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Statement on Congressional Approval of Bailout

Friday 03 October 2008

by: Dean Baker  |  The Center for Economic and Policy Research

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President Bush sought to provoke a financial panic to push legislation for the bailout through Congress. (Artwork: Edvard Munch)

    This is the first time in the history of the United States that the president has sought to provoke a financial panic to get legislation through Congress. While this has proven to be a successful political strategy, it marks yet another low point in American politics.

    It was incredibly irresponsible for President Bush to tell the American people on national television that the country could be facing another Great Depression. By contrast, when we actually were in the Great Depression, President Roosevelt said that, "we have nothing to fear, but fear itself."

    It was even more irresponsible for him to seize on the decline in the stock market five days later as evidence that his bailout was needed for the economy. President Bush must surely understand, as all economists know, that the daily swings in the stock market are driven by mass psychology and have almost nothing to do with the underlying strength in the economy.

    The scare tactics of President Bush, Secretary Paulson and Federal Reserve Board Chairman Bernanke created sufficient panic, so that by the time of the vote, much of the public believed that the defeat of the bailout may actually have had serious consequences for the economy. Millions of people have changed their behavior because of this fear, with many pulling money out of bank and money market accounts, and in other ways adjusting their financial plans.

    This effort to promote panic is especially striking since the country's dire economic situation is almost entirely the result of the Bush Administration's policy failures. First and foremost, the decision of Secretary Paulson and Chairman Bernanke (and previously Alan Greenspan) to ignore the housing bubble, allowed for the growth of an $8 trillion bubble, which is now collapsing.

    It is the collapse of this bubble, which has already destroyed more than $4 trillion in housing wealth, and is likely to destroy another $4 trillion over the next year, that is at the root of the economy's problems. While competent economists were warning of the bubble and the dire consequences of its collapse, the top officials in the Bush administration were celebrating the rise in homeownership rates.

    The Bush administration made the crisis even worse by deregulating Wall Street. This led to the huge over-leveraging of financial institutions, which has vastly complicated the country's economic policies. It is especially disturbing that Secretary Paulson personally profited from these policies, earning hundreds of millions in compensation from Goldman Sachs during his years there as its CEO.

    The collapse of the housing bubble, while falling short of the magnitude of the Great Depression, is likely to lead to the worst recession since World War II. Repairing the damage caused by this bubble will be a long and difficult process. Cleaning up the damage to the political system from President Bush's unprecedented fear campaign may prove to be even more difficult.

  

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Dean Baker is the Co-director of the Center for Economic and Policy Research. CEPR's Jobs Byte is published each month upon release of the Bureau of Labor Statistics' employment report.

Comments

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If it is true that wise men

 Sat, 10/04/2008 - 14:56 — Kashilinus (not verified)
If it is true that wise men across the nation have been advising of forthcoming economic catastrophe, it seems to me that the next president should create an economic advisory board comprised of some of these experts, who would sit once a year and chart a roadmap for the president. Reliance on a treasury secretary and Fed chief has pitfalls, particularly if they are selected from quarters where financial mischief is a daily occurrence. And while he is about it, the President should similarly create a scientific advisory board, to provide sensible guidance on everything, including global warming, military needs, energy, space exploration, etc. Having a single scientific adviser in the White House is sad joke.

Welcome to bizzarro world

 Sat, 10/04/2008 - 15:17 — radline9 (not verified)
Welcome to bizzarro world where all things are done to make things worse and reality is stranger than science fiction. Last week congress passed the Federal Budget and the 850 billion bailout. Added together it comes to over 1.4 trillion. No one talks about the real debt which is now nearing 11.5 trillion (the new debt ceiling). That does not count in the 12 trillion we are going to be paying out to Social Security. Since it is borrowed money, it will not be payed for in our lifetime, except for some miracle of God like the people in congress all of a sudden become honest.

And, "Oh, by the way," we're

 Sat, 10/04/2008 - 16:24 — Sam Thornton (not verified)
And, "Oh, by the way," we're now being told after the fact, "don't expect any effects of the bailout to occur before 12-24 months." It's clear there were two objectives the Bush Administration had with this con job: 1) reward their friends on Wall Street; and 2) drain the Treasury to further cripple non-defense programs they've been railing against for forty years. There actually are effective methods to deal with the problem, starting with temporary nationalization of the banking industry. It's been done successfully in other countries facing the same problems and it may finally come to be the only workable solution for us. The only question, are we too dumb to do it?

