McCain Sucks, Palin Sucks = No Bush left behind

Archive for September 2008

NOT AN ENDORSEMENT – – just a point of interest only, since Perot *was 100% right* about “that giant sucking sound”. I have no clue if  this is the best plan, but it seems like a good plan that I have not heard mentioned in the mainstream media. . . . I found it by googling ‘Perot bailout’ as I was interested in what he’d have to say.

Emergency Financial Rescue Plan – Posted on September 28th, 2008 in Federal Budget, National Debt by PerotCharts – http://perotcharts.com/2008/09/emergency-financial-rescue-plan/


The Main Street Rescue Plan

Phase One — Immediate Action

1. Suspend or modify the “mark-to-market” accounting regulations that have caused the write-down of mortgage backed securities on the books of the financial institutions, which in turn have caused their capital positions to become impaired.

2. Declare a 120-day moratorium on mortgage foreclosures to plug the financial black hole

a. Keeps families in homes while components of the plan are put in place

b. The property does not fall into disrepair

c. Values in the surrounding neighborhood do not fall due to unoccupied homes

3. Declare a 120-day moratorium on payment of dividends by banks

a. Banks that need capital are worried that failing to pay dividends will be seen as a sign of financial instability.

b. A temporary ban across the board will end fears and allow strengthening.

4. Require banks to strengthen their capital base to meet a new, higher national standard.

a. Federal government provides capital for banks that are unable to meet the new standard.

i. Federal government gets warrants for making a loan.

ii. Federal government gets immediate equity for a capital investment.

b. This procedure enables the banks to retain the troubled mortgage backed securities to provide time for them to work out the problems with the loans rather than dropping the problem in the lap of the federal government. The government never touches the bad loans.

5. Raise the FDIC guarantee on bank accounts from $100,000 to $250,000,

a. This provides banks with opportunities to expand their deposit base through increased confidence of depositors.

b. With adequate capital requirements in place, there should be very few bank defaults, thus adding no additional cost to the federal government.

c. Add brokerage accounts to the insurance coverage

6. Create a true “Social Security Lockbox” for the profits to be earned by the federal government (from the warrants and equity in Item 4, above)

a. Strengthen the Social Security system.

b. Enable all Americans to share in the profits of the rescue plan.

7. Require the Social Security Lockbox to invest the proceeds in something other than federal government bonds, as under current law.

a. This would ensure that lawmakers could not put their hands on the proceeds to spend making up shortfalls caused by deficit spending.

b. Permit the lockbox proceeds to be invested in AAA-rated state and local infrastructure bonds.

i. Provides safe, long-term investments

ii. Creates jobs

8. Create a strong, independent board to oversee the rescue plan, including the administration of the warrants and equity of the financial institutions held by the federal government.

a. The board would advise Congress.

b. The board would consist of:

i. Secretary of Treasury (Chair)

ii. Federal Reserve Chairman

iii. Comptroller General

iv. Appointees of House and Senate (both parties)

v. Outside, independent experts

9. Create a new Joint Committee of Congress to oversee the plan and provide recommendations to Congress.

a. This removes oversight responsibility from the Senate Banking Committee and House Financial Services Committee.

b. This allows all committees that have some shared responsibility to participate in oversight.

10. Create an Emergency Financial Crimes Unit in the Department of Justice

a. Investigate any criminal acts that led to this crisis

b. Seek disgorgement of assets from individuals and institutions found guilty.

c. Put a career prosecutor in charge of a staff of 300 or more qualified attorneys and support staff.

d. Assures the public that if crimes have been committed, the guilty will be held accountable.

Phase Two – Action by Congress in early 2009

1. Reinstitute a modernized Glass-Stegall Act, which covers all financial institutions including hedge funds.

2. Amend bankruptcy regulations to give federal bankruptcy judges ability to modify the terms of mortgages and give homeowners more time to work through their financial problems.

3. Give HUD/Fannie Mae/Freddie Mac emergency authority/monies to do workouts with homeowners on individual, troubled mortgages before foreclosure.

NY Times op-ed columnist Bob Herbert wrote “I’m not holding my breath, but I would like to see the self-proclaimed conservative, small government, anti-regulation, free-market zealots step up and take responsibility for wrecking the American economy and bringing about the worst financial crisis since the Depression.”

“Even now, with the house on fire, the most extreme among them won’t pick up the fire hoses and try to put it out.”

Herbert was talking about Darrell Issa, (R-Calif) who “stuck to his political playbook like a man covered in Krazy Glue” who said voting for the bailout “would amount to a betrayal of party principles.”

Even Daddy Bush(George H.W.) warned us about “voodoo economics” but no one listened.

“When Madmen Reign” – read it before voting for McCain.

I admit that Sarah Palin is pleasant to look at – most women are fascinating to look at when they are speaking about politics because there is so darn few of them. Even Madeline Albright is more fun to look at than Henry Kissinger.

But looks are superficial. Beliefs, power, confidence, a BIG following and action are what counts in politics, and while a politician is espousing those beliefs, what do we have to go on? Voice. While I look forward to the Biden-Palin debate, it’s going to be painful listening to Palin’s squeaky, infantile voice.

While the McCain boys are pumping her head full of acceptable sound bites for the Oct. 2nd debate with Joe Biden, it would be oh, so pleasant for the rest of us if they brought in a voice coach to tone down her Minnie Mouse, fingers-on-a-chalkboard voice.  Even if Palin was qualified to be VP or future President (which even Republicans now admit she is not),  it would be a very painful four years listening to her.

So the latest BS from the McCain camp is they blame Obama on the bailout failure

Dude, you and your VP choice are sinking and gasping for air. This kind of flailing about is wasting your energy and dangerous to your campaign. But that’s fine with me. It will just make you sink deeper and we’ll eventually not have to see you and Palin in the news much longer.

Where are the Democrats when you need them? Obama was one of the few people to speak out against the war now it’s time to speak out about the bailout and not sign the damn thing.
Democrats should not sit there trying to help prop up Bush and Cheney and McCain and the mess they’ve made. Paulson picked $700 billion out of hat. The American people are not being told the entire truth. Remember this is how the Iraq War started — lies, lies, rush, rush and we’re still dealing with consequences of lightning quick bad judgment. 

Why do we have to rush this through? It reminds me of going to war without knowing all the facts.

Slow this   procees down and figure out what’s the best route to take.

Tell them the rich have to pay for whatever help is offered. Use the leverage we have now to insist on a moratorium on home foreclosures, to insist on a move to universal health coverage, and tell him that we the people need to be in charge of the economic decisions that affect our lives, not the barons of Wall Street.

Cut to the chase and read this important article now!

Here’s everything you always wanted to know about Sarah Palin and really not much of it is good.

She’s amazingly scary on many different levels from believing that people and dinosaurs coexisted to repeating meaningless sound bytes that have no depth to being investigated by various agencies.

If John McCain doesn’t wake up from his Ambien stupor one night — Sarah is it!

Lies! Lies! Lies!

What else is new?

McCain’s aide said he was instrumental in the bailout.

McCain himself said he was not instrumental in the bailout.

Sources say he was detrimental and passive.

McCain actually spent much of the time away from the actual bailout meeting. While the other legislative types were duking out the details, McCain and his wife, the drugstore cowgirl Cindy McCain and Joe Lieberman and his wife were dining in a 4-star restaurant.

The McCain Campaign can’t even get the facts straight in its own propaganda. Maybe that’s what they mean by straight talk — cannot get the facts straight.