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| BLOG ARCHIVE: SEPTEMBER 16-30, 2008.
BAILOUT PLAN FAILS IN HOUSE, MARKETS CRASH; PLUS OUR USUAL DAILY DOSE OF TRACKING POLLS. WALL STREET BAILOUT. The House rejected the bipartisan $700 billion bailout plan backed by the Congressional Democratic and Republican leadership and the White House by a 205-228 vote. The opposition was also bipartisan, with 95 Democrats and 113 Republicans voting against the plan. The Republican opponents primairily complained the plan was a governmental semi-nationalization of the private sector, while the Democratic opponents generally wanted more help for individuals facing home foreclosure. In the end, the opposition was simply too strong for the centrists who backed the plan. In response to the defeat, Wall Street recorded the largest single-day point drop in history. It was a drop of 778 points (-7%). Business experts predict another giant slide on Tuesday. Plan proponents vow to return with a revised proposal later this week ... if they think they have the votes for passage. The White House, meanwhile, is exploring options for financing the bailout on their own terms exclusively by Presidential executive order. No matter which side you're on, the coming days and weeks look rather bleak for our US economy. P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: US
SENATE. The latest independent polls for the US Senate
match-ups:
SEND A PIN = GET A FREE PLUG HERE. Here's my open offer for every campaign (and campaign supporter): send me a button or pin from the Governor, US Senate, Congressional, Statewide Office campaign you are involved in -- feel free to add a sticker and brochure -- and I'll place a link to official campaign site here on our home page blog in a daily "thank you" note. (FYI: Presidential coattails items always appreciated). My address: Ron Gunzburger, 409 NE 17 Avenue, Fort Lauderdale, Florida 33301. CONGRESS.
Here are the latest independent polls for US House races. HOUSE & SENATE LEADERS OF BOTH PARTIES BACK BAILOUT, BUT OPPOSITION EXISTS IN BOTH PARTIES; PLUS SOME PREZ, US SEN & HOUSE POLLS. WALL
STREET BAILOUT. The House and P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: US
SENATE. The latest independent polls for the US Senate
match-ups:
SEND A PIN = GET A FREE PLUG HERE. Here's my open offer for every campaign (and campaign supporter): send me a button or pin from the Governor, US Senate, Congressional, Statewide Office campaign you are involved in -- feel free to add a sticker and brochure -- and I'll place a link to official campaign site here on our home page blog in a daily "thank you" note. (FYI: Presidential coattails items always appreciated). My address: Ron Gunzburger, 409 NE 17 Avenue, Fort Lauderdale, Florida 33301. CONGRESS.
Here are the latest independent polls for US House races. FIRST OBAMA-McCAIN DEBATE ENDS IN VIRTUAL TIE ... PLUS TWO NEW US SENATE POLLS. P2008.
Here's a new thread so you can keep SEND
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campaign (and campaign supporter): send me a button or pin from
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you are involved in -- feel free to add a sticker and brochure
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coattails items always appreciated). My address: Ron Gunzburger,
409 NE 17 Avenue, Fort Lauderdale, Florida 33301. US
SENATE. The latest independent polls for the US Senate
match-ups: FIRST OBAMA-McCAIN DEBATE; NEW POLLS. P2008.
Friday night saw the first of three Presidential candidate debates
between John McCain and Barack Obama. Unlike the McCain campaign
-- which prematurely launched web ads amusingly declaring McCain
"the debate winner" hours before the debate started
-- I'm not going to offer commentary on the debate. Just this
thread for y'all to comment on it. GOVERNOR.
