September 30, 2008
Sep 30 01:01 Barney Frank Spinning Out of Control Sep 30 01:29 Did We See Pelosi's Meltdown? Sep 30 10:48 Obama's Leadership (Sarc), Pelosi's Disgrace Sep 30 12:37 Bullshit Personified Sep 30 15:25 Needed: Liberal Application of Sunlight
Prior Months: Jan Feb Mar Apr May Jun Jul Aug
Barney Frank Spinning Out of Control
This AP Article quotes Barney Frank spinning his head off. Here's what he's quoted as saying:
That was a remarkable accusation by Republicans against Republicans, said Rep. Barney Frank, (D-MA), chairman of the House Financial Services Committee: "Because somebody hurt their feelings, they decided to punish the country."Rep. Frank is the one who punished the country. He didn't punish it today. Instead, he punished it 4 years ago by pretending that Fannie and Freddie didn't have problems :
Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.The Bush administration was right to be "more concerned about financial safety than about housing." I wish Rep. Frank had been "more concerned about financial safety than about housing." If he'd paid attention, we might've reformed these GSE's and saved taxpayers hundreds of billions of dollars.
It isn't the least bit unfair to say that this could've been averted had Democrats like Barney Frank, Maxine Waters, Greg Meeks, Artur Davis and Lacy Clay paid attention to Christopher Shays, Ed Joyce and Richard Baker way back in 2004. This video highlights the Democrats' role in this crisis:
It's time for the Right Blogosphere to highlight Barney Frank's statements at this 2004 hearing. They've been proven wrong in the extreme. I think he knew they were wrong because I think Barney Frank is a smart guy.
These vulnerable Democrats voted no on this bill:
Altmire, Barrow, Boyda, Cazayoux, Childers, Giffords, Gillibrand, Kagen, Lampson, Shuler, Stupak, Mark Udall (CO), Tom Udall (NM), Walz and John Yarmuth.These committee chairs in safe seats voted no, too:
Conyers, Delahunt, Collin Peterson and Bennie Thompson.If this was that important, why couldn't Ms. Pelosi 12 of these 19 Democrats to vote for the bill? It's time we laid blame where it rightfully belongs: at the Democrats' doorstep. They ignored the problem when it was a manageable problem, then voted in droves against the bill that supposedly would've fixed the crisis.
To say they aren't to blame is laughable.
Posted Tuesday, September 30, 2008 1:01 AM
Comment 1 by Arghyle at 02-Oct-08 05:11 PM
K - I have no problems placing partial blame at these individual's feet.
But exactly what bill are you talking about when you say they voted 'no'?
In 2004 the Republicans controlled both branches of congress. The best the Dems could have done would have been to filibuster. But again - what bill?
If you're talking about the Federal Housing Enterprise Regulatory Reform Act of 2005 - it never even got out of Committee, which in 2005 was again controlled by the Republicans.
SO. . . don't blame one side. They've all screwed the pooch real well on this one. But forget partisan politics - how about we simply blame the banks who were stupid enough to give loans to people that simply couldn't afford them, and the people that were stupid enough to take those loans.
Comment 2 by Gary Gross at 02-Oct-08 05:33 PM
First, it was the FHERRA. You're right that it didn't get enough support, which is a demerit for both sides.
how about we simply blame the banks who were stupid enough to give loans to people that simply couldn't afford them?
No thanks. The laws that got passed in 1999 FORCED banks into making loans to people with questionable credit ratings. If they didn't make these loans, they were penalized. That isn't giving them much choice.
Comment 3 by Arghyle at 03-Oct-08 12:04 PM
Back.
I have to ask - exactly which law(s) FORCED banks into making loans? And exactly what were the penalties? Because I haven't heard a single thing about this one. In '99 the only major banking law I can think of right now is the Gramm-Leach-Bliley Act, and there's no way that's what you're referring to.
Actually - I was listening to the radio just yesterday and they had on the president of a local commercial bank (much smaller than the recent failures). They were asking him if his bank was in trouble and if he it was going to have to borrow money and so on. He essentially said "Ha. No - we weren't that stupid. We're fine."
