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Slouching Towards Washington to Be Born
The House is set to vote on the bailout bill today, leaders optimistic that a week of arm-twisting and sky-is-falling commentary have made the job easier.
Black lawmakers said personal calls from Democratic presidential nominee Barack Obama helped switch them from "no" to "yes," as Republicans and Democrats alike said appeals from credit-starved small businessmen and the Senate's addition of $110 billion in tax breaks and other sweeteners had persuaded them to drop their opposition.
"I hate it," but "inaction to me is a greater danger to our country than this bill," said GOP Rep. Zach Wamp of Tennessee, one of the 133 House Republicans who joined 95 Democrats in rejecting the measure Monday, sending the stock market plummeting.
Others said they were agonizing as they decided whether to change course and back the largest government intervention in markets since the Great Depression. "I'm trying desperately to get to 'yes,'" said Rep. Carol Shea-Porter, D-N.H.
The key to flipping House votes is not anything Obama or McCain have done, or any demands by the Republican Study Committee conservatives who torpedoed the bill last week. I keep hearing about scared constituents calling up their representatives and asking them to do something. The change from 10 to 1 anti-bailout calls and e-mails to 50/50 anti/pro-bailout calls is what's greasing the tracks. The key difference in the Senate roll call and the House roll call: Vulnerable Republicans (there are basically no vulnerable Senate Democrats) voted for the bailout. Those of them concerned about John McCain's campaign also know that he can't really win if any more time is spent talking about the economy.
|10.3.08 @ 9:33AM|#
You guys are really running the Yeats references a lot. KMW the other day with the "gyre", etc. Can we get some Shelley, or maybe some Poe instead? Or even The Bard?
Guy Montag|10.3.08 @ 9:36AM|#
Epie,
I am kinda into Poe too, but I wish she would wear heels more
often.
tarran|10.3.08 @ 9:37AM|#
We are so dead.
Oh well, my grandparents survived growing up in the Great
Depression - I guess my kids will survive growing up in the Great
Depression II.
The worst part? Like the failure of Hoover's interventions, the
depression caused by George Bush's interventions will be blamed on
laissez faire capitalism.
Fuck you George Bush. I hope that there is a Christian God, because
he will consign your ass to hell for an eternity for your
blasphemy, idolatry, bearing of false witness, theft, murder, and
covetousness of other people's property.
|10.3.08 @ 9:39AM|#
Sorry, Guy--gorilla mask for you for the misspelling. Go get drunk and pass out.
Guy Montag|10.3.08 @ 9:41AM|#
When do they add wage and price controls? I was expecting them to work a bit faster in this crazy Kansian world that is developing.
matt2|10.3.08 @ 9:46AM|#
So Wells Fargo agreed to buy Wachovia this morning, without
federal assistance. Why aren't we hearing more about that? It seems
to be a huge blow to Paulson's "act now! last chance!" rhetoric;
apparently there are buyers out there for a lot of this stuff, but
they need time to sort things out.
It's been a week and the economy is still here. Why the continued
rush?
Guy Montag|10.3.08 @ 9:55AM|#
matt2,
And the other day Bank of America had to advertise that they are
not going under, after all of this bank-bust talk.
Sen. Reed, (D-NV) personally made the stock of at least 3 insurance
companies from his crazy talk about some mythical insurance company
about to go bust.
|10.3.08 @ 10:01AM|#
The U.S. has what economists call a "mixed" economy: capitalism for the poor and socialism for the rich.
|10.3.08 @ 10:03AM|#
Has the depression started yet?
Well I just called and emailed my representative.
A prize for the first to identify this quote:
"We're dead! We're dead! We survived but we're dead!"
|10.3.08 @ 10:04AM|#
"So Wells Fargo agreed to buy Wachovia this morning, without
federal assistance. Why aren't we hearing more about that? It seems
to be a huge blow to Paulson's "act now! last chance!" rhetoric;
apparently there are buyers out there for a lot of this stuff, but
they need time to sort things out."
