Pointing Fingers-An Old Game Repackaged

Why did this bailout bill fail?  Here are a few suggestions:

  1. Senator Obama, Nancy Pelosi and Chris Dodd’s complete lack of leadership.  The Democrats control both houses of Congress yet they can not muster enough votes to pass what they see as an extremely important piece of legislation.  Senator McCain brought in over 60 Republicans on this issue when he was in Congress over the weekend.  Senator Obama called in his support but made little effort to support this legislation, instead relying on his Monday morning quarterbacking skills to praise or denounce the bailout vote, whichever was needed politically.  Chris Dodd, Speaker Pelosi and Barney Fife, I mean Frank, could not even get their members to agree on this bill, choosing instead to blame others for its failure.
  2. Politics. I don’t mean Presidential here either.  The Democrats wanted to be able to blame the Republicans for passing this bill.  13 of 19 Democrats who are in tight races across the country voted against this bill AFTER they saw the Republicans voting against it.  If it passed with Republicans putting it over the top, the Democrats would run stories and ads about how they didn’t really want the bill.
  3. Wall Street.  When the bill’s passage seemed certain stocks looked good.  However oil prices shot through the roof on speculation that consumers would have a lifeline to borrow from this winter to pay for oil.  As the bill failed stocks fell.  And now faced with the possibility that consumers could not afford to pay for oil this winter, oil prices fell to under $100 a barrel.  Wall street traders and speculators were once again left to find their own solutions and face the fact that they may lose money this year.
  4. The American People.  Finally enough of us woke up and said ENOUGH!, let Wall Street fail, we’ll cut back, we don’t need all this credit.  Unfortunately, there is little we can do to prevent eventual passage and we will have to swallow a $700 billion dollar pill in order to save a couple bucks, and I do mead about $2, in our 401K accounts.
  5. World Markets.  They need this just as much as our market.  They hold many of these bad debts and don’t want to lose money on them either.  Yes, Asian and European markets will get some of this $700 billion.  But as they begged for us to pass a bailout to save their economies, the people of these countries continued to rally against America and it’s trade policies.  Perhaps some of our Representatives finally realized that not all of $700 billion will go to Americans.
  6. Stupid Partisan Speeches.  Only one party to blame here and it is the Democrats.  When Speaker Pelosi stood up and said that Bush and his “right wing ideology of anything goes, no supervision, no discipline, no regulation” was to blame for this bailout, she effectively killed the legislation and allowed Republicans to not only make a stand but also push for more insurance on deposits and other provisions they wanted in the bill.
  7. Lastly, the Media.  America is at the beginning of a recession.  However so far it is the mildest recession in our nation’s history.  Today my newspaper reported a jobless rate of 6.1%.  When I moved back here 10 years ago the jobless rate was hovering between 8-10%.  Wages have gone up steadily until recently and it was only after the minimum wage bill passed in PA (now 7.25/hr)  and the Congress that unemployment stated to rise because small employers could not afford the increase.  By the way out of their laundry list of promises they made when they were regaining control of Congress, the minimum wage adjustment is the only one that has passed.  All of the others (think Iraq) have failed or not even been discussed out of committee.  Yet the media continues to prey on the fears of all of us and attaches stories about the Great Depression to discussions on the bailout.  Perhaps they played their monster in the closet card one too many times this week. 

In the end the result of the bill was the same- Republicans are to blame for the economy, according to Democrats.  If it passed it would have been a Republican President and Congressional Republicans who forced it on every one of us.  The news article in my issue of the Time Leader would have read ” Rather than repudiating their President for this mess, Republicans chose to support their President’s failed economic policies.”.  When it failed it was the Republicans who killed it because they did not support their President.  As the Times Leader paraphrased Barney Fife, oops again, Frank today  “Rather than a repudiation of Democrats…Republican’s refusal of the bailout was a rejection of their President.”  

