatic moments of a stunning Monday in Washington occurred over the radio.
U.S. Rep. Jim Marshall (D-Macon) had just cast his vote in favor of the $700 billion Bush administration proposal to rescue Washington.
Marshall is in a Republican-leaning district, with well-funded opposition. President Bush has weighed in against him.
The day before, Sunday, at a caucus of Georgia Democrats, Marshall was adamant that he and other Democrats should support the measure. “I am willing to give up my seat over this,” he told his colleagues. It was that important, he thought, to the national economy and national security.
The quote leaked, and Marshall was a sought-after property in the hours before the House vote. The Insider talked to him at 1 p.m. Closer to 2 p.m., Marshall was on the phone with National Public Radio.
“That’s an accurate quote. I was trying to persuade my colleagues to support this bill,” Marshall told his radio interviewer.
“I don’t want to help out one whit the irresponsible people who have dragged us into this,” the congressman said. Still, Marshall called this the most important vote of his career.
“That’s truly what’s at stake here,” Marshall said.
At that point, his interview gave him the news: “This bill has just gone down to defeat in the House, and the Dow has gone down 700 points,” she said.
“Oh, my God,” Marshall said. And there was a long, long pause.
“Well,” he continued. “We voted to adjourn, subject to the chair, and I trust the speaker will be calling us back in session to see how this can be salvaged.
“I just hope that the damage that was predicted to be done if we weren’t able to pass something, does not occur. That the experts were wrong, and that we don’t see the kind of terrible problems the expert said we would see if we couldn’t pass something.”
Thus the interview ended.
Photo credit: Rick McKay/Cox Washington Bureau
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Comments
By By Leadership is a Forgotten Virtue
September 29, 2008 9:58 PM | Link to this
*By Leadership is a Forgotten Virtue
September 29, 2008 9:41 PM | Link to this
This is the saddest day in American history in my 45 years of participation.
No one will read this as it is buried in an insignificant section of an insignificant medium.
If however, future generations of students are researching the pivotal moment of the decline of the Amercian civilization, perhaps an electronic record will surface.
Look at ourselves. Look at these comments laced with vitriol and hatred and blamesmanship.
What you witnessed today was a total failure of leadership. “I saved my political a* at the expense of the country” is the doctrine that prevailed today.
Look, lets set the record straight. EVERYONE is to blame for this mess. Roosevelt created Fannie Mae and every administration since broadened its powers, created new ones (Freddie Mac), pushed a liberal housing agenda, and ended up lending a whole bunch of money to people who couldn’t pay it back. Wall Street complied by packaging it, re-marketing it, and owning it….and earned large fees for doing so. And WE, the American consumer, fat with the idea that EVERYONE has a birthright to an 18th Century King’s existance, borrowed every dime we could to have it.
Well guess what…. the party finally ended. This isn’t complicated. You have two choices….basic choices.
We use the Federal government and its financial credibilty to let the air out of the ballon slowly and restore order to the market place.
The market will restore order, quickly, brutally, and with zero regard for the CARNAGE that ensues!
Now, you class warfare idiots and the equal idiots on the far right who are staunch market proponents finally have some thing to agree on……its just that you are dead wrong!
The differences today versus 1987 or even 2000 are SPEED. The world has broadband. I can wake up and check the Hang Seng and instantly move $1.0 billion dollars between markets. With speed like that, global panic can sweep us and wipe out TRILLIONS of dollars of wealth in days. As I write this, the NIKKEI has been open for 30 minutes and 5% of it’s value is gone.
Now you class warfare types may say “so what”, a bunch of rich guys get taken out, who cares?
Its not that simple my unaware friends. When this locks up over the next few days and the ensuing chaos erupts, your simple mindedness will look….well simple minded.
Just remember this day….while we looked to Washington for leadership, a bunch of whiney-assed politicians like John Barrow (who should know better as he was educated at Harvard….Scott too since he went to Wharton), these guys covered their sorry asses with an uninformed electorate and voted to save their jobs.
