Skip to main content

Steny Hoyer Press Conference Part One

Despite their shit-eating grins, Democratic leaders nearly got rolled today, but a mixture of luck and bad faith from Republicans saved them.  How do you know that the Wall Street types were trying to steal from us, other than the fact that they said that the refusal to hand over money was akin to a terrorist act?  

Well, Treasury officials had a secret conference call with Wall Street executives.  Unfortunately for them, some bloggers were on the call.

 The 'Treasury boys' on the call made it clear that "the tranching is a mere formality, and the Treasury boys as much as said so. They could take the $700 billion max as soon as the bill has passed."  That was always obvious.

And they admitted that "the exec comp provisions sound like a joke, They DO NOT affect existing contracts, they affect only contracts entered into during the two years of the authority of this program and then affect only golden parachutes."  Both of these provisions were 'concessions' sought by Democrats.  Of course, no one could have predicted this bill's 'concessions' to Democrats were farcical.  No one at all.

What's perplexing is why the Democratic activist class is not as outraged as the country about this measure, and I include us on the internet.  It's worth noting that the blogosphere is very much split on this measure.  Here's Nate Silver:

Having said all of the above, the schadenfreude of certain liberals on this issue is absolutely obnoxious. A lot of people are going to be hurt by this, and not just those in the investor class. I tend to see this more as a failure of our democracy than a reaffirmation of it. The congressmen who are retiring this year -- and who therefore can perhaps be described as the most neutral arbiters of the public good -- voted overwhelmingly for this measure.

Why would retiring Congressmen who do not have to face the voters but might have to face Wall Street recruiters be neutral arbiters of the public good?  Why is it bad that candidates in tight elections voted against this bill for political reasons?  Isn't that how we decide stuff?  I've had the TV on all day and it is a pervasive message that partisanship sunk this and is therefore the root of all evil.  I just don't get this attitude.  This bill was unpopular and hated because the people proposing it do not have the faith of the public to write honest laws or carry them out.  That is the problem, not partisanship or an excess of democracy.  The belief that democratic pressures augur against the public interest is widespread, from Silver to this recommended diary by dansac.

This is a political crisis, which is why the public is angrily rejecting laws based on Republican demands for a bailout and Democratic concessions which everyone involved at the time knew were a total farce.

UPDATE:  Here's Pete Stark, progressive caucus member.

"We now face a choice.  President Bush tells us we must inject $700 billion into this market to avoid a total meltdown.  He and Secretary Paulson say it is the only answer.  Many economists – who don't have a financial stake in Wall Street or an 8-year record of bad decisions – tell us it isn't the only choice.  An option would be to assist homeowners with their mortgage payments.  By making sure these mortgages remain viable, the market should stabilize.

"The bill before us today is basically the same three-page Wall Street give away first put forth by President Bush.  The fig leaf adjustments are not enough to outweigh the fact that no one knows if this bill is what's needed.  I'm not willing to make a $700 billion gamble that President Bush is right after 8 years of seeing all that he's done wrong."

Stark always puts the public interest first.  That's what being progressive means.

