ThinkFast: October 23, 2008
ThinkFast: October 23, 2008
“Experts fault Bush’s mortgage strategy,” Roll Call reports. The president’s push to “loosen mortgage loan qualification standards for first-time homebuyers” helped cause the current financial crisis. Bush’s efforts to increase homeownership became the core of the “ownership society” that he promoted during his 2004 re-election bid.
The non-partisan Center for Responsive Politics said yesterday that “[t]he campaign to elect a new president and members of Congress is on pace to hit an unprecedented $5.3 billion.” However, “[t]he cost of the presidential race alone — a record $2.4 billion — is less than the $2.6 billion Coca-Cola spent on advertising in 2006.”
House Minority Leader John Boehner (R-OH) on Wednesday urged President Bush to block all federal funds to ACORN until federal investigations are completed. “It is evident that ACORN is incapable of using federal funds in a manner that is consistent with the law,” Boehner wrote.
“I could have seen the subprime problem coming earlier,” Treasury Secretary Hank Paulson admitted in a New York Times interview, “but I’m not saying I would have done anything differently.”
12 days to go: Barack Obama will attend a rally in Indianapolis and then fly to Hawaii to be with his ailing grandmother. Joe Biden attends rallies in North Carolina. John McCain is in Ormond Beach, FL, and Sarah Palin is in Troy, OH.
Former Fed Chairman Alan Greenspan will testify before the House Oversight Committee today on the causes of the current financial crisis. He will likely face questions on why he “opposed attempts to impose tighter controls on complex financial contracts known as derivatives, which are largely unregulated and which some see as a contributing factor in the current problems.”
According to the Department of Labor, “The number of U.S. workers laid off in September climbed to the highest level since the days following Hurricane Katrina in 2005.” “The last time employers cut work forces en masse at this rate was September 2001.”
Russian foreign minister Sergey Lavrov told reporters earlier this week that if a proposed American-Iraqi security pact fell through, Russia would support allowing United States-led troops to stay in Iraq under a United Nations mandate. “We’ll support Iraq’s request to the U.N. Security Council if the Iraqi government asks for the mandate of the current international military presence to be extended,” said Lavrov.
A CBS investigation recently found high formaldehyde levels in FEMA-issued trailers of Iowa flood victims. FEMA has responded by blaming the residents for creating the formaldehyde, saying the toxins could have been caused by “cooking” or “smoking.”
And finally: Fox News’s Bill O’Reilly sat down with the ladies of “The View” yesterday, attempting to anger Joy Behar by calling Sen. Barack Obama (D-IL) a “Communist.” (He then later downgraded the label to “socialist.”) During the segment, O’Reilly claimed that the only reason MSNBC’s Keith Olbermann dislikes him is because he’s “jealous,” and said that he hopes Gov. Sarah Palin (R-AK) comes on his show because he has “outfits she can wear.” Watch the segment here.
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O’Reilly claimed that the only reason MSNBC’s Keith Olbermann dislikes him is because he’s “jealous,” and said that he hopes Gov. Sarah Palin (R-AK) comes on his show because he has “outfits she can wear.”
Oh, I bet you do, Billdo, I bet you do. Do the outfits come with specialized falafels? Do you have to be having phone sex to wear one?
October 23rd, 2008 at 9:05 amBilldo is as batshit crazy as Bachmann…
Q: What’s the difference between a hockey mom and a pitbull?
A: A $150,000 wardrobe
______________________________
Please sign the Bachmann Censure petition –> http://www.censurebachmann.com/
October 23rd, 2008 at 9:05 am“I could have seen the subprime problem coming earlier,” Treasury Secretary Hank Paulson admitted in a New York Times interview.
This just may be the understatement of the year. Hank, it’s your job, yaknow? Maybe appointing the CEO of Goldman’s Sach to oversee our Country’s financial sector wasn’t the brightest idea, eh, Hank? It’s hard to determine the health of America’s financial sector when one wears Gold Colored Glasses.
Paulson should be fired by now & Greedspan should be in jail.
October 23rd, 2008 at 9:11 am“Boehner said he and other Republicans were also asking the Justice Department to investigate ACORN’s connections to the home mortgage giants Fannie Mae and Freddie Mac, saying ACORN “appears to have played a key role in the irresponsible schemes that led to the current financial meltdown”
psssst, mr. boehner! i heard ACORN was also seeking yellow cupcake mix and aluminum baking tins in africa!!!
