Friday, September 26, 2008

Bailout politics (Debates, ACORN)

First off, some people are complaining about McCain probably missing the debate. That's a big gamble, but McCain can make it to his advantage if there is a good deal that we can live with. Right now with Goldman Sachs man Paulson on Bush's team, and the democrats controlling the house/senate, I'm not real confident on this. We'll see.

As for the debate itself, what's more important. Two senators yapping behind a podium in the first of three or four debates, or doing the job they are currently elected to do right now in a near crisis situation. McCain and Obama have a job to do. They are needed at the capitol right now. I blame government to an extent for causing the problems in the first place with its atrocious handling of the house of cards over the past 10 years, led by people like Barney Frank and Chris Dodd.

A lot has happened with negotiations. The media was reporting a deal, but that was premature. There was no deal.

Is the revolt due to an earmark to the Vote Fraud kings where Obama used to do his community organizing work? ACORN? Apparently, on Fox News, moderate Republican Lindsay Graham balked at a lot of this bailout money going to ACORN. I didn't see it, but it's confirmed by one Republican (Ed Morrisey) and one Democrat blog (Larry Johnson).

From Morrisey's blog

House Republicans refused to support the Henry Paulson/Chris Dodd compromise bailout plan yesterday afternoon, even after the New York Times reported that Treasury Secretary Henry Paulson got down on one knee to beg Nancy Pelosi to compromise. One of the sticking points, as Senator Lindsey Graham explained later, wasn’t a lack of begging but a poison pill that would push 20% of all profits from the bailout into the Housing Trust Fund — a boondoggle that Democrats in Congress has used to fund political-action groups like ACORN and the National Council of La Raza:

and Graham's quote

And this deal that’s on the table now is not a very good deal. Twenty percent of the money that should go to retire debt that will be created to solve this problem winds up in a housing organization called ACORN that is an absolute ill-run enterprise, and I can’t believe we would take money away from debt retirement to put it in a housing program that doesn’t work.

Chris Dodd, the leading receiver of Fannie and Freddie funds? That gives me a lot of confort. I need a drink, and it's not even noon. Make it 151. I really hope Mike Pence and the RSC in the house can work a miracle, since I'm expecting a real turkey of a bill to pass. If I get half of what I want here, I'll be estatic. (No handouts to rich bankers like Goldman Sachs, only loans if anything, no pork, no crap to ACORN or other groups, no drilling bans)

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