The $700B Charade
October 6th, 2008 by jacob
Last Monday when Pelosi got in the well of the house and suffered a bout of political Tourettes Syndrome it may have killed the Bailout Bill that day. The stock market had fallen over 350pt up to that point, and fell another 350+ after the bill failed. This was chalked up as proof that the bill was needed.
The bailout bill, from the time of its inception, ballooned in size from 3 pages to 450+ pages, as all sorts of sweeteners were added. Another term for sweetener is pork-barrel spending. This is the spending that is partly to blame for the mess we are in. The patient is bleeding, please apply leaches.
Here is the punch line. After the bill passed and each of us is a another $2300 in debt, the stock market dropped 350 pts. These are people we want to hand the entire medical industry over to?
UPDATE
The Dow just dropped another 500+pts. Yup those guys in the guv’mint sure know what they’re doin! How did Reagan put it …
The most terrifying words in the English language are: I’m from the government and I’m here to help.
This entry was posted on Monday, October 6th, 2008 at 8:23 am and is filed under Den of Thieves, Federalism, Philosophy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
October 6th, 2008 at 9:44 am
By 10:45 a.m. EST Monday, the DOW was down over another 500 points. So much for the bailout bill.
October 6th, 2008 at 10:25 am
Go out right now, and buy another brick of .22LR. It will be the coin of the realm when the government collapses.
October 6th, 2008 at 10:39 am
Beautiful. And the real joy is that the leftists have convinced the people that this is the Republicans’ fault, rather than the fault of those that forced banks to make bad loans or be sued for redlining, and then refused McCain and Bush’s calls for an oversight agency to monitor Fannie and Freddie, which as government corporations are the very epitome of socialism.
October 6th, 2008 at 11:42 am
Personally I believe some of the market volatility is due to real concerns of Obama in the White House, with a Democrat control Congress.
Think Jimmy Carter.
October 6th, 2008 at 12:06 pm
I agree Dan, Obama makes everybody shaky.
Given the back and forth between the Obama and McCain camps and the digging up of the Keating 5 scandal, the attached clip is very interesting. John Glenn was at the Bruce Springsteen-Obama event over the weekend in Ohio, seems like they forgot that Sen Glenn was also a Keating 5 member:
http://www.findinternettv.com/Video,item,3179392363.aspx
October 6th, 2008 at 12:25 pm
The prospect of an O’Bama-Биден administration, along with the leftists running Congress, sure scares the hell out of me.
October 6th, 2008 at 2:01 pm
3 pm DOW is down over 700 points.
justsaynodeal dot com slash acorn dot html
October 6th, 2008 at 3:07 pm
Look at the graphic at the bottom of this link, it is simply fantastic:
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
October 6th, 2008 at 4:38 pm
Why is it that Republicans pretend like the 1990s never happened?
October 6th, 2008 at 5:05 pm
We don’t. In fact, we like to point out that Clinton remains the only President to be legitimately impeached. (Johnson’s was overturned when the law under which he was impeached was declared unconstitutional.) We like to point out that it was the Clinton administration, under Janet Reno, that accelerated this mortgage mess by threatening to sue banks for not providing mortgages to people that could not afford them. We also like to point out the clearly unconstitutional Gun Ban that Clinton put into effect, that that draft-dodger “loathed” the military, went to Moscow to study economics, and could not follow simple instructions: “Inhale, Bill.”
October 6th, 2008 at 5:24 pm
Hey Jack, was the economy better in 1999, or now?
How’d the stock market do back then?
October 6th, 2008 at 5:50 pm
RichmondDem,
It takes time for bad ideas to bear bad fruit. Our government did two things that have lead us to this point. First was the bipartisan repeal of Glass Steagal, that occurred in 1999. The second was the 15 year push to get everyone into their own home. While laudable, if someone does not have the means to buy a home and pay the mortgage, screaming about red-lining will only lead to the mortgage crisis we are experiencing.
October 6th, 2008 at 6:14 pm
“First was the bipartisan repeal of Glass Steagal, that occurred in 1999.”
