New Republican Leader, Eric Cantor, Is a Wussie
Cantor, who has rested control of the GOP from George Bush, John McCain and John Boner, would have had the house GOP members vote for the bail out, but they got mad at Nancy Pelosi.
Of all the fines levied against him, how much will Donald Trump actually pay?
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The Dems wanted the R’s to vote for their ridiculous bill, and so a group of R’s were prepared to do something they didn’t want to, but first Pelosi had to blame Republicans, like the whole thing was their fault? I’d have told her to eff off with my vote, too.
Remember, these weren’t people who wanted to vote for the bill in the first place. They were whipped in by the R leadership. It was a stupid move on her part.
I’m not saying that he was wrong to vote against it. I’m just saying that Boner, Bush and McCain were for it, so Cantor is the new GOP shot caller.
I really wish grown ups were handling this situation.
I was little disappointed with McCain’s support for it. This bill was so stuffed with pork by the Democrats that it was disgusting. Thankfully they cut all the money they were trying to ciphon off and send to ACORN. But still a lot of crap in it.
If you truly are putting country first, save the pork for some other bill. Focus strictly on helping with crisis, and try to put your pork addiction on hold for once.
Grown up’s are in charge. His name is Obama! His VP is Biden.
Paul Krugman says we are protected by the spirit of FDR. We are safe for the moment, but worried about effect on the economy.
Fundamental approach was wrong and democrats shouldn’t have supported the bill.
Republicans have no plan except to continue without regulation or oversight.
Just recall the next biggest crisis is the credit card biz…Castle voted against the Credit Reform Act. credit card companies will be able to compound interest even if you have great credit. Now tell me again, Castle didn’t know that was coming?
Wait . . . there’s a Republican named Boner. Good God, life is good.
“His name is Obama! His VP is Biden.”
Who are two guys not part of any financial debate in Washington?
Pelosi is the speaker. If she wanted this bill passed she needed to rally support among her fellow Dems and get it done.
She has no one to blame but herself for not getting it passed. She failed and of course she has to blame it on the Republicans.
Rep. Pelosi’s “I told you so” was pretty dumb.
The legislation was not flawless but it did address most of the liquidity, risk and solvency issues.
If the GOP members voted against the package because they disagreed, that is their right and it should be respected. If they did it because of an emotional component (Pelosi) there are better ways to register your opinion.
The closer this bill comes to being more stabilization and less bailout the better we will be.
repubs reacting to Pelosi’s speech as though they were kindergartners was not what you expect from grown people collecting a paycheck. If they weren’t going to vote for the thing they should have gotten themselves an excuse that didn’t expose them for the children they apparently are.
hahaha…in every picture I have seen of Pelosi since the vote, she looks like she is going to cry.
Good.
I rest my case.
Nasty Pelosi needs to be taught a lesson.
There will be a financial bill, but first a little slappy slap.
McCain and Bush got the slap-down today.
I love how Democrats were dumb for opposing this, but Republicans opposed were just representing their constituents…
Pelosi should present her own bill and pass it with every Dem vote in the house and Reid does the same in the Senate. Then make that SOB in the White House veto the goddamned thing.
I don’t want pork in the bill, I want sense, transparency and justice.
You go liberal g.!!! and put all of the DICKHEADS on notice ,that election day is just around the corner, shit or get off the pot, get with the program ,or your out of your PLUM seat in the house of cards!!
From the perspective of one who sees a series of missteps that warnings were issued against, but continued anyway, Ms. Pelosi did not come across as partisan at all..
She just read the history of how we got to this postion…. Hint, with a Republican President, Republican Vice President, Republican House, Republican Senate, and Republican dominated Supreme Court…. the democrats had very little opportunity to get a foot in and mess things up…
Recommended viewing: just go down her list and when she says something, check off whether it was true or not….
Cantor who wants to be the Republican leader next session, pulled the comment out of his ass that it was Pelosi who was to blame for pissing off the Republicans.. Boehner later echoed it…
Fox Business News however in trying to find some meat, asked every Republican who voted “Nay” and who stepped up to the camera, if they were negatively influence by the Pelosi speech… All of them said “No, they were too busy talking to their constituents to even here her or pay it any mind..
Apparently this is a story without a piece of evidence to back it up….
