“You are interviewing the greatest free trader you will ever interview, and the greatest deregulator you will ever interview…”
— Sen. John McCain, May 29, 2007
See, it’s easy for a president to know what to do in response to an economic meltdown if he fervently believes that the correct response is to do nothing at all. And that’s what John McCain believes in. Do you?
Whoopsie! A money market fund breaks the 1 dollar per share net asset value.
Never thought I’d see that happen.
http://www.bloomberg.com/apps/.....refer=home
Who’s been in charge the last eight years?
Well, his response today was to call for the appointment of a commission to advise regarding the U.S. economy. Kind of like the 9/11 commission, I expect, which would be expected to take months to report (long after the election) and who’s conclusions could be accepted or rejected or ignored entirely at will.
For McCain, avoiding answering any questions on the economy is better than actually having any right answers regarding the economy. Successfully dodging the issue is, for him, “problem solved”.
If he’s so great a trader why did he have to marry $100 million?
LOL! A blue ribbon committee. What leadership!
Let me guess who will be on it: Phil Gramm, Wendy Gramm, Donald Luskin, Arthur Laffer, Larry Kudlow and ….
Do nothing in the face of a crash? Yeah…that sure worked great for Herbert Hoover, didn’t it?
1. YLB spews:
“Who’s been in charge the last eight years?
Actually it’s CONGRESS that makes the laws.
The Congress is controlled by Dems the past 2 years.
The key question is what Legislation has the Democratic Congress proposed?
ANSWER: NONE
WHY: Because they want things to be bad so they can blame Bush.
Also, why did O-blah-blah take over 3 times more money from Lehman Bros. than McCain??
Relevant questions I’m sure you will artfully dodge YLB.
DOW up 141 after yesterday’s sell off
Yesterday was a great buying opportunity.
I took advantage of that.
Made $23,200 profit TODAY.
You whiners need to whine less, open your eyes and see the fertile fields of profit…rather than endless, boring doom & gloom.
I know deep down some of you (even the Atheists among you) are say:
God, please let me be like Mr. Cynical.
Republican is as Republican does:
http://wonkette.com/402785/gop.....y-hero-gal
@1 It turns out the first money market fund in 14 years, and only the second in history, to “break the buck” is run by a former Republican candidate.
“Reserve Primary [is] run by closely held Reserve Management Corp. … Bruce Bent [is] chairman of Reserve Management ….”
Quoted from the article linked @1.
“In 2001, Bent was the Republican candidate for Nassau County Executive.”
Quoted from Wikipedia.
@8 Who wudda thunk a loudmouth Republican delegate who happens to be an attorney and a bachelor (i.e., playboy) who picks up a girl in a bar at 3 a.m. and takes her to his hotel room would get robbed of 120 grand in Minneapolis for gawd’s sakes!!! I thought all they did in Minneapolis is catch walleyes in the summer and shovel snow in the winter. I had no idea anyone in Minneapolis knows how to rob someone! She musta been from outta town.
@8 (continued) Unfortunately, this episode proves (again) that you don’t need any brains to become an attorney. Hell, even crackpiper managed to do it, although he didn’t stay an attorney after he neglected to pay his bar dues.
@7 How much did you lose yesterday?
“See, it’s easy for a president to know what to do in response to an economic meltdown if he fervently believes that the correct response is to do nothing at all. And that’s what John McCain believes in.”
That’s what Herbert Hoover believed in, too.
Did y’all see what I saw in Newsweek today? The polls are turning against Palin. While all the candidates have positive ratings, she now has the lowest spread between her positive and negative ratings of the 4 candidates. This is a significant deterioration from last week.
@14
89% respondent where Democrats!
There’s a good chance the aggressive effort being made by the McCain campaign’s lawyers to shut down the “Troopergate” investigation is a partisan maneuver.
We all know Palin fumbled Charles Gibson’s question about the Bush doctrine.
Another question she answered wrong: “I will cooperate with the investigation.”
Since being briefed by Team McCain on what the correct answer is, Palin has said nothing about Troopergate.
Nothing at all.
@14 Where did you get that shit from? Not the article I read.
McCain pulled the New York U.S. Attorney office’s top terrorism and national security lawyer off his official duties to try to contain the Troopergate investigation. That, Newsweek says, “illustrates just how seriously the McCain campaign is taking” the investigation.
