9/30/08- TWD's Agenda for the Day- Mazel Tov Fall Street


Photo from the Kos
Happy Rosh Hashanah Fall Street. You have put us in this position thanks to your avarice and selfishness, and you continue to still work your magic with market manipulation. After being down 700 points yesterday, all of a sudden, you are now up 300 points? Did a magic wand hit you guys on the head last night? It must have.

Or is it something else?

Is it the fact that you know something behind the scenes in this day off of Congress that we don't know? That you feel the bailout package you want instead of what the people want (and need) in this country is going to get created and passed in the next days, huh?

Not once have I heard from any major CEO of any bank out right now demanding that a progressive type bill of putting the proletariat first would suffice. You know the proletariat? Me, you, and the rest in the middle class, along with those who are barely in the middle class, who need this MORE than even the middle class.

Those people who have no homes, no jobs, or no money at the moment, despite actually doing everything right. Or even those who knew they shouldn't have purchased that nice brownstone or that nice front porch view without having enough salary to handle such a place. Did you release a statement on them, Fall Street?

Nope. Not anyone on CNBC, Bloomberg, or Fox Business news. No one at all.

The people in this country, whether they are staying calm or panicking right now, are fed up with what is going right now.

Check key words from Grannydoc's "diary" at the Kos:
Little John Boehner blamed the bruised feelings of his Hot House Flowers for failing to do his job as Minority Leader. John McCain blamed Barack Obama for...something or other. The Democrats blamed Paulson, the President blamed Congress, and the markets blame you.If you step back for a moment it is very difficult to view this whole dust up as any thing more than just another insider game that failed to achieve the desired results. And, it's all your fault.I have been reading every bit of technical information, both here and in the press, as well as monitoring the net and switching between the financial channels on TV. It is clear to me that the very people who drove us into this ditch are now trying to place the blame on everyone but themselves. They made a mess and it's your fault. They are losing money and it's your fault. Their toys are being taken away, and it's your fault. If the mess, driven by greed and stupidity, explodes in their faces, IT WILL BE YOUR FAUL

More proof of the nation's disgust:

And on the particulars, about as many voters said the plan rejected by Congress did "too much" to help major financial institutions that got into trouble as said that the bill did "too little." Nearly half said the failed plan did not do enough to help the broader economy, and more, 61 percent said there was insufficient assistance for the general public.

That the bill did not go far enough to aid the public is a view shared by Democrats (69 percent), independents (59 percent) and Republicans (50 percent) alike.

And Mr.Moulitsas :
So it's time to craft a progressive solution to this problem and ditch the GOP. We have the majorities. Show some leadership. Pass a bailout plan with Democratic support, and then dare Bush to veto it. If things are as dire as he claims, he won't have much of a choice.
Unless this bill TRULY puts the people first before the institution down at the NYSE first, the people will continue to feel miserable and enraged.

And that is nothing to hold a bar mitzva on at all.

The Pending Schedule is in the comments.

Comments

sluggahjells said…
The Agenda
Afternoon
-Sports thread #1- Twins vs White Sox
-Sports Thread #2- NFL Week 4 Review
-Music Thread
-More on Fall Street's manipulation

Night
-Sports Thread #3- Post game recap of the Twins and White Sox.
Anonymous said…
The core concept proposed by Bush is flawed. Call some hearings and ask some economists. Google Sweden 1992 banking crisis. They had good success promptly steering their financial institutions back to safety. Learn the lessons, write a new plan for the Dems, and own it. The tweeking that was done to the Bush proposal resulted in a toothless and weak 100 page bill that tried to bury and hide its weakness from the voters. Rather than condescendingly claiming that the American people didn’t understand (Cf, McSame of Obama at first debate), or that the leadership didn’t explain it well enough, the reality is that if your congressman voted in favor of bailing out the bad actors, she/he/it would lose votes from angry constituents in five weeks at the next election. That is their only "moral hazard" that they can see. The bill that failed would not have prevented one of the 10K per day foreclosures, could have been filibustered until Bush spent all $700B, would only have made some parachutes non-deductible, merely required a report “suggesting” how the taxpayer will be paid back, and allowed the same lobbyists to set prices for their trash that the taxpayers would pay. As a final insult, instead of providing more confidence through transparency, the failed bill would allow Paulson to suspend the mark-to-market rule. This is intellectual dishonesty that will further erode confidence in our banking system. Do a better job on all these issues and allow bankruptcy judges to implement the rewriting of loans, or face the wrath of the voters. I think many voters would accept the temporary governmental ownership of the banking sector as long as the bad guys aren’t seen as maintaining their ability to subvert the programs and continue to rip off the system. Don’t pull another FISA cave.

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