Article

2008-09-26 Home Front: Politix

McCain may be trying to deep six the Wall Street handout plan

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Zhang Fei 2008-09-26 15:27|| || Front Page|| [10328 views ] Top

#1 well, i guess one can hope

Posted by Abu do you love 2008-09-26 15:36|| 2008-09-26 15:36|| Front Page Top

#2 Hopefully. It does fit with his history of trying to keep government spending down.
In CCAGWs 2007 Congressional Ratings McCain scored a 100%. Pretty damn good. Seems more and more like this "deal" for a bailout is nothing more than a payout with the taxpayers getting screwed.

Posted by DarthVader 2008-09-26 16:42|| 2008-09-26 16:42|| Front Page Top

#3 Dems in majority along with POTUS can pass this with or without the Republican minority. This is a win/win turkey shoot for McCain and the Republican party. Paloosi, The One (former ACORN Lawyer), Reid, and Big ACORN are leading the turkey flock.

Posted by Besoeker 2008-09-26 17:18|| 2008-09-26 17:18|| Front Page Top

#4 Does anyone get the feeling Bernanke and Paulson are playing the fear card?

Posted by Beldar Snolurt9889 2008-09-26 17:28|| 2008-09-26 17:28|| Front Page Top

#5 #4 Does anyone get the feeling Bernanke and Paulson are playing the fear card?
Posted by Beldar Snolurt9889

Followed closely by the...job after card.

Posted by Besoeker 2008-09-26 17:34|| 2008-09-26 17:34|| Front Page Top

#6 Wamu Should have been done on a friday after hours.

It's blatant political action to move it to in the week.

Posted by Bright Pebbles 2008-09-26 17:34|| 2008-09-26 17:34|| Front Page Top

#7 No. They are seriously afraid. The banking system came dangerously close to seizing up last Wednesday when LIBOR doubled. That was because banks did not want to lend to other banks overnight because they feared not being repaid the next morning.

If you aren't afraid, you don't have any idea what is going on and how close we are to SEAFU, Situation Extraordinary. And that is a large part of the problem, not enough people have enough fear. The problem is that one group that really does not yet have the fear is the average banker. Only the guys in the head shed who aren't supposed to talk about how close the system came to seizing are properly afeared. That's why Paulson is on one knee to Pelosi. It sure ain't the Botox. Unitl the fear is so wide spread and palpable that people don't snark about fear cards will this problem be solved. And it is going to take a whole lotta pain to generate that much fear.

Posted by Nimble Spemble 2008-09-26 17:37|| 2008-09-26 17:37|| Front Page Top

#8 "FEAR" or stupidity. Both are unacceptable. You decide.

Posted by Besoeker 2008-09-26 17:44|| 2008-09-26 17:44|| Front Page Top

#9 Fear is not unacceptable, it's desirable when there's somethin to be afraid of. And it'sa one of only two things that moves markets. The other is greed. We've had enough of that for a while.

Posted by Nimble Spemble 2008-09-26 17:47|| 2008-09-26 17:47|| Front Page Top

#10 Yes NS, I respect you and generally agree. However, critical decision making (of the 700B USD variety) should always find it's foundation in knowledge, accurate knowledge. Not 'fear' instilled by the beltway crowd.

Posted by Besoeker 2008-09-26 17:55|| 2008-09-26 17:55|| Front Page Top

#11 Capitalism without failure is like religion without sin. Some banks need to fail and some businesses need to be crushed to powder, before we can have a firm foundation upon which to rebuild the economy. We have over-capacity in finance and in manufacturing. That capacity came about because of excessive credit availability. Some of that marginal capacity needs to be taken out; the alternative is an even bigger bubble - this time one that will take decades to recover from. We need to end this madness today; stand athwart history and yell "Stop!" with the incessant government tinkering, this time at huge taxpayer expense. You know, it's funny - when Bernanke talked about dropping helicopter-loads of cash, he never mentioned that we would be dropping them on the wealthy denizens of Wall Street.

