Main Street’s verdict is in, CNN reports:
By a two-to-one ratio, Americans blame Republicans over Democrats for the financial crisis that has swept across the country the past few weeks, a new national poll suggests.
That may be a contributing factor to an apparent increase for Sen. Barack Obama over Sen. John McCain in the race for the White House.
In a CNN/Opinion Research Corporation survey out Monday afternoon, 47 percent of registered voters questioned say Republicans are more responsible for the problems currently facing financial institutions and the stock market, with 24 percent saying Democrats are more responsible.
One in five of those polled blame both parties equally, and 8 percent say neither party is to blame.
The poll also indicates that more Americans think Obama, the Democratic presidential nominee, would do a better job handling an economic crisis than McCain, the Republican presidential nominee…
These numbers seem to be affecting the battle for the presidency. Fifty-one percent of registered voters are backing Obama, five points ahead of McCain, who is at 46 percent.
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from The Hill (h/t KOS) we have Jim DeMint[R] with some very legit observations:
And from HuffPo we have:
And it looks like the GOP plan is to vote against the plan and then use the Dem votes for it in the election.
I have a feeling that we may actually see a reasonable plan crafter with all these forces in play. When politics works correctly – it can work very well…
Gosh, we’re going to give nearly a trillion dollars to private corporations. How DARE we put any strings on it!!!
I’d love to see the Republicans defend that position in debates and commercials…
I give you this mornings Today Show interview.
McCain defended the Golden Parachute over 20,000 jobs. Talk about putting the american worker last.
“means it’s probably not true.”
The worst kind of stupid is the stupid that thinks it’s smart.
Let’s call him a flip flopper!
Has a sort of catchy ring to it, doesn’t it?
If Obama can make McCain look clueless on the economy while he comes across as someone who will handle it competently – it’s all over.
And McCain has a history of saying the wrong thing. Usually the press protects him but in this case it’s live, unscripted, and in front of the entire country.
A debate can go either way but I think McCain has much more reason to worry.
The first debate is “[a] 90 minute debate exclusively to foreign policy.”
Sure, foreign policy and national defense are related to the economy, but if Jim Lehrer does his job, it won’t play a major role in the first debate.
The town-hall style debate on the other hand should be different.
Pols are pretty good at steering their talking points in even with the best of moderators.
“As to your question about Tibet, Jim, the problem is that we have no leverage over China betcause they own more than $1 trillion of our debt, which the irresponsible Bush/McCain administration ran up in its eagerness to subsidize Wall Street bailouts that destroyed the Middle Class and exported jobs to Berserkistan.
Yes, of course…
What the hell those other 24 percent are thinking. Or are they? I sure hope they aren’t voters! Of course, that would help explain the last eight years…
Bush’s approval numbers and those running around blaming Clinton for this past week’s events. Oh, and in case you didn’t read this, in section 21(b) of the GOP operative handbook, if all else fails just blame the NY Times.
Do you really think McCain’s choice of Palin raises questions? My fear is that it answers them.
Great sound bit, “My fear is that it answers them (Selection of Palin).
And they answered their rhetorical question in their editorial.
I believe you’re correct though. This pick not only raised serious questions about McCain, but it has also answered many never thought to ask such as would John McCain really sell out to the right-wing religious extremists of his party; Yes.
… but Clinton signed it.
But the Republican asleep at the wheel approach to regulation compounded the problem.
It has been no secret that since the 1990s, many people were taking out mortgages they couldn’t afford. It was common knowledge among mortgage brokers and anyone else affiliated with the real-estate industry, and the politicians knew it, too. Even ordinary folks knew it — how many times did you drive past a fancy new starter mansion and wonder how the people who lived there could afford it? Well, now we know that they couldn’t. The politicians turned a blind eye to the problem for most of the past decade and let it grow to this point. The whole situation is absolutely disgusting.
