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Asking and receiving 1 October 2008

Posted by marisacat in 2008 Election, DC Politics, Democrats, Inconvenient Voice of the Voter, U.S. House, U.S. Senate, WAR!.
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Democratic presidential nominee Senator Barack Obama speaks during a campaign rally in La Crosse, Wis., October 1, 2008. (Jason Reed/Reuters)

… there was always a good chance that all that sloganeering of “CHANGE” would indeed herald a new era.  Just not the one ObMan was bleating about.

I almost walked away from the Charlie Rose repeat, which I missed last night, I mean, Gregg of the senate who has been gagworthy for days now… then Martin Feldstein of Harvard, then Mort Zuckerman and Sorkin of the NYT.  Oh UGH!  I thought.  Spare me the white guys who brought us to the dance.

Well, even wretched Gregg had a line or two that was worth hearing. One, how “sold out” we are in our Manhattan financial institutions.  Most, as a result of us seeking sovereign wealth to tide us over, are in foreign hands.  He claimed “two are independent”.  Not news, but baldly stated.  And from Gregg, who has driven me to distraction and been a chief propagandist, fear monger, effing cheerleader for The Bail Out …

The most sobering, the harshest, sharpest daylight was from Feldstein. And his core message, the length and harshness of what we are facing, is dancing ’round the round table now, with none other than Mort and young Sorkin.  (Mort, nobody knows where bottom is,  AND he is not saying that to sell the Bail Out either.  He echoes some of the darkness of Feldstein in referencing coming, further fall in house prices.)

It’s gonna be LONG.  That recession barreling thru the tunnel, coming straight at us.  At one point Charlie asked Feldstein,  Five?  Ten years? Feldstein seemed loath to answer but offered no comfort.

Over the past few days some writers evoke NYC in the 70s…  The depth and darkness of that time, and I remember Lindsay and NYC quite well,  must be entering some minds.

Don’t know if anyone can stand it, I feel lately as lectured at, yapped at, as ever in my life.  Spun, to death, too.  But, here is the link to the page on Rose’s September 30th show (I just checked and the video of the MF segment on CR is up).

Good luck to whomever wins this windbag wingding of a race (I assume, as of now, that the Democrats can throw themselves over the finish line).  The USA!! USA!! , of sports stadium style politics and rah rah rah bullshit, has gone, fully, to junk bond status.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Just saw the email from Black Agenda Report, BAR, and what is riding at the top of their page, fits in here…

Bailout Lesson: Capital Crisis Will Wreck Both Parties

by BAR executive editor Glen Ford

“The Democratic and Republican Parties, creatures of capital, are decomposing in full view.”

In their role as mercenaries in service of finance capital, three-fifths of Democrats joined one-third of Republicans in a (temporarily) failed heist of $700 billion of the people’s funds – a nest-egg the public needs to hold onto to weather the unfolding collapse of the Lords of Capital. In the aftermath of Monday’s bloody siege, it was difficult to tell who Wall Street guns-for-hire John McCain and Barack Obama hated most: each other, or the citizens who despite their outraged confusion had the presence of mind to bar the doors to the national treasury.

Understandably disoriented from having had to charge backwards – pretending to lead the people while simultaneously assaulting them – Obama peered across the field at the hastily-erected barricades that had broken Hank Paulson’s Charge.  “I’m confident we’re going to get there,” said the frustrated thief-enabler, “but it’s going to be rocky.”

To paraphrase Oscar Brown, Jr., “What you mean WE, Obama-man?” The Illinois senator and his pretend-opponents in the other business party just had their colluding asses kicked by the most motley, disorganized crew imaginable: the American public, who bombarded their legislators with threats of retaliation in November if they bowed to Wall Street’s extortionist demands.

Never has Republican-Democratic co-subservience to finance capital been on such naked display. But then, “We the People” have never before been witness to the terminal unraveling of late-stage global finance capital. (See BAR, “Death Rattles of a Criminal Class,” September 24.) When the New York Times features no less than three articles declaring the nation’s investment bankers ready for burial, as did last Sunday’s paper, it is time for the Democrats, especially, to find another paymaster.::snip::

Well, Greider says the coming crisis (which is, of course, here), will finish off one party, likely the one about to take power… BAR says it takes down BOTH.  Oh but that would be Christmas, New Year’s and Easter, in my book, LOL

Who knows.  Hope for Change, The Change You Need, Change You Can Believe In…  Carry on…

The Democratic and Republican Parties, creatures of capital, are decomposing in full view, as witnessed by the events of this week. Too fragile to weather real political storms, they will not survive the larger, unfolding crisis of capital as twin hegemons.