Originally posted to Matt Stoller on Mon Sep 29, 2008 at 04:17 PM PDT.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Meteor Blades, skybluewater, Deep Dark, Bob Johnson, wozzle, bink, selise, davej, paradox, RobertInWisconsin, Susan S, AustinSF, zzyzx, buffalo soldier, rick, DeminNewJ, vicki, Marc in CA, MewZ, tmo, SteveLCo, tgs1952, PLS, CathiefromCanada, jillian, RedMeatDem, jps, keestone, ROGNM, Mogolori, Chi, Beth, Ray Radlein, tankej, SilverWings, eugene, Sally in SF, Buckeye BattleCry, Ben P, raatz, eastbound, dalemac, Marie, Sparhawk, kate mckinnon, Cody, lipris, maja27, Geenius at Wrok, RonV, TKinVT, Fenric, NYmom, whataboutbob, ScientistMom in NY, kainah, PeterHug, TocqueDeville, Alan S, FLS, greenbird, gorlim, tommurphy, annalivia, lebowski, rincewind, musicalhair, Shockwave, Fishgrease, donna in evanston, Wintermute, rogun, tacet, CleverNickName, SanJoseLady, byoungbl, shycat, Jim in Chicago, CanMan, hyperstation, brendan1963, bellatrys, OLinda, nemoplanetia, martianchronic, eeff, StAdams, xynz, polecat, free speech zone, gecko, viedunchat, Bexley Lane, ZAPatty, blogswarm, lilorphant, gjohnsit, SallyCat, Carnacki, object16, mataliandy, Jerome a Paris, Arthur Dent, expatjourno, 22state, hubcap, silence, Bugsby, RubDMC, agoldnyc, concernedamerican, bronte17, conchita, TracieLynn, sponson, Helena Handbag, landrew, mentaldebris, wonkydonkey, SamSinister, annrose, dionys1, nyceve, OCD, ehavenot, Agathena, CoolOnion, peace voter, weirdscenes, boadicea, Glic, Scoopster, Porfiry, gayntom, boilerman10, mkfarkus, pattisigh, Dante Atkins, JJG Miami Shores, Transmission, nomes, Wayward Son, SaltWaterCroc, chimpy, roses, chechecule, JuliaAnn, ivote2004, Ignacio Magaloni, gloever, amanuensis, Larry Bailey, LondonYank, nargel, skwimmer, larryrant, CodeTalker, jbeach, bincbom, redux, superba, MazeDancer, sngmama, dchill, PeteZerria, chrisfreel, Thaxter, wonmug, ctsteve, rioduran, bewert, Cedwyn, kozmo, Alna Dem, dksbook, Eddie C, wader, byebyeblinkie, webweaver, scorpiorising, Getreal1246, psnyder, mcurry, annan, nancelot, ManhattanMan, TexDem, oldjohnbrown, Dallasdoc, Subversive, coconutjones, pat bunny, 2laneIA, f furney, superscalar, BmoreMD, RaulVB, grannyhelen, alivingston, Ramelle, bloomster, churchylafemme, laughingriver, waf8868, NYFM, Black Maned Pensator, defluxion10, nika7k, chachabowl, MmeVoltaire, dnn, quinoanut, PaulinSF, mlamick, lcrp, Liberaljentaps, Green Tea, Anna Luc, 313to212, Pohjola, fritzrth, inclusiveheart, walkshills, outragedinSF, Sam Loomis, KateCrashes, side pocket, Redbug, smartgo, KayCeSF, Deward Hastings, xyz, TexasLefty, bablhous, zannie, Jen Hayden, eztempo, snowbird42, avahome, boran2, bibble, thereisnospoon, maggie sarah, BDA in VA, sawgrass727, Gowrie Gal, sxwarren, luvmovies2000, tardcat, greenskeeper, leolabeth, ddp, sarahlane, davidincleveland, joanneleon, trueblue illinois, chumley, Dunciad, Leslie H, mediaprisoner, bloomer 101, Bluesee, pacplate, marina, radarlady, 3goldens, PAbluestater, pattyp, Treg, j sundman, powwow500, case, tle, bellevie, m16eib, baccaruda, CTPatriot, dad, relentless, ek hornbeck, Mad Mom, Alice Marshall, nape, Halcyon, PBen, corvo, KnotIookin, Flint, Alien Abductee, JohnB47, Event Horizon, kitchen sink think tank, bitter fruit, elkhunter, CO, clammyc, Simplify, ajsuited, eightlivesleft, beans, ChemBob, juliesie, Maine Atticus, TigerMom, Brooke In Seattle, david78209, YucatanMan, EJP in Maine, Dobber, reflectionsv37, FutureNow, ratzo, Mz Kleen, owlbear1, EastCoastShock, indiemcemopants, Dr Squid, Pam from Calif, Sharon in MD, CarolynC967, pandawoman, Sara R, uato carabau, jimreyn, thered1, where4art, Burned, eaglecries, lmariefrombama, lotlizard, Skid, lasky57, jane123, kaliope, techno, SBandini, Savvy813, KConner, Blu Gal in DE, coal, shiobhan, FightTheFuture, neroden, sodalis, kerplunk, Lisa Lockwood, LithiumCola, Cory Bantic, Rogneid, tc59, bookwoman, doe, Ekaterin, empathy, SocioSam, Arsenic, jct, kkjohnson, Alan Arizona, danger durden, Land of Enchantment, schoolpsyc, RainyDay, Asinus Asinum Fricat, xaxnar, Jim R, CJnyc, Jim P, begone, Mehitabel9, skywriter, SSMir, SoulCatcher, xrepub, occams