You Tube pulls a popular anti-Democrat video off the web (updated)
September 29, 2008
You Tube and Warner Music Group today pulled a highly popular video that very succinctly and clearly spelled out the roots of the current economic crisis. More
Bailout bill fails
September 29, 2008
The House of Representative has rejected the bailout bill pushed by Secretary of the Treasury (and former Goldman Sachs chief) Henry Paulson, the House Democratic leadership, and President Bush. More
Olmert says Israel should pull out of West Bank
September 29, 2008
Well, I guess you can say anything you want once you don't have to pay for it politically. More
Separatism and Russia
September 29, 2008
Since the extinction of the USSR as an international entity, separatists and separatist ideas have been, basically, running amok. More
Full Version: Political OpEds, News and Commentary
Common Ground Common Sense > National & International News > Op-Ed Articles from the Mainstream Media > Op-Ed Articles from the Mainstream Media Archive
Pages: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82
Pick a number, get a bailout
September 29, 2008
Instant bailout: pick a number, any large number. Use your lucky number if you'd like, add a few zeroes and voila! that's how much you need for the bailout, for the economy to be just dandy again More
Rasmussen Poll shows no change in race
September 29, 2008
Rasmussen has had the most consistent numbers. Are they right? More
European elites horrified by Austrian elections
September 29, 2008
Voters in Austria have increased their support for "far right" parties in Sunday's general election there. More
Michael Moore puts on his tin foil hat to rail against 'the rich'
September 29, 2008
One of Barack Obama's most famous supporters is a fully certified, 100%, dyed in the wool lunatic. More
Kristol: 'How McCain Wins'
September 29, 2008
William Kristol has a great op ed in today's New York Times that takes an unblinking look at the state of the race and what John McCain must do to get back in the race and eventually prevail. More
St, Louis Prosector who joined Obama 'Truth Squad' pleads innocent
September 29, 2008
This kind of cynicism belongs in the Hall of Fame of Shame. More
Should Obama's Chicago roots matter?
September 29, 2008
Why it is important for the American public to be concerned about Obama's Chicago political roots. More
Who owns our debt?
September 29, 2008
Decide for yourself whether or not you think "Wall Street" is being rescued with the proposed bailout plan. Or might it have more to do with the foreign creditors who so graciously financed our economic expansion of the last couple of decades? More
September 29, 2008
Instant bailout: pick a number, any large number. Use your lucky number if you'd like, add a few zeroes and voila! that's how much you need for the bailout, for the economy to be just dandy again More
Rasmussen Poll shows no change in race
September 29, 2008
Rasmussen has had the most consistent numbers. Are they right? More
European elites horrified by Austrian elections
September 29, 2008
Voters in Austria have increased their support for "far right" parties in Sunday's general election there. More
Michael Moore puts on his tin foil hat to rail against 'the rich'
September 29, 2008
One of Barack Obama's most famous supporters is a fully certified, 100%, dyed in the wool lunatic. More
Kristol: 'How McCain Wins'
September 29, 2008
William Kristol has a great op ed in today's New York Times that takes an unblinking look at the state of the race and what John McCain must do to get back in the race and eventually prevail. More
St, Louis Prosector who joined Obama 'Truth Squad' pleads innocent
September 29, 2008
This kind of cynicism belongs in the Hall of Fame of Shame. More
Should Obama's Chicago roots matter?
September 29, 2008
Why it is important for the American public to be concerned about Obama's Chicago political roots. More
Who owns our debt?
September 29, 2008
Decide for yourself whether or not you think "Wall Street" is being rescued with the proposed bailout plan. Or might it have more to do with the foreign creditors who so graciously financed our economic expansion of the last couple of decades? More
CHAN AKYA
Deaf frogs and the Pied Piper
The United States financial crisis is being hailed as the death of market capitalism and has resurrected enthusiasm for socialism, notably as practiced in various parts of Asia. Choose that route, and Asian governments can yet manage to heap misery on their unsuspecting populations for years to come. (Sep 29, '08)
Deaf frogs and the Pied Piper
The United States financial crisis is being hailed as the death of market capitalism and has resurrected enthusiasm for socialism, notably as practiced in various parts of Asia. Choose that route, and Asian governments can yet manage to heap misery on their unsuspecting populations for years to come. (Sep 29, '08)
SPENGLER
US wealth in shrink mode
Leverage is the secret of American wealth, helping to triple over the past 40 years the proportion of wealth held by the average US family compared with its annual income. With leveraging now broken, the bottom could be a long way down. (Sep 29, '08)
US wealth in shrink mode
Leverage is the secret of American wealth, helping to triple over the past 40 years the proportion of wealth held by the average US family compared with its annual income. With leveraging now broken, the bottom could be a long way down. (Sep 29, '08)
DISPATCHES FROM AMERICA
We have the money
Few blinked when a US$612 billion Pentagon budget sailed through the US Congress, even as negotiators in Washington were scrambling to find a similar sum to deal with financial meltdown. Congress has been corrupted by the military-industrial complex into believing that, by voting for more defense spending, they are supplying "jobs". In fact, they are diverting scarce resources from the desperately needed rebuilding of the American infrastructure. - Chalmers Johnson (Sep 29, '08)
We have the money
Few blinked when a US$612 billion Pentagon budget sailed through the US Congress, even as negotiators in Washington were scrambling to find a similar sum to deal with financial meltdown. Congress has been corrupted by the military-industrial complex into believing that, by voting for more defense spending, they are supplying "jobs". In fact, they are diverting scarce resources from the desperately needed rebuilding of the American infrastructure. - Chalmers Johnson (Sep 29, '08)
The Bankruptcy of Modern Economics - Robert Samuelson, Newsweek
Don't Call It a Bailout. Or a Depression - Irwin Kellner, MarketWatch
A Bailout is Just a Start - Larry Summers, Washington Post
Trust Capitalism. It Works - Joseph Calhoun, RealClearMarkets
Main Street Turns Against Wall Street - Nina Easton, Fortune
Mr. Cool vs. Mr. Hot - Jon Meacham and Evan Thomas, Newsweek
McCain Controlled Agenda In First Debate - Jay Cost, RealClearPolitics
Obama Holds His Own on Foreign Policy - E.J. Dionne, Washington Post
How McCain Wins - William Kristol, New York Times
Minorities Scapegoated for Bank Crisis - Cynthia Tucker, Baltimore Sun
Forced Political Lending Laid Foundation - Ralph Reiland, Pittsburgh TR
Ohio Still Election's Big Prize - Albert Hunt, Bloomberg
Ohio Undecideds Think It Over - Douglas Belkin, Wall Street Journal
The Appalachian Problem - Peter Boyer, The New Yorker
Iraq's Latest Milestone - Ralph Peters, New York Post
Is This a 'Victory'? - Peter Galbraith, New York Review of Books
Rush Limbaugh: GOP's Real Go-To Guy - Zev Chafets, Los Angeles Times
Tracking: Gallup: Obama +8 | Ras, Hotline: Obama +5 | GW: McCain +2
The RCP Blog: Morning Report / Politics Nation: Strategy Memo
Don't Call It a Bailout. Or a Depression - Irwin Kellner, MarketWatch
A Bailout is Just a Start - Larry Summers, Washington Post
Trust Capitalism. It Works - Joseph Calhoun, RealClearMarkets
Main Street Turns Against Wall Street - Nina Easton, Fortune
Mr. Cool vs. Mr. Hot - Jon Meacham and Evan Thomas, Newsweek
McCain Controlled Agenda In First Debate - Jay Cost, RealClearPolitics
Obama Holds His Own on Foreign Policy - E.J. Dionne, Washington Post
How McCain Wins - William Kristol, New York Times
Minorities Scapegoated for Bank Crisis - Cynthia Tucker, Baltimore Sun
Forced Political Lending Laid Foundation - Ralph Reiland, Pittsburgh TR
Ohio Still Election's Big Prize - Albert Hunt, Bloomberg
Ohio Undecideds Think It Over - Douglas Belkin, Wall Street Journal
The Appalachian Problem - Peter Boyer, The New Yorker
Iraq's Latest Milestone - Ralph Peters, New York Post
Is This a 'Victory'? - Peter Galbraith, New York Review of Books
Rush Limbaugh: GOP's Real Go-To Guy - Zev Chafets, Los Angeles Times
Tracking: Gallup: Obama +8 | Ras, Hotline: Obama +5 | GW: McCain +2
The RCP Blog: Morning Report / Politics Nation: Strategy Memo
Why the Bailout Bill Failed - Ben Pershing, Washington Post
Now What? - Joshua Zumbrun and Brian Wingfield, Forbes
Are We at an Inflection Point? - Michael Barone, US News & World Report
The Era of Obama Begins - Howard Fineman, MSNBC
Obama's Bounce: Dead Cat or Trend? - Hugh Hewitt, Townhall
