Monthly Archives: September 2008

The Bailout Defeat: A Political Credibility Crisis

Time Magazine’s Michael Scherer notes that our political system might be just as bankrupt as our financial system. I

“Nearly every major political leader in America supported the $700 billion financial bailout bill. The President of the United States. The Vice President. The Treasury Secretary. The Chairman of the Federal Reserve. The Chairman of the Securities and Exchange Commission. The Democratic and Republican nominees for president. The Democratic and Republican leadership of the House and the Senate. All of them said the same thing. Vote yes.”

“But a majority of those politicians anointed by the U.S. Constitution to reflect the will of the people voted no. This is a remarkable event, the culmination of a historic sense of betrayal that Americans have long felt for their representatives in Washington D.C. The nation’s credit crisis exposed Monday a much deeper and more fundamental problem — a political credibility crisis that now threatens to harm our nation further, should the markets freeze up and more companies begin to fail, as many experts predict.”…

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Filed under bailout, credibility crisis, Financial crisis, Time Magazine

>With bailout, McCain reaches dead end

>By STEVEN R. HURST-Associated Press Writer

Republican John McCain has maneuvered himself into a political dead end and has five weeks to find his way out.

Last Wednesday, McCain suspended his presidential campaign to insert himself into a $700 billion effort to rescue America’s crumbling financial structure. In so doing, he tied himself far more tightly to the bill than did his Democratic opponent, Barack Obama.

Then, as the bailout plan appeared ready for passage Monday in the House, McCain bragged that he was an action-oriented Teddy Roosevelt Republican who did not sit on the sidelines at a moment of crisis.

The implication: that he played a critical role in building bipartisan support for the unprecedented bailout.

“I went to Washington last week to make sure that the taxpayers of Ohio and across this great country were not left footing the bill for mistakes made on Wall Street and in Washington,” McCain said at a campaign rally in the swing state of Ohio.

Both he and Obama had insisted the plan originally proposed by the Bush administration be strengthened with greater oversight and regulation.

Within hours, however, the measure died in the House mainly at the hands of McCain’s own Republicans.

Initially, McCain went silent, choosing instead to send his chief economic adviser out with a statement that blamed Obama, claiming that the first-term Illinois senator had put his political ambitions ahead of the good of the country.

“This bill failed because Barack Obama and the Democrats put politics ahead of country,” McCain senior policy adviser Doug Holtz-Eakin said.

It wasn’t long, however, before McCain told reporters in Iowa: “Now is not the time to fix the blame, it’s time to fix the problem.”

All in all, McCain might have been better served by staying out of the mess and above the fray.

If the congressional impasse leads to a credit crisis, “it’s not going to be good for McCain,” veteran Republican consultant John Feehery said…

To read more click the headline

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Filed under 2008 Presidential Campaign, Associated Press, bailout, Barack Obama, Financial crisis, John McCain

With bailout, McCain reaches dead end

By STEVEN R. HURST-Associated Press Writer

Republican John McCain has maneuvered himself into a political dead end and has five weeks to find his way out.

Last Wednesday, McCain suspended his presidential campaign to insert himself into a $700 billion effort to rescue America’s crumbling financial structure. In so doing, he tied himself far more tightly to the bill than did his Democratic opponent, Barack Obama.

Then, as the bailout plan appeared ready for passage Monday in the House, McCain bragged that he was an action-oriented Teddy Roosevelt Republican who did not sit on the sidelines at a moment of crisis.

The implication: that he played a critical role in building bipartisan support for the unprecedented bailout.

“I went to Washington last week to make sure that the taxpayers of Ohio and across this great country were not left footing the bill for mistakes made on Wall Street and in Washington,” McCain said at a campaign rally in the swing state of Ohio.

Both he and Obama had insisted the plan originally proposed by the Bush administration be strengthened with greater oversight and regulation.

Within hours, however, the measure died in the House mainly at the hands of McCain’s own Republicans.

Initially, McCain went silent, choosing instead to send his chief economic adviser out with a statement that blamed Obama, claiming that the first-term Illinois senator had put his political ambitions ahead of the good of the country.

“This bill failed because Barack Obama and the Democrats put politics ahead of country,” McCain senior policy adviser Doug Holtz-Eakin said.

It wasn’t long, however, before McCain told reporters in Iowa: “Now is not the time to fix the blame, it’s time to fix the problem.”

All in all, McCain might have been better served by staying out of the mess and above the fray.

If the congressional impasse leads to a credit crisis, “it’s not going to be good for McCain,” veteran Republican consultant John Feehery said…

To read more click the headline

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Filed under 2008 Presidential Campaign, Associated Press, bailout, Barack Obama, Financial crisis, John McCain

>Rep. Frank On GOP: ‘Because Somebody Hurt Their Feelings, They Decide To Punish The Country’

>As soon as the bailout proposal failed in the House, Republican lawmakers began blaming House Speaker Nancy Pelosi (D-CA) for its defeat. In a press conference, the GOP leadership faulted Pelosi for giving a “partisan” speech prior to the vote. In the subsequent Democratic press conference, Rep. Barney Frank (D-MA) responded to their absurd charge:

“Here’s the story. There’s a terrible crisis affecting the American economy. We have come together on a bill to alleviate the crisis. And because somebody hurt their feelings, they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hypersensitivity.

