What a crazy day in politics. Here is a quick video roundup of how John McCain saved the economy today. Oh, sorry…He didn’t really “save” the economy. I’m not quite sure what he did to the economy today, or if he actually has suspended his campaign. Let me know what you think.Doesn’t seem like McCain has suspended his campaign.
Historic Bailout of Financial Industry is near. Or is it? John McCain is talking to the president right now, and I am sure he will have this whole economic meltdown thing straitened out very soon. Well, I’m not entirely sure.
See AP Video…
Video of McCain’s photo-op, with President Bush and Barack Obama. McCain suspended his campaign and hopes to delay tomorrow’s debate so he can save our economy with photo-ops? I wonder how that’s workin out for him?
Here is the video of President Bush addresses the nation on the U.S. economic crisis and discusses plans to solve it…
McCain to suspend campaign and delay debate to solve the economic crisis???
From Associated Press…
Republican John McCain says he’s directing his staff to work with Barack Obama’s campaign and the debate commission to delay Friday’s debate because of the economic crisis.
In a statement, McCain says he will stop campaigning after addressing former President Bill Clinton’s Global Initiative session on Thursday and return to Washington to focus on the nation’s financial problems.
What is going on???? Does McCain think he can ride in on his white horse and seemingly fix the economy??? Is this political theater???
Here is a guest post by community member Deb Della Piana from Turn Left.
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It’s election season, and I’m not about to let up on the McCain-Palin ticket. If I put these two at the larval stage, I’m giving them too much credit. To show that I’m not just a one-issue voter when it comes to McCain and Palin, the issue of women’s rights will not play into the article (but only this one time). I’ve done that article before, and there are other reasons I’d never vote for this ticket.
We already have people in government who believe they are above the law (one resides at 1600 Pennsylvania Avenue right now) and it looks like McCain would like to add one more. Initially, Sarah Palin said she would cooperate voluntarily with the ongoing abuse of power investigation against her. Suddenly, the Alaska legislators are under pressure to wait until after the election to continue the investigation, and her husband is now going to ignore the subpoena he has received. I wonder if he’s getting pointers from campaign advisor Karl Rove about how best to ignore a subpoena and get away with it. It doesn’t take much in America these days, particularly if you’re an elected official. We’ve lowered the bar here to the point where we should all be doing the limbo.
McCain campaign spokesman Ed O’Callaghan is falsely accusing the supporters of Barack Obama of controlling the investigation. The fact is that the investigation was recommended prior to Palin’s selection by a bi-partisan Legislative Council, the vast majority of whom were Alaska Republicans. There’s no way this investigation should be delayed until after the election. If McCain chose this woman as a running mate with full knowledge of the accusations against her (and he says he knew from the beginning), then let the chips fall where they may.
McCain wants to distract, not inform. If he distracts, you may not learn that his plan is to privatize and cut Social Security approximately one percent per year, along the lines of the proposed Bush plan. Workers who retire ten years after the McCain plan is put in place would see a ten percent reduction in benefits from the very beginning.
Next on the McCain-Palin hit list is the nation’s health care system. Their plan would effectively dismantle the employer-based coverage that protects most American families by converting health care benefits into income on which employees would have to pay taxes. The idea is to force millions of Americans into the non-group market where costs are high and services are limited. Benefits that millions now have would be lost. This is what the Republicans call the ‘free market’ system, much like the one currently bringing down Wall Street at the taxpayers’ expense.
John McCain’s confusion about who’s who in the world continues to embarrass. This from a candidate supposedly superior to Barack Obama in the foreign policy field. When asked if he would commit to a meeting with Spanish Prime Minister José Luis Rodriguez Zapatero, McCain refused. Apparently, McCain thought Zapatero was a Latin American autocrat. Randy Scheunemann, McCain’s foreign policy advisor, denied it was yet another McCain gaffe, but rather an intentional policy position with regard to Spain. Why would McCain refuse to commit to a meeting with a Democratic NATO ally with 1,000 troops serving in Afghanistan? Either McCain is intent on hiding his confusion from the public or he is upset (as is President Bush) that Spain pulled its troops from Iraq in 2004. Someone should point out to both George Bush and John McCain that there sometimes are repercussions when other nations find they’ve been deliberately lied to.
Here is a guest post from community member Marcella Peralta Simon.
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How did we get into this mess and what sort of neat soundbites can Obama provide in ads and in debates?
