Sunday, September 28, 2008
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A Responsible Exercise of Representative Government
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Posted by:
Hugh Hewitt at
7:46 AM
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The outline of the deal reached by legislators and the Administration represents not just the restoration of confidence and liquidity for Wall Street and thus a breakwater for Main Street, but also a reassuring return of purposeful legislating by the Congress. I expect not to like many of the details, but my party is in the minority on the Hill, and cannot expect to carry such matters. President Bush and his team have been acting responsibly throughout this crisis and continue to do so. The most talented and mature Republicans in the Congress --I single out Senator Jon Kyl as I interviewed him on Friday and can thus say with assurance that he has been working hard to resolve this incredibly complex and perilous situation-- have been working to assure the package does what it has to do with minimum long-term disruptions to the market. From the account in the Wall Street Journal, Speaker Pelosi also played an important role worthy of her office in bringing the negotiations to a close. All Americans should thank her and the other responsible legislators for working to get this done before the markets opened on Monday.
As Bill Dyer notes below, John McCain has also been working hard to rescue the rescue, demonstrating a presidential temperament that will serve him very well if he is elected and must work with Democratic majorities. (For an account of Senator McCain's conduct in the White House meeting, see my interview with White House Deputy Chief of Staff Joel Kaplan.) The next question is the the response of the House Republicans, which I hope follow that of the Senate GOP and the Administration. Some will not be able to sign on, I suppose, because they genuinely believe the package to be a disaster. Any sincerely held view should be respected, but I think the majority of the GOP House members will recognize that this is one of those rare moments where they must act as the Democrats did after 9/11 and through the following year --they must act to shape but not obstruct the will of the democratically-elected majority and the president in the course and aftermath of a crisis.
Such episodes as the one we are going through are always watched closely around the globe, and nowhere more so than in emerging democracies like Iraq's. If, as appears likely, the two parties which are on opposite sides of a deep ideological divide can work together to resolve a crisis and then immediately return to throwing hammers at each other for five weeks, this will be as great an example of the wonders of our system that can be imagined.
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Your Dem Buddies control both chambers of congress now.... Why do they even need us Reeps... Get in there and pass the Bill.
Oh wait, that would be a problem wouldn't it??.... It might look like they were using Generations of Tax Payer Dollars to cover alot of bad choices that they have made over the last 13 years.... |
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You are about as bright onn this issue as your football team is competitive...
The Clinton Administration pushes through legislation requiring Loans to sub-prime customers (folks that are probably like yourself)in 95';... at the time, property values were increasing across the nation and The First Black President wanted lower middle class people to be able to participate in these gains;
Clinton helps to create Fannie May and Freddie Mac and puts his buddies in as CEO's... That would be Franklin Rains and Obama's VP Hunter Mr. Johnson.... These folks of course "buy" bad paper and insure the Lending Institutions that the Government will cover them (all the while stuffing millions into their own pockets).... Oh, and btw, Clinton's Admin forces these Lending Institutions to do the loans visa via the 95' law;
In the early 2000's (after Clinton has long since pelfered goods from the WH and pardoned Community Organizer's Orginizer, Bill Ayers) it became clear that there was alot of air in the housing bubble and that the sub-prime folks may have loans that they are not able to pay back....
In 2003, "W's Admin" tries to push "watch dog" legislation in order to try and keep the bubble from bursting... Your Buddies, Barnie Frank and good ole Senator Dodd, along with your congressman Maxine Waters, block the legislation and proclaim the Fannie May and Freddie Mac are under good stewardship and do not need the legislation.
In 2005, McCain tries to come in again with "watch dog" legislation, but again your democrat buddies block it....
In 2008 the Bubble Bursts and the "W Admin" tries to save it, while your buddies attempt to support "the attempted save" all the while pointing fingers at "W" for not doing what he tried to do in 2003.... Now don't you feel ignorant? |
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Just curious, have you ever held a substantive job and paid any taxes?
Are you a college student or a person clinging to their past.
College students who promote and vote for socialism as they produce nothing and take on grants, loans and scholarships from hard working people (even if it is only from their generous parents) should not even be allowed to vote. It is an immoral thing to the hard working citizens of this country.
Michele - great post!