I'm wondering how much the SEC's easing of mark-to-market played in
this. Wachovia still has all their Golden West crap debt on the
books - has Wells found a buyer for it? If the house could just
hold off for a couple more days, maybe the Apocalypse might just be
averted...
economist|10.3.08 @ 10:04AM|#
"Black lawmakers said personal calls from senator Barack Obama
helped switch them from 'no' to 'yes'"
groupthink
Groupthink
GROUPTHINK
burt.hoovis|10.3.08 @ 10:07AM|#
the "calls are 50/50 for/against" is total bullshit being told
by people trying to give themselves cover for thier unpopular
vote.
I've been calling congressional offices for the past 3 days, and
every staffer I talk to who is answering the phone says that the
vast majority of calls are against the bailout.
Just one more lie told by politicians to ignore their
constituents.
|10.3.08 @ 10:11AM|#
The proper shorthand for Episiarch is Épeé.
The representatives who plan to switch their votes were bought off
by pork. Period. So they're willing to change their votes--which
were generally based on the idea that this bailout was bad for
America--so that kids' arrows don't get taxed any more.
Jerry|10.3.08 @ 10:13AM|#
If this thing passes, I expect a lot of "main street" bankruptcies in 2009, because it will move the "crisis" from the credit market into the capital market.
|10.3.08 @ 10:14AM|#
The proper shorthand for Episiarch is Épeé.
Actually, ProL, I was saber. Epee is for prima donnas, foil is for
short dudes, but saber is for the manics.
cunnivore|10.3.08 @ 10:15AM|#
burt, maybe they're counting calls from the press, the administration, and their congressional leaders as calls in support of the bailout. This is Congress, shady accounting practices are the norm.
|10.3.08 @ 10:16AM|#
The financiers are snookering us again. We, the taxpayers, will
never see that money once Congress caves in to special interests,
(as usual). If we try to get it back by taxing these businesses,
then they will take the good parts of their portfolios and flee to
other countries. Suckers!
If we use that money to enhance social security, then all of the
retirees that lost their retirement funds in the stock market will
at least be guaranteed a reasonably comfortable retirement. (The
only ones who will still be unhappy are the ones trying to retire
to their mansions.)
Finally! Congress has found the money to make social security
work.
Let Congress know that if they get fooled by this bailout, then the
only thing for voters to do is punish congress the way it was
punished for the gulf war.
Bryant Arms
cunnivore|10.3.08 @ 10:17AM|#
NYC should just rename Wall Street "Main Street". Let the jingoists chew on them apples.
Guy Montag|10.3.08 @ 10:18AM|#
Okay you lurking Leftoids, are you going to keep the secret depression a secret or is your plan to watch the President start it as soon as he signs this crazy bill into law?
|10.3.08 @ 10:27AM|#
The two "legitimate" candidates for President are Barack Obama and John McCain. That's pretty fucking depressing.
scadian|10.3.08 @ 10:35AM|#
Epee, foil, and saber are like flag football. Full-contact rattan is for real men.
Mike M.|10.3.08 @ 10:39AM|#
So three pages of new law has now gone up to 450 pages, and $700
billion of giveaways has now gone up to at least $800 billion (who
knows what the real number is).
Wow, it's really improved!
|10.3.08 @ 10:41AM|#
Epee, foil, and saber are like flag football. Full-contact
rattan is for real men.
I guess you've never taken a full force belly cut with no suit on
before.
economist|10.3.08 @ 10:43AM|#
Bryant Arms,
I fail to see how the return on a $700 billion boondoggle would be
enough to cover trillions of dollars in social security
liabilities.
economist|10.3.08 @ 10:45AM|#
Bryant Arms,
Plus, given that only about half of the people who vote pay net
taxes, I'm not holding my breath for the "punishment" of
politicians who waste taxpayer money.
Isn't democracy great? I'm so glad we aren't like those stodgy
white landowning patriarchal elitist founding fathers.
|10.3.08 @ 10:45AM|#
So they're willing to change their votes--which were
generally based on the idea that this bailout was bad for
America--so that kids' arrows don't get taxed any more.
I, for one, applaud this addition to the bill, which will do much
to close our juvenile archery gap with Japan.