The new independent polls for the gubernatorial contests: SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): send me a button or pin from
the Governor, US Senate, Congressional, Statewide Office campaign
you are involved in -- feel free to add a sticker and brochure
-- and I'll place a link to official campaign site here on our
home page blog in a daily "thank you" note. (FYI: Presidential
coattails items always appreciated). My address: Ron Gunzburger,
409 NE 17 Avenue, Fort Lauderdale, Florida 33301. US
SENATE. The latest independent polls for the US Senate
match-ups: OBAMA PLAYS LEADING ROLE IN WHITE HOUSE TALKS, McCAIN PLOTTED WITH HOUSE GOP TO SABOTAGE BUSH/PAULSON PLAN; BAILOUT PLAN IN BIG TROUBLE, LOOK FOR VERY NERVOUS MARKETS. WALL
STREET BAILOUT. After a day of optimistic news that both
parties had "fundamental agreement" for Treasury Secretary
Henry Paulson $700 billion bailout plan, the deal fell apart in
bitter arguing during the meeting at the White House called by
President Bush. The President reportedly convened the meeting
at the urging of John McCain. Instead, the meeting backfired on
both Bush and McCain. When the President called on House Speaker
Nancy Pelosi and Senate Majority Leader Harry Reid to set forth
the Democratic plan, they jointly deferred to Barack Obama, who
set forth the Democrats' concerns. One Republican at the meeting
told The Politico that Obama's leading role -- versus
McCain's nearly silent role at the meeting -- was "an ambush"
and the Democrats "did a very good job" of surprising
Bush and McCain. Obama immediately raised concerns that House
Republicans had spent the day secretly plotting with McCain to
sabotage the Bush/Paulson plan. Obama said the Democrats would
not be party to advancing any bailout plan if McCain and the Congressional
Republicans were not solidly behind the plan. Congressman Paul
Ryan (R-WI) -- one of the fiscal hawks who had been crafting the
conservative alternative plan -- confirmed that the House Republicans
had met with McCain during the day as they worked on the rival
plan. House Republicans complained they felt "squeezed"
by the Democrats, Bush, Paulson, and a sizable bipartisan Senate
coalition to back the bailout plan. "This is such a crisis
I’m not going to draw some line in the sand. We can’t
leave without doing something, but we don’t think the votes
are here for Paulson," said Ryan. As the White House meeting
degenerated into bickering, the Democrats walked out to caucus
in the East Room. Paulson ran after the Dems and -- according
to the newspaper -- literally got down on his knees "begging
that they not 'blow up' the [bailout] legislation." P2008. If Barack Obama goes forward with his plan to attend the scheduled debate on Friday night, McCain now has some tough decisions to make. Does he let Obama have a gigantic national TV audience all to himself ... or does he go back on his earlier pledge and instead fly to Mississippi for the debate? And will the topic be switched from foreign policy to the economy, possibly during the debate at the urging of the candidate(s)? Stay tuned. SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): send me a button or pin from
the Governor, US Senate, Congressional, Statewide Office campaign
you are involved in -- feel free to add a sticker and brochure
-- and I'll place a link to official campaign site here on our
home page blog in a daily "thank you" note. (FYI: Presidential
coattails items always appreciated). My address: Ron Gunzburger,
409 NE 17 Avenue, Fort Lauderdale, Florida 33301. US
SENATE. The latest independent polls for the US Senate
match-ups: McCAIN TRIES HAIL MARY "SUSPENSION" TO REVIVE SLUMPING CAMPAIGN; OBAMA SAYS AMERICANS NEED TO HEAR FROM BOTH MEN; PREZ DEBATE COMMISSION SAYS DEBATE GOES FORWARD AS SCHEDULED. P2008.
In a totally unexpected move, John McCain announced Wednesday
afternoon he was suspending his campaign, cancelling all TV ads,
returning to DC to get involved in the Wall Street bailout plan
negotiations, and was demanding a postponement of Friday night's
scheduled debate. "I am calling on the President to convene
a meeting with the leadership from both houses of Congress, including
Senator Obama and myself. It is time for both parties to come
together to solve this problem," said McCain. The announcement
came just hours after McCain initially said he wouldn't return
to SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): send me a button or pin from
the Governor, US Senate, Congressional, Statewide Office campaign
you are involved in -- feel free to add a sticker and brochure
-- and I'll place a link to official campaign site here on our
home page blog in a daily "thank you" note. (FYI: Presidential
coattails items always appreciated). My address: Ron Gunzburger,
409 NE 17 Avenue, Fort Lauderdale, Florida 33301. Today's thanks
go out to: US
SENATE. The latest independent polls for the US Senate
match-ups:
TRILLION DOLLAR BAILOUT PLAN HITS ROADBLOCKS; AND SOME BAILOUT PLAN HUMOR. WALL
STREET BAILOUT. The On a related note, my friend Bob Norman of New Times wrote a great humor piece about "an email that showed up in my email box. I don't know, but I think it sounds sort of suspicious:"
A
VERY SHORT EDITORIAL. No equity stake for US taxpayers
= No bailout deal. And no compromising on this point. RON PAUL DISSES BARR, ENDORSES BALDWIN; NEW POLLS FOR PREZ, US SEN, GOVERNOR, CONGRESS.
