I can't think of any way to sugar coat this, I'm afraid. It's a bad bill and it isn't just that Barack Obama voted for it, it's that everything I'm hearing from the Hill says that he's been actively whipping it, not just in the Senate but in the House. Barack didn't hold his nose and vote for this, he made it his bill as much as it is Paulson's.
With this bill go your chances of having, say, universal health care, or massive infrastructure development, or really getting the US of its dependence on foreign oil, or really rebuilding America's school system—or whatever other big, expensive project you thought Obama was promising. 700 billion is a lot of money, and in the end this is almost certainly going to cost even more than that. Probably at least 1.5 trillion. (The technical term, I believe, is 'good money after bad').
Instead, as usual, it's the middle class that gets to pay. And it's Barack Obama who turned to Nancy Pelosi and Reid and said "this bill must pass". It's Obama who is whipping votes and bending arms for this despite the fact that it is massively unpopular. This is Obama's bill.
I assume he's willing to give up the 700 billion for the near dictatorial power over the US economy which is still embedded in the bill, power which he will wield through his Treasury Secretary. Or maybe, encouraged by his economic advisers, almost all of whom were amongst the architects and cheerleaders of the policies which made this crisis occur, he really believes that bailing out the rich with middle class money is how the country has to operate. After all, some people are important and some people aren't, and since the middle class can vote for him or for a man who has made himself into a national joke with Sarah Palin as the punchline, what are they going to do? Vote for John McCain, the laughingstock, who was also for the bill he was against, or some such?
If this bill doesn't work, or even if it does, it will have a huge cost and that cost will be born by the middle class. Even if you think it will work, not adding surcharges to make the rich pay for their own bailout is unconscionable.
Americans are being robbed, reverse Robin Hood style. Take money from ordinary folks, hand it directly to the rich. That's Obama's first real act as the presumptive President and as the Democratic party's de-facto leader.
Watch for universal health care to be walked back even from Obama's piss poor plan.
Well done, all.
Hey, look at it from Obama's perspective. If you were a classic Chicago pol, and somebody offered you and your machine a chunk of a $700 billion slush fund, how long would it take you to swallow your scruples and say "Sure! Where's mine?" I'm guessing.... Well, what's the fastest human reaction time? A heartbeat?
NOTE Just for shits and grins, I took a quick tour of Kool-Aid-ville, just to see if any of our tribunes of the people have come up with a post praising Obama's leadership, mad negotiating skillz, post-partisanship, hopey-changey-ness, et cetera et cetera et cetera. Nothing at Cheetopia. Nothing from WKJM. Nothing from BooMan, Jeralyn, Atrios.... Not a single peep. Tells you that the stench is massive, doesn't it? Everybody knows it, because otherwise, they'd already have their talking points. That's what you call a telling silence. And thank you, too, progs.
- lambert's blog
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they already preemptively killed UHC in Senate, no?
this was just nails in the coffin.
His actions on this bailout and other things show all who are watching how he will operate as Pres--it's not good.
this is telling too-- Top Obama Labor Supporter Warns Race Remains Volatile, Says Voters Lack Clear Sense Of Obama -- http://tpmelectioncentral.talkingpointsm...
"... "One of the things we find is that there's no sense of where he came from, what he's achieved, and that he's had to work hard for what he's done," Podhorzer continued. "People have much less of a grasp on Obama's biography ..."
His actions throughout the campaign are the indicator they're seeing now since they're finally paying attention--and voters did not want this horror.
He's benefited from the traditional party advantage on the economy---but he wholly disowned party strengths early on--and agrees with McCain on everything economic- and budget-wise anyway.
Asset stripping
Get the victory because the voters know that Ds are have been better on the economy (that's the asset), then fuck 'em over (that's the stripping). Past performance is no guarantee of future results.
[ ] 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 Bush-Obama Bailout Plan
and why not? Those are the two guys who get the power to dole out the slush fund.