I still hold to the fact that all Americans are to blame for this situation and not any one party.  Certainly rules were relaxed and it started when Clinton was in office and continued through Bush, but Americans did not have to accept money we could not pay back.  Case in point.  When I bought my house I was approved for a mortgage up to $150,000.  After laughing my ass off because I knew that the mortgage company had been drinking while doing these numbers, I chose to go with a mortgage I knew I could afford.  There are many others who took the full amount, thinking they could or would be able to afford it and are facing foreclosure because of that decision.  That’s not the fault of your leaders.

Advertisements

Cancer Survivors Need Not Apply!

In case you missed it, Brave New Films released a new ad against John McCain.  This ad questions John McCain’s health as a survivor of cancer.  Showing the scarred face of McCain, the ad actually questions if he is able to lead the nation because he had several bouts with melanoma.  What’s more is that this ad has some loose ties to Howard Dean, the chairman of the DNC.  

And they say McCain’s tactics are politics as usual!  As usual the media fails to talk about the underhanded tactics being used against McCain. 

http://news.aol.com/political-machine/2008/09/29/does-mccain-med-records-ad-go-too-far/?icid=200100397x1210712718x1200650301

Everbody’s Working For the Weekend (Well, Almost)

“Throughout the entire debate, he didn’t say the words “middle class.” Not once.”——Barack Obama talking about John McCain while praising himself for Friday night. 

I can’t say it enough.  Unfortunately for Senator Obama, actions speak louder than words.  John McCain was in Washington, not as part of a campaign stop but as a member of the 110th Congress, since last Friday working on what has become known as the “Emergeny Economic Stabilization Act of 2008”.   Senators Obama and Biden chose to disregard their duties as members of this Congress and continue their campaign stops. 

It is ironic that McCain can be/will be labeled ‘out of touch’ even though he is the only member of Congress currently running for President who could speak to the provisions BEFORE it hit the Internet.  It is also ironic that if Pres. Bush signs and Senator McCain votes for this bill, Senator McCain’s support  will be portrayed as ‘voting with Bush’ by the Obama campaign despite the presumed need for the bill by both parties. 

It’s 3am. America is facing an economic crisis.  The phone rings. Who do you want on the other end?  John McCain who is already working on a solution?  Or Barack Obama who gave specific instructions to his advisors to call only if he was needed?  On November 4, you decide!

While John McCain was in Washington trying to pull a bailout bill together, Senator Obama tried to take credit for the bill by saying, from the campaign trail, that he was involved and pushing hard for provisions that protected taxpayers that were not in the original bill. What are these provisions exactly?  As usual Senator Obama did not give specifics. 

One of these provisions might be the requirement that the government try to renogotiate bad mortgages and lower monthly payements for homeowners that are in trouble so that they can keep their homes.  This sounds a lot like McCain’s HOME plan that is defined specifally in his JOBS FOR AMERICA plan on his website. 

Under the HOME plan 200,000-400,000 people would be able to keep their homes by writing down and retiring the existing loan the borrower has and replace it with an FHA backed HOME loan from a lender.  The plan also covers homeowners who are facing a reset or can prove that they will not be able to continue paying current rates in the future.   By doing this the government ensures repayment of the loans and can recoup billions of dollars currently being loaned to agencies like Fannie and Freddie.  In addition, McCain’s plan calls for more transparency and accountability for lenders, another provision of the bailout bill. 

Senator Obama, on the other hand, in his PLAN FOR AMERICA,  only provides a 10%  mortgage credit to homeowners who DO NOT itemize.  As long as you make less than $50,000 you will get back about $500 on your tax return.  In his plan Obama also highlights his introduction of the STOP FRAUD Act in 2007, an act that never passed committee in a Democratic controlled Congress.  In addition to these proposed reforms, Senator Obama wants to create a HOME score, create a fund to help “innocent” homeowners and restructure bankruptcy laws.  In the instance of the HOME score, lenders would have to develop a score that borrowers would use to compare mortgages.  Keep in mind no system currently exists and would have to be created in order for borrowers to be protected.  In the case of the fund Obama wants to create,  it would be PARTIALLY paid for by increased penalties on lenders who act irresponsibly.  The penalties are defined in his STOP FRAUD Act, the one lying dead in committee.  And do I really have to say how long it might take for Congress and Wall Street to restructure bankruptcy law? 