(Quoted from Newsweek under fair use.)
Roger Rabbit Commentary: Looks like I’m not the only one who sees flames under those billowing clouds of smoke.
“You are interviewing the greatest free trader you will ever interview…”
Hmmm…maybe he meant “You are interviewing the greatest tree fader you will ever interview.”
Sounds like a “brush clearer” to me.
The current status of the Palin investigation is this: The state legislature has subpoenaed witnesses, including Palin’s husband. The Palin camp probably will try to delay that testimony by contesting the subpoenaes in court. Meanwhile, Palin filed an ethics complaint against herself last week with the state personnel board, an executive branch agency that she controls, and this week moved to dismiss her own complaint for lack of probable cause — before any evidence has been heard. However, it appears the personnel board intends to proceed with its own investigation.
Legal analysis: The argument by McCain’s lawyers that only the personnel board can investigate the ethics allegations against Palin won’t fly. Assuming, as they assert, that a state statute vests the personnel board with authority to investigate ethics complaints, nevertheless the legislature as a co-equal branch of government has authority to conduct its own separate investigation. They’re arguing, in effect, that the executive branch has power to supersede and preempt the legislative branch. Even a handpicked Republican judge in a forum-shopped court in a Republican state won’t go for that one.
Roger Rabbit Commentary: Even if they do somehow find a corrupt judge willing to tell the legislature it can’t conduct its own investigation, the legislature sure as hell can dispense with the investigation and proceed directly to impeachment, if it wants to.
Btw, the legislative committee voted 3-2 to investigate, and the deciding vote was supplied by a Republican legislator from Palin’s hometown.
19 Huh? They’re keeping us all safe by looking for terrorists in the Alaska State Patrol????
I think we should make ex Senator Gramm the grand wizard poobah of all deregulation of anything that had the slightest impediment to “free markets”.
Deregulate everything.
With this track record, should be no problem.
@20 And Obama is a “bush clearer.”
Couldn’t resist that one.
@22 Yeah. Something like that.
Word on The Street this afternoon is that insurance giant AIG will be saved by another $85 billion of GOP socialism.
27 Ah…another hit from the bong. Keeping Wall Street afloat for a few more days by further diluting the dollar.
What’s in YOUR wallet?
The financial community has become like a starving vampire, subsisting on little sips of government-issued blood, while hoping beyond hope to be able to sink its fangs into the carotids of Social Security.
Let’s see…$85 billion. Or, $1700 for every person who voted for GW Bush.
Could someone please explain this Republican mantra of “the free market solves all ills” in the context of the AIG bailout?
Maybe the greatest “deregulator of all time” will explain it from his podium using “straight talk” .
This kind of “deregulation” has worked about as well is it would to try bypassing the regulator on the propane tank on your barbeque.
We’re all getting burned. There are just some who are stubborn enough to claim they’re just nice and warm.
@18
Simple, It’s newsweek silly.
“You are interviewing the greatest tax and spender you will ever interview, and the greatest regulator you will ever interview…”
— Sen. Barak Obama *
* Quoted under fair use
@33- source?
And don’t turn around and show me the hole you pulled it from.
@33 “33. Jane Balough’s Dog spews: … Quoted under fair use”
From where, your ass?
@32 I don’t think so.
@28 Fucking GOP commies! They’re gonna bankrupt us before we can take over. They’re looting the candy store on their way out of town!
You lefties answer this.
We had the biggest real estate financial failure in history with billions of dollars gone and President G.W.Bush as President in an election year yet not one Democrat wants to have hearings why?
The Silence is Deafening.
There went Barry’s $$$$$$$ now let see how he’s going to pay for all his new spending plans with all the big money makers broke, oh, wait we have Hollywood we can Tap.
Here are the real poll numbers sickos.
http://news.bostonherald.com/n.....tion=rated
Ummm…#38
http://www.politico.com/news/s.....13514.html
Another bullshit Republican talking point bites the dust.
The truth…it is not being too kind to your side.
#40
Enjoy this last moment. Remember it as a time when you had hope for the “great deregulator” and his speaking in tongues caribou barbie.