I only hope that the melt down occurs quickly enough to shove these SPINELESS B* back into oblivion where they belong.
If we get rid of the political class in this country and get back to Jeffersonian ideals of the citizen-servant, then we will cure this crap.
I hope I’m wrong, but fear I’m not.*
Jim—
Thanks for aving the courage to vote the way you did. I know it wasn’t easy……leadership never is easy. You did the right thing and I for one appreciate it.
By jc_atl
September 29, 2008 10:02 PM | Link to this
The majority of Americans are not educated enough to understand whether the bailout is good or bad, critical or not. Mistrust of the government, particularly the Bush admin, is a good thing, and I’ll admit, though I have two degrees I can’t for the life of me decide whether or not the bailout is necessary at this time or just good money after bad. I’m not a financial expert. The scare tactics seem to be more than just hyperbole, so I’m leaning towards this being the real deal and so no deal is truly a dangerous situation for every American, not just those invested in the stock market.
By Mike
September 29, 2008 10:13 PM | Link to this
Thanks to Representative Marshall for voting with his conscience and seeing the bigger picture of this mess than the partisan conservatives who for whatever reason chose to not support this bi-partisan bailout. Even though I am not a republican, I support Jim Marshall for re-election over whoever is opposing him.
By Jane
September 29, 2008 10:54 PM | Link to this
This was probably a bad move politically for Marshall.
There should be an amemdment saying that any purchase of bad mortgages should be in monetary terms be equal across every congressionla district plus with no racial or ethnic group should recieve a greater percentage of funding than thier percentage in the 2000 census. Finally, loans to non-citizens should be be protected by the federal government. I bet many of the sub-prime loans that failed were to non-citizens who self deported to Mexico.
By sean
September 29, 2008 11:30 PM | Link to this
Marshall is a joke. he thought this was a safe vote and that the measure was going to pass. turn out the lights, the partyis over.
By Georgia Gal
September 29, 2008 11:35 PM | Link to this
Too bad more of our Representatives didn’t step up to the plate and vote in a way that was best for our country as a whole (even if some of us apparently don’t realize that) like Representative Marshall did. I am very disappointed that more of our Representatives from Georgia didn’t vote yes on this bill. Sure its not perfect and none of us really like it, but as was proven today by the NYSE closing down 777 points it is clearly necessary. I live in the 6th Congressional District where Tom Price is the Representative and I guarantee all of you that I will be voting for his opponent, Bill Jones in November. With this today and Senator McCain taking the extremely low road in the Presidential election and constantly playing low-ball, dirty politics and choosing a completely un-experienced person for his VP especially since he is 72 years old and has already had 4 bouts with cancer (melanoma, a very deadly kind of cancer) I will definetely be voting for the Democratic ticket on November 4th.
By damnthebutcher
September 29, 2008 11:44 PM | Link to this
Times are going to be rough. What is even worse is I let the crooked bas tards at Lawson Chevrolet in Jasper take advantage of me. They are just like Bill Heard Chevrolet. I will strongly advise readers not to buy a car or truck from them. They have to be the worst car dealer in Georgia. Buyer please be aware.
By damnthebutcher
September 29, 2008 11:44 PM | Link to this
Times are going to be rough. What is even worse is I let the crooked bas tards at Lawson Chevrolet in Jasper take advantage of me. They are just like Bill Heard Chevrolet. I will strongly advise readers not to buy a car or truck from them. They have to be the worst car dealer in Georgia. Buyer please be aware.
By damnthebutcher
September 29, 2008 11:44 PM | Link to this
Times are going to be rough. What is even worse is I let the crooked bas tards at Lawson Chevrolet in Jasper take advantage of me. They are just like Bill Heard Chevrolet. I will strongly advise readers not to buy a car or truck from them. They have to be the worst car dealer in Georgia. Buyer please be aware.
By damnthebutcher
September 29, 2008 11:44 PM | Link to this
Times are going to be rough. What is even worse is I let the crooked bas tards at Lawson Chevrolet in Jasper take advantage of me. They are just like Bill Heard Chevrolet. I will strongly advise readers not to buy a car or truck from them. They have to be the worst car dealer in Georgia. Buyer please be aware.