As the crisis deepens, the parties will crack – at a pace dictated by the increasing frequency of convulsions.

When we are confronted with the surreal spectacle of John McCain and Barack Obama attempting to destroy each other even as they rush to deliver nearly a trillion dollars to the same master, while the people scream at both of them to “Stop!” – we know that “change” is coming. But not the kind the Democrats or Republicans anticipate.

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1. liberalcatnip - 1 October 2008

Don’t know if anyone can stand it, I feel lately as lectured at, yapped at, as ever in my life. Spun, to death, too.

No doubt. I’m in talk to the hand mode. The partisanship in your country and mine is at rabid levels and I’ve learned more economic terms in the past two weeks than I ever wanted to know about in my lifetime.

2. marisacat - 1 October 2008

yes I really dislike knowing “mark to market”… I hve grasped it, but could not explain it in turn, however.

3. NYCO - 1 October 2008

Interesting story in ye Chronicle of Higher Ed (behind a wall, so I’ve excerpted some):

Bank Freeze Leaves Hundreds of Colleges Cut Off From Short-Term Funds

Wachovia bank has frozen the accounts of nearly 1,000 colleges, leaving institutions unable to access billions of dollars they depend on for salaries, campus construction, and debt payments.

The freeze, which affects most institutions that invest their endowment income and other assets through Commonfund, has some colleges worried that they won’t be able to make payroll this period, said Verne O. Sedlacek, president and chief executive of Commonfund, which manages investments for nonprofit institutions. Many colleges use the organization’s short-term investment fund for operating expenses, “almost as a checking account,” he said…

Minnesota’s private colleges are worried as well. On Monday, the state’s independent-college association sent a letter to its Congressional delegation, warning that some colleges would be unable to make their payroll obligations this week.

I suspect we’re not hearing the worst of it. I’ll bet a lot of colleges have endowments that are sunk deep into a lot of purulent stuff. And I’ll tell you something: academia doesn’t necessarily have a lot of experience in money management. It really is a hand-to-mouth, seat-of-the-pants operation even in some major schools. Not a lot of forward thinking.

4. NYCO - 1 October 2008

Oh, and here’s a little taste of who’s panicking: Boston University, for example.

(Remember the failed dot-com snark site, FuckedCompany.com? Maybe someone should start FuckedCollege.com.)

5. liberalcatnip - 1 October 2008

DiFi said she got 91,000 phone calls about the bailout with 85,000 against it but she’s going to vote for it anyway because she thinks her constituents are confused – still stuck on the 3-page Paulson bill. Nothing like insulting the people who vote for you while you vote against what they want.

6. marisacat - 1 October 2008

difi

same thing she did on the war vote

7. Madman in the Marketplace - 1 October 2008

Speaking of spun to death, NPR was doing it’s part during All Things Considered, citing some polls (I can’t find which segment it was in … I think it’s the polls about Obama in the first hour) that they say people are REALLY against the bailout, that everyone just believed it because congressmen CLAIMED they were getting lots of calls. Interestingly, in both that segment and many others I’ve heard, seen and read, the only opponents that are mentioned are the “far right” Republicans and “Blue Dog/Conservative” Donks. The lefties, few that they are, don’t exist.

Nothing new, but there it is.

8. marisacat - 1 October 2008

Just heard a snip from Obama On the Floor… he says “we are all in this together”… and, it was clear, even JesusMan did not believe it.

9. Madman in the Marketplace - 1 October 2008

Getting rid of “mark to market” and short selling are ways to help the crooks keep prices higher on securities than they might otherwise be, so they can price them for what the seller SAYS they are “really worth” rather than what a buyer feels they should have to pay for them, thus keeping their balance sheet looking like it’s worth more. It’s a way to prop the ponzi scheme up for a little while longer.

10. Madman in the Marketplace - 1 October 2008

7 – oops “AREN’T” really against the bailout.

5 – Come to think of it, they used “confused” and “scared” to describe the public as well. Talking points sure more quick, don’t they?

