Change you can believe in! From Bloomberg:
The Democratic-controlled Congress, acknowledging that it isn’t equipped to lead the way to a solution for the financial crisis and can’t agree on a path to follow, is likely to just get out of the way.
Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments — Sept. 26 for the House of Representatives, a week later for the Senate. While they haven’t ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.
One reason, Senate Majority Leader Harry Reid said yesterday, is that “no one knows what to do” at the moment.
So let me get this straight: the Democratic party’s “leadership” strategy is to, at every opportunity, publicly blame Bushco for the mortgage crisis (incidentally, McCain and Palin are not hitting back hard enough on this, at least as of yet), and then exeunt — leaving it up to those they’ve demonized to fix the problem, having admitted that, when it comes to financial matters that don’t involve either spending or graft, they haven’t much of an idea what to do.
That about right?
Writes Ed Morrissey:
The stench from this hypocrisy is overwhelming. Reid, Pelosi, Barack Obama, and every Democrat who could bitterly cling to a microphone over the last four days has spewed invective at the Bush administration, blaming the credit-market meltdown on Bush’s policies. Now, at the height of the crisis, not only do the Democrats admit they haven’t a clue as to how to address it, to whom do they turn to solve it?
The Bush administration! After all, Henry Paulson serves on the Bush administration Cabinet, and has been Bush’s Treasury Secretary for over two years. In fact, Paulson was one of the CEOs that Democrats love to demonize, having run Goldman Sachs for years at salaries over $15 million a year for the two years prior to his appointment. Joe Biden just got done blaming the meltdown on people like Paulson. Now Democrats want him to rescue America.
First Pelosi adjourns the House in the middle of an energy supply crisis that hammered the working class with sharp hikes in fuel and food costs. Now both Pelosi and Reid want to adjourn both chambers of Congress rather than deal with the credit crisis that Washington created with its heavy-handed mandates to issue credit to marginally qualified borrowers and lack of oversight over government-guaranteed entities. Given their ineptitude, we probably should be grateful  as Bloomberg notes. But considering their rhetoric over the last few days, their retreat may be one of the most cowardly acts in domestic policy seen in a very long time.
[my emphasis]
While I’m not financial whiz — and I’m no fan of Pelosi’s — I think it only fair here to point out that, in Pelosi’s case, the adjournment is only right: after all, she has lots of kids who need a mother’s tending, and, frankly, one wonders why she hasn’t tended to them more frequently. After all, she has a special bond to the children.
Of course, I don’t wish to suggest she is a bad parent; I’m just questioning her priorities, is all. These concerns need to be raised, particularly when women seek positions of power.
As for Harry Reid — well, c’mon, people. Does anybody in Congress need a tan moreso than this guy? Take time off, Harry. Hit the tanning bed. Get yourself some vitamin D. We’ll understand. After all, you have experience — and that, above all else!, gives you the right to admit you haven’t the first fucking clue how to fix the mess Barney Frank and other faux-populist race-baiters in the Democratic leadership have wrought.
After all, you know what they say: when the going gets tough, the tough adjourn.
And by “they,” I mean of course, Congressional Democrats.
O!y
****
Meanwhile, cheery news on “deleveraging” (h/t TerryH); and James Taranto, exploring the wisdom of Daily Kossacks.
“‘The shot that has been called by the Feds – it’s understandable but very, very disappointing that taxpayers are called upon for another one,’ Palin said.”
Understandable. Disappointing. Another one.
Only lifting the tail of a moose can you get this sort’a wisdom.
Orwellian thrust drivers at full capacity. All hands, prepare for retreat.
McCain of course has taken it as yet another opportunity to talk “greed,” absolving his Colleagues via pseudo-populist misdirection. Old dog (and/or fish).
Palin isn’t going to be allowed to get far enough off-message to tell the truth. She’ll get some lines in, but they won’t register. The narrative is set, and it’s not hers. It’s the Senators’.
Way to lose.
“After all, you know what they say: when the going gets tough, the tough adjourn.
And by “they,†I mean of course, Congressional Democrats.”
Well, I don’t know, if the Democrat party is playing “RUN AWAY!!!! RUN AWAY!!!!”, that means they can’t pass any stupid laws, like the ones the passed originally that brought on this economic crisis.
