The NYSE down 777 bleeping points today? Bleep.
I just saw this Moveon ad on television:
Paul Krugman has been keeping up. See “21st century prewar crises,” “Bailout questions answered,” “OK, we are a banana republic,” “Politics of Crisis.”
Krugman quote: “Just worth pointing out: Henry Paulsonâ€™s decision to let Lehman fail, on Sept. 14, may have delivered the White House to Obama. ”
Go, Moveon. I was disappointed in the debate when Obama left unanswered McCain’s charge that Obama had the most liberal voting record in the senate. It would’ve been so easy to defend liberalism in the face of conservativism’s last eight years, and I’m waiting for the politician who will the guts to start the rehabilitation of the word “liberal”. This ad – albeit not from Obama – starts in this direction.
Was in swing state Nevada over the weekend, watching both sides’ TV ads. Obama’s are along the lines of his two minutes chat directly into the camera, addressing the concerns of ordinary people. McCain’s ads are visually effective – frightening the viewer by showing the ominous shadow of a large and growing government, due to taxes and spending – covering the land. Never mind how completely disconnected from reality this ad is – how I wish our side would directly rebut it, since it’s really a central theme of the McCain campaign.
I am pissed. Thie bailout was not exactly what I wanted. For one thing it was designed ‘top down’. Fix Wall Street to save Main Street. But I was willing to sign on to something imperfect because of the urgency. We tried; we really tried. Now I really feel like hanging back until after the election. Those in the House who voted against, because they did not want to take the heat, let them explain in a month to the voter if the Dow is down 1000 more points and there is NO credit, and unemployment has spiked. Anyone who voted against the bailout (Dems included) can take the heat when the voter feels the pinch.
For the moment, hold hearings. Talk to economists. Design a progressive plan for next year, post-election. Obama stands a better chance of securing the presidency. Democrats can play politics for the next month and pick up more seats. Let Dodd, Pelosi & Reed educate the Democrats and the voters. And next year, lets introduce an answer worthy of the problem.
Can we afford that type of wait? I heard we lost a trillion dollars today. I am shocked that they went home until Thurs. Maybe by then they will understand this isn’t something to act like a three year old about.
To say, we were going to vote for it but a speech didn’t say what we wanted it to.. so we changed our minds….
guess they will get a clue when they check out their stock balance…
Just boggles the mind doesn’t it?
S – I expect the Dow to drop 1 or 2 trillion dollars more – this week alone. And NOT bounce back. Car sales are flat – no one can get credit – even if they have sterling credit. Translate that into auto dealerships closing, auto makers laying off. College loans are getting tighter; they will become impossible. The repercussions are global. The Asian markets are tanking as I write.We have 600,000 jobless since January. Expect that number to double by Innauguation day. (Just my guess)
The voter has not twigged yet that this is not just a problem for folks when they ‘check their stock balance’. So phone calls to Congress are running 500 to 1 against. It’s gonna take some serious pain before the voter understands. It’s not a kindness to hang a man slowly. We can’t help Americans against their will, so we have to let the full weight of the voters folly fall on them and us, so they will support radical reform.
The last ‘New Deal’ was born of the Great Depression – looks like the next ‘New Deal’ will have to be the product of the New Depression.
The dems need to walk away from the bush plan. bush has given them no reason to trust or believe anything he has said. Blame the repubs in congress for the impasse and go home and work to get Obama elected. bush can just sign one of his signing statements and fix his mess himself.
I don’t think bush has a plan other than to go home soon.
I have only heard of it as the Paulson Plan or maybe the amended Paulson Plan or Dems’ plan.
Guess now we know why the troops are being redeployed to the US. As an aside, Paulson must have told bush they are going to be mad enough to come after YOU by Oct. or Nov. when $h#t really hits the fan.
btw.. my Mom says things are rough during a depression, but everyone is pretty much in the same boat so you make do.
s — the problem is that people will still be saddled with the loans and mortgages they obtained before the depression.
Yes, if they haven’t already lost their homes, something should be done about the rising interest rates. How long ago did the repbs
change the bankuptcy laws? If they already knew there was a financial problem was that to make sure anyone getting a variable rate loan was screwed?