11. Madman in the Marketplace - 1 October 2008
12. Madman in the Marketplace - 1 October 2008
13. Madman in the Marketplace - 1 October 2008

Feisty McCain duels with Des Moines Register

And when he was asked if he had enjoyed taxpayer-backed health care throughout his life, McCain made abundantly clear what he thought of the question.

“You know that’s an interesting statement, isn’t it?” he observed. “And I have never been an astronaut, but I think I know the challenges of space. And i have never done a lot of things in my life that I think I am familar with.”

14. marisacat - 1 October 2008

And i have never done a lot of things in my life that I think I am familar with.”

Oh that is hilarious I had not read th quotes from the conflab yet.

15. liberalcatnip - 1 October 2008

I have the video of Bernie Sanders’ floor speech up at my place now.

16. marisacat - 1 October 2008

Just heard Bill from teh trail in FL, for Ob. On supporting the Bail Oot. Sheer demagoguery. Nothing else.

17. Madman in the Marketplace - 1 October 2008

Will the New President Give Back the Powers Bush Has Grabbed?

So: While there may be many reasons to support Barack Obama, don’t assume that a Democratic president will necessarily transform the counterterrorism policies of the current administration. Government officials do not as a rule like to give up power, and President Bush has grabbed plenty of power for the executive branch since 9/11. Democrats in particular often feel vulnerable to being portrayed as soft on crime or terrorism, and far too many tack to the right on these issues, as Clinton did. If the problem is to be fixed — and it is essential that we fix it — it will only be because of sustained and popular pressure for change.

18. marisacat - 1 October 2008

… it will only be because of sustained and popular pressure for change.

I thnk whatever there may be, will have to come from the bar, factions within the ABA – and the judiciary. From the courts, from Constitutional scholars (oh right Ob claims to be one, LOL) ACLU, etc., and so on.

In any case, I never believed the Democrats, with which ever nom, it did nto matter! were going to do anything about the Bush power grab, if they got the keys to the meatlocker (as I think of it)

So many people will be struggling to hold on. I am jsut reviewing the Safeway site – sort of putting together the next order, and by now quite a lot of food items have gone up 10 – 15, even 30% over the past 8 – 12 months.

19. marisacat - 1 October 2008

74 vs 25 is the senate vote.

20. liberalcatnip - 1 October 2008

19. Now what? It goes back to the house? (memory retention problems here… plus I’m watching the CDN leaders debate in French w/ translations. The French Liberal Party leader now has a Scottish accent.) 🙂

21. marisacat - 1 October 2008

they said probably to the House on Friday.

What a mess.

22. Madman in the Marketplace - 1 October 2008

Halluci Nation

For those who have a stake in flattering the powerless, recent events handed them a pulpit from which to preach about “democracy” reborn, the masses awakening, the elites trembling, and so on. The standard pied piper tune. It’s a measure of how depoliticized we are that a speed bump like the Congressional rejection is viewed as the beginning of some kind of revolution. If liberals like William Greider and Al Giordano really believe that a game-changing populist shift is looming, they’re either hallucinating or cynically yanking their readers. Because if a serious groundswell is about to erupt, where can it go? What will be its ultimate destination? There’s no real alternative support network for such a thing. No opposition party which this energy and anger can animate and empower. There is only one route, and that is right back to the Democrats. And if you are at all conscious, you know exactly what that means.

Too harsh? Think back to a real populist period, say the late-19th century, when massive strikes shut down industry, when millions of working people were politically active, published their own newspapers, and created their own grassroots power centers. The work required to organize and educate workers in those days was especially hard, given the lack of instantaneous technological outreach. Yet it happened, all across the country. The elites of that time did tremble, until they unleashed federal troops on strikers and marchers, mowing them down with gunfire and clubs, throwing organizers in jail, suppressing newspapers. This continued right through the Woodrow Wilson years, a Democrat whom I credit in “Savage Mules” with creating the first modern American police state model, a gift that subsequent elites modified and streamlined to this day. And all along the way, people’s political power has been crushed, bought off, or simply steered into the corporate parties.

