Althouse: Stop saying "bailout."

September 30, 2008

Stop saying "bailout."

Call it a "rescue."

That might work.

"It's a rescue of Main Street America."

Sigh.

116 comments:

Synova said...: Pols can't win.

If they try to make something sound good, it's bad.

If they don't make something sound good, then they didn't do their job to convince people who can't be bothered to look into details themselves.; 9/30/08, 5:26 PM
Unknown said...: I hear your sigh, but my Dad just emailed me with this very complaint: that calling it a bailout really has damaged its prospects. For those who feel an intervention is necessary, the term has been an albatross.; 9/30/08, 5:30 PM
reader_iam said...: Yeah, when argument fails, attempt to manipulate the masses via word choice!

To which I say: Osculate my fundamental orifice.

(A general statement, not a comment on the ... intervention ... question); 9/30/08, 5:30 PM
john said...: Isn't McCain a senator? I thought he was on the senate side of the Capital. I forget sometimes, let's see now,

"Senator McCain"

"Congressman McCain"

Right, he is a senator. I guess he forgot too.; 9/30/08, 5:33 PM
Jeremy said...: "Rescue" is any better? Much better to call it an "investment oppertunity." Or even try "undergird."

"We are undergirding the economic strength of America."

Sounds better, no?; 9/30/08, 5:35 PM
john said...: Jeremy,

Trooper's wife does a lot better at that undergirding. Leave that kind of work to professionals.; 9/30/08, 5:37 PM
reader_iam said...: How about: "Our goal is simultaneous orgasm?"

Or at least orgasms for everyone.; 9/30/08, 5:38 PM
Unknown said...: Now to criticize McCain's poor delivery here. It's not simply a matter of choosing different words. The problem is that the American people have not been persuaded that the bailout is necessary to protect them. (Whether that is true or not.) They perceive the plan as a $700bn gift to Wall Street, with no upside for them. They don't seem to appreciate that we're getting something of value for our $700bn---not just the toxic assets but also an improvement in the credit market that we all depend on (even people who personally have no debt).

If the American people could be convinced of these points they might be willing to look past the fact that, yes, some Wall Street firms will survive that perhaps ought to fail; that some "fatcats" might continue to draw large salaries and bonuses; that in some way some bad behavior will have been rewarded.; 9/30/08, 5:40 PM
chickelit said...: reader_iam said: Our goal is simultaneous orgasm?

Come together America; 9/30/08, 5:40 PM
rhhardin said...: Next people will be deprecating albatrosses.; 9/30/08, 5:41 PM
George M. Spencer said...: Hold tight! We're in for nasty weather....Gonna burst into flames.

America is waiting for a message of some sort of another.

No visible means of support, and you have not seen nuthin' yet, cool babies.; 9/30/08, 5:41 PM
Anonymous said...: chickenlittle said...
reader_iam said: Our goal is simultaneous orgasm?

Come together America

5:40 PM

...right now...; 9/30/08, 5:42 PM
reader_iam said...: Synova: The thing is, it would have been to at least somewhat think the strategy and tactics through at the beginning, including language and arguments and their implications.

To decide to suddenly change the terminology, to publicly announce and discuss changing the terminology and all the reasons for doing that is essentially to let people know you think they're stupid and won't notice.

How is that a good approach?; 9/30/08, 5:42 PM
john said...: Is Pelosi smarter by half than everyone else? Instead of Bush, she may have really left McCain out there flapping in the breeze, looking dumb and ineffective, by engineering the bailout failure.; 9/30/08, 5:43 PM
Fred4Pres said...: As Professor Bainbridge warns, we are still facing a critical credit crisis that could really get bad.

http://www.stephenbainbridge.com/index.php/punditry/the_markets_response_to_the_bailout_bills_failure/; 9/30/08, 5:43 PM
Anonymous said...: Could George Bush be more clueless?

President Roosevelt said "We have nothing to fear but fear itself."

President Bush says "Oh my gosh! The economy is crumbling and we're all gonna die!"; 9/30/08, 5:43 PM
Bob said...: Really, what we object to with this package is the name. Really. Not the substance. Not the details, the terms, or the lack of deliberation on this.

The Police and Fire Department do "Rescues". The fisherman who rams his boat into a rock does a "bailout". Congress does taxpayer rape and pillage.; 9/30/08, 5:44 PM
reader_iam said...: Hell, it's not even good manipulation.

