Rep. Blunt: McCain ‘stopped a deal’ from happening.
Rep. Blunt: McCain ‘stopped a deal’ from happening.
When John McCain suspended his presidential campaign yesterday, he explained that he was doing so in order to help facilitate a deal on the financial industry bailout. “I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem,” he said. But in an interview today, Rep. Roy Blunt (R-MO) revealed McCain’s true impact:
I do think that John McCain was very helpful in what he did. I saw him this morning, we’ve been talking with his staff. Clearly, yesterday, his position in that discussion yesterday was one that stopped a deal from, uh, finalizing that no House Republican, in my view, would’ve been for. Which means it probably wouldn’t have passed the House.
Watch it:
Indeed, Democrats fault McCain for derailing a potential bipartisan agreement. Yesterday, Sen. Robert Bennett (R-UT) and Rep. Spencer Bachus (R-AL) said a deal was close, but the House GOP — backed by McCain — disrupted the negotiations by proposing a plan that would not receive Democratic support.
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And thanks to McCain the package they are discussing now has more incentives and tax breaks for the rich. Way to go McCain and caving Democrats.
September 26th, 2008 at 4:20 pmMcDerailment
September 26th, 2008 at 4:23 pmWas McCain just carrying water for Guiliani?
September 26th, 2008 at 4:25 pmBlunt is one more Rethug with no credibility. I’m glad the bailout has currently failed. How ever it’s written, we, the huddled masses will get the shaft, with 100 grit petroleum jelly!
September 26th, 2008 at 4:26 pmWe have to make this the new McCain/Palin Campaign Theme Song.
September 26th, 2008 at 4:27 pmBlunt as usual lied through his teeth to make it look like McCain did something other than doze off during the meeting. Bet he didn’t emphasize how this great Republican alternative consists of giving tax breaks to the rich to try to encourage them to buy this crap with no cap on executive comp. That should go over well with a public sick of corporate welfare.
September 26th, 2008 at 4:32 pmSo folks, what´s the deal about the bailout? What’s your position about the issue?
September 26th, 2008 at 4:32 pmI am now convinced that John McCain is not running for the Presidency of the United States. Instead he’s running for “American Idol”. Only the TRULY un-informed (oh let’s be real) Only a true dummy would vote this man into office. McCain’s mental reservations should now be “on the table”. This man is a basket case, and only end-of-lifers want this man to be the leader of the so-called free world.
He came back to D.C. to make it look as though he could “persuade” some Repuppetcan’s to back the bailout (and that may still happen) as this is a ploy to make it seem as though he has pull. But he got “punked”, and now he’s “running” back to his disaster of a campaign (which by the way only a fool would think that this race is close, this is just to keep the so-called media employed).
McCain is a joke, and his running mate is whatever is worse than a joke. I dont always agree with Bill Maher, but if McCain wins this country, my country, the one I served for 21 years………….is stupid, and Bill said something much worse than that.
Palin/McCain 2012
RIP
September 26th, 2008 at 4:33 pmSGT Stephen R. Sherman
C CO 1-5 IN (STRYKER)
KIA 3 Feb 2005
Mousl, Iraq
I was never going to vote for McCain, but the past few weeks or so has shown me beyond any doubt that I made the right decision a long time ago. However, I am amazed that there is a possibility of having a worse administration than the current one, and I didn’t think we could sink any lower. Even after these last horrible years, I guess I have high expectations.
September 26th, 2008 at 4:34 pmThere is only one thing for the Dems to do–absolutely nothing!
