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Black Fridays on Wall Street usually occur on a Friday in October. Hope it does not show up a week early.Obama's calm could indicate he is actually detached you know. That is a question many voters already have about Obama.
It now seems that McCain has thrown his lot in with the most conservative elements of the the House Republicans. These are the very same Republicans that have had no use for McCain. I don't think McCain can bring these people to the table for a compromise bill. When McCain breaks with them and supports a compromise bill, and McCain will have to do this, these very same House Republicans will turn on him and rip his candidacy apart.
BO as presumptive president of the majority party in both houses, should lead them to pass the needed legislation. If he won't..why not??
Wow, Lee. What you describe is not happening at all and whatever happens, what you predict is not going to happen. I urge you in the strongest terms not to go into any business where the understanding of facts or any kind of prescience is required.
P.S. -- Do you currently work for Washington Mutual per chance, Lee? Lehman?
Well Seven Machos,Lets revisit this post tonight and see weather you or I was closer to reality.It the markets come unglued today I suspect McCain will be forced to support the administration plan. He will do this before Monday.
I am a small retail business owner in Madison, WI and I am, like many small business owners, very nervous.Also, Seven, sorry about the snark on my part in previous day's posts. I am going to try to keep that in check.
Well, that's one way to characterize it. Another is that McCain's trying to do something and Obama's hiding under a rock hoping it's all going to blow over. If it's such a crisis, why are we still playing silly partisan framing games? Wasn't that the whole point McCain was making in suspending his campaign - that, look, this is serious and we need to do something?
Well Simon,It is my understanding from reading news reports that Obama was engaged and asking questions at the White House yesterday. The reports are that McCain had very little to say and was not asking questions.
McCain will debate. He'd be silly not to. He can make the point that they both should be back in Washington while he is there.
LE Lee:Obama and the Dems ,as the majority party, do not need McCain or the Reps to pass the bill. Why don't they just steamroll the thing?Can't count votes ..can't take a stand..no spine ...or what??
Althouse: Mickey used the word 'frenetic' before chicken. If that's a direct quote, it's a little off.
I agree with Amba: "Would you hire a chauffeur who drives looking in the rear-view mirror? ... [Obama] does not inspire confidence. Everything he says seems driven by the avoidance of making a mistake."
Larsporsena,You are right. Bush and the more responsible Republicans in Congress might have to turn to Obama and Democrats to take the lead and get a bill passed.
It would send a much better message to the spooked world markets if Republicans and Democrats can come together and forge a compromise and stand behind what is now, at best, a stop gap measure.
Larsporsena,A question for you. You seem to be implying that conservative Republicans are just going "to take their ball and go home" and that is completely ok with you because the Democrats can just take care of it. Is that what you really believe?
LE LEE:"You are right. Bush and the more responsible Republicans in Congress might have to turn to Obama and Democrats to take the lead and get a bill passed."They do NOT need any Repubs to pass it and Bush won't/can't veto.What do you think 'majority' means?Just get presumptive president BO to crack the whip on Pelosi/Reid and pass the current plan or one of his design. BO to the rescue and it makes his election a lock.
Appearances can be deceiving.
Simon: What suspension?
LarsPorsena said..."They do NOT need any Repubs to pass it and Bush won't/can't veto. What do you think 'majority' means?"The majority's only the majority when it's united. Just because they're the majority party doesn't mean that they don't have internal divisions on issues that can deprive them of a majority on particular bills. Remember Medicare Part D and the crazy vote tally for that? Lookit, if they are united, and Pelosi really has a majority behind her, why do you think she is going hat in hand to John Boehner? You think Nancy has had a road to damascus conversion about the joys of bipartisanship? If she had the votes to pass this thing in her own caucus, the argument would be over already. That they want GOP votes implies that they need them.
Well Larsporsena,I guess you are saying that conservative Republicans are taking their ball and going home. Republicans who feel a great sense of responsibility and Democrats are going to stay on the muddied field and try to get it done.
The reports are that McCain had very little to say and was not asking questions.I actually think that could be a good thing. McCain is listening. And then when he has listened he is going to move. That’s my read, anyway. On a bi-partisan note, I thought the question Obama asked (about what Paulson thought of the republican plan) was a good one. I still think this whole “I can multi-task. That’s what leadership is!” is one of the most idiotic meme’s I have ever heard. Good god! Has the man never heard of prioritizing? I wish he’d quite saying it.
Trevor, McCain suspended his campaign earlier in the week. He's taken some heat for this (rightly, in my view - no reason why the campaign has to stop just because he does. He's not even the major draw at his rallies), I'd have thought you'd have heard about it.
Does anybody else remember this old line?'If you can keep your head while everyone around you is losing theirs, then you probaly do not comletely understand the situation'
Whatever the final outcome, initial impressions are going to matter.McCain got called by Democrats and Republicans to be part of the negotiations, and answered the call at some risk to his campaign.Until he got the invitation from Bush, Obama told Harry and Nancy to call him when they needed him to vote 'present'.
So let me get this straight.The Dems were trying to steamroll a plan that included money going to groups like ACORN pretending they had Republican consensus and when the Republicans said wait a second, the Dems are blaming the Republicans for playing politics.
"I'd have thought you'd have heard about it."Oh, I heard about it. And yet all he's done is pulled his ads for a day. (How those interfere with "negotiations" remains a mystery.) The day after his suspension, he gave a speech in New York and did multiple interviews on television. You could point to his cancellation of the Letterman appearance as evidence of a suspension, but it turned out he was on CBS Evening News at the same exact time. How is any of that a suspension?
