700 Billion New Direction for America
Posted in Money Matters, Bush, wordpress, McCain, GOP, Democrats, Clinton, disclosure, ethics, obama, Pelosi, Reid, Congress on September 30th, 2008 by Stanford Matthews
Sound bites, shifting positions, the search for political cover and more delays from Washington which may prove to be the best medicine for for the so-called financial crisis. One quote from John McCain offered by the press relates to the need for the government to do something.
The same goes for a quote from Barack Obama on Face the Nation last Sunday. “My inclination is to support it,” said Obama…”While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles.” What principles? Oh is doesn’t matter. There are more sound bites and reports to muddy the water. But Obama’s ‘inclination’ is what may best describe Obama, unsure on most things. The Reuters’ source for these quotes had this title, ‘McCain, Obama tentatively support bailout plan.’ .
McCain said he had urged Bush in a morning call to use the Treasury’s Exchange Stabilization Fund to expand the financial services it guarantees beyond money market accounts. He also said he urged Bush to require the Treasury use its roughly trillion-dollar authority to shore up mortgage values. This is a little more to the point and shows McCain wants taxpayer bank deposits, etc., protected and to keep property values from free falling. But the USA Today’s report excerpt is not a quote. It is the paper interpreting what McCain said. The only quotes in the piece say nothing like what is stated above. The McCain quotes offered mostly speak in generalities while the only specifics express a desire to raise FDIC insurance which both McCain and Obama support. Perhaps that is what the title ‘McCain urges Bush action on crisis‘ really means rather than what it suggests and what USA Today interprets from thin air.
Not to provide any cover for Barack Obama but no where in the brief AP report referenced above is there a quote from Obama saying anything like what is in the excerpt shown here. The MSM is helping the Democratic party in their search for political cover for complicity in the subprime mortgage mess which people are now calling the financial crisis, meltdown or biggest disaster since the Great Depression.
And headlines or titles from both Google and CNN in the next piece also cloud the issues. ‘McCain, Obama: Raise deposit insurance to $250000′ while true, Google, is not the title of the piece at CNN to which your link points.
McCain, Obama: Raise deposit insurance to $250000
CNN - 4 hours ago
(CNN) — The $700 billion economic rescue plan failed in the House of Representatives because people don’t think it will do anything for them, Republican presidential nominee Sen. John McCain told CNN’s “American Morning…..
And CNN’s title to their report is misleading as well. McCain: I ‘may fail,’ but Congress has to ‘get the job done’ Later in the piece a more complete quote from McCain is presented. “But if I think I can do some good, I’ll do it. I may fail a first or second or third time, but we have to get this job done for America.”
No where have these reports shown what they are trying to claim. That Senator John McCain supports the 700 billion boondoggle.is not accurate. He supports action, he supports, as does Obama, of raising FDIC insurance coverage and what needs to be done to repair the damage done by the subprime mortgage failures.
Here’s a view for you. Who is responsible for allowing the bank deregulation? The 1999 Gramm-Leach-Bliley Act broke down barriers between banks, securities firms, mortgage lenders and insurance companies. That deregulation repealed Great Depression-era bank regulations with the approval of former president Bill Clinton.
The House version of the bill was passed by 205 Republicans and 138 Democrats. The Senate bill was passed on a party line vote with Republicans voting yes and Democrats voting no. President Bill Clinton signed the bill into law.
As posted here earlier Senator Chuck Hagel and Senator Elizabeth Dole, both on the Senate Banking Committee as well as co-sponsor Senator John McCain offered a bill to correct problems with Fannie Mae and Freddie Mac, etc., and the bill died in their own committee. That was 2005. Senator Dodd is on the committee and has been Chairman since the Democratic majority was won in the 2006 midterms. He gets lots of money from banking interests as well as other members of Congress. How is it that not until the subprime mortgage mess exploded in the markets his chairmanship and the complicity of many other Democrats with Fannie and Freddie has not been front and center in the discussion?