Palin Will Leave Stage Thursday Hurting McCain - Mike Lupica, NYDN
Dems & Media Set Palin Up to 'Win' Debate - Andrew Malcolm, LA Times
McCain's Uphill Struggle - Peter Wehner, Commentary
A Bifurcated Election - Stuart Rothenberg, Roll Call
State Polls: Florida, Ohio, North Carolina, Pennsylvania, Tennessee
Now What? - Joshua Zumbrun and Brian Wingfield, Forbes
Are We at an Inflection Point? - Michael Barone, US News & World Report
The Era of Obama Begins - Howard Fineman, MSNBC
Obama's Bounce: Dead Cat or Trend? - Hugh Hewitt, Townhall
Palin Will Leave Stage Thursday Hurting McCain - Mike Lupica, NYDN
Dems & Media Set Palin Up to 'Win' Debate - Andrew Malcolm, LA Times
McCain's Uphill Struggle - Peter Wehner, Commentary
A Bifurcated Election - Stuart Rothenberg, Roll Call
State Polls: Florida, Ohio, North Carolina, Pennsylvania, Tennessee
Revolt of the Nihilists - David Brooks, New York Times
Obama Has Advantage on Economy - Mark Penn, The Politico
Credit Crisis Not a Free-Market Failure - Thomas Sowell, RealClearPolitics
The Long Reach of a Depression - Richard Cohen, Washington Post
On the State of the Race - Jay Cost, RealClearPolitics
ACORN, Obama, and the Mortgage Mess - Mona Charen, NRO
Obama Has Advantage on Economy - Mark Penn, The Politico
Credit Crisis Not a Free-Market Failure - Thomas Sowell, RealClearPolitics
The Long Reach of a Depression - Richard Cohen, Washington Post
On the State of the Race - Jay Cost, RealClearPolitics
ACORN, Obama, and the Mortgage Mess - Mona Charen, NRO
Political News & Analysis
Rescue Bill Faces Day of Reckoning - The Politico
Obama & McCain Have Cautious Support for Rescue Bill - Wash. Post
Rescue Votes an Extraordinary Risk for Members - McClatchy
Game Plan for Palin is Retooled Ahead of Debate - Wall Street Journal
Transcripts & Speeches
Interview with McCain and Palin - CBS News
Obama Urges Economic Calm - Barack Obama
Barack Obama on "Face the Nation" (PDF) - Face the Nation
Sens. Kerry & Graham on "Fox News Sunday" - Fox News Sunday
Campaign Advisers and Bill Clinton on "Meet the Press" - Meet the Press
Best of the Blogs
Three Scenarios - Ross Douthat, Atlantic
McCain and the House Republicans - Jay Carney, Swampland
Worst. Speaker. Ever. - Gateway Pundit
Sarah Palin Endorses Hamas - Jeffrey Goldberg, Atlantic
A Failure of Politics - Ezra Klein, TAP
How McCain Wins
- William Kristol, New York Times
Why the Bailout Bill Failed
- Ben Pershing, Washington Post
The Era of Obama Begins
- Howard Fineman, MSNBC
Palin Will Leave Stage Thursday Hurting McCain
- Mike Lupica, NYDN
- William Kristol, New York Times
Why the Bailout Bill Failed
- Ben Pershing, Washington Post
The Era of Obama Begins
- Howard Fineman, MSNBC
Palin Will Leave Stage Thursday Hurting McCain
- Mike Lupica, NYDN
Liberals Warn About Obama Loss
- Dennis Prager, Human Events
McCain Wins Substantive Debate
- David Yepsen, Des Moines Register
Is Obama Another Dukakis?
- Christopher Hitchens, Slate
- Dennis Prager, Human Events
McCain Wins Substantive Debate
- David Yepsen, Des Moines Register
Is Obama Another Dukakis?
- Christopher Hitchens, Slate
- Paul Krugman: The 3 A.M. Call
- Frank Rich: McCain’s Suspension Bridge to Nowhere
- Bob Herbert: Palin’s Words Raise Red Flags
- Citigroup Buys Bank Operations of Wachovia
- House Rejects Bailout Package, 228-205; Stocks Plunge
- Going Down the Road: In a Town Apart, the Pride and Trials of Black Life
- Maureen Dowd: Sound, but No Fury
- Shortcuts: Job Hunting Is, and Isn’t, What It Used to Be
- Everybody’s Business: In Financial Food Chains, Little Guys Can’t Win
- For McCain and Team, a Host of Ties to Gambling
Rose-Tinted Lens PDF
By Tom Streithorst
The illusion that Iraqis would greet us with flowers was created by media men like me.
America’s Mayor PDF
By Michael Brendan Dougherty
Lou Barletta sent illegal immigrants home. Now he plans to do the same to Rep. Paul Kanjorski.
Gang of Democracies PDF
By Justin Raimondo
The Concert of Democracies is a prelude to war.
Country First? PDF
By Kelley Beaucar Vlahos
Which country do John McCain’s advisers put first?
By Tom Streithorst
The illusion that Iraqis would greet us with flowers was created by media men like me.
America’s Mayor PDF
By Michael Brendan Dougherty
Lou Barletta sent illegal immigrants home. Now he plans to do the same to Rep. Paul Kanjorski.
Gang of Democracies PDF
By Justin Raimondo
The Concert of Democracies is a prelude to war.
Country First? PDF
By Kelley Beaucar Vlahos
Which country do John McCain’s advisers put first?
- Dennis Prager : Jewish Left Wins, Jews and Israel Lose
- Chuck Norris : Clandestine Conservatives in Hollywood
- Roy Innis : Energy Fraud!
- Dick Morris and Eileen McGann : McCain Needs To Get His Campaign Back On Track
- Thomas Sowell : Bailout Politics
- Mona Charen : ACORN, Obama, and the Mortgage Mess
- Ken Blackwell : An ACORN Falls from the Tree
- David Limbaugh : Pinning the Tail on the Donkey
- William Rusher : The First Debate
- Cal Thomas : Pulpit Bullies
- Bill Murchison : Happy Days For Obama
- Patrick J. Buchanan : An Amicus Brief for Neville
- Phil Harris : Speaker of the House - A Snotty Brat
- Dave Ramsey : Is He Marriage Material?
- AP News : House ignores Bush, rejects $700B bailout bill
- Paul Weyrich : Presidential Debates Not Yet Definitive
- Amanda Carpenter : GOP Leadership Touts Bailout Reforms
- Bill Steigerwald : No Cheers for the Bailout: Ron Paul Interview
- Amanda Carpenter : Abortion Activists "Honor" Palin
- Rich Galen : A Buy-In, Not a Bail-Out
- John McCaslin : Uh-Oh
- Amanda Carpenter : Obama Camp Takes Bracelet War to Fox
- Harry R. Jackson, Jr. : McCain's Navy
- Nina May : Obama’s Salary Should be Applied to Bailout $$$
- Neal Boortz : How To Solve The Gas Panic
Congress Lives Up to Its 10% Approval Rating - Wall Street Journal
Don't Blame Market Woes on House Vote - New York Sun
Republicans & Democrats Fiddle as the Economy Burns - Washington Post
Pointing Fingers Will Not Resolve Problem - San Diego Union-Tribune
When Madmen Reign - Bob Herbert, New York Times
No One's Clean in This Mess - Jonah Goldberg, Los Angeles Times
Economic Crises: 'The Health of the State' - John Tamny, RealClearMarkets
Obama Has Advantage on Economy - Mark Penn, The Politico
Bailout Politics - Thomas Sowell, RealClearPolitics
The Long Reach of a Depression - Richard Cohen, Washington Post
ACORN, Obama, and the Mortgage Mess - Mona Charen, National Review
On the State of the Race - Jay Cost, RealClearPolitics
$4 Gas vs. The Green Agenda - Ted Nordhaus & Mike Shellenberger, LA Times
The Bankruptcy of Modern Economics - Robert Samuelson, Newsweek
Don't Call It a Bailout. Or a Depression - Irwin Kellner, MarketWatch
A Bailout is Just a Start - Larry Summers, Washington Post
Trust Capitalism. It Works - Joseph Calhoun, RealClearMarkets
Don't Blame Market Woes on House Vote - New York Sun
Republicans & Democrats Fiddle as the Economy Burns - Washington Post
Pointing Fingers Will Not Resolve Problem - San Diego Union-Tribune
When Madmen Reign - Bob Herbert, New York Times
No One's Clean in This Mess - Jonah Goldberg, Los Angeles Times
Economic Crises: 'The Health of the State' - John Tamny, RealClearMarkets
Obama Has Advantage on Economy - Mark Penn, The Politico
Bailout Politics - Thomas Sowell, RealClearPolitics
The Long Reach of a Depression - Richard Cohen, Washington Post
ACORN, Obama, and the Mortgage Mess - Mona Charen, National Review
On the State of the Race - Jay Cost, RealClearPolitics
$4 Gas vs. The Green Agenda - Ted Nordhaus & Mike Shellenberger, LA Times
The Bankruptcy of Modern Economics - Robert Samuelson, Newsweek
Don't Call It a Bailout. Or a Depression - Irwin Kellner, MarketWatch
A Bailout is Just a Start - Larry Summers, Washington Post
Trust Capitalism. It Works - Joseph Calhoun, RealClearMarkets
Political News & Analysis
How Voter Fury Stopped Bailout - Wall Street Journal
Numbers Failed the Leaders - Washington Post
Vulnerable Incumbents Vote Against Bailout - The Hill
Obama Rips Failed D.C. Policy - Denver Post
Transcripts & Speeches
Interview with McCain and Palin - CBS News
Obama Urges Economic Calm - Barack Obama
Barack Obama on "Face the Nation" (PDF) - Face the Nation
Sens. Kerry & Graham on "Fox News Sunday" - Fox News Sunday
Campaign Advisers and Bill Clinton on "Meet the Press" - Meet the Press
Best of the Blogs
Three Scenarios - Ross Douthat, Atlantic
McCain and the House Republicans - Jay Carney, Swampland
Worst. Speaker. Ever. - Gateway Pundit
Sarah Palin Endorses Hamas - Jeffrey Goldberg, Atlantic
A Failure of Politics - Ezra Klein, TAP
Unpleasant But Essential - The Economist
A Main Street Rescue - Wall Street Journal
Iraqis Stand Up - Boston Globe
Iran Tests Candidates - The Australian
A Main Street Rescue - Wall Street Journal
Iraqis Stand Up - Boston Globe
Iran Tests Candidates - The Australian
Bailout Rejection Sends out Financial Shockwaves, But It's Also an Invigorating Moment for Democracy
By William Greider, TheNation.com
Corporate Accountability and WorkPlace: Bowing to public outrage, the House rejected the bailout and Wall Street swoons. The political bedlam in Washington is as real as it gets.