Did We See Pelosi's Meltdown?
This article in Politico.com tells quite the story. The story they tell is that we might've seen Speaker Pelosi have a vitriolic meltdown on the House floor. Here's what Politico.com is reporting:
But anyone who looked at the transcript of Pelosi's speech released by her office might have been puzzled by the complaints.Then they list the things Ms. Pelosi actually said that weren't in her prepared statement:
The transcript seemed relatively tame, with only relatively mild shots at the Republicans in the text.
But a review of the video of Pelosi's comments shows the speaker deviated substantially from her prepared remarks when she stepped into the well of the House at about 12:20 p.m. Monday afternoon, delivering a series of ad-libbed jabs at President Bush and his party.
"When President Bush took office, he inherited President Clinton's surpluses, four years in a row, budget surpluses, on a trajectory of $5.6 trillion in surplus. And with his reckless economic policies within two years, he had turned that around...and now eight years later the foundation of that fiscal irresponsibility, combined with an anything-goes economic policy, has taken us to where we are today. They claim to be free-market advocates when it's really an anything-goes mentality, no regulation, no supervision, no discipline...."It's Ms. Pelosi's right to peddle the myth that the Republicans' implementation of a system lacking in regulation caused this crisis. As I just wrote , the problem wasn't a lack of regulation. The problem was that Democrats opposed reforming the problems at Freddie Mac and Fannie Mae.
"...Democrats believe in a free market...but in this case, in its unbridled form as encouraged, supported by the Republicans, some in the Republican Party, not all, it has created not jobs, not capital, it has created chaos."
That 4 minute vitriolic diatribe by Speaker Pelosi showed who she really is: a hateful, bitter woman incapable of graciousness. She let her emotions get the better of her, too. Had she held off on her hateful diatribe, the bill likely would've passed. Instead, she indulged in a full-fledged diatribe.
Leaders need to be able to control their tempers. It isn't that leaders don't have tempers; it's that they control their tempers instead of their tempers controlling the person. What's worse is that she put self-indulgence ahead of doing the nation's business. That's inexcusable in a time of crisis.
It's time to replace that tyrant with a real leader who's willing to work with principled legislators of all persuasions.
Posted Tuesday, September 30, 2008 1:29 AM
Comment 1 by Walter hanson at 30-Sep-08 08:37 AM
Of course this vote is a major symbol of what is wrong with her leadership. You might not like what the Clinton adminstration did in 1993-1994 but the Democratically controlled congress went and passed a lot of unpopular laws which is what helped the Repulicans take power.
Here she was mad that she was about to possibly lose her speakership for passing a bill that was against her beliefs. The problem is not passing it costs her lots of things:
* At this moment the continue damage to the country is her fault!
* It shows a vote for her leadership is a vote for bad leadership. Every house candidate can point out by voting for me you're making her speaker for another two years. Do you want that!
* It highlights how closed minded the House has been under her leadership. By election day the public will know that Pelosi shutting the Republicans out caused the bad bill. Pelosi wanted a hundred votes to make it a bi-partisan bill. She couldn't make it close because she was shutting out big Republican ideas.
Walter Hanson
Minneapolis, MN
Obama's Leadership (Sarc), Pelosi's Disgrace
Following yesterday's vote on the Fannie Mae/Freddie Mac bailout, two things should be clear to the American people: Barack Obama is a sideline watcher and Nancy Pelosi cares more about playing hyperpartisan politics than she cares about doing what's right for the American people.
When John McCain jumped into the mess last week, 4 House Republican were on board with the bailout. When the final tally was counted yesterday, 65 Republicans voted for the bill. John McCain's jumping into the fray meant another thing: House Republicans got a seat at the table, allowing them to negotiate into the bill some meaningful provisions that would've protected taxpayers to a certain extent. John Boehner worked hard to get Republicans on board. That's the picture of leadership.