..one of those “Look how bad it is” snapshots in the paper about a couple losing their home. It was pretty nice, all that faux column stuff, big two car garage.
His occupation? Handyman.
I don’t recall hers, but it wasn’t CEO.
….I wouldn’t have taken any cookies if Billy didn’t take the cookie jar down!”
that the same old spin machine isn’t working so well any more. And yes, that 24% does go a long way toward explaining the last eight years which is why the Obama campaign and Dem party are putting such an emphasis on new voter registration and GOTV efforts this time. We can’t keep letting the Rs do a better job of getting their voters to the polls.
In my ongoing search for a better way to handle the government bail-out. No purchase of anything. But we’ll take any company that wants to hand itself over to the federal government – like it did for Fannie Mae & Freddie Mac.
And if they want to let the stockholders hold on to some stock, like they did with AIG, then depending on the situation, sure.
Or maybe the feds will take any company, but when selling it off or taking it public again, after the feds get 150% profit, then they split any profit after that with the stockholders.
??? – dave
…that Dan mentions often. At least as how I understand it.
It has my backing. I’m sure Pelosi was waiting for that.
asking for help. It would be making bids.
Liquidity (access to funds) is in many cases the real problem.
The companies may be “solvent”, but because they can’t access funds they fail.
Other firms may recognize the value, but because they are credit constrained they can’t take advantage of the distress.
The government because of a basically unlimited balance sheet can act on the weakness.
The government won’t make money, but if done correctly, the malefactors can be punished, the cost to the taxpayers can be minimized, and the system can be protected.
I think a combination of the Swedish plan and the HOLC is the best strategy, but I’m still working through my thoughts.
The biggest complication is unwinding the bad loans in the securitizations.
One test of whether its a good plan or not–you don’t want people lining up to take advantage of the plan–you want regulators forcing them to.
seems to be the real debate here.
Paulson’s plan works if liquidity is the problem. I haven’t seen any evidence that that’s the case, except a bunch of people repeating it over and over again.
If that’s NOT the problem, Paulson’s plan is just overpaying for worthless junk. In other words, orchestrated fraud, which would be prosecuted if America had a functioning Justice Department.
Oh well.
From Naomi Klien, Now is the Time to Resist Wall Street’s Shock Doctrine
The “bailot” propsal as pitched by Bush and Paulson is nothing more than a Ponzi scheme and the American people are being bullied into it. However it looks Dodd is going to put up a fight.
against Obama. Then Bush proposes a $700 billion bailout.
I guess Bush didn’t get the memo.
what percentage blame the GOP for the Iraq war. I bet there’d still be 24% who blame the Democrats.
the Democrats are irresponsible, for not doing more to stop those pro-war douchebags, the GOP.
Yeah, it takes a while, and even when you figure it out, it still makes no sense.
Because he should since his VP is one of the worst big spenders out there.
Why is the US govt paying for projects in Alaska? Last year, every man, woman, and child in that state received $3,269.00. With a population of 670053 (2006), that’s a total of $2,190,403,257.
Let them build their own damn roads and bridges to nowhere. They can afford it.
Bush has been trying to get reform of Freddie and Fannie since 2003 and has been met with resistance from the dems in congress.
http://www.usnews.com/blogs/sa…
Barney Frank said there was no problem and that the Bush admin was exagerating to keep from giving affordable housing to low income families. Giving would be the key word as that is now what will happen. Bush tried….Frank and Dodd said nooooooo what about our pay off.
In other words give loans to people that can’t afford them and worry about it later…hello it is now later.
http://news.bostonherald.com/n…
How about Chris Dodd and his roll which was to take $133,900 in contributions from Freddie and Fannie. While he gets a 6 figure paycheck we the American taxpayer are thrown under the bus. Barack Obama took a 6 figure paycheck in his short time in the senate too. Thanks Barack I like the new tread marks on my back and here’s my wallet.
http://www.opensecrets.org/new…
John McCain has taken not a single penny from fannie or freddie nor has he ever taken a single earmark. I don’t buy things I can’t afford and I shouldn’t be forced to pay for others irresponsiblity…that is why I will vote for McCain in 2008 and I will do my part to vote the dems that took part in this crisis out of office.