Why Conservatives Led the Fight Against the Bailout Deal
Joshua Holland, AlterNet
Corporate Accountability and WorkPlace: Their revolt was anything but an act of courage to protect American families.
Will Wall Street's Meltdown Turn America Into a Police State?Scott Thill, AlterNet
Corporate Accountability and WorkPlace: Failing banks? Endless war? Call Homeland Security.
Rove Aide Subpoenaed in Case Alleging Tampering with 2004 ElectionLarisa Alexandrovna, Muriel Kane, Raw Story
Democracy and Elections: Michael S. Connell, former White House Deputy Chief of Staff Karl Rove, has been subpoenaed in an Ohio vote tampering case.
There Might Be a Financial Crisis, But the World's Arms Dealers Are Doing Just Fine
Frida Berrigan, Foreign Policy in Focus
Corporate Accountability and WorkPlace: The weapons sector remains recession-proof.
'If You Can Run the PTA, You Can Run the Country' -- Republicans Explain Their Support for PalinSteven Rosenfeld, AlterNet
Election 2008: Interviews with supporters at a McCain-Palin presidential rally in Ohio share their heartfelt reasons for embracing the vice presidential candidate.
Toyota Driving Automakers' Global Race to the BottomBarbara Briggs, CorpWatch
Corporate Accountability and WorkPlace: The costs of the car giant's endless search for greater "efficiency" are borne by workers.
After the Bailout Failure: What Now?
Robert Kuttner
September 29, 2008 | web only
The unraveling of support for the bailout bill may be a blessing in disguise. Both parties will now go back to the drawing board -- and this will give Democrats a chance to put together a better bill.
Also: Ezra Klein discusses the extent of the political failure and Tim Fernholz asks why no one counted the votes.
Robert Kuttner
September 29, 2008 | web only
The unraveling of support for the bailout bill may be a blessing in disguise. Both parties will now go back to the drawing board -- and this will give Democrats a chance to put together a better bill.
Also: Ezra Klein discusses the extent of the political failure and Tim Fernholz asks why no one counted the votes.
The group blog of The American Prospect
Reich on the stalled deal.
Posted at 5:26 p.m.
A respectable liberal blog
The blame game.
Posted at 6:00 p.m.
Dean Baker's economic commentary
McCain's big tax hike.
The Trillion-Dollar Question: Are the Bookkeepers At It Again?
Jim H. Ainsworth
Why should America attempt an expensive, controversial, and possibly ineffective bailout strategy for the current financial crisis when a virtually costless and simpler change could solve much of the problem? More
Fannie Mae Strong-Arm Monitoring of Race
Ralph Alter
Being a veteran of the sub-prime wars, the revelations emerging in the Fannie-Freddie debacle are illuminating practices that previously seemed insignificant in the hey-day of my mortgage brokering career. More
From Which of These Guys Would You Buy a Used Car?
Kyle-Anne Shiver
My grandfather's election question has always been the most reliable: "From which of these guys would you buy a used car?" More
Jim H. Ainsworth
Why should America attempt an expensive, controversial, and possibly ineffective bailout strategy for the current financial crisis when a virtually costless and simpler change could solve much of the problem? More
Fannie Mae Strong-Arm Monitoring of Race
Ralph Alter
Being a veteran of the sub-prime wars, the revelations emerging in the Fannie-Freddie debacle are illuminating practices that previously seemed insignificant in the hey-day of my mortgage brokering career. More
From Which of These Guys Would You Buy a Used Car?
Kyle-Anne Shiver
My grandfather's election question has always been the most reliable: "From which of these guys would you buy a used car?" More
You Tube pulls a popular anti-Democrat video off the web (updated)
September 29, 2008
You Tube and Warner Music Group today pulled a highly popular video that very succinctly and clearly spelled out the roots of the current economic crisis. More
Bailout bill fails
September 29, 2008
The House of Representative has rejected the bailout bill pushed by Secretary of the Treasury (and former Goldman Sachs chief) Henry Paulson, the House Democratic leadership, and President Bush. More
Olmert says Israel should pull out of West Bank
September 29, 2008
Well, I guess you can say anything you want once you don't have to pay for it politically. More
Separatism and Russia
September 29, 2008
Since the extinction of the USSR as an international entity, separatists and separatist ideas have been, basically, running amok. More
Pick a number, get a bailout
September 29, 2008
Instant bailout: pick a number, any large number. Use your lucky number if you'd like, add a few zeroes and voila! that's how much you need for the bailout, for the economy to be just dandy again More
September 29, 2008
You Tube and Warner Music Group today pulled a highly popular video that very succinctly and clearly spelled out the roots of the current economic crisis. More
Bailout bill fails
September 29, 2008
The House of Representative has rejected the bailout bill pushed by Secretary of the Treasury (and former Goldman Sachs chief) Henry Paulson, the House Democratic leadership, and President Bush. More
Olmert says Israel should pull out of West Bank
September 29, 2008
Well, I guess you can say anything you want once you don't have to pay for it politically. More
Separatism and Russia
September 29, 2008
Since the extinction of the USSR as an international entity, separatists and separatist ideas have been, basically, running amok. More
Pick a number, get a bailout
September 29, 2008
Instant bailout: pick a number, any large number. Use your lucky number if you'd like, add a few zeroes and voila! that's how much you need for the bailout, for the economy to be just dandy again More
Rasmussen Poll shows no change in race
September 29, 2008
Rasmussen has had the most consistent numbers. Are they right? More
European elites horrified by Austrian elections
September 29, 2008
Voters in Austria have increased their support for "far right" parties in Sunday's general election there. More
Michael Moore puts on his tin foil hat to rail against 'the rich'
September 29, 2008
One of Barack Obama's most famous supporters is a fully certified, 100%, dyed in the wool lunatic. More
Kristol: 'How McCain Wins'
September 29, 2008
William Kristol has a great op ed in today's New York Times that takes an unblinking look at the state of the race and what John McCain must do to get back in the race and eventually prevail. More
St, Louis Prosector who joined Obama 'Truth Squad' pleads innocent
September 29, 2008
This kind of cynicism belongs in the Hall of Fame of Shame. More
Should Obama's Chicago roots matter?
September 29, 2008
Why it is important for the American public to be concerned about Obama's Chicago political roots. More
Who owns our debt?