And, yes, the silence is deafening. Thank goodness they have Sarah Palin to write about and distract everyone from the fact that the Democratic nominee just helped lead a bi-partisan, post-partisan effort to rip off generations of Americans. Hey, but at least when Obama's
EmperorPresident, he's willing to consider possibly, maybe, studying HOLC.I'm gonna get my pony after all LOL!!!!!!
I'm so happy!!!!!!!!!!!!!!!!!!
[ ] 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
also-700 billion would have provided healthcare for
decades to all, no?
It says a lot about Obama's integrity
It says that if you pay Obama enough money up front, he will defend your interests regardless of what the majority of the public wants, regardless of whether what you want is a blatant theft of taxpayer money with little or no possibility of accomplishing what it's pretended to do - Obama will even sacrifice all of the rest of his imaginary political agenda just to honor his obligation to you.
That's integrity!
"his imaginary political agenda"
--that's the whole problem.
Why is anybody surprised?
This is the first law of the Chicago politics: pay-to-play.
If it was Obama's bill he could have given us HOLC/HOME
I have my answer, I guess, on why it doesn't appear the candidates are doing much on this bill. Obama was, in fact, pushing for this bill.
Did he personally kill HOLC? Was he for or against Hillary's proposals to put assets online in real time?
Don't blame me, I didn't (and won't) vote for him, not even tepidly.
I ran across a graph last night that explains who
wins and loses in the bailout right here
(via graphjam)
"Our country right or wrong. When right, to be kept right; when wrong, to be put right."
Carl Schurz - U.S. Senator 1/17/1872
HISTORY, n. An account mostly false, of events mostly unimportant, which are brought about by rulers mostly knaves, and soldiers mostly fools.
(The Devil's Dictionary.com)
great link, WRH--
i wish we were the winners once in a while.
Too late, lambert
Watch for universal health care to be walked back even from Obama’s piss poor plan
Already has been, at least according to his new ads, which are the only ones I've seen.
They talk about straddling the middle of the two extremes, one being "government run" healthcare, the other extreme is worse than what we have right now.
His plan is all about "negotiating" with the insurance companies.
Obama, the man who can turn "Change" into "More of the Same"
i can haz hillary nao?
He who will not reason is a bigot; he who cannot is a fool; and he who dares not is a slave.
- Sir William Drummond
Mad negotiation skillz...
Well, I'm sure negotiating with the insurance companies will work as well as negoiating with the bankers.
Honestly, I'm almost ready to join the worse is better crowd myself, and vote for McCain, I'm so disgusted. Anybody who thinks Obama goes going to listen to them is delusional -- that's what the "study" HOLC thing means.
UPDATE What I am sure about is that I definitely want partisan gridlock in the Beltway, as opposed to a mandate for Obama. If it's only the R knuckledraggers who save us on the giveaway, then so what?
[ ] 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 Hear Ya
If I didn't think McCain is likely to get even more Americans killed than Obama (and Obama will get people killed, that's change you can believe in!), I'd be very tempted to vote for him just to prevent some sort of hopey-changey-the-system-works face being put on this bipartisan clusterfuck.
Worse is better
As the primary wound down, I have not been able to say that Obama will be better than McCain. He goes back on promises (FISA, Iraq, etc.), lies seemingly at will (parents and Selma, his 2002 speech having been after Colin Powell's UN speech, etc), and uses bullying and election stealing to win even though he lost. He has continually gotten worse, not better or positioning to the right. He has gotten worse. Period.
The thing about McCain is we know how bad he will be. Obama could be better, but there is no telling how bad he could be. That he is dragging down progressivism and the Dems frightens me. I have to say, I've been in the not voting for either, but now am *more* sympathetic to McCain voters than Obama voters.
Welcome.
"I’m almost ready to join the worse is better crowd myself, and vote for McCain"
Come on in. The water is as cold and foul-smelling as it is on the other side and there's no comfort to be had from having predicted such behavior from the Messiah, but at least there are far fewer formerly thoughtful people running around with their eyes closed, their fingers in their ears yelling "La, la, la! Obama good! I can't hear you!"
