McCain Photo Op Slows Rescue Plan

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Thursday September 25, 2008 · 7:10 AM PDT

2008/09/25 · 07:10

Congressional leaders and Bush administration officials are close to a deal on a $700 billion rescue plan with greater protections for taxpayers and new assistance for distressed homeowners. But McCain is floundering and needs the President to help him pull off his peculiar political stunt. So now, at McCain's request, Bush is taking the parties away from their work on a package they have effectively already agreed to for a meeting after-the-fact at the White House.

Rep. Barney Frank, Chairman of the House Financial Services Committee and point-person in negotiations with Treasury Secretary Paulson, called the meeting an unneeded distraction.

Republicus

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Friday September 19, 2008 · 1:08 PM PDT

2008/09/19 · 13:08

This week John McCain, completely out of his element with respect to developments on Wall Street, lodged another uninformed and impetuous attack -- this time, at SEC Chairman Christopher Cox.

"The chairman of the SEC serves at the appointment of the president and, in my view, has betrayed the public trust," McCain said. "If I were president today, I would fire him."

And he would have diminished his office by attempting to do so. Here are just two reasons why.

First, it is borderline ridiculous to lay the blame squarely at Cox's feet. Our current crisis dates back to reckless deregulation of the financial markets by the GOP-controlled Congress and its chief deregulator, Senate Banking Committee Chairman Phil Gramm (now McCain Campaign Chairman and presumptive Treasury Secretary), in the 1990s. Gramm's work left the SEC and others without the necessary authorities to regulate adequately existing and new markets and securities. Sure, Cox should have spoken up and done so forcefully. But the current financial crisis wasn't set in motion by Cox or his predecessors.

Republicus

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Thursday September 18, 2008 · 9:36 AM PDT

2008/09/18 · 09:36

"The capitalists will sell us the rope to hang them with." - Lenin

Bloomberg reports that Morgan Stanley, America's second largest securities firm, may sell as much as 49 percent of its holdings to China. China already holds a 9.9 percent stake in Morgan Stanley, which it purchased in December after the firm reported a quarterly loss. Obviously, Morgan Stanley's in trouble again. It's shares fell 42 percent this week as Lehman Brothers filed for bankruptcy and Merrill Lynch allowed itself to be acquired by Bank of America. But this would be a complete and utter disaster; perhaps not for Morgan Stanley, but certainly for America.

China is already leveraging its position as one of America's biggest bankers to defend an untenable status quo in U.S.-China trade; one that has seen the devastation of U.S. manufacturing and that continues to permit China to levy 12 percent higher average tariffs on U.S. goods than the U.S. imposes on Chinese goods, inflate its competitive posture in U.S. markets through blatant currency manipulation, and extract annually from the U.S. a trade surplus of $233 billion (and rising).

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216 votes Show Results

Should the U.S. Government Let China Buy Half of Morgan Stanley?

216 votes Vote Now!

Should the U.S. Government Let China Buy Half of Morgan Stanley?

Yes

43 votes

147 votes

Don't Know

26 votes

It's 3 A.M. and McCain Still Doesn't Understand Economic Issues

Republicus

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Monday September 15, 2008 · 12:12 PM PDT

2008/09/15 · 12:12

It's 3 am and we're in the midst of a once-in-a-century economic crisis. Who do you want answering the phone? Well, let's start by taking a look at where we are after 8 years of Republican economic policies.

The housing market is soft, credit is scarce, mortgage foreclosures are at an all-time high, and we're $10 trillion in debt. While labor productivity has risen 13.5 percent, middle class real wages have fallen roughly $1700. At the same time, the cost of healthcare, college, gas, and food have skyrocketed.

Republicus

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Wednesday September 10, 2008 · 8:05 AM PDT

2008/09/10 · 08:05

When Obama secured the Democratic nomination, John McCain pledged to run a civil campaign founded on the issues. While he almost immediately kicked that pledge to the curb, I must confess that I hadn't expected McCain's message to deterioriate into that which he had once condemned: the very Karl Rove politics of smear and deceit that doomed his candidacy in 2000. And I certainly hadn't expected him to best Rove at his own game. But he has.

Without any discernable plan to get the economy back on track, expand access to healthcare, achieve energy independence or take the fight to the terrorists in the tribal regions of Pakistan, McCain has pinned his electoral fortunes on two new narratives. The first displaces issues with feel-good catchphrases like "country first" and "original maverick." The second uses innuendo and untruths to reinforce subsconscious fears and biases about Obama.

Republicus

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Thursday September 04, 2008 · 8:01 AM PDT

2008/09/04 · 08:01

Gov. Palin's speech last night was well-delivered, but totally devoid of substance. While she seemed comfortable in the traditional attack dog role of a VP nominee, she did little to address doubts as to whether she is ready to be President should the need arise.

Aside from fleeting references to what seemed a petroleum-based energy policy, Palin didn't touch a single issue of consequence to American families. We find ourselves in the midst of recession and a housing crisis, in a war we can't afford and with a spiraling debt we can't seem to arrest, but you wouldn't have known it listening to Palin's speech. Then again, McCain's campaign manager did say, "This election is not about issues," so I suppose we should have expected as much.