October 23rd, 2008 at 9:22 amRemember that it was Bush and his administration who continuously touted “homeownership” numbers as a sign of a “fundamentally strong economy.” They are the reason that the mortgage crisis ballooned so far out of proportion.
http://www.sunstateactivist.org/ssablog/
October 23rd, 2008 at 9:24 amHouse Minority Leader John Boehner (R-OH) on Wednesday urged President Bush to block all federal funds to ACORN
John wants to do WHAT!?…Boehn a unicorn?
October 23rd, 2008 at 9:29 amit’s gonna be a busy news day!
October 23rd, 2008 at 9:30 am**Maybe the ONLY reason O’Reilly’s numbers are higher than Olbermann’s is because cable companies like Comcast made MSNBC a “premium” channel when it moved it out of the basic package but kept faux noise in the basic lineup. Media manipulation? Just another example of media making the news and trying to skew public opinion.
October 23rd, 2008 at 9:33 amHouse Minority Leader John Boehner (R-OH) on Wednesday urged President Bush to block all federal funds to ACORN until federal investigations are completed.
So, the Republicans are finding them guilty until proven innocent. This really pisses me off. Especially considering how much money the military industrial complex has ripped us off for and we see no sign of anyone going after them.
October 23rd, 2008 at 9:34 amBarack Obama will attend a rally in Indianapolis and then fly to Hawaii to be with his ailing grandmother.
My best to Sen Obama and his grandma.
October 23rd, 2008 at 9:35 am“Experts fault Bush’s mortgage strategy,” Roll Call reports.
I don’t know who these experts are as I can’t read the Roll Call article, but I find this a pretty difficult argument to accept; maybe the fact Robert Shiller doesn’t believe it is a reason I am skeptical.
There was a housing bubble in this country, no question at all. The growth in subprime lending was symptomatic of the bubble, and yes perhaps the ownership agenda contributed to the bubble.
But in order for this to be a credible argument, I would like to see data that (a) subprime and Alt-A loans were mainly sold to poorer first-time buyers; and (b) subprime lending was done in significant volumes by regulated institutions.
On point (a), subprime and Alt-A were heavily used by real estate speculators. Were poor people more responsible than speculators for the housing bubble? And on point (b), the leading subprime lenders were the likes of New Century and Ameriquest, institutions that specialized in subprime entirely by choice. Was their ability to grow so large so fast because the government wanted poorer people to own their own homes, or because it was ridiculously easy to fund and then sell mortgages?
I understand the argument that the government encouraged poorer people to buy houses, but saying this is the cause of the real estate boom (and bust) is like arguing that keeping flammable liquids in your kitchen is the reason an arsonist could successfully burn down your house.
October 23rd, 2008 at 9:36 amMaybe the ONLY reason O’Reilly’s numbers are higher than Olbermann’s is because cable companies like Comcast made MSNBC a “premium” channel when it moved it out of the basic package but kept faux noise in the basic lineup. Media manipulation? Just another example of media making the news and trying to skew public opinion.
That’s certainly part of it. But, Keith announced last night that Countdown and Rachel Maddow’s shows are beating O’Reilly badly in the 25-54 category which is what all advertisers base their rates on.
October 23rd, 2008 at 9:37 amAnd the beat goes on Says:
**Maybe the ONLY reason O’Reilly’s numbers are higher than Olbermann’s is because cable companies like Comcast made MSNBC a “premium” channel when it moved it out of the basic package but kept faux noise in the basic lineup. Media manipulation? Just another example of media making the news and trying to skew public opinion.
Exactly what happened to me. Of course, the trade-off is that I get some way cool shopping channels . . .
October 23rd, 2008 at 9:37 amI could have seen the subprime problem coming earlier,” Treasury Secretary Hank Paulson admitted in a New York Times interview. “[B]ut I’m not saying I would have done anything differently.
So why are you talking….? STFU
October 23rd, 2008 at 9:37 amAnd how many people watch Olbermann online rather than on the television? Has anyone “factored” those people in?
