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I think that such a plan -- if ever put into motion, and I don't think that even Steve Schmidt and Rick Davis are stupid enough to put this idea forward -- would be designed to go after and convince only one group. But PUMAs were so last month.
Tributes to David Foster Wallace are always on topic, so, here is one; here is a funny one: "http://www.theonion.com/content/news/nascar_cancels_remainder_of_season"
Its surprising, you know, congressers can do surprising things in circumstances like these, sometimes they'll even vote on principle. Knowing full well that the only reason the vote was forced right before the 2002 election was to make Bush the first president not to lose congressional republicans in a midterm ever in history, an amazing number of democratic members of the house voted against the authorization for use of force in Iraq.
I harbor a hope that the democrats vote against this. Each passing day the world does not end, after all, makes Paulson look more like chicken little.
The problem was that I was having a lil' bipolar roid rage at the time. That and there were other people in there. They ran off.
Hey, isn't Caligutard/the Dear Leader supposed to speak tonight?
And where's my damn absentee ballot, Cobb County?
Fuck the finance industry. Death is too good for them. Fuck them. Fuck them to death just for trying this fucking scam.
We should all be running down the road towards DC with fucking pitchforks and torches over this, you know. Its only fucking FUBAR-fatigue that makes us yawn and say, "oh, look, the market is melting down and wall street wants a trillion or they're gonna make a new great depression, wonder whats gonna happen tomorrow." I am going to buy a pitchfork this afternoon before they're all sold out.
So Nojo, what's the ETA on you and Greg going to get under the hood of the CP jalopy? This weekend?
crazy busy here so I totally understand the feeling
air kisses
ETA on CP is indefinite until further notice. (Just checked to see whether posting magically fixed itself. Nope.)
ETA on Major Announcement regarding Significant Alternative: Thursday, 7 a.m. Eastern.
This problem is getting resolved one way or another, and it doesn't take me $700 billion to do it.
On the one hand, I have been talking about how the panic is waning and the dems could even conceivably tell Paulson to fuck off.
My guess is that this is a panic by Bush and McCain, panicked over the waning of the panic, as it were.
But it is so utterly bizarre, isn't it? Bush and McCain have decided to deliberately undermine public confidence in the economy; they could start a panic among the public, and that would be worse than the failure of the financial giants. It really is the president's job to cheerlead the economy, because confidence does really matter. Apparently not when there's wall street people demanding their trillion dollars.
They really will do anything to win, and there's nothing they won't trash and destroy in the process.
I done tole you-all, its gonna be the most interesting election ever, and the republicans will fight like cornered, desperate rats.
Johnny Mac won't vote against it now; Caribou Barbie trapped his ass by linking this with another Great Depression. He's suspending his campaign to try and get a poison pill the people will now swallow.
"It has become clear that no consensus has developed to support the administration's proposal," McCain said. "I do not believe that the plan on the table will pass as it currently stands, and we are running out of time."
McCain said if Congress does not pass legislation to address the crisis, credit will dry up, people will no longer be able to buy homes, life savings will be at stake and businesses will not have enough money
"If we do not act, every corner of our country will be impacted," McCain said. "We cannot allow this to happen."
McCain also canceled his planned appearance Wednesday on CBS' "Late Show With David Letterman" program.
McCain said he has spoken to Obama about his plans and asked the Democratic presidential nominee to join him.
The Obama campaign said Obama had called McCain around 8:30 a.m. Wednesday to propose that they issue a joint statement in support of a package to help fix the economy as soon as possible. McCain called back six hours later and agreed to the idea of the statement, the Obama campaign said. McCain's statement about postponing his campaign was issued to the media a few minutes later. "
The good news was that the bailout proposal was dead in the water.
But what is this, Obama contacting McCain to offer a joint counterproposal? WTF? Fucking wuss. Put out your own fucking proposal, don't wuss out here. This is like two jockeys agreeing to stay even until the home stretch. Its crazy, its stupid.
On top of that, the whole premise of any bailout is a republican premise, and the democrats should run hard left with their proposals, and force the desperate republicans to come to them, instead Obama's running to the fucking middle like its his natural home. Dems should be demanding a full return to New Deal regulation of all the markets, including the new markets, they should get equity in every company bailed out, salary caps and bonuses on the fucking executives, create a special commission within treasury to take charge of the program, consisting of 6 members appointed by democrats, 5 by republicans, we put Bill Clinton, Jimmy Carter, Paul Krugman, Robert Reich, Warren Buffet, and Jimmy Buffet on the commission. Totally remove the administration of it from the bureacracy at Treasury. Think big, motherfuckers.