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the republicans controlled congress 12 out of the last 14 years and the presidency for 20 out of the last 20 years and the democrats are to blame?
give me a break.
first of all the wall street journal reported that 65% of sub-prime loanees could have qualified for a 30 year fixed.
freddie and fannie had only 1% of subprime loans.
besides that is not the problem, the problem was liquidity of banks. |
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WE have not had a responsible government for some time. This bill accomplishes one thing: it moves us ever closer to socialism. The left wins incrementally. They created this crisis as a means to increase government control.
As long as the libs control education and keep turning out people who do not take personal repsonsibility and who think that the government's purpose is to solve every problem, conservatives are fighting only a delaying battle.
There is little hope for America in the long term apart from a revival of the moral sensibilities of the people. |
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http://www.youtube.com/watch?v=H5tZc8oH--o |
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right up the Libs "Ask me and I'll tell ya"...
This is a problem manufactured by the Dems and delivered right smack dab on the Backs of the poor Folks on Main Street.... Now they are doing their typical Lib Shuffle... It's everybody elses fault but theirs.
It may take a week or two to get the true story out on this, but it's a comin and I don't think that the Dems are gonna like the response of the folks... Y'all are a miserable bunch.
If you want to be educated on the issue here is a 10 minute video from U-tube.... You have to read fast, but the music is good and it's worth the listen.... at least the first 8 minutes are...
King Libtard, UCLA Swimmer (btw, is your swim team as hot as your football team this year?), Dudley and your other wacko buddies need to go back to the KOs and leave the smart people here alone... |
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Watched her the other night. I'm afraid Palin is clueless toast. Good-looking, clueless toast. Vanilla from Wasilla. McCain did her no favors picking her for VP. Hope she has a two-way ticket. |
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40+ states for McPalin. You'll get your treasured thong in a major twist on Thursday. Then you'll be bee-yotch slapped to mush for 4-weeks more.
It's 527 time, Boyo. Can you say Billy & Bernardine Ayers with the Voice Over telling their story, their Maoism and their close-up relationship with The One? Ya know, over their 70's FBI Most Wanted Fugitives posters and Bad Billy standing unrepentantly on our flag in color.
But first will come the amazing & gorgeous Sarah handing Slow-Joe his tiny testicles on Thursday & giggling girlishly whilst she does it. |
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Say what? You are very mistaken that everyone has been partying hard blah, blah. The truth is that many millions of us (like the 90% who have been raising hell with their representatives from both parties) have been living within our means and delaying gratification etc. Now we get saddled with part of the bill for the excesses of others and you include folks like me along with the partiers for deserving blame? Dude. |
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"...Speaker Pelosi also played an important role worthy of her office in bringing the negotiations to a close. All Americans should thank her ... for working to get this done ..."
It's official Hugh: you're an effing idiot.
This worthless bag of pus is genetically incapable of responsible behavior of any kind, and has proven it time and again. Her "unpatriotic" comment was par for her clover-patch of a course.
Head : Tail
Capiche? |
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I couldn't agree more...now Pelosi and the surrender monkey are putting Dodd and Mumbles in charge of the hen house. Pls. watch this video:
Burning Down The House: What Caused Our Economic Crisis?
http://www.youtube.com/watch?v=H5tZc8oH--o
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Playing "yes-but" to Barney Frank affirms the basic correctness of Barney Frank's point of view. You can't agree time after time with Democrats and then get chosen to replace them. Republicans will always be the second choice of "progressives". Always. You're pinning your election hopes on ethical violations or some other personality quirk.
Fight for a good plan. Kill a bad one. "Obstruct" with pride! The details of the plan are not something to be shrugged off on the altar of "responsible" government. They are the deciding factor in whether we commit to it.
"Bipartisanship" is usually a bad idea because our parties separate on key principles and "bipartisanship" is only possible when one party yields their principles. Power will go to the party that does what is "right" without regard to "losers", to the Clintons and Newts who kept their hands clean of "bipartisanship".
We now will have doubled our debt this year, and spend 2009 looking to dump hundreds of billions in equity in Wall Street. Is that something to celebrate? Is it responsible? Then why do it? |
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This thread has not turned out well for King Liberal. |
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This is a duplicate of the immigration cramdown. It will be devastating to the future of the US economy. |
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you know something is not right.