Notice how Obama supporters have fits when you attempt to link him to radicals like Saul Alinsky? Well, here’s a letter his son wrote to the Boston Globe:
Barack Obama’s training in Chicago by the great community organizers is showing its effectiveness. It is an amazingly powerful format, and the method of my late father always works to get the message out and get the supporters on board. When executed meticulously and thoughtfully, it is a powerful strategy for initiating change and making it really happen. Obama learned his lesson well.
More here.
HOPE/CHANGE!
I have to go with psycho on this one — the problem is Washington. How the hell is Washington going to regulate Wall Street if it can’t regulate itself?
Greed, indeed.
So we can all denigrate Bush with greater glee?
“He’s got low ratings in the polls, so he has lost credibility on this issue” was a virtual mantra on MSNBC, CNN, and CNBC this morning as Pres. Bush stepped out on the west-wing porch to speak to the actions of the administration.
“Panic!” they shouted, while mumbling, “…oh, we’re not telling you to panic, of course, but we want you to understand (and sotto voce, off screen voice: “We’re on Obama’s side in this mess, he’s just DREAMY MAGICAL.”) we want you to understand and we mean it, Panic Idiots!”
Jeff,
I think we can blame Congress’ adjournment on the television cameras in the house.
Can you imagine the embarrassment of being captured on camera debating Fannie and Freddie, and pretending to offer constructive regulatory policies, when, at the same time, the Dem’s must answer the opposition party’s accusations of corruption on the issue?
It’s one thing for a media organization to carry the Dem’s water, filtered, colored and softened for citizens’ consumption. Its an entirely different thing when it’s the party’s elected faces pimping for Fannie-Mac directly on camera and under opposition pressure.
I’m not surprised the Dem’s are running from this. But I am disgusted, too. The People’s House is where the Democrats should stand and fight. Instead, they’ve decided to let their media square this circle for them.
So much for “of the people, by the people.”
Maybe the Boehner bunch will hang around Washington and beat the Dem’s over the head over this; just like they did for “Drill, Drill, Drill” during the summer recess.
I’m not calling for empty demagoguery, and I know they didn’t get a whole lot of press coverage during August.
But, if they coordinated with Mav a bit, the unified message lambasting “the most ethical and transparent congress-EVAH!-friend of the environment and champion of the little man would have to get some traction with the public; especially in the last few weeks of the election.
I mean, you know the objective and unbiased moderators of the debate won’t be able to help asking them about their plan to get us out of the current economic straights. And Mav could not only needle O! for being “for a blue ribbon panel on the economy before he was against it”, but slip in a left hook about the weak-as-water congress, controlled by his party allies, adjourning while average folks were left hanging…
Of course, O!s response would be to blame Boooooooooosh !
And Mav could say something like: “There you go again, focusing on the past instead of the future, just like you did in Iraq…By the way, how’s that surge thing working for you..?”
I would rather we adjourn the careers of those sitting in Congress. I should get my absentee ballot and be able to get my one small shot in just before coming home…
I can’t believe I’m saying this, but I’m with Barney Frank. I think an RTC type thing would help. Since the US is buying AIG, they should be able to sell it off, or at least require it to be sold off. And have it completely dismembered, not just selling off some peices so the jackasses in charge get to hold on to the good parts and get bonuses for selling the crap.
Full disclosure, I bought my first house at an RTC asset sale. I was amazed at the things S and L’s could own.
Where is the McCain campaign? Here’s an ad idea.
Images of Obama, Pelosi, Reid, et all.
Voice over about the financial crisis.
Clip from movie/TV show (Independence Day) of the masses screaming and running away.
Voice over about the Democrats way to handle the problem.
“We’re in a crisis…and Barack Obama and the do-nothing Democrats in Congress plan? Adjourn”
They could have done this when they left for vacation and did nothing about oil prices/drilling.
Where is the McCain campaign — they seem to have disappeared. That Dome ad sucks.
There’s absolutely nothing Congress can at this point except cause more damage. They may as well scatter like rats, and try to get out of the way of the big ol’ tree that’s falling.
Their cowardice is a good thing. Any regulatory scheme they could come up with will only make things worse.