I'm not turned on.; 9/30/08, 5:44 PM
Unknown said...: Is Pelosi smarter by half than everyone else? Instead of Bush, she may have really left McCain out there flapping in the breeze, looking dumb and ineffective, by engineering the bailout failure.

She might think she is, yes. However, there's always a chance that could bite her and the Dems on the ass.

For instance, the SEC is now clarifying it's mark-to-market rules that may be a game changer. (h/t The Corner)

The McCain campaign's statement: (emphasis mine)

"John McCain is pleased to see that the SEC has finally decided to permit alternative accounting methods to mark-to-market accounting for securities where no active market exists. There is serious concern that these accounting rules are worsening the credit crunch, making it difficult for small businesses to stay afloat and squeezing family budgets. In March, John McCain called for a meeting of accounting professionals to discuss whether mark-to-market accounting was magnifying problems in the financial markets."

It's quite possible that Pelosi's gambit gives McCain more time to make the case that he's on top of it and neither Obama in particular nor the Dems in general are not.; 9/30/08, 5:47 PM
Unknown said...: On the other hand, I can predict the Obama campaing response: "This is a return to Enron-style accounting, and we know how well that turned out." Nevermind the facts on the ground.; 9/30/08, 5:48 PM
David53 said...: How about: "Our goal is simultaneous orgasm?"

Or at least orgasms for everyone.

Wow, a 700 billion dollar orgasm. With that kind of sexual release we could instantaneously devolve into dinosaurs, problem solved.; 9/30/08, 5:48 PM
reader_iam said...: Sheesh. Just saw the lipstick post. Are you setting up a meta, Althouse? Was I supposed to immediately think of this post and "lipstick on a pig"?

(Squeals); 9/30/08, 5:50 PM
Larry Sheldon said...: spades is spades.

This is a banker beemer bailout.

Did you notice what the market did today?

Third biggest evar!

Over half of yesterday's mindless panic recovered.

We don't need any banker beemer bailout.; 9/30/08, 5:50 PM
Unknown said...: Speaking of word choice:

Drudge: "Consumer confidence unexpectedly improves in September..."

AP: "Consumers in gloomy mood on cusp of holiday season"

Here is the article.; 9/30/08, 5:50 PM
Anonymous said...: I think he should either elaborate on this idea, or really get down to the details and sell it the plan himself. And he must do either very quickly.; 9/30/08, 5:50 PM
ricpic said...: Apparently when the market goes up almost 500 points...it's still the end of the world.; 9/30/08, 5:54 PM
Anonymous said...: mcg, isn't Правда, I mean, Associated Прзсс predictable?; 9/30/08, 5:54 PM
john said...: mcg,

Perhaps, and if what you say the SEC is doing will be effective, then that is REALLY GOOD NEWS. And it makes the House decision look wise and almost prescient.

But both McCain and Obama lobbied for passage, and I don't see how either campaign can benefit.; 9/30/08, 5:55 PM
Anonymous said...: ricpic said...
Apparently when the market goes up almost 500 points...it's still the end of the world.

5:54 PM

Hey, journos know more than we do about the world, you know...; 9/30/08, 5:55 PM
Sprezzatura said...: I suppose it would be a PR step backward to change:

"we're worried about the taxpayers' money"
to
"we're worried about the future taxpayers' money, since there's no way we have any of this money today so we'll be looking for more debt, then the gov can quasi-arbitrage these ill assets thanks to the federal government's still strong ability to borrow unsecured money at low rates (though there have been hints of a down grade from AAA, so let's hurry before we're totally screwed.)"

Or, we could all say; screw this stuff, we're taking our marching orders from right wing radio. Those guys are always right. They're so smart about government policies. They really know how to run a government. They've got such a great track record; we should simply do everything they say.; 9/30/08, 5:56 PM
David53 said...: It's quite possible that Pelosi's gambit...

Eerily similar to the Corbomite Manuever. Could Pelosi be Balok?; 9/30/08, 5:56 PM
Unknown said...: Apparently when the market goes up almost 500 points...it's still the end of the world.

Look, when Sonic suffers, that's when I'm all for the bailout.

Yes the market went up today. The credit market is still tighter than a drum. And the movement today was quite likely due to anticipation that a bailout will still happen. Buy on the rumor...; 9/30/08, 5:57 PM
Unknown said...: But both McCain and Obama lobbied for passage, and I don't see how either campaign can benefit.

