Tag Archives: debate

Republicans Stand by Their Man: Fat Cat The Banker

Posted by: LibbyShaw

Meet Fat Cat the Banker

Meet Fat Cat the Banker

Who would have thought? In its true and hypocritical form The Party of No and Obstruction opposes President Obama’s proposed fees on banks.

Dick Cheney must be hard at work at that printing press in his undisclosed basement.

Prominent Republicans are coming out in opposition to President Barack Obama’s proposal for a $90-billion fee on large banks that took bailout money, a move that political observers say could force the GOP to choose between their traditional anti-tax position and populist anger over the bailout.

On Thursday, GOP Chairman Michael Steele declared that the bank fee — which would be levied only on banks that took bailout money and have more than $50 billion in assets — is “another tax on the American public.”

The GOP is standing by fat cat the banker in yet another effort to oppose President Obama. Republicans demonstrate time and time again that they are willing to put politics ahead of working on solutions to solve the daunting challenges that we face on local, state and national levels.

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All of the Republican’s ranting and raving about the federal bailout is nothing but ginned up rhetoric. Apparently GOP lawmakers hate the bailout and yet they love the banks so much that they do not believe Wall St., aka gambling casinos that put Las Vegas to shame, should have to make reparations to the taxpayers for squandering and stealing our money. God forbid should the big banks have to pay fines for its appallingly irresponsible and over the top reckless behavior that annihilated the U.S. and global economy.

The financial services industry lobbied for the repeal of the Glass Steagall Act in 1999. That allowed banks to use their custodial power over your money to assume huge risks in investment markets.

They also lobbied for the Commodity Futures Modernization Act of 2000, which allowed banks to trade their crooked insurance in secret and exempted from all supervisory authority.

And to help grow the hurricane, then CEO of Goldman Sachs Hank Paulson made a personal plea to the SEC to allow banks to leverage more money against their capital. As much as $4,000 for every $100 in capital they held.

Wall Street may claim this was caused by a perfect storm, but the only thing perfect about it was their ability to line their pockets at the expense of our country.

Republicans apparently think it is a good idea for the banks to return to its wild, careless and out of control gambling practices that all but destroyed our financial security.

The proposed tax would apply to bank, thrift and insurance companies with more than $50 billion in assets and would start after June 30. It would not apply to certain holdings, like customers’ insured savings, but to assets in risk-taking operations. The levy would raise an estimated $90 billion over 10 years, according to the White House.

But it would remain in force longer if all losses to the bailout fund, the Troubled Asset Relief Program, were not recovered after a decade. The Treasury now projects that the losses from the $700 billion loan program, which was created in October 2008, could reach $117 billion, about a third of the loss that it projected last summer — an improved forecast that reflected the renewed strength on Wall Street.

After all, last week during the Texas Republican gubernatorial debate Senator Kay Bailey Hutchison said she and John Cornyn hated voting for the bank bail out. But, alas, they did so only because then President G.W. Bush instructed them to do so in order to save the U.S. and global economy from a complete melt down.

A glimpse at a Texas Republican clown show.

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In their twisted logic Republican politicians insist they hated saving the banks but now they hate imposing punitive fees on the banks’ biggest gamblers.

I suppose now that Sarah Palin has been hired as a professional analyst by FOX, the Propaganda Arm for the RNC, all of the GOP’s verbal inconsistencies and contradictions will soon be fully explained.

Republican lawmakers will howl like possessed banshees about terrorism and the profound urgency for our national security. They also routinely cry for border fences, racial profiling and full body scanners at all airports. And yet when it comes to safeguarding our financial and economic security, Republicans, it appears, are not in the least bit concerned. For them Fat Cat the Banker can do no wrong.

According to an article written by Mr. Frank Rich of the New York Times:

The Other Plot to Wreck America

Americans might be fluent in global terror and the horrors of terrorism but we are woefully uninformed about our domestic financial weapons of mass destruction.

Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

The Director of the Financial Crisis Commission intends to shed some light on the big banks and its financial practices (greed, hubris, stupidity – gosh, why this sounds like a typical old home week of the W. Administration of arrogance and incompetence) over the last several years.

He wants to examine the financial sector’s “greed, stupidity, hubris and outright corruption” — from traders on the ground to the board room. “It’s important that we deliver new information,” he said. “We can’t just rehash what we’ve known to date.” He understands that if he fails to make news or to tell the story in a way that is comprehensible and compelling enough to arouse Americans to demand action, Wall Street and Washington will both keep moving on, unchallenged and unchastened.

Maybe the W. Administration and all of its lackeys including Senators John Cornyn and Kay Bailey Hutchison were far too distracted by non-existent WMD’s in Iraq and no bid contracts to the military/industrial complex to worry much about Wall St.

