RSSWhy Americans Question Congress and their Commitment to “We the People” … Catastrophic Economic Crisis … Day Off
A question to “We the People:” How many of you would leave and take a day off or take a holiday if the plumbing in your home was bursting and causing water to spill over on to your electric outlets and starting electrical shorts and fires within your home and in turn potentially spreading the fire to your neighbors home? Yeah, that’s what I thought. This is why many people have asked what politicians do because its certainly not the work of the people.
We are told that we are on the brink of financial Armageddon by The White House and members of the Congress and Senate. If we do not act soon the markets will fail, our economy will fall into a black hole and locust will spread over the land. According to the powers that be in Washington, DC we are told that we are on the brink of financial disaster the likes that have not been seen since The Great Depression. A fast bail out remedy is needed or else, gloom and doom for all. However, with all the rhetoric of financial calamity, why is Congress not taking the “bail out” deal as serious as they should?
Kathryn Jean Lopez of The Corner nails it it her short but dead on analysis of the Bail Out crisis and our lawmakers, “Can You Blame Americans If They Wonder?”
We’re on the verge of financial meltdown, but Congress can afford to take a day or two off? I understand that it’s a major religious holiday for some members, but this is an “emergency.”
Why is Congress asking “We the People” to do extraordinary things when they are not themselves? “We the People” are supposed to stomach a $700 billion socialist buy out program, yet Congress cannot work through a religious holiday? I think we begin to see the disconnect between politicians and the hard working people. In the end the people do not want a quick fix, they want a proper fix.
In times of emergency and crisis, are not exceptions supposed to be made where people forgo their vacation or holiday in order to do the greater good of “We the People”?
Financial Fears Mount as Congress Heads for Holiday
It is difficult to believe, but on the day after the disaster, the doors of political process in Washington are closed and will only be opened for business again on Thursday. And even as Rosh Hashana traditionally marks a period of limited trading on Wall Street, it isn’t just those in the financial world who will be looking in vain to Washington for some sort of political leadership amid the market storm.
“It is understandable that some in Congress won’t come to work (on Tuesday),” political analyst and former presidential advisor David Gergen said on CNN on Monday evening. “But entire delegations?” Someone, he said, has to hold onto the reins “to avoid a total panic.”
Instead, the markets are on their own. And just what the next act in the ongoing drama might look like became clear when the markets in Asia and Europe opened their doors on Tuesday.
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39 Responses to “Why Americans Question Congress and their Commitment to “We the People” … Catastrophic Economic Crisis … Day Off”
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We the people occassionally have to work on holidays, but I guess it is above their pay grade.
If you listen to statements made by the people we have elected to run our government – Democrats and Republicans alike – it makes you wonder how they got there. Is this the best America has to offer? What has happened to the Ben Franklins, Thomas Edisons, and Einsteins in our society – why can’t we get people like them to serve in government?
The Jewish holiday is only part of the picture.
Congress is chafing at the bit to get out of town so its members can go back home and campaign for re-election (their real interest).
And as one congressman said, the bailout bill was just too controversial to vote for.
After all, we can’t expect them to make tough decisions, can we? Since all politics today seems to be essentially tailored to television campaign ads, and raising money for them, imagine casting a vote that could be attacked in a sound-bite forum.
Some people might argue that Congress exists specifically to do the nation’s work and what is necessary, but that would be old-fashioned.
I wish we could organize mass walkouts from every incumbent’s campaign appearance … just leave them talking into a microphone and to the media.
Maybe we need a cooling off period.
These issues are too important to make emotional decisions and take rash action.
Cooler heads will prevail.
People are still working behind the scenes.
Tomorrow will look brighter…
The news will be all about the VP debate and NOT “the sky is falling”.
ROSH HASHANA, today’s holiday, literally means
= days of beginning.
It is not coincidental that Rosh Hashana falls right in the middle of this current crisis. For those who pray, pray for a new beginning, a new hope. Our country needs to remember its “days of beginning” and be thankful and humble.
And our land will be healed.
Why should Americans trust anything Congress tells us? The large majority of our elected officials have proven themselves to be liars. They have shown time and time again to be completely self serving and unethical. We
can’t even trust our presidential candidates to tell the truth during their campaigns. Why on earth should we trust these people with our tax dollars? I say we let our feelings be known come election day and vote down all incumbents in DC that have proven themselves unworthy of public trust! Vote them out!!!
I agree with this editorial from Time:
LET RISK TAKING FINANCIAL INSTITUTIONS FAIL
http://www.time.com/time/business/article/0,8599,1845209,00.html?cnn=yes
I have 0 faith in Congress or any of our leaders. I think they are all bought and paid for.It does not matter who we elect because all “PAC’S” put money on all sides of the isle to hedge there bets.Our government is broke,our Rich Congress can retire today and live a nice life.We are F***ed. Game over!
Maybe Congress doesn’t trust much of what Bush says, besides, if we are heading toward financial Armageddon, what good is our money going to do?