Kashilinus, I like your

 Sat, 10/04/2008 - 17:27 — Fenmere (not verified)
Kashilinus, I like your thinking. I wonder if it would help to send that idea to your favorite candidate (or mine), and see if they pick it up.

Hey, it worked before.

 Sat, 10/04/2008 - 17:35 — Anonymous (not verified)
Hey, it worked before. Remember 9/11? Be afraid, be very afraid. Well, it has worked again, and no matter who gets into office, he has already made his first mistake... supporting this bad legislation. Truthout, any way you can publish an easy to read list of who voted for and who against this bailout? Senate and House. I want to tape it to my refrigerator.

The current administration

 Sat, 10/04/2008 - 17:43 — Simply Sue (not verified)
The current administration and all its associated cronies can be likened to a band of cut-throat pirates whose main goal is to rape, pillage and plunder America's abundance and enslave its populace.

This isn't the first time

 Sat, 10/04/2008 - 17:47 — Anonymous (not verified)
This isn't the first time this president has used fear to get the American people to support bad legislation. Look at 9/11 and, among other things, the USA Patriot Act.

So can we impeach him yet?

 Sat, 10/04/2008 - 18:12 — Anonymous (not verified)
So can we impeach him yet? No? I forgot -- no table.

The name that instantly

 Sat, 10/04/2008 - 18:15 — Anonymous (not verified)
The name that instantly springs to my mind in providing "sensible guidance" to protect consumers is Ralph Nader. December 6, 2004, he wrote a letter "In The Public Interest: Sign on the dotted line..." where he specifically addresses the growing trend of one-sided consumer contracts. He concluded then, "Congress and the state legislatures are way behind the curve in protecting consumers here. It is time for citizens to start giving these lawmakers a scorecard for being absent without leave of the voters, thereby leaving them defenseless before these modern day Mammons." http://www.nader.org/interest/120604.html - What does Mr. Nader have to say about the current state of financial affairs? In "Behind The Deregulation Curtain" he writes that the Federal Reserve only took action against subprime lenders three times in the entire period ranging from 2002 to 2007. Does this sound like an agency equipped or inclined to take action now? As Mr. Nader concludes, now is absolutely the time for the public to start regulating the regulators. As our leaders have just screamed out to us, our stake has never been higher. http://www.nader.org/index.php?/archives/2063-Behind-The-Deregulatory-Curtain.html#extended

Kashilinus is right about

 Sat, 10/04/2008 - 18:18 — Joe S (not verified)
Kashilinus is right about having multiple experts, but of course that was in theory what the Cabinet secretaries and the various under-secretaries were supposed to be. Sadly, the sad joke is that when you hire the monkeys to run the Zoo it turns into a disaster. Someone noted here and I remember nothing somewhere else that this budget buster debt (though as long as countries keep loaning us money none can ultimately crush us) will bring Grover Norquist closer to a financially starved and shrunken government which he can drown in a bathtub. I am glad others are noticing this, but I am especially disappointed that it is people like me and Sam Thornton who are saying this since sadly we are A) not columnists and B) preaching to the choir on Truthout. What is amazing to me as a College Professor in a college of Education is that when someone complains about failing schools we denounce teachers as stupid incompetents and ignore structural failures, and yet when our economy tanks we talk about corruption and "structural failures" exclusively and not the secondary reason, the stupid incompetence of these "analysts" and "brokers" who have crappy education and often got their job on the network and not their abilities. I know for a fact that companies like Merril Lynch, JP Morgan etc, literally have no faith in their new hires and thus subject them to a rigorous training program for three months before setting them loose on the economy, or perhaps know that some of their students learned the rules of economics and need to 'retrain' them. Of course, since the companies conducting these courses are themselves violating the rules of basic economics (overleveraging and such) we can assume that they are not teaching their new hires logical, economic principles, but only the get rich quick, damn the consequences version of finance which has brought us to this point.