Taking credit or taking action?  You decide which is more imprtant.

http://news.aol.com/article/deal-reached-for-wall-street-bailout/188230?icid=200100397x1210456864x1200628120

Personal Responsibility 1776-2008 R.I.P.

As much as America may need the bailout,  if the bill comes out laden with earmarks and other spending that has nothing to do with the current situation, John McCain should vote against it. 

Personal responsibility is the only loser in this bailout.  Despite warnings from Alan Greenspan, John McCain, and even Presidents Bush, Chris Dodd, Barney Frank and others in the Democratic party did nothing to prevent the current situation.  Even Bill Clinton used his power of 20/20 hindsight recently to say that he pushed too far on relaxing housing regulations in the 90’s and encouraged Democratic support of these measures too much.  The American taxpayers will be protected in this bill but only from further inaction by Congress.  The fact will remain that they will not be protected from themselves. 

Even as Washington mutual was failing last week, I was receiving multiple credit offers from them in the mail.  This is a company I have never had any dealings with, nor ever sought any dealings from.  Yet I was faced with the prospect of another credit line in these offers.  Over the past decade Americans have fallen for these offers (I am no exception) hook, line and sinker.  Promises of low rates and long terms are attractive when times are good.  But as the housing market slowed and economic growth slowed (it has never stopped), Americans started to blame everyone but themselves for the credit crisis.  Whereas a year ago they could afford an adjustable rate mortgage and 2 of each brand name credit cards, all with pictures of their favorite teams or animals,  a year later they are faced with bankrupcy and are looking to the government for help all because they made bad decisions. 

America and Americans have made some bad decisions in the past decade.  This is not a crisis that started with Bush and will end with the saving power of Barack Obama.  The only way this crisis will be resolved is for America’s leaders to put together a bill that is clean and Americans themselves to look at their own situation and resolve never to go back.  John McCain is a believer in personal responsibility, just like President Bush,  but his back is against Wall Street on this bill.  But voting against a bill laden with earmarks or extra spending is the right thing to do in this situation, even if it costs him the election.

Back to Work!

It’s the day after the first debate. Both Presidential candidates are back out on the campaign trail stumping for votes and talking about how they will lead America.  Oh wait, that’s a lie.  Only SENATOR Barack Obama was back out on the campaign trail today while SENATOR John McCain was in Washington working on the bailout legislation.  SENATOR Joe Biden,  SENATOR Obama’s running mate,  was also out campaigning today. 

Why is this so important to note?  Because voters are being told today that Senator McCain’s performance last night was condescending and arrogant and that he even talked down to Senator Obama during the debate.  The reason they are being told this by the pundits and press is because Senator McCain answered every question with specifics and highlighted his experience and accomplishment in those answers.   Senator Obama repeated the same argument about Bush and McCain whenever he had the chance and gave virtually no specifics in answers to the questions.   Yet on the day after the debate, when Congress is in session to work on what could be the most vital piece of legislation in decades,  Senator Obama chose to take the day off (again) from his duties as Senator and do what he has done for most of his political career, campaign,  instead of gaining the experience McCain talks about regularly.  Today, Senator McCain went back to work and chose to let his actions speak louder than his words once again.   

Senator Obama answered that abortion was above his paygade while at the Saddleback forum.  Perhaps his actions during this crisis also show that the economy is also above his paygrade.

Slick Willie Has Nothing on This Guy

 

http://www.acorn.org/index.php?id=2706

Preamble
We stand for a People’s Platform, as old as our country, and as young as our dreams. We come before our nation, not to petition with hat in hand, but to rise as one people and demand.

We have waited and watched. We have hoped and helped. We have sweated and suffered. We have often believed. We have frequently followed.

But we have nothing to show for the work of our hand, the tax of our labor. Our patience has been abused; our experience misused. Our silence has been seen as support. Our struggle has been ignored.

