Republicans Rock!

A lot of us have been hitting the Republican’s pretty hard for all of the problems they created. And so, when they step up to do something very very good, it deserves notice. And so this is being front paged.

from CNN

House conservatives urged Congress on Tuesday to “take a breath” and consider other alternatives before rushing to pass a $700 billion plan to bail out Wall Street, a measure the White House says must pass by the end of the week.

“I must tell you, there are those in the public debate who have said that we must act now. The last time I heard that, I was on a used-car lot,” said Rep. Mike Pence, R-Indiana. “The truth is, every time somebody tells you that you’ve got to do the deal right now, it usually means they’re going to get the better part of the deal.”

It continues in the same vein and ends with these absolutely beautiful spot-on words:

Rep. Jim McDermott, D-Washington, also asked why Congress should trust the administration to administer the bailout plan properly when, in his view, it has lost its credibility with the American people.

“Trust is something that is already bankrupt. The bank of trust in this administration is absolutely bankrupt,” McDermott said. “They have misled, lied, misrepresented, whatever word you want to use, on issue after issue. And now they give us seven days to come back, take out your wallet and give them everything that’s in it.”

We all owe a giant thank you to these few who are still thinking things through.

32 Community Comments, Facebook Comments

  1. redstateblues says:

    negate your signature line Dave? 🙂

  2. Middle of the Road says:

    Representative Marcy Kaptur from Ohio kicks some ass in Congress today.

  3. BlueCat says:

    non-partisan action in Washington. Think of what we could have been accomplishing all these years.  Too bad the last coming together moment was over manufactured intel and fear mongering.

  4. Ben Stein's $$ says:

    I didn’t catch it?  

  5. Libertad says:

    Without any authority to act Former GS Chairman Paulson was beat to the prime rib carving block by Warren E. Buffett.

    $5 billion of perpetual preferred GS stock to BRK.A in a private offering.

    New York, NY – September 23, 2008 — The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it has reached an agreement to sell $5 billion of perpetual preferred stock to Berkshire Hathaway, Inc. in a private offering. The preferred stock has a dividend of 10 percent and is callable at any time at a 10 percent premium. In conjunction with this offering, Berkshire Hathaway will also receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, which are exercisable at any time for a five year term.

    http://www2.goldmansachs.com/o

    • meyerformayor says:

      Statement By Sen. Arlen Specter (R-PA) On Misleading Obama Attack Ad On Stem Cell Research

      ARLINGTON, VA — U.S. Senator Arlen Specter (R-PA) today issued the following statement on Barack Obama’s misleading new radio ad on stem cell research, which is airing in the Philadelphia suburbs:

      “The fact is John McCain has been a champion for stem cell research, which holds the promise of curing devastating diseases like cancer, diabetes and heart disease. John McCain bucked the majority of our party in standing strong with me in urging the Bush Administration to lift restrictions on stem cell research, and last year voted to overturn the Bush policy.

      “Delaware Valley voters deserve the truth: On stem cell research and so many other issues, John McCain is a maverick who always puts his country first. As president, he’ll advance the cause of potentially lifesaving medical research that can free families from the fear and devastation of illness.”

      FACT CHECK: OBAMA RADIO AD FALSELY ALLEGES THAT MCCAIN DOES NOT SUPPORT STEM CELL RESEARCH, WHEN HE CLEARLY DOES

      Misleading Obama Radio Ad Alleges That John McCain Does Not Support Stem Cell Research

      Read Script Of Radio Ad

      John McCain Has Strongly Supported Stem Cell Research, Voting Against Majority Of His Own Party

      McCain: “Mr. President, stem cell research has the potential to give us a better understanding of deadly diseases and spinal cord injuries affecting millions of Americans.” (Office Of Sen. John McCain, Statement By John McCain On Stem Cell Research, 4/11/07)

      McCain: “I believe that we need to fund this. This is a tough issue for those of us in the pro-life community. I would remind you that these stem cells are either going to be discarded or perpetually frozen. We need to do what we can to relieve human suffering. It’s a tough issue. I support federal funding.” (John McCain, Democratic Debate, Simi Valley, CA, 5/3/07)