I agree with Congress, time is on our side. Bush has yelled wolf way too many times for us to give him another $700 billion on top of everything else he’s taken from us. Maybe we need an investigation into him, too. I mean, ever since he came to office, there’s been one thing after another.
If the Europeans are so worried about their banks, let them pay the $700,000,000,000 to bail the crooks out. It’s unbelievable what people will do for money or the fear of losing it. Bush needs to come clean, just as all the other crooks in Washington and stop playing games with the American taxpayer’s money. Mc Cain called it our ‘credits’ and maybe he was trying to formulate a thought in his mind on how to get the taxpayers out of such a mess. But even tax credits wouldn’t do the trick if we hand over that much money because of a ‘wolf’ story.
And don’t think for one minute that if we hand over Seven-Hundred BILLION dollars that our taxes wouldn’t go up. Think about it. This isn’t Armageddon, this is George W. Bush, Jr. building his own ‘trust’ fund.
Sorry, George, we don’t trust ya no more!
I am so glad to hear that when everyone else NEEDS to be at work…they are there. Football players, Lawyers, Nurses, Doctors, Policemen, Firemen, Government Employees, the Self-Employeed and the McDonald’s worker. But to see that CONGRESS HAD to SHUT DOWN BECAUSE OF A JEWISH HOLIDAY. I AM NOT TRYING TO PREVENT ANYONE from practicing their religion, but ALL OF CONGRESS IS JEWISH? I think not and the ones that are not of this faith…Why aren’t they working on a REVISED Package Bailout Plan? They don’t stop the Surgery so that the Doctor can go out a pray for 3 days? Do they? I didn’t think so!
OMG…I am a Dept of Defense employee who had to work the 3 days that the Federal Government shut down in 1995 because CONGRESS could not seem to pass the Budget. I was identified as “Essential” ..me the clerk who opened the mail and greeted visitors. If I had to work because I was deemed “Essential” what does that make CONGRESS?
For those that are NOT Jewish or practicing Judaism, get your sorry butt back to work and keep moving towards a solution.
BTW…I am glad that the Bailout package presented on Monday did NOT pass. Why you ask? Well it included the U.S. Taxpayers also paying for more than just the AIG bailout. The hidden package was the Federal Government was to ENSURE THAT THE AUTOWORKERS UNION PENSION, CITY, COUNTY AND STATE PENSIONS WERE COVERED IN THE BAILOUT. Read your policies that is included in your investment packages. The Securities Investor Protection Corporation (SPIC) protects customer assets up to $500K per customer. If you have more than $500K in equity, then a % is covered through the Consumer Asset Protection Company. This helps protect you from the potential insolvency of brokerage firms that are STUPID.
David R.
Couldn’t have said it better…
Thank you!
Richard,
“Some people might argue that Congress exists specifically to do the nation’s work and what is necessary, but that would be old-fashioned.
I wish we could organize mass walkouts from every incumbent’s campaign appearance … just leave them talking into a microphone and to the media.”
I see it in my mind…so now let it become reality!
Thanks that made my day!
Is this anything like or is it similiar to “Ferris Bueller’s Day Off”??
Where’s Carpe???
I’m amazed that some people call it ‘socialistic’ when a few basic restrictions are set to bankers and the financial world to protect us from their irresponsible behaviour and greed.
I’m glad that most western (and asian f.i. japan) nations have these restrictions. I feel much saver when commercial banks can’t blow up the whole financial infrastructure by lending way to much money to people who can’t ever pay it back.
I don’t have the feeling that I life in a socialistic state!?!
Yesterday I heard an economist on the BBC say that a crash like the one in ’29 could happen again if no solution is found soon… I much rater have a few restrictions for banks than an other MAJOR, decade-long worldwide crash!!!
It’s like calling the fire department when your house is on fire and they say.. wait till tomorrow, we are observing Christmas..
Nancy Pelosi wouldn’t even make a good mayor of a small town.
Ad by John McCain.. Bill Clinton sticks it to the Democrats..
http://www.youtube.com/watch?v=r2RZ0sUcVcE
EuroRobert.. I heard on the news a few ago,,there will be a bill voted on tomorrow, by the Senate..
Maggie,
Hear that as well on CNN as I read your post!
I don’t know if the $700 billion plan is the best solution (there are a lot off people who say it isn’t; guess there are better options as well) but something indeed has to be done very soon!
I’m off to bed now; hope I can catch some sleep in these turbulent times ………………………………….
(The only exciting thing here is that we witness some truly historic events…)
How does anyone sleep…scary as hell…!!!
There seems to be proof now that the Democrats purposefully allowed the bailout (they can call it anything they want but we all know what it really is) to fail.
and of course Botox Nan ain’t allowing anyone to talk about how this really happened because the truth might come out! Look at them brag like they were in middle school – but yet we are suppose to believe this is an epic crisis.
Yep, Maggie, that was a smart ad by McCain and one that he should play every day until the election. It was also smart of Billy because he can now deny the stink that happened during his administration.
