Thursday, September 25, 2008

THE REPUGS THROW ONE MORE ICEBERG INTO THE PATH OF THIS TITANNICAL REGIME....


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So McInsane flys into DC....with an arrogant attitude of McHero.....and he never even read Paulson or Dodd's Plan...BUT he came to the Meeting at the WhiteHouse and HIS plan is that he wants LESS Regulatory Oversight and MORE Corporate Tax Cuts....( Click the Title and I have a Link to Dodd's Plan). He showed up to the Meeting smiling and looking pleased with himself, giddy, and inappropriate, smiling with a silly grin. He never spoke to anyone or talk to the Banking Committee or Paulson, he went and Stirred up Trouble over at the House with Boehner....So I was right he did indeed come to Disrupt and Commit KaBuki Theater.....What a Narcissistic Arrogant Selfish Man, he came there to make a scene to help HIS Floundering Campaign and save it with a Stunt of Mythic Proportions.Shame on him....

He came to DC and immediately went and met with the HOUSE Repugs ( who have never been his buddies), and instigated this whole mess. He never did call Dodd, or any of the other Repugs on the Senate Banking Committee. Didn't he overstep his boundaries, he has NO leadership role on any of the Financail Committees and he has not been in DC since last APRIL , or voted or met with anyone since Last Spring about THIS issue. This was not about assisting the President or the Repug Party.

This made NO sense, the Conservative Repugs of the House don't support the Prez or McCain...so WHO this helps is beyond me. And the Senate Republicans were trying to work with the Dems to navigate through this very sensitive situation. This is an Economic Crisis, it is not something that should be treated like a Theatrical Event.

Here is the 32 page Dodd Plan that was offering structured Installment plan, and regulatory oversight and did protect the taxpayers.....it was a good plan.... worth working on and it was almost settled. I do understand people saying Wallstreet does not deserve to be bailed, but this is about a problem that will and does effect all of us. And even has global implications and consequences. ( There were Banks Runs in Asia last night- Korea, Singapore, Japan, and Hong Kong. Also China and Other Asian Banks Issued NO Contact orders with America- no loans or business with America). The Other issue is that people 's Pension Plans and Retirement Accounts are vulnerable during all of this. This HUGE mess does effect all of us, that is why it needs to be worked on. This is NOT a problem that Ostrich Syndrome will solve.

Anytime you have a Crisis, you need people working diligently and quietly and patiently and Negotiation was key.There would be time later to sort our the Criminal Aspects of this Mess, and responsibility will be assigned, and Liability. But Walking Out in a Fit is not a mature rational way to solve Problems. Real Leaders do not manipulate a Coup During a Moment of Crisis.

We have suffered Enough Under 8 Years of this Titannical Regime...and now we will all suffer more, because McInsane Puts HIS Campaign First...Never Country. And he just pulled a Maneuver that Hoover would be proud of....when he says Country First, Someone Should ask WHICH Country ?
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Footnote: I don't know how I feel about the "Bailout", I do support Probemsolving and People working together across lines to Solve Problems. I also was impressed that the DEMS were addressing concerns voiced to their offices, about Regulatory Measures and Installments and Oversight, and taking away Golden Parachutes....I felt like for once the DEMS were working hard and did remember Mainstreet....I watched the Hearings, I was impressed that ALL of them were asking appropriate Questions and expressing their angst on our behalf. But this stunt tonight.....well, tomorrow we will have a Black Friday...I hope the Conservative House Repugs know that.
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Meanwhile about WaMu:
(1) Breaking News tonight at 10 PM still breaking, some sites have been pulled.
(2) WSJ has more on this.

16 comments:

enigma4ever said...

Wamu....seized by FEDS tonight and then sold .??? tonight,..more to come...

Mauigirl said...

I just saw that news over at Utah Savage's place! I am shocked! I knew they were in trouble but didn't know they were that bad off.

I can't believe McCain's grandstanding. If anything it seems as if him showing up threw off the negotiations and now it's a bigger mess than ever!

enigma4ever said...

he went over with Boehner at the House and instigated the whole mess..as of this afternoon before the stupida ass WH photo op moment it was almost totally negogiated...the Senate Dems and repugs were working on this...

now just a reminder- Boehner was good friend with Ney and Noe - BOTH who were criminally indicted from Ohio for Corruption, Fraud, and yes, even Money laundering....he has NO intergrity.....NONE.

enigma4ever said...

LA Times ( now another papers said it was seized by the FEDS).

JPMorgan Chase to buy WaMu deposits, many branches

J.P. Morgan Chase & Co. tonight will announce it’s acquiring most or all of
Washington Mutual Inc.’s huge branch system and taking on the savings and loan's
deposits, according to a person close to Washington Mutual.

JPMorgan has long coveted WaMu’s extensive branch network in California and Florida.

The need for WaMu to strike a deal has become more urgent in recent days as the
company’s debt rating was downgraded to deep-junk levels, and as its stock has plunged
anew.

D.K. Raed said...

WaMu's assets were $310Billion making it the largest bank to ever fail. Indymac at $32Billion seems positively puny now.