That is a goddamned lie cynn. Congress could well be acting in matters of the national interest, fashioning a genuine national energy policy for instance, instead of the disgraceful sham they rammed through two days ago.
Congress could pass a for real bill to drill our own energies so we don’t expatriate so many monies for oil. Also, this would create many well-paying jobs. I think it would be very caring for Congress to do something to help America, but I don’t think Harry and Nancy care. It sure doesn’t feel like it. I think they’re gleeful when they read bad economic news. Hopefully many many people will be hurting come November is how Harry and Nancy think. In real life these two are of much too poor a character to really be worth my notice, but there they are, in charge of Congress. That’s not a good feeling. It’s like being back in public school again.
“Comment by cynn on 9/18 @ 11:00 am #
There’s absolutely nothing Congress can at this point except cause more damage. They may as well scatter like rats, and try to get out of the way of the big ol’ tree that’s falling.”
While they point and grimace at the people who actually, you know, run things, all the while hiding the axe behind their back.
Meanwhile back on the ranch …
We didn’t buy AIG, we loaned them money so that they can sell off assets at better than fire sale prices. Fannie and Freddie, we bought. From ourselves.
I suppose I would agree about an energy policy, if they can even manage that.
Well, they bailed out of voting on disaster relief for the Midwest until Fancy Nancy could do a photo op out here in flyover country (I’m amazed she could find here way here) and our big lug of a guverner could talk tuff about how he was going to hold his breath, stamp his feet, and call a special session of the Iowa leglislature if we didn’t get money from the Feds.
So I’m not surprised they’re gonna take a walk on this, too.
I’m sure glad our nation’s founders separated our governmental center, Washington DC, from our financial center, New York City.
This polarization is very rare in modern nations. You might even call it “exceptional.”
Problem is, with these latest bailouts, it looks like some enterprising folks have managed to short-circuit America’s dipole while at the same time they make millions and further their partisan political agendas.
Not bad for a quarter century’s work.
Oh, come on. Nancy has a freakin’ planet to save. And all that.
This does not suprise me at all. They are , after all, cut-and-run Democrats.
How’d we end up with 80% of AIG’s stock if we don’t own it?
collateral?
But go ahead- The sky is falling!
I don’t remember the shareholders voting to approve the new board.
When danger reared its ugly head,
He bravely turned his tail and fled…
I’ll say it again: Nobody knows how this fractional reserve system endgames. What you’re seeing is evidence of the systemic failure of the primary fiat currency, not the localized failure of a half dozen of it’s largest (and international) banks. Sure there were and are untold corruptions all over the financial map, but monetary policy gave them opportunity.
As wrong as he was and is elsewhere, Paul at least got this — making this a partisan issue feels good only as long as your guys at least did no worse than their guys, although the proof of the failure of monetary, Fed-style banking collectivisation, at least, is seen in the louts currently fleeing what will turn out to be the increasing nationalization of the US banking industry.
That this collectivisation is showing its face under the Democrat reign is not surprising. But this trend coupled with an Obama Administration will in four years destroy more personal freedom than lost during the previous forty.
Oh yeah, it’ll be change alright.
The least they could do is vote “present”. That’s the kind of leadership they seem to want.
#27
When you go to the bank, hat in hand, the bank gets to do whatever it wants.
TTBO.
I am beyond any words.
Run, rabbits, RUN!
Speaking of guacamole, heard tell Nancy P. serves up a couple good-sized chipfulls of the stuff whenever she peels off her panel-front grundies.
Who’s hungry?
alppuccino, that’s just wrong. Not only do I denounce you, but I also demand that the Federal Government provide universal mind’s eye bleach.
alpupucino,
You do realize I have seen enough terrible things over here. Now you give me that to contemplate. Thanks for that.
I am rather glad Congress left without “doing” anything. The manner in which they left should undercut their efforts at flinging out partisan blame as well. What I do fear is that they will feel the need to “do something” when they return. Ask the folks in IPOs how the last big Congressional “something” (Sarbanes-Oxley) has worked out…what? Everyone goes overseas for all that now?!
Sorry guys. I may have gone too far, just this once. But it strikes me as funny that these are the same “people” who berated Condi Rice as unfit for Sec State because she’s never had any children, and yet………
Not quite on topic, I know.