Guy Montag|10.3.08 @ 10:47AM|#
When I see them fund my Guns for Kids program, then I might warm up to this bill.
economist|10.3.08 @ 10:47AM|#
Guy Montag,
They still cover basic fedarithmetic, like 2+2=5 and fedalgebra
like (200million)times(X)divided by(200million)=whatever Congress
says it equals, but not fedcalculus anymore.
scadian|10.3.08 @ 10:49AM|#
I guess you've never taken a full force belly cut with no
suit on before.
Nope, but I assume this is considered an "error" and not normal
practice.
I have taken a full force shot to the nuts on several occaisions.
Even with a cup, this is a rather unpleasant experience.
economist|10.3.08 @ 10:49AM|#
If my Congressman would listen and get my "free beer for guys who posted as 'economist' on web blogs before October 1, 2008" provision inluded in the bill, I might warm up to it.
Grammar Nazi|10.3.08 @ 10:51AM|#
"The key to flipping House votes is not anything Obama or McCain have[sic!]done..."
|10.3.08 @ 10:52AM|#
Nope, but I assume this is considered an "error" and not
normal practice.
Well, the dude who was running me through drills had caught me
macking on his girlfriend at a party the night before. So I also do
not think they were errors. The welts were the size of your pinkie.
Pain is fun!
economist|10.3.08 @ 10:52AM|#
In any case, claiming that things bought with taxpayer money are controlled by taxpayers is an egregious lie. Everything bought by the government is controlled by voters, who know fuck-all what to do with it.
|10.3.08 @ 10:52AM|#
Tulpa | October 3, 2008, 10:06am | #
Warren, is that from Time Bandits?
No, but I like the way you're thinking.
everybody on the thread|10.3.08 @ 10:56AM|#
oh shit economist is on another rant just ignore just ignore just ignore....
|10.3.08 @ 10:57AM|#
So is it still a good thing that they didn't get the bailout passed earlier if now they're going to pass it but with added pork?
economist|10.3.08 @ 10:58AM|#
Oh, right, I just remembered, in fedmath
(700billion)>(10trillion). How stupid of me!
Constituent Response Team|10.3.08 @ 10:59AM|#
Millions wrote and called to say No! and still the Senate said
Yes? It is time for a housecleaning! Time to show them that they
work for Main Street, not Wall Street.
Based on quick analysis, it looks like there are 2-4 Senators who
voted Yes who are in tight races, and 3 or 4 more who are
vulnerable. In the House, the analysis is similar, 7 or 8
vulnerable races where a little bit of influence might make all the
difference. Of course, that number is likely to get higher today or
tomorrow. Which Representatives do you think can most easily be
defeated?
Targeting these so-called representatives of the people, with print
and radio ads highlighting their betrayal, could really make an
impact on their chances for re-election -- and put the fear of
constituency back into the Washington elite.
Are you interested in making it happen? There isn't much time
before the election, so it will take funds and effort. Can you
participate by offering time, skills or most importantly funds? Let
us know.
Contact the Constituent Response Team at
constituentresponse@gmail.com.
|10.3.08 @ 10:59AM|#
In any case, claiming that things bought with taxpayer money
are controlled by taxpayers is an egregious lie. Everything bought
by the government is controlled by voters,
Not really. Everything bought by the government is owned and
controlled by the government. I'm a voter, and I don't have any say
whatsoever in what the government does with its assets.
economist|10.3.08 @ 11:01AM|#
Reinmoose,
I kind of expected this anyway. In fact, I have a theory that if
the House had passed the bill as it was, the Senate would have
blocked it to get more pork added before finally passing it.
I'm starting to figure out the game.
The only way to win is to steal as much from the other players as
you can before they steal it back and then some.
|10.3.08 @ 11:01AM|#
Warren, 28 Days Later?
BZZZZZZZZ
Sorry no, thank you for playing.
It'll come to you in a flash.
Dagny T.|10.3.08 @ 11:03AM|#
Can we get some Shelley, or maybe some Poe
instead?
"What about Chaucer?"
"Just not Poe, ok?"
So is it still a good thing that they didn't get the bailout
passed earlier if now they're going to pass it but with added
pork?
Reinmoose, try to remember the wisdom of the debate last night.
