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This page contains a single entry from the blog posted on September 23, 2008 2:10 AM. The previous post in this blog was Cousin Jim says ix-nay on the ailout-bay. The next post in this blog is What, us worry?. Many more can be found on the main index page or by looking through the archives.

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Tuesday, September 23, 2008

Who's looking out for regular Americans?

It sure seems like nobody:

The rhetoric of the two presidential candidates about the crisis has been filled with pious outrage about the abuses of Wall Street and short on actual solutions. John McCain and Barack Obama know, after all, who funds their campaigns. The financial industry has given $22.5 million in the current election cycle to Obama and $19.6 million to McCain, according to the Center for Responsive Politics. And the financial industry has come around to collect. Two of the biggest financial groups in Washington, the Financial Services Roundtable and the Mortgage Bankers Association, have been holding meetings with McCain and Obama's economic advisers. They are working with the campaigns to protect the unregulated power of financial industries and at the same time to shift bad debt to taxpayers. The Wall Street Journal reported that the Financial Services Roundtable, made up of the very banks and firms that got us into this mess, has developed draft legislation. The Roundtable has called a meeting this week with the chief executives of more than 50 banks, brokerages and insurers. The three-day meeting includes private, closed-door sessions on Thursday with Obama economic adviser Ian Soloman and McCain adviser Ike Brannon. Those hovering around Obama—economists like Paul Volcker, Robert Rubin, Lawrence Summers and Laura Tyson—bear as much responsibility for the dismantling of government regulation as those advising McCain.
Times like these call for a John Edwards -- but alas, he's now just a punchline.

Comments (20)

Ralph Nader looks better and better.

I miss Ron Paul. If he was running instead of John McCain, the Republicans would probably have my vote right now.

I'm still holding out hope that Obama can use his leadership to get a corporate tax increase passed along-side this bailout legislation, but I'm not holding my breath.

I will say this, if this bill passes without any significant changes, then I'm no longer voting Democratic down the line. I'm voting for Obama, and then I'm going to vote for the challenger in every other race. America needs better politicians.

Gor-dumb Smith's web page doesn't have a statement about this economic problem, nor does the email subject list even have a listing for "the economy".
I guess we can assume that he really doesn't give a rip...
What else is new?
Wyatt's page is up to date and he has a staement printed on the main page.
Defazio is with the program.
Wu is really behind the 8 ball. His latest news item is listed as Aug 14th!
I just called the office and told the person who answered the phone I thought Wu looked like a jerk!
I sent a message to Smith anyway under the heading of 'other', opposing the current bailout plan as written...all 3 pages of it.
This is a really bad joke...on all of us!

John Edwards? That snake oil salesman? What has he done?
Picked the pockets of corporations -THATS what he has done.
Like Palin, I have never understood the appeal of that Used car salesman. Actually I will give him a little more credit. When you walk into Ron Tonkins Gran Turismo, That is who greets you with the plastic smile & perfect hair. JOHN EDWARDS. No folks we do not need that ass, we need a brilliant business mind in charge.
NOW it is all about this wrecked economy. Give me Jack Welch anyday, Buffett....etc. My god we are in major trouble here. The after shocks will last 50 years. Bush has spent our money, our kids, our grand kids & great grand kids. Smoke while ya got em folks. We are in major -MAJOR trouble here. The next wave of home repos will be massive job loss. Plus inflation now will just go haywire.

ok this is how nerdy I am...I am actually listening to the senate hearings on the economy bail out.
Paulson wants $700 billion dollars and he cannot even answer Sen Hagle's question of how the oversight board would be structured or who whould be on it.
This is really maddening!

"actual solutions"

What is the price tag for 14,000,000 (14 Million) jobs for two years at $25,000 (25 Thousand Dollars) per year?

$700,000,000,000 (700 Billion Dollars)

The Federal Reserve (and Congress) has already had its chance to stimulate the "economy" through the gimmickry of artificially boosting home prices. Folks don't seem too inclined to see home prices fall back down, to a healthy and natural equilibrium with wages.

What sort of nonsense tasks could you come up with for 14,000,000 able bodied adults that would be useful but not too disruptive to mom and pop shops, other than to set an artificial backstop to wages? I recall hearing all sorts of whining about a living wage. It is hard to define.

Such jobs would be available to renters too, not just "home owners," and thus be more equitable and would certainly deliver something less useless than an unearned reward for gambling.