Then click this, asshole:
http://diageohotlinepoll.com/
It sucks to be you.
@6: Mr. Cynical clearly does not understand the Americcan system of government and how checks and balances work. Just like other idiot right wingers, he is trying to make the case that the democratic congress is at fault.
This is not only clearly a lie – it is false based on the simple way our government works. In order for congress to over come a filibuster it needs 60% for cloture – the republicans have blocked most democratic bills from being sent to the president. In addition, if a bill actually gets to the president through the obstructionist republicans, 67 votes are required in the senate to override the veto.
So – republicans have ruled for the the past 8 years – either outright or defacto.
Also, if you want to look back at who voted to change the rules on banking – it was an bill sponsored by Phil Gramm – the chief economic advisor for McCain. Also, John McCain voted for the bill and Biden and Reid, and most democrats voted against the bill. The banking bill was just what the financial lobbyists wanted and enabled the excesses, the selling of loans, the lack of oversight that caused the current problems. Here is a link to the roll call on the vote:
http://www.senate.gov/legislat.....vote=00354
Remember, the republicans constantly harp about deregualtion and the “free market”. Deregulation is the underlying philosophy of republicans and McCain. It is surely NOT the democratic philosophy.
Here is a quote from Obamas speech today:
The money quote here is that McCain did nothing. McCain/Palin can lie all they want about being agents for change – but the real facts will catch up to them.
Dear Alex: Here is a big hint – learn how to use the “google”. It works really well to find out when right wing idiots are lying through their respective teeth. And these were hearings scheduled before things got really bad, while Bush and McCain were telling us that the “fundamentals of the economy are sound”.
Prophetic, aren’t they, those republicans. McCain sure does have a good handle on the economy doesn’t he? And what is McCain’s big plan on the subprime crisis? hahahaha
He wants to have a commission – the fool!
Title of story in today’s Seattle Times …
“Ex-state lawmaker arrested on mail-fraud charges.”
In the entire body of the story, it doesn’t say what party he belongs to. I looked it up.
Democrat.
Uhh dog – hate to burst your outlandishly thick, yet tiny, cranium – but you have no source for your made-up quote. However, there is a great McCain quote about how he is the greatest deregulator:
http://blogs.wsj.com/dnotebook.....h-cabinet/
Ain’t it amazing that posting a few actual facts can shut up idiot trolls?
Rightwingnuts have a strong aversion to facts….lies, innuendo and selective parsing of information is their best venue.
Genital warts getting to you again pusdrivendyke?
Apparently you missed this post cuz the truth was too hard to deeeeeeal with:
Since you can’t seem to find stuff here is the Fannie Mae and Freddy Mac debacle. I think this paragraph is telling…
“In what turned out to be a huge strategic error, Fannie and Freddie chose to fight legislation in the Senate Banking Committee that embodied the administration’s minimum requirements, particularly the receivership provision, in the late spring of 2004. The companies called in their chits and managed to obtain solid Democratic opposition to the bill crafted by the committee’s chairman, Richard Shelby (R-Ala.). The committee also watered down the receivership provision. The partisan nature of the vote to send the bill to the floor virtually assured that it would not be taken up in the Senate unless Fannie and Freddie relented in their opposition, and the administration opposed the committee bill because of the weakened receivership language. Administration spokesmen warned the companies that if they continued to oppose the bill in 2004 there would be a tougher version in 2005, but Fannie and Freddie would not budge. It may be that the GSEs were banking on the defeat of President George W. Bush and on the assumption that a Democratic president would abandon the effort to pass tougher regulation. If that was their thinking, it was an exceedingly costly error.”
The informal Greenspan statement in February 2005 got far more attention than his more complete and fully reasoned prepared testimony to the same effect a year earlier. Such are the ways of Washington. A lot had happened in the interim, including the OFHEO’s critical report on Fannie’s accounting, the SEC’s confirmation of the OFHEO’s position, and the resignation of Franklin Raines. In 2005, Greenspan’s statement opened for debate an issue that Congress had, only a month before, not considered to be within the realm of political discussion. Thus, in January 2005, three Senators–Chuck Hagel (R-Neb.), John E. Sununu (R-N.H.), and Elizabeth Dole (R-N.C.)–had introduced tough new legislation to regulate Fannie and Freddie. The legislation was state-of-the-art at the time, and included a carefully developed “bright line” test that was intended to end Fannie’s and Freddie’s efforts to break out of the secondary mortgage market as their sole allowable field of operations. But the legislation made no mention of limiting the GSEs’ portfolios. After the Greenspan testimony, however, that issue suddenly achieved currency, with lawmakers in both the House and Senate saying that they intended to look carefully at whether such a provision should be included in the legislation they were drafting.
