John McCain suggested some measures this morning that the executive branch could take on their own to calm markets:
The title of the post says it all.
The American people know who has held the US economy hostage for housing the past few years, it’s time for a new speaker. If the Dems want a vote on this, they can put forward a speaker who is less incendiary. IHT 11/08/2006:
Representative Barney Frank of Massachusetts, who will soon become the head of the House Financial Services Committee, said he and other Democrats who have been advising Pelosi, the party’s leader in the House, were planning to propose a “grand bargain” with business interests.
If the Republicans support the Democrats’ efforts to increase minimum wage, extend student loans and expand affordable housing programs, Frank said, then the Democrats would support efforts to reduce trade barriers and burdensome regulation.
Representative John Dingell, who will head the Energy and Commerce Committee, said that he intended to focus on an energy bill that would make America more independent of foreign oil and another one outlining a bill of rights for patients. He also plans to hold hearings on unfair trade practices that have hurt American industries and workers.
Dingell, who is the chamber’s senior member, said he intended to work with Republicans in crafting legislation because “it’s best to legislate from the middle.” But he also said that “it won’t be the easiest task because the far right has controlled the House and I’m not sure how we can emancipate the Republican party and work with them.”
For some large companies, the Democratic victory is a major one. Fannie Mae and Freddie Mac, the two mortgage finance giants, which have been recovering from accounting scandals, had faced the possibility of tight new oversight laws pushed largely by Republicans. But some powerful Democrats had resisted, preferring to promote the companies’ housing mission over tighter capital standards and portfolio limits.
Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, would be allowed to expand their $1.5 trillion mortgage portfolio to buy subprime loans under a Democratic plan to help struggling borrowers.
Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and other leading Democrats also called on President George W. Bush to increase funding for foreclosure prevention and appoint a coordinator to oversee the administration’s response to the mortgage-market turmoil in the plan they unveiled today in Washington.
“Our country faces a challenge that threatens the economic security and the dream of homeownership of many of America’s working families,” Pelosi, of California, said at a news conference.
Just a year ago she was begging to shove more crap loans down the american taxpayer’s throats.
Here’s her friends Chuckie Schumer and Barney Frank trying to lower lending standards on homes costing nearly half a million dollars — yes we should give half million dollar homes to people not worthy of credit Chuck & Barney, I mean the taxpayers are always willing to take it up the bum from Dems in congress right?:
Schumer and other Democrats have called on the Office of Federal Housing Enterprise Oversight to relax government restraints barring Fannie Mae and Freddie Mac from buying home loans exceeding $417,000 and from expanding their assets.
The senator introduced legislation last month to let Fannie Mae and Freddie Mac temporarily increase their mortgage portfolios by 10 percent. The bill would also allow the companies to buy loans in “high-cost areas” where values are 50 percent higher than the current $417,000 cap.
U.S. Representative Barney Frank, chairman of the House Financial Services Committee, said Congress would pursue “sensible regulation” to restore investor confidence in the mortgage markets. Frank, a Massachusetts Democrat, said he wants to meet with mortgage lenders to urge them to help borrowers refinance.
“We need the people who hold the paper to be more flexible,” Frank said.
Am I angry? No, I am enraged at Pelosi’s speech. It seems intended to politicize this and ensure that there is no fix. The Dems are not happy unless we are all poor victims with a tanking economy because they are party-power first people.
UPDATE: John McCain’s Comments:
“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.
“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin
More History from 2006 — When the Bankers and the Dems shot the fix for this down in flames.
Here’s the timeline:
Along the same vein, I want to know who in the WUSSANIMOUS Republican leadership decided not to put John McCain’s bill up for a vote in 2006. What are the names?
UPDATE: I’m taking a bit of heat over this post, so let me clarify, I am in favor of doing this save for the credit markets, and unlike most I always have been. What I don’t think we need to do is rush into it and be hammerlocked by expediency into bad choices. Like Steve Forbes I do think it absolutely necessary to prevent a deep recession. However I also have a lot of faith and confidence in both the breadth and depth of our economy, and do not think it would lead to depression.
What we don’t need with it is political posturing of the sort Pelosi pulled that is transparently false and riddled with Bush derangement syndrome. The Dems in the house have fought off any reform or any change to FNMA GMAC and CRA since 2001, to point at Republicans as the cause is very heinous demagoguery and a flat out big lie. She needs to be replaced by the Dems, or she needs to resign, or she needs censure. Holding this bill hostage a day or two until she at least does a mea culpa isn’t going to absolutely kill the economy, and it will give people a couple more days to digest why it’s necessary, and to improve it.