September 29, 2008
Decide for yourself whether or not you think "Wall Street" is being rescued with the proposed bailout plan. Or might it have more to do with the foreign creditors who so graciously financed our economic expansion of the last couple of decades? More
September 29, 2008
Rasmussen has had the most consistent numbers. Are they right? More
European elites horrified by Austrian elections
September 29, 2008
Voters in Austria have increased their support for "far right" parties in Sunday's general election there. More
Michael Moore puts on his tin foil hat to rail against 'the rich'
September 29, 2008
One of Barack Obama's most famous supporters is a fully certified, 100%, dyed in the wool lunatic. More
Kristol: 'How McCain Wins'
September 29, 2008
William Kristol has a great op ed in today's New York Times that takes an unblinking look at the state of the race and what John McCain must do to get back in the race and eventually prevail. More
St, Louis Prosector who joined Obama 'Truth Squad' pleads innocent
September 29, 2008
This kind of cynicism belongs in the Hall of Fame of Shame. More
Should Obama's Chicago roots matter?
September 29, 2008
Why it is important for the American public to be concerned about Obama's Chicago political roots. More
Who owns our debt?
September 29, 2008
Decide for yourself whether or not you think "Wall Street" is being rescued with the proposed bailout plan. Or might it have more to do with the foreign creditors who so graciously financed our economic expansion of the last couple of decades? More
- For Palin, Fewer Rallies, More Retail - J. Robert Smith
- The Financial Mess: How We Got Here - Abraham H. Miller
Scorched-Earth Presidency
Vol. 3, No. 39
Sep 30, 2008
The Cost of Boots on the Ground in Iraq
John Basil Utley
Sep 30, 2008
U.S. Should Boost Nonmilitary Security
Miriam Pemberton and Lawrence Korb
Sep 29, 2008
Obama's Missed Opportunity
Stephen Zunes
Sep 29, 2008
Moralism v. Pragmatism in First Debate
Ira Chernus
Sep 29, 2008
Wall Street Meltdown Primer
Walden Bello
Sep 26, 2008
Vol. 3, No. 39
Sep 30, 2008
The Cost of Boots on the Ground in Iraq
John Basil Utley
Sep 30, 2008
U.S. Should Boost Nonmilitary Security
Miriam Pemberton and Lawrence Korb
Sep 29, 2008
Obama's Missed Opportunity
Stephen Zunes
Sep 29, 2008
Moralism v. Pragmatism in First Debate
Ira Chernus
Sep 29, 2008
Wall Street Meltdown Primer
Walden Bello
Sep 26, 2008
Racism, the Bradley effect and Obama
By Thomas Schaller-
Could Palin possibly leave the ticket?
By Joan Walsh -
Why we're not "winning" in Iraq -- and we can't
By Gary Kamiya -
Bailout or no bailout, taxpayers will pay
By Andrew Leonard
Conservatives' Bailout Blame Game
Yesterday, in a 205-228 vote, the House failed to pass the Wall Street bailout package, leading to a 777 point drop in the Dow Jones Industrial Average and an overall nine percent drop in stocks -- "the worst single-day drop in two decades." Despite the passionate urging of House Minority Leader John Boehner (R-OH), Republicans voted nearly two-to-one against the deal, dooming it to failure. The New York Times reports that "lawmakers on both sides pointed to an outpouring of opposition from deeply hostile constituents," as "House members in potentially tough races and those seeking Senate seats fled in droves." The vote "marked a dark moment in a month that has shaken the financial system to its core and forced the government to take a host of ad hoc measures to shore up confidence." Yesterday evening, the Australian stock market plunged more than five percent in the first 30 minutes of opening, to close with a $55 billion loss. Immediately following the House vote, the minority leadership held a news conference to start pinning the blame, pointing the finger at House Speaker Nancy Pelosi (D-CA) for allegedly making an overly "partisan speech" on the floor before the vote. The move followed a pattern conservatives have adopted of blaming everyone from illegal immigrants to community organizers -- all while refusing to acknowledge the role that conservative deregulate-at-all-costs policies played in creating the financial crisis.
BLAME IT ON PELOSI: Immediately after the failed vote, some House conservatives declared the failure Pelosi's fault. "Right here is the reason why this vote failed," Rep. Eric Cantor (R-VA) said, holding up a copy of the speech before the television cameras. "[T]his is Speaker Pelosi's speech that, frankly, struck the tone of partisanship that was inappropriate in this discussion." An aide to Sen. John McCain (R-AZ) called Pelosi's floor speech "one of the most reckless acts I've seen from a congressional leader in twenty years on the Hill." In fact, Pelosi condemned the "unbridled" free market that "some in the Republican party, not all" support and also praised her "Republican colleagues" for working so diligently on the bill. Rep. Barney Frank (D-MA) ridiculed the blame game: "Because somebody hurt their feelings, they decide to punish the country." Frank added, "I'll make an offer. Give me those 12 people's names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they’ll now think about the country." Other conservatives also rejected the idea that Pelosi's speech colored their votes. "We are not babies who suck their thumbs," Rep. Michele Bachmann (R-MN) said. Rep. Darrell Issa (R-CA) called the idea that Pelosi's speech changed votes "ridiculous."
BLAME IT ON THE CRA: For weeks, conservatives have blamed the 1977 Community Reinvestment Act (CRA), a bill aimed at helping minorities and low-income Americans obtain mortgages, for somehow causing today's crisis. Blaming the CRA has become a favorite conservative talking point, peddled recently by Charles Krauthammer, Fox News, the Wall Street Journal, the Washington Times, and the National Review. Conservatives often move from blaming the CRA to blaming minorities themselves. Fox News's Neil Cavuto faulted the CRA's encouraging of "loaning to minorities and other risky folks." Bachmann last week criticized attempts to push "homeownership as a way to open the door for blacks and other minorities to enter the middle class." In response, Rep. Keith Ellison (D-MN) and other Congressional Black Caucus members wrote to Boehner asking whether all conservatives believe that "it was lending to minority communities that caused the financial crisis." Ellison also pointed out that the CRA applies only to commercial banks, not independent mortgage companies, which created the majority of subprime loans. "The fact is, CRAs probably reduced the impact of this problem because they limited the ability for a subprime loan to be issued through banks because they were regulated," he said. As the Center for American Progress's Robert Gordon has noted, "[T]he real problems came from the institutions beyond the reach of the CRA." CRA institutions engaged in less dangerous lending, as independent mortgage companies "made high-priced loans at more than twice the rate of the banks and thrifts."
BLAME IT ON UNDOCUMENTED IMMIGRANTS: Perhaps the most absurd finger-pointing came from far-right commenter Michelle Malkin, who insisted that "illegal immigration, crime-enabling banks, and open-borders Bush policies fueled the mortgage crisis." She continued, "Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure." She quoted a Washington Post report noting that "Hispanics...have been courted aggressively by real estate agents, mortgage brokers and programs," implying no difference between Hispanics and undocumented immigrants. Rep. Virgil Goode (R-VA) declared "the most important thing" the "government needs to do to stop the financial crisis...is to 'stop encouraging loans to persons who cannot afford to pay them back' -- including illegal immigrants." The Center for American Progress's David Abromowitz slammed Malkin's ridiculous claims. He pointed out that 56 percent of subprime loans went to non-Hispanic whites, while "Hispanics constituted 14 percent of the borrower community and received 20 percent of the subprime loans." "In other words, the vast majority of borrowers getting subprime loans -- and therefore most of those going into default -- were not Hispanics, let alone illegal immigrants." Abromowitz concluded, "This predictable 'blame the Hispanics' rhetoric would all be so laughable if we didn't have an astoundingly dangerous economic situation rooted in plunging home values and foreclosures facing America today."
JUSTICE -- WHITE HOUSE PRESS CORPS IGNORES REPORT ON U.S. ATTORNEY SCANDAL: After an 18-month investigation, the Office of Public Responsibility and the Department of Justice Inspector General (IG) released a report yesterday finding that the firing of nine U.S. Attorneys was "fundamentally flawed" and in some cases, governed by politics. The report said former attorney general Alberto Gonzales and other DOJ officials made "inconsistent, misleading, and inaccurate" statements about their reasons for firing the attorneys. But despite the IG's finding of White House efforts to stonewall the investigation, the White House press corps did not ask one question about the investigation in yesterday's press briefing. Reacting to the report, Senate Judiciary Committee Chairman Patrick Leahy (D-VT) said the abuses documented in the report "are corrosive to the very foundations of our system of justice." He also warned President Bush that "any misuse of the pardon power" to the benefit of administration officials involved will be seen "as an admission of wrongdoing and misuse of power."
IRAQ -- IRAQI GAY LEADER GUNNED DOWN: LGBT publication EDGE writes that in Iraq, "for gays and lesbians at least, times have never been worse." Peter Tatchell of Outrage! reported on the most recent atrocity on Sept. 25, when an LGBT leader was gunned down. "This morning, I received news from Iraq that the coordinator of Iraqi LGBT in Baghdad, Bashar, aged 27, a university student, has been assassinated in a barber shop," Tatchell wrote. "Militias burst in and sprayed his body with bullets at point blank range. He was the organiser of the safe houses for gays and lesbians in Baghdad His efforts saved the lives of dozens of people." In a recent article published in the Guardian, Tatchell wrote that "the death squads of the Badr organisation and the Mahdi army are targeting gays and lesbians, according to UN reports, in a systematic campaign of sexual cleansing." Newsweek also reported on the sexual cleansing campaign last month, noting that "nobody wants to talk about gays in Iraq, much less who is killing them." Iraqi LGBT, a London-based NGO, says that more than 430 gay men have been murdered in Iraq since 2003.
