Monday, September 29, 2008

The Wicked Witch Speaks And The Dow Drops

The House of Representatives were working on the Wall Street bailout package today and nearing a vote. Just prior to the vote Nancy Pelosi, the esteemed Speaker of the House stood up on the floor and spent over four minutes attacking the Bush administration and extolling the virtues of the Clinton administration.

This was a circumstance in which the bill was 12 votes short of passage. After a week of highly partisan screeching by her and her fellow Dems in Congress, Pelosi delivers this speech and then promptly holds a press conference with Steny Hoyer, Barney Franks, and Rahm Emanuel expressing shock over why they can’t get the GOP to participate.

This was a week in which there have been continuous attacks on John McCain, first because he wasn’t in Washington helping craft a bailout package, and then because he came to Washington to craft a bailout package. If you want to see an incredible article on the day to day changes on the Democratic leadership stances, go here. There are simply too many to list here, it is highly recommended you scan this article.

The theme of this press conference was to express the Democrats desire to have a bipartisan solution to the bill. Completely ignoring the irony of this statement, they forged ahead attacking the GOP for not acting in a bipartisan way. Following the statements, the group took questions from reporters. When a reporter asked about the notion that Pelosi’s speech may have turned away some Republicans, Barney Frank mocked the GOP reps for “having their feelings hurt” and again ridiculed them for a lack of bipartisan spirit. Not to sound homophobic but the image of Barney Frank lecturing someone on a being a man was not an image I needed to be stuck with.

The best part of this press conference was just how many times the word “bipartisan” was used by every one of the speakers. It was amusing to watch Steny Hoyer intone that 60% of Democrats voted for the bill while 67% of Republicans voted against it, clearly making it the fault of the GOP. The bottom line is that the Democratic leadership couldn’t even sell this bill to much more than a simple majority of it’s own party.

As of the writing of this, I have become utterly uncertain what’s even in the bill anymore. I know part of the reason for the resistance to the bill is the recognition of the representatives of simple distaste of voters of bailing out banking lenders and borrowers from a mess of their own making. There is a growing sense that maybe it’s time for these people to be adults and live with their bad decisions. Many representatives, especially those in vulnerable districts, are afraid to vote for this and stick the taxpayers with the $700 BILLION tab.

What I saw in the faces of the Democratic speakers at the press conference was gripping fear. There is plenty of blame to go around for this mess, Democrats, Republicans, George Bush, Bill Clinton, Wall Street, and borrowers. The reality right now though is that the Democrats control Congress and the last week has been a study in absolute incompetence on the part of it’s leadership. Bush has proposed the plan, Congress controlled by the Democrats, could not deliver, largely because they could not resist the liberal necessity to attach goodies to the bill. Further, as I said earlier, they have attempted to run roughshod over the Republican members. Finally, they have presented a public image that can be described as being nothing more than a circus. Announcing they have a plan, only to have the Republican members come out and say they did not agree with their plan. Continuously, as mentioned earlier, delivering partisan attacks. Finally, holding a show vote when they knew they did not have the votes needed for passage. It is clear that today’s vote was for nothing more than to be used as a political attack.

Now to the Dow dropping. At the time of writing this, I am watching Sheppard Smith on Fox News. In the corner of the screen, they have a shot of the board at the NY stock exchange and it is easy to see that he market is quite volatile right now. The Dow is in the middle of it’s largest one day point drop ever. While the press conference is ongoing, the numbers are dropping, afterwards, the numbers are back up. To quote Smith “… we’ve recovered 250 points off the lows of this day and it would appear to me that the down slope happened as the leadership spoke and the upturn happened when the leadership shut up.” It’s hard to put it any better than this. My only hope is that, if this is true, I hope they shut up and stay that way because I would like to retire someday.

The only thing that may be rivaling the drop of the Dow is the drop of Barack Obama’s credibility. He is looking foolish because he took full credit for the plan (see my blog from yesterday for one of my “I told you so” moments). He is also going to take some of the Congressional heat because of the Democratic partisan attacks on John McCain last week. McCain is already on record as pinning this all on him. This is the statement from the McCain campaign. story here

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.

Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.

Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.

This bill failed because Barack Obama and the Democrats put politics ahead of country.” —McCain-Palin senior policy adviser Doug Holtz-Eakin

It just may turn out that McCain’s bad week last week may be passed on to Obama this week.


Oil Patch Plug said...

Greedy Bit*h killed a bad bill. Now they need to get the blame for looting Freddie and Fannie.

Mustang said...

I'm simply not buying in to the Democratic argument, "They sky is falling." There is an underlying issue here ... one I expressed privately to friends. If a foreign country attacked our country, our choices would be to fight and win, fight and die, or surrender. I think we should fight and win, but surrender is never an option.

Democrats in Congress want us to surrender our country to Marxism ... a command economy. Given the track record of Pelosi, Frank, Reid, and Dodd ... why on earth should we do that?

