Opening the Day: Democrat Marcy Kaptur Rips the Facade Off the Bailout

by: Matt Stoller

Wed Sep 24, 2008 at 11:05


McCain's campaign manager Rick Davis is basically still on Freddie Mac's payroll.  This is literally the most openly corrupt and dishonest campaign I've ever seen.  It's so bad it's actually a challenge to the notion of liberal democracy, which is exactly what the conservative movement seeks to undermine.  So in that sense it's not a surprise.

  • Democrat Jim McGovern has a potty mouth.

    McGovern said that at a minimum, the Bush administration is going to have to give in to Democratic demands for a broader stimulus package.

    "If the administration wants me to eat some s---, they're going to have to eat some s---, too," he said.

  • Democrat Marcy Kaptur, the main opponent in the House to NAFTA in 1993, explains the bailout.

    More like this please.  And here's Jeff Merkley.

  • The Buffett 'deal' for Goldman Sachs looks more like a fire sale to me.

    Still, Mr. Buffett is not taking big risks based on the structure of the investment.

    Berkshire Hathaway will receive perpetual preferred shares in Goldman, which will pay a 10 annual percent dividend, or $500 million a year. Those dividends take precedence over other payments to common shareholders. Goldman has the right to buy back the shares at any time for a premium of 10 percent.

    In addition, Berkshire Hathaway will receive warrants to buy $5 billion in common stock at a strike price of $115 a share, which can be used at any time in a five-year period. Those warrants are already in the money: Goldman shares closed Tuesday at $125.05, up $4.27, and rose to $134.75 in after-hours trading after Mr. Buffett's investment was announced.

    Mr. Buffett's possible stake in Goldman is hard to calculate, but the company had a market capitalization of $53 billion at the close of trading Tuesday, a value that would make the $5 billion in common stock worth about 10 percent of the company.

  • Marcy Wheeler notes that this plan has been in the works for months.  Scumbags.

  • As Sirota notes, financial services lobbyists are laughing at Dodd.  Fuck these people.

  • I added George Bush's Presidency to the shitpile.

  • Senators can now use youtube on their government web sites.  Hooray for the internets!

  • The Obama campaign has issued a policy paper on management techniques for the Federal government.  It combines elements of Bush and Clinton processes.  Impressive that Obama has a management philosophy and has thought that far ahead, these guys are prepared to execute.

  • Bush can't get Republicans to sign on to his plan.

  • David Obey is part of that old school of Democrats that hate the public.


    The plan outlined by Obey would give Republicans less than 24 hours to scrutinize legislation spending more than $600 billion on the defense, homeland security and veterans' affairs agencies including thousands of pet projects known as earmarks.

    Asked if the process of has been secretive, Obey said: ``You're damn right it has because if it's done in the public it would never get done.'' He said he wanted to avoid his colleagues' ``pontificating'' on the content of the legislation, saying ``that's what politicians do when this stuff is done in full view of the press.'' He said ``we've done this the old fashioned way by brokering agreements in order to get things done and I make no apology for it.''

What are you reading?

Matt Stoller :: Opening the Day: Democrat Marcy Kaptur Rips the Facade Off the Bailout

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what's number of Kaptur bill? (0.00 / 0)
Kaptur says she's got a bill to hold the crooks accountable.

What's the bill number?

Which members of Congress are supporting it?


'McCain's Campaign is a challenge to the notion of democracy' (4.00 / 1)
Exactly, Matt. Between the corruption, dishonesty and severely limiting access to the press, the McCain campaign looks very Un-American.  

Palin Annointed by Witch-Hunter (0.00 / 0)
http://www.thenation.com/blogs...

I think this kind of thing makes a nice rebuttal to the "rev. Wright" ads run by the Palin?McCain campaign.

That's  

"It sounds wrong...
     ...but its right."


CALL CONGRESS (0.00 / 0)
Seriously, this is urgent!  Also, please go to DailyKos and rec up my talking points post:

http://www.dailykos.com/story/...

We really need to keep the pressure on this!


obey (0.00 / 0)
"The plan outlined by Obey would give Republicans less than 24 hours to scrutinize legislation spending more than $600 billion on the defense, homeland security and veterans' affairs agencies including thousands of pet projects known as earmarks."

OK, I hate the idea of backroom dealing as much as anyone, but this is actually pretty funny: he's essentially shoving the republicans' tactic right up their noses.


the Repub plan for bigtime vote theft (0.00 / 0)
One of these requirements under HAVA is called "the perfect match" and what that does is little known but it is devastating. A quarter of the voters in Colorado have just been removed from the rolls because of this--just this one scam.

No, the Democrats are doing nothing to stop it. In New Jersey, which is a swing state, 300,000 voters in New Jersey were just sent letters saying that they are now ineligible to vote.

http://www.dailykos.com/story/...


The Buffet Deal Contradicts Everything Paulson is Pushing (0.00 / 0)
the excuse they peddle that the federal govt can not do financing the way Buffet just did is that "it gets into issues of nationalization".

ah! how the principles come back. we can't own the banks, but we can own bundles of crap mortgages.

that was Bernanke just now. he couldn't come up with a real reason to object to it, and actually said as much and said congress should bring it up with the treasury.

Michael Bloomberg, prince of corporate welfare


How little we know (0.00 / 0)
The Goldman deal makes one thing clear: we know nothing about what the Bush plan would do or how it would go about it. Would Goldman still be in the "rescue" mix? Would the feds insist on a deal as good as Buffet got? Would the US go for deals of this kind for other companies, or would it just sop up bad debt at prices the market knows are too high?

Bush, through Paulson and the gang, is trying to panic citizens into jumping over a cliff in the dark without a clue about where they are or what will happen. And don't forget, it ain't just about $700 billion. Once we've anted up and the thing still doesn't work we're trapped into whatever escalation is sold as necessary to try and get back into the black. The upside becomes unlimited. It works precisely the same as any classic con game -- think the Nigerian email scam: just one more money transfer and we're finally there.

Recall that "Con game" is short for "confidence game". Bush/Paulson have nothing to offer but their right to our confidence. Has Bush done anything at all to earn our confidence? Anything?

Here's a bit of nostalgia from just 3 months ago:

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

It is way past time for the Democrats to step up and lead. The executive branch is no longer relevant.


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