P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: US
SENATE. The latest independent polls for the US Senate
match-ups:
GOVERNOR.
The new independent polls for the gubernatorial contests: CONGRESS.
Here are the latest independent polls for US House races. WALL STREET PLUNGES, OIL SKYROCKETS; DEMS PROPOSE BAILOUT ALTERNATIVE PLAN; THE DAILY POLLS; AND RON ENDORSES THE SEMI-NATIONALIZATION OF FAILING INVESTMENT FIRMS AND BANKS. ECONOMY.
The Dow Jones plunged 373 points and oil posted the largest one-day
price hike in history on Monday, as Wall Street anxieties about
the proposed $700 billion bailout grew. Congressional Democrats
demanded several conditions on the P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: US
SENATE. The latest independent polls for the US Senate
match-ups:
SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): GOVERNOR.
Here are the latest independent polls for US House races. AN
EDITORIAL. If Wall Street -- and the Bush Administration
-- want American taxpayers to foot the bill to save their corporations
and banks, then the deal needs to be a two-way street. That means
an equity stake for the US Government in all companies that require
absorption of debts. That also means capping the compensation
for the corporate executives of the companies seeking help. In
fact, let's adopt all five of the very reasonable proposals suggested
by former US Labor Secretary Robert Reich. Click
here to read Reich's proposal. If these greedy corporations
want US taxpayers to pick up a $1 trillion tab for their bad business
decisions -- and leave the companies in stronger shape -- they
need to give something back. Consider this an unqualified endorsement
of the Reich plan (which is pretty darn close to the Chris Dodd
plan). Call it a semi-nationalization of investment companies
and banks, if you like ... I don't care ... but you cannot have
our tax dollars unless we get something back. OBAMA, McCAIN YET TO ENDORSE BAILOUT PLAN, DEM LEADERS BACK AWAY FROM PLAN; VP DEBATE FORMAT PROTECTS PALIN; AND LOTS OF POLLS. ECONOMY.
Barack Obama and John McCain have both, to date, withheld endorsing
the Bush Administration's emergency financial bail-out plan. With
an estimated price tag between $700 billion and $1 trillion --
and with polling data showing the public is skeptical of the proposal
-- both men appear to be waiting until all of the details are
specified before taking a stance. On the other side, Treasury
Secretary Henry Paulson, Senate Banking Committee Chair Chris
Dodd (D-CT) and Senator Banking Committee Ranking Minority Member
Richard Shelby (R-AL) all used nearly identical language the the
United States was possibly "just days from a total financial
meltdown" before this plan was floated. Essentially, they
seem to be warning we stand on the brink of total economic collapse
unless this dramatic action is taken to stop a historic crash
into economic calamity. Without the plan, supporters warn many
of our banks and large corporations will imminently fold. House
Speaker Nancy Pelosi indicated the Democratic leadership was backing
away from their previous announced general support for the Bush
Administration plan. "We will not simply hand over a $700
billion blank check to Wall Street and hope for a better outcome,"
said Pelosi, saying the plan must have tough safeguards to protect
taxpayers and ensure accountability on Wall Street. Senate Judiciary
Committee Chair Pat Leahy (D-VT) promised Congress "will
do something this week. But ... this will be ‘trust but
verify.’ The biggest mistake they can make is holding a
press conference while we’re negotiating to say there’s
going to be a worldwide depression if Congress doesn’t do
exactly what we want them to." P2008. The Presidential debates and Vice Presidential debate will have radically different formats. While the three encounters between John McCain and Barack Obama are going to largely be free-form events with extensive direct exchanges between the two men. The VP debate, however, will be a tightly controlled event. Although McCain says Sarah Palin is prepared to become President, his campaign advisors refused to allow any VP debate with a similar format. They worried Joe Biden is a significantly stronger debater and is more versed on the details on a broad array of issues than is Palin. Instead, the VP debate will feature a structured, moderated Q&A format allowing for only brief answers and follow-ups. P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: US
SENATE. The latest independent polls for the US Senate
match-ups:
SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): send me a button or pin from
the Governor, US Senate, Congressional, Statewide Office campaign
you are involved in -- feel free to add a sticker and brochure
-- and I'll place a link to official campaign site here on our
home page blog in a daily "thank you" note. (FYI: Presidential
coattails items always appreciated). My address: Ron Gunzburger,
409 NE 17 Avenue, Fort Lauderdale, Florida 33301. Today's thanks
go out to: GOVERNOR.