ADMINISTRATION -- MEDIA SAYS BUSH IS THE 'PICTURE OF A BEATEN DOG' ON FINANCIAL CRISIS: In the wake of yesterday's congressional meltdown over the bailout bill, President Bush gave a speech this morning meant to reassure the public and the volatile financial markets. Just four minutes long, the address expressed disappointment in Congress and warned that "the consequences will grow worse each day if we do not act." But Bush's speech is unlikely to have much of an effect. Immediately following the address, MSNBC turned to New York Magazine's John Heilemann, who commented that Bush "was the picture of a beaten dog. That was the picture of presidential impotence right there." The Washington Post writes today that yesterday's failed bailout vote "marked the biggest legislative defeat of Bush's tenure and underscored the vanishing influence of a president who could once bend a pliant Congress to his will on wars, taxes, surveillance and a host of other high-profile initiatives." Coinciding with these developments, Gallup has released a new poll today showing that Bush's approval rating has dropped to the lowest point in his tenure,
Ninety percent of Americans are concerned that the failure of the Wall Street bailout package "could lead to a more severe economic decline," according to a new Washington Post-ABC News poll. In all, 45 percent supported the failed bill and 47 percent opposed it. Sixty-one percent said that "there was insufficient assistance for the general public."
"Sometime between Election Day and early December," NBC News will make a final decision about who will permanently replace Tim Russert as the host of "Meet The Press," the New York Times reports. Though the decision has yet to be finalized, the network is said to be "leaning toward an ensemble of hosts that would be led by Chuck Todd, NBC’s political director, and include David Gregory."
According to data from across 11 networks, the first presidential debate on Sept. 26 drew 52.4 million viewers, roughly 16 percent less than the 62.5 million viewers who watched the first debate between President Bush and John Kerry during the 2004 election. Kyle Foggo, a former high-ranking CIA official, "pleaded guilty Monday to one felony corruption count, admitting that he had directed CIA contracts to companies operated by a longtime friend," military contractor Brent Wilkes. Wilkes was sentenced to 12 years in prison for bribing former represenative Randy "Duke" Cunningham (R-CA) "who had previously pleaded guilty to corruption charges and is serving an eight-year sentence."
"The House and the Senate conceded Monday that they were in a stalemate over proposals to provide tax incentives for the production and use of renewable energy, leaving the future of the nascent industry in limbo." Tax credits for both solar and wind energy "will expire at the end of the year unless Congress resolves the impasse."
Despite Republican challenges, "state and federal courts have cleared the way for a weeklong period in which new voters can register and cast an absentee ballot on the same day in Ohio." The Ohio Supreme Court and a federal judge in Cleveland on Monday upheld the weeklong voting period which begins Tuesday and ends on Oct. 6.
And finally: CEO Mike Zippelli, head of Classic Sleep Products located in Jessup, MD, wanted Congress to be fully prepared to stay all night working on the financial bailout. Last week, he sent a letter to House Speaker Nancy Pelosi (D-CA) offering to donate 535 mattresses. "[I]t doesn't matter what side of the political aisle you are on, solving this crisis is paramount," he said in a statement. "Congress should be in session 24/7 until this issue is resolved, and I'll make sure we give them tools to take some naps on the Hill."
"Sometime between Election Day and early December," NBC News will make a final decision about who will permanently replace Tim Russert as the host of "Meet The Press," the New York Times reports. Though the decision has yet to be finalized, the network is said to be "leaning toward an ensemble of hosts that would be led by Chuck Todd, NBC’s political director, and include David Gregory."
According to data from across 11 networks, the first presidential debate on Sept. 26 drew 52.4 million viewers, roughly 16 percent less than the 62.5 million viewers who watched the first debate between President Bush and John Kerry during the 2004 election. Kyle Foggo, a former high-ranking CIA official, "pleaded guilty Monday to one felony corruption count, admitting that he had directed CIA contracts to companies operated by a longtime friend," military contractor Brent Wilkes. Wilkes was sentenced to 12 years in prison for bribing former represenative Randy "Duke" Cunningham (R-CA) "who had previously pleaded guilty to corruption charges and is serving an eight-year sentence."
"The House and the Senate conceded Monday that they were in a stalemate over proposals to provide tax incentives for the production and use of renewable energy, leaving the future of the nascent industry in limbo." Tax credits for both solar and wind energy "will expire at the end of the year unless Congress resolves the impasse."
Despite Republican challenges, "state and federal courts have cleared the way for a weeklong period in which new voters can register and cast an absentee ballot on the same day in Ohio." The Ohio Supreme Court and a federal judge in Cleveland on Monday upheld the weeklong voting period which begins Tuesday and ends on Oct. 6.
And finally: CEO Mike Zippelli, head of Classic Sleep Products located in Jessup, MD, wanted Congress to be fully prepared to stay all night working on the financial bailout. Last week, he sent a letter to House Speaker Nancy Pelosi (D-CA) offering to donate 535 mattresses. "[I]t doesn't matter what side of the political aisle you are on, solving this crisis is paramount," he said in a statement. "Congress should be in session 24/7 until this issue is resolved, and I'll make sure we give them tools to take some naps on the Hill."
TOM SULLIVAN
Wall Street's Lifeboat Ethics ourfuture.org — Our twenty-first century masters of the universe have done the Titanic bastards one better. As the U.S. economy lists, Wall Street brokers, bankers and speculators of the second Gilded Age expect those of us in steerage to buy them lifeboats — a $700 billion bailout — to avert our own demise. The financiers will row back and pick us up once the ship goes down. We have seen that movie.
ROBERT KUTTNER
After the Bailout Failure: What Now? prospect.org — The failure of the bailout bill may be a blessing in disguise. Now, maybe, Democrats can get this right. DEAN BAKER
The Bailout Round II: Adult Version? tpmcafe.talkingpointsmemo.com — This isn't about begging for a sliver of equity as a concession for a $700 billion bailout, this is about constructing a bank rescue the way that business people would do it. We have an interest in a well-operating financial system. There is zero public interest in giving away taxpayer dollars to the Wall Street banks and their executives.
WILLIAM GREIDER
Henry Paulson's Deal thenation.com — The rejection of the Wall Street bailout adds another deep shock to the system, both in politics and economics, but what an invigorating moment for democracy.
JOHN NICHOLS
A Congress That Can Say "No!" thenation.com — In one of the last monumental votes of an era of legislative dysfunction, courage and prudence prevailed over fear and haste.
MATT STOLLER
Why the Bailout Bill Was A Farce openleft.com — How do you know that the Wall Street types were trying to steal from us, other than the fact that they said that the refusal to hand over money was akin to a terrorist act? Treasury officials had a secret conference call with Wall Street executives. Unfortunately for them, some bloggers were on the call.
JOSHUA HOLLAND
Why Conservatives Led the Fight Against the Bailout Deal alternet.org — House conservatives torpedoed the measure in order to advance their own alternative "bailout," one that's an ideologically motivated back door to bailing out Wall Street without doing anything for Main Street.
JEFF MADRICK
Compensation Restrictions Aren't Just About Fairness huffingtonpost.com — Some may think these restrictions are just about getting even with the financial community. But this issue is not just about fairness. Compensation excess is at the heart of this crisis.
COURTNEY E. MARTIN
The Misrepresented Middle Class prospect.org — In the wake of the financial crisis, it's almost refreshing to have the media and our elected leaders finally focus on average Americans' biggest concern — not terrorism or the culture war, but meeting their basic financial needs.
JON KELLY
Exile on Main Street bbc.co.uk — Wall Street might be reeling from Congress's vote to reject the government's $700 billion financial rescue plan, but most people on Main Street seem resigned to losing out no matter what Congress decides.
Wall Street's Lifeboat Ethics ourfuture.org — Our twenty-first century masters of the universe have done the Titanic bastards one better. As the U.S. economy lists, Wall Street brokers, bankers and speculators of the second Gilded Age expect those of us in steerage to buy them lifeboats — a $700 billion bailout — to avert our own demise. The financiers will row back and pick us up once the ship goes down. We have seen that movie.
ROBERT KUTTNER
After the Bailout Failure: What Now? prospect.org — The failure of the bailout bill may be a blessing in disguise. Now, maybe, Democrats can get this right.
DEAN BAKERThe Bailout Round II: Adult Version? tpmcafe.talkingpointsmemo.com — This isn't about begging for a sliver of equity as a concession for a $700 billion bailout, this is about constructing a bank rescue the way that business people would do it. We have an interest in a well-operating financial system. There is zero public interest in giving away taxpayer dollars to the Wall Street banks and their executives.
