Recovering from today’s disgrace

[DeepModem Mom]

CNN: Recovering from today’s disgrace
David Gergen
CNN Senior Political Analyst

The financial markets have sent a clear signal of just how reckless the House of Representatives was today in rejecting the compromise bailout plan — no less than $1.2 trillion in stock values were wiped out in just a few hours. What can be done to get a bill through in the next few days? Here are some initial thoughts:

First, a ton of bricks needs to be dumped on the heads of those who voted against — if they can’t see the light, make them feel the heat. Democrats ought to be ashamed that 95 of their Members voted against; but it is the House Republicans who deserve the greatest blame — a significant majority of Democrats voted in favor of the bill, while conservative Republicans — defying the White House — voted against by over 2-1. I hear that some in the White House think the GOP vote was a disgrace; they are right.

Second, Nancy Pelosi has to remove the sting she created through her speech on the House floor. Republicans now blame her for the defeat, arguing that she was so partisan that some of their “yes” votes flipped and voted no. She may think this charge is unfair but since so much is at stake, she needs to go overboard to clear the air.

Third, the White House and Congressional leaders should count heads to make sure that everyone who voted “yes” today will do so again in a second vote. If the 228-205 margin holds, that means they have to flip at least 12 Members for a second vote. It will be much more difficult to get all of the switches from the Republicans. Solution: put in enough sweeteners so that each side has a bit more and get an agreement between Nancy Pelosi and John Boehner: “I will deliver 6 from my side if you deliver 6 from yours.”

Fourth, Hank Paulson must take another look at the idea at the idea of bankruptcy courts being able to review and help to rewrite private mortgages. How many Democrats would come over to “yes” if that were done? And what can he do to sweeten the pot for at least a half dozen Republicans?

Fifth, Barack Obama and John McCain should now join up with President Bush and the Congressional leadership to give this bill a much more vigorous push. After his ill-fated intervention of last week, McCain turned surly today, blasting Obama — unfairly — for the defeat in the House. That is ridiculous. But it is true that Obama could be a lot more forceful than he has been in working behind the scenes to round up votes. Both men need to show much more leadership here. President Bush obviously has so little clout that he can’t get this done. Obama and McCain should step up to help him — and good grief, avoid trying to claim credit or elbowing the other guy in the eye.

This is big time stuff. Washington isn’t playing with matches here; it is playing with dynamite. For the sake of the country — and for our standing as a world power — we need LEADERSHIP!

http://ac360.blogs.cnn.com/2008/09/29/recovering-from-todays-disgrace/

[lostnotforgotten]

1. David Gergen - Isn't He A Recovering Republican? - Tells You All You Need To Know

eom

[johnaries]

5. If only it were that simple. It's not.

[ixion]

2. Gergen's kind are going to whine like babies

because they're watching their portfolios whither.

So their solution: Destroy the portfolios of their grand children.

Yeah, that makes sense. :grr:

[johnaries]

3. K&R

[Hardrada]

4. Perhaps Gergen is truly an elite vintage but this still WHINE!

[mia]

6. Republicans were "stung" so they took their crayons & crawled

under the House." Cowards.

[LynnTheDem]

7. Gee, sure gotta hate democracy now & then, eh Gergen?

That "bailout" bill was pure total bushit.

Period.

Do it thoughtfully, properly, thoroughly.

Or don't do a damn thing until you do it thoughtfully, properly, thoroughly.

Another headfirst crazed rush into total fuckupdom ain't needed, thanks.

[Speck Tater]

8. Somewhere between Wall Street bankers and Haitians eating mud pies...

is the median standard of living that is sustainable by planet Earth. The Haitians have a long ways UP to go to reach that median, but the average American consumers have a long way DOWN to go before reaching the point of having their truly fair share of the Earth's resources.

Now we're going to find out just how far down that median is. We may not like it, but from the global perspective, it can't get any more fair.

[FirstLight]

15. PROFOUNDLY TRUE

Could you post this as a separate OP? I think we should be looking at/duscussing this.
Our depression-era-1920 counterparts were not nearly as removed from the lifestyle of pionering, agriculture, etc... people knew how to sew, to fix things, how to make bread from scratch...

People NOW? Soooooooroyally fucked.
I guess it works out to my benefit that I have lived rurally for the past 15+ years, but I still have a LONG way to go before I know that pain too, and I am SO cash poor! But I still have SO much at my disposal...
We who live in the "modern world" have no idea how good we have it, and the shakedown may be downright terrifying, but the shakedown will come...peak oil has a part in it too...


thanks for bringing this up!

[DeepModem Mom]

16. I second that, Journalgrrl. And thanks for your post, too. nt

[bhikkhu]

18. As I tell my kids:

We live in the richest country in the world, in the richest age of human history. Even living close to the poverty line we have a level of amazing comforts and conveniences kings of the past could hardly have dreamt of.

So no complaints, and the fear of losing my car or not having a cell phone or having to live in a smaller house, or of not being able to afford to heat my jacuzzi...please. Wall Street is scared? They have things to learn, then.

[Speck Tater]

19. Thanks for the suggestion. I will try to do that tomorrow morning. NT

[MercutioATC]

9. Waaaahhhhhhh!

I could elaborate, but I think that pretty much says it all.

[Poll_Blind]

10. Gergen doesn't have the interestes of the People at heart. At best, his buddies who are now in...

...rapidly-deepening shit.

  I do agree with some of the comments to his article on CNN, though. :)

PB

[Art_from_Ark]

11. Questions for Gergen

Who the hell is going to pay for this?
Who the hell is going to be held accountable for this?
Who the hell votes on a 100+ page bill without thoroughly considering its implications or even reading the damn thing?
Where the hell is DUHbyuh waving his dollar bill saying "It's YOUR money?"

[Eric J in MN]

13. Yes, it would have been "reckless" to vote for a bill they had less than 24 hours to read. NT

NT

[Eric J in MN]

12. Was David Gergen saying before this month...

...that the government should prop up corporations by buying their worst financial products?

If not, I guess the David Gergen who existed from birth until this month is a disgrace to the David Gergen of today.

[On the Road]

14. What I Figure They Might Do To Flip Some Republicans

is include a tax cut for business. That would give enough cover for some Republicans to switch their vote, and a new Democratic president could overturn it.

Anything that doesn't crash everything and send it back to the drawing board.

[bhikkhu]

17. So a 700 billion handout or things get ugly?

I'd vote against any Senator or Congressman that votes for a handout. Simple enough.

And as far as my circumstances, they are about as middle of the road as you can get, I am just sick of the lies and greed and manipulation that have kept the top 1% rich as hell, and the rest of us sputtering along. I am sorry if people have their 401k's and investments at risk, but another 700 billion in handouts won't help anyway, and its probably another set of lies to fleece the last bit of value out of the dollar, and cripple the next few years.

On edit: having listened to Bernanke and Paulson for months of this, they are con men who should be fired and jailed. Take off the blinders- read what they've been saying, and how we've been led into this crap.