Not to worry. Darrell Issa is all over the crisis.

September 27, 2008

Washington, DC – Rep. Darrell Issa, a businessman and entrepreneur before coming to Congress, today offered a new proposal to protect the economy without a taxpayer-funded bail out of Wall Street. Under Rep. Issa’s plan, private investors would provide the capital for a Rescue Fund through the purchase of government issued Guaranteed Recovery Bonds. The Rescue Fund would be managed by the Treasury Department and would offer troubled financial firms interest accruing loans based upon their holdings of at-risk mortgage assets.

“My plan uses private investment and gives Wall Street the same liquidity as the Paulson plan and guarantees that investment firms don’t just dump rotting assets on taxpayers and go on to reap huge profits,” said Issa.

Hmmmm. What do you think of his plan?

CBS….Palin’s parents to be on with Harry Smith…Yes, who cares? Good Morning.

EPU’d
Over at HuffPo, RJ Eskow offers tips to Obama for next debate. Here’s some of what he thinks Obama should say:

When your credit card rate jumps up to 28% and you can’t understand why, that’s because of the policies put in place by Bush and McCain.

When you can’t pay your mortgage and there’s nowhere to turn, that’s because of the policies put in place by Bush and McCain.

When you can’t afford to fill your gas tank or heat your house, that’s because of the policies put in place by Bush and McCain.

When your health plan covers even less of your costs and won’t provide treatment that you or your kids need, that’s because of the policies put in place by Bush and McCain.

http://www.huffingtonpost.com/…..29895.html

Just as doofis as he is!

But you knew that.

Wow, BT, it’s a busy morning. My head is swimming. It’s really hard to deal with a situation where both conservative Republicans and progressives are teaming up against Pelosi and Reid. To me, the best of all worlds is for the bill to fail in today’s House vote and have the market end the day essentially even with where it opens. That would allow those who argue that we have some time to get this right some cover for moving ahead with a real debate on the issues.

When your child is poisoned by contaminated food that wasn’t inspected ….. that’s because of the policies put in place by Bush and McCain.

I have read or heard myriads of ideas from a variety of sources over the last few days many of them well thought out but not a bloody one promoting the idea of donating to wall street. The preponderance of opinion it seems to me is that we should let the financial institutions that are “failing” to drop to the market level where they should be without the ponzi scheme attached. If some of them are only worth 5 cents on the dollar so be it. If they do find the natural market level then they may well be a viable investment for those institutions, or private investors, and the other chaff can blow away. Also many suggested re working the Biden bankruptcy law and reinstating the regulations that Clinton signed away.

Aside: (I do not like the damn DLC)

viable investment for those institutions

Should read… that are themselves viable

and sadly, i think also clinton.

Wachovia has just been bought out by Citi Bank.

Wachovia banking. It’s interesting because all the online econ NEWS sites were speculating that it would be Wells Fargo.

Brother, can you spare a dime?

The interest and fees charged by Citi on their credit cards should make up for any shitpile losses. If people are dense enough to pay over 20% interest to buy that jet ski or big screen teebee, let ‘em.

I don’t have a head for all the details, so when Dodd said the other day that this is all very complicated, very, I didn’t feel as bad.

Mornin’, BT and pups. This is gonna be an interesting week. Man, am I ready for all my right wing acquaintances. Feel like a werewolf amongst a bunch of rich fat white people.

2 hits for 2 bits? Now, there’s a happy thought for a Monday morning, eh?

Blue Texan, I also got the same reaction from the Ministry of Truth when I posted on my blog about Sen. Susan Collins having an affair with a Tennessee GOP operative years ago whose wife had Alzheimers, after Suzie-Q went on a local radio station to point & laugh at Sen. John Edwards for doing the same kind of thing! Yep, within hours of posting, the link to it in my Google Alerts went to a ‘failed connection’ page and the other went to a porno site laced with a hard-drive corruptible Trojan.

Nice huh?

The Ministry of Truth has been very busy lately. The reich wingers don’t want any truth getting out! This is why they’re getting ready to observe the Jewish Holiday this week. They get their ‘truth’ from them and can’t stand it when an Atheist white American speaks the REAL truth to power! Spit.

Oops, President Bush is speaking. Ruined that hight right quick. :(

Coming soon at Raw Story:

Fired ‘Troopergate’ figure hands over more e-mails: Soon…

It is raining Burson Marstellar corporate lobbyists on CNN. Karen Hughes, brilliant communicator, and the brilliant Mark Penn work together. They are partners with a lot in common such as catapulting Irak War disinformation. They know that taxpayers should bailout their clients.

We need more corporate lobbyists on the tee vee, such as Carville and the brilliant Rick Davis. There are too many community activists and angry bloggers on tee vee now. After all, the tee vees do belong to corporations.

Good morning all,
Looks like congress is going to try to cut off the financial iceberg at the waterline

fyi – house is now voting on the rule for the bailout.

Howard Fineman this morning :
The Rubicon was crossed this weekend, when the deal was struck for a $700 billion federal takeover of the carcass of Wall Street.

At that moment, the conservative era in America, which began with Ronald Reagan’s election in 1980, ended.

It’s my view that it ended at Terri Schiavo’s bedside 3 and a half years ago.