WILLIAM GREIDER
Henry Paulson's Deal thenation.com — The rejection of the Wall Street bailout adds another deep shock to the system, both in politics and economics, but what an invigorating moment for democracy.
JOHN NICHOLS
A Congress That Can Say "No!" thenation.com — In one of the last monumental votes of an era of legislative dysfunction, courage and prudence prevailed over fear and haste.
MATT STOLLER
Why the Bailout Bill Was A Farce openleft.com — How do you know that the Wall Street types were trying to steal from us, other than the fact that they said that the refusal to hand over money was akin to a terrorist act? Treasury officials had a secret conference call with Wall Street executives. Unfortunately for them, some bloggers were on the call.
JOSHUA HOLLAND
Why Conservatives Led the Fight Against the Bailout Deal alternet.org — House conservatives torpedoed the measure in order to advance their own alternative "bailout," one that's an ideologically motivated back door to bailing out Wall Street without doing anything for Main Street.
JEFF MADRICK
Compensation Restrictions Aren't Just About Fairness huffingtonpost.com — Some may think these restrictions are just about getting even with the financial community. But this issue is not just about fairness. Compensation excess is at the heart of this crisis.
COURTNEY E. MARTIN
The Misrepresented Middle Class prospect.org — In the wake of the financial crisis, it's almost refreshing to have the media and our elected leaders finally focus on average Americans' biggest concern — not terrorism or the culture war, but meeting their basic financial needs.
JON KELLY
Exile on Main Street bbc.co.uk — Wall Street might be reeling from Congress's vote to reject the government's $700 billion financial rescue plan, but most people on Main Street seem resigned to losing out no matter what Congress decides.
Wall Street & Congress
MARK HEMINGWAY: Fan and Fred have cost us $200 billion and counting. So who in Congress was being paid to look the other way? “Googling the GSEs” 09/30 12:30 PM
DAVID FREDDOSO: Why are House Republicans playing the blame game? “Where Credit Is Due” 09/30 12:30 PM
LARRY KUDLOW: FDIC chairman Sheila Bair is the bank system’s ultimate backstop. “Our Bair Necessity” 09/30 4:20 PM
MONA CHAREN: If Obama wins, it means hiring an arsonist to fight a fire. “Guilty Party” 09/30 12:00 AM
RICH LOWRY: We may be about to find out what happens when our economic system is rocked to its foundations. “ To Save Capitalism” 09/30 12:00 AM
THE EDITORS: Paul Ryan is no socialist, creeping or otherwise. “Failed Vote” 09/30 8:00 AM
PHIL KERPEN: By funding the rescue plan with tax-advantaged private funds, both lawmakers and taxpayers will be off the hook. “Rescuing the Rescue Plan” 09/30 8:49 AM
THOMAS SOWELL: Barney Frank played a key role in our mortgage-market rubble. “Bailout Politics” 09/30 12:00 AM
DAVID FREDDOSO: Eric Cantor looks ahead. “ Cantor: We Can Still Fix This” 09/29 7:15 PM
Q&A: Marsha Blackburn explains her vote. “One Conservative’s ‘No’” 09/29 7:26 PM
ROBERT MORAN: Three times as many Democrats as Republicans expect a recession. “Whither the U.S. Economy?” 09/29 3:20 PM
KEN BLACKWELL: The idea that a single dime of taxpayer money would ever go to ACORN is an outrage. “An ACORN Falls from the Tree” 09/29 2:30 PM
DICK ARMEY: The large government intervention that Congress is proposing would create changes whose effects will linger long into the future. “My Vote: NO” 09/29 12:35 PM
MARK HEMINGWAY: Fan and Fred have cost us $200 billion and counting. So who in Congress was being paid to look the other way? “Googling the GSEs” 09/30 12:30 PM
DAVID FREDDOSO: Why are House Republicans playing the blame game? “Where Credit Is Due” 09/30 12:30 PM
LARRY KUDLOW: FDIC chairman Sheila Bair is the bank system’s ultimate backstop. “Our Bair Necessity” 09/30 4:20 PM
MONA CHAREN: If Obama wins, it means hiring an arsonist to fight a fire. “Guilty Party” 09/30 12:00 AM
RICH LOWRY: We may be about to find out what happens when our economic system is rocked to its foundations. “ To Save Capitalism” 09/30 12:00 AM
THE EDITORS: Paul Ryan is no socialist, creeping or otherwise. “Failed Vote” 09/30 8:00 AM
PHIL KERPEN: By funding the rescue plan with tax-advantaged private funds, both lawmakers and taxpayers will be off the hook. “Rescuing the Rescue Plan” 09/30 8:49 AM
THOMAS SOWELL: Barney Frank played a key role in our mortgage-market rubble. “Bailout Politics” 09/30 12:00 AM
DAVID FREDDOSO: Eric Cantor looks ahead. “ Cantor: We Can Still Fix This” 09/29 7:15 PM
Q&A: Marsha Blackburn explains her vote. “One Conservative’s ‘No’” 09/29 7:26 PM
ROBERT MORAN: Three times as many Democrats as Republicans expect a recession. “Whither the U.S. Economy?” 09/29 3:20 PM
KEN BLACKWELL: The idea that a single dime of taxpayer money would ever go to ACORN is an outrage. “An ACORN Falls from the Tree” 09/29 2:30 PM
DICK ARMEY: The large government intervention that Congress is proposing would create changes whose effects will linger long into the future. “My Vote: NO” 09/29 12:35 PM
True financial populism
David G. Oedel / Special to The National Law Journal
September 29, 2008
As the presidential candidates prepare for their last speeches and debates, I doubt they'll be cracking the history books. But America has seen many financial storms and crises in financial policy, and many presidential candidates have found themselves in heated financial-policy debates. As John McCain and Barack Obama address this year's cascade of issues about how government should steer through our present crises, deal with sinking banks, remake Fannie Mae and Freddie Mac, and contain the economic damage, they might take a moment to consider that history.
The classic financial debates have generally been won by candidates weaving together true financial populism, anti-partisanship and a feel for larger trends. Thomas Jefferson beat John Adams in 1800 by calling for more banks to serve an emerging mercantile class, while Adams came off as a tightwad defender of partisan financial control over the First Bank of the United States. Likewise, Andrew Jackson in 1832 sold the idea of killing the Second Bank of the United States by painting it as the tool of an idle financial aristocracy. Abraham Lincoln won in 1864 after evenhandedly papering the pockets of Union soldiers with greenbacks. Undeterred by howls about their unconstitutionality, he saw the national currency as essential for a national economy to bloom. William McKinley beat William Jennings Bryan in the 1896 campaign on a monetarily tight "gold standard" platform by showing that Bryan's preference for silver would have selectively favored agrarians. McKinley understood the cries of the agrarians more as laments for a declining way of life than as legitimate beefs about financial unfairness.
In 1912, Woodrow Wilson won by campaigning against insider manipulation in banking. Roosevelt won in 1932 on the promise that he'd shore up sinking banks, ease credit against the whirlpool of the Depression and substitute a public heart for Hoover's pinched stinginess.
Until the past few weeks, neither candidate staked out comparably distinctive positions on the current financial crises other than to endorse a selective financial populism. Obama advocated government support for easy mortgage financing. McCain then fought to occupy the same semi-populist ground by rushing to urge rescue of Fannie Mae and Freddie Mac before it was clear what might be needed. Otherwise, both seemed petrified of rattling the shaky financial infrastructure until it finally began falling apart all by itself.
Most of this presidential race has called to mind not so much the great races of the past, but the 1988 campaign between Michael Dukakis and the first George Bush, which was eerily quiet on financial policy despite the ongoing thrift-industry meltdown. Dukakis even declined to take Bush to task for leading a commission that certified the thrift industry's health when it really teetered on the brink of bailout. Dukakis was said not to want to play politics with financial policy.
This year's candidates seem to be reading from the same script. They might instead try a few lines from history. As would-be financial populists, both missed the mark throughout most of the campaign in advocating for troubled mortgage borrowers — only a sliver of the population no matter how sympathetic. Indeed, past overadvocacy on their behalf in Congress was probably one cause of the crisis. The more pressing populist issue has always been that the financial condition of the entire country is in a sorry state, with damage being felt even by financially solvent citizens.
Our candidates also seem unaware of the public's hunger for anti-partisanship, as the candidates continue to snipe across the aisle as if dollars are accounted by political party. It doesn't really matter which party was more captivated by Fannie and Freddie, regulated less or deregulated more. Partisan pigs on both sides of the aisle have long been rooting obliviously while this storm brewed.
