Posted on 10/03/2008 1:01:31 AM PDT by Chet 99
Now It's Up to the House Republicans
Sarah Palin did her job. Now the House Republicans have to pass the bailout.
by William Kristol 10/03/2008 1:20:00 AM
After a dreadful three weeks for the McCain-Palin ticket, Sarah Palin came through--big time--Thursday night. She stopped the McCain campaign's slide and set up a rebound...if.
If House Republicans follow through Friday by passing the bailout bill.
The McCain-Palin ticket's slide over the past three weeks hasn't been primarily due to various McCain-Palin campaign missteps--though there have been plenty of those. It's happened as a result of the meltdown of the financial markets. The McCain campaign's fall coincides with the collapse of Lehman Brothers and everything that follows. The financial crisis was inevitably going to hurt the candidate of the incumbent party. The situation was made worse by the perception that the GOP (the Bush administration) was both presiding over a financial meltdown and obstructing efforts to deal with it (House Republicans). Republicans lost both ways. If you disliked the bailout, you were angry the Bush administration--and if you thought the bailout necessary, you were angry at the House Republicans. All in all, it was a bad three weeks for the Bush administration and congressional Republicans--and the Republican presidential ticket suffered.
Now there's a chance to halt the political bleeding--and even to turn things around. The House has to pass the bailout bill. It's too late to get an alternative solution considered (and I say this as someone who might well prefer various alternatives). It's now the Senate bill or nothing. And doing nothing risks--I'd say invites--economic and political disaster. Passing the Paulson plan won't solve all the financial problems we face--but failing to pass it will exacerbate them, and will keep the markets in a state of roiling uncertainty at best, and meltdown at worst. Passing the bill may at least offer some surcease--and will alleviate the sense that on the Republicans' watch, everything is simply falling apart and the Republican party can't get its act together to do anything.
So House Republicans should help pass the bill. I think it's the only responsible thing to do in terms of the economy. But I also think it's the only way McCain has a chance to win. To those House Republicans who care about conservative principles, about limited government and free markets--I'd ask this: How much damage will a president Obama and a Democratic Congress do to the causes you care about? Electing McCain gives us the best shot at solving this crisis in a way that doesn't lead to a permanent and perhaps irreversible expansion of the size and scope of government. Following up on Sarah Palin's victory, principled House conservatives should vote yes tomorrow. Passing the bailout would give McCain a fighting chance to win, which in turn provides the best chance--the only chance--for conservative principles to prevail in the next few years.
If the House doesn't pass, it will wipe out all the good news from the debate and again lock up the news cycle until something goes through. McCain needs to free himself from this albatross to get his campaign back on track.
I was under the impression that most taxpayers don’t want this bailout.
McCain's "suspending his campaign" gag could have worked, but instead it had America scratching its collective head...right along with Obama, whose response mirrored most Americans--"Uh, what was THAT about, especially since you were at the debate you wanted postponed?"
It derailed the campaign. Palin has gotten it back on the tracks, but I seriously have to wonder if McCain has the ability to propel it forward.
There are so many targets he should be hitting--I don't need to repeat them, you know them--Ayers, Wright, the house, the brother, the "courageous anti-war stance", the complete and utter absence of anything like a serious resume...
I tend to think it's already too late, but if McCain can turn this around (and he is heading for a crash, as much as the "pay no attention to the polls!" folks would love you to believe), he has to hit harder than he's done so far. Starting now.
I agree. That’s why the Move On types want it to fail. They want the economy to tank then pass their dream bill after Obama is elscted.
The Paulson plan is toxic: it would be as politically invasive as Mussolini's Fascism, which it closely resembles.
It's going to fail and keep failing. Another plan is required. McCain needs to speak for the alternative plan, not keep trying to prop up the Paulson coup d'etat.
You realized correctly and the point has not been made. It’s just another point.
Take your RINO Kristol you rode in on and stuff it!!
Truly conservative Sarah Palin did her part in the VP Debate, and now, let’s pass this “very socialistic POS legislation” that’s truly full of lots of pork and full of lots of other “political goodies”? That truly doesn’t make any sense! I thought that McCain/Palin is truly not for either socialism, pork barrel spending, or any other kinds of “political goodies” in any piece of legislation on any issue!
It is the second time Palin has rallied the base for McCain. Lets all hope that this second opportunity is not squandered.
It is easy to look back in retrospect, but if Obama’s ties to ACORN and their contribution to this crisis came out pre-Paulson’s Bailout in the “sex education” and “lipstick on a pig” week, I think Obama would be DOA now. Fortunately, there is still a big opportunity to flip things around because people are really angry and looking for someone to blame for this mess.
