Opening the Day: Fed Cuts Rates in a Worldwide Cut, McCain's 'That One'

by: Matt Stoller

Wed Oct 08, 2008 at 09:02


My TV is screaming about a world wide interest rate cut and frozen credit markets after yesterday's market tumble.  And then I flip over to MSNBC and I hear a McCain spokesperson saying that McCain will stand up to corporate interests, that McCain is corporate America's 'worst nightmare'.  What the fuck?  I don't like inefficient, stupid, and evil corporate influence, but who wants to elect their 'worst nightmare'?  Who exactly is he pandering to?  Communists who love Die Hard?

Another weird moment was McCain's proposal to buy up mortgages and renegotiate them to match the lower value of homes.  This may or may not be a good idea, but it was a randomly and suddenly introduced idea that will cost a lot of money.  Kind of like his spending freeze, which was also introduced randomly at a debate.  Don't these two ideas conflict?  Or am I missing something?

  • I'll be doing an event on October 14 in New York.

  • ACORN's offices were raided in Nevada.  It looks like the conservative attack on voting rights is having a PR success.

  • Democrat Paul Kanjorski is now down by 8, a lead that has widened.  His vote for the bailout is probably part of the reason.

  • Jeff Merkley thanks us for his blow-out quarter.

  • The US Chamber of Commerce and the NFIB are seeking to limit their losses and kneecap Democrats in 2009.


    "Nov. 4 is a date and not the end of this," said Greg Casey, president and CEO of BIPAC.

    He warned that incoming Democrats will make a mistake if they begin passing the legislation demanded by their labor allies immediately upon arriving in Washington.

    "Whoever comes to the 111th Congress should know that a lot of people who voted [for] Republicans in 2004 and Democrats in 2006 don't want a partisan food fight, they want a government that works," Casey said.

    "A blue legislator in a red district who votes on bills that fulfill ideological, partisan promises may see the same angry electorate that Republicans saw in 2006."

  • Reichert is going on the air against Darcy, opening lying about taxes.  Yay!

  • Apocalypse John.  Awesome.

  • Surprise!

    The Maryland State Police classified 53 nonviolent activists as terrorists and entered their names and personal information into state and federal databases that track terrorism suspects, the state police chief acknowledged yesterday.

    Police Superintendent Terrence B. Sheridan revealed at a legislative hearing that the surveillance operation, which targeted opponents of the death penalty and the Iraq war, was far more extensive than was known when its existence was disclosed in July.

  • Zack Exley has a new piece on the organizing model behind the Obama campaign.

I'm on the airport later today, so light blogging from me.  What are you reading?  

Matt Stoller :: Opening the Day: Fed Cuts Rates in a Worldwide Cut, McCain's 'That One'

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The mortgage idea did not originate with McCain (0.00 / 0)
See this story: http://www.nytimes.com/2008/10...

The NYT notes:

"The campaign of Senator Barack Obama quickly countered by saying that the financial rescue plan that President Bush signed into law last week already gave the treasury secretary such power. And, his advisers noted, Mr. Obama recommended such a step in a news conference nearly two weeks ago.

The Obama camp is correct that the new $700 billion bailout of the financial system gives the Treasury the authority to buy troubled mortgages. But the law leaves unclear how the authority is to be used, according to a person who was privy to the recent legislative negotiations between the White House and Congress and who is not affiliated with either campaign.

The mortgage renewal idea actually originated with Senator Hillary Rodham Clinton, said Charlie Black, a senior adviser to Mr. McCain. And Mrs. Clinton, who proposed the idea in a recent newspaper column, borrowed it from a Depression-era New Deal agency, the Home Owner's Loan Corporation."


get ready to repeat 2000 election in Palm Beach County (4.00 / 1)
just held a judicial election, they saw the system fail, spectacular fail. Three recounts, ballots lost, machines with unreliable counts,

A month of primary recounts in the election battleground of Palm Beach County, Florida, has twice flipped the winner in a local judicial race and revealed grave problems in the county's election infrastructure, including thousands of misplaced ballots and vote tabulation machines that are literally unable to produce the same results twice.

Experts say the brew of administrative bungling and mysterious technological failures raises new and troubling questions about the county that played a crucial role in the 2000 presidential election debacle, and is one of a handful of counties considered pivotal in the upcoming presidential election. Voting advocates are fearful that problems here -- and perhaps in other election hot spots -- could trigger a replay of the disputed 2000 election.

http://blog.wired.com/27bstrok...

top it off, the election supervisor is missing and the interim supervisor could be legally challenged

Kanjian said he can envision a scenario in which all of the votes cast in the county are rejected by a court. And if Palm Beach County's votes are denied, he said, it would determine how Florida's 27 electoral college votes are counted.

The result, he warned, could be Palm Beach County back in the national electoral spotlight like it was during the 36-day recount in 2000.

"I am afraid that we could be opening up this county to litigation because the normal process [of deputizing an interim supervisor of elections] has not been followed," Kanjian said. "I want to make sure we don't have a black eye."

http://www.sun-sentinel.com/ne...

incredible Palm Beach County is still bungling after 8 years, you'd think they would get it figured out but it is the gang that can't shoot straight and the whole country gets set up for another constitutional crisis.


I doubt it ... (0.00 / 0)
if Obama wins Florida .. he'll win a lot of other places as well ... which means McCain will get his ass kicked like his fellow AZ'er did ... which means that Florida will happily(in this instance) be a side show

[ Parent ]
I do hope that is right (0.00 / 0)
winning CO, NM, IA gives a cushion, VA is a cushion too. If Obama does not get those FL may be a deciding state. 538.com has chances of Obama wins FL when losing OH at 62%.

[ Parent ]
"Communists who love Die Hard" (4.00 / 1)
Finally, a candidate that appeals to my demographic. Yippie ki-yay Mother...

"Don't hate the media, become the media" -Jello Biafra

Surely this is true? (0.00 / 0)
McCain is corporate America's 'worst nightmare'

Four more years of the same or worse would probably mean so many institutional failures that there may not be any corporate America left.


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