John McCain voted for that.
Biden voted against it.
October 6th, 2008 at 6:29 pm
maybe McCain should have suspended his campaign to push for the bill again so that it would have failed.
or maybe Polosi should have given a more partisan speech which would have made the reps mad enough to vote no.
(blame whoever you want. but it’s pretty disgusting that people are voting based on how warm and fuzzy the speaker of the house made them feel that day!)
October 6th, 2008 at 6:34 pm
RichmondDem,
90 Senators voted for it, and Clinton signed it. I called it bipartisan and rightly so. What is your point aside fro making a cheap shot?
Since you are so keen to site details, do you recall who was it who threatened legal action against banks that did not want to make the bad loans?? hmmmmm ….
October 6th, 2008 at 6:36 pm
RD, you are making up fairy tales…
“The Gramm-Leach-Bliley Act passed the Senate on a 90-8 vote, including 38 Democrats and such notable Obama supporters as Chuck Schumer, John Kerry, Chris Dodd, John Edwards, Dick Durbin, Tom Daschle — oh, and Joe Biden. Mr. Schumer was especially fulsome in his endorsement.”
http://online.wsj.com/article/SB122282635048992995.html
October 6th, 2008 at 6:40 pm
No, look at the actual roll call, not the op ed page of the WSJ.
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105
The Bill was passed 54-44, mostly along partisan lines.
October 6th, 2008 at 6:42 pm
“Why is it that Republicans pretend like the 1990s never happened?”
RD, just because you were still in elementary school then and don’t remember much, you should not extrapolate your lack of substantive knowledge on this decade to others…
October 6th, 2008 at 6:44 pm
Dans-
I’m just wondering, because the specter of Jimmy Carter and the late 70s is always trotted out, but never Bill Clinton and the 90s.
October 6th, 2008 at 6:51 pm
Marshmallow,
What is disgusting is turning a bipartisan moment on its ear with a string of hyper partisan remarks. Pelosi tried to turn this into the Democrats saving us from the big bad Bush. We all lament the lack of bipartisan cooperation, Mr Hope and Change campaigned on this. What is really pathetic is how YOU are selective with regard to the need for bipartisanship.
October 6th, 2008 at 6:53 pm
The left wing of the Democratic Party voted against this rotten bail-out bill. The support was bi-partisan, but so was it’s opposition. It was the mushy centrists vs. the liberals and conservatives.
October 6th, 2008 at 6:54 pm
RD,
That was a procedural vote. If the Democrats were against it they could have made it go away with the threat of a filibuster. Nice try.
October 6th, 2008 at 6:56 pm
RD, you are not looking at the right bill. The final bill that actually, well you know, became law… The one that Clinton signed..
This one :
“The Gramm-Leach-Bliley Act passed the Senate on a 90-8 vote, including 38 Democrats and such notable Obama supporters as Chuck Schumer, John Kerry, Chris Dodd, John Edwards, Dick Durbin, Tom Daschle — oh, and Joe Biden. Mr. Schumer was especially fulsome in his endorsement.”
The one wsj discusses..
October 6th, 2008 at 6:57 pm
Biden voted against it.
John “fundamentally a de-regulator” McCain always voted for it.
But I love how Republicans are turning into regulators. Oh, the irony! If someone had told me a year ago a right wing site would be moaning about the repeal of a New Deal-era regulation, and I would have given them directions to the nearest psychiatric ward.
October 6th, 2008 at 7:00 pm
RichmondDem,
http://en.wikipedia.org/wiki/Glass-Steagall_Act
“The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[citation needed] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act, which passed in Congress with a 343-86 vote in the House of Representatives, before being sent to conference committee; the final bipartisan bill (Senate: 90-8-1, House: 362-57-15) was signed by President Bill Clinton.”
October 6th, 2008 at 7:00 pm
” but never Bill Clinton and the 90s.”
Because the second half of this decade we had a Republican controlled Congress that gave us some very prosperous years, and much needed reform (welfare just one) in spite of Clinton.