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Filed under Bailout, Banking, Barack Obama, Capitalism, Creepy right-wing antics, Economy, Greed, Media and Entertainment, Money, Mortgages, MSNBC, News, Partisan Politics, Politics, Presidents, Republicans, RNC, Small Business, The Morning Meeting w/Dylan Ratagan, Video/YouTube, Washington, DC

Steve Schmidt: Palin Debate Was Nearly ‘Debacle,’ Kept Calling Rival ‘O’Biden’

Posted by: Audiegrl

Sarah Palin and Steve Schmidt

Sarah Palin and Steve Schmidt

HP/ Rachel Weiner ~~On CBS’s “60 Minutes” Thursday night, Republican strategist Steve Schmidt revealed some of the behind-the-scenes wrangling that went into Sarah Palin’s debate against then-Sen. Joe Biden. Schmidt says that a campaign staffer prepping Palin made a desperate call to the chief McCain campaign strategist.

Palin had a reflexive tendency to refer to Biden as “O’Biden,” Schmidt revealed. He says other people on the campaign staff came up with a solution. “It was multiple people — and I wasn’t one of them– who all said at the same time, ‘Just say, ‘Can I call you Joe?” which she did.”

In fact, Palin did accidentally call the senator “O’Biden” once during the debate.

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Filed under 60 Minutes, CBS, Culture, Elections, Entertainment, Media and Entertainment, Networks, Politics, Pop Culture, Republicans, Sarah Palin, TV Shows, Vice-President Joe Biden

Dems praise new health compromise

“An unvarnished, complete victory for people like me who have been arguing for a single-payer system.” Rep. Anthony Weiner, D-N.Y.

WASHINGTON (AP) — President Barack Obama as well as Democratic liberals and moderates all found something to like Wednesday in an emerging compromise to expand the role of government in the nation’s health care system, raising hopes inside the party that passage of overhaul legislation might be within reach after a struggle lasting decades.

The same plan drew critics, though – and the threat of more opponents once closely held details become widely known.

Obama hailed “a creative new framework that I believe will help pave the way for final passage of legislation and a historic achievement for the American people.” He said, “I support this effort, especially since it’s aimed at increasing choice and competition and lowering cost.”

A provision opening Medicare to uninsured Americans between the ages of 55 and 64 drew praise from some liberals.

Rep. Anthony Weiner, D-N.Y., called it “an unvarnished, complete victory for people like me who have been arguing for a single-payer system.”

Howard Dean, the former party chairman and an advocate of a government-run insurance option, told CBS, “Using Medicare makes more sense than reinventing more bureaucracy.”

Sen. Mary Landrieu, D-La., said the Medicare expansion could help small business “There are a lot of small business people who are between the ages of 55 and 64,” she said. “If that were done (it) would provide some real relief to them.”

Sen. Blanche Lincoln, D-Ark., said she approved of the suggested national plans to be administered by the Office of Personnel Management. “OPM being the negotiator will help, I think, be able to bring the best product forward,” she said.

source:

related: Outline Of Senate Health Bill Agreement Emerging
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Filed under Health Care Reform, Public Option, Uncategorized

Ed Schultz v. Jonathan Alter: Schultz Ends Up in His Own Segment of Psycho Talk

Posted by Audiegrl

Jonathan Alter of Newsweek

Jonathan Alter of Newsweek

Newsweek‘s Jonathan Alter stepped forward to educate MSNBC’s Ed Shultz on the normal legislative process involving the health care bill. Alter accused Schultz of misrepresenting the totality of the billl, telling Schultz that, “You have to deal with the world as it is, not as we would like it to be.”

Schultz’s take on the process was what our friend Ogenec would call ‘neo-progressive‘, and lacked understanding of what Alter called ‘the sausage making‘ involved in getting a bill through Congress. It was easy to see the direction the show was heading, when Schultz opened with a phone poll asking “Are you disappointed in the way President Obama is handling health care reform?Hit 1 for yes, and 2 for no. BTW, I took Ed’s poll, and after selecting 2 for no, they wanted to transfer me to a operator to discuss a time-share property. 😉

Neo-progressive opinions are nothing new, but are often exasperated by the 24/7 news cycle. The pundits and reporters don’t take time to understand the developments and the facts. Instead, must make a quick assessment of the facts, and make up the rest with speculation or half-baked ideas and opinions. This is not doing their viewers any favors and often unnecessarily leads to voters getting riled up, before they even know the facts.

So for me, I’m with Alter on this one. Even though he tried to explain (from experience) the long legislative process to Schultz, and all of the benefits that were in the new bill… but it was no use… To Shultz, everything hinged on the bill passing with Public Option, and anything other than that, was just a pile of junk.

Sorry Ed, but when you talk like this, you belong in your own segment of Psycho Talk.