Here are the latest independent polls for US House races. CONGRESS.
Here are the latest independent polls for US House races.
FREE SPEECH ZONE. Enjoy the weekend ... and talk amongst yourselves. SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): send me a button or pin from
the Governor, US Senate, Congressional, Statewide Office campaign
you are involved in -- feel free to add a sticker and brochure
-- and I'll place a link to official campaign site here on our
home page blog in a daily "thank you" note. (FYI: Presidential
coattails items always appreciated). My address: Ron Gunzburger,
409 NE 17 Avenue, Fort Lauderdale, Florida 33301. WALL STREET REBOUNDS ON FED DEBT BAILOUT RUMORS; ... PLUS A WHOPPING 48 NEW POLLS!! ECONOMY.
Wall Street P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: US
SENATE. The latest independent polls for the US Senate
match-ups:
SEND A PIN = GET A FREE PLUG HERE. Here's my open offer for every campaign (and campaign supporter): send me a button or pin from the Governor, US Senate, Congressional, Statewide Office campaign you are involved in -- feel free to add a sticker and brochure -- and I'll place a link to official campaign site here on our home page blog in a daily "thank you" note. (FYI: Presidential coattails items always appreciated). My address: Ron Gunzburger, 409 NE 17 Avenue, Fort Lauderdale, Florida 33301. GOVERNOR.
Here are the latest independent polls for US House races. CONGRESS.
Here are the latest independent polls for US House races. WALL STREET SINKS FURTHER WITH AIG BAILOUT; 13 PREZ POLLS; PLUS SIX SENATE/HOUSE POLLS. ECONOMY. Wall Street crash continued on Wednesday, the day after American taxpayers awoke to find themselves the new co-owners of international insurance giant AIG. The Federal Reserve purchased a controlling interest in AIG for $85 billion of tax dollars. Instead of reassuring international markets, it spurred more panic selling. Investment pros saw the AIG bailout as a sign that thing as so bad the Fed had to step in quickly because much more bad economic news is soon to break. They see the Lehman and AIG collapses as the tip of the iceberg. Short-term federal T-bill rates also dropped to the lowest since the 1950s. All of this is forcing the McCain and Obama campaigns to largely focus solely on the economic issues. P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: US
SENATE. The latest independent polls for the US Senate
match-ups:
SEND A PIN = GET A FREE PLUG HERE. Here's my open offer for every campaign (and campaign supporter): send me a button or pin from the Governor, US Senate, Congressional, Statewide Office campaign you are involved in -- feel free to add a sticker and brochure -- and I'll place a link to official campaign site here on our home page blog in a daily "thank you" note. (FYI: Presidential coattails items always appreciated -- like this 2004 pin from Illinois, pictured above). My address: Ron Gunzburger, 409 NE 17 Avenue, Fort Lauderdale, Florida 33301. CONGRESS.
Here are the latest independent polls for US House races.