Update: More at Hot Air
Sean Hannity sets me off sometimes, but in this report he’s all facts, no hyperbole.
UPDATE: More corruption from Acorn
George Stephanopoulos interviews John McCain on the bailout plan:
The new plan puts caps on exective pay and golden parachutes, it also allows foreclosures to proceed (and this is a must – some people have walked away from their homes,) and it stops money from going to Acorn and other Democrat activist groups that led us to this crisis. So on the surface it looks good.
Over the next thirty years many of these mortgages will be paid off, producing potential profit, and those that aren’t are still backed by houses and property in the US, still one of the best countries in the world to live in. The bill will be posted for 24 hours before the vote, and you can bet that bloggers will be going over it with a fine tooth comb. I intend to read it, but won’t plan on commenting unless there is something egregiously wrong with it (beyond just the fact that we have to do this.)
Right now on paper these bundles of mortgages appear to have little value, but over time they will regain their worth. The similar period we saw in Japan took about ten years, if we build the energy sources we need and build our economy it could happen quicker than that here.
Much more on the deal at Washington Post:
- The money would be dispersed in segments, with Paulson receiving $250 billion immediately, $100 billion upon White House certification of its necessity and the final $350 billion only after Congress has been given 15 days to object.
- Firms participating in the bailout would be required to grant the government warrants to obtain nonvoting shares of stock, so taxpayers can benefit if the companies return to profitability.
- Firms taking advantage of the bailout would be required to limit compensation for senior executives, with especially severe limits on “golden parachutes” at failing firms. The compensation limits will be enacted primarily, but not solely, through the tax code by reducing tax deductions for firms that pay executives more than $400,000 a year.
I like it that they are metering the money with checkpoints, I like it that there are these and other limits. What I don’t like is that there will be fees on the financial services industry as part of the agreement if they don’t turn this around in five years. Without seeing the details of how this all knits together, it’s really impossible to comment more on the plan. I await the posting of it.
Update: Also now note that President Clinton also pins this blowup directly on House and Senate Democrats.
Update: More at Big Lizards
UPDATE: The bill is posted, and it looks better than previously stated. The House Republicans have a fact page up on it. I got tied up at work today and have not yet had time to read it, but I will on the morrow. If anything pokes me in the eye I will be writing about it. Otherwise, for now I support this move.
Here’s Boehner thanking McCain for his assistance on the bill.
The solar winds are now the lowest they’ve been in fifty years, meaning that the Sun’s effects on our solar system are also at an ebb. The Ulysses solar probe is providing these measurements, and the winds have not only lessened, but are also 13% cooler. Much more at BBC.
“This is a whole Sun phenomenon,” said Dave McComas, Ulysses solar wind instrument principal investigator, from Southwest Research Institute, San Antonio, US.
“The entire Sun is blowing significantly less hard – about 20-25% less hard – than it was during the last solar minimum 10-15 years ago.
“That’s a very significant change. In fact, the solar wind we’re seeing now is blowing the least hard we’ve see it for a prolonged time, since the start of those observations in the 1960s at the start of the space age.”
In addition to being calmer, the wind measured at Ulysses is 13% cooler.
However, judging from Sun activity data collected by non-satellite methods over the past 200 years, the current behaviour is thought to be well within the long-term norm.
Nonetheless, scientists expect the weakened wind to have a wide range of impacts.
Among the notable effects of this will be cooling of our upper atmosphere, and increased penetration through the solar system of external cosmic rays.
In these hearings you see congressional Republicans calling for better oversight and regulation of the two GSE’s, and you see Democrats beating back any regulation.
Rod Adams covers the energy segment of the Presidential debate at Atomic Insights, please stop by for a read.
What an utter slime .. “I have a bracelet too.” Then he had to look at his wrist to remember the name, and it was probably given him by a Cindy Sheehan camp follower.
Also note that Obama has been using this bracelet at Rallies since last Fenruary, the fact that he still can’t remember the soldier’s name without looking tells you a lot. See Here. [h/t to leftist commentor Peter who encouraged me to dig this up.]
Update: Family doesn’t want Barack bringing bracelet up
UPDATE: Now on Front Page at LGF
UPDATE: Ed at Hot Air wants more confirmation on the familie’s stance, I agree.
Another debate follow up: Henry Kissinger has already chimed in and said that Obama mischaracterized his statements during the debate.
UPDATE: Ryan Jopek’s Mother supports Obama’s statement during the debate, however she had previously requested he not use it for the campaign or in speeches.