By damnthebutcher
September 29, 2008 11:45 PM | Link to this
Times are going to be rough. What is even worse is I let the crooked bas tards at Lawson Chevrolet in Jasper take advantage of me. They are just like Bill Heard Chevrolet. I will strongly advise readers not to buy a car or truck from them. They have to be the worst car dealer in Georgia. Buyer please be aware.
By Crazy Diamond
September 29, 2008 11:47 PM | Link to this
We are so screwed.
This is a no win situation for us poor suckers left holding the bag. The winners cashed their checks a long time ago - before the scam fell apart. Fat chance we’ll ever see half of the “loan” or “bailout” billions get returned to the US Treasury. They say the “loans” are to purchase “assets” from failing Wall Street banks. The “assets” are worthless, no?
We are so screwed.
By mike hussein smith
September 29, 2008 11:52 PM | Link to this
A courageous stand — at last — from a Georgia Democrat. Marshall finally deserves to be elected to Congress. I’m so dang mad my own congressman, Hank Johnson, voted against the bailout that I could wring his neck.
By art
September 30, 2008 12:12 AM | Link to this
And lose his seat he will.
This was a bad piece of legislation that voters were 100:1 against. It is his responsibility to represent his constituents, not vote his conscience. That is the duty of the voters on election day.
In that voters were against this legislation, it is interesting to see that the Democraps voted in the majority. The Retardicans are no better for trying to negotiate ancillary benefits.
By noooooobama
September 30, 2008 12:14 AM | Link to this
Why does Bahney Fwank always sound like he has something in his mouth? Oh yeah, he does.
By Mike
September 30, 2008 12:18 AM | Link to this
Jim Marshall basically voted the way “Princess Pelosi” told him to & that was to bail out the w******* on Wall Street, many of whom have been in bed with the Lefty Loonies for many years. No, I’m not a fan of the economic policies of George Bush either. It’s past time to remove some of the congressional weak links and this guy is a good start.
By godoggo
September 30, 2008 1:09 AM | Link to this
- I tried to activate a credit card from a bank i hadn’t used in awhile……The customer service rep was great. She asked if I wanted to increase my credit limit. I said, with obvious humor, that I was waiting for the economy to settle down before making any “earthshaking decisions”. She laughed and said, “You could use your credit card to buy a mortgage company, as they are going for pennies…….it’s not funny, but it is. Here’s another idea….Personal responsibility. Where did it go?…..
It is now spelled e-n-t-i-t-l-e-m-e-n-t !
I for one am pretty sick of it.
Can i get an AMEN ?
-
By cb
September 30, 2008 1:15 AM | Link to this
The one thing that comes out of the $700B bailout is that those we are in trouble.
By cb
September 30, 2008 1:15 AM | Link to this
The one thing that comes out of the $700B bailout is that those we are in trouble.
By JR
September 30, 2008 1:50 AM | Link to this
damnthebutcher, The keywords are YOU let them take advantage of you. I bet your greed was the reason they were able to use you. You thought you were getting a steal, well I guess it was (for them) so shut up and take responsibility for YOUR actions!
By Bitter EX democrackkk
September 30, 2008 7:53 AM | Link to this
Marshall needs to wake up and REALIZE which PARTY demanded that mortgage lending standards were severely lowered back in the Carter-Clintonista regimes.
STRIVE to be SMARTER than a democrackkk!
By Gerry
September 30, 2008 8:45 AM | Link to this
Poorly managed companies deserve to fail and their assets will be purchased by companies with good management.
Homeowners, like their business counterparts that were driven by greed should not be bailed out by the taxpayers.
While I commend Hank Johnson for voting against the bailout, Hank support the interests of foreign nationals over those oof US citizens. Hank wants to authorize up to 550,000 visas for foreign citizens to enter the US and compete with US citizens for jobs. Jobs that Americans need to pay their mortgages and support their families!
