Instead we have Harry Reid, who on tuesady was telling us we should have McCain in Washington, saying what he did yesterday as the non existant but teased into quasi reality for the press and the DOW deal to prevent utter disaster in the world credit markets, broke down in precisely the acrimony partisan differences can make when it was time to come to Jesus and count heads for a deal. If there was the workings of a deal in principle (as we had been told throughout the day) that kind of meeting should have been able to be KUMBAYA for money managers everywhere. Instead it was the opposite reports naggingly heard throughout the day which turned out to be right. If it were me, I'd never be able to work with Reid again.
After his glee over the Patiot Act, his famous 'this war is lost', and now this staggeringly stupid and venal performance Harry Reid takes his place perhaps the worst Senate Majority Leader in american history. Mr. Reid is unquestionably someone who would rather see america lose a war in order for partisan polticial advantage.
The first part was clearly delusion.Reid said that lawmakers are 'doing fine' in their ongoing negotiations over the proposed $700 billion bail out package and didn't need an injection of presidential politics into them.
Neither I, nor I would assume ANYONE who thinks business and consumers should have any responsibility in the world, is happy with this bailout deal. The question is how fast can we put in place something which prevents disaster while looking out for the people, and ensuring the irresponsible are not rewarded, and maintains our free market philosophies. That is not a simple combination, as we can see.
There were according to reports only FOUR republicans in the senate ready to vote for this, and a substantial number of congressmen, we now see, who not only would NOT vote for this on principle (since it is absolute socialism in both pribciple and reality) but also were ready to visibly oppose this. LOUDLY and in the public eye. Apparently we need a lot of republicans on board, else Nancy Pelosi and Harry Reid would simply jam this through. Perfect for the credit markets to wake up and dump anything not as sure as gold and oil. The fact that some to many repubicans are required should tell us how fractious the current idea REALLY IS.
Despite the fact that they require republicans on board, the democrats in national leadership have perfectly projected their own way of thinking and doing onto the republicans and McCain and have reacted to that inner vision of how others will act in crisis.
Even I am shocked by the level of partisan vitriol, and the lack of same from the other side.
This will doom any settlement unless SOMEONE(S) are ready to be different. More if this disintegrates prepare yourselves for the worst 'blame the other guys' episode of American history. Take a look at Mr. Obama just after this meeting who twice on TV in an hour said he wanted to avoid pointing fingers and placing blame, he just wanted to get to a solution ....and then blamed the crisis on lack of oversight by the present admin and greed (property seeking rich men and women with no decency).
So, while McCain won't respond SINCE HE SUSPENDED ALL PARTISAN RESPONSE including commercials, press emails, and web reactions, here....
NY TIMES SEPT 11, 2003
Of course Mr. Frank was the ranking democrat on, and is now the chairman of precisely that committee whose responsibility was oversight. We can see the nascence of his concern, as was Mr. Clinton's during HIS administration. These are laudable goals. But capital is a force of nature every bit as much as weather, and we may be closer to controlling the latter than the former.There is plenty of fault and party has little to do with it.''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Prepare yourselves for a rough day in world markets (DOW futures are now bid down 105 at 7:40 AM East Coast, and as the feds seized WaMu), and their possible implosion monday. It is hard for me to foresee a whole conclusion as Paulson and Bernanke say they need, and it is IMPOSSIBLE to imagine what the public will end up making of all this, except the raging desire to get rid of everyone, like a team that has finished last for 15 years, and tar and feather them as they race to the harbor's edge to dump these 535 + executive morons into rising tide with the crates of British Tea.
Unfortunately the closest we can come to that without DOING IT, will be to elect a man who wants to sit and talk with leaders who promise genocide as a mission from god, end missile defense, and doesn't have the instinct or visceral reaction to invasion of a friendly democracy compuslory in the man who takes the oath.Worst of all, Mr. Obama probably feels about the USA as it is, something up the scale as do Jeremiah Wright, Bill Ayers, and others who think property is the root of evil.
This nation is in trouble.