When George Bush gave his speech last week, Nancy Belalegosi said she was "pleased" with what he said.
I can't think of an instance in the last 4 years when she sided with the President.
It doesn't smell right. |
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Of course this has not been reported, Paulson told Sen. Graham he needed McCain's help. Which Sen. has value? McCain
From the Election 2008 channel »
Schieffer: Paulson Pleaded for McCain to Save Bailout
http://newsbusters.org/ blogs/ mark-finkelstein/ 2008/ 09/ 25/ schieffer-paulson-warne...
So much for a "stunt." John McCain got involved in the bailout negotiations after Treasury Secretary Henry Paulson told Sen. Lindsey Graham yesterday that the bailout plan would fail unless McCain came in and brought balky Republicans aboard. That's what Bob Schieffer reported on this morning's Early Show. Schieffer's account stands in stark contrast with the allegation by Dems like Barney Frank and their MSM cohorts that McCain's moves of yesterday were nothing more than a political "stunt." Here was Schieffer speaking with the Early Show's Maggie Rodriguez at 7:05 AM EDT today:BOB SCHIEFFER:
3 days ago
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other things.... BRIGGSY
The employer of Barrack Obama when he was a Community Organizer.
That's were he learned to steal from the rich and give the the poor. |
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Ok guys. Everyone vents - and I imagine will for awhile yet. No politician wanted this problem dropped on their desks five weeks before the general election. Is it good - who knows? But can we risk doing nothing, no matter who we're furious with, or over what? Maybe everyone of both parties needs to look in the mirror once in a while. Did you enjoy believing the economy was doing fine for the last 5 years - even though you knew very well that the Fed was pumping low interest money to the banks who were furiously lending it. What did everyone think that 1% money was for? We knew we were hustling debt to anyone foolish enough to take it. And since the lower end of the ladder is occupied by more foolish 75 IQ and less types than the upper end, where do you think they found the gullible people to buy all that debt so that we could all pretend everything was fine as we recycled $4 trillion in that funny money to employee all of us wonderful folks?
And what did you think about 8 years of average budget deficits that pumped over $4 trillion of your "borrowed" dollars into the economy to create jobs. Didn't that enable everyone to pretend that the economy was fine as well?
We're in debt. We knew we were in debt.
And where were all of your screams then. Or weren't you getting the same 30 or 40 direct mails monthly in your mail box hustling those no down, no doc, no principal or whatever loans that everyone I knew was getting?
Enough with the complaints. We partied, we spent $8 trillion in borrowed money over 5 years so we could brag about our low employment rate - and now we're paying the bill.
And believe me - the bill always comes due. so, swallow hard. Nothing happened that anyone with a scintilla of intelligence couldn't have known years ago would happen if they wanted to - including all of you on this board. And, if you were partying too hard - well, that's the price you pay.
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Hugh, I'm not with you this one.
Pelosi is never part of a solution without a political payout. Pelosi, Dodd, Reid, Frank to name just a few are out to cover their a**, and nothing less.
I will never believe in socialism, and we are about to enter that world. Yes, I will be paying for those that were irresponsible, when I wasn't.
But, what bothers me the most is Congressional Crooks, Dodd and Frank, are at the fore front of all of this. The Democrates as a group promoted bad loans. Republicans, Pres. Bush, McCain constantly tried to legislate on this and were blocked by Dems. There is video tape and bills records to back up these facts.
If Dodd and Frank, and who ever else is involved are not put under oath in a court room there will be hell to pay.
I will be doing my part to make sure Washington knows how I feel, I hope some of you will join me. |
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Obama said,
Washington - Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street. |
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Hugh suggested kudos were due for Speaker Pelosi; I have a different take. Yesterday, I watched Pelosi approach the microphone and sarcastically welcome the House Republicans to the negotiating table, commenting that they were un-patriotic not to have been present earlier.
Now, I don't have any inside information about why they were absent, if they were excluded, or, if they refused to attend because they were told they would have no input, but for the Speaker of the House to call her colleagues "un-patriotic" when the financial markets are teetering on the precipice of Mount Everest, facing a deadly fall into disaster and oblivion, and when you want their votes, her comments are not only stupid, but irresponsible, immature, lacking any evidence of grace under fire, and just plain dumb.