Use a write in vote to oppose Hank Johnson in the 4th district. We need representatives that put American citizens before the interests of foreign nationals. Call his office and tell him to support Americans, not foreigners entering the US to compete for our jobs! Say no to the capture/recapture of foreign visas nonsense supported by his office!
By Gerry
September 30, 2008 8:50 AM | Link to this
Poorly managed companies deserve to fail and their assets will be purchased by companies with good management.
Homeowners, like their business counterparts that were driven by greed should not be bailed out by the taxpayers.
While I commend Hank Johnson for voting against the bailout, Hank support the interests of foreign nationals over those oof US citizens. Hank wants to authorize up to 550,000 visas for foreign citizens to enter the US and compete with US citizens for jobs. Jobs that Americans need to pay their mortgages and support their families!
Use a write in vote to oppose Hank Johnson in the 4th district. We need representatives that put American citizens before the interests of foreign nationals. Call his office and tell him to support Americans, not foreigners entering the US to compete for our jobs! Say no to the capture/recapture of foreign visas nonsense supported by his office!
By Gerry
September 30, 2008 8:56 AM | Link to this
Poorly managed companies deserve to fail and their assets will be purchased by companies with good management.
Homeowners, like their business counterparts that were driven by greed should not be bailed out by the taxpayers.
While I commend Hank Johnson for voting against the bailout, Hank support the interests of foreign nationals over those oof US citizens. Hank wants to authorize up to 550,000 visas for foreign citizens to enter the US and compete with US citizens for jobs. Jobs that Americans need to pay their mortgages and support their families!
Use a write in vote to oppose Hank Johnson in the 4th district. We need representatives that put American citizens before the interests of foreign nationals. Call his office and tell him to support Americans, not foreigners entering the US to compete for our jobs! Say no to the capture/recapture of foreign visas nonsense supported by his office!
By Gerry
September 30, 2008 9:13 AM | Link to this
Poorly managed companies deserve to fail and their assets will be purchased by companies with good management.
Homeowners, like their business counterparts that were driven by greed should not be bailed out by the taxpayers.
While I commend Hank Johnson for voting against the bailout, Hank support the interests of foreign nationals over those oof US citizens. Hank wants to authorize up to 550,000 visas for foreign citizens to enter the US and compete with US citizens for jobs. Jobs that Americans need to pay their mortgages and support their families!
Use a write in vote to oppose Hank Johnson in the 4th district. We need representatives that put American citizens before the interests of foreign nationals. Call his office and tell him to support Americans, not foreigners entering the US to compete for our jobs! Say no to the capture/recapture of foreign visas nonsense supported by his office!
By RJ
September 30, 2008 9:51 AM | Link to this
By Gerry…So it should be with elected officials, when they do not perform or perform poorly we should not re-elect them. They should not be re-elected simply because they belong to a particular political party. Until such time, there will be more of the same.
By Shannon
September 30, 2008 10:43 AM | Link to this
Sometimes constituents don’t always know what is best for them and whether any of us want to admit it or not this bill was what was best for us. Sure the market is back up today, but it is only back up because people believe that there will be a deal. If they believe there won’t be a deal or if this isn’t one its going to be right back where it was yesterday and people are going to continue to lose a whole lot of money. Then there is the credit markets … we have to unfreeze them and we can’t unfreeze them unless this bailout passes and until that happens some companies may not be able to give you a paycheck, you may not be able to use the ATM, people won’t be able to get home, home equity, car, student or any other kind of loan that they need. Nobody particularly likes this bill including Representative Marshall but he definetely did the right thing by voting for it and the rest of those that did not vote for it need to get their act together and do what is right for all Americans (maybe not immediately, but it will eventually be right for everyone in the long run).
By mel
September 30, 2008 3:36 PM | Link to this
I don’t think it was the right thing to do, and I am not comfortable with trusting Congress to go back and “fix” the problems with this bill. (IE no accountability. If I’m loaning you that kind of cash, buddy you’d better tell me where you need every nickel and dime.)
I don’t really understand what is so freaking difficult about only using the money you have to live your life/run your business.