The sudden appearance of this new threat changed the attitude of the GSEs toward the legislation. Although they had begun 2005 offering conciliatory statements and suggesting that they had no serious problems with the regulatory proposals that Congress was then contemplating, the GSEs were clearly alarmed by the idea that their portfolios might be limited or reduced. Fannie and Freddie and their constituent support groups–the homebuilders and the realtors, among others–made clear that they would fight limitations on GSE portfolios, and Senator Charles Schumer (D-N.Y.) and other Democrats made clear that they, too, would oppose any effort to limit this aspect of the GSEs’ operations.
As we say on my side of the tracks: Sho-time
Maybe Pelosi should call Donkey Senator Chucky Schumer as her first witness and ask why he blocked tougher banking
pusdrivendyke: More salve for your genital warts:
Lehman Brothers $365,922 – Obama
Lehman Brothers $115,800 – McCain
Let me reeducate you rhp6033, since you are blinded with BDS in the Left eye and PDS in the right eye.
patterico.com/2008/09/15/obama -friendly-lehman-bros-to-file- chapter-11-bankruptcy/
That 72% to Donkey since 1989 increased to a higher value in the 21st century.
And the CEO of Lehman was a BIG TIME Donkey contributor from waaaaaaaaaaaay back when.
But wait pusdrivendyke: a new bottle of salve for your boils from Obama advisors
And of course another of Obama’s advisors had something else to say before:
http://www.nytimes.com/2007/03 /29/business/29scene.html?ei= 5090&en=9a15c212b118d691&ex=13 32820800&partner=rssuserland&e mc=rss&pagewanted=print
“And this study shows that measured this way, the mortgage market has become more perfect, not more irresponsible. People tend to make good decisions about their own economic prospects. As Professor Rosen said in an interview, “Our findings suggest that people make sensible housing decisions in that the size of house they buy today relates to their future income, not just their current income and that the innovations in mortgages over 30 years gave many people the opportunity to own a home that they would not have otherwise had, just because they didn’t have enough assets in the bank at the moment they needed the house.””
Yes Nancy should start with Obama’s wall street advisors. She should call Robert Rubin making his $100 million at Citibank and all his cronies who work for Obama.
@44
Make sure you check the date on the bottom and that the DEMOCRATS KILLED IT because their in bed with them. Birds of a feather flock together.
http://swampie.wordpress.com/2.....annie-mae/
“47. Reformed republican spews:
Ain’t it amazing that posting a few actual facts can shut up idiot trolls?
Rightwingnuts have a strong aversion to facts….lies, innuendo and selective parsing of information is their best venue.”
No when a fool is making ass of themselves stand by and let him finish.
Still haven’t learned to count to four, eh puddingdick?
Alex: Great you found another source for the same thing I told pusdrivendyke and his genital warts.
pusdrivendyke@53:
Only in your Mind (being kind here) September 11 minus September 10 is four days. To everyone else it’s one day.
Whaaaaaaaaat a moron!
Go back and review the blog fool.
@43
Barry’s has no idea what to say or do unless it’s spoon feed to him.
God only knows who is feeding him.
She isn’t his momma.
In another thread rhp6033 asked:
If you read above rhp6033, three Republican senators tried but Chucky Schumer stopped it in 2004-2005. Read it and weep. It’s in the Congressional Record.
Puddingdick:
It goes:
One
Two
Three
Four
Think of a whole pizza, or a circle if you cannot grasp the concept of a pizza.
Then bisect it. What I mean there is make TWO perfect “halves”. Then, take those halves, and bisect those.
That makes four.