Banks were flush with cash from the 90s boom and had to do something with it. They did some risky things with other people’s money and a few individuals made out like bandits while others lost their houses and life savings. The administration (Phil Gramm and co) did not want to interfere with the private sector so they were basically asleep at the switch. Things got so risky that whole companies started to implode, affecting global markets (when the US sneezes, etc.). Now, they want the taxpayers to bail out these banks and buy up their bad debt.
Obama can say under his tax policies, you will pay less for this bailout but under McCain’s proposal, you will pay proportionatly much much more. The people that made this happen and benefitted from this irresponsible excess will not be penalized under such a plan, you will. Also, banks have lobbyists crawling all over to make sure they get the best deal from the government, where are your advocates?
Its a start.
P.S. Nothing made me angrier than to hear Carly F smugly blame the Democratic Congress for this mess, after she lost big money for HP shareholders and walked away with a golden parachute.
Here is a guest post from community member wagelaborer, who also blogs at Wage Laborer.
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This essay on the massive giveaway of the public treasury that the Bush administration is asking for to bail out it’s friends in the gambling, oops, I mean, finance and speculation industry, is by Cynthia McKinney, a woman running for President on the Green Party ticket. What? You’ve never heard of her? Could it be that the same media which sponsors endless debates on what lipstick means doesn’t have the time or space to cover serious candidates with programs to benefit the American people and not just powerful corporations?
FRIDAY, 19 SEPTEMBER 2008 11:09
Seize the Time!
An essay by Cynthia McKinney
September 19, 2008
We the people must now seize the time! We have always had the capability of determining our own destiny, but for various reasons, the people failed to elect the leaders who provided the correct political will. There was always some corporate or private special interest that stood in the way of the public good. And they always seemed to have the power of the purse to throw around and influence public opinion or our elected officials. The very foundation of the U.S. economy is crumbling underneath our feet. This represents a unique moment in U.S. history and we must now seize the time for self-determination–for health care, education, ecological wisdom, justice, and all the policies that will make a difference in the lives of the people including an end to all wars, including the drug war!
From The Center For American Progress – How can we help the banks and the people with this 700 billion?
CNN Economic Woes. What will Barack Obama and John McCain do?
From The New York Times…
The financial crisis that began in the United States spread to many corners of the globe. Now, the American bailout looks as if it is going global, too, a move that could raise its cost and intensify scrutiny by Congress and critics.
Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.
On Sunday, the Treasury secretary, Henry M. Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened.
How Did We Get Into This Mess?
Financial Crisis: Is The Bailout Constitutional? What do you think about the 700 billion dollar bailout?
Is The Bailout Socialism or Fascism?
From Blog Maverick…
Lack of transparency got us in to this mess, lets not let lack of transparency keep it messy. The government needs to immediately setup an exchange, it could be ebay.gov with more in depth description fields, for all I care. However they do it, EVERY asset the government will buy or sell as part of this buyout needs to be shown and described with the price the government is willing to pay or sell the asset for.
Why ?
To keep government honest.
Not that anyone in our government would ever put their own personal self interest first and over or under pay for an asset. Nor would they ever take those assets and then sell it for less than market value in exchange for “personal considerations”.
I know it could never happen, but just to make sure it doesnt, we need to post the assets involved in the bailout and the prices paid. When the assets are sold, they need to post those prices as well
In addition, by posting the assets in an ebay like auction/sales environment, it would enable independent buyers to come in and buy the assets using private money rather than government money. The benefit of course is obvious. By adding liquidity to the process, the government could be responsible for less and sellers could get more.
This is the only way I can think of to get true transparency. Without it, i promise you that it will be IMPOSSIBLE to account for how much money was spent on the assets and how much cash was generated from the sales process and what the net cost or benefit to taxpayers is.
From The AP…
Video Roundup - Taxpayers To Fund 700 Billion Dollar Bank Bailout. Who Bails Out The People?
If you’re like me, you may have missed the Sunday talk shows. But, with a financial collapse that can only be compared to The Great Depression, you may want to know what you’ve missed. So, here is a video roundup of the Sunday morning talk shows. What do you think about this bailout? Is it going to help or hurt our economy? Is it going to help or hurt your ‘personal’ economy? Is rushing into this bailout really the best plan? Let me know what you think in comments.
700 Billion Dollar Bailout…
From Meet The Press…
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