More spending is good. Along with no gay marriage and a
crush on Israel, that is one thing that we can all agree
on, I think.
economist|10.3.08 @ 11:05AM|#
RC,
My point was that a taxpayer who pays $10,000 a year to the federal
government gets no more say in elections than the deadbeat who gets
$10,000 a year in federal assistance. Therefore, elections are
skewed towards wasting taxpayer money. As I have mentioned before,
I think that one house of Congress should be elected by popular
vote, while the other house should have elections in which the
weight of an individuals vote depends on how much he or she pays in
taxes. This would tend to make the government less inclined to
spend tax dollars on stupid shit like a $700 billion bailout.
scadian|10.3.08 @ 11:05AM|#
Well, the dude who was running me through drills had caught
me macking on his girlfriend at a party the night before. So I also
do not think they were errors.
Got it. Not a normal competition experience.
|10.3.08 @ 11:06AM|#
Along with no gay marriage and a crush on Israel, that is
one thing that we can all agree on, I think.
What? No WOD!? Why do you hate children Dagny T.?
Untermensch|10.3.08 @ 11:09AM|#
Ahh. Too late. That's what I get for reading all the comments before answering…
|10.3.08 @ 11:10AM|#
Along with no gay marriage and a crush on Israel, that is
one thing that we can all agree on, I think
Please tell me they didn't both agree on this.
Got it. Not a normal competition experience.
It was a normal practice experience. Our coach loved to
use pain as a motivator. I never let my elbow stray, and you know
why? Because he smashed it enough times that I will never
forget to keep it in.
|10.3.08 @ 11:10AM|#
SugarFree | October 3, 2008, 11:06am | #
Come on, guys. Incredibles. Jeez.
DING DING DING
We have a winner!
And for guessing the correct Mystery Quote player SugarFree wins a
lifetime supply of dept and taxes along with a huge subsidy on
HFCS
economist|10.3.08 @ 11:11AM|#
I don't know about Dagny T., but I think children are smelly, whiny, little snotrags. However, I do not hate children, I just sort of dislike them.
|10.3.08 @ 11:13AM|#
SugarFree wins a lifetime supply of debt and taxes along
with a huge subsidy on HFCS
NNNNOOOOOO! Cruel vicissitudes of fate!
|10.3.08 @ 11:14AM|#
Come on, guys. Incredibles. Jeez.
As much as I appreciate Brad Bird's work, I must reserve my limited
memory capacity for Aqua Teen Hunger Force, Always
Sunny, and Arrested Development quotes.
Dagny T.|10.3.08 @ 11:16AM|#
What? No WOD!? Why do you hate children Dagny T.?
Ha! Interesting that Biden remained conspicuously silent on his
drug warrior past. Can some optimism be gleaned from the fact that
he wasn't confident enough in the public reaction to bring it
up?
Please tell me they didn't both agree on this.
They sure did. It was a big, intervention-y love-fest.
|10.3.08 @ 11:16AM|#
Reinmoose, try to remember the wisdom of the debate last
night. More spending is good. Along with no gay marriage and a
crush on Israel, that is one thing that we can all agree on, I
think.
I definitely got all of those things out of the debate last night.
I also got:
Can you believe that some people actually think the FREE MARKET
will provide alternative sources of energy? HA! What
assholes!
"John McCain was for deregulation"
"No! Don't say such horrible things about him!"
"We respect everyone in the room who served in the military, and
will go to great lengths to say 'I respect your/his opinion and
service to our country, but...' every time we want to disagree with
them"
|10.3.08 @ 11:17AM|#
All this just really makes me want to pull my teeth out, one by one, with my fingers
|10.3.08 @ 11:23AM|#
Everything bought by the government is controlled by
voters
That is the big lie that makes every nastiness done by the federal
government possible. WE are not THEM. I find it helps to always
mentally replace the phrase "the government" with "a better-armed
and more vicious Mafia with good PR" to lend clarity to what
they're doing to me.
"The government passed a bailout bill today to aid Wall Street"
might almost sound benign.
"A better-armed and more vicious Mafia with good PR passed a
bailout bill today to aid Wall Street" brings a better sense of
what is about to happen.
|10.3.08 @ 11:27AM|#
All this just really makes me want to pull my teeth out, one
by one, with my fingers
Dude, that's disgusting! Just stop!