Really? Which congressmen did Obama call?; 9/30/08, 5:58 PM
Anonymous said...: The GOP in general, and let's be honest, has problems selling ideas. It is bad enough that they have the entire press corp against them. They still don't realize they have to make a lot of extra effort to get their message across and, again, sell their ideas. They really need to get on this.; 9/30/08, 6:00 PM
john said...: Really? Which congressmen did Obama call?

I dunno. Didn't he fly to DC just before the debate? He talked to somebody while he was there, didn't he? He's a senator, so he must know a lot of people.; 9/30/08, 6:03 PM
rcocean said...: McCain's new Platform:

-The jobs are never coming back;
-The illegals are never going home;
-More Wars; and
-Amnesty for Wall Street.

How can he lose?; 9/30/08, 6:03 PM
Unknown said...: Aides to Mr. Obama said he had not directly reached out to try to sway any House Democrats who opposed the measure.

(link); 9/30/08, 6:03 PM
john said...: Aides to Mr. Obama said he had not directly reached out to try to sway any House Democrats who opposed the measure.

Well, it just makes sense. He didn't need to because he was informed by Speaker Pelosi that she already had 95 firm and loyal democrat votes against it. Relieved, he continued on to the debates with new found confidence.; 9/30/08, 6:11 PM
garage mahal said...: McCain's new Platform:

Getting pwned by Nancy Pelosi. Along with John Boner and Newt Gingrich.; 9/30/08, 6:12 PM
mccullough said...: It's a hand up not a hand out.

Mend it, don't end it.; 9/30/08, 6:13 PM
mccullough said...: It's a hand up not a hand out; 9/30/08, 6:14 PM
Trooper York said...: It's a hand job not a hand out.

Happy endings for everybody.; 9/30/08, 6:18 PM
Trooper York said...: reader_iam is getting freaky in the comments.; 9/30/08, 6:21 PM
Matt said...: mcg
I'm curious too about who Obama called but he did say this morning in Nevada that he would be on the phone this afternoon with congressional leaders. I know he did call Bush today.
Do you really think he would do nothing? I know the McCain campaign is working overtime to give us that impression - but do you need verifiable proof from a trusted news network to know what Obama does 24 hours a day? Come on. You won't vote for him anyway no matter what he does....; 9/30/08, 6:21 PM
Peter V. Bella said...: It is a rescue for all the politicians who took campaign contributinons- both parties included- from the entities that caused this mess. No investigations, no one goes to jail. No perp walk of Reps and Sens.

If they were really serious, instead of lame, there would be a provision in this "rescue" to prohibit campaign contributions from the all financial entities regulated by the government, lobbyists associated with these entities- including trade associations, or anyone related to these rescued entities.

That would be serious legislation.; 9/30/08, 6:24 PM
Trooper York said...: [testing out his new video equipment]
Nicky: Oh, wow. You look really pretty if I stand far away and I use the zoom.
Mamie: Thank you.
(Happy Endings, 2005); 9/30/08, 6:26 PM
vbspurs said...: Ernie wrote:

...right now...

...almost there...; 9/30/08, 6:30 PM
vbspurs said...: reader_iam is getting freaky in the comments.

I get freaky too, sometimes, in a bashful kind of way.; 9/30/08, 6:31 PM
Trooper York said...: Komarovski: I think you do. There's another kind. Not high-minded, not pure, but alive. Now, that your tastes at this time should incline towards the juvenile is understandable; but for you to marry that boy would be a disaster. Because there's two kinds of women. There are two kinds of women and you, as we well know, are not the first kind. You, my dear, are a slut.
(Dr. Zhivago, 1965); 9/30/08, 6:31 PM
former law student said...: Paulson to Wall Street (Emotional Rescue)

Yeah, you should be mine, mine, whew
Yes, you could be mine
Tonight and every night
I will be your knight in shining armour
Coming to your financial rescue
You will be mine, you will be mine, all mine
You will be mine, you will be mine, all mine
I will be your knight in shining armour
Riding across Main Street with a fine arab charger

Aides to Mr. Obama said he had not directly reached out to try to sway any House Democrats who opposed the measure.

