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  • 700 Billion Dollar Crisis, McCain thinks Economy is Strong

    Update:McCain almost always has agreed with President Bush. Electing John McCain is re-electing George Bush! And We all know how that will turn out! Here’s a CNN article to prove it!
    Before you read this article from the St. Paul Pioneer Press, read this Quote:

    “The Fundamentals of our Economy are Strong.” — John McCain, September 15, 2008

    WASHINGTON — The Bush administration and Congress anxiously revived negotiations Friday on a $700 billion financial bailout, one day after the largest bank collapse in U.S. history provided a brutal reminder of the risks of failure.

    “I’m convinced that by Sunday we will have an agreement that people can understand on this bill,” predicted Massachusetts Rep. Barney Frank, a key Democrat in eight days of up-and-down talks designed to stave off an economic crisis.

    House Speaker Nancy Pelosi added that “progress is being made,” although neither she nor Frank divulged details at a late-afternoon news conference in the Capitol.

    They spoke a few hours after President Bush prodded lawmakers to “rise to the occasion” _ and quickly.

    In one small sign of progress, House Republicans dispatched their second-ranking leader, Rep. Roy Blunt of Missouri, to join the talks after their objections to an emerging compromise had brought negotiations to a standstill the day before. They also demanded “serious consideration” for a plan of their own, involving less government intrusion and lower cost to the taxpayers than the $700 billion that Treasury Secretary Henry Paulson has been seeking.

    The legislation the administration is promoting would allow the government to buy bad mortgages and other sour assets held by investors, most of them financial companies. That should make those companies more inclined to lend and
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    lift a major weight off the national economy that is already sputtering. But a significant number of lawmakers, including many House conservatives, say they’re against such heavy federal intervention.

    Under their plan, the government would insure the distressed securities rather than buy them. Tax breaks would provide additional incentives to invest.

    Democrats and administration officials said the insurance proposal was acceptable as an option, but not as a replacement for the administration’s more sweeping approach.

    Presidential politics weighed heavily and unpredictably on the election-season effort to stave off a full-blown economic crisis.

    After announcing earlier in the week he would suspend his campaign and return to the capital until there was an agreement, Republican John McCain abruptly reversed course and departed for Friday night’s debate with Democratic rival Barack Obama.

    “Now that Sen. McCain is safely in Mississippi we can get back to serious work,” sniped Frank, who had challenged the Republican presidential candidate in a White House meeting on Thursday to describe his own solution to the crisis.

    There were fresh signs of urgency at both the White House and the Capitol, one day after the unusually tempestuous White House session and the collapse of Washington Mutual, the largest failure in U.S. banking history. The Seattle-based institution had invested heavily in the now-moribund mortgage market.

    Bush made his brief remarks in hopes of projecting calm for the financial markets. And the Dow Jones industrials rose 121 points for the day as investors anticipated a weekend agreement.

    In days of negotiations, the administration has accepted demands from lawmakers to give Congress considerable authority to oversee the bailout. Additionally, Paulson relented to requests to limit the severance packages that corporate executives can receive from firms benefiting from the government bailout.

    Also, rather than provide $700 billion upfront, as Paulson initially requested, Congress would approve the funds in stages. Under one approach, $250 billion would be made available at once, with the president able to certify the need for an additional $100 billion on his own authority. The final $350 billion would become available with a second presidential certification, although this time Congress would have authority to block it.

    Any compromise is also expected to require the government to obtain partial ownership of any company it invests in.

    Democrats, too, signaled they were considering jettisoning some of their own priorities.

    Frank indicated they might ultimately drop a requirement that a portion of any profits from the rescue be funneled to a fund to build housing for low-income people. That mandate, deeply unpopular with Republicans, “is not an essential,” Frank said.

    Additionally, Obama said earlier in the week he hoped Democrats would not press a proposal giving bankruptcy judges the power to ease mortgage terms for homeowners.

    Beyond the specifics of any legislation lie political calculations in the shadow of hard-fought presidential and congressional campaigns.

    While Democrats control a majority of both the House and Senate, their leaders have made it clear they will not force their rank-and-file to vote without Republican support on a bailout advanced by an unpopular president on an unwilling public.

    In an Associated Press-Knowledge Networks poll, only 30 percent of those surveyed expressed support for Bush’s package. An additional 45 percent were opposed, with 25 percent undecided. The survey was conducted Sept. 25 and had a margin of error or 3.8 percent. It was conducted over the Internet by Knowledge Networks, which initially contacted people using traditional telephone polling methods and followed with online interviews.

    Aides to lawmakers in both parties say telephone calls from constituents are running heavily against the bailout _ in some cases nearly 100-1 against, making the vote a potentially tricky one for a candidate in a competitive race.

    Ironically, though, many House conservatives who are most opposed to the measure are in safe seats, thus free to resist the daily calls for action _ and the warnings from Bush and Federal Reserve Chairman Ben Bernanke that a recession looms without a bailout.

    “Our goal here in attempting to come to an agreement is to do our best to protect American taxpayers,” said Republican leader John Boehner of Ohio, after a closed-door meeting other GOP lawmakers.