They sure did. It was a big, intervention-y
love-fest.
See why I don't watch?!? SEE?!?
|10.3.08 @ 11:31AM|#
Everything bought by the government is controlled by
voters
Yeah. And the CEO of **company name here** acts always and
exclusively in the best interests of the people who actually own
the company by which he is employed.
|10.3.08 @ 11:36AM|#
My point was . . .
I'm with ya, economist. I'm just quibbling over the semantics of
"ownership" and "control."
Dello|10.3.08 @ 11:45AM|#
"The change from 10 to 1 anti-bailout calls and e-mails to 50/50
anti/pro-bailout calls is what's greasing the tracks."
I thought it was the last minute pork barrel add-ins that greased
the tracked...
Guy Montag|10.3.08 @ 11:52AM|#
economist,
I'm also uncompassionate
Something we can agree on, at least on the macro level.
I am socially liberal because I don't care.
Jerry|10.3.08 @ 11:53AM|#
Fluffy, I guess CA joined the Ponzi scheme too late, expecting that property tax revenue could never drop.
|10.3.08 @ 12:00PM|#
I'm wondering how much the SEC's easing of mark-to-market
played in this. Wachovia still has all their Golden West crap debt
on the books - has Wells found a buyer for it?
Oh yes, I think they've found a buyer for it. "The board" is just
now getting ready to vote to authorize the purchase.
|10.3.08 @ 12:01PM|#
Much as I'd like to divorce the federal govt from the American
people, that's a cop out. If the people really wanted change they
could vote the current bums out.
As byzantine as the ballot access and campaign finance laws are,
the barriers to Americans taking back control of the govt would be
insignificant if the will were there. But the vast majority are
content with bitching about politicians, so long as they can
continue to watch American Idol in color while chasing their double
cheeseburgers with sugar water every night.
Ignorance is not innocence.
|10.3.08 @ 12:09PM|#
The blog really needs a away to block Weigel articles.
I like how he missed that Palin has started to link the Fannie
Mae/Sub-prime mess to Obama, Bidin and the democrats.
Doug|10.3.08 @ 12:12PM|#
I got an CYA email from Arlen Specter's office explaining why he felt it was necessary to set aside his principles and vote for it. Interesting, given I've never heard from this guy before. And funny, given I don't live in Pennsylvania. Hehe...go to hell.
|10.3.08 @ 12:13PM|#
I once shot a $6 million arrow into the air. Where it landed...in my derrière. But it first glanced off a $192 million crate of rum.
|10.3.08 @ 12:25PM|#
Call the US House switchboard NOW and tell your Congressperson to vote no! (202) 224-3121
|10.3.08 @ 12:57PM|#
Well Halloween is almost upon us and the search for the scariest
costume starts. This year if you really want to scare folks I would
suggest dress up as the past CEO of Fanny Mae, Freddy Mac or Lehman
Brothers. People will recognize you right away because of the limo
your riding in and the golden parachute strapped to your back. You
must also barge up to every door while kicking the little people
out of the way. It's very important to remember that when you
arrive at the door and the person scolds you for your abuse of the
little ones, you must say "Sorry it wasn't my fault and by the way
I need at least half your candy before I leave...you owe it to me,
but don't worry if you can't the government will fill my
coffers.
If you really want to have some fun at this time of the year here's
a plan. I always get weird looks when I do this. Here's what you
need...a spray bottle filled with water, a long dirty trench coat
and a very crazed shaky appearance. During the busiest time of the
day, go to the store. Before you go in spray your face with the
water. Now go a get a bag of apples and a package of razor blades.
Head up to the check up line, with water slowly dripping down your
face, start rolling your eyes, throw in a few shaky jerky
movements, then turn to a few folks in line and say something
like..." I love Halloween, hope there's tons of kids this
year".
Have a safe and happy halloween kids and thanks for the read.