Call me an asshole, but I don’t see anything remotely approaching the collective activism of those earlier years. And yet, according to some liberal scribes, the earth is about to quake with democratic vigor. Frankly, Americans haven’t lost enough for a united tear-it-down response. For a great number, there’s still a ways to drop. And even then, when they have nothing left to lose, a significant portion will refrain from direct action and place their concerns with demagogues who thrive in moments of despair. Many people don’t want to confront it, but our consumer paradise covers all manner of ugly, bigoted, violent sentiments. The reaction to the 9/11 attacks should remind you of that.

I see it all around me, every day. That millions will vote for McCain/Palin tells us that countless Americans are fucked in the head. That millions more look to the warmongering Obama/Biden ticket for salvation confirms that we’re simply fucked. I’m all for smashing this fixed arrangement, but fellow inmates, we must first learn to free ourselves. Voting for CHANGE ain’t gonna cut it.

23. marisacat - 1 October 2008

the Matthew25 keepers of the Obama Flame have Doug Kmeic narrating a ‘Pro Life Pro Obama’ radio ad, up on xtian radio. Hey, you can support to keep it on the air. Soooooo important.

24. liberalcatnip - 1 October 2008

22. Ramen.

25. marisacat - 1 October 2008

So… wandering the Matthew25 Keepers of the Flame site… which I had never before bothered to do…

I see this on the ‘Big Promise’ page, as I would call it:

Overturning Roe Vs. Wade Will Not End Abortion in America

* Overturning Roe Vs. Wade, a long time goal of the pro-life movement, would not end abortion in the United States, it would simply send the decision to the states.

* If states with more than 45% “pro-life” sentiment chose to outlaw abortion, this would only impact 16 states accounting for 10% of abortions nationwide, or less than 100,000 abortions a year.

* Women in these 16 states would still be able to travel to seek an abortion in another state, or seek an illegal abortion, making the impact likely less than a 10% reduction in abortions nation-wide.

* States with the highest abortion rates in the country, like California and New York, would be unlikely to outlaw abortion in their states.

Source: Catholics United Study “Reducing Abortion in America: Beyond Roe v. Wade”

Sounds like Cindy Mccain to me. She wants it returned to the states as well.

AND the unspoken, under the breath words are, ”returning it ot the states is not enough. It should be banned, fully”. And with god’s help the oh so gentle pale blue benign Matthew25 people want that. That is what I get off their site, with the Welcome From Doug Kmeic”

26. Madman in the Marketplace - 1 October 2008

I’ve Debated Sarah Palin More Than 20 Times — Here’s What It’s Like

Anchorage, Alaska – When he faces off against Sarah Palin Thursday night, Joe Biden will have his hands full.

I should know. I’ve debated Governor Palin more than two dozen times. And she’s a master, not of facts, figures, or insightful policy recommendations, but at the fine art of the nonanswer, the glittering generality. Against such charms there is little Senator Biden, or anyone, can do.

27. marisacat - 1 October 2008

So it is glittering generality vs senatese drool – with a topping of toasted maggot?

LOL Not my words (for her), but the words of her old Alaska opponent.

28. Madman in the Marketplace - 1 October 2008

Senators who voted No

Allard (R)
Barasso (R)
Brownback (R)
Bunning (R)
Cantwell (D)
Cochran (R)
Crapo (R)
DeMint (R)
Dole (R)
Dorgan (D)
Enzi (R)
Feingold (D)
Inhofe (R)
Johnson (D)
Landrieu (D)
Nelson (FL) (D)
Roberts (R)
Sanders (I)
Sessions (R)
Shelby (R)
Stabenow (D)
Tester (D)
Vitter (R)
Wicker (R)
Wyden (D)

29. marisacat - 1 October 2008

Senate NO votes:

Allard (R)
Barasso (R)
Brownback (R)
Bunning (R)
Cantwell (D)
Cochran (R)
Crapo (R)
DeMint (R)
Dole (R)
Dorgan (D)
Enzi (R)
Feingold (D)
Inhofe (R)
Johnson (D)
Landrieu (D)
Nelson (FL) (D)
Roberts (R)
Sanders (I)
Sessions (R)
Shelby (R)
Stabenow (D)
Tester (D)
Vitter (R)
Wicker (R)
Wyden (D)

I see Mmes Boxer and DIFi were both YES.

via The Crypt at Politico

30. marisacat - 1 October 2008

29

LOL……………………… 8)

31. marisacat - 1 October 2008

Just hearing on the radio that in 1999, Boxer was one of 8 senators to vote NO on the breaking of Glass_Steagall, but apparently just not up for this vote.