They must tell the repukes to go pound sand until after January next year. If the market Corps lose their collective ass before then fine and dandy, Sonny Bumps, you are the ones playing games. The real bail-out in January should be for the Feds to say we don’t want your “toxic” waste but we will buy up all your good mortgages, all your consumer, automobile, credit card, medical bills at an 85% discount. Then forgive all the debt on a sliding scale of all adults with valid social security numbers and who have filed a tax return any time in the last twenty years. The scale could be something similar to no break for incomes over $200,000 per year up to $100,000 per person for incomes less than $25,000 per year and 100% for those over 65 down to 25% for those younger than 30. The debt forgiveness is to be counted as income with the appropriate taxes paid. The crooks that wrote the phony paper will eat the “toxic” waste while the Government retains the money as a “taxpayer’s equity.” This is just off the top of my head or out of somewhere else and obviously needs detail but I would much rather have my home mortgage that I have been working on since 1960 (not the same one but upgrades) and never missed a monthly payment, paid off than have to pay off some fool’s “liar loan” plus award the slimeball that wrote the loan. But what the hell do I know? I.m just a Crusty Old Bastard that has lived through this shit since the “Great” one.
September 26th, 2008 at 4:39 pm.
Johnny’s a McReformer all right!
.
September 26th, 2008 at 4:40 pmAnyone watching the debate tonight?
September 26th, 2008 at 4:42 pmI do think that John McCain was very helpful in what he did.
I THINK THAT’S A TYPO
September 26th, 2008 at 4:46 pmWhile the post-mortem on Thursday’s collapse of the bipartisan Wall Street bailout deal is still being written, one aspect of John McCain’s double-dealing is beyond dispute. According to campaign mouthpieces Tucker Bounds and Lindsey Graham, John McCain is responsible both for moving the $700 billion compromise package forward and for killing it.
For the details, see:
September 26th, 2008 at 4:47 pm“McCain Camp Takes Credit for Advancing – and Killing – Bailout.”
Oops. Bad URL above:
“McCain Camp Takes Credit for Advancing – and Killing – Bailout.”
September 26th, 2008 at 4:47 pmNow with all the interviews mccain did, while his campaign was suspended, how did he have time to form an opinion as to what House repubs would or would not want in that Bill ? And he was so quiet in the meeting that he asked bush to invite him too. Now they are saying Obama followed mccain like a sheep to the White House. Funny I remember bush inviting BOTH.
September 26th, 2008 at 4:49 pmIt certainly does appear that the GOP had no intention of sacrificing a real candidate who may have a future in this election. They make a pretense of “rewarding” Flippy McSpin with the nomination he legitimately deserved in 2000 then, after the election, Flippy and Chimpy will be discarded and, along with the “libruls”, will be set to take the blame.
Heck, some voices are already trying to pin the whole financial meltdown on “tax and spend Democrats”. Though the powers behind the GOP seem almost giddy in watching the “old guard” destroy themselves. They get a twofer. Obama will inherit the biggest mess in 80 years and the dinosaurs, whiners, “mavericks”, and Bushco idiots can be discarded as part of the rebranding for 2012.
September 26th, 2008 at 4:52 pmJuan:
“So folks, what´s the deal about the bailout? What’s your position about the issue?”
As the ones who are being asked to put up the capital, I suggest we be treated as investors and get a stake in whatever companies partake in this. Permanent investors so that one day we’ll make a profit off our investment.
Or
Enact a .25% tax on all stock as it’s traded. We had such a system until 1966 and the US economy was pretty good back in those days. Furthermore, Britain already has such a revenue source and I don’t see that country approaching financial catastrophe.
Estimates are that such a tax would raise 150 billion the first year alone. Let Wall Street bail themselves out.
September 26th, 2008 at 4:52 pmEither McCain:
1) Rode in and saved the day
September 26th, 2008 at 4:53 pm2) Crashed the party causing a horrific scene
3) Was wheeled in and stayed until his catheter bag got full
4) Thought about Sarah Palin’s caboose while pretending to listen to critical credit saving strategies
5) All of the above
6) None of the above, because he was on the phone apologizing to David Letterman
Juan,
Either Americans MUST see a capital retern on the dividends from the reinvestment of their taxes into the stock market, as what Carter required from GM, or the Corporate fat cats need to take the hit, themselves.