Drink some more koolaid chump512 and go back to the McCain campaign website to claim your new golf towel for trolling.
accepted a salary for his work in the Senate is a very good attack, considering the GOP candidate is ALSO A SENATOR! And I’m pretty sure he cashes his paycheck the same as the other 99 members.
How dare Obama accept his paycheck! America is hurting! (but the fundamentals are strong.)
1) the 2003 Bush plan was a corporate solution and it failed in a Republican-controlled Congress because Republicans opposed it alongside Democrats.
2) By 2005, Frank had changed his tune and helped pass a bi-partisan reform measure in the House.
3) Dodd’s involvement has been discussed here in the past – i.e. no-one has provided a single ounce of proof he was blocking anything at the time.
4) John McCain has spent much more of his career deregulating these organizations than he has proposing reform measures that die in committee. He voted for the Gramm-Leach-Bliley Act which removed the walls between investment, insurance, and banking – allowing this to happen. His campaign manager was taking money from them as recently as late 2006 when McCain was running for President.
Still want to vote for McCain over Obama, who never did anything to block reform of the system?
All Republicans voted for it and all dems sat on the butts and 16 of those dems collected bribes….darn I hate those pesky little facts!
McCain has always tried to do something and Obama has sat on his butt taking bribes…and he has the very people responsible for this mess working on his campaign.
Anita Huslin, who wrote a profile of the discredited Fannie Mae boss that appeared on July 16. The profile reported that Raines, who retired from Fannie Mae four years ago, had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”
redstateblues a $105,000 contribution from freddie and fannie is not a paycheck it is a bribe.
http://online.wsj.com/article/…
I will vote for McCain as I own my business and do not want to have Obama raise my taxes to 58%. Should he become president There will be a mass exodus of SBO…by raising SS tax, medicare tax and corp. taxes he will either send us overseas…have us layoff middle-class Americans…or go out of business. You can not tax your way out of debt that is econ 101!
The Democrats were probably supporting the bi-partisan House bill, which had provisions for affordable housing.
Regardless, if either bill gained a majority vote, it should have left the committee and been sent to the full Senate chamber. No reform bill ever arrived on the Republican-controlled Senate floor.
If you make more than $250,000, your taxes will go up; if you make less, your taxes will go down, and more dramatically than under McCain’s plan.
If you make more than ~$200,000, you will have an extra 2-4% taxed for Social Security. (I’m guessing this also includes removing the $90,000 cap, but I’m not sure).
Obama’s plan has no mention of Medicare tax increases.
Corporate (and personal) taxes will be simplified under Obama’s plan, and overseas corporate loopholes will be closed. No rate changes beyond the return of the 36% and 39.6% extreme upper-income tax brackets.
Capital gains taxes will go to 20% max., which is still much lower than the 35% it was prior to Bush 41.
None of these are back-breakers, and we need to reduce spending and/or generate a lot of revenue to get out of the massive hole the GOP has us in.
PS – you can in fact tax yourself out of debt, but it helps to have a robust economy backing you up and having some discipline to go along with it. Obama promises to implement PayGo for his budgets to keep spending under control, and will use other budget savings to promote job growth.
and Gov. Palin is quite the earmark queen.
As mayor, she did really well for a town of a few thousands. Sen. Stevens–currently under indictment and on trail for taking bribes, is both a Republican and the earmark king.
Rick Davis, McCain campaign manager, remained on the F/F payroll, or as an officer of his consulting company taking 15k a month for nothing more than his cozy relationship with ‘Maverick’ McCain, until last month. As you say, a bribe.
I also own a small business, which is one of the many reasons I support Obama.