An introduction to the bailout

This post links to most of the Corrente posts on the bailout (and the ongoing financial mess).

Speaking from my own experience doing the posts listed below (those with no [name] listed are mine), the bailout coverage seemed like a throwback to the way blogging used to be, for good or ill:

A massive, complex, fast-breaking story with a lot of moles to whack in near-real time. Some snark, some information, some analysis, some media critique, a focus on contextualizing the story in a way that the mainstream media does not (or will not, or cannot), and a second focus on providing the reader with analytical tools: particularly public markup, but also shock doctrine, and the various terms that economists use. The story was also not obviously a horse race story, although -- how not -- the views of the candidates, and their actions and inactions, were part of it. And of course, the story was an opportunity for me to relearn the old lesson that Atrios taught when we began: Post, post, post!

  1. Legislative process

      Versions of the bill

    1. Paulson proposal
    2. Dodd proposal [leah]
    3. Dodd proposal at public markup for comment
    4. House bill
    5. Senate bill

      Sausage making

    1. House vote coming
    2. Not a done deal
    3. Balked in the House, try the Senate
    4. Frank: An agreement "people can understand"
    5. Buffing the turd
    6. White House meeting fiasco
    7. Bush: "Say things are OK"
    8. Reid says he's seeking Republican votes
    9. Senate vote coming
    10. Those "wooden arrows"
    11. The House bill the Senate bill was tacked onto
    12. Pelosi: We might let you read the bill [BDBlue]
    13. Speed of the process [VastLeft]

      Statements from legislators

    1. Hillary
    2. Hillary
    3. Feingold

      Other statements

    1. AARP [VastLeft]
  2. Working the phones / popular resistance

      Corrente phone campaign

    1. What message to Dems? [leah]
    2. Call!
    3. Call! [leah]
    4. Call!
    5. Call! [leah]
    6. Call!
    7. What to do for your own fiscal health [Sarah]

    Resistance

  1. Voters' views on the bill
  2. NYCCLC Emergency Mobilization [A Little Night Music]

  • Shock doctrine / strategic behavior

    Shock Doctrine in action

      Bailout as criminal enterprise

    1. This is a stickup!
    2. From the Sopranos: Bill is a "bust out" [Shystee]

      Bailout as torture

    1. House stampeded
    2. Torture works
    3. The beatings will continue....
    4. Lenders on strike.

      Bailout as strategic behavior

    1. Banker's capacity to create pain
    2. Stephanopolous
    3. Atrios
    4. Crisis as Peaksville
    5. Secret Treasury conference call
    6. Weekend timing
    7. Rovian money grab [Sarah]

      Confidence

    1. Financial Times
    2. Why "confidence"?

      NOW NOW NOW!

    1. Phony urgency
    2. Asian Markets
    3. Sky did not fall
    4. Sky did not fall again
    5. What changed?
  • Structural/financial issues

    1. Why make more banks too big to fail?
    2. Credit Default Swaps
    3. A bet on suburban sprawl?
    4. End of the neo-liberal era
    5. Why not shrink financial sector?
  • Opportunity costs

      Cost of the bailout

    1. Treasury: "We just wanted to choose a really large number.” [VastLeft]
    2. $700 trillion
    3. $1.8 trillion
    4. $2000 for every man, woman, child [Sarah]
    5. More to China [Sarah]

      Programs foregone or postponed

    1. General [BDBlue]
    2. Nursing homes?
    3. Health care?

      HOLC

    1. Roubini; Hillary
    2. Koppell and Goetzmann
    3. Howell Jackson
    4. Hillary in WSJ
    5. Obama on Senate floor
    6. How many mortages in default? [Sarah]
  • The Village and the state of our democracy

      The Village's anti-democratic views

    1. The Village reacts badly
    2. Followers vs. leaders
    3. If the people pay, the people should own

      Who owns the bill

    1. Opportunity for Obama to lead [ChicagoDyke]
    2. Bush lobbbies furiously
    3. Vacuum at the top
    4. The Dems own the bill
    5. Ian Welsh: Obama owns the bill