The Community Reinvestment Act while not in itself a root cause to the subprime mess had its effect on the problem. Having banks lend money in areas from which
they receive deposits, including low income areas, is a good thing. The Dems signed on as it is right up their alley in terms of their claim to champion the little guy and help the less fortunate. So Fannie and Freddie begin increasing their involvement with low income lending. Over the years money flowed to Dems from Fannie and Freddie, more loans were packaged and as the real estate market bubbled and prices rose dramatically. When the classic good credit market was saturated, deregulated banks, Fannie and Freddie and others expanded whom they would lend to and reduced minimums to cover just about everyone. And the money kept pouring into the Dems wallets. While everyone looked the other way and got fat and happy the bubble burst.
So now who isn’t holding bad paper? Who is too big to fail? How is all this going to be paid for? Can Dems get political cover by convincing the GOP to vote with them?
Is there enough blame to go around? Certainly, there always is. But the Dems are backing the 700 billion boondoggle or as Michelle Malkin calls it, crap sandwich, and most Republicans are not in favor of it. 2/3 of the GOP voted against the bill this week. A surprising number of Dems voted against it. But a boat load of Dems and one third of the GOP in the House voted for it. Barney wants it. Chris wants it. Harry wants it. Nancy wants it. And go figure, GeeDubya wants it.

The Democratic party and their New Direction for America won the majority in Congress in November 2006. Their candidate for President, Barack Obama was firmly connected to ACORN. Beyond voter fraud, ‘community organizing’ and ACORN have a vested interest in the subprime mess. Dems in general have a vested interest in outfits like Fannie and Freddie. Chris Dodd and the Banking Committee had their chance since 2006 and before to head off this problem. And now they want you to do it for them.
So to whom does the majority of the subprime mess blame belong. You guessed it, the Democratic majority in Congress whose New Direction for America had plenty of opportunity to avoid the problem and did nothing.
Stanford Matthews
MoreWhat.com

This is an open trackback linkfest. It happens on Tuesday and Saturday or… Each linkfest is open until the next one starts. Trackbacks will be on the frontpage in a post called MoreWhat Matters. The Secure the Borders theme is intended as a reminder to all for obvious reasons. If you have any suggestions, criticisms, questions or just feel the need to communicate, trackback or post it in the comments. If you want to be added to Z’ Blogroll, register and/or inquire to make arrangements. The Honor Roll is reserved for blogs viewed as special by this blog’s owner.




In the midst of near financial hysteria worldwide and certainly in the US one of the players, in the crisis that goes by many names, is Connecticut Senator Christopher Dodd. He may not be getting all the credit he so richly deserves. When the Democrats won back the majority in Congress in the 2006 midterms and Dodd became Chairman of the Senate Banking Committee as well as his party’s claim that they would achieve a New Direction for America, Dodd offered the following quote.
Expected: Jewish groups criticizing others for meeting with the Iranian President. Unexpected: other religious groups meeting with the Iranian President. While one might not reasonably expect everyone to hold the same opinion on Iran on every issue, recognizing Ahmadinejad’s call for the destruction of Israel and therefore condemning the Iranian Preisdent and refusing to meet with him should be SOP for religious groups as well as political leaders. Since Ahmadinejad has been compared to Hitler it is not a stretch to view some recent events as similar to the coddling manner by which many also treated Hitler during his rise to power in Germany. And we all know what happened then.

At least for the view from this blog a major surprise comes from Josh Marshall at TPM and his account of the debate. WaPo ,above, being fairly even handed and a review from the Weekly Standard giving a weak nod to McCain even with a 7 to 1 score are not ‘wow’ reviews. But cringing before the expected acid bath from lefty Josh Marshall finds the following opening to his report.
The post game polls, other reviews not mentioned here and on and on leads this blog to hold with the initial reaction that this debate will do little to influence the campaign except to say that the pundits on the left are conceding victory to McCain and that is perhaps his biggest gain from the debate aside from the fact that Obama did look the rookie. So you can place a seasoned Senator in the White House and understand his positives will outweigh his negatives while leading this country or acquiesce to the flawed political ambition of a candidate with nothing more than an academic approach to understanding the role of President of the United States. It is your choice. It is our future. Let’s not mess this one up. 2008 for McCain and 2012 or 16 for Obama is a safer bet than the big risk of choosing a rookie now. While this blog would never vote for Obama, those of you who would may want to consider waiting until he may be ready. If he cannot maintain a presence in politics until the next Presidential election it will be proof enough he was never Presidential material. And if he really is Presidential material waiting four more years or so is no great risk. Certainly not as great as electing him now and having history prove the theory to be wrong. Think about it.
