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So long as the Bush Administration remains in place, there's no presumption of good faith, making any bailout plan politically unpalatable.

The first order of business thus becomes impeachment and removal, with a saner Republican taking the reins as a caretaker until Obama takes office in January.

Constitutionally, the steps would be...

  1. Pelosi resigns as Speaker.
  1. Consensus caretaker elected Speaker, with Democratic support.
  1. Removal of Bush, Cheney
  1. Pelosi resumes Speakership.

I'd nominate veteran Wisconsin Rep. Tom Petri, who voted against the latest bailout plan, but is open to a more carefully negotiated replacement. For the last 15 years he's been one of the least partisan House Republicans, which cost him the Chairmanship of the Transportation Committee in the years of Republican control of that body.

Below, his Release on yesterday's bailout vote.

Niel Wright, Press Secretary
Office of Congressman Tom Petri (R-WI)
(Broadcasters: It's pronounced "Pea-try")
202/225-2476
niel.wright@mail.house.gov

Petri Votes Against Financial Markets Bill

Congressman Tom Petri voted with the majority today as, by a vote of 205-228, the House rejected the $700 billion financial markets bill. He issued the following statement:

We were unnecessarily rushed into voting for a half-baked plan, and now that it has been rejected, we should have the opportunity to consider problems in the financial markets more carefully.

The immediate problem is a loss of capital in the banking system. The American economy remains highly liquid, but banks find it increasingly difficult to lend as their capital is marked down under current SEC rules.

The proposal placed before Congress would have used $700 billion of taxpayer money to buy illiquid assets, but would have done little to address the question of bank capital.

Banks need capital in order to continue to make loans. Government regulators currently have tools that would address this problem. The Federal Deposit Insurance Corporation has the authority to stand behind all obligations of all banks - thus guaranteeing that each depositor will be paid.

A number of other countries, including Japan, Sweden and Chile, have encountered similar problems, and we should take the time to learn from them. We should also learn from the Savings and Loan crisis of the 1980s, which was successfully handled through a more deliberate and considered approach than we took today.

We need to reach out for the best informed judgment there is and not be rushed into a quickly thrown together plan.

It doesn't really matter exactly what "grounds' for impeachment are used, let any House Republicans willing to play decide which of the myriad available offenses are easiest for them to stomach.

Originally posted to ben masel on Tue Sep 30, 2008 at 08:28 AM PDT.

Poll

Can this fly?

8%4 votes
30%14 votes
30%14 votes
10%5 votes
8%4 votes
10%5 votes

| 46 votes | Vote | Results

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Comment Preferences

  •  Tips for true bipartisanship. (5+ / 0-)

    Bipartisan understanding declares "Free Lunch."

    by ben masel on Tue Sep 30, 2008 at 08:29:44 AM PDT

  •  Never been much of a fan of Bipartisanship (1+ / 0-)
    Recommended by:
    RethinkEverything

    I'm a Democrat because I agree with the Democrats more than the Republicans.  And I think Republicans are dangerous and wrong.  

    Anyway, it would never ever happen in 700 billion years.  

    "Democracy is coming to the U.S.A." -Leonard Cohen

    by The Bargeron on Tue Sep 30, 2008 at 08:39:09 AM PDT

  •  Why all of the steps? (0+ / 0-)

    President Pelosi.  President Pelosi.  President Pelosi!!!

    "If the good Lord had intended for us to walk, He wouldn't have invented roller skates." - Willy Wonka

    by RethinkEverything on Tue Sep 30, 2008 at 08:40:52 AM PDT

  •  It Works for Me. Recced & Tipped eom (0+ / 0-)
  •  This is a complete undermining of voter intention (0+ / 0-)

    Who the Fuck is Tom Petri?  You know how many votes this doorknob got for President?  Zero.  I didn't even run I tied this schmuck.

    The presidency is not a party favor to be passed around in accordance with cloak-room deals between party leaders.

    The country elected George W. Bush of Texas in 2004 to be President for 4 years. (Not to mention that he won by the largest majoriry of voters since Reagan's second term).

    If you have evidence of crimes to support impeachment, then bring them and let Congress decide what action to take.  But barring a majorty House vote for impeachment and a finding of guilt vote in a Senatorial procededing with the Chief Justice of the SCOTUS presiding, George Walker Bush is going NO WHERE until January 20th, 2009.

    This is the United States of America as governed by the Constitution.  Not some Volleyball-ocracy where one person serves until they screw up and then the  top offices rotate.

    Think of the precedent this would set.  Think how this looks to our allies and other world powers.  Think of the aura of instability this creates in one of the most perilous times of our countries recent history.

    Just fucking THINK.

    Thinking men can not be ruled. --Ayn Rand

    by Wisper on Tue Sep 30, 2008 at 08:48:38 AM PDT

    •  Gerald Ford on Grounds for Impeachment 1969 (1+ / 0-)
      Recommended by:
      Snarcalita

      "an impeachable offense is whatever a majority of the House of Representatives considers it to be in a given moment in history."

      Democratic Candidate for US Senate 2006 (51,277votes) Running again in 2012

      by ben masel on Tue Sep 30, 2008 at 08:56:09 AM PDT

      [ Parent ]

      •  Correct... (0+ / 0-)

        As in all things related to American Democracy, the idea is that requiring a majority ensures a reflective will of the people.

        Technically Congress could come back in on Thursday and begin procedings to repeal the Thirteenth Amendment and start the process to reintroduce slavery to America.

        There is exactly NOTHING to prevent them from this except that it would take majorities (simple and super) to repeal the Amendment and enact new laws and there is exactly 0.00% chance that this will happen.

        Majorities usually act on behalf of the general consensus and/or correct themselves when this is not the case.

        This is Jeffersonian Democracy pure and simple.  If there was a legitimate crime that a majority of the House thought Bush committed, then he would be impeached.

        Barring that, George Bush is the President until January 20th 2009.  End.  of.  Story.

        Thinking men can not be ruled. --Ayn Rand

        by Wisper on Tue Sep 30, 2008 at 09:04:06 AM PDT

        [ Parent ]

  •  Jesus... I missed this (0+ / 0-)

    before I wrote my comment.

    It doesn't really matter exactly what "grounds' for impeachment are used, let any House Republicans willing to play decide which of the myriad available offenses are easiest for them to stomach.

    Are you completely bat-shit insane?  It doesn't matter what grounds are used?  Really... will it matter what "grounds are used" when congress sings to Majority GOP and they decide to pull this shit on a Democratic President.

    This is asinine.

    Why not just suggest:  "Fuck the Constitution.  Let's start over with a new Country.  A couple of Virginian Farmers made the first one, how hard can it be?".

    Ass.  How do you expect people to take something like this seriously?  I mean, I'm all for thought-experiments or "just for the sake of argument" hypotheses, but this is ridiculous.

    Thinking men can not be ruled. --Ayn Rand

    by Wisper on Tue Sep 30, 2008 at 08:52:20 AM PDT

  •  i like it (0+ / 0-)

    with one modification: get rid of step 4.

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