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Filed under Bad Journalism, Barack Obama, Ed Schultz, Entertainment, Health, Health Care Reform, Jonathan Alter, Media and Entertainment, MSNBC, Neo-Progressives, News, Politics, Presidents, Public Option, Pundits (print), Pundits (television), Stupak Amendment, The Ed Show, TV Shows, Uncategorized, United States, Video/YouTube

The Daily Show on the House Health Care Vote: Holocaust Signs, Leis, and Prop Babies

dailyshow.logoThe House of Representatives finally passes health care reform after the exciting pre-game festivities.

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Filed under Humor, Jon Stewart's The Daily Show, Media and Entertainment, Politics, Pop Culture, Republicans, Uncategorized

The Outrage Pandemic by Jeffrey Feldman

Op-ed by Jeffrey Feldman

Author Jeffrey Feldman

Author Jeffrey Feldman

HP/Jeffrey Feldman—Forget the Swine Flu. America is suffering from an outrage pandemic.

Like everybody else in America, I was surprised when the Nobel committee awarded the 2009 Peace Prize to Barack Obama. I was pleased, but surprised. Apparently, just about the only living creature not surprised was Bo the First Dog. But the outrage that flowed from every corner of the political conversation was far more depressing than learning about the award was surprising.

When did American optimism succumb to this constant outrage?

Less than a year ago, tens of millions of Americans descended on Washington, DC, just so they could say, “I was there,” on the day Barack Obama became President. Nine months later, a majority of Americans seem convinced that this same man–who once inspired them so deeply–has personally slighted them.

The right-wing is certainly responsible in part for the spread of the outrage pandemic.

The right has reached a level of outrage at Barack Obama that already exceeds what the left mustered after eight years of George W. Bush. The result is that right-wing politics in America now follows one general argument: If Obama wants it, then it is so bad it must be stopped or it will destroy America.

The insanity in this approach became clear in the health care reform debate where we have heard Republicans on Medicare say crazy things like, “I’d rather die than see this country adopt government-run health insurance” (e.g., I would rather die than have the kind of government health insurance that I currently have, which keeps me from dying).

When people shake their fists in protest at the very things they say they will die to defend, the result is far worse than a nation divided along political lines. It is a form of national schizophrenia.

While the outrage pandemic may have reached critical levels on the right, the left has done its part in the past nine months, too.

Try talking to anyone in the left-wing, nowadays, and it seems everyone has a bone to pick with Barack Obama. Whatever Barack Obama does, more and more people on the left are outraged by him. First it was the bank bailout program, then the auto-industry rescue, then the health care bill. Then it was not moving fast enough on closing Gitmo, then the Israeli-Palestinian conflict, then withdrawal from Iraq. Now the left is outraged at Obama’s Afghan policy and his view on cap and trade and home mortgage relief and marriage equality and the prosecution of past administration officials.

Is there anyone left on the left who is not outraged at Barack Obama for something? If they’re out there, I never come across them.

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Outright Barbarous: How the Violent Language of the Right Poisons American Democracy by Jeffrey Feldman

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framingthedebatebookcover Framing the Debate: Famous Presidential Speeches and How Progressives Can Use Them to Change the Conversation (And Win Elections)
by Jeffrey Feldman

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Filed under Change, Democrats, Editorial, Opinions, Partisan Politics, Politics, Republicans

CBO Report green lights Health Care Reform

posted by Geo T

**44-Update**
CBO says health care bill costs $829B over decade

Health care legislation drafted by a key Senate committee would expand coverage to 94 percent of all eligible Americans at a 10-year cost of $829 billion, congressional budget experts said Wednesday, a preliminary estimate likely to power the measure past a major hurdle within days.

Full story: Here

AP Poll: Health care overhaul has a pulse

The fever has broken. The patient is out of intensive care. But if you’re President Barack Obama, you can’t stop pacing the waiting room.
The latest Associated Press-GfK poll (click here for full poll results) has found that opposition to Obama’s health care remake dropped dramatically in just a matter of weeks. Still, Americans remain divided over complex legislation that Democrats are advancing in Congress.

The public is split 40-40 on supporting or opposing the health care legislation, the poll found. An even split is welcome news for Democrats, a sharp improvement from September, when 49 percent of Americans said they opposed the congressional proposals and just 34 percent supported them.

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The same poll also shows: Obama’s Job Approval Jumps 6%
For Details Click: Here


**Update**
Former Kansas Sen. Bob Dole says “there will be a signing ceremony” for a health care reform bill either late this year or early next.

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Related Item: Senators Ask Reid and Baucus for More Time to Weigh Health Care Bills

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Filed under Change, Democrats, Economy, Media and Entertainment, Medicine, Republicans