Oh, and I wnat to see arrests!
.
September 26th, 2008 at 4:57 pmA continuation of number 10.
The result would be an immediate “Surge” to the Economy. For those eligible on the first of the month following enactment they simply mark their bills with their SSN(s) and send them to the Feds. The money they have now can be spent as they see fit. The housing market will get a real boost due to people being able to leverage their now paid-up equity into realistic loans. (Note: the assessed value and loan-to-value ratio must be closely watched but that would be easy if the Feds buy loans that ONLY meet strict requirements. It is not necessary to outlaw “liar loans” but both parties MUST assume the risk. To go one step farther, and this one will get me beaten briskly about the head and shoulders, the stock market as we know it today should be closed. Shares of company stock should ONLY be bought and sold by the Companies themselves-absolutely NO middlemen. The futures market will no longer exist. Ken Lay and Enron paid the price so we should learn our lesson. All trade in energy will be done between two parties–the producer and the consumer–no useless middlethieves.
Dream on old man!
September 26th, 2008 at 4:58 pmFrosty Cupcake, if the situation weren’t so bad I would laugh my ass off remembering squeegeeboo and probably Hacker Bob, that the marke would solve everything.
Well, if by market you mean the state’s regulation, you got it.
Now, how did it happen? How is it happen that by mere speculation you have a 700 billion dollar debt?
I sincerely ask.
September 26th, 2008 at 4:58 pmJuan,
September 26th, 2008 at 5:02 pmMy speculations was that the Feds were going to seize WaMu over the weekend and the Congress was being forced to float the loan to the Feds by Monday…
My take, Frosty, is that I don’t trust anyone to come up with a rational plan before the election. I don’t have a big problem with guaranteeing emergency capital for entities that have some hope of recovery but, I don’t want this Administration and this Congress to enact anything that will remain in effect past Jan. 09.
And I sure as Hell don’t want to see a loyal Bushie given nearly a trillion dollars and a checkbook. Other than that I think the best we can hope for is that some banking regulations will be in place and there’s less than another trillion in earmarks and add-ons.
September 26th, 2008 at 5:02 pmBlunt says: “McCain stopped a deal”
McPutz says: “Mission Accomplished”
Crusty: On an earlier thread you posted something about I need to say more to get an argument from you. I’m not looking for one.
I think that does it for me today. Have a good weekend all.
September 26th, 2008 at 5:02 pmJohn McCain has been running Attack Ads in my Mkt.
One features Pictures of OBama AND Sens. Reid, Dodd, Schumer, and other Prominent Dems. with Sinister Attack Ad Music playing in the Background.
His Point is, I guess, that the Democratic Leaders and Obama want Big Govt, High Taxes , etc.
Well…If McCain Want BI-Partisan Cooperation on this Bailout issue or any others…this is NOT the way to go about it.
I haven’t seen this add in the last couple of days…so Maybe McCain has realized how UNPRODUCTIVE it is.
September 26th, 2008 at 5:04 pmI just now heard a very succinct explanation for why we won’t see the hoped for arrests. From a local radio caller:
“No one will be arrested while Chimpy is in office because the Administration decide that no one will be held accountable for anything, once they realized the whole gang could end up in prison”.
And that’s about the shape of it. There can be no justice while crooks hold the high ground.
September 26th, 2008 at 5:12 pmNow this is leadership you have to believe in. The type of leadership we’ve been subjected to for the past eight years. And in form and fashion, McCain skates out of town having not fulfilling his pledge to escape the ire of Washington and the nation.
September 26th, 2008 at 5:15 pmUncle Ho Says: “Crusty: On an earlier thread you posted something about I need to say more to get an argument from you. I’m not looking for one.”
