Capitol Hill soap opera: "As the Stomach Turns" Posted by: McQ
on Thursday, September 25, 2008
We have a little back-and-forth going on in the breaking news department. First we get this:
Key lawmakers have reported an agreement in principle on a bailout of the financial industry designed to avert a deeper economic crisis.
Emerging from a two-hour negotiating session, Sen. Chris Dodd said, "We are very confident that we can act expeditiously."
Sen. Bob Bennett, a Utah Republican, told reporters: "I now expect that we will indeed hvae a plan that can pass the House, pass the Senate (and) be signed by the president." Dodd is a Connecticut Democrat who heads the Senate Banking Committee.
“As I told our Conference this morning, there is no bipartisan deal at this time,” House Minority Leader John Boehner (R-Ohio) said. “There may be a deal among some Democrats, but House Republicans are not a part of it.”
The White House said Thursday morning that President Bush and GOP nominee John McCain might be on a different page about how close the administration and Congress are to reaching a deal on a Wall Street bailout.
"It has become clear that no consensus has developed to support the administration's proposal to meet the crisis," McCain said in New York City. "I do not believe that the plan on the table will pass as it currently stands, and we are running out of time."
House and Senate leaders are discussing the possibility of attaching the Wall Street bailout to legislation to fund the federal government through March, GOP and Democratic aides said Thursday.
Aides cautioned that no decisions have been made and that the situation remains fluid.
Because voting against a combination bill would result in a government shutdown, the idea of attaching the bailout bill to the continuing resolution is appealing to leaders, aides said.
Additionally, it would give Congress a way around the requirement that all spending legislation originate in the House: Since the CR has passed the House, the Senate could simply take up the CR, add the bailout language, return it to the House for an up-or-down vote and then send it to President Bush.
Of course that little technical glitch they're talking about is just the Constitution. No biggie - always a way around that.
Not that Harry Reid cares - he's not going to schedule a vote on it on Friday anyway - no matter how pressing the need:
Harry Reid says he’s not scheduling any votes in the Senate for Friday.
The reason: He says he wants to give John McCain “no excuse” for missing Friday night’s presidential debate.
Oh, and in case all of that's not enough, let's see what Gallup has to say:
John McCain has gained ground and is now tied with Barack Obama among registered voters in the latest Gallup Poll Daily tracking update for Sept. 22-24, with each candidate getting 46% support.
Harry Reid says he’s not scheduling any votes in the Senate for Friday.
The reason: He says he wants to give John McCain "no excuse" for missing Friday night’s presidential debate.
Cheese ’n’ rice! Somebody needs to ask ol’ Dingy - on camera - which is more f***ing important: a vote that (allegedly) will prevent another Great Depression or letting two senators who want to be president have a debate on foreign policy.
Hey McQ thanks to you and this post, I just wrote my first letter(s) to my Congressman and Senators (I lived in DC until recently, so that was a pointless exercise). When I went to the House site for contacting your Congressman, I couldn’t get through because of the volume. People are paying attention.
You guys are funny. Look at the Realclearpolitics poll page. Look at how most national and swing state polls are going to Obama. When people try to cherry pick one poll, it’s usually a sign of weakness. Also, look at how McCain is being burned by his decision to pull a stunt to try to use a national emergency to resuscitate his campaign.
Also remember how I was ridiculed last year for saying America is in decline, facing severe economic problems and that it’s only a matter of time before these come home to roost. Just watch: McCain’s campaign is imploding, the US economy is imploding, the news from Iraq is that they are as divided, corrupt and undemocratic as ever, with anti-Americanism high (so much for ’model Iraq’) and Afghanistan is falling apart. Meanwhile, Russia chuckles, makes deals with Venezuela and Iran, and German finance minister notes the US days of being a financial superpower are ending.
Face it, the US is a fallen power, we’re not taken as seriously, our military power has been shown insufficient to shape political events, and now our economic mite is shown to have been built on a house of cards. It’s decline, baby! Get used to it. That nationalist bravado is a thing of the past.