And as to the overriding context? It strangely seems to be better understood by the average citizen than either candidate. The people know that America is internationally overextended from staggering financial and military obligations, runs unsustainable federal deficits and has too many households operating on the financial edge. Reform must go beyond the narrow confines of the regulatory infrastructure to solve the core imbalances on the various American balance sheets.
That would be a conversation that both candidates seem loath to initiate. However, Americans have historically shown that they can accept tough financial talk from a leader who can tell which way the financial winds are blowing, define a practical plan for fundamental reform and call on all the people to join in the project. So far, neither McCain nor Obama seems up to the standards of financial leadership set by past presidents. Let's hope one or both of them can learn a little financial history in a big hurry.
David G. Oedel is a professor of law at Mercer University Walter F. George School of Law.
Bush Emergency Patsy Dems on Both Side of the Aisle Sold Out, Even Though Pelosi's Bums' Rush Failed by Rob Kall
http://www.opednews.com/articles/Bush-Emer...080930-727.html
Today, I'm still a Democrat, but I'm feeling more like a screwed sucker who's been duped and used, and I'm getting sick of it.
Rob Kall is executive editor and publisher of OpEdNews.com, President of Futurehealth, Inc, inventor . He is also published regularly on the Huffingtonpost.com. He is a frequent Speaker on Politics, Impeachment, The art, science and power of story, heroes and the hero's journey, Positive Psychology, Stress, Biofeedback and a wide range of subjects. He is a campaign consultant specializing in tapping the power of stories for issue positioning, stump speeches and debates. He recently retired as organizer of several conferences, including StoryCon, the Summit Meeting on the Art, Science and Application of Story and The Winter Brain Meeting on neurofeedback, biofeedback, Optimal Functioning and Positive Psychology. See more of his articles here and, older ones, here.
http://www.opednews.com/articles/Bush-Emer...080930-727.html
Dem sellouts fell for the same Bush hurry-up and pass the bill crap that Dubya used to sell the Iraq war, but this time, the Bush plan to rip off America was far more obvious and the Dem failure-to-listen-to-and-protect constituents was even more glaringly obvious. Change that from "Dem failure-to-listen-to-and-protect" to Dem intentional betrayal of constituents.
Both liberal Progressives and conservative Blue Dog democrats voted for a Bush Wall Street rescue bill that did next to nothing to protect or help mainstreet, according to the Wall Street Journal, which reported that 25 of 47 Blue Dogs voted for the bill and 46 of 75 members of the Congressional Progressive Caucus voted yes.
The same article reported that 14 of 22 members of the Hispanic caucus opposed the bill and 20 of the 38 black caucus members opposing it, saying, "the legislation didn't include sufficient help for people facing foreclosure or those struggling to pay for food and health care."
It's disappointing to see such hypocrisy among the purportedly fiscally conservative Blue dogs, since the bill didn't pay for itself, which Blue Dogs claim they demand of legislation. Why piss around with litle ten, or hundred million or billion dollar balanced budgets when you piss off on $700 billion? What a farce. And these are the ones who were blamed for blocking Pelosi from stopping funding for the war. Partners, I'd say.
Then we have the progressive caucus. What happened? The US is facing an enormous economic crisis and Bush hands us a totally garbage "solution" that strictly serves Wall Street. A handful of progressive members of congress spoke up. Looks to me like most of them just threw away their progresive credentials when it counted, going with the Pelsi Hoyer Emanuel steamroller.
A lot of people-- a real lot-- are saying throw them all the "expletive deleted" out. Well, there were 95 Dems who opposed the bill (see how your rep voted here.)
I know that the house switchboards have been overloaded and the calls have been betwen ten and 100 to one opposing the bill. What did the 140 who voted for the bill think they were doing, opposing so diametrically what their constituents wanted? Who do they think they are. I haven't met any geniuses in congress yet-- glib smooth talkers, socially bright people with 115-130 IQs- no brainiacs, no economic geniuses. So who the hell do they think they are going against such strong constituent opposition?
I'll tell you who they are. Sellouts. This was a big test, maybe bigger than the war. It was a test because there's so much money involved and, from what Matt Stoller reports, very little, if any control over where it will go.
What we saw yesterday was a replay of the disastrous failure of leadership the Democrats enacted when they bought the emergency WMD threat George Bush, Colin Powell, Condeleeza Rice, Dick Cheney and associates sold back in 2003, when the Dems voted to give Bush powers to go to war with Iraq.
Thank goodness for the Jewish Holidays, which both parties used as an excuse to go back home and raise money and campaign for two days. IF they REALLY thought the situation was so urgent, they'd have gone ahead with working on making something happen. That's what the Israelis would do if there were a true emergency on a Jewish holiday.
Today, the Wall Street Journal observed that one reason the stock market tanked so deeply yesterday was because "there had been so many dire pronouncements about what voting down the plan might do, quoting Harvard Economist Kenneth Roboff. 'The administration, leaders of the congress, the secretary of the Treasury and head of the Fed all stated emphatically that there is going to be a disaster if the bailout plan is not passed,' he said. What we're seeing now is panic.'"
That's what teachers call the halo effect-- you get what you expect. In this case, Bush, Paulson and colleagues CAUSED the record selloff yesterday with their "dire pronouncements." And the Pelosi-Hoyer crew helped them.
Today, the market has already come back about 270 points. Yesterday's panic has abated. There will probably be more panics ahead- the fearmeisters have planted seeds that have yet to erupt. Wall street interprets the rise as a recovery based on rising bailout hopes. I don't see it that way. I think that people are seeing that the sky has NOT fallen today. Life goes on.
But yesterday, about $1.2 trillion in stock value evaporated. Let's blame that on Bush and Paulson for proposing a very bad, over-reaching, excessively Wall Street serving proposal. And let's blame the Dem leadership for not totally rejecting it and coming up with real solutions, rather than taking the lazy, cowardly way of just reacting to Bush's proposal.
For now, we have a few days to let the crisis breath. That's a good thing, what the Sunlight Foundation called for on Sunday-- a chance for people to study the proposal and come up with ideas.
When it comes down to it, and I've said this numerous times in the past week, the main challenge is liquidity and keeping credit flowing, and should not bailing out Wall Street. The Dem leadership in congress ignored and sold out its constituents on Monday, trying to give this pig legislation the bums' rush. They failed. They have an opportunity to correct their major error. For some it will be too late. Any Republican who opposed the bill on Monday will be a fool not to make this a major issue in the coming weeks of their campaign. It will cost some Democrats AND some Republicans their seats. They deserve it. Americans deserve better than the short shrift these patsies for Bush's latest rush job gave them.
Frankly, the dems did more on Monday to help the Republicans than anything the Republicans could have done for themselves. Nancy Pelosi, Stenny Hoyer, Jerrold Nadler, by panicking and pushing exactly what Bush wanted, what made him so happy to see them approving on Sunday, probably cost the DNC at least half a dozen seats they might have held or won. They failed to learn anything from their massive 2003 error. For me, two strikes should put them out.
I'm also hoping the sane, unpanicked members of congress will take a look at the newly merged behemoths that have been created with Bush Admin help. These monsters could prove to be very dangerous. The three biggest of these new entities-- Bank of America Corp., J.P. MorganChase & Company and Citigroup Inc. have grown from holding 21.4% of all US deposits to 31.3% of all US deposits. Like Bernie Sanders says, "any company that is too big to fail is too big to exist."
Both liberal Progressives and conservative Blue Dog democrats voted for a Bush Wall Street rescue bill that did next to nothing to protect or help mainstreet, according to the Wall Street Journal, which reported that 25 of 47 Blue Dogs voted for the bill and 46 of 75 members of the Congressional Progressive Caucus voted yes.
The same article reported that 14 of 22 members of the Hispanic caucus opposed the bill and 20 of the 38 black caucus members opposing it, saying, "the legislation didn't include sufficient help for people facing foreclosure or those struggling to pay for food and health care."
It's disappointing to see such hypocrisy among the purportedly fiscally conservative Blue dogs, since the bill didn't pay for itself, which Blue Dogs claim they demand of legislation. Why piss around with litle ten, or hundred million or billion dollar balanced budgets when you piss off on $700 billion? What a farce. And these are the ones who were blamed for blocking Pelosi from stopping funding for the war. Partners, I'd say.
Then we have the progressive caucus. What happened? The US is facing an enormous economic crisis and Bush hands us a totally garbage "solution" that strictly serves Wall Street. A handful of progressive members of congress spoke up. Looks to me like most of them just threw away their progresive credentials when it counted, going with the Pelsi Hoyer Emanuel steamroller.
A lot of people-- a real lot-- are saying throw them all the "expletive deleted" out. Well, there were 95 Dems who opposed the bill (see how your rep voted here.)
