What’s Going On: Evening News Roundup
Posted on September 25th, 2008 by ecthompson
Here’s the Thursday evening news roundup:
- If you’ve been following the $700 billion White House proposal to bail out Wall Street, you have seen the world’s best E-ticket ride. Around noon (Eastern Standard Time), some of the networks were reporting that an agreement was imminent. An hour or two later, the networks were talking with congressional Republicans who weren’t at all happy with a $700 billion bailout. Late this afternoon, congressional leaders met with President Bush and the two presidential candidates — Barack Obama and John McCain. This huge presidential pow wow was supposed to yield a deal. Nothing.
Senator Richard Shelby, a Republican from Alabama, opposed the bailout and mentioned a letter written by leading economists stating that we may be jumping the gun. I find it interesting that Republicans are starting to listen to academics. When the academics said that tax cuts weren’t necessary and would probably hurt the economy, the Republicans didn’t listen at all.
- One of the most intriguing developments within the last hour or so is that Senator Chris Dodd, a Democrat from Connecticut and Chairman of the Senate Banking Committee, told reporters that John McCain floated a previously unheard-of proposal. It appears that some Republicans have signed on to this possible legislation. As far as I know, the contents of this proposal have not been printed anywhere.
- Representative Eric Cantor, a Republican from Virginia, has led a group of conservative Republicans in a proposition for governmental insurance of securities purchased by private companies. This proposal does nothing to change the culture of greed on Wall Street. Plus, it causes the U.S. government to enter the insurance business. I’m not exactly sure how this would work. I’m going to have to read some more details on this one.
- On previous blog entries, I’ve mentioned that Pakistan shot at American forces. Well, this trend seems to be continuing. American forces are crossing the Afghan-Pakistan border in search of members of Al Qaeda or the Taliban. Pakistan has stated in no uncertain terms that this is a violation of their sovereignty. This is starting to get uglier.
- So is Friday night’s debate between John McCain and Barack Obama– on or off?
- Louisiana State Representative John LaBruzzo floated a proposal to pay poor women to get sterilized and pay rich women to have more kids. This lawmaker, not surprisingly, is from the same district as the White Supremacist David Duke.
- I wonder if George Steinbrenner is kicking himself right now. The Yankees owner fired longtime Yankee manager Joe Torre who was immediately hired by the Los Angeles Dodgers. The Dodgers haven’t participated in the post-season over the last five or six years. For the first time, an extremely long time, the Yankees have not made the playoffs. The Los Angeles Dodgers have made the playoffs and won the West. Joe Torre knows how to manage.
“I’ve mentioned that Pakistan has shot at American forces, before on this round up. Well, this trend seems to be continuing. American forces are crossing the Afghan-Pakistan border looking for members of Al Qaeda or the Taliban. Pakistan has said in no uncertain terms that this is a violation of their sovereignty. This is starting to get uglier.”
“We gotta git ‘em over there so they don’t git us over here.” Are we ever going to get sick of this? How long will the terrorism yarn work for these guys, anyway? Is there no limit to Americans’ gullibility?
Can’t everyone see by now that the U.S. has embarked on the conquest of Eurasia?
Re our reason for invading (yes, invading) our “ally” Pakistan, do The Powers That Be really expect us to believe that seven years after 9/11 Osama, scion of one of the world’s wealthiest families, still sits in his cave, his aging, very tired rear end cradled by rocks? And that despite all our resources, we still can’t find him? Does any of this make any sense to anyone here? It sure makes none to me. More likely Osama is dead . Or he lives spendorously in some villa thousands of miles from there with his CIA payments turning up right on time.
People, please face it. We’ve been had, over & over again. And the Wall Street bailout is just the latest arrival from The Screwjob-of-the-Month Club.
Jeff -
I love it. Say that you think!!
Thanks for your comments.
My husband found your website while looking for something else. I stumbled upon your June 2008 entry “I’m Happy But…” and it completed articulated the mild duress I’ve been experiencing. My company ’s continuous re-org (we’ve had lay-offs all year), the political situation in general, global warming, etc. all create a fuzzy, background noise type anxiety. Today I thought about how I felt extra depressed after the debate. It really upset me that McCain was so vitriolic and derisive toward Obama. Actually it really PISSED me off. I started thinking how nice it would be to have a president to be proud of and to be an admired country in the global community again.
To be sure, I am grateful that DH and I have fairly secure jobs, generous health benefits and caring, supportive friends. However, after reading your thoughtful, well-written post I realized I wasn’t alone in feeling semi-depressed all summer! THANKS.
Georgia -
Thanks for your comments. I just try to tell it like I see it. I appreciate that I have touched a thought, a feeling or a nerve.
Thanks again for your comment.
I’ll have another major post on supply side econ, I think that you’ll like it.
E