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It is a "crap sandwich" but the Republicans are urged to vote for it anyway (update)
Posted by: McQ on Monday, September 29, 2008

Wonderful. The "it", of course, is the present version of the bailout plan.

The "crap sandwich" statement came from John Boehner when describing what he thought of the bill.

Then you have this:
Sens. John McCain and Barack Obama expressed cautious support for a $700 billion bailout of the nation's biggest financial institutions, though both reserved the right to change their minds after they have reviewed details of the hastily arranged deal.

[...]

On the economic bailout, McCain said on ABC's "This Week" that he will "swallow hard and go forward" with the plan, adding that it is time to "get this deal off the table, let's get this to the president."

[...]

"When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration," Obama said. "But this step is necessary."
So both are going with the flow. Not much leadership there.

And speaking of leadership, or lack there of:
But neither nominee would commit Sunday to actually returning to the Senate this week to vote on the $700 billion bill aimed at preventing widespread economic collapse.
No. That is totally unacceptable. If we're going to be served a "crap sandwich" I want both of these yahoos taking the first bite by being on record voting for the bill.

If ever there was a need for a maverick, this is the time.

And what do we get instead?

[For the record - I oppose the bailout plan and subscribe to the plan Dale lays out in his post below]

UPDATE: Obama plans to be there to vote. McCain "hopes" to be there, depending on his schedule. Some advice for McCain - make it a priority in your schedule. I want you two on record. No voting the equivalent of "present" on this one.
 
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Comments
THE ECONOMY NEEDS HELP, BUT THIS BILL IS WRONG! IT REWARDS THE WRONG PEOPLE AND IT WILL FAIL ANYWAY! (There is historical precedent!)

Below is my latest letter on the bailout, which I faxed to dozens of senators and congressmen. (Fax numbers are at the bottom). PLEASE DO THE SAME! USE MY LETTER IF YOU LIKE!

This bill rewards irresponsible wealthy investors. It uses a model of "rescue" that failed in Japan and Mexico. Hundreds of economists have publicly objected. The vaunted "changes" are cosmetic and everyone knows it: http://www.nakedcapitalism.com/2008/09/congressional-charade-changes-in.html

CONGRESS IS STILL USING THE BASIC MODEL OF SECRETARY PAULSON, EX WALL-STREET INVESTMENT BANKER, WHOSE PRIMARY CONCERN IS PROTECTING WALL STREET AND ITS INVESTORS. THE MODEL IS FLAWED, IT REWARDS THE IRRESPONSIBLE AND IT WILL FAIL, WE’LL GET A CRASH ANYWAY.

PLEASE READ MY LETTER, READ THESE:
http://globaleconomicanalysis.blogspot.com/2008/09/final-push-to-kill-bailout-monstrosity.html
http://www.nakedcapitalism.com/2008/09/nouriel-roubini-really-really-hates.html

AND CONTACT YOUR CONGRESSMEN!

I used Metrofax.com, if you are reading this you can probably afford $20 — all the fax numbers are below — but you can phone them or email them, just SEND THEM SOMETHING! DEMAND A DIFFERENT BAILOUT, ONE THAT DOESN’T JUST SEND FREE MONEY TO INVESTORS AND FAIL THE RESCUE THE ECONOMY!

Kevin

—-

Dear :

I urge you to vote against this poorly-designed bailout! The banking system needs help, but this bill is not it!

1. The plan doesn’t discriminate between who ought to be saved or not, and in fact rewards those who created dud assets

2. It runs counter to the best models of how to deal with this sort of problem

3. It does not punish current shareholders or management

Please have public hearings with an independent economist! Hundreds of American economists have publicly objected to this bill’s method of rescue, which will fail!

“purchasing toxic/illiquid assets of the financial system is not the most effective and efficient way....in most cases in which it was used [it] made the fiscal cost of the crisis much higher and expensive (as in Japan and Mexico).”

“Thus the claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification.”

“ Even the late addition of some warrants that the government will get...is only a cosmetic fig leaf of dubious value as the form and size [is] totally vague and fuzzy.”

“with $700 billion of taxpayer money the pockets of reckless bankers and investors have been made fatter under [a] fake argument that bailing out Wall Street was necessary to rescue Main Street... the restoration of...financial health of distressed financial firms could [be] achieved with a cheaper and better use of public money”

“And even after the government will waste [billions] buying toxic assets many banks that have not yet provisioned for such losses/writedowns will be even more undercapitalized than before. So this plan does not even achieve the basic objective of recapitalizing undercapitalized banks....

“Thus, the Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.

"It is pathetic that Congress did not consult any of the many professional economists that have presented...more fair and efficient and less costly ways to resolve this crisis....it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners.”

Please, please, scrap the Wall-Street-biased Treasury model, listen to independent economists, and start over with a bill that fixes this in a way that benefits taxpayers instead of rich bankers and investors!

Kevin B. Martin, M.D. — (508) 459-0032 – Worcester, MA – kbmartin2@gmail.com

—-

Sen. Richard Shelby (R) 202-224-3416
Sen. Harry Reid (D) 202-224-7327
Sen. Jim DeMint (R) 202-228-5143
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen John McCain (R) 202-228-2862

Sen. Barack Obama 202-228-4260
Sen. John D. Rockefeller 202-224-7665
Sen. Dianne Feinstein 202-228-3954
Sen. Ron Wyden 202-228-2717
Sen. Evan Bayh 202-228-1377
Sen. Barbara Mikulski 202-224-8858
Sen. Bill Nelson 202-228-2183
Sen. John Kerry 202-224-8525
Sen. Daniel Inouye 202-224-6747
Sen. Hillary Clinton 202-228-0282

Rep. Barney Frank 202-225-0182
Rep. Nancy Pelosi 202-225-4188
 
Written By: Kevin Martin
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. . . even Congressional Democrats have fallen for this Treasury scam . . .
Uh, those are the people who usually start the scams . . .
 
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