McCain Leads Congressional Republicans in the Hokey Pokey
CNN reports this deal isn't looking so good. (Driftglass' "Modest Proposal" looks better!)
Here's some footage of McCain's leadership with Republicans in Congress the other day. He's the "glue" yanno. It was quite a show they put on pretending the Paulson/Bush plan was not a Republican plan. Here's how that went down:
Huzzzzzah!!! Great job Mccain!!!
Okay, let's just take a moment while we watch this REPUBLICAN lead govenment attempt to do a smash and grab on the American taxpayer. Lester and Earl dropped by for a little sing along for the rest of us....
;-)
UPDATE:
Driftglass has "A Modest Proposal" that's better than any I've seen. Read it and pass it along.
7 comments:
I do not believe that CNN has done a very good job critiquing the various plans being offered. The House Republicans have an insurance plan but I have not heard anything about how it works. Banks would pay a premium to insure their mortgage assets. But what does this mean? Assume a bank has $10 billion dollars of securitized mortgage interests and 25% of the underlying mortgages are in default. How much would be insured? $10 billion or the "value" of the interests? If $10 billion, the government will be stuck with a big loss? If "value," how do you determine "value?" And what premium would the bank pay for the insurance? And wouldn't the premium payment reduce the bank's cash? At what point would it be determined whether the government has to pay on the insurance?
cj - The answer is zero. They just forwarded this insurance bs to appease the mighty insurance lobby who is also out of money but by "including private funding" or whatever, they get to further convolute and generate business for the insurance "industry". And we all know how terribly helpful they are in a crisis. That's for sure money that will never be recovered.
Look the problem is that NO ONE knows what those papers are worth. Right now, because no one can sell, all mortgages are worthless. They actually have no value because there's no backing for credit.
The banks could not renegotiate the terms on those mortgages because basically they've been sliced and diced and bundled and sold so many times that no one owns them. All parties have to agree to new terms for the borrower and they cannot determine who "all the parties" are. Least that's what I was reading on cnn money the other day. Makes sense to me too.
So this insurance thing is nothing but the insurance lobby holding out their hands for the free payday. It doesn't even address the problem..... which is there isn't no money to borrow and nothing to back it up. No credit.
For all we know China called in their loan and has to be paid by the 1st. Other than that the gov't is purchasing actual pieces of worthless paper for 700B.
I don't see how people are being foreclosed on when the bank doesn't own the paper either.
They need the money just to prop it up till January I think. Then we'll do it all over again and blame Obama. It's a stall tactic is all.
I say give that amount to bail out the states and make them invest in infrastructure, education, getting offa oil... jobs and such. There are still banks who are sound I think. Let the banking "industry" die and let's have another one that doesn't call itself an "industry" for starters.
BETTER is Driftglass' "Modest Proposal" over at the castle. Please go and read it and pass it along....
http://driftglass.blogspot.com/2008/09/modest-proposal.html
cj - The basic answer is: No one knows.
I don't think this will work well enough to cover the republican's asses. (and, some of the dems like Pelosi and Franks) Too many MORE chickens coming home to roost.
But while we're thinking about that, here's Bubba, picking up where Hillary left off, and praising McCain as "A great man", and analyzing Palin as someone who's not defined by her political and religious background, and whom wouldn't inflict that on the rest of us, anyway... And, we mustn't misunderestimate her. :o)
It's like Bill O'Reilly found a really, really, good Clinton mask, and is just havin' a little fun.
http://www.youtube.com/watch?v=4-KWVGP1e0M
I'd have more respect for these two powersleaze jive-turkeys if they gave a joint presser and held hands while saying:
"We are going to monkey-wrench that nomination-stealing SOB, Obama, crosseyed; and in 2012, we're going to reclaim the leadership of the democratic party that is our birthright."
Fortunately, good ol' YouTube has this up, and with any luck, WILL have it up, for a while to come, so that everyone can get a good look at the Clinton's "support" for the party, and at the courage and sacrifice demonstrated by Bill and Hillary on Obama's behalf.
We will not forget it.
Ever.
Let's try the link again:
http://www.youtube.com/watch?v=4-KWVGP1e0M
No luck. Same old haloscan.
You can google it, if you're into watching Bill Clinton perform a tandem hineylick maneuver on McCain and Palin.
Tanbark :-)
The links never activate in comments but people can copy/paste it.
During that spot I think bill clinton was not thinking with his up-top head.....
and I think other people noticed that as well..... like SNL for instance ;-)
http://www.nbc.com/Saturday_Night_Live/video/clips/update-bill-clinton/704104/
(Again, copy/paste this to your browser).
Thanks, MJ. I'll do that. SNL is gettin' on to the Clinton's pert good.
And I think Bill was thinking and saying, just what he wanted to. :o)
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