I know that the house switchboards have been overloaded and the calls have been betwen ten and 100 to one opposing the bill. What did the 140 who voted for the bill think they were doing, opposing so diametrically what their constituents wanted? Who do they think they are. I haven't met any geniuses in congress yet-- glib smooth talkers, socially bright people with 115-130 IQs- no brainiacs, no economic geniuses. So who the hell do they think they are going against such strong constituent opposition?
I'll tell you who they are. Sellouts. This was a big test, maybe bigger than the war. It was a test because there's so much money involved and, from what Matt Stoller reports, very little, if any control over where it will go.
"Despite their "expletive deleted"-eating grins, Democrats nearly got rolled today, but a mixture of luck and bad faith from Republicans saved them. How do you know that the Wall Street types were trying to steal from us, other than the fact that they said that the refusal to hand over money was akin to a terrorist act? Treasury officials had a secret conference call with Wall Street executives. Unfortunately for them, some bloggers were on the call. The 'Treasury boys' on the call made it clear that "the tranching is a mere formality, and the Treasury boys as much as said so. They could take the $700 billion max as soon as the bill has passed." That was always obvious.
And they admitted that "the exec comp provisions sound like a joke, They DO NOT affect existing contracts, they affect only contracts entered into during the two years of the authority of this program and then affect only golden parachutes." Both of these provisions were 'concessions' sought by Democrats. Of course, no one could have predicted this bill's 'concessions' to Democrats were farcical. No one at all. "
What we saw yesterday was a replay of the disastrous failure of leadership the Democrats enacted when they bought the emergency WMD threat George Bush, Colin Powell, Condeleeza Rice, Dick Cheney and associates sold back in 2003, when the Dems voted to give Bush powers to go to war with Iraq.
Thank goodness for the Jewish Holidays, which both parties used as an excuse to go back home and raise money and campaign for two days. IF they REALLY thought the situation was so urgent, they'd have gone ahead with working on making something happen. That's what the Israelis would do if there were a true emergency on a Jewish holiday.
Today, the Wall Street Journal observed that one reason the stock market tanked so deeply yesterday was because "there had been so many dire pronouncements about what voting down the plan might do, quoting Harvard Economist Kenneth Roboff. 'The administration, leaders of the congress, the secretary of the Treasury and head of the Fed all stated emphatically that there is going to be a disaster if the bailout plan is not passed,' he said. What we're seeing now is panic.'"
That's what teachers call the halo effect-- you get what you expect. In this case, Bush, Paulson and colleagues CAUSED the record selloff yesterday with their "dire pronouncements." And the Pelosi-Hoyer crew helped them.
Today, the market has already come back about 270 points. Yesterday's panic has abated. There will probably be more panics ahead- the fearmeisters have planted seeds that have yet to erupt. Wall street interprets the rise as a recovery based on rising bailout hopes. I don't see it that way. I think that people are seeing that the sky has NOT fallen today. Life goes on.
But yesterday, about $1.2 trillion in stock value evaporated. Let's blame that on Bush and Paulson for proposing a very bad, over-reaching, excessively Wall Street serving proposal. And let's blame the Dem leadership for not totally rejecting it and coming up with real solutions, rather than taking the lazy, cowardly way of just reacting to Bush's proposal.
For now, we have a few days to let the crisis breath. That's a good thing, what the Sunlight Foundation called for on Sunday-- a chance for people to study the proposal and come up with ideas.
When it comes down to it, and I've said this numerous times in the past week, the main challenge is liquidity and keeping credit flowing, and should not bailing out Wall Street. The Dem leadership in congress ignored and sold out its constituents on Monday, trying to give this pig legislation the bums' rush. They failed. They have an opportunity to correct their major error. For some it will be too late. Any Republican who opposed the bill on Monday will be a fool not to make this a major issue in the coming weeks of their campaign. It will cost some Democrats AND some Republicans their seats. They deserve it. Americans deserve better than the short shrift these patsies for Bush's latest rush job gave them.
Frankly, the dems did more on Monday to help the Republicans than anything the Republicans could have done for themselves. Nancy Pelosi, Stenny Hoyer, Jerrold Nadler, by panicking and pushing exactly what Bush wanted, what made him so happy to see them approving on Sunday, probably cost the DNC at least half a dozen seats they might have held or won. They failed to learn anything from their massive 2003 error. For me, two strikes should put them out.
I'm also hoping the sane, unpanicked members of congress will take a look at the newly merged behemoths that have been created with Bush Admin help. These monsters could prove to be very dangerous. The three biggest of these new entities-- Bank of America Corp., J.P. MorganChase & Company and Citigroup Inc. have grown from holding 21.4% of all US deposits to 31.3% of all US deposits. Like Bernie Sanders says, "any company that is too big to fail is too big to exist."
Today, I'm still a Democrat, but I'm feeling more like a screwed sucker who's been duped and used, and I'm getting sick of it.
Rob Kall is executive editor and publisher of OpEdNews.com, President of Futurehealth, Inc, inventor . He is also published regularly on the Huffingtonpost.com. He is a frequent Speaker on Politics, Impeachment, The art, science and power of story, heroes and the hero's journey, Positive Psychology, Stress, Biofeedback and a wide range of subjects. He is a campaign consultant specializing in tapping the power of stories for issue positioning, stump speeches and debates. He recently retired as organizer of several conferences, including StoryCon, the Summit Meeting on the Art, Science and Application of Story and The Winter Brain Meeting on neurofeedback, biofeedback, Optimal Functioning and Positive Psychology. See more of his articles here and, older ones, here.
Ignacio Fresas: Liquidity, Trust or Treason Is it really a liquidity problem? I have suspicions that it is not. They are requesting 700 billion dollars to be shouldered by the American taxpayer to fix the so called problem when in fact they have just released 630 billion into the system. Where did that money come from and why do we still need to top that with another 700 billion?
Congress: It's Worth Risking Depression - Martin Wolf, Financial Times
Why the Paulson Bailout is Bad for America - Daniel Mitchell, RCP
Learning from 1929 - Robert Kuttner, The American Prospect
Thank You, House Republicans - Mark Levin, National Review
Bailout Failure Reflects Paralysis in Washington - John Judis, TNR
Bankruptcy, Not Bailout, is the Right Answer - Jeff Miron, CNN
Why the Paulson Bailout is Bad for America - Daniel Mitchell, RCP
Learning from 1929 - Robert Kuttner, The American Prospect
Thank You, House Republicans - Mark Levin, National Review
Bailout Failure Reflects Paralysis in Washington - John Judis, TNR
Bankruptcy, Not Bailout, is the Right Answer - Jeff Miron, CNN
A Vote Against Rashness - George Will, Washington Post
A Deepening Leadership Crisis - David Gergen, CNN
An Ill Conceived Rescue Plan - Robert Robb, Arizona Republic
Is Sagging Ticket Beyond The Palin? - Jason Horowitz, New York Observer
Sarah Palin's Qualified - Fred Thompson, Townhall
This Nice Guy May Just Finish First - Clarence Page, Chicago Tribune
The Voters Are Angry -- And Don't Know Why - Walter Shapiro, Salon
A Deepening Leadership Crisis - David Gergen, CNN
An Ill Conceived Rescue Plan - Robert Robb, Arizona Republic
Is Sagging Ticket Beyond The Palin? - Jason Horowitz, New York Observer
Sarah Palin's Qualified - Fred Thompson, Townhall
This Nice Guy May Just Finish First - Clarence Page, Chicago Tribune
The Voters Are Angry -- And Don't Know Why - Walter Shapiro, Salon
12 Eye-Opening Thoughts About the Bailout's Defeat
Joshua Holland, AlterNet
Corporate Accountability and WorkPlace: Experts discuss the politics of the bailout's defeat in the House, the fundamentals of the plan and where we might go from here.
Here's a Better Bailout Plan
Joseph Stiglitz, TheNation.com
Corporate Accountability and WorkPlace: There are four fundamental problems with our financial system. The Paulson plan addresses only one.
Barack Obama's Team Believes He Can Win by a Landslide
Tim Shipman, The Telegraph (UK)
Election 2008: Obama's senior aides believe he is on course for a landslide victory over McCain and will comfortably exceed most current electoral vote projections.
I've Debated Sarah Palin More Than 20 Times -- Here's What It's Like
Andrew Halcro, Christian Science Monitor
Election 2008: I know firsthand: She's a master of the nonanswer.
Early Voting in Ohio Begins
Steven Rosenfeld, AlterNet
Democracy and Elections: In Columbus, organizers ferry likely Democratic voters to the polls while no comparable GOP effort is seen.
Tan Is the New TackyVerena von Pfetten, Huffington Post
Health and Wellness: There is nothing inherently healthy about tanning. It can give you wrinkles and cancer. Good thing it's gone the way of the Ugg boot.
Shake-Up at Gitmo: A Prosecutor Resigns, Citing 'Ethical Qualms' Over Suppressed EvidenceAndy Worthington, AlterNet