Two days after the Bail Out Bill failed in the House, the Senate plans to vote on the “$700 billion bank rescue plan,” on Wednesday evening. The Senate Bill “adds new provisions – including raising the FDIC insurance cap to $250,000 from $100,000 – and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.” Republican presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden confirmed that they would be present for the vote. Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., announced the plan Tuesday. “Senate Democrats and Republicans believe it is essential that we work quickly on this … Continue reading
Planned Parent is cashing in on Sarah Palin as the VP nominee for the Republican Party. John McCain’s running mate, Sarah Palin has been a “vocal opponent of abortion,” so pro-choice folks are ponying up to make a statement about Palin’s nomination by donating to Planned Parenthood in her name: “Make a donation to Planned Parenthood,” the anonymous e-mail message urged. “Of any amount. In Sarah Palin’s name.” The message, which began circulating widely on the Internet last week, had one more instruction: request that the personalized thank-you card from Planned Parenthood be sent to Ms. Palin, the Republican vice-presidential nominee and a vocal opponent of abortion, at the McCain-Palin campaign headquarters in Virginia. So far, the scheme seems to … Continue reading
The Republican leaders of the House of Representatives grabbed a half dozen bags of sincerity, looked directly into every TV camera they could find, and lied. The House had just defeated, 228–205, a bipartisan $700 billion bailout bill. But it was the Democrats who were the subject of vicious rhetoric. Speaker of the House Nancy Pelosi (D-Calif.) “poisoned our conference,” screeched Rep. John Boehner (R-Ohio), the Republican minority leader. He said the House would have voted for the bill “had it not been for the partisan speech the Speaker gave on the floor of the House.” Rep. Roy Blunt (R-Mo.) specifically said that Pelosi’s speech changed the minds of about a dozen Republicans who voted against the bill. Rep. Eric … Continue reading
Leadership has to be one of the key issues we face today as voters. Certainly most DemDaily readers are supporting Obama. There are some that do not. Here is the except of a very interesting Time magazine article about leadership and the reaction of the American Public. I just heard Chis Matthews say that what people want is a Hero. I think he may be right. Our structural lack of outstanding leadership is coming home to roost. A Massive Failure of Leadership Michael Scherer notes that our political system might be just as bankrupt as our financial system. It’s today’s must-read piece. “Nearly every major political leader in America supported the $700 billion financial bailout bill. The President of the … Continue reading
Gawddamn. After nearly two weeks of screwing the pooch, from a communications point of view, all the reporters today are using the ‘Recovery Plan’ language because the Leadership, as demonstrated by Senator Kerry this morning, in Congress is doing the same thing. It’s about time since this is all an effort to help the economy and banking system recover.
John Kerry had at it with Bill O’Reilly on The Factor last night (h/t News Hounds) on the issue of the economic crisis. Watch it here: This afternoon, Kerry held a press conference to outline the urgency of passing comprehensive economic legislation to avoid the collapse of Wall Street from hitting families and business across the country. Kerry’s statement as prepared for delivery is as follows:
A group of Democrats are introducing a new piece of legislation of totally different from the one that’s been worked on for that last week and a half. Based on spotty information I’ve heard on MSNBC they wish to re-introduce a ‘transaction fee’ to every securities transaction. Apparently, according to what Congressman Pete DeFazio said, the Congress doubled this small fee during the Great Depression and it was only removed in 1966. They are proposing somewhere around a 1% fee, (I think I got that right), on each transaction. They say this simple action will raise around $150 billion a year Those Democrats emphasized that they believed this is a ‘credit’ crisis not a ‘liquidity’ crisis. Many would disagree. Many … Continue reading
As of this writing DOW is up 305 points. Now 299 points. Now 286 points. It could bounce another 100 points one way or another. This information comes from Yahoo Finance. A good portion of the up tick are people, like myself if I had any funds in the market, taking advantage of stocks that dropped significant amounts yesterday are buying today. If I was a day trader with significant funds a unbelievable amount of money could be made merely due to the volitity of the markets. MSNBC stock market analyst just analyze the markets the same way. UPDATE: I agree that the mess isn’t over. In fact the Dow continues to drop at a slow rate. One of the … Continue reading