Uncle Ho,
And you will not get one from me! Generally on any of your comments. You may remember the old Burl Ives song “My Funny Way of Laughing.” My comment was my funny way (obviously it wasn’t so funny) of saying I agreed with you totally on the subject of Chicken George WTF.
Carry on, my Friend!
September 26th, 2008 at 5:17 pmBadger Says
September 26th, 2008 at 5:04 pm
One features Pictures of OBama AND Sens. Reid, Dodd, Schumer, and other Prominent Dems. with Sinister Attack Ad Music playing in the Background.
His Point is, I guess, that the Democratic Leaders and Obama want Big Govt, High Taxes , etc.
________________________________________________________
McCain’s campaign hasn’t yet grasped the idea that association with Dodd and Schumer isn’t nearly as toxic as association with Bush. Furthermore, Joe Citizen in the heartland generally isn’t going to recognize Dodd or Schumer (they’re really only know to their own constituents and those of us who follow politics) unless they are identified by their name and what makes them “bad” (my guess would be “bad” = “Democrat” in McCainworld).
Which means all McCain has done is to suggest that Obama is a Democrat. This is hardly a secret, nor is it going to sway anyone (except maybe those who think that Democrats mean scary music).
September 26th, 2008 at 5:17 pm.
Does any one in the public know what the details of this bail out is and who it benefits?
.
September 26th, 2008 at 5:18 pmMax-1 Says: “Does any one in the public know what the details of this bail out is and who it benefits?”
Max,
Probably not as to who hnows but as to who benefits I will wager my stimulus check against a glass of COLD (now that is an increase in the odds) that it ain’t you or me, Baby!
.
September 26th, 2008 at 5:23 pmSlightly off topic but…
Is anybody running a contest/pool to accurately predict certain things about tonight’s debate? Like how many times Flippy says “my friends”? Who will be the first Reichwhiner to claim that the “ultra librul” Jim Lehrer treated the old guy unfairly? And, what’s the over/under on Flippy’s incoherent “senior moments”?
September 26th, 2008 at 5:23 pmJuan:
I’m an historian, not an economist, (and pressed for time just now) but I will throw out this:
A constant push for deregulation, starting with Reagan, that has continued through all of the administrations (including Clinton’s) until now.
Hence the “need” for a bailout, mine-safety issues, toxic toys from China, salmonella tainted US produced food, etc. The one thing all these problems have in common is reduced or non-existent oversight and regulation.
September 26th, 2008 at 5:24 pmThe Boehner/Cantor Plan, among other provisions, calls for the removal of “burdensome regulatory and tax barriers” to pull capital into the market:
Instead of injecting taxpayer funds into the market to produce liquidity, private capital can be drawn into the market by removing burdensome regulatory and tax barriers that are currently blocking private capital formation. In short, too much private capital is sitting on the sidelines during this crisis, and it is well past time to unleash it.
Is he talking about rewriting the tax laws, so that all the companies who went off-shore also can form commercial entities, and offer credit, but with an “insurance” that requires premiums to be paid – to off-shored corporations?
September 26th, 2008 at 5:27 pmpete Says:
Slightly off topic but…
Is anybody running a contest/pool to accurately predict certain things about tonight’s debate?
For how many times he mentions his captivity, in a debate answer.
You want in?
September 26th, 2008 at 5:28 pmIf so, take a five point spread.
Mine’s 38-43.
September 26th, 2008 at 5:30 pmJUAN C.,
I was for the Bailout until I read this:
DON’T TAKE THE BAIT: How to Lose an Election in 10 Easy Steps
http://www.dailykos.com/story/2008/9/23/8591/39629/870/607298
I have two Problems with the Bailout….so far…
1. The Republicans could vote Against it, making political Hay. A massive bailout of any kind is massively unpopular.
2. It Might Not Work. NO ONE is on the record saying it WILL so far.
from the link
September 26th, 2008 at 5:32 pm“we’re in an asset devaluation, not a liquidity crisis. In other words, the problem with the economy isn’t that banks need $1 trillion to feel confident about making more loans. The problem is that banks leveraged more than the entire world’s GDP in mortgage-backed securities and credit default swaps alone–and that paper is barely worth a fraction of its former outrageously inflated value. There isn’t enough money to throw at this problem and still make a dent. And even if you print the money, the rest of the world is likely to call in their chips.”
Politics as usual with the repugs. They are the root cause of the problem, their man, Dubya is still in the WH and asking for the bailout from their failure. Now they are trying to find a way to blame their failures on the Democrats. Nothing new here. Obstruction and failure…the republican way.
September 26th, 2008 at 5:35 pmWay back during the “Great” one my Dear Departed Daddy and my Unsparing and Unselfish Uncle were old Missouri dirt farmers and Uncle Estel was an Economics Professor as well. Daddy ran a small dairy and Uncle Estel owned a chicken farm that sold eggs. They were, as expected having trouble making things work as we are today, so they devised a scheme to double their profits. Bit by bit Daddy substituted sawdust in the grain he fed the cows and his profits increased accordingly. Uncle Estel found that by selling a few of his laying hens for fryers he could increase his profits. One Sunday they were celebrating their success with fried chicken, mashed potatoes, and gravy when they realized they had just eaten the last of the chickens and used the last of the milk in the gravy. That is exactly the point we find ourselves at today. The cows are dead and the chickens have been et up and us old plow horses are too tired to plant taters no more.
Where is FDR when we need him?
September 26th, 2008 at 5:36 pmhttp://www.huffingtonpost.com/robert-kuttner/fishing-in-troubled-water_b_129567.html
A better plan would have two core elements: First, most of the government money goes to refinance mortgages rather than buy up bad paper. Once the mortgage market stabilizes, some value returns to the bonds backed by mortgages. That way, homeowners are the primary beneficiaries, not the incidental ones.
I think I just said that yesterday. But will the Dems do it? No.
They already caved to the whacked out repugnican thugs who bizarrely insisted that this NOT be a piece of it.
http://www.huffingtonpost.com/robert-l-borosage/the-deal-that-blew-up_b_129521.html
This “requires” modifications on mortgages that are picked up in the bailout. What is missing is the logical authority to allow bankruptcy courts to work out mortgages. It is bizarre that Paulson, Wall Street and Republicans have decided to oppose what would be the most logical way to work out bad mortgages — a hearing officer on a case by case basis deciding the best way to proceed.
As an unlettered non-physician, I recommend high doses of antihelminthic therapy for Wall Street and its denizens.
September 26th, 2008 at 5:42 pm(You know. Anti-parasite drugs. Generic ones, please.)
It took me awhile to see this whole fiasco from a different perspective but the alternative I imagined has thus far at least remained a solid possibility. I believe that this is much more about re-establishing McCain as a “maverick” rather than rendering him as having economic expertise, effective at shaping policy, or really anything else. By having flown back and disrupting the policy discussions he will now be able to claim that he has in fact broken with his party and on a crucial issue. This can be explained as the proposal not putting “country first” etc. because it basically doesn’t matter. What matters is that he interfered with the proposal that Republican leadership was in favor of. Therefore McCain is still the maverick that he was in the past and this is just another recent example. I would be willing to wager, well not quite $700 billion, that he presents this way of framing the events during the debate tonight. In sum, this is much more about positioning himself against the Republicans and Bush rather than being primarily about anything related to Obama and the Democrats. Recall the absolute lack of mention of the GOP or Republican party as a whole at their own convention. Sadly, this also means that once again the Democrats have been outmaneuvered politically.
September 26th, 2008 at 5:49 pm“POW” is hard to predict, Barfly. He may decide to go off on a string of “lived in a box’s” which would just lead to dispute. Of course, he may end up huddled in a corner and babbling “POW” for the last hour so, I will decline from wagering on “POW”.