      Executive power

    1. Barney Frank
    2. Clause 8 of the Paulson draft
    3. Retroactive Immunity and clause 8
    4. Financial dictatorship

      AUMF comparison

    1. Authorization to Use Financial Force

      FISA comparison

    1. Hurry up, Dems!
    2. TARP a financial FISA
  • Pundits

    1. Steven Pearlstein
    2. Dana Milbank
    3. Warren Buffet
    4. Krugman: A question
    5. Krugman on Paulson [VastLeft]
    6. Krugman: RIP Paulson
    7. Krugman: No deal
    8. Krugman: Still no deal
    9. Krugman kidnapped?
    10. Krugman Stockholm Syndrome?
    11. Kos
    12. Jonathan Weil [bdblue]
    13. Blogosphere generally
    14. Stirling Newberry [ChicagoDyke]
    15. First Draft [Sarah]
    16. Nouriel Roubini Halloween Mask
  • Fraud, corruption, insider dealing, crime

    1. Insider dealing
    2. Marcy Kaptur
    3. Roubini: A ripoff
    4. The break-in
    5. Race track metaphor
    6. Phony math behind the derivatives
    7. Phony math, again
    8. More phony math
    9. Krugman 2007 lecture calls it
    10. Lobbyists wrote the bill
    11. Whistleblower protection
    12. The "smart money" [Sarah]
  • Deregulation

    1. Fox, meet Henhouse [jawbone]
  • Bailout as policy

      Will it work?

    1. Price discovery rationale
    2. More!
    3. More!!
    4. [VastLeft]

      Is it needed?

    1. Swedish precedent
    2. Galbraith
  • Executive compensation

  • Voluntary contributions
  • CEOs want to keep pay
  • Poison pill
  • The banks

    1. Bank local!
    2. Citigroup to Wachovia [herb the verb]
  • Rhetoric

    1. The agency question
  • Miscellaneous

    1. Biden's epiphany [VastLeft]
    2. We're all Communists now [VastLeft]
    3. Bankruptcy as policy alternatives [Sarah]
  • NOTE If I've missed a post of yours that should be here, please tell me in comments, and I will add it.

    Comments

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    I humbly submit

    That my post: Citigroup to Wachovia should be in the category of "Bailout as criminal enterprise".

    When the government choses one company to swallow another (Citigroup), sets the price for the "mark" (Wachovia) at one seventh of the market value (proven by Wells Fargo's bid), holds a gun to the mark's head that they have to agree/have no choice or they will be shut down that day, and also puts taxpayer funds at risk to do it, I think that is as close to a criminal operation as you can get.

    -----------------------------

    Around these parts we call cucumber slices circle bites

    -----------------------------

    I'm not such a bad guy once you get to know me.

    Added

    I realize now that by not using the original headlines, I made it more difficult for people to find their posts. Time...

    [ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

    "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

    AMAZING!!!

    Fantastic work!

    Blog Pimpin'

    May I suggest adding under pundits (because I have no original thoughts)

    "The Reckoning Will Be Worse Than You Can Imagine"

    and under either costs or programs foreclosed:

    Finance Committee Ds on Healthcare: We All Know There Isn't Enough Money To Do This Stuff

    and under sausage making:

    Pelosi: If You're Very Good Boys & Girls We'll Let You Read the Legislation Before We Pass It

    or not. The list is great as it is.

    "Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt

    Done!

    But don't be shy. Add 'em all! Mix 'em, match 'em, share 'em with your friends!

    [ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

    "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

    The Pundit Was Jonathan Weil

    much as I would love to take credit for his column. I've really come to appreciate Bloomberg as a news agency in all of this.

    "Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt

    Corrected n/t

    [ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

    "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

    Wow

    Just Wow. This is impressive, seeing it all together like this. Great blogging, all!