      John McCain Twice Voted To Expand Federal Funding For Stem Cell Research. (S. 5, Senate Vote #127: Passed 63-34: R 17-32; D 44-2, 4/11/07, McCain Voted Yea; H.R. 810, Senate Vote #206: Passed 63-37: R: 19-36; D 42-1, 7/18/06, McCain Voted Yea)

      In April 2007, John McCain Voted “To Reject Restrictions President Bush Has Placed On” Stem Cell Research. (S. 5, Senate Vote #127: Passed 63-34: R 17-32; D 44-2, 4/11/07; Nicole Gaouette, “Senate Strongly Rejects Bush’s Curbs On Stem-Cell Research,” Los Angeles Times, 4/12/07)

      In 2004, McCain Signed Letter With 58 Other Senators To President Bush Urging Him To Ease Restrictions On Embryonic Stem Cell Research. “We write to urge you to expand the current federal policy concerning embryonic stem cell research. As you know, embryonic stem cells have the potential to be used to treat and better understand deadly and disabling diseases and conditions that affect more than 100 million Americans, such as cancer, heart disease, diabetes, Parkinson’s, Alzheimer’s, multiple sclerosis, spinal cord injury, and many others. … Mr. President, we know that you have been a strong supporter of medical research and share our commitment to curing disease and alleviating human suffering. We would very much like to work with you to modify the current embryonic stem cell policy so that it provides this area of research the greatest opportunity to lead to the treatments and cures for which we are all hoping.” (Letter From 58 Senators To President Bush To Ease Restrictions On Embryonic Stem Cell Research, 6/4/08)

  6. Go Blue says:

    Ahem… Keating Five! Why do we let the same crooks play the same game for say for almost three decades?

  7. sxp151 says:

    I must tell you, there are those in the public debate who have said that we must act now. The last time I heard that, I was on a used-car lot

    Uh no, Mike, the last time you heard that, you were agreeing with it and voting for the Iraq war.

    Pence was the less famous part of that Congressional delegation to Iraq, the one that went to an Iraqi market in bulletproof vests under heavy guard from Humvees, and described it as peaceful.

    At a news conference shortly after their outing, Mr. McCain, an Arizona Republican, and his three Congressional colleagues described Shorja as a safe, bustling place full of hopeful and warmly welcoming Iraqis – “like a normal outdoor market in Indiana in the summertime,” offered Representative Mike Pence, an Indiana Republican who was a member of the delegation.

    Can we get some better Republicans, please?

  8. Go Blue says:

    Yeah, John McCain’s Lobbyis-Campaign Manager’s lobbying firm is still contracting with Freddie Mac.

    The lobbying firm of Rick Davis, Sen. John McCain’s (R-Ariz.) campaign manager, remains on the payroll of mortgage giant Freddie Mac, according to two sources with knowledge of the arrangement.

    The firm, Davis Manafort, has collected $15,000 a month from the organization since late 2005, when Freddie Mac and Fannie Mae dissolved a five-year-old advocacy group that Davis earned nearly $2 million leading, the sources said.

     

  9. Barron X says:

    .

    this looting of the Treasury,

    and putting the money in the hands of a former Wall Street exec,

    has “Karl Rove” written all over it.

    As I understand it,

    Paulson and Cheney were arguing about how much money to take from the country and give to banks and financial institutions.  

    I was in the room at the time, but I was texting an order to Dominos for Pizza,

    so I missed part.  

    Paulson wanted $10 Billion.  

    Cheney said to double that, since taxpayers can’t tell the difference.

    That’s when I started to order lunch.  

    Rove walked in.  I kept texting.  

    When I finished, the bidding was up to $500 Billion.

    I heard Rove say, “no, too round a figure.  Either cut it by 3%, or bump it up higher.”  

    Someone said, “is $700 Billion OK ?”

    It was still for about 5 seconds, maybe more.  

    Then a cheer went up!  It was settled.

    .