The one non voting is Kennedy, apparently, at home.

32. diane - 1 October 2008

Anyone feel like trudging through 450 pages (the print is fairly large, if anyone wants encouragement)?..yeah, I know, but just in case anyone feels ‘inspired,’ I found a pdf link for the Senate “bailout” version (SB1494) from Law Librarian Blog

difi….I’d really have been shocked if she had voted no……….

33. diane - 1 October 2008

32
Re my post to the Senate Bill link

Don’t think you’ve got the wrong bill if you open the pdf file, which twistedly atarts out:

Purpose: In the nature of a substitute.
IN THE SENATE OF THE UNITED STATES—110th Cong., 2d Sess.
H. R. 1424
To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment, and for other purposes.

A sick joke? Anyway, it appears to be the right bill.

34. marisacat - 1 October 2008

thanks for that diane… I had not realised it morphed to 450 pages, I kept reading references that it “now like a novel in length”… buess that is what they meant.

35. diane - 1 October 2008

34

You’re welcome Marisa, looks like they may have just tacked on to the House version. Section 132 appears to read the same as the house version and is on the same page number (88):

SEC. 132. AUTHORITY TO SUSPEND MARK-TO-MARKET AC- 18
COUNTING. 19
(a) AUTHORITY.—The Securities and Exchange Com- 20
mission shall have the authority under the securities laws 21
(as such term is defined in section 3(a)(47) of the Securi- 22
ties Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to sus- 23
pend, by rule, regulation, or order, the application of 24
Statement Number 157 of the Financial Accounting 25

Standards Board for any issuer (as such term is defined 1
in section 3(a)(8) of such Act) or with respect to any class 2
or category of transaction if the Commission determines 3
that is necessary or appropriate in the public interest and 4
is consistent with the protection of investors.

Directly following that, is what looks like allowing the SEC to get rid of FAS 157 (a post Enron Accounting rule yes, and sorry, the dreaded m&m term), after a ninety day period to “write a report on it.”

36. diane - 1 October 2008

The “hope for homeowners” section appears to be the same ¾ page, undecipherable amendents to worthless already non-helpful US code, as it was under the house version:

”….
SEC. 124. HOPE FOR HOMEOWNERS AMENDMENTS
. 16
Section 257 of the National Housing Act (12 U.S.C. 17
1715z-23) is amended— 18
(1) in subsection (e)— 19
(A) in paragraph (1)(B), by inserting be- 20
fore ‘‘a ratio’’ the following: ‘‘, or thereafter is 21
likely to have, due to the terms of the mortgage 22
being reset,’’; 23
(B) in paragraph (2)(B), by inserting be- 24
fore the period at the end ‘‘(or such higher per- 25
centage as the Board determines, in the discre- 1
tion of the Board)’’; 2
(C) in paragraph (4)(A)— 3
(i) in the first sentence, by inserting 4
after ‘‘insured loan’’ the following: ‘‘and 5
any payments made under this para- 6
graph,’’; and 7
(ii) by adding at the end the fol- 8
lowing: ‘‘Such actions may include making 9
payments, which shall be accepted as pay- 10
ment in full of all indebtedness under the 11
eligible mortgage, to any holder of an ex- 12
isting subordinate mortgage, in lieu of any 13
future appreciation payments authorized 14
under subparagraph (B).’’; and 15
(2) in subsection (w), by inserting after ‘‘ad- 16
ministrative costs’’ the following: ‘‘and payments 17
pursuant to subsection (e)(4)(A)’’.
….

(I have a response to your comment in spam Marisa)

37. diane - 1 October 2008

(my comment is out of spam now Marisa)

For anyone who can’t access pdf files, here’s how the Index reads (though of course the most beneficient sounding Sections are most likely ironic, that’s likely a PUBLIC LAW ):