Wow, do you realize how big JP Morgan Chase must be now (since they took over Bear Stearns in March)? What happens if they fail?

enigma4ever said...

more on wamu: ( WSJ)
WaMu's Collapse

The Deal: Regulators seize Washington Mutual, in largest U.S. banking failure.
The Buyer: J.P. Morgan agreed to buy the company's banking operations, preserving depositors' money.
Downside: WaMu shareholders and other creditors likely get wiped out.

D.K. Raed said...

I'm just waiting for the day that they say the FDIC-savings acct depositor's money at a failed bank will be treated like a shareholder's investment ... in other words *POOF* it's all gone bye-bye ... because as a product of the 1960's, I haven't forgotten how to riot.

About the bailout mess: why is it that at the beginning, it was the repubs (Boehner particularly) that were pushing to get it passed immediately, while the dems wanted to examine & modify & make it fairer. But now all of a sudden, the repubs (Boehner particularly) are acting like, oh it's the dems who want to pass this thing immediately while we repubs want to examine the details. When did they decide to flip-flop, and why do the dems fall for this every time? The dems should take a page from the repub handbook and just stand back & say to the repubs, OK you guys come up with a plan, put it out there for examination, and then we will all start analyzing & modifying that plan. Make the repubs go on record against their president & against Paulson-Bernanke. As it is, they are just setting up the dems in the voter's minds to look like they were the ones pushing for this whole bailout mess.

enigma4ever said...

I have no idea what they are doing....but it will not be a good day tomorrow...this was not a good idea...I have no idea WHO this helps...I mean they hate bush, and mccain-so why is mccain a party to this...

enigma4ever said...

1am...1PM their time.....

Sept. 26 (Bloomberg) -- Asian stocks fell for a fourth day after talks on a U.S. financial rescue plan stalled, Washington Mutual Inc. became the nation's biggest bank failure and shipping rates slumped the most in 23 years.

Woori Finance Holdings Co. fell 4.5 percent on concern the credit crisis is deepening after Republicans splintered over the proposed $700 billion bailout and WaMu was seized by regulators. Mitsui O.S.K. Lines Ltd., Japan's largest operator of dry-bulk ships, lost 3.8 percent.

enigma4ever said...

Reuters:
WASHINGTON (Reuters) - Talks on a $700 billion rescue for the U.S. financial system fell into chaos on Thursday amid accusations Republican presidential candidate John McCain scuppered the deal, and U.S. authorities closed Washington Mutual and sold its assets in America's biggest ever bank failure.

As negotiations over an unprecedented bailout plan to restore credit markets degenerated into chaos, the largest U.S. savings and loan bank was taken over by authorities and its deposits auctioned off. U.S. stock futures fell by more than 1 percent, the dollar weakened and share markets in Asia fell.

The third-largest U.S. bank JPMorgan Chase & Co said it bought the deposits of Washington Mutual Inc, which has seen its stock price virtually wiped out because of massive amounts of bad mortgages. The government said there would be no impact on WaMu's depositors and customers. JPMorgan said it would be business as usual on Friday morning.

R.J. said...

I have a new nickname for John McCain since he won't debate tomorrow. For now on, I'm calling him John McChicken because he's a coward.

enigma4ever said...

RJ...
that works...yup...sure does...

Fran said...

The shit really is hitting the fan. What's weird is the last few months we have been flooded with offers
from WAMU to bank with them. In fact I still have an unopened offer sitting here.
I have a hard time thinking all this financial tanking has to be bigger than just the mortgage bubble.
OR if it is, it has had to have been so grossly mismanaged, there had to be fraud, major fraud going on. If things really are this serious, then the fix should NOT be done in a hurry- they need to know the whole story, big picture.... not some haphazard funky fast response.

I was thinking the Bush speech reminded me of the "mushroom cloud" warning to rush to the preemptive war in Iraq. I just have a hard time believing anything he says.

Christopher said...

If the globalists along with the Bush administration and the Congressional Democrats, are hell bent on bailing out the Wall Street criminals, then 100% of the effort must be sourced in the reallocation of corporate profits and not one penny in the form of borrowed monies to be paid back by the American taxpayer.

For the first time in my life, I side with Congressional Republicans like Sen. Shelby of Alabama who is diametrically opposed to handing Henry "Goldman Sachs" Paulson a check for $700 billion dollars with no accountability. This is madness and it can't be allowed to happen.

Many of us have asked how Paulson arrived at the $700 billion dollar figure and no one can say. The figure seems to have been snatched out of thin air. Many of us have asked what the funding mechanism will be for the $700 billion dollars and no one in the media asks and no one in the government will say.

This is a catastrophe.

Dean Wormer said...

Re: the politics of this it kind of does make sense if you consider the House Republicans realize they're very close to becoming completely irrelevant if McCain loses.

Just my take on it.

enigma4ever said...

Hey all I am listening to anyone on this,....I am stymied by the whole thing ....and willing to look at all solutions....cuz- well, frankly it is like the Titanic....and I am thinking that once the Lifeboats are Full- it is time to look at Some other way off the damn boat....