October 23rd, 2008 at 9:38 amWhy doesn’t Coke finance the next presidential election and put their logo on every ad, debate, rally, lawn sign, bumper sticker and Sarah Palin outfit?
October 23rd, 2008 at 9:40 amHank Paulson: “[B]ut I’m not saying I would have done anything differently, I duped the American people by pretending to give a shit about their personal finances, and my favorite street on earth got $700,000,000,000 of their butt paper. My skills from Gated Street were transferable as I used the technique, fear-for-profit. “Give me all your f ucking money by Friday or you’ll lose everything and have to put on a paper hat!“”
October 23rd, 2008 at 9:41 amFEMA has responded by blaming the residents for creating the formaldehyde, …
are ya kiddin’ me???!
see that stuff duby is “handling” in the picture above?
THAT is what is filled with toxins, with formaldehyde…
oxboard, particle board, OSB…
not sure why formaldehyde has to be involved with glue and wood chips, but then, i don’t understand what some hormone is doing in plastic bottles, or melemine in food…
thanks, chemical industry… “we can do it, so we do”…
October 23rd, 2008 at 9:42 amI could have seen the subprime problem coming earlier,” Treasury Secretary Hank Paulson admitted in a New York Times interview. “[B]ut I’m not saying I would have done anything differently.
Isn’t this criminal negligence, or some other fancy legal term (conspiracy?)? Why are these people still walking around free? You break the law, you get caught, you get punished by society. That is how it is supposed to be. White collar criminals are not really criminals in the eyes of a republican/neocon (same difference, though I accept that there are still a handful of actual conservatives who are not part of that group), now are they?
“Yeah, I could see that he was a mass murederer, and I did nothing to stop him, and really, if I could go back to before he killed all those children, I still wouldn’t have done anything to stop him. Nice that he did it though, since I had life insurance on all of them.”
October 23rd, 2008 at 9:47 amIt’ll be interesting today to hear what Waxman’s committee derives from the Wall St ‘regulators’.
They’re scheduled to appear in a hearing today to discuss how credit derivatives with a ‘1 star’ rating could be converted to ‘5 star’ goods & approved by these regulators.
Eerily similar to McCain’s Keating 5 scandal, eh? McCain then pressured regulators for different reasons, but apparently regulators can be swayed or bought.
They should join Paulson & Greedspan in a nice, cold cell.
October 23rd, 2008 at 9:51 amgood reminder, zooey… to repeat:
i just want to ask everyone to gather all the good vibes and well wishes and prayers we can all muster and send them madelyn dunham’s way so that she will get and be well enough to see her grandson inaugurated President of the United States…
don’t worry barack, we’ll have your back! hurry home to see your gramma… be safe!
.
and there’s this excellent idea, from C&L:
Some of you know that Barack Obama’s Grandmother is not well. C&Lers are invited to send a get well message in the form of a postcard from your hometown (postcards are easiest to deal with) to the Hawaii for Obama office and they promise to forward to Grandma. (h/t commenter Seattle Tammy commenting at Morning Martini.)
Again, postcards are easiest since they don’t have to be opened, and the photos from across the country will certainly cheer her up!
Mrs. Madelyn Dunham
c/o Obama for America
Honolulu Headquarters
1050 Ala Moana Blvd Ste D2690
Honolulu, HI 96814
.
October 23rd, 2008 at 9:52 am>House Minority Leader John Boehner
Hey Boner you pansy why don’t you keep weeping for this shining, jesus-blessed democracy that was sullied by the horrible actions of a few dozen indepedent contractors…when indepedent contractors fill out false information on forms that doesnt actually lead to any voting fraud, thats a horrible threat to democracy..when their steroid addled independent contractor brethern open fire on dozens of innocent civilians in a country we invaded..well thats just business as usual..
Anybody up for mass mailing kleenex to boner on nov 5th? he’ll need them for all the weeping he’ll be doing soon..
October 23rd, 2008 at 9:52 amDon’t worry about examining the problems and piecing together solutions. That takes too much time. Just blame the libs, watch the base lick it up, and find more red meat to throw. The fun thing about being in the GOP is you get to blow shit up. Then you get to walk away from the scene of the crime and say you witnessed a bystander (LIBS) cause the carnage.