….
Sec. 1. Short title and table of contents.
Sec. 2. Purposes.
Sec. 3. Definitions.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 106. Rights; management; sale of troubled assets; revenues and sale proceeds.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 109. Foreclosure mitigation efforts.
Sec. 110. Assistance to homeowners.
Sec. 111. Executive compensation and corporate governance.
Sec. 112. Coordination with foreign authorities and central banks.
Sec. 113. Minimization of long-term costs and maximization of benefits for taxpayers.
Sec. 114. Market transparency.
Sec. 115. Graduated authorization to purchase.
Sec. 116. Oversight and audits.
Sec. 117. Study and report on margin authority.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 120. Termination of authority.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 122. Increase in statutory limit on the public debt.
Sec. 123. Credit reform.
Sec. 124. HOPE for Homeowners amendments.
Sec. 125. Congressional Oversight Panel.
Sec. 126. FDIC authority.
Sec. 127. Cooperation with the FBI.
Sec. 128. Acceleration of effective date.
Sec. 129. Disclosures on exercise of loan authority.
Sec. 130. Technical corrections.
Sec. 131. Exchange Stabilization Fund reimbursement.
Sec. 132. Authority to suspend mark-to-market accounting.
Sec. 133. Study on mark-to-market accounting.
Sec. 134. Recoupment.
Sec. 135. Preservation of authority.
Sec. 136. Temporary increase in deposit and share insurance coverage.
TITLE II—BUDGET-RELATED PROVISIONS
Sec. 201. Information for congressional support agencies.
Sec. 202. Reports by the Office of Management and Budget and the Congressional
Budget Office.
Sec. 203. Analysis in President’s Budget.
Sec. 204. Emergency treatment.
TITLE III—TAX PROVISIONS
Sec. 301. Gain or loss from sale or exchange of certain preferred stock.
Sec. 302. Special rules for tax treatment of executive compensation of employers
participating in the troubled assets relief program.
Sec. 303. Extension of exclusion of income from discharge of qualified principal
residence indebtedness.

goodnight all….

38. marisacat - 1 October 2008

mm the NYT seems to thnk they know us, we fringery, hirsute, seni-nude people out there in the fog and mist. I think they mentioned public sex too. Pretty funny article, frankly

39. wu ming - 1 October 2008

indeed. also notable is that both named interviewees were 37 year old white collar men, one worried about his 401k, one an iraq war-supporting lawyer. and a banker and restaurant owner to boot. and you know none of the unnamed ones were women, since they’d have been sure to single them out. no nonwhites (in SF, of all cities!), no blue collar or service workers, no immigrants, every one of them disagreeing with some liberal tenet.

dollars to donuts they didn’t go past market street.

40. marisacat - 2 October 2008

it was pretty predictable… they interviewed one slice but made sure they got a good shot at last weekend’s Folsom St Fair… LOL I am pretty sure had they walked thru the Folsom St Fair and talked to people about their poltical stances they would have been surprised. At the wide variation.

41. bayprairie - 2 October 2008

also notable is that both named interviewees were 37 year old white collar men, one worried about his 401k, one an iraq war-supporting lawyer. and a banker and restaurant owner to boot.

Ms. Steinhauer! the one who’s reported in the past that california is the place “American values are said to go to die” and has an “image as a hotbed of liberal lunacy”.

iirc she’s just angry she isn’t maureen dowd.

yet.

her “reporting'” is as much about her, and her pwecious widdle opinion, as her assignment.

42. bayprairie - 2 October 2008

oopsie.. forgot the block quote, on first graph!

43. marisacat - 2 October 2008

I just heard that Mr Clean died. The real one, the original one… I am pretty sure in some far forgotten corner I have a bottle with his image on it.

LOL….

44. marisacat - 2 October 2008

hmm maybe I need to turn up the pink… or the rosy or the orange on my TV, but Buffett and Charlie Rose are looking pretty damn drained of blood.

Earlier Buffett was selling the BailOut… necessary to get the credit economy going again. You know…………………………. 😉

45. Madman in the Marketplace - 2 October 2008

MSNBC is no longer calling it a “Bailout” … they’ve adopted the “rescue” meme that the Senators were pushing.

Keep clapping kids, I just KNOW that Tinkerbell will come back.

46. NYCO - 2 October 2008

The NYPD police sargeant, who gave the order to fire the Taser on the disturbed man who fell off the ledge, has apparently committed suicide.

http://cityroom.blogs.nytimes.com/2008/10/02/police-lt-in-deadly-taser-case-commits-suicide/index.html

There are many troubled people in the world who are living on the edge.

