McCain calls revamped bailout bill an improvement

McCain warns that a full-fledged financial disaster could occur if new bailout bill fails
By MIKE GLOVER Associated Press Writer | AP
Oct 1, 2008

Republican presidential candidate John McCain said Wednesday the resurrected financial bailout bill isn't perfect but warned that the nation's financial crisis will become a full-fledged disaster if the plan fails.

In an economic speech Wednesday at the Truman Library and Museum, McCain said the original proposal that failed in the House was flawed because it did not contain taxpayer protections, limitations on executive compensation and sufficient protections for people's bank accounts.

"I am pleased that these are being added to improve the original bill," he said.

If the revised version, up for a vote in the Senate later Wednesday, were to fail, students won't be able to get college loans and families will have trouble buying new homes, he said. Car sales will take a hit and businesses will have difficulty paying employees and securing credit for operations, he said.

"If we fail to act, the gears of our economy will grind to a halt," McCain said.

McCain planned to return to Washington to vote on the bill, which adds substantial tax cuts meant to appeal to Republicans when it reaches the House. The modest changes include an increase on Federal Deposit Insurance Corp. caps for bank accounts from a limit of $100,000 to $250,000.

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Burning Down The House: What Caused Our Economic Crisis?

Since you and your kids and their kids and their kids are going to be paying off the biggest bailout in history, you owe to yourself to watch this video:

Mike Conaway Explains his Nay Vote

Mike Conaway Congressman from the 11th District Texas explains why he voted against the Emergency Economic Stabilization Act of 2008:

Obama Seen as Out of Touch on Bailout Vote

September 30, 2008

McCain camp says Obama not leading

Posted: 08:20 AM ET
From CNN Ticker Producer Alexander Mooney

(CNN) — John McCain's campaign is seizing on the prepared text of Barack Obama's speech Monday in Denver, saying it shows the Illinois senator has been "out of touch" with the unfolding financial crisis and congress' economic bailout plan. (Read the prepared text [PDF])

In the text distributed by the Obama campaign Tuesday morning, Obama was to say, "And today, Democrats and Republicans in Washington have agreed on an emergency rescue plan."

But moments before Obama was set to take the stage in Denver, the House officially rejected the bailout plan, prompting a delay in the Illinois senator's rally and a change in his comments on the bill:
"I am confident we are going to get there but it's going to be sort of rocky. It's sort of like flying into Denver. You know you're going to land but it's not always fun going over those mountains," he said.

McCain spokesman Tucker Bounds suggested the fact the Obama thought the measure would pass was a sign the Illinois senator was not closely involved in helping coral support for the bailout plan.
"When Barack Obama released remarks today that praised the passage of America's economic rescue plan, just before his allies in Congress voted to kill it, it revealed just how out of touch Barack Obama has been during this crisis," Bounds said, adding Obama has "shown failed leadership we can't afford."

In his own rally Monday morning before the House officially rejected the bailout plan, McCain did not suggest the bill would pass but touted his role pushing members of his party to vote for it.
"I've never been afraid of stepping in to solve problems for the American people, and I'm not going to stop now," he said. "Sen. Obama took a very different approach to the crisis our country faced. At first he didn't want to get involved. Then he was monitoring the situation."

The McCain campaign also suggested Thursday Obama deserved much of the blame for the bill's failure, saying the Democratic presidential nominee "put politics ahead of country."

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Monday, September 29, 2008

Pelosi Kills Bailout with Jawbone of an Ass
Well, it was all set, even the GOP members said it was a done deal and they had enough vote to pass the 700 Billion dollar boondoggle known as the economic rescue plan. But a funny thing happened on the way to the most massive bailout in US history, Nancy Pelosi just couldn't keep her mouth shut. Her botox addled mind just could not resist the urge to commit moonbattery on the house floor, and in the process torpedoed the whole shabang. Nice going Nancy.




http://americanarmed.blogspot.com/2008/09/peslosi-snatches-defeat-from-jaws-of.html

Will Pelosi’s second attempt at a bailout include ACORN? Update: Dow loses 777 points, more than on 9/11; Update: $1.1 trillion in market value lost
Sep 29, 2008 4:18 PM by Allahpundit
Super.

Video: House GOP blames Pelosi’s “partisan” speech for bailout failure
Sep 29, 2008 3:21 PM by Allahpundit
Unserious.

