Sep 26 2008
Democrats Need To Compromise
The House GOP is not happy with the current bailout plan, yet Nancy Pelosi and Harry Reid demand majority support from both sides of the aisle. Answer: Dems – start compromising. I have had my doubts about the bailout bill since it was liberal policies which forced banks to make unsafe loans that got us here. But panic is not rational, and we need to avoid a meldown due to panic (also due to Democrat exaggeration).
Here’s the bottom line on tonight’s aborted compromise:\
Though Sen. Chris Dodd implied that Sen. McCain sandbagged the rest of the negotiators by bringing up alternative proposals, McCain himself did not bring up those proposals, according to four independent sources briefed by four different principals inside the meeting, including two Republicans and two Democrats.
“McCain has not attacked the Paulson deal,” said a third Republican who was briefed by McCain direclty. “Unlike the [Democrats] in the [White House] meeting, he didn’t raise his voice or cause a ruckus. He is urging all sides to come together.”
Republicans like John Boehner brought up the concerns of House GOPers and McCain acknowledged hearing about their concerns. And McCain, and staffers, did seek to gauge the level of support of the GOP working group’s white paper. The Democrats were left with the impression that McCain endorsed the GOP efforts, but they concede that he did not raise them directly.
Look, Dems cannot demand political cover from the GOP and then whine they want a voice a the table. There are some polls out showing McCain took a huge leap in support on his move to put country first:
The survey, half conducted before McCain’s announcement Wednesday that he would suspend his campaign to concentrate on the financial crisis and half conducted after the announcement, shows movement in McCain’s favor after his announcement. Before the announcement – which included about half of the total polling sample – Obama led by one point. But McCain led by 5 points in polling completed after his statement about the suspension of his campaign.
What is the most reviled institution in America? The Democrat led Congress. If Obama cannot show leadership with his party, which came out blaming McCain and the GOP in a fit of partisanship, then he is no agent of ‘change’. Â This election may be decided in the next 24 hours.
Why? They hold all the cards.
It’s ashame. McCain had almost turned things around for himself.
House Republicans may have just handed Obama the presidency.
Everyone has to compromise. If we don’t come up with a deal, it won’t matter who the next President is. It won’t matter who’s in the next Congress. It is game over for this country, right here, right now.
The situation is indeed that serious.
a must read in my estimation:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092504311_pf.html
“Second, we need to act quickly. The financial situation is now downright scary. Don’t look at the stock market — that’s not where the problem is. The problem is in the credit markets, which are quickly freezing. I won’t bore you with technical indicators like Libor and Treasury swap spreads, but if you talk to people who work these markets every day, as I have, they report that the money markets are in worse shape than they were last August, or even during the currency crises of 1998.
Banks and big corporations and even money-market funds are hoarding cash, refusing to lend it out for a day or a week or a month. Even the best companies are having trouble floating bonds at reasonable rates. And the shadow banking system — the market in asset-backed securities that ultimately supplies the capital for most home loans, car loans, college loans — is almost completely shut down.
People are so nervous, and there is so much distrust, that all it would take is one more hit to trigger the modern-day equivalent of a nationwide bank run. Financial institutions would fail, part of your savings would be wiped out, jobs would be lost and a lot of economic activity would grind to a halt. Such a debacle would cost us a lot more than $700 billion.”
No. The Democrats do NOT have to compromise. There is a plan on the table supported by Bush and Paulson. Democrats are in the majority. Hail Mary intercepted for touchdown.