Personal Obama to the House Democrats (Violator)

Your own, personal, Obama
someone to hear your prayers,
someone who cares

Feeling unknown
and you're all alone,
flesh and bone,
by the telephone,
lift up the receiver,
I'll make you a believer

Reach out and touch faith
Reach out and touch faith; 9/30/08, 6:31 PM
Trooper York said...: Some girls take my money
Some girls take my clothes
Some girls get the shirt off my back
And leave me with a lethal dose

French girls they want cartier
Italian girls want cars
American girls want everything in the world
You can possibly imagine

English girls theyre so prissy
I cant stand them on the telephone
Sometimes I take the receiver off the hook
I dont want them to ever call at all

White girls theyre pretty funny
Sometimes they drive me mad
Black girls just wanna get fucked all night
I just dont have that much jam

Chinese girls are so gentle
Theyre really such a tease
You never know quite what theyre cookin
Inside those silky sleeves

Give me all you money
Give me all your gold
Ill buy you a house back in zuma beach
And give you half of what I own

Some girls theyre so pure
Some girls so corrupt
Some girls give me children
I only made love to her once

Give me half your money
Give me half your car
Give me half of everything
Ill make you worlds biggest star

(Some Girls, Jagger/Richards); 9/30/08, 6:34 PM
Sprezzatura said...: Aides to Mr. Obama said he had not directly reached out to try to sway any House Democrats who opposed the measure.

Someone from the McCain campaign should be taking notes. Whatever BHO did, McCain should follow (even more than he already is.) The deal that the R and D House leaders promised each other (after the bill was agreed to) was that the Ds would bring 120 votes, they got 141. The Rs were to bring 100 to 85, how--with McCain's help--did that go? Fail.

And recall:
-McCain injected presidential politics as a stunt that failed to get R votes
-BHO drove the inquiry about adding the R insurance plan during the White House meeting, McCain was silent on this
-BHO was first to layout a list of specific shortcomings of the Paulson plan (McCain later copied these.)
-BHO publicly pushed the package to the middle by sinking the D preference for certain bankruptcy provisions that the Rs were fighting (McCain never did anything to strongly and publicly put pressure on his Party, as evidenced by his Fail in the end--his stunt of skulking and expressing no opinion in DC didn't work.)
-BHO first came out with the increase in FDIC coverage (McCain followed.)

But, it is true that "Nancy made them do it" because she was mean.; 9/30/08, 6:42 PM
Unknown said...: He didn't need to because he was informed by Speaker Pelosi that she already had 95 firm and loyal democrat votes against it.

So you're conceding he didn't lobby then? Besides, I think your analysis is flawed for two reasons. For one, evidence suggests that Pelosi thought she had considerable margin: Clyburn wasn't even whipping yet when asked about it the day before; and rep DeFazio said that Pelosi didn't lean on anyone who didn't want to vote yes. Two, quite a few Dems in entirely safe districts still voted no: CBC members, CHC members... Barney Frank could have delivered 12 more votes out of his own committee.

So it may be true that Obama didn't need to lobby; but if so that only serves to indict Pelosi for further incompetence.; 9/30/08, 6:57 PM
Godot said...: I had a $700 billion orgasm once (it had flakes of real gold in it and everything). That was the best 11 seconds of my life. But I can't afford another one.; 9/30/08, 6:59 PM
Unknown said...: I'm curious too about who Obama called but he did say this morning in Nevada that he would be on the phone this afternoon with congressional leaders. I know he did call Bush today.

Well that's good. Had he done this a couple of days ago we wouldn't be here. I do think that both sides are working it now.

Do you really think he would do nothing? I know the McCain campaign is working overtime to give us that impression - but do you need verifiable proof from a trusted news network to know what Obama does 24 hours a day? Come on. You won't vote for him anyway no matter what he does....

Come on. We had standard MSM reporting that McCain was working the phones. We had standard MSM reporting that Obama's own aides said he didn't call. Who knows, maybe the only reason we know McCain made calls was that his aides said so. I think I'm entitled to take them both at their word.

At least jeff's explanation, that Obama might not have thought the calls were necessary, is plausible, if dubious. I'm in no ways convinced that Obama knew there were "95 solid no votes, and we can't do any better." I doubt Pelosi knew there were 95; and I doubt even more that they were all solid.; 9/30/08, 7:01 PM
Godot said...: On another note. I have a 1.4 trillion dollar hemorrhoid that needs rescue (evidently they recycle 'em?).; 9/30/08, 7:03 PM
Revenant said...: President Roosevelt said "We have nothing to fear but fear itself."

If this crisis had happened around the time when Roosevelt made the above remarks, he would simply have implemented the bailout and told Congress about it later. The man had near-dictatorial power like nothing we've seen before or since.; 9/30/08, 7:04 PM
Lorelei Leigh said...: President Bush says "Oh my gosh! The economy is crumbling and we're all gonna die!"