October 23rd, 2008 at 9:55 am“I could have seen the subprime problem coming earlier,” …but you had your head too far up your own bunghole (or someone else’s)?
“Ya know, I coulda caught that fly ball to win the game, but I didn’t…”
Paulson’s line sounds suspiciously like McSplat’s serial fib about knowing how to catch Bin Laden.
October 23rd, 2008 at 9:57 amChocolate Jesus, that’s a great idea!
One little tissue in an envelope to Boner so he can wipe his teary eyes Nov. 5th.
He’ll need at least 500,000, the way the polls are looking…
October 23rd, 2008 at 9:57 amMeh. McCain is scheduled to be in Sarasota today too. Damn my luck. When I asked why “they” couldn’t come to Sarasota, I was asking about Obama and Biden, NOT McCain. Just my luck.
(And I’m fgonna be seriously pissed if Fruitville road is backed up when I get off of work)
October 23rd, 2008 at 9:58 amhttp://www.youtube.com/watch?v=yYijuCEKyHc
Couric asks Obama.
October 23rd, 2008 at 10:02 am_____
katy Says:
and there’s this excellent idea, from C&L:
Some of you know that Barack Obama’s Grandmother is not well. C&Lers are invited to send a get well message in the form of a postcard from your hometown (postcards are easiest to deal with) to the Hawaii for Obama office and they promise to forward to Grandma. (h/t commenter Seattle Tammy commenting at Morning Martini.)
Again, postcards are easiest since they don’t have to be opened, and the photos from across the country will certainly cheer her up!
Mrs. Madelyn Dunham
c/o Obama for America
Honolulu Headquarters
1050 Ala Moana Blvd Ste D2690
Honolulu, HI 96814
October 23rd, 2008 at 9:52 am
______
That’s a very thoughtful suggestion.
October 23rd, 2008 at 10:03 am**What amazes me is how many look at market data as pretty much the major view as how our economy is going. Yes, the housing bubble has been a factor but I think it was just a warning sign. It’s kind of like the chicken and egg argument. As an average citizen I look at how much groceries,gasoline and other consumer “necessities” costs have risen. I started noticing this long before the housing bubble burst. Couple that with job losses (I recently lost mine), rising medical costs, rising energy costs…you All know the picture and the fact that our retirement savings have lost much value is part of the bigger picture for me. I am worried about economically “surviving” so I can retire!!!
October 23rd, 2008 at 10:05 amOn the Fema Formaldahyde..
The use of OSB (wafer-board) in the FEMA trailers is certainly the most logical source of the formaldehyde.
Its the cheapest manufactured wood board available and very porous–worse that CDX plywood. It’s proper use is as an exterior substrate, not interior panelling–which is what it is used for in the trailers.
No licensed house builder expecting to pass inspection and get a C of O would use OSB on the interior–not even as a floor substrate.
The regulations for trailer constuction are pathetic, adherence to OSHA standards is left up to the manufacturers of the trailers, and there’s no effective policing, naturally.
The suggestion of smoking or cooking as a source of high formaldehyde levels in the trailers is utter bullshit.
October 23rd, 2008 at 10:22 am“REAL” Virginia?
While beauty queens have been getting a bad name lately, along comes Miss Virginia (Kristi Lauren Glakas), whose comments on what constitutes “real” Virginia sound extremely intelligent when compared to the blatherings of Palin, Bachmann, and Pfotenhauer.
“What offended me and made me sad about those comments,” said Glakas, a resident for many years in northern Virginia, “is that I’ve been to every county, every part of this state. What’s best about Virginia is its diversity. The people, the geography. We have every class, every race, an amazing immigrant population… Virginia is the birthplace of America. To say that part of Virginia is not part of the real America is just offensive.”
http://www.fivethirtyeight.com/2008/10/on-road-richmond-virginia.html
Miss Virginia is also underwhelmed by Palin’s unwillingness to be interviewed. She says, “Even I’VE been interviewed by Chris Matthews.”
October 23rd, 2008 at 10:28 amKeating law firm donates $50,000+ to McCain campaign.
Why isn’t this being discussed by the media?
October 23rd, 2008 at 10:30 amIgnoranceIsNotBliss Says
October 23rd, 2008 at 10:30 am
Keating law firm donates $50,000+ to McCain campaign.
