What's at stake if there IS a bailout on Wall Street....
"For the average American, this is what they will experience. The price of food and oil are going to skyrocket due to hyperinflation. The only way they can possibly pay for all these bailouts is to inflate the money supply. This means hyperinflation in America like you had in Germany in the 1920s. This is what the average American will experience: destitution, poverty, social unrest due to flagrant bank mismanagement - and it could have been avoided. But unfortunately the banks in the USA are run by greedy, insane private marketeers and this is the result." Link
Quite optimistic, huh? Oh hell....what does this guy know anyway?
Anyway, that's one prediction based on Congressional and Presidential powers coming together and actually passing some modified rescue plan.
But....maybe nothing will be passed.
House Republicans, like John Boner(sic), fully aware of the severe ass-kicking the Republicans will receive on election day 2008, are looking around for ANYTHING in this economic crisis to help distance themselves from Mr 24%.
Maverick Caped Crusader McCain, also fully aware that his 72 year old ass is falling behind in his race with Barack Obama, comes up with an idea to save the GOP's bacon...
Presidential spokesperson Dana Perino on this afternoon's high-profile White House meeting among Bush, McCain and Obama: "Sen. McCain is the one who called for the meeting, and we thought it was a good idea." Link
At that Caped Crusader called meeting, how did Maverick-Man help?
McCain vaguely brought up the proposal being pushed by the Republican Study Committee, the group of House conservatives that is bucking the GOP leadership. But McCain didn't offer any specifics and didn't necessarily advocate for the plan, according to the Hill source.
Responding to McCain, Treasury Secretary Paulson said that the RSC proposal was unworkable,
A consensus had been reached before the Caped Crusader flew in to muck stuff up.....prompting those who had been working hard on the economic bailout program to say stuff like this...
"It sounds like Sen. McCain has sided with the House Republicans who want to start with a completely different approach," Rep. Henry Waxman (D-CA) told Reuters later, after being briefed on the meeting.
Waxman thinks McCain came into the process, not to corral consensus, but to gum the entire negotiation process up.....here's yesterday's, no doubt Rovian, GOP talking point....
As The Hill reports, Rep. Spencer Bachus (R-AL), the ranking Republican on the House Financial Services Committee, presaged the day's events when he told reporters that he'd had breakfast with McCain's advisers on Wednesday morning and talked by phone with McCain Wednesday night:
"We would prefer a loan or supplying insurance," Bachus told reporters. "These are the ideas Sen. McCain tried to maximize. He feels strongly we have to design a program where taxpayers won't lose."Link
So....the Caped Maverick McCain soared into Washington in order to throw a new monkey wrench into already agreed upon principles of a negotiation. At about 4PM yesterday, in the BIG meeting McCain had asked for, here's what took place...
...once the doors closed, the smooth-talking House Republican leader, John A. Boner(sic) of Ohio, surprised many in the room by declaring that his caucus could not support the plan to allow the government to buy distressed mortgage assets from ailing financial companies.
The talks broke up in angry recriminations, according to accounts provided by a participant and others who were briefed on the session,...
Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.
She went on: “It’s not me blowing this up, it’s the Republicans.”
Mr. Paulson sighed. “I know. I know.” Link
Maverick-men get results don't they? The results are rarely beneficial, but they are, indeed, results.
For 8 years Americans have been jerked around by chains of deception, misdirection and propaganda. So much so, that now Mr Decider Leader is down to 24% approval. The 2008 GOP presidential nominee, trailing in the polls to Obama, causes a big ruckus, emergency "suspension" of our senses scam, spreads his huge Cape, and flies into Washington to save the day....which in turn, wound up clusterf*cking the near-completed negotiation.
Nothing shouts "MORE OF THE SAME" quite like what John McCain has done the last 2 days.
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