    (And let's not forget the Nouriel Roubini Halloween mask. Mmmm, I think I'm in love.)

    ---------------
    We can't afford not to have single-payer!

    Yes, but...

    ... how would you improve it?

    [ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

    "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

    I'm thinking, I'm thinking...

    In the meantime, I think my report on the NYCCLC Emergency Mobilization also goes here, under "Resistance" I guess.

    The main thing I've wondered about is how to get the message (the calls for calls, for example) to spread beyond this little-blog-that-could*. I don't know how many other lefty blogs were pushing this (A quick Google search on "call+congress+bailout" turned up a bunch of blogs I'd never heard of before, and I recall a comment that a particular A-list blog was just hand-wringing and hoping all would be well in the end). Why weren't all the little blogs pushing "no" votes sharing information and links more? I don't have any useful thoughts on this matter, though. (And maybe they were and I missed it?)

    * I say this knowing that congress members received tons of calls, predominantly against the bailout, so it wasn't just us.

    And yes, I can post links on my personal blog, but I have, on a good day, about 6 readers.

    ---------------
    We can't afford not to have single-payer!

    More short overviews

    would have been helpful; I read the vast majority of these and most of their comments but sometimes it was really difficult with RL.

    Reading them in book form (if that's what you call being linked by topic) would have been much easier.

    The "Call" posts

    generally did a pretty good job of summarizing the state of things at that point, at least as far as the bills themselves and what our talking points could be, esp. as people added comments. And they were pretty frequent while the bailout was wending its way through the various votes. (Thanks, guys!) But yes, I agree that an occasional "here's the state of things now" summary is helpful especially for those of us with RL issues, while things are changing or developing quickly day-to-day.

    How about a quick summary with lists of posts - like what Lambert's done here, but shorter and with maybe a one-sentence intro to each post?

    ---------------
    We can't afford not to have single-payer!

    Open Left, FDL, and Atrios

    all did great work. Others might have, but I am reading fewer blogs these days.

    Maybe there already but

    if not, I think we should have something on Bernanke's bail-out that is not through Congress that is still continuing--the rate cut(s) and the billions (more than the Congressional money) injected through the Fed Reserve.

    Here is Manuel Hinds in WSJ explaining not only how many more billions the banks have gotten, but their harmful distrust of each other (they won't lend except at very high rates):
    "The Federal Reserve injected $480 billion domestically and globally last week and it doubled the dose this Monday, injecting more than $900 billion in one single day. That makes for almost twice the $700 billion rescue package that Congress approved with so much discussion last week....Imagine that you are playing poker with 10 people and that you learn that a minority of them is broke and would not pay you if they lose. You don't know, however, who the ones are who won't pay. In this environment, the risk of losing would be too high even if you know that most of the players are perfectly sound financially and would pay up if they lose."

    foxes, hen houses, derivatives

    jawbone's post, maybe under structural/financial issues.

    jawbone, don't be modest!

    Added under a new category, deregulation.

    One improvement needed is better tagging and a book right away. That's reason I can't find anything easily, and link to it!

    [ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

    "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

    I'm curious to know

    whatever happened to the post about "martial law." I made a comment debunking, with links, the notion that the administration had threatened to impose martial law on the country if the House didn't pass the bill. An hour or so after I made my comment, I checked back to see if anyone had responded, and lo, the post and all the comments had been disappeared.

    I found that odd, to say the least.

    Swift Loris: If this was the YouTube post...

    ... I de-front-paged it, based on your debunking comment, and credited you in an UPDATE. See here.

    [ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

    "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

    OK, thanks

    But yesterday I went back about 10 pages, well before your update dated Wednesday, trying to find it. Nada. With that headline, it's unlikely I would have missed it.

    You would not have seen it

    because I de-front-paged it. Posts that are de-front-paged appear only in the poster's blog, not on the site as a whole.

    [ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

    "First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi