Rep. McCotter: ‘Terrible mistake’ to blame Pelosi’s speech for GOP opposition to bailout.
Rep. McCotter: ‘Terrible mistake’ to blame Pelosi’s speech for GOP opposition to bailout.
As ThinkProgress noted today, several House conservatives have retracted their talking point attributing their opposition to the bailout on Speaker Nancy Pelosi’s (D-CA) “partisan” speech yesterday. Interviewed on the Dennis Miller radio show today, Rep. Thaddeus McCotter (R-MI) admitted that it was a “terrible mistake” to blame Pelosi’s speech:
McCOTTER: I think it was a mistake for House leadership to say that Pelosi’s speech mattered to anybody on our side.
MILLER: Yeah, me too, me too.McCOTTER: Because we yell at each other like this all the time. And so, what they’ve actually done is a victory for the American people, a victory for the institution of Congress, and a victory for Republicans and Democrats who voted against it. It’s being counter-messaged by their own leadership, who didn’t get it through. That is a terrible mistake and it’s hopefully not going to impact our ability to get this done more quickly than we, as quickly as we need to.
Listen here:
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When will people understand that the Republican Party is a criminal organization? It’s pretty blatant so quit kidding yourself.
September 30th, 2008 at 4:39 pmI liked it when House Republicans, were shocked, shocked, to learn that partisanship was going on in Congress.
September 30th, 2008 at 4:41 pm“I said thanks, but no thanks, to being a whiny-assed titty baby.”
September 30th, 2008 at 4:44 pmGee, imagine that. Republican leadership doing something stupid.
O/T
September 30th, 2008 at 4:47 pmPeople still listen to Miller? What a waste of time.
Does anybody else see the Republican Party looking like a Stepford wife who’s just been in a car accident? They are programmed to blame Democrats no matter what, but they realize that it doesn’t look good to the voters when they claim they throw tantrums at a mere speech. Their programming gets all scrambled, and they start acting whackier than usual.
September 30th, 2008 at 4:49 pmIt was a mistake to blame Pelosi’s speech. And it was good that the bill failed, if only to cause more debate on the issue.
It may eventually be prudent for some governmental action. But, considering the amount of money we’re dealing with, the response should be deliberate.
I suggest that it is a relatively easy position to cheerlead the pro-bailout position. To spend (or risk) hundreds of billions of dollars to ensure there is no economic discomfort in the short run.
But, who’s looking out for the long run? Who will pay if the plan fails? Not those cheerleading the short term fix. Not those attempting to forego the responsibility of the actions that have precipitated the problem.
I trust the market more than I trust the current government. But, if this is occasion for massive government action, the burden of proof is on those trying to sell it. And those incapable of making the case shouldn’t lambast those who resist the bailout, but work harder to make the case.
Until a coherent case can be made otherwise, those that have promoted and benefitted from market forces in good times, should not abandon them when an inevitable correction occurs.
September 30th, 2008 at 4:51 pmI think it is both hilarious and truly representative of our time, that precisely in the midst of a giant, looming national (perhaps international) crisis, the GOP leadership swooped down on the opportunity to become stand-up comedians, who are in complete denial of their actions and responsibilities. The problem is, it’s not funny. Has this become the mark of a partisan leader? You can openly hallucinate and speak of your personal fantasies in public? These mouthpieces are collectively an emabarrassment.
September 30th, 2008 at 4:52 pmLive by the LIV die by the LIV It’s funny that everyone knows something has to be done and the republican base hasn’t had explained to them yet. Once upon a time they would have listened to Shrub’s pleadings and threats and fell all over themselves to support him
September 30th, 2008 at 4:53 pmIt is almost as if these people buy there own post-partisan crap. The party that stuck eight horrible years of failure down the publics throat and attacked anyone who choked on it.
It is instinctive for them to play politics, and when the country is most in need, they aren’t able to contain themselves.
From the nominee on down; fingers pointing in an effort to escape any on the blame. You wished any of them had the courage to relinquish power – they’ve so much as admitted to being corrupt.
September 30th, 2008 at 5:02 pmMcCOTTER: I think it was a mistake for House leadership to say that Pelosi’s speech mattered to anybody on our side.
Once you let that magic smoke out of a computer chip, you cannot put it back in.
The Republicans already blew it.
September 30th, 2008 at 5:03 pmI just finished watching a press conference on C-Span by House Democrats with an alternative plan to the bailout plan. With the exception of Rush Holt, they had voted against the bill yesterday. But their proposals sound right….for the first time, my stomach stopped clenching. You can watch the video on the website. (I don’t have the right application, I guess, or I’d link it). It’s under “recent programs.”
House Reps. Peter DeFazio (D-OR), Marcy Kaptur (D-OH), Bobby Scott (D-VA) and others participated in a press conference to discuss an alternative plan for federal intervention in U.S. financial markets.
http://www.c-span.org/
September 30th, 2008 at 5:06 pmbackup = herbert hoover.
*
September 30th, 2008 at 5:07 pm.
I think it is a grave mistake that members of Congress are ignorant of the interweb, and all it can do.
LIKE:
Fed Pumps Further $630 Billion Into Financial System
… What? You didn’t get a chance to even grab your ankles? And without lube… I’m SHOCKED… SHOCKED I TELL YA!
Negotiations will continue on Thursday about this $700,000,000,000.00
“RESCUE”BAILOUTRAPE!Q U E S T I O N:
Specifically, who does this RAPE serve?
.
September 30th, 2008 at 5:08 pmjoe. do you support the rescue plan?
September 30th, 2008 at 5:13 pmGosh, ya think it was a mistake? I would think the Republicans would be more concerned with how they couldn’t collar their own caucus. Not that that shitty bill needed passage – it didn’t – but Pelosi put it out there because she was told by the Republicans that they had the votes for passage from their side. If this had been passed with only Democratic support, do you really believe the Republicans would be castigating Pelosi for those remarks? They’d be thanking her to high heaven.
September 30th, 2008 at 5:17 pmbackup Says:
I trust the market more than I trust the current government.
The fault is on the market, that played it fast and loose with the rules, and the current Republican Administration, that was not enforcing the rules, as well as gutting the rules set in place since the Great Depression to prevent this from happening again.
So it is the markets fault and it is Bush’s fault.
September 30th, 2008 at 5:18 pmI think this RAPE serves those it’s always served. You just gotta relax and take it. It might hurt a little, but at least you’ll still be alive. This whole ‘Give me $700 billion or the economy gets it!’ bullshit with a metaphorical gun cocked at our heads deserved the ‘little people’ (as Leona Helmsley would say)to rise up and say ‘no…no…no…SCREW YOU!
September 30th, 2008 at 5:20 pmSept. 29 (Bloomberg) — The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
(continued)
And just when did Congress (or the Constitution, for that matter) allow OUR central bank to dump American dollars into foreign banks? They’ve been doing this for awhile I see, and just when and how did that situation happen?
Oh, I just found that. I hope commentors with economic knowledge can interpret this.
http://en.wikipedia.org/wiki/Term_auction_facility
September 30th, 2008 at 5:24 pmThis should make for an interesting meeting of the House Republican Caucus when they get back to business Thursday and try to get the votes for . . . something. Any bets on how successful Boehner will be drumming up support for roundII?
September 30th, 2008 at 5:24 pmWayne. maybe so. But, I’m not sure that Bush didn’t try to communicate the problem:
Here’s the list:
http://www.glennbeck.com/content/articles/article/198/15484/
September 30th, 2008 at 5:26 pmBeing a Republican in the 21st century is a terrible thing…
September 30th, 2008 at 5:27 pmWell I’ve been playing artist all morning so I’ll share my thoughts through ham-fisted stick figure drawings :)
http://nationofcriminals.com/crimes/choose_your_side_its_on
September 30th, 2008 at 5:30 pmAnd Barney Frank is pretty indignant that Republicans won’t listen to him today, describing how we didn’t have any problems back in 2003:
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
You can blame Bush. You can blame republicans. I expect it here. But reasonable people might imagine that there is plenty of blame to go around.
Maybe when the blaming stops, they’ll (we’ll) get down to a serious debate about how to address the problem. Or whether to address it at all.
September 30th, 2008 at 5:32 pmjoe. do you support the rescue plan?
September 30th, 2008 at 5:34 pmApparently nobody told McCain about the change of heart because he was still blaming Pelosi today.
September 30th, 2008 at 5:36 pmbackup Says:
When you are quoting from that fool Glen Beck, you already lost the debate.
I quit watching CNN because of that idiot and now you want me to read his web site? Get real. =)
September 30th, 2008 at 5:37 pmThe idiot backup puts up a link to Glenn Beck.
September 30th, 2008 at 5:39 pmbackup just blew himself out of the water with that link to Beck.
September 30th, 2008 at 5:42 pmI think Republicans have developed new reflexes, you know – you tap them with a rubber hammer and they automatically say, “It’s the Democrats’ fault!!”
And backup…? Quoting Glen-freaking-Beck at us?? That’s pretty damned moronic, buddy. Truly.
September 30th, 2008 at 5:43 pmOkay. For those that find it easier to shoot the messenger than to address the message, how about this:
http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html
September 30th, 2008 at 5:46 pmOr this:
http://www.idahofallstoday.com/2008/09/25/white-house-press-release-dont-blame-bush-for-bailouts/
I agree Beck’s an idiot, but his was the first source I ran across with all the info in one spot.
He didn’t dream it up, it came from the white house web site.
If that info is incorrect, it would make excellent fodder for it’s own TP thread.
September 30th, 2008 at 5:49 pmOh…and we’re supposed to believe THE WHITE HOUSE…???
Puh-lease. *eyeroll*
September 30th, 2008 at 5:51 pmBackup,
I find little difference between a glenn beck link and one to the WH (Both lying sacks of sh!t). But even if it is all true, WHY didn’t the Repugs (who had a majority in both Houses and the WH for 6 years enact something? Bush got everything he REALLY wanted in that time, so it might be safe to assume, he didn’t want it THAT bad.
September 30th, 2008 at 5:52 pmbackup Says:
Bush has been calling for the GSE reforms, his way, since 2001, the full Republican majority ignored him.
Fannie and Freddie have been having problems since 2002 and 2003. Treasury Secretary John Snow testified before the Republican Majority Congress in 2003 about the problem and repeated reporting the problem to the still majority Republican Congress in 2005.
September 30th, 2008 at 5:55 pmThe Republicans since the Democratic Majority was seated in Jan 2008 have blocked every attempt at even looking at this issue, like they have been everything else, because the Senate majority was not a real majority because of Lieberman not really being a Democrat.
If the white house is making stuff up, this is the perfect place to debunk it.
http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html
If the claims go unanswered, it adds to their credibility.
September 30th, 2008 at 5:59 pmI’ve got to split. I’ll check back later.
September 30th, 2008 at 6:01 pmbah, the Democratic majority was seated jan 2007, even.
September 30th, 2008 at 6:04 pmbackup Says:
The Democratic Majority House did pass the requested reforms for Fannie and Freddie in 2007, but it almost died in the Senate, which does not have a true majority, btw.
September 30th, 2008 at 6:15 pmThe Senate finally passed it in July of this year.
I don’t blame Pelosi’s speech, I blame Pelosi for putting an OK on every single sorry piece of legislation the neocon Republican and Bush administration have put forward. I’m not shocked Pelosi is wringing her hands; the American people aren’t as stupid as they think. We do understand the ramifications of *NOT* bailing out Wall Street, and we also understand the green light it gives them if we *DO* bail them out.
Pelosi has a lot to lose, like many in Congress, on both sides, they are part of the problem – not just on a partisan fence – and it is time they suffered and joined the rest of us. We need to make decisions that include as many people in the solution as possible, instead of this “trickle down” bs that has killed us.
If finances can kill this country, it is National Security. Oh wait, no one in Congress wants to face that, but they are happy to bug phone calls on things that are once again, bs.
More oversight, more regulation, and rein in the team of horses driving us off the cliff to enrich the few. Pelosi does more harm than good, and I’m a liberal Democrat. She needs to get back to her base, what is good for gay Americans like myself; it isn’t good when not only gay Americans, but black Americans, white Americans and all but 2% of Americans are screwed because of a liberal fiscal policy.
September 30th, 2008 at 6:44 pmIts only a matter of time before the rightwingnuts explain to us how the Democrats are responsible for the sinking of the Titanic and the Black Plague in Europe
September 30th, 2008 at 6:45 pm1999 and Phil Gramm’s anti-whiner deregulation caused this. Now, a scant 9 years later, they whine to Congress to bail their sorry butts out of it.
If a financial crash will end us, it needs close regulation like every other damn thing in the world. Irresponsible, get rich quick bullsh!t got us into this, a cash injection is not going to get us out. Some of the bad grapes need to die on the vine before we save the actual crop.
September 30th, 2008 at 6:56 pmWayne. I listen to you. I think you are the one who got me to change my mind about Democrats being better supporters of veterans.
We started with you blaming Bush and the republicans. Okay.
I’m skeptical about all of our leadership right now, but I offered the white house warnings on the situation and you point out that republicans controlled the congress until Jan 2007.
Up to this point I’m still on board.
But, if it was Bush’s fault and/or the Republicans fault (as the majority) because they failed to act on Bush’s warnings, how can it now be the Republicans fault if they no longer have the majority?
You’re reasonable. I’m just trying to find out how we blame the republican majority for inaction in the past and now blame the republican minority for inaction today?
I have a feeling that once we find out what happened they’ll be plenty of (R)’s and (D)’s to blame.
September 30th, 2008 at 6:58 pm@backup – certain members of the House and Senate – some of them are liberal Democrats and some of them are conservative Republicans – have been warning of a crash. Pseudo-financial experts like Phil Gramm advocated deregulation. It was unpopular to defy Bush and the chain-gang, so it passed. We have our tit in a ringer now.
Bush backers are going to scream to high heaven and make this a financial apocalypse unless we do something…like hand them $700 Billion, and the conditions are irrelevant. We are going to be banged in every orifice according to them unless we give them the money.
No, is what taxpayers are saying, and with good reason. This is the fourth time they have come hat in hand, begging for money, and each time the price tag grows higher. If they couldn’t fix it after $230 billion in handouts, why is $700 billion going to help? It won’t.
We need to stand strong against the doom heralds and say enough is a damn enough.
September 30th, 2008 at 7:23 pmArtemis. I’m in your camp. I don’t think this is a partisan issue.
Maybe our reasons are different, but I oppose just giving up the money, without significant good cause.
So far, the government hasn’t made the case.
September 30th, 2008 at 7:34 pmThe bailout failed because the core concept proposed by Bush is flawed. Call some hearings and ask some economists. Google Sweden 1992 banking crisis. They had good success promptly steering their financial institutions back to safety. Learn the lessons, write it for the Democratic base, and own it. The “compromise” tweeking that was done to the Bush proposal resulted in a toothless and weak 100 page bill that tried to bury and hide its weakness from the voters. Rather than condescendingly claiming that the American people didn’t understand (Cf, McSame of Obama at first debate), or that the leadership didn’t explain it well enough, the reality is that public outrage finally made the Republicans blink, to borrow from Palin. If they vote in favor of bailing out the bad actors, they lose votes from constituents in five weeks at the next election. That is their only moral hazard. The bill that failed would not have prevented one of the 10K daily foreclosures, could have been filibustered until Bush spent all $700B, would only have made some parachutes non-tax-deductible, merely required a report “suggesting” how the taxpayer will be paid back, and allowed the same bunch of lobbyists to set prices for their trash that the taxpayers would pay. As a final insult, instead of providing more confidence through transparency, the failed bill would allow Paulson to suspend the mark-to-market rule. This is intellectual dishonesty that will further erode confidence in our banking system. Do a better job on all these issues and allow bankruptcy judges to implement the rewriting of loans, or face the wrath of the voters. I think many voters would accept a temporary governmental equity position in the banking sector as long as the bad guys aren’t seen as maintaining their ability to subvert the programs and continue to rip off the system. Don’t pull another FISA cave.
September 30th, 2008 at 7:40 pmbackup Says:
But, if it was Bush’s fault and/or the Republicans fault (as the majority) because they failed to act on Bush’s warnings, how can it now be the Republicans fault if they no longer have the majority?
The FBI is currently investigating Fannie, Freddir, AIG and a few others for criminal cases, but this should have started back in 2002 when their financial problems started, when they were caught cooking the books. The regulators did not do their job and investigate then, but the political appontees of the Bush administration did not let the investigations go forward.
That is the Bush Administration’s fault. Bush has pushed for almost all of the agencies to not enforce regulations as they should have been for the last 8 years.
September 30th, 2008 at 8:00 pmWayne. I understand that Bush bares responsibility because he was the President for the last 8 years. I understand your argument that the Republicans prior to ‘07 bare responsibility. The part I don’t understand is how the Republican minority is now blamed for the failure of the bill.
If people are upset the bill failed (I’m not one of them), they should hold the leadership of the Congress to account.
If the Democrats have the majority, they are just as accountable as Bush for the past 8 years and the Republican Congress prior to ‘07.
September 30th, 2008 at 8:09 pmThat is, of course, referring to the responsibility for the bill’s failure, if you use the logic that those in the leadership bear the responsibility.
September 30th, 2008 at 8:21 pmrhf.
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print
That was Barney Frank in 2003.
I’ll admit that I’m no expert, but to me that sounds at least like Barney Frank had poor awareness of the situation when confronted with concerns over those institutions. Perhaps, he had interests that conflicted with those raising the concerns.
And Frank Raines:
http://www.nytimes.com/2008/04/19/business/19fannie.html
Was a Bill Clinton appointee. Accused of manipulating the accounting.
I have no interest to let Republicans off the hook. But, I’m pretty confident that this isn’t just a republican problem.
This is a money corrupts politics story.
There’s nothing more bipartisan than that.
September 30th, 2008 at 8:39 pm