But, I’m willing to bet that, given the 9X10 minute format, he will provide at least 17 minutes of babbling nonsense about something other than the topic.
September 26th, 2008 at 5:53 pmComment number is true except for the sawdust and Uncle Estel’s degree. He was an Agriculturist. Daddy had to sell, or eat, the cows because he couldn’t afford the grain or other meat and the same with Uncle Estel. Daddy moved to California, on the Atchison, Topeka, and Santa Fe and we stopped less than 15 miles from where we are now, and finally retired as a small business owner. Uncle Estel retired from the College in Joplin, MO, and bought another chicken farm. Neither Daddy nor I ever beat him in a Checkers game!
Thanks for the memories!
September 26th, 2008 at 5:54 pmPlay Presidential Debate Bingo tonight:
http://www.azcentral.com/news/election/debatebingo/azc_bingo.html
September 26th, 2008 at 5:57 pmWhat puzzles me is the Democrats assumption that not caving to the bailout would be politically damaging.
September 26th, 2008 at 5:59 pmIt will, only to the extent they allow themselves to be targeted by repukes.
And, if the economy tanks. They have the majority in both houses, and determine what bills get acted upon.
Take the bill that was almost agreed upon, add consumer protections and stimulus actions to it, send it to Bush and let him veto it.
Wait a second. Here’s that 5 second clip in a broader context. 5 seconds before Blunt describes McCain as ‘helpful’.
http://marcambinder.theatlantic.com/archives/2008/09/blunt_blunter_bluntest_mccain.php
There is plenty to go after McCain and republicans without intentionally taking words out of context.
There’s better stuff out there. TP should pull this.
September 26th, 2008 at 6:06 pmWell gee b-kup. Where’s the multitude of voices saying ol’ Flippy wasn’t instrumental in killing the deal? Even if it was just by drawing greater scrutiny through his odd political maneuvering?
Don’t get me wrong. It’s quite possible that he did us all a great service. But, whether it works to his ultimate advantage or not, he’s getting the blame/credit. And he’s brought it upon himself.
September 26th, 2008 at 6:24 pmI’m just saying that Blunt’s words were taken out of context. TP should pull their clip or play the full clip. Otherwise, it’s not credible.
September 26th, 2008 at 6:25 pmOuch — no love lost here.
September 26th, 2008 at 6:29 pmJuan C. Says:
Frosty Cupcake, if the situation weren’t so bad I would laugh my ass off remembering squeegeeboo and probably Hacker Bob, that the marke would solve everything.
Well, if by market you mean the state’s regulation, you got it.
Now, how did it happen? How is it happen that by mere speculation you have a 700 billion dollar debt?
I sincerely ask.
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This is how it happens. They got rid of Glass Steagal which allowed the financial markets to get into bed with banks. The banks then went hog wild making any loans they could and didnt care if they would ever be paid back because they bundled them and sold them to the financial institutions. When they ran out of reasonable loans to make they went into poor neighborhoods to find people who were cash poor but equity rich because they bought their homes decades ago and aggressively sold refinances that they KNEW would never be paid back for the same reason they werent going to hold them. The financial institutions also did not CARE if the loans were good when they bought them because as they grew with paper assets they paid themselves unGODLY bonuses and they knew when it all fell down the taxpayers would bail them out because this country has ALWAYS had socialism for the rich. They KNEW it was a house of cards that would fall eventually but they also knew there was no downside for THEM.
September 27th, 2008 at 7:58 amsohbetSallie Mae put a hold on that and actually has the nerve to tell you on the phone that it’s not is not good for students to consolidate econmically based on the current rates. So getting 7% instead of 10 to 18+ is bad? Come on lol.
April 26th, 2009 at 12:49 pmcetCompanies like that have been pushing deregulation in that market heavily. They’ve removed Bedava mp3 indirbasic bankruptcy protections entirely. They’ve managed to get things federally guaranteed.