I find it hard to believe this bill would have made it to the floor without assurances. So what happened to make Republicans change their votes from yea to nay?
It wasn’t Pelosi, and I’m having trouble believing it was all about constituents. Did something else happen that I’m missing?
Perhaps they saw the Palin/McCain interview with Couric and decided that they should scuttle the S.S. McCain…
Morning, LG.
That reasoning actually makes the most sense. The Republicans made McCain look like a fool. Seems Pelosi wasn’t the only one assured of passage.
They voted against it because they wanted to. Pelosi blaming it all on Republicans and not including the Clinton low-income housing initiatives, the CRA or the Dodd-Frank alliance to save Fannie Mae and Freddie Mac just made it easier for them to vote their consciences.
Come on, Dave. You know that everybody was assured the bill would pass before it was brought to the floor. If there’d been any doubt of its passage there’d never have been a vote.
Voting down the bill that McCain claimed as a done deal (and a deal he’d done!) was very dramatic. Wondering if that was the point?
Assured? This is how your friend Ms. Pelosi gets her “assurances.” From The Hill:
Not exactly “vote your conscience” now, is it? Conveniently, most other ranking committee members voted yes, too.
Wonder if she threatened to take their seats, too?
“I don’t want pork in the bill, I want sense, transparency and justice”
Sorry LG, there’s no such thing as economic justice.
Dave, the Low Income Inititive has been very successful….look it up, but you won’t. You’d rather have your talking points fed up your ass by the likes of Malkin and Limbaugh. Yes, it’s so easy to blame the Colored people instead of the 60% of the shit paper for HELOCS and 2nd Mortgages….hummm…doesn’t sound like a brown persons profile to have a open line of credit or a 2nd or 3rd mortgage.
I don’t know (or really care) if your a racist, but you’re sounding like one.
Typical. A liberal pulling the “racism” card.
fuck you dude…it is what it is.
Clinton low-income housing initiatives, the CRA or the Dodd-Frank alliance to save Fannie Mae and Freddie Mac
These have nothing to do with the current banking crisis. Nothing. There are simply NO STATUTES that require any US Bank to write bad loans, NO LAWS that forced any US bank to write a loan they didn’t want to.
Since we all already know that there is no audience here for that particular dog whistle, I wonder why you even try? The real pity of all of this is that Delaware is pretty think on the ground with real CRA officers and yet you would just repeat the Limbaugh talking points.
And VC is right. He always is. 😉
You’re sooooo much more elegant than me, Cass!
😀
“These have nothing to do with the current banking crisis. Nothing. There are simply NO STATUTES that require any US Bank to write bad loans, NO LAWS that forced any US bank to write a loan they didn’t want to.”
Since when have politicians needed STATUES to make a companies life miserable. Threatening to prevent their growth, merger, acquisitions, and the like unless they PROVED that they lent a sizable amount of money to individuals that did not have reliable credit histories was more than enough. Add to that ACORN staging public protests in your bank lobbies if you didn’t hand out the cash….
I believe the term we are looking for is EXTORTION!
“Grown up’s are in charge. His name is Obama! His VP is Biden.”
Have you heard what actually happened in that meeting last week at the White House. All the Dems presented deferred to their presumptive leader, Sen. Obama, to take the leadership of the meeting. Instead, he choked, started spitting out talking points (probably the extent of his actual politcal knowledge) and brought the meeting to an embarrasing conclusion. He was given a chance to lead and COULD NOT.
Can’t WAIT for him to President!!!!
God help us!
Since when have politicians needed STATUES to make a companies life miserable. Threatening to prevent their growth, merger, acquisitions, and the like unless they PROVED that they lent a sizable amount of money to individuals that did not have reliable credit histories was more than enough. Add to that ACORN staging public protests in your bank lobbies if you didn’t hand out the cash….
Bullshit.
An industry with some of the most effective and highly paid lobbyists is not succumbing to extortion. They ARE the extortionists. Which, if you are paying attention, which you clearly aren’t, is how we got here in the first place.
No wonder you’re a clown show, Chris. Most of the people who read this blog have some financial knowledge and certainly aren’t vulnerable to the incredibly ignorant theory that somehow poor people, black people, brown people are at the root of all ills. But hey, when you figure out how to not pay 50% of your income in taxes,perhaps you might have enough of a clue to be in the conversation.
