Wednesday, September 17, 2008

Incompetence in Washington and Irresponsibility on Wall St.

Wow.

Where are all of the free marketers?

How much retirement money have you lost in the past few days.... assuming you have any retirement funds.

Corporate welfare.

Government steps in again, bails out AIG with $85B:

"WASHINGTON - Another day, but not just another bailout. This one's a stunning government takeover.

In the most far-reaching intervention into the private sector ever for the Federal Reserve, the government stepped in Tuesday to rescue American International Group Inc. with an $85 billion injection of taxpayer money. Under the deal, the government will get a 79.9 percent stake in one of the world's largest insurers and the right to remove senior management."
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Obama responds:



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God, I loves me some karma.

GOP delegate's hotel tryst goes bad when he wakes up with $120,000 missing - TwinCities.com:

"He met her in the bar of the swank hotel and invited her to his room. Once there, the woman fixed the drinks and told him to get undressed.

And that, the delegate to the Republican National Convention told police, was the last thing he remembered.

When he awoke, the woman was gone, as was more than $120,000 in money, jewelry and other belongings."
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Scary.

Palin credits electoral success to witchhunter:

"In perhaps one of the strangest twists to date in the story of Alaska Gov. Sarah Palin, a video now shows the governor crediting her electoral success to a preacher who claims to successfully hunt witches."
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Classic. Check out the 2 dudes in the background



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8 comments:

Prof. Festus X. "White Shoes" Throckmorton said...

Interesting that when Republicans moved to head off these kinds of problems, they were headed off by Democrats.

http://infidelsarecool.com/2008/09/16/mccain-bush-tried-to-warn-country-about-fannie-and-freddie-dems-called-it-fear-mongering/

Barney Frank (D-Mass): “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

JPW said...

Ridiculous, Festus.

Who, pray tell, has been running the country for the past 7 years?

2003 the Repbulicans had the presidency and both house and senate. How, pray-tell, did the big bad Democrats stop the Republicans from fixing the problem. What, exactly, did the Democrats do, other than 2 of them making a quote to the press at a time when not a damn person in the U.S. was listening to ANYTHING a Democrat had to say, to stop the Republicans from working their magic?

Seriously, tell me, did they filibuster? Place a hold on some magical Republican bill?

All I've got to say is... Phil Gramm.

These problems were created by REPUBLICAN policy, REPUBLICAN laws rammed through congress, REPUBLICANS, period.

Again, Phil Gramm

JPW said...

Oh, and how is Palin working out for ya? She's super, isn't she.

JPW said...

And why aren't all the Republican heavy weights out there bleating how this is all the Dems fault instead some back-water wing-nut blog?

JPW said...

http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html

Who's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been mentioned as a possible Treasury secretary should McCain win. That's right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure.

http://www.politico.com/news/stories/0308/9246.html

The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

Jez said...

Get 'em, JP!

JPW said...

And, here's McSame in 2007:

http://blogs.abcnews.com/politicalpunch/2008/09/despite-claims.html

"But I do rely on a lot of smart people that I have that are both in my employ and acquaintances of mine. And most of them did not anticipate this. Most of them, I mean I can find some that did. But, a guy that’s on my staff named Doug Holtz-Eakin, who was once the head of the Office of Management and Budget, said that there was nervousness out there. There’s nervousness. There was nervousness that we had such a long period of prosperity without a downturn because of the history of our economy. But I don’t know of hardly anybody, with the exception of a handful, that said ‘wait a minute, this thing is getting completely out of hand and is overheating.'

"So, I’d like to tell you that I did anticipate it, but I have to give you straight talk, I did not.”

davyproctorboy said...

Who ya gonna call? Narrativebusters!