Maybe if he hadn't signed on to the hog farm the Senate passed Wednesday and put forth a coherent alternative that the House could've gone along with.
Most people do not want this bailout. It's a bad, fake solution which only kicks the problem down the road. They've been crying wolf for more than a week now. We were supposed to have had a melt down if it didn't pass last Monday.
Funny how Bush and the rest of the bailout buddies are saying the Senate bill is "a better bill" than what the House shot down Monday. If that's so, why was there such a hurry?
Unfortunately, it will probably pass today in the House anyway because they all want to run home to get reelected.
There are a few amendments that can help in the House but it will probably end up with even more earmarks attached.
One good amendment (more info here) will require reconsidering issue of more bailout bonds on a regular basis in case they're no longer needed and another (from Issa) would give priority to US banks, rather than foreign ones.
As I asked earlier this week, why don't these capitalists in Washington seek a capitalist solution since their attempt at socialist wealth redistribution is what landed us in this mess?
I don't claim knowledge on this issue, but throughout I have been increasingly suspicious about this bailout for one reason over all--too many people with supposedly different points of view are for it, and all of them are those in DC who claim they want to "get along" with everyone.
I am great admirer of Bill Kristol but I think he has this terribly wrong.
McCain should have completely opposed the bailout plan and made it Obama’s.
McCain loses by supporting this unpopular and unnecessary socializing of the economy.
The talking heads said the calls that *were* anti-bailout rapidly changed their tunes once the market started plunging.
At one point, I *think* they said the 80% against changed to 60-70% for.
Can’t offer details or a cite, sorry...it was something I saw on Foxnews on Wed., I think.
Fixing sig.
Pay no attention.
The Senate bill is loaded with pork which has nothing to do with covering loans sold world wide by Fanne Mae et all. Dems control the House and Senate let them put their necks into the noose they fashioned. and lets start blaming those donkeys that got US there...http://www.theusmat.com/
“RINO Kristol” is in love with Sarah Palin.
Let’s see...Do we want a government takeover of our banking system with government lending requirements unchanged which will lead to continued insane lending and investment practices, or do we want McCain as president?
Sorry, I’d rather throw McCain under the bus.
Please God—knock some sense and values into the heads of the House members who might be willing to hurt taxpayers over this.
“I’m a wimp so help me by sacrificing your principles.”
it is absolutely fascist. And it’s not just about the $
There’s no money to spend,
.
The Debt to the Penny and Who Holds It
Debt Held by the Public vs. Intragovernmental Holdings
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Current 10/01/2008
Debt Held by the Public 5,850,791,254,967.39
Intragovernmental Holdings 4,273,433,812,160.30
Total Public Debt Outstanding 10,124,225,067,127.69
Makeup of the Debt
Is there a report that lists the type of Treasury Securities that are issued to finance the debt, related maturity dates, and “Amount Outstanding?”
The Monthly Statement of the Public Debt (MSPD) is available online in summary and full versions, and lists the types of Treasury Securities issued to finance the Debt, the related maturity dates, and the “Amount Outstanding”.
Ownership of the Debt
Who owns the debt?
The Treasury Bulletin, available online from the Financial Management Service categorizes ownership of U.S. Government securities by types of investors.
What is the Debt Held by the Public?
The Debt Held by the Public is all federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities. Types of securities held by the public include, but are not limited to, Treasury Bills, Notes, Bonds, TIPS, United States Savings Bonds, and State and Local Government Series securities.
What are Intragovernmental Holdings?
Intragovernmental Holdings are Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities. A small amount of marketable securities are held by government accounts.
What is the Federal Financing Bank?
Obligations are issued to the public by the Federal Financing Bank (FFB) to finance its operations. Obligations are limited to $15 billion unless otherwise authorized by the Appropriations Acts. The FFB was established “to consolidate and reduce the government’s cost of financing a variety of federal agencies and other borrowers whose obligations are guaranteed by the federal government.” (The First Boston Corporation, The Pink Book: Handbook of U.S. Government & Federal Agency Securities, 34th ed., Probus, Chicago, 1990 pp. 87-88.)
Financing the Debt
Why does the debt sometimes decrease?
The Public Debt Outstanding decreases when there are more redemptions of Treasury securities than there are issues.
How do you make a contribution to reduce the debt?
Make your check payable to the Bureau of the Public Debt, and in the memo section, notate that it is a Gift to reduce the Debt Held by the Public. Mail your check to:
Attn Dept G
Bureau Of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188
McCain’s job was to throw the bailout under the bus.