In the meantime, even one of the smarter guys on your side is embarrassed you are in his party.
Hey… If Bush and Paulsen want to pass this thing:
Let them find a dozen Yes votes on the Republican side.
“Most of the people who read this blog have some financial knowledge and certainly aren’t vulnerable to the incredibly ignorant theory that somehow poor people, black people, brown people are at the root of all ills.”
That was not my assertion…and I am the ignorant one? To say that those things had nothing to do with the current situation is just plain stupid. …hardly surprising from you.
Care to explain the tapes making the rounds yesterday of Republicans…yes REPUCLICANS in 2004 testifying that Fannie Mae and Freddie Mac were heading for collapse…they were followed with Democrats Maxine Waters, Barnie Frank, and Chris Dodd, laughing at them saying there was no logical evidence that they were anything but sound! How come you indignant Democrats don’t care to admit that THEY werea HUGE part of this problem.
Oh wait…I know…because liberal Democrats can never be wrong or corrupt….
…and I am the ignorant one…..
Does it matter that I’m on the radio the entire time that Rush is on the radio, or is that just all you have?
You’re right about one thing, though. There’s no point in trying to penetrate The Bubble with anything other than 100% “The GOP is evil and totally to blame for anything wrong in the world.”
And here you are doing what you do — instead of addressing the rebuttal of your point, just do some handwaving at some content that doesn’t exist.
I do hope that all of the folks here who seem to think that Dave B is some kind of different repub note that when he no longer has a leg to stand on, he phones home to the usual cultural conservative bullshit. But maybe I should cut him some slack for that. He does, after all find an audience among Ruth Ann’s minions in state office buildings now.
A 1999 article in the NY Times
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1
“will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. ”
And you folks still say that Clinton Era CRA policies weren’t a huge part of the reason for this mess?
Please, read the whole article, the foreshadowing is incredible.
Cassandra — Do you really believe that the GOP is fully responsible for the current situation?
You know, Dave, the points that I’ve made here is that this:
not including the Clinton low-income housing initiatives, the CRA or the Dodd-Frank alliance to save Fannie Mae and Freddie Mac
is Bullshit. Unless you think I’m not supposed to know that the private label credit derivatives aren’t at the root of the current crisis.
There isn’t much need to change the subject.
“Does it matter that I’m on the radio the entire time that Rush is on the radio, or is that just all you have?”
Hate to burst your bubble, big guy, but unless you have an FCC license, you are not on the “radio.”
Sorry Cassandra.
Do you think that “the Clinton low-income housing initiatives, the CRA or the Dodd-Frank alliance to save Fannie Mae and Freddie Mac” had any effect on the current situation?
I’m just trying to determine whether you’re dealing in reality or not.
No, these do not have any effect on the current situation. (And do make sure you consider how you asked this question before proceeding.)
And you certainly cannot back up your claims with any data. Heck, even Professor Bainbridge smacks back the idiocy of the proxy of your question in the link I provided above.
“No, these do not have any effect on the current situation. (And do make sure you consider how you asked this question before proceeding.)”
OK, now we know you’re either utterly clueless or so partisan and set in liberal ideology that you simply can’t accept that the left could ever do any harm.
Did Mike just call someone clueless or partisan and set in ideology?
LOL!
Yes – When the facts stare you in the face and tell you you’re wrong you need to accept reality.
Something you often don’t do Pandora.
Speaking of facts, Mr. Basement, unless you are talking about credit derivatives in relationship to this crisis, you are not even in the game.
Shorter Mike W.:
But…But… Bill Clinton got a blow job!
GEEK!!!!! OH GEEEEEK!!!!! Where in the world…..but there was no gun to his head….
Still trying to blame Brown People, I see.
You guys are pieces of shit…and not just any ‘ol shit…big, smelly, diarrhea dog shit.
CRA loans constituted only 23% of all loans and 9.2% of high-cost loans.
CRA loans were twice as likely to be retained in the originating bank’s portfolio than loans made by other institutions.
CRA loans were less likely to be foreclosed upon than other loans.
So Mike quotes this:
“will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. ”
And he comes to the conclusion:
“And you folks still say that Clinton Era CRA policies weren’t a huge part of the reason for this mess?”