Here is more you can read about rhp6033 and pusdrivendyke:
“Over a year ago, Treasury Secretary Hank Paulson refused to push for reforms of fraud-ridden government-backed mortgage giant Fannie Mae, even though colleagues in the Bush Administration had long been advocating them. Why? Because he thought it would look ‘political’ and offend powerful liberal Senators like Charles Schumer and Chris Dodd and Congressman Barney Frank, who have long blocked any reform of Fannie Mae. Fannie Mae has long been managed by liberal power brokers, who engaged in a massive accounting scandal. Now, a federal bailout of it is being planned.”
In several pointed lines of questioning, Senator Charles E. Schumer, Democrat of New York, criticized Mr. Greenspan’s recommendation and called it both inconsistent with his other views on regulation and potentially damaging to the housing markets. Without identifying anyone in particular, he also suggested that some people who have advanced tougher regulation of the two housing finance companies are really pushing a broader agenda to eliminate the companies and their mission of providing affordable housing.
Two weeks later Falcon and Raines faced off against each other in a hearing before the House subcommittee on capital markets, which was chaired by Baker. Consider the circumstances. Falcon was Fannie’s regulator and had leveled serious charges, amounting to fraud, against Fannie Mae. Most CEOs would have seen the wisdom of humility at this point, but Raines showed little. “These accounting standards are highly complex and require determinations on which experts often disagree,” he said, adding that “there were no facts” that supported OFHEO’s charge that Fannie executives had deferred an expense in 1998 to earn bonuses.
And most of the Democrats present agreed with him. “This hearing is about the political lynching of Franklin Raines,” said Congressman William Lacy Clay of Missouri. Massachusetts Congressman Barney Frank said, “I see nothing in here that suggests that safety and soundness are an issue.” Other Democrats complained that the mere fact of releasing the report could increase the cost of home-ownership.
“Is it possible that by casting all of these aspersions … you potentially are weakening this institution in the market, that you are potentially weakening the housing market in this country?” Congressman Artur Davis of Alabama demanded.”
And rhp6033: here is a good article:
http://rhinehold.newsvine.com/.....poor-again
rhp6033 and pusdrivendyke: Maybe you should Google “Joe Biden D-MBNA”
Some of that stuff is a hoot!
Puddingdick, please tell us all in great detail how Wall Street is controlled by the Democrats.
Use many links to right wing websites that are no longer in use, as well as links to the NYT that give us an error message.
Then, explain to us how many psychotropic medications the orderlies force down your throat before they will let you have computer time.
“41. busdrivermike spews:
“Ummm…#38
http://www.politico.com/news/s tories/0908/13514.html
Another bullshit Republican talking point bites the dust.
The truth…it is not being too kind to your side.”
Hello,Hello anyone home????????
She talking about Wall Street I’m talking about Fannie and Freddie which is the DNC golden goose.
I am guessing the orderlies force FOUR different medications down you pie hole.
Hold out your hand…count the fingers….not the thumb.
That is four.
#62
With so many Republican welfare programs to Wall Street, you really should be specific.
“Chucky Schumer stopped it in 2004-2005. Read it and weep. It’s in the Congressional Record.”
Look at schumers yearly finical report showing his investments.
OMGoodness: Puddy Forgot. I admit it. rhp6033 is writing the world the GOP controlled the senate from 2000-2006. Wrong.
On May 24, 2001, Jim Jeffords left the Republican Party. From then until January 3, 2005 Donkey controlled the Senate. Hence they blocked banking reform.
The Prosecution Rests!
Let us see:
Freddie Mac
Fannie Mae
Bear Stearns
AIG
Hey Puddingdick, That is FOUR AGAIN! You really should learn that number, it keeps cropping up for you Republicans.
BAHAAAANHAAAAA!!!!!
Talk to the ex-head of Lehman Bros. Or how about Goldman Sachs. They love Donkey and give big time to Donkey. We done proved it over and over.
Did you miss the memos? Are the genital warts bothering you?
1. Bridge to Nowhere-gate
2. Trooper-gate
3. Telepromter-gate
4. Earmark-gate
one. two. three. FOUR.
I know there are more Palin-gates, but elementary school teachers say repetition is the key to learning numbers, and I have to find special time for a special student, Puddingdick.
Goodness pusdrivendyke is dense as spent uranium. He just can’t process information Alex.
@64
I have a perfect name for you.
If it wasn’t for Fannie and Freddie screwing everyone wall street would be fine today.