The US military has failed in Iraq and Afghanistan. In Afghanistan it looks bleak. In Iraq we’re trying to get out while saving face by giving up on the major goals of creating a pro-American Iraqi democracy, and accepting a divided country whose PM is closer to Iran than to us. Psychological problems are rampant with returning military people, divorce rates, suicide rates, and family problems skyrocketing. The US, in its failed effort at a kind of imperial control of world politics has abused those people who thought they were serving the cause of freedom. There was no noble cause, just misguided and arrogant politics. The politicians will do fine, those they used will pay the cost — and their families (not to mention the dead in Iraq and Afghanistan).
The US economy is on the brink of major crisis. This has been predicted for awhile, but fooled by a misguided "free market rules" ideology and hubris about our own supposed strength, government and big business ignored the signs. Now, we may be looking at high inflation, a continually weakened dollar, and the US ability to continue financed by investment and loans from countries like China and Saudi Arabia. How the mighty have fallen!
Meanwhile, North Korea realizes the US can’t really threaten it, so it reneges on its deal. Iran’s leader openly laughs at the "fallen empire" at the UN. The US gets angry about Russian involvement in Georgia — the best US ally in Iraq — but finds itself impotent to do anything about it. Then when the US tries to pressure Russia, the EU balks, and Russia starts making deals with countries like Venezuela and Iran, with the US unable to counter.
Maybe Barack Obama can institute the change in direction needed to prevent total collapse. Certainly the erratic and intellectually lazy John McCain cannot. And his running mate is all image, no substance, and looks to be imploding as even the McCain people are afraid to let her talk (and as people dig into her past, well, her pastor problem will probably be more damaging than Obama’s!) But all you rah-rah nationalists who have been thinking the US is a great number one power are learning the hard way where hubris leads.
I’ve been trying to warn you. You mocked, you didn’t learn. But now reality is going to administer the lesson.
(I’m going back into lurk/absence mode, as I’m really too busy to comment consistently. Have a nice day).
(I’m going back into lurk/absence mode, as I’m really too busy to comment consistent with reality. Have a nice day).
Corrected that for ya...
The US economy is on the brink of major crisis. This has been predicted for awhile, but fooled by a misguided "free market rules" ideology and hubris about our own supposed strength, government and big business ignored the signs.
The reality is the Democrats ignored the signs, and made the problem worse. The Bush administration, in 2001, 2003, 2005 and 2006, warned of this. Tried to push legislation through to regulate GSE’s. And who came to the "rescue" of Freddie Mac/Fannie Mae, Barnie Frank and his band of ninnies.
Oh, one more quick bit: the new Gallup numbers today show a three point jump in Obama’s numbers, he leads 48-45. Quite an uptick in a day. Rasmussen tracking Obama is now suddenly up 5, and in Hotline he’s up 7. But if you want to cherry pick only news that suits your argument, you’re in luck. There is one poll, the Battleground poll, that shows McCain still up 2. Everywhere else, things are moving in a blue direction.
Keith — both parties share blame, I see the Democrats and Republicans in an equal light on this.
OK, now I’ll leaving...it’s just after someone up there used Gallup to try to ridicule my point, I couldn’t resist pointing out the three point jump for Obama! http://scotterb.wordpress.com
Things will get real blue if things keep moving in a blue direction.
Sorry, but looking at the facts of who tried to get legislation passed, and who blocked it, there’s one side that in the last 8 years shares more of the blame.
Now, when you look at longer term, setting up this situation, there is more balance of blame.
But, in the last 8 years, Republicans wanted to regulate, and Democrats wanted to turn a blind eye to their friends at Fannie Mae/Freddie Mac.
So, should we trust the people who’ve suddenly been enlightened that they’re honest brokers in fixing this?
I can’t wait for the 527’s to descend w/ video of Frank’s, et al saying "there’s no problem", juxtaposed with him saying "we’re in a crisis." Then you have to ask, these are the same people who say there’s no problem with social security, or medicare."
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