Seriously? The bailout is postponed for Rosh Hashanah?
September 30
Seriously Congress and the Bush administration? This bailout was so urgent there wasn't time for a single committee hearing, or to let the public have time to find out the details of the bill, but then you stop for a holiday? It's not a matter of the holiday being a Jewish holiday or this Jewish holiday. If this was really so urgent as they tell us, they should have worked on Rosh Hashanah or Christmas or Independence Day or Arbor Day. I hated the initial proposal --- unlimited authority to the same administration who got us into this mess and has lied repeatedly about, well, everything, with nothing required of Wall Street except accepting free money. I could have warmed up to the bill voted down in the House yesterday if it had really had everything I had heard it had. Only after the vote did I have time to learn anything about the bill, and this is nuts. Details can be had here and here, but briefly, the oversight will be done by the treasury secretary, SEC chairman, and Federal Reserve chairman: in other words, oversight will be done by the same people who are being overseen! Executive compensation restrictions will apply only to new contracts for the next two years. All golden parachutes are still packed and ready for use!
Maybe something needs to be done. In fact, clearly something needs to be done. Credit needs to keep flowing somehow. But this? This is robbery. It actually isn't better than nothing. Just think for a moment and you'll probably have a better idea. Can't we just have some public hearings? A lot more time than this went into the relatively dinky Chrysler bailout back in the 1970's.
Is McCain cursed? Rick Davis in even deeper
September 23
So we just found out that not only did McCain's campaign manager take a massive amount of money from Fannie Mae and Freddie Mac to head an astroturf group (fake grassroots) to push deregulation, but Rick Davis's lobbying firm was getting $15,000 each month ---- yes, month --- from those same GSEs (government sponsored enterprises).
Is McCain cursed? It seems every time McCain makes one of his twisted attacks (a redundancy this year) on Obama, it bounces back. He goes after Obama's pastor and McCain has two nuts of his own. He goes after Obama's inexperience then his own VP turns out to be runner up from amateur night. He goes after Obama's naivete on Iraq, then the Iraqi government calls for Obama's policy to be implemented and even Bush moves that way. Now McCain attacks Obama for knowing someone connected to the former CEO of Fannie Mae, and his own campaign manager turns out to have taken a ton of money from the same CEO.
Next thing we know, McCain will accuse of Obama of dodging every question with a POW story.
Banking bailout as shock doctrine
September 21
Is this another application of the "shock doctrine"? I refer to this massive bailout of the financial industries, the proposal for which will now include bailing out foreign banks. It's a prime example, because Americans normally would never agree to bail out foreign banks who made stupid bets on American mortgages, even if we would bail out our own banks. However, with the rush for a bailout with the public being told the financial system is about to collapse taking the economy with it, they think we're so scared we'll agree to anything. Don't.
In fact, let's use this emergency and the bailout that conservatives want more than liberals do to demand some changes. Let's restore Glass-Steagal. Let's repeal the bankruptcy bill. Demand business interests get out of the way of the Employee Free Choice Act. Let's restore lifeline checking accounts to save the poor from predatory check cashing services and payday lenders. Let's restore usury laws. Let's demand an increase in funding for low income housing. Have a stimulus package in the form of infrastructure improvements. Ban mandatory private arbitration for consumer complaints. I'm sure there are more, and we won't get them all, but we can get enough Republicans to go along with some things, even as they complain this emergency should come with no restrictions on how Treasury uses this immense authority.
No, Republicans/conservatives/Blue Dog Democrats haven't supported these things before, but let's not lose sight of the fact that they want this bailout much more than liberals do.