FREE SPEECH ZONE. Taking a light, relaxing night ... so just an open thread today. But, I'll also mention the return of this feature ... SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): send me a button or pin from
the Governor, US Senate, Congressional, Statewide Office campaign
you are involved in -- feel free to add a sticker and brochure
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home page blog in a daily "thank you" note. (FYI: Presidential
coattails items always appreciated -- like this 1992 gem from
Arizona, pictured at right) My address: Ron Gunzburger, 409 NE
17 Avenue, Fort Lauderdale, Florida 33301. WALL STREET CRASHES, LEHMAN BANKRUPT, AIG & WaMu IN BIG TROUBLE; 527 GROUP SLAMS McCAIN POW RECORD; NEW POLLS. ECONOMY. Wall Street crashed Monday -- the Dow dropping 500+ points -- for the worst single-day crash since 2001. The crash was spurred by the implosion of financial giant Lehman Brothers, resulting in the largest bankruptcy in US history. Also, Bank of America announced it would buy the ailing Merrill Lynch investment firm ... plus AIG slumped on fears that it can't raise sufficient cash. Washington Mutual is also on shaky ground due to serious housing loan problems, as Standard & Poor's reduced WaMu's debt rating to "junk" status on Monday. Inexplicably, John McCain repeated his standard economy soundbite during a speech on Monday: "The fundamentals of our economy are strong." It prompted a harsh backlash from the Obama campaign. "What economy are you talking about," asked an incredulous Obama. McCain later backed off his statement, claiming he had really been talking about "American workers" as being "the fundamentals" he had referenced.
P2008
- DAILY POLLING UPDATE. Here is our daily update of the
latest independent state polls on the Presidential race: GOVERNOR.
The new independent polls for the gubernatorial contests: US
SENATE. The latest independent polls for the US Senate
match-ups: |
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Senate
leadership from both parties announced early Sunday morning that
an agreement had been reached on the $700 billion bailout plan.
Party leaders posted the specifics of the 106-page bill online
for the public the view for 24 hours before the first floor votes
would be taken. While most indicated the bill had sufficient bipartisan
support to widely pass, there were some skeptics. Congressman
Dennis Kucinich (D-OH), a leftist critic, said he doubted there
were sufficient votes to pass the plan. "If the votes were
there, this would be on the floor. The votes aren’t there,"
said Kucinich. Passage of the plan comes down to a fight between
the opponents of the plan (an odd coalition of those on the left
wing of the Democrats and the right wing of the Republicans) versus
the centrists and leadership who support the plan. Senator Judd
Gregg (R-NH) was openly losing patience with Republican opponents
of the plan. "If we don’t pass it, we shouldn't be
in Congress," Judd snapped at his colleagues. The first votes
could come on Monday. "I’m not sure yet we can sell
it to our conference, but I’m 100 percent sure that this
is the best deal we could get," said House Minority Whip
Roy Blunt (R-MO). Influential Congressman Mike Pence (R-IN) announced
his opposition to the revised plan on Sunday, while Chief Deputy
Minority Whip Eric Cantor (R-VA) remained non-committal. "We
are not ready to say that a deal is done," said Cantor. Most
believe sufficient bipartisan support exists in Congress to pass
the bailout plan this week.
debating
the debate (and other weekend developments) in the White House
race. My take on the Friday debate: Both men did rather well,
but the first encounter will ultimately have little effect on
swing voters.
Additionally,
Politico reported that "the whole sequence of events
confirmed [Paulson]’s fears about the decision by Bush,
at the urging of McCain, to allow presidential politics into what
were already difficult negotiations." While the various factions
-- along with Paulson shuttling between them -- were meeting Thursday
night to start from scratch on rival plans, it is clear there
will be no deal before Friday night's debate. Look for a potentially
calamitous day on the world markets on Friday, as the situation
is very fluid. 