Breaking: Bailout bill fails, Dow roller-coasters; Update: Pelosi speech added

Main Street Backlash

I don't know about you, but I feel like Wall Street had a big party and I wasn't even invited, but I will be getting the bills for years to come. JC

Main Street turns against Wall Street

A populist backlash is changing America's political climate. Inflamed by the financial crisis and bailouts, a form of class warfare could haunt business leaders for years to come.

By Nina Easton, Washington bureau chief
Last Updated: September 28, 2008: 11:03 AM ET


NEW YORK (Fortune) -- In one frenzied month Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke remade Wall Street. Along the way they may also have recast American politics. A month of historic government interventions shows signs of triggering a political version of climate change - unleashing a new era of class fury that could hurt U.S. companies, business leaders, and wealthy investors for years.

"A potential calamity," predicts Democratic pollster Doug Schoen. "If the reactions we're seeing hold, we could have real spasmodic anger directed at businesses and corporations." And the timing will have consequences, says financier and onetime GOP presidential candidate Mitt Romney: "Unfortunately, politicians have seized on the politics of envy," he told Fortune, "and they are stoking it this election year like I've never seen in my lifetime."

Compared to this, Enron was a warm-up exercise. For all the public outrage over accounting scandals seven years ago, the result in Washington was limited to a financial reporting rule that most Americans have never heard of (though many in the business community still consider Sarbanes-Oxley a destructive overreaction).

By contrast, the implosion of Wall Street, followed by Paulson's escalating series of multibillion-dollar rescues, has fired up populist sentiments that were already building in American politics, promising to reshape legislative battles over everything from tax and trade policies to federal regulation. Union leaders like the AFL-CIO's John Sweeney suddenly sound as if they're in the mainstream of public opinion with statements like this: "One thing is certain. No one - no politician, no investment banker, no television commentator, no economist - should be able to say again with a straight face that here in the United States we just let markets do whatever markets do and everything works out for the best."

Washington hath no fury like Middle America scorned - and there's reason to think it will only get uglier. The government's massive new financial commitments will severely tie the next President's hands in addressing middle-class concerns.

"The next President will have to temper expectations a lot," says Middlebury College economist David Colander, "far beyond what either of the candidates has been willing to talk about."

If that means Republican John McCain gives up on letting the upper middle class keep the Bush tax cuts, it also means that Democrats will have to stop promising ambitious spending programs. Barack Obama rightly says it would be "irresponsible" not to review his spending menu - which includes making health care universal - in light of this new fiscal reality. As for problems like Medicare and Social Security? They'll have to wait.

http://money.cnn.com/2008/09/26/news/economy/easton_backlash.fortune/index.htm?postversion=2008092810&eref=rss_topstories

White House, Congress push for bailout deal -- Courant.com

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White House, Congress push for bailout deal -- Courant.com: "From the Los Angeles Times
FINANCE
White House, Congress push for bailout deal
By RICHARD SIMON Los Angeles Times
September 28, 2008

WASHINGTON — - Working past midnight, Congressional negotiators early today reported a tentative deal on a Wall Street bailout, in hopes of reaching an agreement before financial markets open Monday.

House Speaker Nancy Pelosi announced the accord just after midnight but released no details, saying it still had to be put on paper. Treasury Secretary Henry Paulson talked of finalizing the deal — which could cost as much as $700 billion — but added: 'I think we're there.'

The House could vote on it today and the Senate on Monday.

As bipartisan talks resumed at the Capitol — and under a greater sense of urgency — President Bush had stepped up his efforts to win the support of skeptics within his own party for the plan.

Paulson joined the talks between members of both parties from both chambers; House Minority Whip Roy Blunt of Missouri, whose Republican rank and file have been the plan's loudest critics, reported progress.

Sen. Judd Gregg of New Hampshire, the Senate Republicans' lead negotiator, said that the parties had moved 'down the road a long way toward reaching agreement.'

Some House Republicans had argued against setting an arbitrary deadline for action.

'By irresponsibly raising investors' expectations of an agreement, the failure of Congress to reach a deal by such a deadline could spark the very economic meltdown we are trying to stop,' said Rep. Thaddeus McCotter, R-Mich."

http://www.courant.com/news/nationworld/hc-finance0928.artsep28,0,3083943.story

Really Cute Palin Cartoons Here

Really cute and humorous Pro-Palin cartoons here:

http://baloocartoons.wordpress.com/

I love the fat cat one!!!