Ha! What he actually said was "this sucker could go down."

Of course, going down is one of the leading ways to achieve orgasm, so perhaps we should all oppose the bailout and just let the sucker go down.; 9/30/08, 7:09 PM
The Drill SGT said...: Obama didn't even call or get the votes from Back Chicago Dems in exceedingly safe one party districts.

He didn't ask, he didn't want their votes.; 9/30/08, 7:10 PM
Matt said...: mcg

Pelosi delivered 60% of the House Democrats. Boehner delivered only 32% of the House Republicans. I am not sure you can critize Pelosi unless you also criticize Boehner even more.

Also this on Politico about Obama:
"Barack Obama began calling individual rank-and-file members Tuesday, the campaign confirmed, in a sign that he is stepping up his advocacy on behalf of the endangered $700 billion financial package."
I do think he just doesn't want to make noise in a political way like McCain seems to want to.; 9/30/08, 7:15 PM
john said...: mcg,

Lighten up; I wasn't conceding Obama made no contacts, I was making a joke about a conversation he could have had with Pelosi.

The story line here is that Pelosi assured Obama that he could look good, that the bill would fail, and that both Bush and MeCain would end up looking bad.

Makes sense in a couple of respects, especially in that Pelosi might have thought she and the democrats had more to gain by having the bailout fail. It still needs some details ironed out. Work with me here, guy.

Think: why would Pelosi not know that 40% of her party would desert her on this vote, even from some of the "safe district" reps? Democrats are not generally known for splitting from the party and voting their conscience.; 9/30/08, 7:16 PM
Kirby Olson said...: Let's call it "enabling."; 9/30/08, 7:21 PM
Kirby Olson said...: Besides Main St. is already gone. We do have some malls left.; 9/30/08, 7:21 PM
Harwood said...: Call a horse turd a horse turd.; 9/30/08, 7:22 PM
Chennaul said...: Obama's speech started more than an hour late. The impatient crowd drowned out the light jazz playing over the speakers with chants for change. One person bounced a beach ball.
When Obama finally took the stage, he apologized for the delay, saying he was on the phone with congressional leaders and Treasury Secretary Henry Paulson.
"Things are never smooth in Congress," he said. "It's going to be rocky, it's sort of like flying into Denver. You know you're going to land, but it's not always fun going over those mountains."
He said his message to Congress this morning was to "get it done." The first House vote on the bailout failed just minutes before Obama took the stage in Westminster.

The Denver Post; 9/30/08, 7:28 PM
chickelit said...: Revenant wrote: The man had near-dictatorial power like nothing we've seen before or since.

Roosevelt faced and opposed real dictatorial enemies. To the extent that he became a dictator, it's almost as if the Zeitgeist demanded it. I don't like how that notion translates to present times.; 9/30/08, 7:28 PM
john said...: Duh,

Democrats are not generally known for splitting from the party and voting their conscience.

OK that was dumb. I should have just ended the sentence after "party".; 9/30/08, 7:28 PM
garage mahal said...: So it may be true that Obama didn't need to lobby; but if so that only serves to indict Pelosi for further incompetence.

You're negating the possiblility that Pelosi knew exactly how many votes she had and needed in her own caucus and held 1/3 of them back less than 2 months before an election as an insurance policy. For her it's win-win. If it passed it would be jumping in the pool together with Republicans. If it failed and didn't get enough Republican votes they can blame Republicans for "not coming together in a crisis". But it all blew up because they were planning on running an anti-bailout campaign against Democrats by purchasing ads before the vote even took place, and still lost the spin war because it didn't pass. Boner crying was a bonus. Democrats might be learning.; 9/30/08, 7:42 PM
John Althouse Cohen said...: So McCain understands the power of words?

Now that's leadership.; 9/30/08, 7:45 PM
mccullough said...: The House always has been the more egalitarian part of Congress, for better or worse.

So the vote was a good reminder that vast swaths of this fine country are populated by highly uneducated folks whose reps aren't much more educated than they are.

Don Young, for example, the sole representative of Alaska, voted against the rescue-out bill. Alaska is a pretty different place, as we've been learning with all the exposes from the Sarah Palin chronicles.

The black reps from Chicago (and other inner city areas) all voted against it. To put it kindly, their districts aren't much better than third world countries and the constituents aren't much better educated.