October 6th, 2008 at 7:01 pm
Dans–
I guess the Democratic Congress was responsible for the 1980s boom, then.
October 6th, 2008 at 7:05 pm
jacob, what’s the difference between a used car salesman and an Obama supporter ?
A used car salesman knows he’s lieing..
October 6th, 2008 at 7:06 pm
And Bush had nothing to do with the performance of the economy under his watch. No siree! He and the Republican Congress from 2001-2007 had NOTHING to do with it. It’s Bill Clinton and Nancy Pelosi!
October 6th, 2008 at 7:08 pm
RichmondDem,
What a pile. Both parties have their pet regulations. The Democrat hate regulations that are ‘not fair’, imagine that. Regulations that stop the economically stunted from buying homes for which they don’t even have a hope of paying the interest let alone the principle are not fair. Republicans have allergic reaction to regulations there own pets, like drilling for oil in the ocean or on Artic mud flats.
October 6th, 2008 at 7:15 pm
RD, you might want to take up selling used cars..
October 6th, 2008 at 7:20 pm
RD,
“I guess the Democratic Congress was responsible for the 1980s boom”
The Dems were the Senate majority though most of the 80s ?
October 6th, 2008 at 7:33 pm
dans,
I’ve got to agree here..
“Personally I believe some of the market volatility is due to real concerns of Obama in the White House, with a Democrat control Congress.”
I’ve speculated exactly that, and am working on a post where I will put in black and white what happens on Novemner 5th and onto January One.
If it’s McCain, markets recover. If it’s Obama, markets continues to crash.
October 6th, 2008 at 7:43 pm
Gee, Jacob, when I wrote last month “The economy is tanking” you replied “Wrong as usual.
3.3 growth in GDP is tanking?” It’s hard to take anything you say about the economy seriously after that boneheaded bit of analysis.
http://novatownhall.com/2008/08/30/sarah-palins-experience-and-qualifications-for-the-presidency/
October 6th, 2008 at 8:10 pm
HA! That’s awesome. Own it, Jacob!
Zimzo for Pres!
October 6th, 2008 at 9:09 pm
RichmondDem,
Bush and Co have:
1. Devaluated the dollar with their fiscal policy this has basically made us poorer, actual inflation w/o energy is probably 8%
2. Not used the presidential bully pulpit to sound a warning. Sending letters to congress is only half the job
3. Allowed non-military spending on Education to double without much positive effect
4. Allowed Federal medical spending to go sky high, also without much to show for it.
I am no great fan of Bush, the difference between me and you is I don’t look at my Political party as the all knowing flawless entity.
October 6th, 2008 at 9:27 pm
Zimzo, Marshmallow
3.3% growth in GDP is a good rate of growth historically. I recall that the according to the Democrats the economy has been going into a recession for over 5 years now. Congratulations you two, you are FINALLY right, we are in a financial mess. Yes, I said we were doing fine 6 weeks ago. Hind sight is always 20-20.
October 6th, 2008 at 9:38 pm
Marshmallow,
zimzo for president?! Hmmmm. Might be better than Obama at least. Zimzo, do you need a campaign manager?
October 6th, 2008 at 9:42 pm
RichmondDem,
I agree with your assessment regarding your post at 6:53, there are times when the center is wrong. This bill was a wast of money
October 6th, 2008 at 10:35 pm
RD, this is the Senate roll call vote for the Gramm-Leach-Bliley Act that was signed into law following the conference report :
Biden (D-DE), Yea
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00354
October 7th, 2008 at 9:49 am
cmac, yes, it was only a matter of time before they brought up Keating. It is fair game, and I suspect they were saving this as their October surprise.
October 7th, 2008 at 1:44 pm
And now Barney Frank is out there claiming that any criticism of himself or other Democrat malefactors in the Freddie Mac and Fannie Mae debacle is rooted in racism. Goes to show you once more that the MSM has lied to us time and time again. I always thought that most of St. Elizabeths had been closed down. Now it looks like they just transferred some of the patients to their new wing on the Dem side of the Capitol Hill aisle.