Do you know how absolutely appalled I am
that the only member of Congress who did the right thing in my district was Allard?
The man now seen as politically unresponsive *because* he voted against the bill?
I watched that ad during evening news and wanted to throw up--
He sounded just like, well, a Republican.
Government run? Like Medicare? Like his own damn insurance?
I felt a strong visceral reaction to that ad--the cheering crowd which was part of the soundtrack.
They'd probably cheer walking over a cliff after him.
The most appalling aspect...
...of all of this is that a truly populist position on the bailout would guarantee success for whoever ran on it. But neither McCain (who doesn't grok populism) nor Obama (who is about as plutocratic as they come) will embrace populism.
Yeppers!
Been that way since the start of the election, and the only candidate who figured that out and ran on it (under duress, I grant) was nobbled by the leadership.
[ ] 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
A Coincidence
I'm sure!
What about Hillary?
Why did she vote for this crap?
Well, imagine the reaction...
... if she'd voted the other way as Obama.
I wish she weren't loyal to the party that's not loyal to her (or to me) but I think she is. I put it under the heading of "live to fight another day."
Feingold went up a notch in my estimation, though -- way up.
[ ] 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
Very Pleased About Feingold
Not pleased about the yea votes, including Hillary's. Although at least she has proposed other, better legislation and continues to push for it. Not as good as a no vote, but more than most have done (an admittedly low bar).
I haven't heard any of the "leaders" of this effort promise or suggest any future action that might make this better - not Pelosi, not Reid, not Obama, not Dodd, and not Barney Franks. Without any support from the leadership, it's going to be very hard for any individual member - including Feingold - to do much. All they can really do is introduce legislation and argue for it and hope it attracts the support of people and other members, but this kind of legislation is going to be controlled by the banking/finance committees, e.g. Dodd and Franks. Neither of whom have shown a whole lot of willingness to even talk about other approaches (e.g. HOLC).
She's still the Senator from New York.
Not an excuse at all, just pointing out the additional pressures NY politicians face because for some of their constituents, Wall Street is Main Street.
yup--her and Schumer need Wall St support
--and money of course.
This is why the president matters
The best speechifying in the world doesn't help if they lack passion for doing the right thing. The dem leadership will stand behind any policy Obama wants right now and he had a great chance to do the right thing.
That he chose not to speaks volumes.
Doing the right thing here would not have fixed all the bad things for me (FISA, South Carolina, Periodically, etc...) but at least I wouldn't be DREADING an obama win.
Jjmtacoma, he must be terrified to do anything should it turn
around and be used against him. He's had soooo many opportunities to bring something fresh, innovative and progressive (did I just say progressive?) to the discussion. I mean he is the agent of change, isn't he? Wouldn't the general electorate love to hear how he's going to champion a HOLC plan and save billions of dollars that can be spent on UHC (which I never thought he was for anyway) and infrastructure.
So he must be absolutely terrified.
I love this job!
I love this job!
he was picked bec he wouldn't do things
that upset any applecarts--
he was picked because he is a useful tool-- and wholly amenable and beholden to the whims and avarice of the status quo big money interests.
his behavior during this whole horror proves it.
Fear isn't a good recipe for hope and change
I agree that he is not for UHC and never was. Wasn't his plan *really* like: keep your employer paid healthcare and expand the children's health coverage?
I don't think he is or ever has been the change 'agent' but possibly he views his speeches as a catalyst for change.
I'm not a fan club member so I think I missed out on getting the secret decoder ring from MoveOn. Lacking the ring, I can't really tell what he changes or hopes for.
The body's fastest reflex muscles
are in the jaw for when you bite down on something nasty and hard.
Unfortunately there's nothing much you can do about the horrible aftertaste that's left in your mouth.
I think there's a metaphor in there somewhere.