By comparison, Barack Obama wanted to stay away in the worst way. He only returned to Washington because President Bush invited him. That isn't the picture of leadership. The minute the meeting ended, his jet was winging him away from Washington. He didn't lift a finger over the weekend. Yes, he stayed in touch with Secretary Paulson but he didn't call House Democrats urging them to vote for this bill.
He essentially voted present again. That's unacceptable, especially considering the fact that this was supposedly the biggest financial crisis since the Great Depression. In my opinion, there's two reasons why he isn't interjecting himself into this crisis.
I think the main reason is because he isn't a leader. There's a reason why he voted present 130 times in the Illinois Senate. I think it's because he doesn't have the courage to stake out a firm position on anything. Duane Patterson noticed that, too, in this post :
Senator Obama, on the other hand, showed up to the White House only when invited, spoke in platitudes, left, got beat in the debate Friday night, spent the weekend speaking in more platitudes, and did not lift a finger to dial the phone of any of his Democratic colleagues in the House to try and persuade them to consider supporting a bill Obama was half-heartedly on board with for the good of the country.Hugh Hewitt interviewed Rudy Giuliani yesterday. This exchange highlights Sen. Obama's unwillingness to work hard for the American people:
HH: Should Obama be out there right now demanding that this pass on Thursday, Mayor?Sen. Obama isn't the only person who disgraced themself yesterday. Nancy Pelosi took an 'I don't give a damn' approach to passing this bill. Based on her past statements, this bill should've been the highest priority since gaining the speakership. Instead, she didn't even bother having James Clyburn whip the vote. Anyone who wanted a free pass on a tough vote got one.
RG: Of course. He should be working the phones. That's what a president,this is what our great presidents do. They work the phones. It just doesn't all happen because you make a speech and say change. It just doesn't happen because you have a catch phrase or you happen to be able to have sort of a rock star effect on people. Politicians don't care about rock star effects on people. They care about are you negotiating with me, what you are going to do for me, how are you going to get it done. I passed a lot of legislation as Mayor of New York City. It didn't happen because I'm a rock star. It happened because I could negotiate with people, and I could work with them to get it done. John McCain can do that. Remember, when he went to Washington, with all the Democrats attacking him, he took the Republicans from four to 64. When Barack Obama went to Washington, it looks like the Democrats disappeared.
This was a golden opportunity for her to have a significant accomplishment since claiming the Speaker's chair. Instead, she chose to play the role of a petty tyrant, which is what she is. Her vitriolic speech on the House floor right before the vote was unprecedented in the history of the Speaker of the House. Yesterday was a time when bringing people together and magnanimity were needed. Instead, she told her members to go their own ways. Instead, she was vitriolic, not gracious.
It isn't a stretch to think that she wanted this bill to fail. It isn't a stretch to think that her plan was to let the bill fail, then blame it on Republicans. The problem for Speaker Pelosi is that the American people will find out that she didn't lift a finger to get this bill passed. She didn't pressure Democrats to pass the bill.
It's obvious that Pelosi share at least two traits with Sen. Obama: Both are comfortable voting present when the pressure's on and both are comfortable not lifting a finger to get important bills passed. That isn't leadership.
That's a Jimmy Carter disaster waiting to happen.
Originally posted Tuesday, September 30, 2008, revised 02-Oct 12:29 AM
No comments.
Bullshit Personified
David Obey is one of the biggest blowhards in the House. Yesterday, Rep. Obey made this assinine statement :
House Appropriations Chairman David Obey (D-WI) just went off on the GOP in general and Minority Leader John Boehner in particular. "I guess the Republican leadership is so weak, John Boehner couldn't deliver 50 percent of the votes. I thought these were big boys," he said.It's time that I ripped Rep. Obey a new one. He's whining that John Boehner didn't deliver more votes for the bailout bill. Why isn't he whining about the 12 Democrats from Barney Frank's committee that didn't vote for the bill? Why isn't Obey whining about the people from the CBC that didn't vote for the bill? Why isn't Rep. Obey whining about Ms. Pelosi's not whipping the vote? The bill would've passed had they gotten 12 additional votes.