The upshot of all this is that these folks are the least likely to be affected by a financial crisis because it's not like their standard of living is that high or unemployment in their areas is that low.

The urbane parts of this country might be fretting, but these folks aren't. They're just pissed; 9/30/08, 7:58 PM
blake said...: McCain is the guy who decided if we didn't call it "amnesty" it wasn't, in fact, an amnesty.

'course, the press bought that.; 9/30/08, 8:00 PM
Peter V. Bella said...: The black reps from Chicago (and other inner city areas) all voted against it. To put it kindly, their districts aren't much better than third world countries and the constituents aren't much better educated.

From personal experience, some of those areas are worse than third world countries.; 9/30/08, 8:26 PM
Sloanasaurus said...: So McCain understands the power of words?

Now that's leadership

So... has McCain lost you? Bleh.; 9/30/08, 8:46 PM
Sloanasaurus said...: Barack Obama began calling individual rank-and-file members Tuesday, the campaign confirmed, in a sign that he is stepping up his advocacy on behalf of the endangered $700 billion financial package."
I do think he just doesn't want to make noise in a political way like McCain seems to want to.

Actually it's good to finally see Obama publicly supporting the bill. I think in his silence last time he was hoping to accuse McCain of bailing out wall street. I guess that strategy failed.; 9/30/08, 8:48 PM
Sloanasaurus said...: Pelosi delivered 60% of the House Democrats. Boehner delivered only 32% of the House Republicans. I am not sure you can critize Pelosi unless you also criticize Boehner even more.

The dems control the house. Anytime they get 1/3 of republicans supporting them, the bill should pass.; 9/30/08, 8:51 PM
ricpic said...: The way our system was designed the Senate is supposed to act as a brake on the more impetuous House of Representatives. Doesn't this crisis expose just how corrupt our most established "urbane" rulers have become in that it was the Senate that said hurry hurry and the House that listened to The People and acted as the brake?; 9/30/08, 8:51 PM
I'm Full of Soup said...: Reader is not turned on. Well so much for the simultaneous orgasms.

BTW I hear the polls are tightening up- only a 4 point lead. McCain should hope Pelosi and company stay in the spotlight. She is helping him get votes.; 9/30/08, 8:52 PM
john said...: Stop saying BAILOUT!
Start saying BULLSHIT?

From Volokh:

Where did the $700 billion figure come from, a figure that Paulson insisted on...?

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."; 9/30/08, 9:04 PM
integrity said...: No bailout.

They'll do the bailout, but they shouldn't.

No bailout.

Send them balls.

No bailout.; 9/30/08, 9:09 PM
Sloanasaurus said...: Stop saying BAILOUT!
Start saying BULLSHIT?

Heh! Actually, the legislation bails out members of Congress who drove our economy into this turmoil with their support of fannie and freddie.; 9/30/08, 9:11 PM
john said...: Integrity - I think you are trying to agree with all the rightwingnuts here, but you are having trouble getting to that point.

Go ahead. Use your words.; 9/30/08, 9:16 PM
George M. Spencer said...: What we need is a leader like FDR:

Experienced. Cocky. An idea a minute. Navy background. Physically tortured. Rich wife.; 9/30/08, 9:22 PM
Eric said...: If this crisis had happened around the time when Roosevelt made the above remarks, he would simply have implemented the bailout and told Congress about it later. The man had near-dictatorial power like nothing we've seen before or since.

I was listening to NPR on the way home from work. Apparently the Fed and Treasury Dept. already spent 400 billion in loans and grants last week to stave off a liquidity crisis. Also, if Congress doesn't act they have broad authority to go ahead with the plan Congress turned down. That might explain why Congress isn't too serious about all this - if they stall long enough the Fed will do it and Bush takes all the heat.

It also explains why people feel their votes don't matter a whole hell of a lot.; 9/30/08, 9:30 PM
Larry Sheldon said...: http://bluecrabboulevard.com/2008/09/30/its-a-miracle/

has a good idea that I can go for.

Call it a "sellout".

Or "sell down" (you will need to read old southern history for that one.; 9/30/08, 9:32 PM
veni vidi vici said...: "Could Pelosi be Balok?"

Maybe, but she's definitely Bollocks.