Glad to see that most Oregon Dems
are holding fast in opposition to the bailout. Sen. Wyden voted "no" yesterday, and Representatives Blumenauer and DeFazio are in this morning's Oregonian stating their intent to vote "no" again in the House. They continue to fight the bailout even though the Senate bill contains provisions that they have all been fighting for-- the payments to rural counties that have virtually no local tax base because the feds own so much of the land. This is a very big issue in the west. In Oregon it means the difference between having any local services ( police and libraries and local road repair) and county bankruptcy.
They have all been working so hard to get the county payments program in the budget and passed. At every point their fellow congresscritters and the WH have screwed they over on this with claims of necessary budget constraints. Now, when Wall Street needs $700 bil., suddenly functioning rural counties matter.
It is a tough choice for all three of these guys. They are rejecting the bribe and choosing to do what is best for the country. I don't always agree with these three, but today I am mighty proud.
Obama spokesperson on Diane Rehms Show: Obama has said he
is interested in working with the Democratic Congress on this.
Uh, like he's won't be a Democratic president? And now a part of the Democratic Congress? (I realize a Dem prez can say he wants to work with a Dem Congress--but it was the way it was said, as if he wasn't part of that party.)
That he had said immediately upon learning of the Paulson Fix that it needed strong oversight and controls. And he asked for them to be added and is pleased they are in the new bill.
He wants to have this looked at in 5 years to see whether the taxpayers have come out OK. He hopes that if it is handled well it will cost the taxpayers nothing.
I've heard Repubs say those last words. Yikes.
Good grief! It's Laura Tyson saying all this!
It's like Halloween come early
and all the kiddies who thought Jason Voorhees was a cuddly ol' bear and his machete a toy one just saw him without his mask -- and it's UGLY.
Amberglow, I have strong memory of Rahm Emanuel saying weeks,
even months ago, to the House that there was not enough money to do healthcare in the coming session. I'm pretty sure I commented on that remark.
Now, I can't find anything by googling, but my search terms might not match.
Does anyone else recall him saying that? Thnx. If I'm wrong, perhaps it's time more Vit B complex....
there was a post here about it--
i think Rockefeller and another said there wouldn't be funding for it at all.
and that was before this "bailout".
Schumer/Rockefeller Poo-Pooed Healthcare
and yes that was before they supported giving a trillion to Wall Street. See here.
Ah, yes, It was Schumer--reported back on May 23, 2008, even b4
the primaries were completely finished. I now remember it well. The anger. The angst. The realization Obama would do nada, nothing, zilch about real UHC.
Thanx so much to amberlgow and BDBlue. Not crazy, just got the wrong chamber campaign leader. I assumed Emanuel bcz he's so much in the Obama camp. Schumer was actually more scary saying that.
Aetna is going to get all my remaining savings, the way it's looking.
Who Wants to Be FDR, When You Could Be Hoover?
Another view on why the bailout won't work and is, in some ways, similar to a failed Hoover plan which allocated capital poorly by siphoning it off to politically well-connected friends. Also, apparently we're turning Japanese because they did something similar in the 1990s and still haven't entirely recovered.
Wonderful.
And now I'm going to quote Sondheim's ode to survivors:
I've gotten through Herbert and J. Edgar Hoover
Gee, that was fun and a half
When you've been through Herbert and J. Edgar Hoover
Anything else is a laugh
So which party is actually going to OFFICIALLY die?
I've always assumed it would be the Dems, but maybe the Pugs will die and the Dems will offically take their place. Thanks, Barry.
"You'd better get this straight. Wise up before it's too late." -- Sister Sledge
Ain' no mo' Motown Review
And the Beatles have broken up too
JFK has been shot
We miss him a lot
He always knew what to do
-- Philly Cream
maybe they *both* will
which might be best all around.
The mean time between "get over its" keeps shrinking
http://firedoglake.com/2008/10/01/obama-...
"He was always going to vote for it, he said he was going to vote for it, he voted for it. Get over it."