Whether intended or not several article titles at the Hill Dot Com may sum up the status on Washington’s efforts to do whatever they will regarding the financial troubles of late. The first title suggests Obama gave the GOP ‘an opening’ for movement on the bailout and that they might take it. But the second and third titles report Harry Reid says Congress will be in session next week and the White House hopes for a deal by Monday.
Then there is a Republican from Congress echoing a typical sentiment directed toward the Iranian thug President and a need other nations to interrupt his mission. After that at least the sequence of bloggers turn the attention to finance. One asks how the bailout will affect Americans and the other reviews the crisis. Okay, we don’t have a bailout yet so there would be some serious guessing going on there and the review touches on a more popular theme that ‘crony’ capitalism is the root of all evil in the meltdown and how checking history could keep us from repeating this in the future. To that is humbly offered this point. The S&L Crisis of the 80’s and the current financial failures such as AIG, etc., are only about 20 years removed from each other. So what are the odds under any circumstance that we will not see this again?
Below is just a sampling of the written testimony of James Terry, Certified Public Advocate, Consumer Rights League before the US House Judiciary Committee’s long overdue investigation into voting fraud. The Joint Hearing on Federal, State and Local efforts to Prepare for the General 2008 Election is a little late to the party with the election almost here. But late may be better than never unless the fraudsters have their way and nothing comes of it.
For those of you who do not believe Barack Obama is guilty of anything it is time you woke up and smelled the coffee. Open your eyes and look around. The evidence is all around you. Certainly you are smart enough to connect the dots on Mr Community Organizer, aka ACORN accomplice, who also conspired with William Ayers to rip off over 100 million with the Annenberg project in Chicago. You can also check out the notes from the testimony above regarding $800K to his campaign war chest and what it represents. There is also the campaign fundraising courtesy of Tony Rezko and lesser known associates to both the Obama and Biden campaigns. What trouble would anyone have seeing this for what it is…….the commission of a massive fraud with ties to Barack Obama.



















September 27th, 2008 at 5:34 pm eTHE HOUSES THAT RUBES BUILT…THE HOUSES THAT RUBES BUILTBy R.J. Godlewski© September 27, 2008, All Rights Reserved For years during the 1990’s people – friends, relatives, and casual acquaintances – dared to ask why Sara and I were squandering our lives away in small,……
September 27th, 2008 at 6:12 pm e[…] Trackposted to Diary of the Mad Pigeon, Blog @ MoreWhat.com, Rosemary’s Thoughts, Woman Honor Thyself, Right Truth, Walls of the City, The World According to Carl, Shadowscope, Pirate’s Cove, The Pink Flamingo, Cao’s Blog, Wingless, and Democrat=Socialist, thanks to Linkfest Haven Deluxe. […]
September 27th, 2008 at 10:42 pm eHow Many Passes Does Obama Get?…Apparently as many as he wants.Governor Blunt meets with Task Force Thunder soldiers while walking in the streets of Gnjilane, Kosovo. (Photo by Sgt. Anthonie Seymour, 70th Mobile Public Affairs Detachment, Kosovo)
If you haven’t heard by now …
September 28th, 2008 at 12:43 am eSen. McClintock 7, Charlie Brown 0…Sen. McClintock…is a straight shooter, intelligent, a fiscally conservative, pro-immigration/anti-illegal aliens, normal guy who really cares about…we the people. He ran against Arnold during the recall, and all the radio talk shows talked people…..