But no, Hopey is a wuss.
"Would there not be merit in considering an initial set of purchases of certain classes of troubled assets in the amount of, say, $100 billion?" asked Sen. Sam Brownback, R-Kan. "Then we could evaluate results, and move on with $100 billion worth of purchases of other classes of troubled assets."
Schumer pressed Bernanke hard on this point, asking him as an economist why $700 billion was necessary.
"You asked me my opinion as an economist," Bernanke said with a smile. "Unfortunately, this is a matter for psychology." A $700 billion federal commitment would reassure global financial markets that Washington was committed to the rescue in a way that $100 billion increments would not, he indicated.
But $700 billion, Schumer replied, "is an awful lot for psychological reassurance."
Members also were considering relief for homeowners with troubled mortgages, perhaps a multibillion-dollar fund that would allow them to refinance fixed loans that would be guaranteed by the Federal Housing Administration."
You have to admit -- for people who don't pay any attention, this will make him look like a fucking hero. And, unfortunately, the American electorate is crazy with people who don't pay attention.
Credit where due: for a campaign that couldn't find its own ass with a map, this was a shrewd play. If Black Eagle follows him to Washington, McCain looks like a leader. If Black Eagle stays away, Barry's more concerned with getting elected than actually doing something that helps real Americans. Not that this move would do a damn thing for real Americans, but that's not the point. It reinforces the whole "country first" bullshit. It's transparent as hell, but it doesn't matter because Americans will, as we know, believe anything.
Of course, Obama had the right answer. I will debate an empty chair if I have to. They agreed to meet today for a debate. It's on. Etc. But Geezer still looks wonderful out of this.
God damn it.
The reasons why it exists will be revealed in due course...
@HF: Email on the way presently.
To leak more about my intentions, anyone posting at CP is welcome to post at the new joint, or both joints, or neither. Set up your account at the Mystery Date link, and I'll flip the necessary switches.
And FCS, if you're lurking: the polls are all yours, dude...
Email me at nojo@stinque with your name and the password you want to use, and I'll see whether I can plug you in.
The new joint isn't running on WordPress servers, and the "ClickPass" login doesn't work because I don't have the necessary software to run it. So you may have to create a "fresh" account there. It's annoying, but I don't have a solution for that yet.
ADD: Oh, and I just started a new wordpress account at Stinque. It didn't recognize my log-in name, so I'm guessing all of our old comments have disdapeered.
At far as the new Watering Hole, I'll be devoting my full attention to the new joint starting Thursday, with a final post here to Formally Announce what I've Substantially Leaked.
But I'm regarding it as an amicable separation (unlike, um, the last time), and I don't want to force anyone to declare their allegiance either way. Nothing wrong with partying at both joints.
(And yes, you have to create a new account at the new joint. I hope that's the last time everyone has to be dragged through the registration muck...)
I gotta give a 3 hour lecture tomorrow on the Red Flags Rule, you know, the one that requires financial institutions to adopt a formal ITPP, and I have to get up at 6 and drive 2 and a half hours to where I give the talk. The good news is its the third time in 3 weeks I have given this one, so I am not as gripped with fear as usual before a performance.
I need so bad to talk politics, this is the most outrageous political, economic, and world affairs week ever in the history of the world, Obama was shooting up in the polls, Palin fever has run its course, wall street is trying to use the chaos, the shock and awe, the panic, to steal a trillion dollars, and not just the dems, but everyone is balking. Bush just went on TV and did his best to create a financial panic, McCain just pulled the most desperate and transparent political ploy to profit off the "crisis," the next 24 hours will shape this country's future, its fucking great. Noone knows anything, so everyone is as good a pundit as anyone else. Latest word is the extortionists have accepted everything the democrats wanted, and a deal will be put together before McCain ever arives on the scene, though the deal consists of, "we'll give you a trillion, but you got ot use plenty of lube when you fuck us in the ass."
How will it play out with the public? I think anything is possible, revolution, McCain's campaign imploding, Obama's campaign imploding, or just everyone standing around trying to figure out what just happened and just feeling kinda vaguely shitty and used, like when you wake up in a strange place naked, with no idea how you got there, and your ass is sore and bleeding. And you are sticky and there's a bad taste in your mouth.
And won't be connected to the media again until after I drive 3 hours, give a three hour lecture on banking regulations in a hungover autopilot state, and drive three hours back home, through a nor'easter.