What would he do if he was president with a dem congress? become another HW Bush (read my lips)?
“If the House doesn’t pass, it will wipe out all the good news from the debate and again lock up the news cycle until something goes through. McCain needs to free himself from this albatross to get his campaign back on track.”
So let me understand your point. We should rush to embrace socialism now to avoid the potential threat of socialism later?
Of course, they have time to add pork to it. It's a ghastly scenario that's playing out. If ever there was a time justifying an expression of fury by the American citizen; it is surely now.
A bad bill that pisses away 700 bn, just for starters is absolutely insane.
Our leaders have already screwed the pooch on this. Their gloom and doom rhetoric has ensured a full blown recession. No way to stop it now and the economy is in full deceleration. Now we will combine a full blown recession with a collapse of the credit markets and the bank runs which will soon be occurring from the collapsing foreign banks as they try to stay afloat. At this point they could pass this bill and the stock market will still crash, banks will still fail and auto companies will still declare bankruptcy. We have absolutely no guarantees that a bunch of leaders that are acting irresponsible will stop acting irresponsible. A short term collapse is one thing, but the long term problem now is a runaway out of control debt. We could end up with a shattered economy and a government caught in the debt quicksand with no way out.
Don’t forget credit card debt, auto loan debt, student loan debt. This bad bill is just the tip of the iceberg.
I heard something similar. Not sure of its accuracy. But it’s possible, given the number of deadbeats, not only with mortgages, but also with credit card debt, auto loan debt, student loan debt. everybody wants a piece of the action to escape responsibility for stupid decisions.
It’s never just about the money. It’s about the expansion of power.
otherwise they’d cut taxes and get more revenue for the social programs they seem to love so much.
because they want to be in control over the entire world!
McCain needs a keeper. He never should have gotten involved in the bail-out catastrophe and NO - the Republicans in Congress should NOT vote with Pelosi, Bush II, and Harry Reid.
This bill is idiotic and in the future, the DemocRats will hang this one, like the tax increase under Bush I on the Republican doorstep.
If McCain DOESN’T win, we need credibility in 2012 with a better candidate like Palin, Hunter, etc.
Hunter voted against the bailout.
But I’m still pushing for Mark Sanford as he truly gets it
see:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092503602.html
“Our leaders have already screwed the pooch on this.”
Big time.
“Their gloom and doom rhetoric has ensured a full blown recession.”
The politicians set up the environment where this was likely to happen, but I think wall street and the large banks are just as guilty.
“A short term collapse is one thing, but the long term problem now is a runaway out of control debt. We could end up with a shattered economy and a government caught in the debt quicksand with no way out.”
Yup. Weimar economics circa 2008.
Yep, and when I heard about all the pork loaded into this "Gotta have all the power to the Treasury Sec. NOW!NOW!NOW!!!! or else TOTAL DEVASTATION!!!!" bill, I suspected the sun might actually come up even if this bill didn't go through.
This is a case where the true nature of our politicians is revealed, and the short answer is this: "I'm Barney Frank, and I helped screw this all up, so Pelosi's putting me out front to make sure you see me as A Savior. Now that the important job of making sure I am in a good position to fight the attacks by those feeble FOX people, give me $700 billion more to play around with. Seeing how I have never held a private sector job, you can trust me with that money!"
The shorter answer: "You're stupid, we're smart, it's too complicated, just give us your money, moron."
And they need to be told that if they do pass it they won't be reelected.
oh, don’t worry, mccain will win simply because Obama is so terrible. this election is strickly for the demican/republicrat fanboys
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Your playing politics with the foundation of this nation?
Kill this glut filled, big government monstrosity!
I hope you’re right about that.
if the economy is in dire straits, and this bill needs to be passed, why is it so laden with pork and more irresponsible spending?
where’s the gravitas?
Funny thing about that hog farm, the Senate passed it TWICE! Once as HR 6049, on September 23 (the vote was 93-2, the two NAY votes came from Democrats, McCain was absent); and then AGAIN on October 1st, attaching the contents of HR 6049 to the bailout.
"The rule" for consideration of the bill is H.Res.1525 (debate on HR 1424 to be 3 hours, no amendments allowed), in combination with H.Res.1526 (rules brought up today to pass on a simple majority, vs. the usual requirement that 2/3rds majority is required to pass a rule that is voted the same day it is offered).
So, briefly, there won't be amendments, ergo there won't be more earmarks attached.
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