Bryan Cox
|10.3.08 @ 2:03PM|#
How is it that Congress, Senate, and the President can pass a
bill that allows the using of tax payers money to buy up a bunch of
failed mortgages (that was originally the tax payers mortgages) and
then take those mortgages and sell them back to the same companies
or same type of companies, make a profit, and the tax payers get
what? The right to live in this home for another 5 years. and if it
fails then America is right back where it is today.
Might I remind the american people on a statement made by George
Bush Jr. "Iraq is a threat to america, It has weapons of mass
destruction, and saddam hussien harbors terrorists from Al-Qaida
and the taliban." 1 year after invading this country we found 0
weapons of mass destruction, 0 terrorists involved with Al-Qaida,
and we destroyed a country. This lie from president Bush has cost
the american tax payers billions of dollars per month for the past
7 years. George Bush has lied to us before, and he is lieing to us
again. It is a political move from the republicans to try and make
McCain look like an economic hero. They are hoping that if this
bill passes, that McCain will get full credit for it, But if it
fails it will all be Obama's fault with the help of the
democrats.
Congress, Senate, And the president does not care what the tax
payers think. They are going to pass a bill to use our hard earned
money and there is nothing we can do to stop this. We will never
get to vote on the bill. And they could care less if they get voted
out of office. Well at least 1 man cant get voted back in
regardless of the action of the bill. We should treat President
Bush the same way he treated the american people when they were
getting forclosed upon and ordered to move out. After all he is a
lame duck.
If we vote the ones that pass the bill out of office they still
collect a paycheck. So what do they have to lose? The way to fix
this problem is to first gather the ones responsible for all of
this up and charge them with the crime of fraud. They made a deal
sound good to the tax payer and at the same time they were laughing
behind their backs. I say bring back squaters rights, tell the
people that lost their homes to move back into those homes and let
the mortgage brokers and wall street take it the same way they gave
it.
Why leave a home sit and rot while no one lives in it because the
banks can't sell them. Stop the bail out, put the people back in
those forclosed homes, give the bankers 7 years to try and loan
more money to sell the home they want to keep from the ones they
swindled out of it. If there is any truth that credit has dried up
and a bail-out (rescue) is needed , then the people will have a
home for the price of the mental anguish they had to go through
during the forclosure and the mental anguish of seeing that moment
coming.
My heart goes out to those people for being so proud of finally
making that american dream come true, Only to have that dream turn
into a nightmare because of greed and fraud of bankers, and
mortgage lenders, and then the White house trying to make a profit
off the bankers and mortgage lenders deceit, at the price of the
same people that were deceived!!
May god bless all of the tax payers.
|10.3.08 @ 2:57PM|#
My heart goes out to those people for being so proud of
finally making that american dream come true,
I don't know that the American dream ever included having a house
you can't afford.
Only to have that dream turn into a nightmare because of greed
and fraud of bankers, and mortgage lenders,
Very little fraud has actually been shown by the lenders in this
whole mess, you know. Just a lot of people playing the bubble game,
sure that they could lay off their inflated assets on a Greater
Fool before the bubble popped.
and then the White house trying to make a profit off the
bankers and mortgage lenders deceit, at the price of the same
people that were deceived!!
Don't forget to include Congress. They're in it up to their
eyeballs. And the people paying the price aren't the poor widdle
borrowers, its the taxpayers.
|10.3.08 @ 3:09PM|#
Yes, we are doomed...
Everyone take a look at this article of Peterman's Eye. It is very
insighful!
http://www.petermanseye.com/anthologies/what-was-learned/334-the-16th-amendment
Andrew|10.3.08 @ 4:58PM|#
I'm going to agree that inaction is worse than passing legislation to help the problem, but they rushed this through congress, and it leaves us with policy that is not as effective as it potentially could have been. The only candidate that foresaw this was the LIbertarian Bob Barr. He is the best option for our President. He has a great view of how to actually change our country, rather than subtle changes from our current administration. As the simililarities of these two candidates are growing more clear, it seems that a third party candidate is our best option. Vote Bob Barr!
|10.3.08 @ 5:31PM|#
Yeah I'm voting for Barr. But what a fucking wet blanket he is. He should be all over this shit. Instead he concedes the argument and blames forced lending. And fuck Paul too while we're at it. If he hadn't gone skipping off the deep end he could be ruling the debate right now.
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