Now I would consider kudos to Pelosi and Barney Frank, if they took to the microphone and announced they were both resigning: she, because she failed to lead when warnings were everywhere; and, he, because he refused to heed the many warnings including Treasury Secretary Snow and Fed Chairman Greenspan that it was imperative his committee fix the runaway debt being accumulated by Fannie Mae and Freddie Mac, Barney Frank preferring instead to defend Franklin Raines of Fannie Mae - apparently the recipient of some $90 million in six years - and these institutions.
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@Hugh -you are always on the wrong side of conservatism. Remember your support of Harriet Miers, McCain-Kennedy Amnesty Bill and now the $700B Bailout Bill?? How can you say you are against socialism is beyond me. You do nothing but promote it.
"I single out Senator Jon Kyl as I interviewed him on Friday and can thus say with assurance that he has been working hard to resolve this incredibly complex and perilous situation-- have been working to assure the package does what it has to do with minimum long-term disruptions to the market."
All Kyle did was nothing short of fear-mongering. He was for the original Paulson plan, so, please don't try and paint him as the "most talented and mature Republicans in the Congress". He was also for the McCain-Kennedy Amnesty Bill. AZ is not happy with Kyle -he won by a small margin in 2006. My new hobby will be to make sure he is not reelected as our Sen. here in AZ. If McCain votes for this bailout bill (which I am sure he will) he has also lost my vote in Nov. The only heroes are the House Republicans who are actually listening to their constituents.
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Yes, the Dems did create the subprime market, by forcing lenders to make loans to low income borrowers who could not qualify for conventional loans. Lenders who failed to make their annual CRA rating, based in large part on the percentage of loans actually made to low income and minority borrowers, faced penalties and were refused regulatory approval for numerous business decisions. The only way for banks to comply with these regulations, promulgated during the Clinton administration, was to lower their underwriting standards and to create new loan products--low or no down payments, variable interest rates and ultimately the infamous NINJA (no income, no assets, no jobs).
Fannie and Freddie injected steroids into the mess by buying more than $1 trillion of these subprime loans. Lenders like Countrywide and New Century, fueled by mortgage brokers, pushed loans apps by the tens of thousands without worrying about a borrower's ability to repay, because they knew Fannie and Freddie would take them off their hands.
Fannie and Freddie then packages and sold these risky loans by the thousands as mortgage backed securities. Bear Stearns and Lehman marketed the MBS program as just as safe as treasuries but with higher yields due to the implicit government guarantee of Fannie and Freddie.
The home market bubble then burst, setting into motion the failures in the financial world that started last year. Make no mistake, however, all of this started with Dems in Congress, spurred on by ACORN and other liberal groups, changing laws to boost home ownership of low income and minority people. This was financial crisi was caused by social engineering gone bad, not the free market. |
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Absolutely. This happened, in spite of the Reeps, not because of them. Bush, I must say, has shown a leadership that I did not know he had in him. I guess the 7.5 years of job training has taught him a thing or two. His speech was superb--explaining difficult and counterintuitive concepts in plain language. And by not indulging his instincts to castigate the opposition, he created a framework by which real work could be done. But the Reeps in Congress, led by McCain, looked for opportunities to make political hay. Hilarious that Hugh is taking bows. Pathetically hilarious, that is.. |
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Nobody--even the staunchest Boomer capitalist--seems to mind socialism when their own skin is on the line. Last night, on SNL, in addition to the spot-on takedown of Reep VP candidate Sarah Palin, there was a funny line on Weekend Update. Amy said something like: "the problems on Wall Street are spilling over to Main Street, and the federal government is stepping in to help out. However, Martin Luther King Blvd? You're still on your own."
The bottom line is that democratic capitalism is a balance between sometimes contradictory systems. The public interest must be represented. When we democrats (and we are all democrats, we are all capitalists) make that argument, they call us "socialist"--as though we are one step to the Soviet gulag. It is outrageous nonsense--dishonest to the core. A dishonesty now manifest with the bailout, even with their stupid mutterings about low income loans and Freddie and Fannie. They are still blameless as eight year old girls, but now they are "socialist" too. |
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"President Bush and his team have been acting responsibly throughout this crisis and continue to do so."