    Inside the meeting, Boehner received a standing ovation from fellow Republicans, some of whom expressed anger that Bush and his administration had effectively shut them out of negotiations and tried to force them to support an unpopular bill.

    “He got a standing ovation because he stood up to the president and Paulson,” said Rep. Ray LaHood, R-Ill. “Now we’re a part of the game.”

    Said Boehner, speaking of the White House meeting: “If they thought they were rolling me, they were kidding themselves.”

    And after all this, McCain is that blind about our economic crisis? Honestly people, for a while he wasn’t even sure if he was going to even show up for the Presidential Debate tonight!

    Scott

    10,000 Hits!

    Thank you everyone! I’m not going to ramble on about getting this accomplishment. so let’s just move on. I added another widget to this site, its on the right sidebar, scroll down a little if this is the post at the top/the most recent one. It shows who is winning the Electoral Votes for president, and who is winning the Senate and House of Representatives. Check it out!
    Scott

    Monday Morning

    Well they day everyone dreads is here! Lol, its 6:39 AM at my house, and My bus comes to my stop at 7:25. Sorry there hasn’t been a post since the 13th, I actually have homework every night this year! Other people who are in 7th Grade are lucky I think. They don’t have as much homework and stuff gets a lot harder in 8th Grade then you’d think it does. Check out http://electoral-vote.com every day. It shows whether Obama or McCain is winning the total electoral college votes, and who is winning each vote. Right now, Minnesota is 48% Obama, and 46% McCain. So Minnesota is barely Democrat.

    Scott

    Friday =]

    Finally…. its been a long week for me. On Monday I had scouts, Tuesday I had Soccer Practice, Wednesday I had Guitar Practice which is different because I have a new teacher. Thursday I had a soccer game, and even though the score was 1-1, we won because the team we were playing showed up an hour late. While we were waiting, we scrimmaged against each other so we got all warmed up. At least its the weekend now =]

    Scott

    Stuff

    Just a little update about what’s going on. School is crazy this year! On the bus on the way home the back of the bus had a paper-ball war with 2 people in the middle. I was in the very back seat, and the person in the middle had horrible aim, and her targets were right in front of me. Yup, I got hit at least 10,000 times. There were literally hundreds of the paper balls on the floor. I feel really sorry for whoever has to clean that up. Even though I didn’t throw any. I think our bus driver must have not been paying attention to us at all is she didn’t notice all that….

    I think either my favorite class is health, Geography or Science. Health, because we don’t do anything, Geography because there are friends in that class and lunch is in the middle of Geography, and because I already know everyone in science from last year or before that.

    Scott

    P.S. For a view of who is winning the current election, check out http://electoral-vote.com. This site is updated Daily.

    Another Bad Thing About The McCain Campaign

    Yup, there are probably more then you expected. John McCain’s Vice President. She has several young children, and a 17 year old pregnant daughter. How much time do you think she will have to spend on Politics?!? She certainly won’t be able to Put the Country first, like her campaign slogan says she should. This is a letter from someone who has known Sarah Palin since 1992, longer then I’ve been alive.

    Dear friends,

    So many people have asked me about what I know about Sarah Palin in the
    last 2 days that I decided to write something up . . .

    Basically, Sarah Palin and Hillary Clinton have only 2 things in
    common: their gender and their good looks.

    You have my permission to forward this to your friends/email contacts
    with my name and email address attached, but please do not post it on
    any websites, as there are too many kooks out there . . .

    Thanks,
    Anne

    Anne is from Wasilla, Alaska.
    (It was obviously meant to be read by everyone, plus it was already posted on the Washington Independent comments area)

    If the Vice President can’t even follow her campaign slogan, really, how good of a Vice President do you think she will be? John McCain won’t be a good president already, in my opinion. He points out that Barack Obama has voted “No” to offshore oil drilling. Just know that all the Oil in the world is like water in a bowl. Taking from the right hand side of the bowl with a cup is like drilling in Iraq. We already have the cup there, why move it? Why build Offshore Oil Drilling Platforms? Sounds Expensive to me! And whether you take the water out of the right hand side of the bowl or the left hand side of the bowl, the bowl still gets emptier. Whether you take oil from Iraq or the Ocean, the amount of oil in the world still decreases.

    Scott

    Explosion of Hits!!!

    WOW!!!! I’ve gotten over 500 hits! In ONE day!!! This is incredible! Also, I’ve always been seeing about 10 people on my site, at the same time! And almost all of this is to My Post About Stonehenge
    Here are some pictures of what I’ve noticed.

    10 People on my site at the same time

    10 People on my site at the same time


    …………………………………………………………………………
    Hit Average goes WAY up!

    Hit Average goes WAY up!


    …………………………………………………………………………
    What you can search to find this site

    What you can search to find this site


    …………………………………………………………………………
    What posts and pages are getting the most traffic

    What posts and pages are getting the most traffic

    Thank you EVERYONE for this explosion of hits!
    Scott
    I’ll post either tomorrow or later today