Did you catch Pelosi on the Paulson segment of 60 Minutes last night? Cindy Sheehan might not be the best choice for her seat but a fence post would be better than Pelosi.

Amazing find from Musto.

Republicans are Evil at its most absolute.

[mod note: link possibly not safe for work]

It’s the underwater portion of the berg that’s the most dangerous.

One thing’s for sure, Steven Colbert is working on a bit about Bears and their DNA.

I wouldn’t follow Pelosi into a Seven Eleven.

TeeVee idiot says McSuperman saved the economy this weekend…whew! I’m glad that’s over.

She had the opportunity of a lifetime and walked away from it. Just another slug addicted to wealth and power.

As an American I have lost trust in the present government to do what’s right.
bush destroyed my trust with the signing statements and selective enforcement, so no matter what congress passes it’s unenforceable.
My gut feel is the collapse has already happened like a house of cards is in a gale. Bailout to fascism isn’t the answer.
The Insurance company we took over last week, AIG, wasn’t insuring tangibles rather extreme fraud and there is no way to make that solvent.
Impeachment ,w/ a go to jail card ,after the bush family’s ill gotten gains are stripped was and is the only sensible, sane answer.

Jesus, we can’t even call them water carriers anymore. Honey bucket carriers is more like it.

I have to say, the whole language on this bailout has NOT been made public long enough…

I would recommend flooding Pelosi’s office with calls for more time for the public to view it.

DC office: 202-225-4965

Called Dennis K’s office this AM to confirm the Repug rumors that Pelosi declared Martial Law last night (mentioned i previous thread). They had no clue and said they could not address it. They suggested we call Pelosi’s office for clarification.

agreed. and the special rule was written by the house rules committee late last night and has already passed on the house floor. debate is limited to 3 hours and, i expect, will begin soon as soon a current vote is complete.

Yes I saw Pelosi. What a corp/estab tool. The wearing of a hat that says democrat does not a democrat make.

#27 You got it

Goddamn Patriot Act scam again. We don’t have time to read the bill or consider the consequences, just pass it. Think I’ll convert my torch into a thermal lance.

I watched the Burgess and Kaptur videos last night. I then did a search on Yahoo News on martial law and couldn’t find anything. Has anyone tried calling Burgess’ office for clarification?

yes. i’ve been following the house morning actions at oxdown. don’t know if thats the right place to do, but i’m watching so i might as well comment on it.

Question about the debate: Did McCain call for a sepnding freeze kinda off the cuff? was that him talking?

Her office now seems to have “voicemail” in order to avoid getting timely messaging on issues.

As soon as the phone is answered, just state slow the bailout process down for the people to read the bill before it is passed.

If you get sent to her voicemail, try her SF office and get on the backs of ALL your REPS especially Dems. 1-415-556-4862.

Got through to Pelosi’s office. The “Martial Law” issue is a total fabrication and politics as usual.

They did listen to my call the second time when I mentioned to SLOW the bailout bill down.

I told her office to work to clarify the Martial Law fabrication ASAP and that if she does not slow the bailout process down, she’ll do a darn good job of killing the Dem party and she better use her power responsibly to slow this down, otherwise; she may have a Boston Tea Party on her hands.

They were nice and said they were getting lots of calls. People CALL!!!!!

I just called Burgess’ Washington office. The young lady who answered the phone gave a long pause when I asked her if she could provide clarification of Burgess’ statement yesterday on the floor of the House that Pelosi has declared martial law. After the pause, she said that she could not comment on it. I then asked if she was saying that she could not provide any information on whether Burgess had any basis for making the statement. She said that was the case, but that she would take my comments. I then told her that I would like for the Congressman to provide further information on his statement and that even though I am a liberal Democrat I appreciate his hard work on trying to prevent passage of the bailout bill as it stands.

Now I’m scared. It’s easy to come to the conclusion that Burgess was not supposed to say anything about this but it’s true.

The staff listens very politely, gives encouraging responses and that’s the end of that. Pelosi and the Dems are going to sell us out. Again. Not a one of them smart enough to see an open pit trap right in front of them.

I sure hope you’re right.

James Galbraith on the bailout:

The present slump is national, and it can’t be cured that way. But it could be resolved in three years, rather than 10, by a new Home Owners Loan Corp., which would rewrite mortgages, manage rental conversions and decide when vacant, degraded properties should be demolished. Set it up like a draft board in each community, under federal guidelines, and get to work.

http://www.washingtonpost.com/…..03033.html

William Isaac on the bailout:

Also weighing in on the bailout last week was William M. Isaac, former chairman of the Federal Deposit Insurance Corp., who pronounced Congress’ rush to spend $700 billion on questionable assets “disheartening.”

Isaac proposes revisiting a 1980s-vintage FDIC program that buoyed problem savings and loan associations by issuing them promissory notes they could use to shore up their capital base, allowing them to start lending to worthy borrowers again.

He also says the banks should get relief from an onerous accounting requirement known as the “mark-to-market” rule, which forces them to declare values on mortgage security holdings that reflect only their short-term worth, which in a troubled market may be far below their real value. The markdowns, he argues, have contributed heavily to major banks’ huge reported losses, sapping investor confidence.