It is also well worth noting

 Sat, 10/04/2008 - 18:27 — Anonymous (not verified)
It is also well worth noting that Mr. Nader contacted the Senate Committee on Banking, Housing and Urban Affairs, the House Financial Services Committee and the FDIC urging them to pay immediate attention to this issue in July of 2008 when the FDIC appeared ill-equipped to deal with the pending bank failures. The reply he received was, "The banking system in this country remains on a solid footing through the guarantees provided by FDIC insurance. The overwhelming majority of banks in this country are safe and sound and the chances that your own bank could fail are remote. However, if that does happen, the FDIC will be there - as always - to protect your insured deposits." Sheila C. Bair, FDIC chairman. He then made up a list of relevant questions to ascertain the FDIC's readiness to address the crisis. Neither the Senate nor the House responded. "Banking on Congress" http://www.nader.org/index.php?/archives/1924-Banking-on-Congress.html

Not to defend the Repubs,

 Sat, 10/04/2008 - 18:32 — Mike in NYC (not verified)
Not to defend the Repubs, but only a minority of them voted for the bailout in both votes (33% the first time, 46% the second). A majority of Dems (60% the first time, 72% the second) voted to "bail out Wall Street".

Congress under Martial Law

 Sat, 10/04/2008 - 18:33 — Anonymous (not verified)
Congress under Martial Law Rep. Burgess: Congress under Martial Law to pass banker bailout bill. http://www.youtube.com/watch?v=_oxIsniQ9V4 Is this truthout or halftruthout?

It's a fallacy to compare

 Sat, 10/04/2008 - 18:41 — Regina (not verified)
It's a fallacy to compare Bush with FDR, even for contrast. The parallel is with Herbert Hoover -- but Bush makes Hoover look like a statesman. Hoover was only confused by the debacle of 1929-32, and did nothing for the rest of his one and only term, except spout the mantra "a chicken in every pot, a car in every garage." Bush is trying his damnedest to cover his anatomy over the fact that he spent his two terms on shady shenanigans that have now returned us to the conditions of '29, and he wants to avoid the obvious comparison even as it grows. Wait till we get to the parallels with "30 and "31.......

Ah, but therein lies the

 Sat, 10/04/2008 - 19:05 — roncypert (not verified)
Ah, but therein lies the conundrum. What to do when fear is all one has left? Along that line, at the Vice Presidential debate (a bit of a misnomer) the other night Sarah Palin didn't even make it through the first paragraph, maybe not even the first two sentences, before she hit the fear button; and continued to do so with every sentence. As I was writing (actually keyboarding) this, I had an epiphany, delivered by spellcheck. I apparently hit s rather than c in 'Vice' President, which resulted in spellcheck redlining it. At this point I realized that Dick Cheney is the literal definition, in the flesh, of the title. vice vice admiral vice–chancellor vice–consul vice presidency vice president Main Entry: 1vice Pronunciation: \ˈvīs\ Function: noun Etymology: Middle English, from Anglo-French, from Latin vitium fault, vice Date: 14th century 1 a :moral depravity or corruption :wickedness b:a moral fault or failing c:a habitual and usually trivial defect or shortcoming :foible 2:blemish ,defect 3:a physical imperfection, deformity, or taint 4 a often capitalized :a character representing one of the vices in an English morality play b:buffoon ,jester 5:an abnormal behavior pattern in a domestic animal detrimental to its health or usefulness 6:sexual immorality ;especially :prostitution synonyms see fault ,offense vice president vice–chancellor vice–consul vice presidency vice president Main Entry: vice president Function: noun Date: 1540 1:an officer next in rank to a president and usually empowered to serve as president in that officer's absence or disability 2:any of several officers serving as a president's deputies in charge of particular locations or functions