Why isn’t this being discussed by the media?
____________________________________________________________
The media are way too concerned about Bill Ayers and ACORN to worry about Keating. Maybe if Keating were to turn in a bunch of phony voter registration cards…
October 23rd, 2008 at 10:33 am5th Estate Says:
The suggestion of smoking or cooking as a source of high formaldehyde levels in the trailers is utter bullshit.
____________
Of course it’s utter Cheney… this, uh, “newsflash” is being floated by the righties, correct? What else could it possibly be, other than BS? Is there ANYTHING those guys don’t lie about? ANYTHING???
Now, if they could only find some link between these formaldehyde levels and Obama and Ayers and al-Qaida and a blue dress and ACORN… no doubt Drudge is looking into it…
The possibilities boggle the mind…
October 23rd, 2008 at 10:37 amThe president’s push to “loosen mortgage loan qualification standards for first-time homebuyers” helped cause the current financial crisis. Bush’s efforts to increase homeownership became the core of the “ownership society” that he promoted during his 2004 re-election bid.
NO NO NO NO NO NO! As any ditto head knows, it was Clinton’s fault. Just like 9/11. Just like mad cow disease. Just like the mystery of the disappearing sock.
October 23rd, 2008 at 10:37 amGeez. Never EVER blame the current administration.
Caption Contest:
Bush, “Hey Bob the Builder, when’s break time? This work is torture, heh heh.”
Builder, “I’ve told you four times already, my name is NOT BOB! And by the way Mr. President, it’s only 8:15 fer chrissakes. You’ve only been at it for fifteen minutes!”
Bush, “Allright Bobby, settle down. Hey, this broad next to me better not be makin’ as much as I am. She ain’t even breakin’ a sweat.”
Builder, “I told you several times now, this is a “non-profit”. Everyone here is a volunteer.”
Bush, “Jeez, Bob. Who works for free? You guys are a bunch of suckers. My friends make a TON of money and they don’t even have to work. You should come see me in DC some time, Bobby. I’ll hook you up with a sweet no-show job.”
Builder, “Thanks just the same but I find this very fulfilling. Besides, you’re a lame duck aren’t you? You’ll be gone by January.”
Bush, “That’s what they think, Bobby. Jus between you me and Laura though, I’ve got a few tricks left. I think I’ll be around for a while longer if you know what I mean (wink).”
Builder, “You are one f@cked up guy, Mr. President. And My name is NOT BOB!”
Bush, “Whatever you say Bobby. Hey, is it break time yet?”
October 23rd, 2008 at 10:38 amJust how bad does your cooking have to be to make formaldehyde?
“The Nice Democrats”:
October 23rd, 2008 at 10:40 amhttp://www.youtube.com/watch?v=RYxqSipov5E
He also asked the hosts if they think Palin likes Falafels…
vomit…
And Bill, the reason Olbermann doesn’t like you, and the reason I don’t like you, and the reason MANY people don’t like you, is that you are a LYING, SYCOPHANTIC, PROPAGANDIZING SHILL!!!
October 23rd, 2008 at 10:40 amPerry logan Says:
Just how bad does your cooking have to be to make formaldehyde?
October 23rd, 2008 at 10:40 am
______
Hey, if you know of a better way to cook frogs and earthworms that have been preserved for dissection, I’d love to hear it! >:(
October 23rd, 2008 at 10:42 am“I could have seen the subprime problem coming earlier,” Treasury Secretary Hank Paulson admitted in a New York Times interview, “but I’m not saying I would have done anything differently.”
Hey…I may not be a forward-looking thinker, but I make up for it by being very, very stupid.
October 23rd, 2008 at 10:43 amkatey: not sure why formaldehyde has to be involved with glue and wood chips
Formaldehyde reacts with urea (a major component of pee!) to form a resin which when cured creates a hard glue.
It is easier to apply in mass production than the yellow wood glue (made from celluose) that most people are familiar with as it can be applied ‘thin’ without a loss in cured strength.
About 99% of household cabinets and furniture are made of manufactured wood which contain formaldehyde/ures glue, but the type of board used is usbject to higher emission standards than OSB precisely because of thier interior use–on top of which they are invariably largely sealed with a finish.