Republicus

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Friday August 22, 2008 · 8:52 AM PDT

2008/08/22 · 08:52

It just occurred to me that the National Journal ranked Joe Biden as the third most liberal U.S. Senator in 2007. Bernie Sanders, a self-described socialist, came in fourth. This is clearly good news for the Journal. If Biden is selected, they won't have to revise their formula to achieve their preferred outcome.

(crossposted from Our Republic)

Don't Panic, Just Improve Your Aim

Republicus

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Wednesday August 20, 2008 · 12:39 PM PDT

2008/08/20 · 12:39

While troubled to see McCain ahead in the latest Reuters/Zogby poll, I was even more surprised at the media's reaction. First of all, this is not the latest nationwide poll. It was conducted August 14-16. The latest nationwide poll is LA Times/Bloomberg, conducted August 16-18 (with a larger sample size), which has Obama leading by 2.

Second, Reuters/Zogby is most likely an outlier. Unless, of course, you're willing to believe that he's lost the support of 12 percent of voters between the ages of 18 and 29 in the last week.

But far more worrisome than Obama's performance in recent national polls are the numbers coming out of battleground states, particularly Ohio.

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50 votes Show Results

Is Obama Hitting McCain Hard Enough on the DHL Deal?

50 votes Vote Now!

Is Obama Hitting McCain Hard Enough on the DHL Deal?

Yes

6 votes

44 votes

Madam Speaker, Bring Rove's Contempt Citation to the Floor for a Vote

Republicus

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Thursday July 31, 2008 · 11:51 AM PDT

2008/07/31 · 11:51

While the name "George W. Bush" will not be on the ballot this November, the damage the forty-third President has done to the Constitution will abide long after he retires to Crawford. No President in history has doned a veil of such swallowing secrecy on its activities, both foreign and domestic. No President in history has demonstrated as much distrust in the American people. And no President in history has wielded executive privilege with such reckless abandon.

Bruce Fein, associate deputy attorney general in the Reagan administration, wrote in a letter to the House Judiciary Committee that under Bush's tenure, "The executive branch has vandalized the Constitution every bit as much [sic] the barbarians vandalized Rome in 410 AD." Rove's refusal to comply with a Congressional subpoena compelling his testimony about the politicization of the Department of Justice and the prosecution of former Alabama Governor Don Siegelman is just the latest example. Each time these acts go unanswered, the Congress is diminished. It's coequal stature has already been compromised.

Republicus

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Wednesday April 30, 2008 · 2:32 PM PDT

2008/04/30 · 14:32

Senators Clinton and McCain have both attacked Sen. Obama for refusing to support a temporary 18 cent-per-gallon tax "holiday." While residents of Indiana and North Carolina are rightly concerned about gas prices, the Clinton-McCain tax holiday would do far more harm than good. That's why most Economists and Governors oppose it, including Gov. Jon Corzine of New Jersey, a Clinton supporter.

The gas tax holiday would rob the states of needed revenue at a time when most are facing budget shortfalls. More importantly, it could cost thousands of American jobs, particularly in construction, and forestall critical investments in infrastructure -- investments that may well prevent another major bridge from collapsing and ultimately save lives.

Republicus

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Thursday April 24, 2008 · 7:28 AM PDT

2008/04/24 · 07:28

In the aftermath of the Pennsylvania primary, media coverage of the Democratic race has devolved into a third grade soccer game at recess. The cruel irony is that conservatives are driving the debate. This morning, for example, Robert Novak (de)constructs the "Deepening Democratic Dilemma" in the Chicago Sun-Times, Michael Barone asks "What If She Wins the Popular Vote?" in U.S. News and Karl Rove queries "Is Obama Ready for Prime Time?" in the Wall Street Journal.

Meanwhile, Steven Stark of the Boston Phoenix panics. "It's Time for Dems to Recruit Al Gore." This is by far the most ridiculous proposition I've heard this election cycle - and Stark is hardly the first to present it.

Poll

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Are conservative pundits driving the Democratic contest?

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Are conservative pundits driving the Democratic contest?

Yes

55 votes

5 votes

Does Gore Support Obama?

Republicus

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Monday April 21, 2008 · 1:15 PM PDT

2008/04/21 · 13:15

In today's Wall Street Journal, Jackie Calmes reports that "[a]nother Democrat who has spoken several times with him says Mr. Gore favors Sen. Obama and has come under pressure from former supporters to endorse the Illinois senator, but has no plans to do so before the primaries end."

There has been considerable speculation on the subject, all of which suggests that Vice President Al Gore prefers Obama over Clinton. On April 13, for example, a source close to President Jimmy Carter told The Scotsman that Carter and Gore both want Clinton off-the-stage and will work together at the appropriate time to make that happen. "Carter has been talking to Gore. They will act, possibly together, or in sequence."

Cross-posted from Our Republic

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McCain Photo Op Slows Rescue Plan

McCain Looks Foolish in Assault on Cox

Disaster Looming: China in Talks to Buy Half of Morgan Stanley

It's 3 A.M. and McCain Still Doesn't Understand Economic Issues

Does the High Road Lead to Defeat?

Palin Speech Empty as Her Resume

Good News for National Journal: Biden Already Ranked Third Most Liberal Senator

Don't Panic, Just Improve Your Aim

Madam Speaker, Bring Rove's Contempt Citation to the Floor for a Vote

Clinton Risks Too Much in Gas Tax Pandering

Conservative Punditry Drives Democratic Contest

Does Gore Support Obama?