47. NYCO - 2 October 2008

In other news, it looks like Steve Fossett’s plane may have been found, along with his personal effects (which have definitely been found). Near Mammoth Lakes, Cal.

http://ap.google.com/article/ALeqM5gfmXbQn-RFLHSjd8_s23ytiM6OVAD93IB3DG2

interesting

48. marisacat - 2 October 2008

Nouriel Roubini in Forbes – sounding a lot like Martin Feldstein the other night on CharlieR – :

It’s plain that the current financial crisis is worsening in spite of–or perhaps because of–the Treasury rescue plan.

The strains in financial markets are becoming more, rather than less, severe in spite of the nuclear option of a $700 billion package: Interbank spreads are widening and are at a level never seen before; credit spreads are widening to new peaks; short-term Treasury yields are going back to near-zero levels as there is flight to safety; credit default swap (CDS) spreads for financial institutions are rising to extreme levels as the ban on shorting of financial stock has moved the pressures on financial firms to the CDS market; and stock markets around the world have reacted very negatively to this rescue package.

Financial institutions in the U.S. and in advanced economies are going bust. […]

So, this is not just a U.S. financial crisis. It is a global crisis hitting institutions in the U.K., the Euro-zone and other advanced economies (Iceland, Australia, New Zealand, Canada etc.).

In a solvency and credit crisis that goes well beyond illiquidity, no one is lending to counter-parties as no one trusts any counter-party (even the safest ones), and everyone is hoarding the liquidity that is injected by central banks. And since this liquidity goes only to banks and major broker-dealers, the rest of the shadow banking system has no access to this liquidity as the credit transmission mechanisms are blocked.

After the bust of Bear and Lehman, and the merger of Merrill with Bank of America (nyse: BAC – news – people ), I suggested that Morgan Stanley and Goldman Sachs should also merge with a large financial institution that has a large base of insured deposits so as to avoid a run on their overnight liabilities. Instead, Morgan and Goldman took a cosmetic approach, converting themselves into bank holding companies as a way to get further liquidity support–and regulation as banks–from the Fed and as a way to acquire safe deposits.

[…]

Both institutions should stop playing for time, as delay will be destructive: They should merge now with a large foreign financial institution, as no U.S. institution is sound enough and large enough to be a solid merger partner. If John Mack and Lloyd Blankfein don’t want to end up like Richard Fuld, they should do a John Thain today and merge as fast as they can with other large commercial banks. Maybe Mitsubishi (other-otc: MSBHY.PK – news – people ) and a bunch of Japanese life insurers can take over Morgan.

The only institution sound enough to swallow Goldman may be HSBC (nyse: HBC – news – people ). Or maybe Nomura in Japan should make a bid for Goldman. Either way, Mack and Blankfein should sell at a major discount before they end up like Bear and are offered, in a few weeks, only a couple of bucks a share for their faltering operation. And the Fed and Treasury should tell them to hurry up, as they are both much bigger than Bear or Lehman, and their collapse would have severe systemic effects.

[…]

49. liberalcatnip - 2 October 2008

The Dow is down 257 and our TSX is at -571. I thought this bailout plan was supposed to fix everything. (she said, sarcastically)

50. liberalcatnip - 2 October 2008

This is an interesting disconnect and I assume this kind of cognitive dissonance – separating Obama from “the Democrats” – will keep far too many people voting for him despite his bailout vote and the fact that many of them strenuously disagree with his support of it.

Fair? You want fair? Who said life is fair? (1+ / 0-)

Oh, right. The Constitution and seven hundred years of common law. But the last years of Cheney/Bush misrule have jeopardized our rights.

And frankly, the Democrats in Congress have not cared very much.

We desperately need to elect Obama, hoping that he’s the real thing.

“The president was writing checks to the Georgians without knowing what he had in the bank,” said a senior administration official.

by perro amarillo on Thu Oct 02, 2008 at 09:26:19 AM PDT

51. marisacat - 2 October 2008

We desperately need to elect Obama, hoping that he’s the real thing.

DON’T throw that man a life line. There is a host out here who has been a Libertarian, real with caps, official, for 40 years. NOW he has decided to “join the Democrats” and embrace Obama. AND the New Deal… Some nights it gets very funny. Esp last night as he said our hope is that Obama will get in and have ideas as creative as FDR.

GOOD LUCK!!

I just wonder if Obama could get away with keeping Paulson, keeping Gates (if he even wants to stay) and making Petraeus Chief of Armed Services.