  10. Western Way says:

    It pains me to say this and it actually goes against my own political ideology (I have said “that no one, private citizen nor Wall Street, should be bailed out”), but this bail-out is needed.  I come to this pragmatic, practical solution, because liquidity in credit-markets is dangerously low and without liquidity, there is no spending and with no spending, there is no economy (i.e. money changing hands).  Even though this may only soften the “crash landing” a softening is needed, because otherwise a financial collapse is on our door-step and that is worse than anything.  Practicality must outweigh ideology.

    • The Bush/Paulson bailout plan is rife with corporate give-away language; no court or Congressional oversight, monies can go to institutions that aren’t actually failing…

      It seems that some kind of bailout has to happen; otherwise we’re just going to watch more banks tumbling down and our credit crunch getting worse.  But printing up $700b of fresh U.S. dollars might only make the situation worse, stoking inflation by devaluing the dollar.  There must be a balance.

      Obama among others suggests that our investments in helping these companies to recover be offset by some kind of equity interest in the company, so that the company’s recovery repays our investment in it.  There’s also merit in a trickle-up approach to solidify the housing market and the economy in general, though such an approach would have to be staggered over time (multiple smaller payments?) to ease cash flow issues.

      We need an answer – we just don’t need the first answer put in front of us.  That’s how we got the PATRIOT Act and the Iraq war.

    • brio says:

      Echoing Phoenix,a bailout is needed, but not this bailout.  At the most fundamental level, every previous significant bailout in our history has involved the taxpayers acquiring ownership interests in whatever was being bailed out.  This was true with RTC in the ’80s, and it was true of Freddie, Fannie, and AIG weeks ago.  That way investors who made investments that went bad suffered the consequences, and to the extent assets appreciated the taxpayers would get partially paid back.

      This bailout is just a gift.  Taxpayers buy bad debt for four times what it is worth, and get nothing in exchange but the bad debt.  When the value of the bailed-out companies increases as a result, investments in those companies are saved but the taxpayers get paid nothing back.

      Shock of shock, the Bush bailout saves the rich at the expense of the public as a whole (simplifying, I realize, but generally true).  And so far, the Dems are just tinkering out the edges.

      It’s sort of like a massive response to 9-11 was required, and they shoved Iraq and a massive power grab down our throats.

      Excellent coverage today in the NYT and on BBC. Hope Congress is paying attention.

    • sxp151 says:

      We’ve gotten by with 5% of people being unemployed, 20% of people having no health insurance, and 25% of our budget going to blow stuff up in Iraq. A third of our income goes to various governments to spend on OTHER subsidies for big business. We survive. People who really want to live manage to find a way.

      If that’s not a crisis, this sure as shit ain’t.

    • parsingreality says:

      I agree with the other Polsters here that the proposed bailout is a disaster for the taxpayer.  I’ll add total hypocrisy in terms of moral hazard, alleged capitalist philosophies, and just generally unfair.

      What about offering money by buy an equity position in each of the sickly firms related to the amount of money wanted> Since every company is different, and the urgencies are different, they could buy as much or as little relief as they want.  

      I think that if there is one dollar of help, the taxpayer should also have a seat on the board.

      I’ll admit that in terms of my econimics knowledge the water is close to my nose, so feel free to shoot this down as ignorant.  Not politically, but economically, please.  

      • Western Way says:

        We shouldn’t give Paulson a blank check to do whatever the hell he wants without oversight, most definetly, and while I agree that the taxpayer should be repayed, however, I don’t think that we should go down the road of “giving the taxpayer a seat on a board.”  

        I do have a concern and that concern is that in today’s language, the “taxpayer” is starting to become yesterday’s “worker” or “peasant.” Yes, that is the slippery slope argument, but we are an out of control skier who is about to hit a patch of ice on the mountain and I don’t trust our elected officials enough to think that they won’t do something stupid.

  11. indipol says:

    uberconservative Joe Barton of Texas:

    “Just because God made the world in seven days does not mean we have to pass this bill in seven days.”

Leave a Reply

Comment from your Facebook account


You may comment with your Colorado Pols account above (click here to register), or via Facebook below.