So who is your lady going after Gee let me guess.
Why not at the root of the problem Democrats greed!
#68
“We done proved it over and over.”
Puddingdick, now I have to teach you grammar, too? You are regressing. Maybe I pushed you too hard on your mathematics tutorial.
And no, the warts aren’t bothering me. They never bother me after your daughter comes and licks them clean.
9-11 we have Jamie Gorelick (D)
Fannie and freddie we Jamie Gorelick(D)
Every major political disaster she’s involved.
Can’t wait until President John McCain calls for hearing by the Majority Senator who is (R)
@48: Puddy is obfuscating once again and not citing sources.
As clearly stated above (@43) it was Phill Gramm and almost all republicans that voted for the “reform” legislation that let financial institution hide, lie, resell hoam loans and generally avoid oversight. The rest is fluff – what party is all for deregulation?
Schumer and the democrats are for more regulation and consumer protection. Puddy is once again confused – here, repeat after me – republicans are for deregulation and voted to deregulate the banking industry and any other crap that Puddy tries to bring up is fluff, uncited and wrong.
@48: The only problem with Puddy’s limited anaylsis was that the republican bill sponsored by Richard shelby (R) contained almost NO real banking reforms – so much for that vapid Puddy argument. Puddy goes down in flames again. As usual Puddy, you miss the important legislation and fluff up some stuff that means nothing. Remember Puddy, republicans are for LESS regulation. Less regualtion got us in this mess. Less regulation allowed lenders to sell off loans and not care if the people could pay. Less regulation led to lenders soliciting people for bad loans and for investing in those bad loans and re-selling the bad loans. Those are the consequences of enfettered free market republican ideals – economic havoc. Do I need to do a tutorial for you?
@72: you must be talking about yelling loser boy’s daughter. I don’t have a daughter.
Thanks for playing.
To recap pusdrivendyke and his math prowess.
A poll is taken from Sept 8-10 2008. The comments occur on Sept 11. Pusdrivendyke says the poll is “four” days old. Poll ends on Sept 10. The day in question is Sept 11.
He says “The poll ended four days ago”. Hmmm 11-10 is ONE where I learned ordinal math.
Really incorrectneverbright?
So they can’t sponsor a bill for regulationsin the public interest? You better read the SF Chronicle article http://www.sfgate.com/cgi-bin/.....y_id=30261. She admits it was conservative Republicans trying to stop it. Since you are making these claims Post Shelby’s original bill so we can all see it.
Maybe Robert Reich’s own words will assuage your mental issues: ” In the latter years of the Clinton administration — when I was not there any longer, I should add — there was an attempt by Alan Greenspan and Bob Rubin and a few others to deregulate financial markets, and they did. They split commercial banking off from investment banking. And many people say, “Well, that was the beginning of the problem,” and then, of course, in 2003-2004, Alan Greenspan reduced short-term interest rates to the point where every single bank wanted to lend money. I mean, if you could stand up straight you could get a bank loan because there was so much pressure to get that money out the door. Money was so cheap. So, yes, there is some responsibility on Democrats, some responsibility on Alan Greenspan and the Fed.
or “obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making.” Robert B. Reich just confirmed this last night on TV. “It was either that or face stiff government penalties.”
Of course incorrectneverbright forgot to mention about the other bill submitted by three Republican senators killed by Little Chucky The Knife Schumer. Only place some of the facts on this blog.
And incorrectneverbright who controlled the Senate from May 24, 2001 until January 3 2005? Tom Daschle!
Truth hurts incorrectneverbright! Hopefully you have some Steve’s Stupid Solution in your thermos.
Geez, Pudnut, why are you so full of hate? Christ, you even hate Frank Raines, of all people. It must be jealousy. I bet that’s it. Frank is a success and you, you’re just a troll, someone for whom fantasy and reality merge into a singular and strange reality construct.
Another Puddy lie:
Gee Puddy – Bill Frist was the Senate majority leader in 2002, after the midterm elections. Maybe you were thinking about another country?Oops, another BIG Puddy mistake.
The important vote I already cited – in 1999 – sponsored by McCain’s chief economic advisor, Phil Gramm, and most erepublicans including McCain voted in favor of deregulation of the bamking industry.