Stampeded by Fear, Scammed by Lies: Why the Bailout Failed

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

A Must Read Article About Leadership

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

FINALLY! Now it’s a Recovery Plan

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 on the Economic Crisis

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 New Proposal On The Economic Situation And World Wide Reactions in General

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

This Mornings Markets-9/30/08

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

What If We Had An Economic Apocolypse?

Here’s some food for thought today after the Bail Out Bill failure in the House: What If We Had An Economic Apocolypse? What would happen? What would you do? Jazz Shaw explains on The Moderate Voice. I have to say one of the reasons I am moving to Maine is to live somewhere more economical that also provides me the opportunity to live a simpler life. If we all learned to live within our means the corporate ho’s wouldn’t be taking so much of our hard earned money! Oh… And incase you missed it, while watching the Bail Out Bill fail and the stock market take another huge dive, the Bush Administration side stepped Congress today, to pump $630 Billion Into Economy.

Banana Republic

There’s a lot of finger pointing going on in the wake of the Bail Out Bill failure in the House today (see Roll Call vote here). Barack Obama said today that “he believed Congress would ultimately pass a proposed $700 billion financial bailout deal, despite its initial rejection by the House of Representatives.” “I’m confident that we’re going to get there. It’s going to be a little rocky,” said Obama, who added that “things are never smooth in Congress.”  The Democratic White House hopeful said he had spoken by phone with Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi and other lawmakers following the rejection of the measure by the House. “The stability of our entire economy is at risk so … Continue reading