Huh????? Bush and co. were about to give treasury secretary dictatorial powers to spent 1 trillion plus dollars!!!
"I single out Senator Jon Kyl as I interviewed him on Friday and can thus say with assurance that he has been working hard to resolve this incredibly complex and perilous situation"
Huh??? John Kyl?? -last week he was willing to sign 0n to the deal
"The next question is the the response of the House Republicans, which I hope follow that of the Senate GOP and the Administration."
Huh??? It is ONLY because of the House Republicans that that monstrosity didn't pass.
They are the heroes here ,Not Bush,Not McCain, and most definitely NOT JOHN KYL
Dave M. |
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1. Don't feed the trolls.
2. A huge thanks, also, to John Shadegg. He's one of the best there is. |
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House GOPers are fighting mad at Pelosi beacuse she won't make a deal with Bush without the House GOP members agreement.
Is this funny or what?
When will the House GOPers accept personal responsibility instead of being back seat drivers. |
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It may seem paranoid but is anyone considering that the current problem might be sabotage from persons in the mid-east with lots of money and ability to manipulate banking systems. Or better yet a Democrat underhanded move to enhance the election of Obama to the Presidency. It just seems awfully coincidental that this is occurring in the final weeks of a Presidential election. Just saying?
Also, the whole lot of Congress, both parties should be thrown out on their fannies and never allowed to be on the public dole again even as a dog catcher!
checkers |
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LOL. You don't really expect anyone to believe that do you? LMAO |
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a not-for-profit debt counseling organization.
ACORN can be a valuable ally in getting defaulted loans performing again.
The biggest factor in creating more Democratic voters isn't groups like ACORN.
It is quite simply the nation's disappointment in the results of Republican governance. |
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Hugh, I can only conclude you had major funds at stake in one of the institutions about to go belly up, otherwise why on earth you would be praising the people/party that brought the problem about in the first place? It makes no sense.
The House Reps should have told the Dems to pass the bill without their support or change the whole thing to a market based plan. Paulson is a lefty and Wall Street insider so his plan appears to be looking out for his 'boys' at other people's expense, the Dems are just a bunch of corrupt politicians, 'W' looks like a fool, dunce, or Rockefeller Rep, and, Hugh, you look like a self interested member of the MSM and a self serving shill for crony capitalists with this blog post. I will never again give you any credibility on anything. |
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I would come more to liking this bill if it really was in our interest but I doubt that, the people 'fixing' this problem are the ones who made it to begin with,, and Acorn getting a piece of it makes me believe there is a pay off here some where. Another thing,,they say the taxpayers should be paid back with the profits it might make. Well, the only way to do that is to put it in our social security fund. |
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I have no assurance that this is a good deal for America. From a WaPo article this morning, "Under the agreement, the president would be required to propose a fee on the industry if the government has not recovered its money through sales of the assets within five years." IMO, this kicks the can down the road past the next election and would allow whoever is president at the time to tax the crap out of the industry. How about an assessment by July 1, 2012 so voters can pass judgment on the issue before another presidential election? It sounds to me like the Dems are getting ready to write "SUCKER" on the heads of trusting Republican leaders - in lipstick! |
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country ahead of party.
The Democrats caused this problem. They have done their best to sabotage this effort during negotiations. And the Democrats will do their best to ruin the implementation.
Their is no such thing as bi-partisanship. The Republicans are flawed, but adults. The Democrats are brazen, power-grabbing monsters.
If our nations survives this, it will not be because the Democrats are pulling together with the Republicans, it is because the Democrats get too distracted with the next crisis. |
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thank goodness he has finally showed up to issue a statement Sunday. He must have been busy Saturday.
{Democratic presidential nominee Barack Obama, in a statement Sunday, said that "failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security."}
-AP
Good work during the crisis, Barry. |
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I think we have a right to see a draft so we will know exactly what it is we are going to be paying for. |
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A loan program was a much better deal. We just handed close to a trillion dollars to the government--the same corrupt and incompetent government that caused this mess.
Bush has veto power and Pelosi would not pass a bill without significant Republican "cover," especially in the face of a veto.
I am embarrassed by my President. He didn't fight for reforms like he should have early on. He didn't educate the public about who caused this mess--making Dodd, Obama, and the others who were on the take famous. And he allowed Paulson to present this mess in a way that scared the public, caught McCain off guard, and ensured that Obama wins the presidency.