LOL Maybe he can reinstate Rumsfeld, he had no problem with him (the quotes are around) in 2001 when Bush put him in.

52. liberalcatnip - 2 October 2008

51. he said our hope is that Obama will get in and have ideas as creative as FDR

Well, if he does, you’d think he would have shared them by now. (??) There’s way too much projection going on but that’s exactly what “blank screen” Obama wanted.

53. marisacat - 2 October 2008

LOL By the time he got to that declaration, he was screaming, too.

If McC manages an uptick in the polls there will be meltdown. The supporters, the frantic ones who believe he will Save Us, are at tinder point.

Otherwise meltdown post inauguration. Won’t be much honeymoon this time!

54. marisacat - 2 October 2008

What a scream!

[T]here is no such thanks for those who provide a bailout. The curtain tends to fall swiftly on a drama with no heroes.

Today consumers choose brands that share their values. Supporting a rescue says something

important about our values and our personal character to those around us.

It says I care. It says I am a good person. It says I am a hero too.

I say, save me, rescue me! from the Bail Out, and Bail Outs to come, that is plummeting to earth. I fear somehow it has my address plugged into its computer. Along with millions of others…….

55. CSTAR - 2 October 2008

Desperately need to elect Obama Wow. We desperately need to pass the Bailout Bill. etc.

I dunno, the only common theme in all of these exhortations is “desperate”.

56. liberalcatnip - 2 October 2008

55. Yup and people make such good decisions when they’re desperate, don’t they? I feel a blog rant coming on…

57. liberalcatnip - 2 October 2008

I can’t believe I agree with Glen Beck who’s on CNN ranting against the bailout bill. Did hell freeze over?

58. liberalcatnip - 2 October 2008

McCain abandons efforts to win Michigan

WASHINGTON – In a major concession, Republican John McCain has abandoned efforts to win Michigan, a Democratic-leaning battleground state the GOP presidential candidate had hoped to capture. Republican officials with knowledge of the strategy said the GOP nominee is removing staff, curtailing advertising and canceling visits to the Midwestern state, which offers 17 electoral votes.

Speaking of bailing out.

59. liberalcatnip - 2 October 2008

Financial crisis shows need for religion in politics: Vatican

“Politics needs religion,” Cardinal Bertone said in a speech published by the Vatican mouthpiece L’Osservatore Romano. “When instead God is ignored, the ability to respect rights and recognise the common good begins to disappear.”

Bertone, the Vatican’s top diplomat and Pope Benedict XVI’s right-hand man, told a conference sponsored by the US-based Aspen Institute: “Where people look solely for short-term profit, identifying it with good, they end up erasing the benefit itself.”

The prelate said the “current financial crisis” and the “tragic outcomes of all political ideologies” were symptomatic of this lack.

He added: “To manage globalisation, politics not only needs an ethic inspired by religion, but also it needs for this religion to be rational. For that too, politics needs Christianity.”

I was trying to remember where it was that I saw an interview with a Chinese businessman (I think it was and it may have been on PBS) who said he admired the fact that “Christian principles” drove US capitalist business practices. Mon dieu.

And since when is Christianity “rational”?

60. liberalcatnip - 2 October 2008

If the Vatican is concerned about the US economy, maybe it should open up its huge bank reserves and just buy the whole country.

61. liberalcatnip - 2 October 2008

59. And since when is Christianity “rational”?

Did I just stir up a hornet’s nest again here? I vaguely recall an argument between MitM and someone else over a similar issue here recently. (You know me – bad memory….) Regardless, I don’t see how believing that someone existed as the “son of God” 2000 years ago without any kind of proof provided can be considered “rational”. (I feel like I’m back in my high school Christian Ethics class. The nuns didn’t like me very much.) OTOH, maybe I’m just arguing with some invisible opponent here? That’s been known to happen.

62. liberalcatnip - 2 October 2008

Btw, I think that $2 million earmark for the company that makes wooden arrows for children is a good idea. Not that I’m violent but I suspect that as these children get older and realize how these politicians have sold them out, they’ll be stocking up on arrows to bring food home from the hunting grounds.

63. marisacat - 2 October 2008

oops..

2 or 3 of catnip’s out of Moderation.. sorry!

64. marisacat - 2 October 2008

new thread………………..

LINK

……………………….. 8) ……………………….


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