The voting tally: Senators

 Sat, 10/04/2008 - 19:31 — Ralph Ing (not verified)
The voting tally: Senators passed the economic rescue bill by a wide margin, 74-25, a month before the presidential and congressional elections. In the House, leaders were working overtime to sway enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plummeting. Both parties' presidential candidates, Republican John McCain and Democrat Barack Obama, made rare appearances to cast "aye" votes. In the final vote, 40 Democrats, 33 Republicans and independent Sen. Joe Lieberman of Connecticut voted "yes." Nine Democrats, 15 Republicans and independent Sen. Bernie Sanders of Vermont voted "no."Here is a list of the Bailout vote in the Senate. CNN reports these are the Senators who voted No: Allard (R) Barasso (R) Brownback (R) Bunning (R) Cantwell (D) Cochran (R) Crapo (R) DeMint (R) Dole (R) Dorgan (D) Enzi (R) Feingold (D) Inhofe (R) Johnson (D) Landrieu (D) Nelson (FL) (D) Roberts (R) Sanders (I) Sessions (R) Shelby (R) Stabenow (D) Tester (D) Vitter (R) Wicker (R) Wyden (D) How the Senate voted Wednesday on the financial bailout bill (S. Amdt. 5685 to H.R. 1424): Akaka (D-HI), Yea Alexander (R-TN), Yea Allard (R-CO), Nay Barrasso (R-WY), Nay Baucus (D-MT), Yea Bayh (D-IN), Yea Bennett (R-UT), Yea Biden (D-DE), Yea Bingaman (D-NM), Yea Bond (R-MO), Yea Boxer (D-CA), Yea Brown (D-OH), Yea Brownback (R-KS), Nay Bunning (R-KY), Nay Burr (R-NC), Yea Byrd (D-WV), Yea Cantwell (D-WA), Nay Cardin (D-MD), Yea Carper (D-DE), Yea Casey (D-PA), Yea Chambliss (R-GA), Yea Clinton (D-NY), Yea Coburn (R-OK), Yea Cochran (R-MS), Nay Coleman (R-MN), Yea Collins (R-ME), Yea Conrad (D-ND), Yea Corker (R-TN), Yea Cornyn (R-TX), Yea Craig (R-ID), Yea Crapo (R-ID), Nay DeMint (R-SC), Nay Dodd (D-CT), Yea Dole (R-NC), Nay Domenici (R-NM), Yea Dorgan (D-ND), Nay Durbin (D-IL), Yea Ensign (R-NV), Yea Enzi (R-WY), Nay Feingold (D-WI), Nay Feinstein (D-CA), Yea Graham (R-SC), Yea Grassley (R-IA), Yea Gregg (R-NH), Yea Hagel (R-NE), Yea Harkin (D-IA), Yea Hatch (R-UT), Yea Hutchison (R-TX), Yea Inhofe (R-OK), Nay Inouye (D-HI), Yea Isakson (R-GA), Yea Johnson (D-SD), Nay Kennedy (D-MA), Not Voting Kerry (D-MA), Yea Klobuchar (D-MN), Yea Kohl (D-WI), Yea Kyl (R-AZ), Yea Landrieu (D-LA), Nay Lautenberg (D-NJ), Yea Leahy (D-VT), Yea Levin (D-MI), Yea Lieberman (ID-CT), Yea Lincoln (D-AR), Yea Lugar (R-IN), Yea Martinez (R-FL), Yea McCain (R-AZ), Yea McCaskill (D-MO), Yea McConnell (R-KY), Yea Menendez (D-NJ), Yea Mikulski (D-MD), Yea Murkowski (R-AK), Yea Murray (D-WA), Yea Nelson (D-FL), Nay Nelson (D-NE), Yea Obama (D-IL), Yea Pryor (D-AR), Yea Reed (D-RI), Yea Reid (D-NV), Yea Roberts (R-KS), Nay Rockefeller (D-WV), Yea Salazar (D-CO), Yea Sanders (I-VT), Nay Schumer (D-NY), Yea Sessions (R-AL), Nay Shelby (R-AL), Nay Smith (R-OR), Yea Snowe (R-ME), Yea Specter (R-PA), Yea Stabenow (D-MI), Nay Stevens (R-AK), Yea Sununu (R-NH), Yea Tester (D-MT), Nay Thune (R-SD), Yea Vitter (R-LA), Nay Voinovich (R-OH), Yea Warner (R-VA), Yea Webb (D-VA), Yea Whitehouse (D-RI), Yea Wicker (R-MS), Nay Wyden (D-OR), Nay ----------------------------------- The House: --- YEAS 263 --- Abercrombie Ackerman Alexander Allen Andrews Arcuri Baca Bachus Baird Baldwin Barrett (SC) Bean Berkley Berman Berry Biggert Bishop (GA) Bishop (NY) Blunt Boehner Bonner Bono Mack Boozman Boren Boswell Boucher Boustany Boyd (FL) Brady (PA) Brady (TX) Braley (IA) Brown (SC) Brown, Corrine Buchanan Calvert Camp (MI) Campbell (CA) Cannon Cantor Capps Capuano Cardoza Carnahan Carson