We've seen plenty of credible reports and diaries pointing out why markets have no confidence in the current style of "rescue", where banks and Wall Street get "bailed out" but individuals' home foreclosures continue. It's not just unfair and immoral -- it doesn't stop the bleeding at the source, it just cleans up symptoms.
McCain - in his usual inarticulate, angry way - proposed during last week's Town Hall debate that homeowners should be rescued - should be paying down mortgages for uninflated home values with reasonable fixed interest rates like 5%.
Let's admit that if Obama said this, we'd be thrilled and jump on board! In fact, Obama said the recent bailout bill included this. Then the next day his campaign said it was too expensive and it was all forgotten.
Can anyone explain why $200B is "too expensive" to help homeowners and stop the flood, while 1 trillion is available for Wall Street and banks?
Is the only really sound solution to the financial crisis - the only one aimed at middle class homeowners ripped off by the financial industry's Ponzi schemes - Dead On Arrival simply because it came from the mouth of uncredible idiot McCain?
We have an utterly unique opportunity between now and the day in July that FISA is raised again in the Senate.
Many recent diaries, a damning poll, and strong appearances by Prof. Jonathan Turley on Olbermann's Countdown (links below) all lead to the same conclusion: we - the Democratic base and increasingly the American people - are realizing that the Democrats in power are accessories, colluding with the Bush administration to prevent crimes they participated in from ever being prosecuted.
Turley makes the compelling (some would say obvious) case that Democrats' 'mysterious collapses' on FISA, Iraq, impeachment, even censure - almost every issue - has its roots in what Turley calls criminal collusion. In the guise of "compromise", Democrats are carefully obstructing justice, sparing themselves from subpeonas and prosecution.
In the next 2 weeks we have our best chance - and maybe our last - for a "Mr Smith" moment where someone actually speaks this truth into the record on the Senate and House floor and changes the game.
I have already begun speaking directly with Judiciary Chair John Conyers and his staff about this.
Let's use this forum to help make it happen.
I recently had a phone conversation with House Judiciary Chair John Conyers. I'm including a link to the audio from our conversation below. He was particularly interested in GWU Professor Jonathan Turley's conclusion that the Democrats in the FISA and impeachment cases are evidently guilty of "collusion". Conyers did not dismiss or contradict the allegation. He asked me to forward him references to Turley's argument.
This is a critical time. At this moment, multiple front-page diaries refer to unconstitutional behavior by the Democratic Congress. One refers to Turley's even more damning assessment yesterday - of Democrats' conflicts of interest in their readiness to offer immunity for FISA violations. In both the FISA and impeachment cases, Congressional leaders were silent accessories to the illegal behavior being charged.
It's time to set aside our partisan bias and admit that even Democrats shouldn't be allowed to rule on crimes they have witnessed, kept secret, or committed. Conyers, Wexler or Kucinich - or Senator Obama, whose staff says it is reviewing the new FISA proposal - needs to make that argument publicly in the capitol.