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Colbert Suspends Show





 

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Did anyone see Barney Frank’s impromptu press conference this evening? Basically, he’s claiming, D’s and R’s were close to a deal and McCain swooped in and killed it. Then they had planned to spend all night, in a bi-partisan effort, trying to come to a unified bail-out plan when McCain led the GOP to walk out.

Here’s what I predict: McCain and the GOP will take credit for killing the Bush-Obama bail-out bill. McCain won’t appear at the debate (because he’s chicken shit, unprepared and needs a nap). They will also keep Sarah from the VP debate. From here on out McCain and all the GOP congressman and senators up for re-election will try to tie the Dems to Bush and point to this bill as an example of how THEY saved the country by killing this bill.

It’s the ultimate hail mary.

"It’s the ultimate hail mary."

Well if no bill gets passed then John McCain can't UNretier his campaign. This shit can be spun a billion different ways, but John's bullshit is being smelled now by everyone, even his supporters.

I love that the net result of McCain's suspension was to derail the agreement and to cancel his debate prep.

It's going to be a hell of a show this evening.

Seeing the response of people to this true example of a leader leading has opened my eyes to just how self-centered, cynical, and ridiculous the political process has become in this country.

And Barney Frank's statement is ludicrous. Numerous political analysts have clarified that there was no deal. There was the start of a deal that fell apart in negotiations. First everyone insists McCain and Obama have to 'get on board' with the bailout. McCain voluntarily suspends his campaign to go work on the deal, and is ridiculed - even after being explicitly summoned (along with Obama) by the White House. Now McCain is the scapegoat for the inability of the two parties to make a deal?

The truth about how we got into this mess is finally starting to come out. People blaming 'Republican deregulation and greed' have a big surprise coming.

http://blogs.wsj.com/deals/2008/09/24/wall-street-crisis-stephen-schwarzman-explains-it-all/?mod=sp_deals

And McCain has been challenging Obama to debates for ages. Obama kept saying no. The press had nothing to say. McCain wanted to delay the first debate to deal with a national crisis, and the media mockery machine went into full swing.

It's ridiculous. This was no 'Hail Mary', it was an attempt by a real leader and a person who actually cares about their job to do their job. If only Obama were so involved - but I guess since he's voted 'present' so often, I shouldn't be surprised.

The Democrats trying to blame Republicans (and specifically McCain) for their inability to draft this bill is doubly ridiculous when you consider:

Democrats could decide to go ahead with their plan without Republicans. While this would ensure passage, it would essentially saddle Democrats with responsibility for a bailout package that has stirred up strong resistance among both Democrat and Republican voters - with elections just weeks away.

http://online.wsj.com/article/SB122235295272975207.html

The big sticking point between the Democrats and Republicans is how much of our tax money goes to funding these corporations and irresponsible borrowers. The Republicans don't want to have the tax payer foot the whole bill, the Democrats do (in fact, they've insisted that bailouts for irresponsible borrowers be part of the deal).

Clearly both parties are maneuvering - that's what political parties do. And there is the whole question of whether or not a bailout is the right thing to do. But the real 'Hail Mary' here is once again being done by the Democrats, who just want a little CYA insurance in case the whole thing goes tits-up.

Seeing the response of people to this true example of a leader leading has opened my eyes to just how self-centered, cynical, and ridiculous the political process has become in this country.

Here is haw it actually happened.

Obama called Mcain about joint statement of support.

McCain called whitehouse about making bigger deal of this statement to show him as part of creating the deal.

White house says they have deal close to locked in, he they will call a meeting with him and invite obama as well so they can make it all bipartisan.

Democrats say they are close to a deal because whitehouse says they and their votes will agree.

Meanwhile, McCain neither understands the deal, nor talks to congressional leaders. White house can't talk to its own members because they are hated by them.

Democrats think the R's have their shit together.

THey all walk into a meeting that McCain thought would be a photo op where the congressional R's blow their lid and think they can use McCain as leverage to change the makeup of the bill.

McCain staggers through the meeting blathering incoherently. House and senate moron R's Blow up the meeting while McCain starts drooling.

McCain wakes up this morning and goes, "well, that didn't work, I better get to that debate."

McCain has no debate prep.

R's have no plan an will cave after their grandstanding opportunity is passed.

Leadership abounds.

A great summary showing the chain of events leading up to this collapse, and who is to blame:

http://www.youtube.com/watch?v=H5tZc8oH--o

Some surprising facts:

  • The Community Reinvestment Act was the start of this mess. This was a Democrat baby, brought into being in the Carter administration:

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

It was made into a huge monster during the Clinton administration:

it was Clinton who supercharged the process. After entering office in 1993, he extensively rewrote Fannie's and Freddie's rules. In so doing, he turned the two quasi-private, mortgage-funding firms into a semi-nationalized monopoly that dispensed cash to markets, made loans to large Democratic voting blocs and handed favors, jobs and money to political allies. This potent mix led inevitably to corruption and the Fannie-Freddie collapse.

http://news.yahoo.com/s/ibd/20080924/bs_ibd_ibd/20080924general01;_ylt=A0geu1a91tpIjIcA8wCspph4

  • In 2003 the Bush administration recommended a new agency be created to assume supervision of Fannie Mae and Freddie Mac. Democrats, including Barney Frank, poo-pooed the idea: "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&partner=permalink&exprod=permalink

  • In 2005 a bill was sponsored by Sen. Charles Hagel [R-NE] to try to reign in these gigantic mortgage companies:

http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary

John McCain signed on as a cosponsor after the bill stalled in session:

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrmx002Fms20060525-16.xmlElementm0m0m0m

This bill never became law.

Meanwhile, Obama's ties to Fannie Mae and Freddie Mac are well known ... yet strangely de-emphasized.

There are none so blind as those who will not see.

Anyone who has bothered to learn anything about this crisis knows that it deserves bipartisan blame. I love the wording being used to place the blame by the Limbaugh dittoheads: “these corporations and irresponsible borrowers. They make it sound as if fully half the blame for this mess can be attributed to lower income people unable to keep up with interest rate changes in their mortgages. We have U.S. Senators who don't understand what is going on (McCain seems to be “leading” the clueless contingent) yet lower income people are being demonized for not understanding the variable rate mortgage scam. It is also amusing to have someone waving around a WSJ op-ed article—like Danton addressing the National Convention—as if this were the final word on the matter.

There are none so blind as those who listen to Rush Limbaugh.

A great summary showing the chain of events leading up to this collapse, and who is to blame:

A rather one sided summary as well. The truth that loaning to low income people was only part of the problem. The second half was how they loaned the money and the inflated value of the homes.

The companies were trying to make big profit off low income loans and force those that have bad credit to accept terrible loans. Also, allowing housing to be traded as a commodity was driving up prices.

So low income folks want to own a home. Bank gives them a loan for 70K on a house that is really only worth 40K then they have ballon payments in the fine print. Folks get 5 years in gas is driven up by world events and suddenly banks want to call in their chips. Home owners suddenly own a 40K house on which they owe 50K. They had bad cred in the first place so they just walk away.

Republicans solutions were not to regulate the banks and keep them from trading in mortgages that are for houses worth half the loan value or extending loans that are more or less financial traps for low income people who have very few options, but instead, have them cease loaning people money altogether.

Like Cali's video said, the democratic policy saw around for 30 years with no problem until republican deregulation turned it into the wild west of banking. Now, democrats do indeed some blame for their half of the bargain, but they are not to blame for a calamity that didn't really develop until 2003-2005 when they were far from "in power" and certainly r's could have passed laws without their input.

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