Castle Clarke Cleaver Clyburn Coble Cohen Cole (OK) Conaway Cooper Costa Cramer Crenshaw Crowley Cubin Cuellar Cummings Davis (AL) Davis (CA) Davis (IL) Davis, Tom DeGette DeLauro Dent Dicks Dingell Donnelly Doyle Dreier Edwards (MD) Edwards (TX) Ehlers Ellison Ellsworth Emanuel Emerson Engel Eshoo Etheridge Everett Fallin Farr Fattah Ferguson Fossella Foster Frank (MA) Frelinghuysen Gerlach Giffords Gilchrest Gonzalez Gordon Granger Green, Al Gutierrez Hall (NY) Hare Harman Hastings (FL) Herger Higgins Hinojosa Hirono Hobson Hoekstra Holt Honda Hooley Hoyer Inglis (SC) Israel Jackson (IL) Jackson-Lee (TX) Johnson, E. B. Kanjorski Kennedy Kildee Kilpatrick Kind King (NY) Kirk Klein (FL) Kline (MN) Knollenberg Kuhl (NY) LaHood Langevin Larsen (WA) Larson (CT) Lee Levin Lewis (CA) Lewis (GA) Lewis (KY) Loebsack Lofgren, Zoe Lowey Lungren, Daniel E. Mahoney (FL) Maloney (NY) Markey Marshall Matsui McCarthy (NY) McCollum (MN) McCrery McGovern McHugh McKeon McNerney McNulty Meek (FL) Meeks (NY) Melancon Miller (NC) Miller, Gary Miller, George Mitchell Mollohan Moore (KS) Moore (WI) Moran (VA) Murphy (CT) Murphy, Patrick Murtha Myrick Nadler Neal (MA) Oberstar Obey Olver Ortiz Pallone Pascrell Pastor Pelosi Perlmutter Peterson (PA) Pickering Pomeroy Porter Price (NC) Pryce (OH) Putnam Radanovich Rahall Ramstad Rangel Regula Reyes Reynolds Richardson Rogers (AL) Rogers (KY) Ros-Lehtinen Ross Ruppersberger Rush Ryan (OH) Ryan (WI) Sarbanes Saxton Schakowsky Schiff Schmidt Schwartz Scott (GA) Sessions Sestak Shadegg Shays Shuster Simpson Sires Skelton Slaughter Smith (TX) Smith (WA) Snyder Solis Souder Space Speier Spratt Sullivan Sutton Tancredo Tanner Tauscher Terry Thompson (CA) Thornberry Tiberi Tierney Towns Tsongas Upton Van Hollen Velázquez Walden (OR) Walsh (NY) Wamp Wasserman Schultz Waters Watson Watt Waxman Weiner Welch (VT) Weldon (FL) Weller Wexler Wilson (NM) Wilson (OH) Wilson (SC) Wolf Woolsey Wu Yarmuth --- NAYS 171 --- Aderholt Akin Altmire Bachmann Barrow Bartlett (MD) Barton (TX) Becerra Bilbray Bilirakis Bishop (UT) Blackburn Blumenauer Boyda (KS) Broun (GA) Brown-Waite, Ginny Burgess Burton (IN) Butterfield Buyer Capito Carney Carter Castor Cazayoux Chabot Chandler Childers Clay Conyers Costello Courtney Culberson Davis (KY) Davis, David Davis, Lincoln Deal (GA) DeFazio Delahunt Diaz-Balart, L. Diaz-Balart, M. Doggett Doolittle Drake Duncan English (PA) Feeney Filner Flake Forbes Fortenberry Foxx Franks (AZ) Gallegly Garrett (NJ) Gillibrand Gingrey Gohmert Goode Goodlatte Graves Green, Gene Grijalva Hall (TX) Hastings (WA) Hayes Heller Hensarling Herseth Sandlin Hill Hinchey Hodes Holden Hulshof Hunter Inslee Issa Jefferson Johnson (GA) Johnson (IL) Johnson, Sam Jones (NC) Jordan Kagen Kaptur Keller King (IA) Kingston Kucinich Lamborn Lampson Latham LaTourette Latta Linder Lipinski LoBiondo Lucas Lynch Mack Manzullo Marchant Matheson McCarthy (CA) McCaul (TX) McCotter McDermott McHenry McIntyre McMorris Rodgers Mica Michaud Miller (FL) Miller (MI) Moran (KS) Murphy, Tim Musgrave Napolitano Neugebauer Nunes Paul Payne Pearce Pence Peterson (MN) Petri Pitts Platts Poe Price (GA) Rehberg Reichert Renzi Rodriguez Rogers (MI) Rohrabacher Roskam Rothman Roybal-Allard Royce Salazar Sali Sánchez, Linda T. Sanchez, Loretta Scalise Scott (VA) Sensenbrenner Serrano Shea-Porter Sherman Shimkus Shuler Smith (NE) Smith (NJ) Stark Stearns Stupak Taylor Thompson (MS) Tiahrt Turner Udall (CO) Udall (NM) Visclosky Walberg Walz (MN) Westmoreland Whitfield (KY) Wittman (VA) Young (AK) Young (FL)