September 28th, 2008 at 4:34 am eAs our markets burn the Democrats fiddle…Nancy Pelosi sure knows how to help the situation when she says House Republicans are unpatriotic for not showing up for bail out negotiations ……
September 28th, 2008 at 5:30 am e[…] Trackposted to Blog @ MoreWhat.com, Rosemary’s Thoughts, Right Truth, Walls of the City, The World According to Carl, The Pink Flamingo, Wingless, and Democrat=Socialist, thanks to Linkfest Haven Deluxe. […]
September 28th, 2008 at 5:36 am eBarack Obama v. Freedom of Speech…Podcast Show Notes
Another Democrat New Deal problem or Obama tells us about FDR’s imaginary housing bail out.
Barack Obama threatens TV stations to get them to stop running NRA ads attacking him. (Hat Tip: Hot Air.)
Missouri Governor Matt Blunt …
September 28th, 2008 at 9:48 am eObamas Truth Squad Threatens Freedom of Speech…A bold maneuver, unprecedented in American politics, has pitted the Obama campaign against freedom of speech. Missouri authorities will pursue criminal charges against those who speak falsely against Barack Obama….
September 28th, 2008 at 4:30 pm eBarack Obama Is An Anti-American Pig…Barack Hussein Obama has finally come out of the closet, as he puts together a team of Missouri sheriffs and high-profile prosecutors, dubbed the “TRUTH SQUAD”, whose mandate is to (threaten to) prose……
September 28th, 2008 at 6:00 pm eMe and The Girl vs. High School Social Studies…One of the advantages of living with The Girl Who Feeds Me is that I get a view of what goes on in the modern high school through the lens of a healthy skepticism. Earlier this week, her social studies……
September 28th, 2008 at 8:22 pm e[…] to Carl, Walls of the City, The Pink Flamingo, and Wingless, thanks to Linkfest Haven Deluxe. Sphere: Related Content If you liked my post, feel free to subscribe to my rss feeds. Don’t forget to BlogrollPirate’s Cove! addthis_pub = ‘wteach’; addthis_logo = ‘http://i5.photobucket.com/albums/y164/wteach/pirate/addthis.jpg’; addthis_logo_background = ‘EFEFFF’; addthis_logo_color = ‘666699′; addthis_brand = ‘Pirate’s Cove’; addthis_options = ‘favorites, email, digg, delicious, fark, newsvine, technorati, facebook, google, live, more’; […]
September 28th, 2008 at 8:34 pm e[…] Trackposted to Blog @ MoreWhat.com, Rosemary’s Thoughts, A Blog For All, Right Truth, DragonLady’s World, Shadowscope, Leaning Straight Up, Cao’s Blog, Democrat=Socialist, Conservative Cat, Diary of the Mad Pigeon, , Allie is Wired, Faultline USA, third world county, Woman Honor Thyself, The World According to Carl, Walls of the City, Pirate’s Cove, The Pink Flamingo, Gulf Coast Hurricane Tracker, Wingless, Dumb Ox Daily News, and Right Voices, thanks to Linkfest Haven Deluxe. […]
September 29th, 2008 at 1:40 am eGeert Wilders: Man of the Hour…If I said it once..I will continue to shout:
Geert Wilders will perhaps someday be seen as the saviour of not only Europe, but the entire free world.
……
September 29th, 2008 at 6:44 am eStyle versus substance…The title really epitomizes the difference between Obama and McCain, but what it does better is represent the fact that the men are truly opposites on many fronts.
Take the most obvious. No, not black and white, but young and old. McCain is in his …
September 29th, 2008 at 5:23 pm e[…] Trackposted to Blog @ MoreWhat.com, Rosemary’s Thoughts, Mark My Words, Faultline USA, Political Byline, Right Truth, Walls of the City, Shadowscope, DragonLady’s World, The Pink Flamingo, Cao’s Blog, Wingless, and Democrat=Socialist. Also, thanks to Linkfest Haven Deluxe. […]
September 29th, 2008 at 6:36 pm eBreaking:Bailout bill fails…This has to be considered a shocker. The bailout bill failed in the House, and it wasn’t especially close. The final tally was 207-226, with Democrats supporting it 141-94, while Republicans opposed it 66-132.
Remember when: Democrats insist “n…