hatchet, Darcy Burner for Congress, dus7, lilyvaldem, Showman, poco, trashablanca, hlee1169, BachFan, danmac, Thundergod, BalanceSeeker, Nightprowlkitty, New Deal democrat, Do Tell, tarheelblue, Patriot Daily News Clearinghouse, PatsBard, sherlyle, cybersaur, Opakapaka, BlueInARedState, DC Scott, tarantula, Robert Davies, cookseytalbott, martyc35, technomage, RoyT, Samwoman, dougymi, mrobinson, ccmask, Im with Rosey, poichick, Esjaydee, Wary, urbannie, carolita, kck, yojimbo, greenearth, ginja, goodasgold, DarkestHour, MJ via Chicago, aloevera, StrayCat, erratic, Tanya, cRedd, nonnie9999, Rachel in Vista, thomaswilliam, nilocjin, Bob Sackamento, VegasLiberalStevo, pi1304, imabluemerkin, Data Pimp, real world chick, JVolvo, Sagebrush Bob, Hells Bells, CTLiberal, el cid, MarciaJ720, ER Doc, Unitary Moonbat, dirtfarmer, middleagedhousewife, jonboy, Turbonerd, andyfoland, IL clb, samilla, vox humana, CA Nana, profh, rsie, The Disenfranchised Voter, Dianna, va dare, Lovo, cherryXXX69, The Blue State Bandit, kurt, chapel hill guy, AmySmith, jjellin, kurious, bstotts, Snarcalita, Picot verde, duha, Friend of the court, thepdxbikerboy, AltruisticSkeptic, slksfca, AllanTBG, markthshark, Riddle, AntKat, ammasdarling, bigchin, One Pissed Off Liberal, old wobbly, Acee, RagingGurrl, threesmommy, YoyogiBear, out of left field, DorothyT, asilomar, bvljac, Cronesense, wa ma, Loudoun County Dem, byDesign, FWIW, gloriana, moosely2006, rjn17960, westsidegirlygirl, drbloodaxe, 0wn, FishOutofWater, DvCM, Duccio, la urracca, yowsta, david mizner, HeartlandLiberal, noofsh, Thunder Dreamer, blackeyedsusan, NCDem Amy, Jimdotz, shruticounseling, Calvin Jones and the 13th Apostle, sfbob, drchelo, twinpeaks, Unbozo, Democrat, Uwaine, Strabo, bnasley, gatorbot, RosyFinch, todd in salt lake, malharden, 99 Percent Pure, dolphin777, WiddieDawg, jayden, misreal, mauro7inf, quadmom, DemMarineVet, netguyct, Killer of Sacred Cows, thursdays child, bobswern, millwood, Moderation, Bridge Master, jhop7, MadAsHellMaddie, cececville, uciguy30, Sarea, leonard145b, mrbubs, homerun, pwrmac5, cloudbustingkid, sable, Assaf, oxon, alarabi7, Empower Ink, cville townie, gizmo59, rmonroe, Winter Rabbit, JDWolverton, FirstValuesThenIssues, fayeforcure, kkmama, gundyj, seriously70, mconvente, aztecraingod, RickMassimo, weegeeone, califdem, Richard Platypus, Cordwainer, Demo37, OleHippieChick, geez53, Brandon Friedman, LandStander, dave1042, Involuntary Exile, Felix Culpa, Wes Opinion, Cat Servant, demeric, Pragmaticus, thetadelta, Akonitum, Mr Rick, monkeybrainpolitics, fnord warrior, kjboy27, Mind That, Lujane, tofumagoo, Cassandra Waites, toddpw, happymisanthropy, Jake Williams, bluesheep, saildude, gildareed, Thought Crime, TreeGuy, lettuce kucinich, mofembot, Rachel Griffiths, Pogyak, codairem, Gemina13, Horsefeathers, kyril, Abra Crabcakeya, KimD, luckylizard, James Kresnik, mary13L, DixieDishrag, TreeFrog, Uncle Bob, BYw, eddienutzak, oldcurmudgeon, A Man Called Gloom, allie123, dont think, fromma, caps lock on, Robobagpiper, Oxy, HoosierDeb, billybam, dmhlt 66, lgcap, Scubaval, watercarrier4diogenes, Caramel, shortgirl, Reframing the Debate, CIndyCasella, pataphysician, 4km, ryangoesboom, Celtic Merlin, bhagamu, Bule Betawi, multilee, Rhysling, The Totalizer, number nine dream, Mr Tentacle, tunney, OHeyeO, wtxdem, driftwood, Texanomaly, tpabob, two roads, Gene12, litoralis, Steve Everett, hummingbird4015, gdwtch52, Discipline28, banjolele, Carol in San Antonio, CanyonWren, Inky99, Nebraskablue, Norm in Chicago, imchange, dicentra, Partisan Progressive, ScientistSteve, SciVo, Patch Adam, EquationDoc, cjenk415, W Lane Startin, Daily Activist, jmknapp53, wmdrpa, siberia9, beijingbetty, dRefractor, BDsTrinity, Janeite, mama hearts obama, marzook, obiterdictum, Calfacon, TheOpinionGuy, ZilV, Knight Rider, NomDeKos, igwealth5tm, MAORCA, drlevant, synductive99, Septima, Mom in Maine, KenInCO, CityLightsLover, netgui68, audiored, notksanymore, MrDeadeye2U, CurlyQ, mappamundi, maxzj05, WaitingForGodot, ArthurPoet, haremoor, A Voice, FundaMental Transformation, azadmanish, ohmyheck, KS Rose, Essephreak, etara, orangeuglad,