Republicans like Rep. Eric Cantor don't realize it just yet, but they just handed the keys to the kingdom to the Democrats. And if Democrats don't get the cooperation from the GOP on Thursday, they will use those keys in crafting their own solution giving the people what they expected, and then let Republicans balk and wear the consequences for a failed economy for decades to come.
September 2008 Archives
How would you vote on the "Work Out", "Bail Out", "Rescue Bill"? It has many names, but, its purpose is to free up money for lending so that our economy does not fail in the weeks and months to come. Below, courtesy of Politico.Com, are how some notable scholars and educated folks would vote:
Failure to pull together a bill by Sunday Night, the opening of Asian markets, will have a trigger effect on international banking. How bad, how deep, and how fast the domino effect will occur remains to be seen. But, the obstacle is the Rogue Republicans insisting that private investors (friends and lobbyists of theirs) get a piece of this discounted real estate pie that could produce handsome profits down the road.
Yesterday, the word was an agreement framework was at hand. What transpired after that is anyone's guess, and I will offer some in a moment.
But, the facts are these: A group of House Republicans have opposed this Republican proposal from the outset when Treasury Secretary Hank Paulson announced it days ago. One hour after McCain's arrival in D.C. yesterday, bi-partisan statements were made to the media that a basic agreement was at hand. Today,that sentiment was reiterated in a bipartisan statement this morning. Then, Sen. McCain met with balking Republicans in the House and became their spokesperson in the White House meeting which ended just 30 minutes ago. Now there is no agreement, Sen. Shelby and another spokesperson at the White House announced.
There is much debate and discussion about what is at stake regarding our economy and this bailout of wealth institutions who have gorged themselves on the profits of bad loans, collateral, and absence of prudence in managing that wealth of others. But, no one is telling the truth about what is at stake, or why these politicians are working feverishly with little sleep night and day. What is at stake is what no one in Washington D.C. wants uttered in a public forum. But history is not so silent about what is keeping them all up at night.
To know McCain, one must know his staff and who his advisers are. McCain's staff has experienced several shake ups in the last year. When the data show McCain is losing, McCain dumps moderate and independent thinking staff and brings on ever more former George W. Bush staff. What is remarkable is the utter disconnect between what McCain says on the stump, and what his advisers represent policy advocacy. Let's take a look at McCain's staff and what they likely represent in advice to McCain.
Three days ago, the world took a half step that had one foot on the cliff and other other over the abyss. Fed Chairman Bernanke, Treasury Secretary Paulson, and Congressional Leaders gathered in an emergency meeting and observed to the shock of many, the other foot stepping into the abyss. They agreed in unison and immediately to pivot the dangling foot back onto the cliff side. The abyss was a run on money market funds around the globe, which was poised to take place in hours or days, at most, creating a global financial meltdown.
There is nothing as depressing as to be right about calamity foreseen and have such warnings go unheeded. To see what is coming, take advantage, and walk away, allows one to feel intelligent, profit from the knowledge, and avoid looking back at the suffering of others who didn't see what is happening. This, of course, would be the corporate executives and Republicans in power who fought against regulation and oversight since 1994, and won.
The growing number of government loan guarantees and bailouts of failed corporations and financial institutions is nothing short of a conspiracy between elected politicians and wealthy special interest power brokers to steal tax payer's dollars without representation. More than 230 years ago, Americans engaged in a Revolutionary War for this very same crime of government. Wimpy Americans today are more obsessed with race and gender of their elected officials than being ripped off by them.
Below is verbatim, a newsletter I received from the Republican conservative organization called GOPUSA. This is the kind of propaganda that would make Nazi Propaganda Minister Joseph Goebbels proud. Take note their bold acknowledgment of intent to SwiftBoat Obama's candidacy as they did Sen. Kerry.
Sen. John McCain said:
My friends in the Democratic Party -- and I'm fortunate to call many of them my friends -- assure us they share the conviction that winning the war against terrorism is our government's most important obligation. I don't doubt their sincerity.
They emphasize that military action alone won't protect us, that this war has many fronts: in courts, financial institutions, in the shadowy world of intelligence, and in diplomacy. They stress that America needs the help of her friends to combat an evil that threatens us all, that our alliances are as important to victory as are our armies.
Palin's speech was delivered as well as it possibly could have been. But, it wasn't written by her, and one has to wonder if she even understood the fallacious allusions and logical holes in her statements big enough to rival the Grand Canyon. Perhaps Noonan and Murphy knew what was coming when, on an open microphone, they said the McCain ticket is dead, or words to that effect.
Few off Wall Street are paying attention, but, there are fundamental structural changes taking place in our economy, that are going to require new economic models, metrics, and updated economics education if anyone is going to manage the economy well for Americans. The consumer backbone of our economy is yielding to exports and business consumption, even as the consumer's role in products and services shrinks.