Posted by Zhang Fei 2008-09-26 18:07|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2008-09-26 18:07|| Front Page Top

#12 Agree the $700B idea is a bad one. But the fear is real and good.

Posted by Nimble Spemble 2008-09-26 18:08|| 2008-09-26 18:08|| Front Page Top

#13 Some of these banks have investments that are worth saving, however they are attached to a lot of dead weight.

Bankruptcy is capitalisms creative process for seperating the too.

Conserve what works! Change what doesn't should be the core of conservatism. This bailout is the LEAST conservative thing I have ever heard.

Posted by Bright Pebbles 2008-09-26 19:01|| 2008-09-26 19:01|| Front Page Top

#14 What Nimble Spemble said. But the Democrat don't fear enough yet, either, or they'd have skipped the posturing and got immediately down to the serious work of hammering out a bill that could pass both Houses of Congress with enough Republican votes to give the Democrats the cover they seem to feel they need.

Posted by trailing wife">trailing wife 2008-09-26 19:16|| 2008-09-26 19:16|| Front Page Top

#15 Exactly. Or they would have passed it without trying to get the trunks on board.

Posted by Nimble Spemble 2008-09-26 19:24|| 2008-09-26 19:24|| Front Page Top

#16 If the democrats feel they need cover, I am inclined to not give it to them.

Posted by Ptah">Ptah 2008-09-26 21:14|| http://www.crusaderwarcollege.org]">[http://www.crusaderwarcollege.org] 2008-09-26 21:14|| Front Page Top

#17 Never interrupt your enemy when he is making a mistake. -- Napoleon Bonaparte

Posted by DarthVader 2008-09-26 21:31|| 2008-09-26 21:31|| Front Page Top

#18 I'm no fan of the bailout, but NS has a good point. The Fed properly noted that the panic had gotten to the point of being potentially very harmful and also knew full well that the only thing that would settle things down would be a big enough move by the Fed to reassure everyone that the system isn't going to collapse. People weren't sure, so they - very rationally - attempting to prepare themselves for the possibility.

However, ZF is also correct, bad banks (like Inymac - maybe the planets worst.), have to go. Remember: It's the failed banks that cost you the most. We back the deposits and get nothing back.

What this move by the Fed has allowed, giving banks time to take an assessment of what lies ahead, is more important than the 700 billion. The consolidation in banking going on right now is what really is and will continue to be the true driver of the recovery and it will help make sure that our money goes to businesses that don't fail. Which means we get at least something for our money. Granted, what we get isn't worth nearly what we pay, but it's far better that we buy 'toxic paper' from a bank like JPM than paying out deposit insurance for MaMu.

Posted by Mike N. 2008-09-26 21:38|| 2008-09-26 21:38|| Front Page Top

#19 I agree w/ZF. That's capitalism.

Posted by Flitch the Imposter aka Broadhead6 2008-09-26 22:32|| 2008-09-26 22:32|| Front Page Top

#20 Holy crap! Did Obama juar say tha China was the enemy?

Is anybody listening to the debate?

Posted by Almostout 2008-09-26 22:36|| 2008-09-26 22:36|| Front Page Top

#21 juar=just

Posted by Almostout 2008-09-26 22:37|| 2008-09-26 22:37|| Front Page Top

23:59 McCain weilds cane
23:52 badanov
23:41 JohnQC
23:18 Mullah Richard
23:01 JosephMendiola
22:55 RD
22:43 RD
22:37 Almostout
22:36 Almostout
22:32 Flitch the Imposter aka Broadhead6
22:18 bigjim-ky
22:15 Anguper Hupomosing9418
22:05 AlmostAnonymous5839
21:56 Seafarious
21:56 bigjim-ky
21:52 Skidmark
21:47 bigjim-ky
21:45 bigjim-ky
21:40 Bright Pebbles
21:38 Mike N.
21:31 DarthVader
21:26 DarthVader
21:15 General_Comment
21:14 General_Comment