October 23rd, 2008 at 10:43 amIn fiften years of cabinetmaking I had one batch of flakeboard and one batch of fiberboard, about 10 each out of thousands of sheets, that smelled of formaldehyde and we shipped them back as unsuitable.
During the segment, O’Reilly claimed that the only reason MSNBC’s Keith Olbermann dislikes him is because he’s “jealous,”
Wow. So KO and MSNBC may not be as insignificant and meaningless as you wish, eh? No offense, falafel boy, but if it didn’t concern you, why bring it up on a rival network?
October 23rd, 2008 at 10:44 amUnless, KO is getting under your skin, hmmmmmmmmmmm?
Former Fed Chairman Alan Greenspan will testify before the House Oversight Committee today on the causes of the current financial crisis. He will likely face questions on why he “opposed attempts to impose tighter controls on complex financial contracts known as derivatives, which are largely unregulated and which some see as a contributing factor in the current problems.”
The Capitol Hill stop on his “Don’t Blame ME” tour.
October 23rd, 2008 at 10:45 amAnd the beat goes on Says:
**Maybe the ONLY reason O’Reilly’s numbers are higher than Olbermann’s is because cable companies like Comcast made MSNBC a “premium” channel when it moved it out of the basic package but kept faux noise in the basic lineup.
Actually, last night KO announced Countdown beat Billo the Clown by about 200k and Rachel Maddow beat Billo by 140k, thereby putting Billo’s sorry ass in 3rd place. Keith had a lot of fun reporting that last night :)~
October 23rd, 2008 at 10:50 amTo Bilbo at #15: I didn’t see your KO/RM post before I posted about the ratings. Sorry about that.
October 23rd, 2008 at 10:54 amWhen the bohner introduces a bill to take Acorn’s federal monies away because they don’t use it to his satisfaction, he better add Haliburton and Blackwater and a number of other private companies to that bill, as the undeserving.
October 23rd, 2008 at 10:56 am“It is evident that ACORN is incapable of using federal funds in a manner that is consistent with the law,” Boehner wrote.
Exactly what law has Boner decided that ACORN has broken?
October 23rd, 2008 at 11:01 amClusterPhuck….flagged
October 23rd, 2008 at 11:02 amOff topic, but this one’s Priceless. HuffPost has a great picture of Sarah Pain’s fashion statement. Here’s the link. The comments also had another idea guaranteed to cement a permanant Democratic majority; Palin/Bachmann 2012!
http://www.huffingtonpost.com/2008/10/23/palin-fashion-includes-sc_n_137090.html
October 23rd, 2008 at 11:04 amDRxJ Says:
Geez. Never EVER blame the current administration.
At least not until January :)~
October 23rd, 2008 at 11:07 amI think I know why Paulson didn’t save Lehman Brothers.
“If someone thinks Hank Paulson could have made the Fed save Lehman Brothers, the answer is, ‘No way,’ ” he said.
When Mr. Walker assumed the role of managing director and global head of the investment management unit of the New York-based investment bank (Lehman Brothers) late in 2006, an investment banker said: “Everyone in the universe is watching what George Walker will do at Lehman.”
Just like at Lehman, all eyes on new Neuberger CEO George Herbert Walker. George H. Walker is the kingpin in the newly reincarnated asset management firm that’s emerging from the collapse of Lehman Brothers Holdings Inc.
And yes, He is THAT George Herbert Walker – cousin to George W. Bush.
http://www.pionline.com/apps/pbcs.dll/article?AID=/20081002/REG/810029986/1039/FREE
October 23rd, 2008 at 11:07 amA Patriot Acting Says:
Caption Contest:
Bush, “Hey Bob the Builder, when’s break time? This work is torture, heh heh.”
That entire exchange had me laughing. Thanks :)
October 23rd, 2008 at 11:11 amPerry logan Says:
Just how bad does your cooking have to be to make formaldehyde?
Damn….Maybe that’s why my ex’s gravy tasted funny :)~
October 23rd, 2008 at 11:13 am5th Estate Says:
About 99% of household cabinets and furniture are made of manufactured wood which contain formaldehyde/urea glue, but the type of board used is usbject to higher emission standards than OSB precisely because of thier interior use–on top of which they are invariably largely sealed with a finish.