Capitol
Hill -- for the first time in five months -- to get involved in
the negotiations because it would distract from the ongoing bipartisan
discussions. New national polls also showed McCain's numbers continuing
to slip. The announcement just a few hours after Barack Obama
telephoned McCain to suggest the two men issue a joint statement
supporting a bipartisan congressional effort to stabilize our
failing economy. McCain's political gamble seemed to be his panicked
response to Obama's unity call. Obama quickly shot back that the
debate should go forward -- possibly on the topic of the economy
(instead of foreign policy, as planned). "This is exactly
the time when the American people need to hear from the person
will be the next President. It is going to be part of the President's
job to deal with more than one thing at once. It's more important
than ever to present ourselves to the American people," said
Obama. Senate Majority Leader Harry Reid (D) also slammed McCain's
move: "It would not be helpful at this time to have them
come back during these negotiations and risk injecting Presidential
politics into this process or distract important talks about the
future of our nation's economy. We need leadership, not a campaign
photo op. If there were ever a time for both candidates to hold
a debate before the American people about this serious challenge,
it is now." The bipartisan Presidential Debate Commission
said Wednesday evening that the Friday night debate in Mississippi
will go forward as scheduled months ago. That means McCain must
uncomfortably decide between giving Obama a solo national TV appearance
against an empty chair (and with an audience 100 million viewers)
-- or retract his vow that he will not appear at the debate unless
there is a bailout deal finalized before Friday night. FYI: A
SurveyUSA snap national poll taken hours after McCain's announcement
-- conducted for 42 TV stations around the country -- showed only
10% of voters thought the debate should be postponed and just
14% supported McCain's decision to suspend his campaign. In related
news, Senate Majority Whip Dick Durbin and Senate Budget Committee
Chair Kent Conrad said Senate Democrats had reached a very "general,
conceptual -- but fragile -- agreement" with the Bush Administration
on the bailout, according to The Hill. However, the Senators
warned it is a "fragile framework could very easily fall
apart as more specific definitions and details begin to be ironed
out." 
Bush
Administration's Wall Street bailout plan ran into major obstacles
from the left and right during hearings on Capitol Hill. Several
key Republicans -- including Senate Banking Committee member Jim
Bunning (R-KY) -- announced his outright opposition to the bailout
plan, calling it a "socialist" plan. Vice President
Dick Cheney was dispatched to a close door meeting with House
Republicans. When the meeting ended, numerous GOP legislators
told reporters Cheney received a rather hostile response to the
bailout plan. Congressman Spencer Bachus (R-AL) said he had "tremendous
unease" about the bailout plan. Democrats, meanwhile, balked
at Bush Administration resistance to a meaningful oversight board,
to allowing judges to restructure mortgage terms, and -- most
significantly -- to demanding an equity stake for the federal
government in any company seeking a government bailout. House
Speaker Nancy Pelosi (D) also let her Democratic colleagues know
that she will not allow any bailout plan to advance to a House
vote unless there is "significant Republican support"
for the plan. One thing is clear: the chances for the Bush Administration
to secure passage of a "clean" bailout bill on the White
House's terms are now almost zero. Some question whether there
is sufficient support, regardless of any conditions or modifications,
for any Wall Street bailout package. 
RON
PAUL. Former Congressman Bob Barr (Libertarian) managed
to so annoy former Congressman Ron Paul (R-TX) over the past two
weeks that he provoked Paul to endorse a rival candidate on Tuesday.
Paul endorsed fundamentalist minister Chuck Baldwin (Constitution)
for President -- but did so in a statement that blistered his
former ally Barr. In a rather petulant written statement, Paul
explained: "The Libertarian Party Candidate admonished me
for 'remaining neutral' in the presidential race and not stating
whom I will vote for in November ... I’ve thought about
the unsolicited advice from the Libertarian Party candidate, and
he has convinced me to reject my neutral stance in the November
election. I’m supporting Chuck Baldwin, the Constitution
Party candidate." Barr embarrassed Paul two weeks ago when
-- with less than an hour's notice -- Barr withdrew from a planned
Paul press conference in DC which also featured fellow anti-Iraq
War Presidential candidates Baldwin, Cynthia McKinney (Green),
and Ralph Nader (Independent).
SEND
A PIN = GET A FREE PLUG HERE. Here's my open offer for every
campaign (and campaign supporter): send me a button or pin from
the Governor, US Senate, Congressional, Statewide Office campaign
you are involved in -- feel free to add a sticker and brochure
-- and I'll place a link to official campaign site here on our
home page blog in a daily "thank you" note. (FYI: Presidential
coattails items always appreciated -- like this LBJ-Claude Pepper
pin from 1964). My address: Ron Gunzburger, 409 NE 17 Avenue,
Fort Lauderdale, Florida 33301. 