"I get freaky too, sometimes, in a bashful kind of way."

vbspurs' "I have a bracelet too" moment.; 9/30/08, 9:37 PM
Alex said...: I can see the usual suspects are engaging in their round the clock fearmongering. Despicable.; 9/30/08, 9:43 PM
Alex said...: No no no no no no to the bailout. Never, nada NEVER!; 9/30/08, 9:44 PM
Peter V. Bella said...: Actually, sellout is the perfect word.; 9/30/08, 9:51 PM
Alex said...: Bailout, sellout, copout. Whatever, defeat it. When the monekys come back on Thursday, flood them with more emails and phone calls.; 9/30/08, 9:54 PM
Unknown said...: Lighten up; I wasn't conceding Obama made no contacts, I was making a joke about a conversation he could have had with Pelosi.

Lightened. Hey, we're cool, we're cool :); 9/30/08, 10:04 PM
Peter V. Bella said...: "Could Pelosi be Balok?"

Pelosi is Saruman.

Obama is Sauron.

Where oh where are the Hobbits.; 9/30/08, 10:12 PM
Peter V. Bella said...: Harry Reid is the Balrog.; 9/30/08, 10:13 PM
john said...: Lightened. Hey, we're cool, we're cool :)

lol. I'm way beyond that, now I'm trying to picture this scene of Paulson running, breathless, to the White House, pounding on the door and yelling "We HAVE to have $700 Billion NOW or we will go into another depression!" And Bush going "Oh wow, that's serious, I'll take it up right away with the American people, and we will all make sure Congress does the right thing and votes yes on this. Oh, how did you come up with $700 billion?" "My staff ran the numbers".; 9/30/08, 10:19 PM
john said...: Harry Reid is Gollum.; 9/30/08, 10:26 PM
Peter V. Bella said...: john said...
"Harry Reid is Gollum."

Boromir?; 9/30/08, 10:33 PM
John Stodder said...: McCain's larger point was the PR, or less pejoratively, the communications surrounding this action have been dreadful.

We talk about things like money in metaphors. If the metaphors are inapt, the argument doesn't make sense.

What it really is, is a swap.

You have securities that accountants won't let you put any value on. They are dragging down your balance sheet and because of them no one will lend you money.

However, you and I know there is some value in those securities.

I have more time than you do, and I can get all the money I want. I'm the government.

So here's what I'll do. I'll pay you cash money for your valueless but not worthless securities.

Then, duly chastened and weaker, you can go back to doing business.

I'll just wait with these securities, and I'll sell them when their underlying value improves and/or becomes more apparent.

Basically, I'm exchanging cash you need today for securities I can sell tomorrow. Because I'm your government, I'm not going to worry too much if it's a good deal for me, because I actually care about your survival more than my profits.

How's that work?; 10/1/08, 12:15 AM
Joe said...: This comment has been removed by the author.; 10/1/08, 12:26 AM
Joe said...: The latest gambit by the senate is beyond offensive. Along with several things that would actually work--capital gains tax cuts, suspending mark to market--they are adding pork barrel tax cuts. What a bunch of fucking bastards.

Oh, and to top it off, I can't contact my senators. The email your senator pages are down. Either coincidence or its being overwhelmed by people totally pissed off at these assholes.

If McCain doesn't denounce this politics as usual strategy, I will not vote for him in November. I would sit out the election entirely, but I want to for for my choice of Representative (who beat the incumbent fuck in the primaries.); 10/1/08, 1:00 AM
Joe said...: "… a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical."

— Thomas Jefferson; 10/1/08, 1:05 AM
amba said...: According to this, they're backing off blaming Pelosi.; 10/1/08, 1:14 AM
Joe said...: The only one blaming Pelosi was that spineless coward Boehner.; 10/1/08, 1:21 AM
veni vidi vici said...: "Harry Reid is the Balrog."

Funny, he does look like a ball-rag, as in, a small towel used to wipe sweat from the grundle and scrotal hinterlands.

He looks like a wrinkled ballsac with wire-rimmed glasses on. And he governs/leads about as effectively.; 10/1/08, 1:56 AM
MadisonMan said...: Was I supposed to immediately think of this post and "lipstick on a pig"?

That's what I did.

Thank goodness the new bill ups FICA insurances to $250K. Sure helps me and all my middle-class neighbors.; 10/1/08, 7:35 AM
Sloanasaurus said...: Thank goodness the new bill ups FICA insurances to $250K. Sure helps me and all my middle-class neighbors.

Your understanding of economics and business is deep.