No data to back it up…just an assumption. But what worldview or belief would allow people like Dave and Mike to come up with such a conclusion?
Maybe it’s the soft bigotry of Low Expectations Dear Leader has warned us about.
Again, with all sincerity…..fuck you!
VC, thank you for posting that. My only quibble is that CRA loans represent 23.8% of all loans made by CRA banks — which is not all of them.
So the excesses of Countrywide, Ameriquest, Golden West and the out-of-business mortgage churners were not CRA driven.
Who said anything about brown people? Oh. That’s right. YOU DID. And that is a weak red herring designed to attack the messenger.
The culprit here is 16 years of trying to provide homeownership for people who weren’t qualified (under GOP and Democratic presidents), combined with too little regulation on the market (blame the GOP) and on GSE’s (blame the Dems), combined with a lot of greed on the part of Wall Street and Main Street alike. CRA is only a small fraction of the problem.
This is so much a bi-partisan screw-up that you should be ashamed of yourselves for trying to issue blame to just one side.
Let me know when you return to reality.
You should let us know when you have any abilities to recognize reality.
The CRA crap and the Fannie and Freddie crap is the current GOP stupidity designed to let their credulous masses not think about the absolutely stupid policies that they blindly endorsed. Policies that made lots of folks lots of money and crashed the system. Blaming it on poor people or on black people or brown people or whatever people who are your current scapegoats is dead wrong. Which you know, since you can’t come up with one piece of data (something I can backcheck) to support your scapegoating.
Better luck next time.
You need data to know that people not paying their mortgages is the problem? Seriously? What exactly does the word “subprime” mean in Cassandraland?
Why does Eric Cantor remind me of Rick Santorum?
Dave – they haven’t defaulted on them. There is fear that the underlying assets have become devalued and that the owners may walk away from them.
Add to that, the fact that these were leveraged to the hilt at a higher value that they should have been and you have a disaster.
“Who said anything about brown people? Oh. That’s right. YOU DID. And that is a weak red herring designed to attack the messenger.”
It just makes Von an asshole and a racist who can’t or won’t debate the issues. He brought up the racism issue and he played the race card. How typical and childish.
Oh, and the folks getting loans they had no business qualifying for were not necessarily minorities.
And FSP is right, this is the fault of both sides (Something I’ve said here repeatedly) It seems the conservatives here are willing to admit that mistakes were made by both parties, while you folks are screaming “Bush / the GOP are evil, it’s all their fault” all the while you’re incapable of accepting that your god-like liberals have any culpability in the matter.
Mike the Racist:
Sorry, Mike, it is your repub buddies that are blaming minorities, as usual. Unlike you, Von Cracker happens to see the world in a bigger picture than you can see thru the scope of a gun. The facts are on his side.
See:
http://thinkprogress.org/2008/09/30/conservative-poor-blame/
We all wish you would go away.
O Mike….using Dave’s deflection as the foundation of your retort. Simple minds have to stick to together, I guess. But please, forgive my assumption that you understood my sarcastic description of ‘low income’. I’ll just stick with ‘non-white’ from now on.
You can’t go around agreeing with a false statement that’s easily refuted with a quick Google search (such as your agreement to Dave’s claim that the CRA is responsible) and not wonder why. So either you one stupid sheep or something else is influencing your opinion. What’s your excuse? Because the real estate bust wasn’t caused by “low income” folks.
And to your BLASPHEMOUS claims:
I’m an asshole alright…..
I’m an asshole…I’M AN ASSHOLE…..An asshole through and through…..But I’d rather be an asshole than a piece of shit like you!
Here’s another Republican to add to your list.
http://www.mefeedia.com/entry/rep-bachmann-blames-rules-designed-to-help-minorities-for-mortgage-crisis/11701682/
Ooh, and here’s another one!
http://www.amren.com/mtnews/archives/2008/09/gop_official_re.php
Subprime does not mean CRA or Clinton housing initiatives or Fannie Mae or Freddie Mac (who are precluded by their operating charter to do subprime, you know).
Come back and see us when you can prove that these things that you began claiming were the problem — and bring your data with you.
How hard can that be?
Or are you really that accustomed to people believing any damn thing you say?
Wow Pandora, that second link is nuts!
And judging by the website, it looks like the aryan nation got a makeover.