Enough is enough. We will wait no longer for the crumbs at America’s door. We will not be meek, but mighty. We will not starve on past promises, but feast on future dreams.

We are an uncommon people. We are the majority, forged from all minorities. We are the masses of many, not the forces of few. We will continue our fight until the American way is just one way, until we have shared the wealth, until we have won our freedom.

This is not a simple vision, but a detailed plan.

Our plan is to build an American reality from the American rhetoric, to deliver a piece of the present and the fruits of the future to every man, to every woman, to every family.

We demand our birthright: the chance to be rich, the right to be free.

Our riches shall be the blooming of our communities, the bounty of a sure livelihood, the beauty of homes for our families with sickness driven from the door, the benefit of our taxes rather than their burden, and the best of our energy, land, and natural resources for all people.

Our freedom is the force of democracy, not the farce of federal fat and personal profit. In our freedom, only the people shall rule. Corporations shall have their role; producing jobs, providing products, paying taxes. No more, no less. They shall obey our wishes, respond to our needs, serve our communities. Our country shall be the citizens’ wealth and our wealth shall build our country.

Government shall have its role: public servant to our good, fast follower to our sure steps. No more, no less. Our government shall shout with the public voice and no longer to a private whisper. In our government, the common concerns shall be the collective cause.

We represent a people’s platform, not a politician’s promise.

We demand the changes outlined in our platform and plan. We will work to win. We will have our birthright. We will live in richness and freedom. We will live in one country as one people.

Barack Obama was a community organizer for ACORN.  This is their mission. ACORN has also been indicted for voter fraud and faces allegations of facilitating illegal immigration.   The bailout bill now includes a $100 million dollar earmark in support of this group as well as La Raza, and the National Urban League.  You will hear Chris Dodd, Nancy Pelosi and Barack Obama all want this money “for the American taxpayer” or “to protect taxpayers”.  This is no longer a clean bill as Obama said he wanted.  This provision is absolutely wrong and I hope Senator McCain calls Obama out on this issue tonight or in the near future!

Please read more here because this issue matters:

http://www.freerepublic.com/focus/news/2090926/posts?page=57

http://boycottoprahsponsors.wordpress.com/2008/09/26/pork-in-dem-bailout-plan-your-tax-dollars-contribute-to-voter-fraud-organizations/

http://www.acorn.org/index.php?id=2706

http://www.realclearpolitics.com/articles/2008/06/the_acorn_obama_knows.html

http://blogs4mccain.com/2008/09/25/major-earmark-in-democrat-bailout-agreement/

Fun With Paraphrasing

The difference between the candidates paraphrased:

Barack Obama:  I will be at the debate tonight, with or without John McCain.  The American people want to hear me and my ideas.  If the Senate needs my vote they know where to find me but I’m running for President for the 95% of Americans who will get a tax cut when I’m President.  So I will debate with myself tonight and show the American people I believe in change and tell them how I hope to change America.

John McCain: The American people want to see a debate and I will debate Senator Obama after this crisis is resolved.  If a deal is in place,  or at least the framework of a deal,  that we can begin writing into legislation and prepare for a vote tomorrow or Sunday, I will be at the debate.  But until we shore up the economy, and restore confidence in the markets,  I will be at my desk, in meetings, or wherever I am needed to work out these sticking points.  I am working closely, in a bipartisan manner,  with Speaker Pelosi and the majority leader, Harry Reed as well as the chairman of the Banking Committee, Chris Dodd, to hammer out a deal that will begin to restore confidence to American markets.  My first job is to the American people as a Senator and this is no time for a debate on foreign policy. 

Cynics (and the media) respond:  Look at McCain’s obvious political ploy.  He is playing politics with the economy and look, just the other day he said the fundamentals of the economy were strong.  McCain should go debate that is what America wants to see right now with only 49 days left until election day.  This country first thing he does is all politics, no one can believe in America that much.  Besides we have reporters in Mississippi already, we can’t change our plans now. 

Joe Biden: What I meant was—

 (even Bill Clinton applauds Sen McCain’s actions–Good Morning America 9/25)