Maybe it helps the local company you work for that holds the money in such an account for your pay check.; 10/1/08, 8:03 AM
Peter Hoh said...: I'll stop calling it a bailout if he stops calling it "straight talk."; 10/1/08, 8:14 AM
Henry said...: "Call it a rescue"

Good idea, but a little late.

How about this:

Call it a "bulwark" -- a "bulwark against the financial hurricane"

But since the government is putting itself in charge, the term "levy" seems more appropriate.; 10/1/08, 8:17 AM
Holmes said...: I'm calling it the "Economic Surge." The small scale, stay in the bunker mentality of earlier bailouts did not work. This is the surge to stamp out the fire.; 10/1/08, 8:25 AM
MadisonMan said...: Maybe it helps the local company you work for that holds the money in such an account for your pay check.

Or maybe it doesn't given where I work. I've yet to read a cogent analysis of why this add-on is needed, or who requested it. Other than reading that both McSame and Oblahma approve.; 10/1/08, 9:07 AM
Anonymous said...: I thought Pelosi said it was a buy-in.; 10/1/08, 9:16 AM
The Exalted said...: madison man, the increase in FDIC insurance goes a long way towards stopping a run on banks. that is what finally killed wamu, $16 billion in customer deposits were removed in under a week.

and sloan, you are truly an ignoramus. the bailout package was a GOP bill proposed by a GOP administration. that it couldn't attract more than 1/3 of GOP reps is a colossal failure for Bush, Paulson and McCain.; 10/1/08, 9:22 AM
Unknown said...: accountability; 10/1/08, 9:26 AM
The Exalted said...: btw, blaming the mess on mark-to-market accounting is like blaming test results for your illness.

smashing the thermometer won't erase your fever.

but lets prop up the asset bubble by any means necessary!; 10/1/08, 9:27 AM
TmjUtah said...: The root cause for this situation is bald faced political manipulation of markets for individual and party gain.

Unless Dodd and Frank (for a weak start)are identified as the authors of and beneficiaries of criminal, unethical acts and removed from leadership positions, there's no reason to believe that government has any place in further interference in markets.

This is a failure of government.

Possibly by design; Democrats have been insane since 2000 and have only gotten more disconnected from reality every day since.

If they think that the threat of economic hardship frightens Americans, maybe they should have considered what effect the very real advent of socialism, combined with what is in all essentials a coup of MSM influence aimed at installing Barak Obama, will have on the citizenry.

They've manufactured this last week's parliamentary shenanigans to help the Empty Marxist suit... and they have lost sight of the fact that they really have no track record on doing anything but screwing up any matter economic that they touch.

No bailout. Not without deregulation in exorcising "affordable housing" forever from the lexicon of credit lending. Not without acknowledging that it was Dodd and Frank and the race pimps of the left who are the true architects of this disaster.

TTBO. There are not enough ethical legislators in Washington to address the staggering damage done by the current incumbent dominated culture. Throw them all out, starting November 4.; 10/1/08, 10:57 AM
VekTor said...: garage mahal said: You're negating the possiblility that Pelosi knew exactly how many votes she had and needed in her own caucus and held 1/3 of them back less than 2 months before an election as an insurance policy. For her it's win-win. If it passed it would be jumping in the pool together with Republicans. If it failed and didn't get enough Republican votes they can blame Republicans for "not coming together in a crisis".

And none of this is consistent with the Democrats thinking that this is actually an emergency. If they thought it was an emergency, they would act as if it was.

If the House Democrats don't believe that this is actually an emergency, why should anyone else?

If the Congress wants people to give something consideration as an emergency measure, they could start by believing and acting as if it actually is one. Until then, this is politics as usual, and no one else should take it seriously either.; 10/1/08, 11:02 AM
former law student said...: And none of this is consistent with the Democrats thinking that this is actually an emergency. If they thought it was an emergency, they would act as if it was.

If the House Democrats don't believe that this is actually an emergency, why should anyone else?

GW Bush, Bernanke, and Paulson: This is an emergency! We need $700 Billion ASAP!!

Nancy Pelosi: You got it Chief!!! Naturally you have lined up Boener, et al. behind Paulson's plan, right?

Boener: W. is a goddamned liar. Ain't no emergency and never was.; 10/1/08, 11:24 AM
Unknown said...: Interesting. I just got a call on my California line from a San Francisco news station to do an automated poll on the bailout.

Only they called it an "economic rescue", and they specifically described the plan as "using up to $700 million to buy and resell mortgage backed securities."; 10/1/08, 3:57 PM