Would the people who are defending the Republicans please talk about socialism and insurance?
Simon said... I agree with Amba: "Would you hire a chauffeur who drives looking in the rear-view mirror? ... [Obama] does not inspire confidence. Everything he says seems driven by the avoidance of making a mistake."You are absolutely right. I would much rather have the driver be a drunk old guy talking on his cellphone to his bookie. That inspires confidence.
The only important debate right now is in Washington. I keep wondering what Obama is going to do tonight. Make shadow puppets? No one is going to be watching.
"Would the people who are defending the Republicans please talk about socialism and insurance?"Why?
There seems to be a disconnect here. McCain is running around like a chicken with his head cut off while at the same time calmly listening to every point of view before offering up advice?That's two different things, folks.If a deal is struck - especially if McCain helps broker it - and Barry is sitting down at Ole Miss debating the sorority girls of Chi Omega I think McCain is going to win politically in this whole thing.The upside for Barry is he gets to hang with some of the best looking women in the USA.And I should know being an Ole Miss grad.
Ann Althouse said..."Would the people who are defending the Republicans please talk about socialism and insurance?"As I said in a comment on your other post, here, I don't care about the money, but I do care about how much additional involvement in the economy this is going to give the government (generally, that is, not specifically to the executive branch, which is the concern of the other side when they talk about oversight). It isn't socialism - that criticism is overstated. But it's a step from that playbook, and it's more government involvement than I'd prefer. I'd like to know why the full bailout idea won't still be available if an insurance and market-based response is tried and fails. If it will be, there's little argument for the bailout unless the insurance approach is certain to fail. I'm also going to be interested to see the final details because I do think that the Paulson concept could well parachute into a nondelegation minefield even if it passes, although obviously that can't be assessed until we know the final shape of it.
Jim, if it were me, I'd drive myself. Which I guess would make me a libertarian in the context of your metaphor.
Hey, that's a great idea, Althouse! Where can we buy socialism insurance?
Jim Hu said..."Hey, that's a great idea, Althouse! Where can we buy socialism insurance?"We already have it, no?
I want capitalism insurance.And didn't he mean "head cut out"? Does not Jesse Jackson rule?
It is my understanding that what conservative House Republicans are proposing is that the Federal government offers for sale to Wall Street instruments that would insurer these complex securities from devastating losses.The problem with this approach is that Wall Street would once again be sheltered from their losses and will get the benefit if things do turn around. This is more hyper capitalism for Wall Street on the upside and socialism for Wall Street on the downside.The administration plan would buy these troubled securities at a huge discount (based on their former valuation) and hold them until the market levels out. The Federal government would then slowly try to sell them and hopefully break even or make a profit.
Althouse insurance is a form of socialism and Darwinism. Smarter people tend to place a priority on having insurance for their valuable stuff including their health.
Yes, but you're supposed to buy your own insurance. Here, the govt would be giving it. Why? I'd rather see the govt participate in the market and have a shot at buying low and selling somewhat less low.
Look I can't say it often enough. Every American should get stock in this "bailout". Then if it make money, the individual American gets the profit not the govt.
Paulson said the insurance plan wouldn't work. Therefore, it must not work.All hail.
Ann Althouse: I'd rather see the govt participate in the market and have a shot at buying low and selling somewhat less low.What sector of the government do feel can do such a thing? All arguments aside, why the hell is Charlie Rangel voting to spend taxpayer funds when he just got busted by the IRS? Can we at least drag him out of that room?
Paulson spoke at my MBA commencement at the height of the tech bubble, while he was still head of Goldman (scrotum) Sachs.He was a boring speaker that used football analogies. On those facts, I'd chalk up any Paulson-led intransigence on the "bailout plan" to a failure of the imagination.Oh, and as for this: "You think Nancy has had a road to damascus conversion about the joys of bipartisanship? If she had the votes to pass this thing in her own caucus, the argument would be over already. That they want GOP votes implies that they need them."If Nancy-boi can't bring her minions around (Caligula-style) and get them in line to vote in support of this legislation at such a perilous time of crisis for the republic, which one would think would assure Democratic locks on all houses of gov't for decades, she's simply "not ready to lead", to borrow a phrase.Either that, or the peril we're in is being greatly exaggerated to (a) cover up the legislative players' own shortcomings, failings and wrongdoing (Barney Frank, anyone?), and (b) sell something that's going to make those players and their cronies very rich at the average bloke's expense.Which is it then, Nancy and Harry? Where's the leadership you old goat(se)s?
Obama was spotted today working out at a gym. This is progress? Maybe they should be running around like headless chickens, all of them, the ensure helping the American taxpayer. After the deal is done, there'll be plety of time to relax. Now is the time to work.
I thought you guys said McCain is old, unhealthy, and if elected would drop dead in the first 100 days--so this really just a contest between Obama and Palin.How, then, does McCain have enough energy and presence of mind to run around doing the chicken-little-with-her-head-cut-off act? How, then, can Senior-Citizen Cain even remember that a crisis is taking place? Oh...maybe that's what happened: McCain, in his mentally tired and physically decrepit condition forgot about the debate and simply accepted the invitation from his pal Sen. Reid to have a little lunch-bag roundtable in D.C. (Little did McCain know that it was all just a set-up for an Alzheimer's intervention). Then, after seeing the nice young mulatto man, he remembered his high school debate team had state finals that evening.Da-uh-arrrguh!Go smoke another bowl, you degenerate hippies.
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