I want congressional hearings, the appearance of 400 economists who urged against the bill, including 3 Nobel laureates, and a detailed explanation about how Congress intends to fix the problem. I want investigations into the behaviors of Congressional corruption.

If Congress cannot do this, then I will continue to oppose any "bill" that uses my money to bail out fat cats.

My long response should convince you, this was a good post!!! said...

The same people who vote for Nancy Pelosi are the people who will vote for Barack Obama. Frightening ..

The Eyes Of An Angel said...

I'm getting tired of all the finger pointing nd not doing what has to be done!!
Nancy Pelosi is Absolutely a disgrace for blaming Bush

Chuck said...

Oil patch, thanks for visiting. It's going to get harder and harder for the media to cover for the Dims. Stop by again.

Mustang, I was watching Fox as I was writing this. As I pointed out, the Dow recovered a bit after the Dem press conference ended. I am starting to wonder if we really should do much here. The $700 billion sure could be put to better use elsewhere, like say, staying in my paycheck where it belongs.

Gail, welcome back. Their called dimwitted liberals and unfortunately there are quite a few of them. You sometimes wonder if we should be allowed to administer an IQ test at the polls before people vote.

Eyes, I believe this is your first time here, welcome. I don't know if you caught the press conference, it was stunning. I love the ceaseless attacks accusing the GOP of being partisan. Pelosi may have done some damage to the Dems today.

cube said...

I'm suspicious of any bill that Chuck Shumer is smiling over its passing. That is a loud alarm in my head that this isn't something that my conservative self is going to like. I'm hoping some cooler (conservative) heads will prevail & we will get a better bill as a result.

Chuck said...

Corect Cube. Call me a partisan hack but any bill being pushed by Pelosi, Franks, Schumer, Emanuel, Reid, Obama, etc is scary.

shoprat said...

I just hope we can get the fraud fully exposed before Election Day.

Z said...

EVERY single video shows who's really to blame (and CLinton agrees) but Pelosi says Republicans are UNPATRIOTIC?

I didn't know Dems could use that word with a straight face!


MK said...

Thanks for the round up Chuck. Amazing isn't it how they keep switching positions, it's a surprise anyone can actually keep up with them.

Needless to say the global media are also reporting this as a Bush-Republican failure. Yet they conveniently fail to acknowledge that Congress is controlled by the Democrats, so like you said they really don't need the Republicans to pass this.

Wouldn't want any negative coverage of Lord Obama i suppose, imagine the left putting the country's interests ahead of politics.

Aurora said...

As of the writing of this, I have become utterly uncertain what’s even in the bill anymore.

I think you speak for all of us, Chuck. None of us know what this bill is all about but so many of us have a bad gut instinct about it. I'm afraid for Americans. So many decent people who do not deserve this disaster.
You've been sold out.
Your ironic description of Pelosi as the wicked witch may not be so far from the truth. She holds so much power. How on earth did it come to this?

DD2 aka Debonair Dude said...

"The Wicked Witch Speaks And The Dow Drops"

Amen that! That dipstick know exactly what she was doing...

Brooke said...

What a beast. It's Bush's fault even though Obama was the #2 recipient of kickbacks from the Fannie/Freddie fiasco? Is it Bush's fault that the Dems blocked reform of their cash cow?

Why is it always the Republican's fault?

Is that why so many Dems voted against this bill, too?

Oh, and BTW, you stupid cow, a surplus means that The People are being overtaxed and the gov't is hoarding the People's money! Give it back!

Brooke said...

"I don't know what was so great about the depression, but that's what they call it..."

Is Pelosi serious?!? I don't think she was making a bad pun. I think she meant that!

Oh, dear God, help us!

Nancy Swider said...

Again, Pelosi either does nothing or makes things worse. Good to see shes staying true to form, I expect nothing less from her.

shoprat said...

McCain is handling it better than Obama but you would never know it from the press.

Chuck said...

Z, I seldom use the word witch, I feel it is disrespectful. She does seem to earn it though

MK, isn't that a great article. It's amazing they don't have whiplash from the flipping and flopping.

Aurora, I would a least take a little comfort if I thught the people voting for it knew what was in it, no comfort to be had there though

DD2, the only thing that will bring out the Dims to vote faster than a bad economy is dying troops.

Brooke good point on the surplus, I hadn't thought of it that way.

Nancy, unfortunately she doesn't do nothing enough.

Shoprat, headline on today "McCain takes hit from bailout collapse" another headline extols Obama's "calm" during the crisis.

Papa Frank said...

I'm working on getting the Nobama '08 blogburst to you.

Chuck said...

Thanks, Papa Frank

Anonymous said...

Good day, sun shines!
There have been times of troubles when I didn't know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
I have never imagined that there weren't any need in large initial investment.
Nowadays, I feel good, I begin to get real money.
It's all about how to select a proper partner who utilizes your money in a right way - that is incorporate it in real business, parts and divides the profit with me.

You can get interested, if there are such firms? I have to tell the truth, YES, there are. Please be informed of one of them: [url=]Online Investment Blog[/url]