Thank you Fenmere and Joe S.

 Sat, 10/04/2008 - 20:29 — Kashilinus (not verified)
Thank you Fenmere and Joe S. I sent the following letter to Govrenor Bill Richardson: Dear Governor, I want to tell you first that you are still my first choice for President, I believe Barack Obama will do well, and that I do hope you are our next Secretary of State. I am writing to you now because I have no hope of getting a couple of ideas to Obama, but believe that if you think they have merit, you will mention them in your discussions. The events of the past eight years, and particularly in the last few weeks leads me to believe that for America, the age of governing by gut feel, shoot-from-the-hip approaches needs to be superceded by more deliberative methods. It makes little sense that on the subject of economics, the President takes his advice from a Fed Chief and Secretary of Treasury who have their origins in institutions where financial mischief is done every day. Meantime, reading the papers and various blogs, we are aware that in the past numerous wise men in the field of economics predicted what is currently occurring in the financial world. John Galbraith said in a 1960’s lecture that the lessons of 1928-1929 are destined to be forgotten by new generations, and that experience will repeated. Since there are such wise men present among us. It would seem to me that the next President should establish an economics advisory board which would meet annually to road map the economy. It makes no sense to do this by the seat of the pants, as is presently the case, when knowledge abounds to do things right. Also, it makes no sense to give this task to congressional committees, members of which have no more experience than I do, and who are constantly beleaguered by lobbyists. Also, I think the next President should establish a scientific advisory board that would function similarly, and advise the President on what actions should be taken on global warming, energy independence, space exploration, and measures to establish limits on the runaway expenditures in the Pentagon. On the last point, Dwight Eisenhower accurately predicted what will happen if the military-industrial complex is given free rein. A good example of how things go amiss under present methods is the corn-ethanol industry, and the havoc it has caused across the spectrum of food prices. Advisory boards would have considered the consequences. I believe the establishment of advisory boards like these, reporting directly to the President, would immensely strengthen the governance of this country. As it stands, the current crisis confirms that present methods are on shaky ground indeed. Thank you very much for reading this thoughtfully. For myself, I won’t be around for much longer than it takes to pay off a car loan. But I worry about my grand kids and great grandkids. Sincerely,

Interesting how the bankers

 Sat, 10/04/2008 - 20:55 — Mary (not verified)
Interesting how the bankers are now imitating bank robbers, getting away with the cash by using innocent bystanders as body shields.

A noun, a verb, and Great

 Sat, 10/04/2008 - 21:21 — Denali42 (not verified)
A noun, a verb, and Great Depression. It's perfect. They don't even need people harping about it on TV. It sounds so similar that it just plugs right into the part of our brain that reacts to fear. If they did need someone on TV they could just dub "Great Depression." in place of "911".