So, you say, that we have an extra 700 Billion dollars to blow on something, anything? Why not compare this alternative?

How about just one task alone, like an English literacy program for all, thus making one eligibility requirement proficiency in English?

Sad, but true. There is no party for me. The far left has taken over the Dems and the far right has taken over the Reps. They all move a little to the center to get the votes and then revert. We need a third party that represents the fiscal conservatives and social liberals.

Jack,

Regular Americans are the ones who caused this. If the few folks who aren't paying their monthly bills would just pay up then there wouldn't be any mortgage crisis. Of course, it is crazy that the failure to pay their bills by a few percent of the population has been leveraged in such a massive issue, but that is the way it worked out.
Back to the point, if a few regular Americans hadn't gotten a woodie about buying a house too big to afford we wouldn't be in this mess. Nobody forced those over-achievers to sign on the dotted line.

I'm thinking that the 90% of us who pay our bills on time could go "persuade" the 10% slackers to do their part and this whole mess would go away.

No, what we need is a return of H. Ross Perot. The original advocate against "fraud, waste, and abuse."

Making medicare universal for the next 50 years would cost less, too.

Spend the $700 billion on fixing the infrastructure, creating jobs and income, put tariffs on imported goods so that we start making the stuff we buy with those wages, and let the banks go to hell. As someone pointed out, what we have is Secretary Paulson pointing a gun to his own head and saying "give me the money or I'll shoot!"

$700 bn would be a good start on (a) infrastructure development (what was done in Japan during their 17-year recession is a good model), (b) a "moon landing" type alternative energy development program, and (c) health care for those currently (and soon to be) without insurance coverage. That would fund a lot of jobs, and the Masters of the Universe could, if they wish, pour concrete for a while.

We need a third party that represents the fiscal conservatives and social liberals.

Wouldn't that be the Libertarians? (Although some who fly that flag veer away from the socially liberal aspect.)

Hey Andy, the reason all those people aren't paying their bills is because they don't have the money. How can you "persuade" them to pay money they don't have? I agree that they made their own bed by taking out these mortgages that they couldn't afford, but it is idiotic to think that you can somehow force them to "do their part."

"I'm thinking that the 90% of us who pay our bills on time"
Delusional statments like this are so amusing!

"the reason all those people aren't paying their bills is because they don't have the money"
Ohhh...its so very sad that middle class americans spent money that they did not have. We *must* bail them out! The truly poor can just f*** off and die. This is a nation that gives the middle class tax break after tax break while the poor have stagnant wages for a decade. Time to pay up you middle class dopes!

Hey, those members of the population who didn't get giddy with borrowed and over-extended money are in a prime spot to buy up all these foreclosed houses. Then rent them back to the former homeowners ... that is "doing their part" ... giving up their sense of entitlement to a house they bought with someone else's money.

This "bailout" won't cost the taxpayers a single cent, it will keep folks in their homes, and it will stop a meltdown about to happen if it doesn't pass. Three years ago Bush tried to reform Fannie and Freddie and McCain helped write the law. It would have prevented this. Obama voted against it and it was stopped by the Democrats. That's who is to blame. But, water under the bridge. The government will take the bad loans, stabilize the banks so they can begin new loans and give credit again. Govt will try to keep folks w bad loans in their homes rather than forclose and will work deals. Govt will get back much more than they paid for loans, make profit on the stock they get, and folks won't lose their homes and this will put a bottom on the housing market as forclosures stop. It this ain't passed....and at no cost to taxypayer, the cost will be so horrible there won't be a lot of folks left to afford the internet connection to read this.

Even if Trash Man were right (and he's most certainly not), our so-called government has utterly no credibility either in Congress or among the public, something they've done to themselves, so they simply can't sell this right now. We need to wait a bit and see what develops.

Okay Jack,
I'm now asking for a Christian Bale-out. Let's have him be our prez candidate. He's hot, which apparantly is a requirement for vice-president, he understands Wall Street--ever see American Psycho--and well in his bat suit he can fight the good fight, ala The Dark Knight. I've blogged about Him & Sarah and all this mess on my blog today. Check it out. http://only-planet.blogspot.com

One of the funniest political cartoons I recall ran years ago in National Lampoon. In one frame "the candidate" was introduced to blaring music and waving flags, being prodded onto the stage between dancing girls as he drooled and lunged about while gnawing on a dead rat. Afterwards his staff stood around recapping, counting money and idly musing, "Do you think anyone noticed the rat?"


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