Senator McCain switches his position on regulation of Wall Street.

http://www.youtube.com/watch?v=C4egXbhSOhk

Report: Gingrich Stabbed Boehner In Back, Whipped GOP Opposition To Bailout

Sam Stein
stein@huffingtonpost.com | HuffPost Reporting From DC

September 30, 2008 09:31 AM

Former House Speaker Newt Gingrich was working aggressively behind the scenes to defeat the Wall Street rescue plan minutes before he himself released a public statement in support of the package, NBC’s Andrea Mitchell reported on Tuesday.

Gingrich was whipping up votes for the opposition, Mitchell said, apparently without the knowledge of the current GOP leader, John Boehner, who was responsible for recruiting enough support from his caucus to help ensure the bill’s passage. Ultimately, the GOP was only able to rally roughly a third of its members.

“Newt Gingrich,” she said on MSNBC, “I am told reliably by leading Republicans who are close to him, he was whipping against this up until the last minute, when he issued that face-saving statement. Newt Gingrich was telling people in the strongest possible language that this was a terrible deal, not only that it was a terrible deal, it was a disaster, it was the end of democracy as we know, it was socialism — and then at the last minute [he] comes out with a statement when the vote is already in place.”

Indeed, as Mitchell noted, shortly before the bill’s failure, Gingrich “reluctantly” came out in favor of its passage: “Therefore, while I am discouraged at the final collapse of the Bush Administration, and frustrated by the Democrats’ passion for the taxpayer’s money, I would reluctantly and sadly vote for the bailout were I still in office.”

The rest of the set of Morning Joe had some interesting takes on the news nugget. Joe Scarborough called Gingrich’s backstabbing of John Boehner “undercutting his own.”

Mike Barnicle offered his own bit of reportorial insight: “Andrea, I could hug you for saying that, because I was told last night by two or they members of Congress that this was the opening salvo of Newt Gingrich’s presidential campaign four years hence.”

And Mika Brzezinski summed it up succinctly: “Talk about a crap sandwich,” a reference to how Boehner described the bailout bill.

Analysis: With bailout, McCain reaches dead end

Analysis: With bailout, McCain reaches dead end
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AP | STEVEN R. HURST | September 30, 2008 at 08:35 AM

AP Reports on the damage the failed bailout bill has done to John McCain’s campaign:

Republican John McCain has maneuvered himself into a political dead end and has five weeks to find his way out.

Last Wednesday, McCain suspended his presidential campaign to insert himself into a $700 billion effort to rescue America’s crumbling financial structure. In so doing, he tied himself far more tightly to the bill than did his Democratic opponent, Barack Obama.

Barack Obama’s campaign released a statement on next steps for the bailout package (below is an excerpt):

“Yesterday, within the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.

“While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families…

“One step we could take to potentially broaden support for the legislation and shore up our economy would be to expand federal deposit insurance for families and small businesses across America who have invested their money in our banks.

“The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government.”

naked capitalism: Mussolini-Style Corporatism in Action: Treasury Conference Call on Bailout Bill to Analysts (Updated)
This is a frightening, though now surprising, analysis of the Bailout deal that died yesterday in Congress.  It is sure to be resurrected.

Notice how even the die-hard Bush supporters are, well, not supporting him?  All of a sudden, he doesn’t look so cool, tough or decisive.  When the going gets tough, the shit-talkers jump ship.  Now mind you, these republicans who have told the president to go fuck himself are the same bastards that could not suck his did good enough when he lied to the world about starting an illegal war.  Your neighbors, proudly displaying McCain Palin signs in their yards, go figure, and all of the dumb redneck fucks in middle america who have no jobs and voted for the retard bush becuase they wanted to have a beer with him are getting everything that they deserve, unfortunately, at everyone else’s expense.  If the dumb fucks in america would spend as much time reading as they do huntin’ and fishin’ then we would not be in this situation.  You retarded and sometimes educated, racist fucks are getting exactly what you deserve.  The republicans have brainwashed you into thinking you are better, simply because you are white(trash) and maybe have a few bucks but are nowhere near being rich.  You dumb fucks vote against your own economic interests and look smugly on everyone who is different.  I hope that today showed you that you are no more valuable to the ruling class than the brown and black people whom you so despise and have been taught to hate.   So much for being racist pigs.  You still lose.  Make no mistake, all of us lose but there are many who were already at the bottom.  You are now going to join them.  Welcome to the new world order!

I am tired of hearing that brown/black people are the root of the meltdown of Wall Street.  Really now, you want the world to believe that uneducated, underemployed brown/black people hoodwinked the wall street bankers.  This is preposterous!  Certainly, many brown/blacks actively pursued home ownership under the loose or non-existent regulatory oversight of and non-adherence to reasonable lending standards.  Take a moment to do some research on industry specific sites about the soon to be snowball of the Alt-A mortgage crisis.  For those of you who are not in-tune with this aspect of the mortgage crisis, the Alt-A loans are basically the white, professional version of sub-prime loans for low income borrowers.  Alt-A borrowers, although they had higher credit scores, anyone’s control. “Those people” recklessly took out loans that they too could not afford and are now unable to pay back. 

Mark my words, as soon as the foreclosure crisis adversely impacts the white, professional class (it is currently happening and will ramp up in Q1 2009) the language about irresponsibility, negligence and fraud will be softened.  At that point in time, the conversation will shift from borrowers motivated by greed, criminal wrongdoing and trying to get something for nothing to compassion, rescue and the sense of urgency to rescue “american familiespursuing the American Dream” from such a tragic circumstance, beyond their control.  When this happens, the narrative will switch to American Families being swindled.  Mark my words.  I am appalled at the way in which this bailout of wall street has been characterized as something that was caused by brown/black people who somehow outwitted the ivy league educated wall street robber barrons who are now waiting to be paid twice for their greed and ill gotten gains.  This country deserves everything that it gets. 

Just a note to say that it sucks to be forced into a game of Russian Roulette.  Either way, the American People are the losers here. We have been sold down the river by our elected officials.  Of course, this is nothing new, but the magnitude of this betrayal is beyond comprehension.