We also have — as the leader will tell you, who’s been working with them — don’t believe they had the votes, and I believe they’re covering up the embarrassment of not having the votes. But think about this. Somebody hurt my feelings, so I will punish the country. That’s hardly plausible. And there are 12 Republican members who were ready to stand up for the economic interest of America, but not if anybody insulted them.

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.”


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Filed under bailout, Barney Frank, Financial crisis, Middletown Republicans, Nancy Pelosi, Think Progress

Rep. Frank On GOP: ‘Because Somebody Hurt Their Feelings, They Decide To Punish The Country’

As soon as the bailout proposal failed in the House, Republican lawmakers began blaming House Speaker Nancy Pelosi (D-CA) for its defeat. In a press conference, the GOP leadership faulted Pelosi for giving a “partisan” speech prior to the vote. In the subsequent Democratic press conference, Rep. Barney Frank (D-MA) responded to their absurd charge:

“Here’s the story. There’s a terrible crisis affecting the American economy. We have come together on a bill to alleviate the crisis. And because somebody hurt their feelings, they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hypersensitivity.

We also have — as the leader will tell you, who’s been working with them — don’t believe they had the votes, and I believe they’re covering up the embarrassment of not having the votes. But think about this. Somebody hurt my feelings, so I will punish the country. That’s hardly plausible. And there are 12 Republican members who were ready to stand up for the economic interest of America, but not if anybody insulted them.

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.”


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Filed under bailout, Barney Frank, Financial crisis, Middletown Republicans, Nancy Pelosi, Think Progress

>WALSH, GRENAFEGE CALL FOR TOWNSHIP BUDGETS CUTS

>According to Middletown Democrat for Township Committee Jim Grenafege, “My running mate and I called for budget reductions before the spending plan was passed. We are calling for them now and should not be ignored this
time.”

“I believe it is incumbent upon elected officials to respond to the current economic crisis. Indeed, this crisis is impacting the residents of Middletown. In every household in our community, people are facing foreclosures and jobs have been lost,” Walsh said.

Grenafege is a retired human resources executive and holds a Master’s Degree in counseling from Montclair State University and a Bachelor’s Degree in Social and Behavioral Sciences from Johns Hopkins University. After 26 years as a corporate manager, Grenafege said his business experience has taught him that it is time to cut spending in Middletown Township. “It is absolutely time to do that right now,” he said.

“The township needs to do this right the first time out. The situation is dire and it is clearly time to address this before Middletown has to be bailed out by the state,” Grenafege said.

“Our residents are scared. Even as my running mate and I are walking the township, we found seven homes foreclosed on one street alone,” Walsh said. “Make no mistake about it, Middletown cannot continue to do business the way it has been done.”

Walsh said the community demands that the tax burden be lessened from them right now. “Ten to 15 percent reductions are an absolute necessity if we are to help our residents,” Walsh said.

“If the re-evaluation had gone through appropriately then the wealthier segment of the township would be bearing more of the burden,” Grenafege said. “As it is, Middletown is in dire straights and has to be fixed before there is more bleeding here. The township can be saved, and Pat Walsh, Patrick Short, Sean Byrnes and myself can do it.”

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Filed under budget cuts, Jim Grenafege, Middletown Democrats, Middletown Township Committee, Patricia Walsh

WALSH, GRENAFEGE CALL FOR TOWNSHIP BUDGETS CUTS

According to Middletown Democrat for Township Committee Jim Grenafege, “My running mate and I called for budget reductions before the spending plan was passed. We are calling for them now and should not be ignored this
time.”

“I believe it is incumbent upon elected officials to respond to the current economic crisis. Indeed, this crisis is impacting the residents of Middletown. In every household in our community, people are facing foreclosures and jobs have been lost,” Walsh said.

Grenafege is a retired human resources executive and holds a Master’s Degree in counseling from Montclair State University and a Bachelor’s Degree in Social and Behavioral Sciences from Johns Hopkins University. After 26 years as a corporate manager, Grenafege said his business experience has taught him that it is time to cut spending in Middletown Township. “It is absolutely time to do that right now,” he said.

“The township needs to do this right the first time out. The situation is dire and it is clearly time to address this before Middletown has to be bailed out by the state,” Grenafege said.

“Our residents are scared. Even as my running mate and I are walking the township, we found seven homes foreclosed on one street alone,” Walsh said. “Make no mistake about it, Middletown cannot continue to do business the way it has been done.”

Walsh said the community demands that the tax burden be lessened from them right now. “Ten to 15 percent reductions are an absolute necessity if we are to help our residents,” Walsh said.

“If the re-evaluation had gone through appropriately then the wealthier segment of the township would be bearing more of the burden,” Grenafege said. “As it is, Middletown is in dire straights and has to be fixed before there is more bleeding here. The township can be saved, and Pat Walsh, Patrick Short, Sean Byrnes and myself can do it.”

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Filed under budget cuts, Jim Grenafege, Middletown Democrats, Middletown Township Committee, Patricia Walsh