Bush
Administration's proposed bailout plan. They believed the Bush
proposal would largely give Treasury Secretary Henry Paulson a
$700 billion blank check with few conditions, almost zero accountability,
and shifted the entire burden on taxpayers while financially rewarding
mismanaged companies and banks. Senate Banking Committee Chair
Chris Dodd (D-CT) proposed a Democratic alternative plan which
meets all of the key points of the Bush proposal, but demands
that the federal government be given equity interests in the companies
bailed out; the creation of an oversight board that would report
monthly to Congress; limits on compensation for top Wall Street
executives of companies that take part in the bailout; and allow
federal bankruptcy judges to restructure mortgages to enable homeowners
to avoid foreclosure. House Democrats proposed a similar plan,
but the differing details may doom passage of any bailout plan
in the remaining few days before Congress adjourns in two weeks
for the election season. The Bush Administration appears to oppose
some of these conditions, calling instead for Congress to pass
a "clean" bill limited to the outline set forth by the
White House. The chance of a clean bill passing Congress appear
to be nearly zero. On top of this, fiscal conservative Congressional
Republicans like Senator Richard Shelby (R-AL), Congressman Mike
Pence (R-IN) and others are also raising serious concerns about
the Bush bailout plan. Shelby -- the ranking Republican on the
Senate Banking Committee -- said he will not be rushed by the
White House into making snap decisions on a questionable trillion-dollar
Wall Street bailout. Initial independent polls show less than
a third of all voters support the bailout plan, even if the US
is purportedly on the brink of an imminent economic collapse.
MINNESOTA
(Minneapolis Star-Tribune): US Senator Norm Coleman (R) - 48%,
humorist Al Franken (D) - 47%, former US Senator Dean Barkley
(IP) - 3%.
send
me a button or pin from the Governor, US Senate, Congressional,
Statewide Office campaign you are involved in -- feel free to
add a sticker and brochure -- and I'll place a link to official
campaign site here on our home page blog in a daily "thank
you" note. (FYI: Presidential coattails items always appreciated).
My address: Ron Gunzburger, 409 NE 17 Avenue, Fort Lauderdale,
Florida 33301.
Stay
tuned to see what happens next.
rebounded
410 points on Thursday -- all in the closing hour of trading --
on rumors that the Bush Administration was planning to announce
the creation of a new federal agency which would take bad loans
off bank balance sheets. The details are still unclear, but CNN
reported that President Bush, Treasurer Secretary Henry Paulson,
Federal Reserve Chair Ben Bernanke and SEC Chair Christopher Cox
met during the afternoon to discuss some kind of long-term solution
to the deepening economic problems. On Thursday evening, Paulson
met with congressional leaders to discuss the plan -- but told
them it would require quick legislative action to bring it about.
House Financial Services Committee Chair Barney Frank (D) told
The Politico that he could support a "one-time intervention"
by the federal government, so long as the buying authority of
the new agency could be capped both in terms of dollars and timing.
House Speaker Nancy Pelosi promised quick congressional action.
"I’ve been in the Senate for 28 years, Congress [for]
34, [and] there has never been a moment as serious as this one,"
said Senate Banking Committee Chair Chris Dodd (D). John McCain
also quickly signaled his tentative support for the bailout plan
-- but said he'll fire Cox if he becomes President. Obama had
a different response: "For eight years, Bush-McCain economic
policies have favored reckless deregulation and huge tax loopholes
for big corporations. Now, as these corporations crumble, American
taxpayers are facing costly bailouts. More of the same failed
ideas are not going to solve our economic problems." Earlier
in the day, the House GOP Leadership demanded that the Bush Administration
send top officials over to meet with them to bring them up to
speed on the White House's reasoning on the AIG bailout and the
refusal to bailout Lehman Brothers. In response, the White House
snubbed Minority Leader John Boehner (R) and his colleagues by
not sending any Administration representative to the meeting.
"There has been a lack of communication," complained
Boehner. By late evening, Boehner sounded as if he supports the
new bailout proposal despite his earlier complaints.
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