Obey said Boehner's explanation "gives hypocracy a bad name to say that anybody else but House Republicans are responsible." Obey blasted the "absolute fecklessness" of House Republicans who voted against it.
This morning, Mitch McConnell took a shot at Nancy Pelosi :
Notwithstanding yesterday's failure in the House, the Republican Leader McConnell said Congress can "act like grown-ups."The clear implication of Sen. McConnell's statement is that the House Democrats, especially Speaker Pelosi, didn't act like adults. It's difficult to argue that.
"We will get the job done. We will get it done this week. It will reassure the American people that Congress can rise to the occasion, act like grown-ups, if you will," McConnell said.
Posted Tuesday, September 30, 2008 12:38 PM
No comments.
Needed: Liberal Application of Sunlight
I just got an email from Gabriela Schneider of the Sunlight Foundation. Here's the text of that email:
Dear Sunlighter,It's time that Ms. Pelosi started living up to her promiose that this would be the most ethical, most transparent congress in history. I don't expect that to happen. I'm actually expecting the opposite. Nonetheless, I strongly encourage this blog's readers to put pressure on Ms. Pelosi. She's a miserable failure, easily the most inept Speaker in my lifetime. If there's ever been a time that we've needed the spotlight put on the House, it's now.
Today, the Sunlight Foundation is calling on Congress to exercise restraint and increase legislative transparency by posting the next version of the financial bailout legislation online for at least 72 hours before bringing the bill to a vote.
We believe all legislation should posted online for at 72 hours before a vote to give lawmakers and citizens sufficient time to review and debate it, and this bill is no exception.
That's why we just created a petition http://readthebillfirst.org, that urges Congress to wait at least until 72 hours after the publication of the next version
of this bill, before moving to a vote.
The failure of the Emergency Economic Stabilization Act of 2008 on Monday, September 29, 2008, is a case in point. The bill was posted online late Sunday afternoon, and voted on less than 24 hours later.
This isn't a bill to rename a few courthouses; this bill is Congress's biggest intervention in the economy in decades. This important legislation deserved more time for public scrutiny.
Please join us in our call for legislative transparency by signing the petition at http://readthebillfirst.org
You can review and comment on the Emergency Economic Stabilization Act on PublicMarkup.org, http://tinyurl.com/4q3zvn, too.
Our Party Time site, http://PoliticalPartyTime.org, is also doing its part to shine a light on how the financial sector is wining and dining the very lawmakers in Congress who are making the decisions about the most massive proposed bailout of
industry in history. Based on the anonymously submitted invitations we've received, we now count 357 parties this year planned for or featuring members of the two crucial committees that are the first stops for considering the administration's
$700 billion bailout request for the financial sector. See the full list of parties here: http://tinyurl.com/3htbev.
And be sure to check out our blog post here, http://tinyurl.com/3lq3d7, about the finance industry's investment over the past 18 years attempting to influence
Congress. The post includes a very cool interactive graph showing their spending, and a YouTube tutorial video explaining the graph.
Thanks for all that you do,
Gabriela Schneider & the Sunlight team
Otherwise, we'll get stuck with a bureaucratic boondoggle that spends our money without fixing a thing. We can't afford that, especially right now.
Posted Tuesday, September 30, 2008 3:25 PM
Comment 1 by Payday Loan Advocate at 01-Oct-08 05:13 AM
One of the biggest targets for politicians, as far as economics are concerned, is becoming the payday loan industry. Governors across the country are trying to rid their states of the industry altogether, and so far, Georgia, North Carolina, and Oregon have succeeded. The result was that bankruptcies, foreclosures, and also the number of overdraft fees due to bouncing checks went through the roof, which doesn't do anything for the citizens afflicted in these turbulent times, and only is really good for the banking industry. Despite these negative effects, other states are looking to follow the example and do the same. Even at the national level, presidential candidate Barack Obama, is weighing in his own agenda on the issue, and advancing his own intentions on getting rid of the industry in the United States completely. If these measures, both on state levels and nationally, are successful, the results are going to be increased unemployment, more debt, more foreclosures, and an even worse economy.
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