October 23rd, 2008 at 10:43 am
_______
So what you’re saying, if I’m parsing this statement correctly, is that someone’s been peeing in my kitchen cabinet.
October 23rd, 2008 at 11:21 amsatirev, interesting you say that because the other day when somebody mentioned her husband she said she doesn’t talk about economics with him. CYA.
October 23rd, 2008 at 11:23 amJeb Bush also works for Lehman’s Private Equity division. That makes two Bush relatives, a cousin and brother, that stand to get a chunk of those $2.5 billion in bonuses.
Hank Paulson said that Lehman had “no good assets” on which the Fed could justify borrowing. What about that $2.5 billion in set aside bonus money? If creditors in bankruptcy court can’t touch it, those assets qualify as good collateral.
The Bush administration didn’t want to save Lehman. It would look bad to have George W. bailing out his close relations right before a key election. Also, the Bush boys stand to gain in two ways. First, they get their $250,000 slice of bonus money. Second, they’re given an equity stake in the deal with Bain Capital.
But the Bain deal is up in the air as Carlyle Group, Goldman Sachs and others put together bids for Lehman’ PEU business.
Should Carlyle win, they’d hold a hand of four Bushes, Poppy, George W. (CaterAir board), Jeb and George Herbert Walker.
October 23rd, 2008 at 11:59 am“Experts fault Bush’s mortgage strategy,”
But experts are elitists. They have education and fancy degrees. They teach at liberal colleges. Much better to go with Chimpy’s gut which has been tested and proven on so many occaisions.
Kind of reminds me of listening to preachers who, to set their credentials as a true prophet, would state that they weren’t spoiled by liberal seminaries. Instead, they are “uneducated but called of God.”
October 23rd, 2008 at 12:02 pmCaption Contest: “Could somebody help me here? I nailed my hand to this board.”
October 23rd, 2008 at 12:13 pmHouse Minority Leader John Boehner (R-OH) on Wednesday urged President Bush to block all federal funds to ACORN until federal investigations are completed. “It is evident that ACORN is incapable of using federal funds in a manner that is consistent with the law,” Boehner wrote.
My pithy reply: “Sentence first — verdict afterwards.”
These people will try to use every slimy tactic they can … and hell with the legality….
Cheers,
October 23rd, 2008 at 12:55 pmOctober 23rd, 2008
Voters’ want most of Congress out
Posted: 01:11 PM ET
WASHINGTON (CNN) — A new national poll suggests that a majority of Americans don’t think most members of Congress deserve to be re-elected. But most of the anger appears to be directed at Republicans rather than Democrats, who have controlled both houses of Congress for the past two years.
Fifty-eight percent of registered voters questioned in a CNN/Opinion Research Corp. poll released Wednesday said that most members of Congress do not deserve to be re-elected; 37 percent said most members should be returned to office.
October 23rd, 2008 at 1:44 pmWhen asked which should go, 50 percent of those questioned said most Democratic members of Congress deserve to be re-elected, but that number drops to 36 percent for Republican lawmakers.
–From Paul Steinhauser, CNN Deputy Political Director
Caption contest:
Why is this floor standing up against the wall?
October 23rd, 2008 at 1:56 pmFEMA has responded by blaming the residents for creating the formaldehyde, saying the toxins could have been caused by “cooking” or “smoking.”
Can you say — LYING MOFOS!
October 23rd, 2008 at 1:58 pm“Experts fault Bush’s mortgage strategy,” Roll Call reports. The president’s push to “loosen mortgage loan qualification standards for first-time homebuyers” helped cause the current financial crisis. Bush’s efforts to increase homeownership became the core of the “ownership society” that he promoted during his 2004 re-election bid.”
It is my contention that a study exists somewhere that alleges that homeowners tend to be more conservative, thus making it more likely that a homeowner will vote Republican instead of for Democratic Party candidates.
This, I believe, is why the Republican strategy earlier this decade involved loosening “loan mortgage qualification standards for first-time homebuyers” in an attempt to increase the Republican Party’s voting base…as part of the PNAC Republican’s goal of establishing a “permanent Republican majority.”
Well, we’re all seeing how this is working out, aren’t we?
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