The only way to have fixed this mess was for Bush and the Republicans to do the right thing and stand up for a loan program, not an asset buying program, coupled with insurance to lower the cost. Instead, Bush gave a victory to the Democrats, and he did not watch the back of McCain and the Republicans before he presented this boondoggle or when they were fighting for a better deal.
Thanks Bush and the senate Republicans for a trillion dollar social program to be governed by the Democrats in power; and thanks for ensuring that Obama is our next president. |
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Every once in awhile we have to put country ahead of politics.
King Liberal, do you stay awake at night hoping that HH or someone on TH post something so you can't spill your vile comments. Take a breath, I know liberals are only on one track, hate everything, hate, hate, hate. But give it a rest. This was a major accomplishment for the country and believe it not, all members of the legislature and executive branch worked together to get it done.
Try reading history sometime, this is the way that congress used to work before partisanship.
As for McCain, you have no idea what he has been doing the last few days, except when he went to the debate. He could have been sitting in his room in Washington, joking with his buddies and reading the press clipping from the debate about how "even" it was, even though most of America except for the MSM though he won hands down.
The point is McCain was acting as a SENATOR who was interested in the country and the crisis that we faced, not his campaign and ignoring the situation as much as possible like Obama. Did Obama really think anyone would really call him for anything that needed legislation, a junior three year senator whose only accomplishment has been conning the Democrats into running him for president. By the way, where was Senator Slow Joe during the biggest crisis in US finances since the Great Depression (Reid's words not mine)?
Everyone needs to thank their congressional representatives both in the house and the senate for this monumental accomplishment. That is, except those that were nowhere to be found, because they were out serving their own self interest instead of the country's.
rplat, even a stopped watch gets the time right once a day. This is Pelosi's once in a lifetime acheivement, with the help of a lot of people behind the scene such as John McCain.
Thank you, Jon Kyle, John McCain and Gabrielle Giffords. my AZ reps.
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It's is beyond me why so many of our Republican representatives are going against our WILL and supporting this monstrosity.
This financial problem is either very great or very confusing to everyone, including myself. However, I don't have the facts that they do and I must bow to their wisdom.
Time will tell who is right and who is wrong on this issue. No one can know the future but we can attempt to "predict" the future by projecting the past forward to get some idea of what "may" happen. Knowing how we got here and knowing democratic/republican behavior patterns, I see a troubling future for all of us. I could be wrong, and often I am wrong, but I am very worried that this will NOT instill the confidence in the market that everyone is hoping for. If it does not then may God help us all for we have now fired our biggest weapon at this thing and if it keeps charging at us then we are financially DOOMED. |
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KL you sound like a pathetic whiner, evidently you didn't go read the community reinvestment act, that was headed by your party, of course you didn't, why would you read something that would make you look like a total NUT! The Dems need to pay for this error! It should come out of the pockets of Dodd, Schumer, Reid, Pelosi, Rangel, Carter, and all others that had their hot little Greedy hands in the Pot! I say that the Patriotic Left should stand up and pay for this, Wouldn't that make JOE BIDEN Proud that his party stepped up and shows their patriotism and accepted responsibility for their actions. KL the only reason your party is so pathetically POed about this, is because they got caught and their names are now going to be highlighted to the PUBLIC! I say KUDO"S MCcain!!! |
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Right Hewitt . . . we're going to thank Pelosi. Good lord man, you need to cut back on the caffeine and take a long vacation. |
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The reason OBama knew the Repub proposal is becaue Paulson sent emails to Goldman Sachs to pass along to Obama, to HELP Obama..
Why does Bush appoint career Democrats to lofty positions? OVer and over and over again?
He just gets kicked in the teeth every time he tries McCain's favorite word 'bipartisanship'.
It takes two to tango, and the left takes whatever Bush gives them and then runs him down in the street with it. |
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The problem was caused by leftists using GSEs as an end-around for socialism, buying houses for the poor with what turned out to be tax dollars. Now the 'rescue' comes replete with pork for ACORN and others, more tax dollars to elect leftist candidates... does the latest bill get rid of the billions in funding for ACORN and surrogates?
I GOTTA know before I can get behind it. |
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