Bailout votes an extraordinary risk for members of Congress

[babylonsister]

Bailout votes an extraordinary risk for members of Congress
By David Lightman | McClatchy Newspapers


WASHINGTON — The votes this week in Congress on the massive financial rescue package will be as risky as pre-election votes get.

Five weeks before an election, there's no easy way to know what's politically correct. And though the package is expected to eventually pass, no one can predict whether the margin of approval will be overwhelming or skin-tight.

"Everyone knows something has to be done, but they don't want to take the hit if everything blows up," said Dennis Goldford, professor of politics at Drake University in Des Moines, Iowa.

Lawmakers from both parties this weekend said their e-mail and phone calls have overwhelmingly conveyed the same message: Don't do anything that even hints of a bailout for Wall Street executives.

The deal circulating on Capitol Hill Sunday would seem to address a lot of those concerns, notably by subjecting half the $700 billion to congressional action, and limiting pay for executives at troubled firms.

But here's the dilemma for members who vote for the bill: Will voters back home be convinced this is the best approach, and one crucial to stabilizing the markets? What if the unexpected happens and the financial world takes another in late October? What if layoffs rise and the markets plunge a few days before the election?

"This vote is like asking a patient if he needs...chemotherapy. No one really wants to give it to him, but they suspect the patient will die if he doesn't get it," Goldford said.

more...

http://www.mcclatchydc.com/election2008/story/53193.html

[jmodden]

1. Torches and pitchforks

Hourly workers should not have to pony up money to correct mistakes by the plutocrats of Wall Street.

Masters of the Universe, my ass!!!

Dennis is right (again).

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

I am really steamed!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[babylonsister]

2. What are you steamed at? I don't even understand what has

been agreed to yet. Krugman seems to think it's a plan that could work in the short term and modified after the Dems get in:

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=7233541

[jmodden]

4. BULLSHIT

Except for Dennis and Bernie, they are all in the bag.

They don't give a cold shit about you or me.

[babylonsister]

5. So stamp your feet and wring your hands; that will help. nt

[jmodden]

6. a good rant

is somehow satisfying:argh:

[jmodden]

7. OK - I feel better

The Bills just intercepted and scored.

[tkmorris]

12. Please tell me you're kidding nt

[jmodden]

13. Bills 4-0

The Bills?


Amazing!!!



Denial is comforting.

[peacetalksforall]

3. The little people gave the plutocrats 700 billion to cover the 700 billion the

plutocrats took from little, middle, and some wealthy people.

[TexasObserver]

8. I hope Democratic leaders got firm commitments from Bush and the GOP to openly speak for it.

This bailout is no good for our side UNLESS it is seen by the public as a genuinely bipartisan effort. If the GOP uses this against Democrats in the election, we will have Bush hung around OUR necks.

[jmodden]

9. Comment by McDrool yet?

I can't believe I want to know his opinion.

[TexasObserver]

10. I fear we could still be sucker punched on this.

[jmodden]

11. 28-14

Go Bills!!!!!!

[babylonsister]

18. FWIW, Pelosi's website said there was bipartisan consensus...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4113653&mesg_id=4113653

[TexasObserver]

20. we'll see if McCain supports it, or uses it as a wedge issue

[marshall]

14. I fear Mc Cain will not vote for it and use it as a wedge in the election

Indications are he is not happy with the deal--which of course why would he be because his party is not in control. He'll lay low until the vote is said and done--then point up how Obama voted against "the will of the people" and that's all we'll hear the last week or two before the election.

That's the double edged sword of being the party in power--you can get things done but you also get the anger of those who don't agree. But what else can they do but try to solve this mess and hope for the best?

[TexasObserver]

21. I think that's exactly what he will do. He needs a wedge issue.

[shaniqua6392]

15. My Congressman is sending out emails that he is opposing the bailout.

Republican Thaddeus McCotter in Michigan. I think the Repukes are not going to vote for it and it will be on the heads of all Dems since the public is so opposed to it.

[coalition_unwilling]

16. If Repukes will not vote for it, then Pelosi and Reid have to call their bluff and

pull the bill. It's really that simple. Force the Repukes to commit fratricidal warfare against their own President and admin. Force the Repukes to splinter the Reagan coalition once and for all.

If Pelosi will not or cannot do this, an immediate vote of no confidence needs to be held in her Speakership and Barney Frank made Temporary Speaker of the House until January 20. From what I saw of him, he was mightily pissed at the Repuke brinksmanship and he'll call Repukes' bluff in a heartbeat. Same goes for Reid. Vote him out as Senate Majority Leader and vote in Dodd. He also was mightily pissed.

[babylonsister]

19. Maybe this is a Dem stall tactic, til after the elections? I have no

idea what's going on. Who we gonna believe?:shrug:

[doc03]

17. Why do we have to pay? There are billions of shares of

stock traded each day add a few cents surcharge to each share traded. Tax the hell out of hedge funds and short traders. Take oil out of the speculators hands and let the government negotiate the price we pay for oil. If this thing is passed it will be laid right at the feet of the Democrats since they control Congress. That f-----g McCain will look at the polls and vote the populist line.