The bill voted on yesterday

 Sat, 10/04/2008 - 21:23 — Big M (not verified)
The bill voted on yesterday is illegal and unconstitutional. I won't get into long, drawn-out arguments. The author needs to watch his writing a bit, but just read this: http://whatreallyhappened.com/WRHARTICLES/illegalbailout.php

It's been Bush's policy from

 Sat, 10/04/2008 - 22:42 — Hamp Henry (not verified)
It's been Bush's policy from the first to say: We have nothing to offer but fear itself.

The Democratic Party is

 Sat, 10/04/2008 - 23:59 — Anonymous (not verified)
The Democratic Party is Complicit. Other than Kucinich and a few other Dems, the Democrats are not an opposition party, Obama sold out to Wall Street and wants to increase the war in Afghanistan. More Repubs voted against the bailout than for it. Pelosi and Reid are sell-outs. Obama is no progressive. He is better than McCain Palin, but he is far inferior to Nader, McKinney or Kucinich. He is a corporate shill just like Pelosi.

It is a Titanic mentality.

 Sun, 10/05/2008 - 02:24 — Anonymous (not verified)
It is a Titanic mentality. Get everyone in First Class into the life boats and leave the people in steerage to fight it out for themselves. Only in this case the people in First Class and the officers of the ship of state are asking the people in steerage to give up their life jackets and their wallets as well. The behavior of both parties has been disgraceful and neither of the parties deserve my support or my vote.

We had best start to figure

 Sun, 10/05/2008 - 04:28 — number 9 (not verified)
We had best start to figure out how we all will learn how to just get along in what Woody sang was our land not the oil corporations. Then we might get to what John Lennon Imagined. Which our Native Indians lived for centuries as all things in common as the first saints did.

Ralph Ing's tally (earlier)

 Sun, 10/05/2008 - 04:45 — camas_root (not verified)
Ralph Ing's tally (earlier) has one error, that I'm aware of. Senator Maria Cantwell (D-WA) voted NO on the sell-out, along with neighbor Ron Wyden (D-OR). Washington's other senator, Patty Murray (D-WA), perhaps simply more entrenched with the überkapitalists, gave it a YEA.

The truth is there is no

 Sun, 10/05/2008 - 04:57 — Anonymous (not verified)
The truth is there is no difference between these disgusting "political parties". They are the same, and act only to help themselves, like pigs or vampires. Barney Frank wrote the legislation that caused much of this disaster. Chuck Schumer is bailing out his biggest contributors. Bush is a terminal fool. Paulson is still working for his old company. Look at the Wachovia business, where a sound bank like Wells Fargo of Sand Francisco offers to take them over with NO government money, but the FDIC insists on spending OUR MONEY to let a New York bank Citibank do it instead at a cost of 40 BILLION DOLLARS> Good God. It's a total power grab by failing New York businesses and their political dependents. These people are garbage. Get rid of of ALL of them this November, unless they declare martial law first.

Fear is one of the main

 Sun, 10/05/2008 - 07:44 — Anonymous (not verified)
Fear is one of the main tools of the demagogue. We are supposedly an educated and worldly-wise nation, yet we are duped every time. The desire for financial security doth make cowards of us all.

National No Spend Initiative

 Sun, 10/05/2008 - 08:48 — FinanceRevolutionary (not verified)
National No Spend Initiative whah?? This looks like something I can do, feel good about and get some sleep at night knowing I'm getting my revenge National No Spend Initiative http://nospendinit.blogspot.com Let's help this guy be a success. At least I'm going to participate. He allows total copying and distribution as long as the articles are intact. Doesn't ask for a dime and simply wants retribution against the corporate thieves. Excellent read no matter what kind of objections anyone may have. I don't see many who will object, but rather many will embrace that initiative. I know I'll be giving it a whirl straight away!!

Until the robber barons are

 Sun, 10/05/2008 - 19:28 — Anonymous (not verified)
Until the robber barons are personally made to pay for their criminal behavior, there will be no end to this redistribution of the wealth (from the middle class, working class and poor to the rich).