Let the Jewish people take the day off if they must (after all we don’t want McCain blamed for not allowing them to go to synagogue. – there can’t be that many that would be missing.
People need to work like the devil to get the truth out about what the Dems are saying versus what real history is. I encourage everyone to also read Rush Limbaugh’s transcript today.
The following article is interesting, or at least I find it so … clearly, none of us knows what exactly this bailout package, or any bailout package, will do.
Whatever may finally be decided on will then result in other measures. There’s simply no way to foresee how everything will play out … and sorry, but there is no magic wand to wave ….
But according to this article, the American people are so disenchanted with all branches of government that the prevailing spirit is DISTRUST.
The Bailout Defeat: A Political Credibility Crisis
By MICHAEL SCHERER/WASHINGTON
Time.com
There was a lack of trust, a loss of confidence, a popular revolt.
Nearly every major political leader in the U.S. supported the $700 billion financial-bailout bill. The President. The Vice President. The Treasury Secretary. The Chairman of the Federal Reserve. The Chairman of the Securities and Exchange Commission. The Democratic and Republican nominees for President. The Democratic and Republican leadership of the House and Senate. All of them said the same thing: vote yes.
But a majority of those politicians anointed by the Constitution to reflect the will of the people voted no. This is a remarkable event, the culmination of a historic sense of betrayal that Americans have long felt for their representatives in Washington. The nation’s credit crisis on Monday exposed a much deeper and more fundamental problem: a crisis of political credibility that now threatens to harm our nation further, should the markets freeze up and more companies begin to fail, as many experts predict.
The problem has been growing for years. Roughly 28% of Americans approve of President Bush. Roughly 18% of Americans approve of Congress. Now those low numbers and majority of bad feelings have manifested themselves in the starkest of terms.
Asked to take a leap of faith regarding a dizzyingly complex problem, a critical mass of voters refused to trust their leaders, turning down the medicine that was offered. And so the politicians who are most exposed to popular whims have run for cover. With an election on the horizon, 95 House Democrats and 133 House Republicans opposed the bill. Some portion voted no for clearly ideological reasons. But many more were simply doing what politicians do – responding to the will of the people.
An analysis by statistician Nate Silver, who runs FiveThirtyEight.com, made this clear. Of the 38 incumbent members of Congress from both parties who are considered vulnerable in the coming election, 30 voted against the bill (eight supported it). By contrast, members of Congress from relatively safe districts were evenly divided – 197 for it to 198 against it.
“What this showed more than anything else was that not even members of Congress can ignore a switchboard system of Capitol Hill that is so totally jammed,” said Peter Sepp, a conservative opponent of the bill with the National Taxpayers Alliance.
If the experts are right, the nation now risks great financial hardship, because there was no one to stand up and explain the situation. The Dow Jones industrial average dropped 778 points on the news. Treasury Secretary Hank Paulson warned Monday afternoon that car loans and student loans were likely to tighten. Other economists have warned of the possibility of widespread corporate failures and unemployment, if the short-term credit markets freeze up. Bank failures, or mergers, are likely to continue. The taxpayer costs of federal insurance on deposits could increase.
In a worst-case scenario, economic historians may find that all of Paulson’s predictions come true, leaving the cost to the Federal Government far greater than the risky $700 billion investment in the private sector. If this comes to pass, the historians will find many people to blame: Paulson and President Bush for failing to explain the plan better. The House leadership for failing to whip enough votes. Even the presidential candidates for failing to use their bully pulpit to force the issue.
But those historians should not forget that roots of the failure predate the vote on Monday, and even the mistakes of Wall Street. YEARS AGO, THE TRUST BETWEEN THE PEOPLE AND THEIR POLITICIANS WAS BROKEN. CREDIBILITY WAS LOST. THE RESERVE OF GOODWILL WAS BANKRUPT. (Emphasis provided by Richard.) And when they needed it most, our nation’s leaders found that they had squandered their ability to exert influence over the people who chose them to lead.
EU Robert … I had some financial dealings at my bank today, and picked up there a press release, dated October 4, 2008, from Global Finance.
It names the world’s safest banks (according to its ranking, anyway). Of the top ten, which it called the “World’s Safest Banks,” number two was a Dutch bank (Bank Nederlandse Gemeenten, or BNG). Number four was also Dutch … Rabobank).
So if you’re looking for a good place to stash your cash, consider them.
Three of the top banks were German, and the number one bank was French … Groupe Caisse des Depots, or CDC. French bank BNP Paribas ranked number seven.
There were also a British and a Belgian bank.
The only American bank to make the top ten list was Wells Fargo.
Sorry … the date of the press release was September 4, not October 4.
The press release also said that there will be an awards ceremony for those banks in Washington on October 13 to coincide with the World Bank/International Monetary Fund annual meeting.
Someone posted this at Greta’s blog from Michelle Malkin.. Republicans are the ones who wanted tax cuts in the package.. Not sure what the total price of this bill is now though.. I am sure it’s over 700 billion..
Senate leaders have scheduled a vote for Wednesday on the $700 billion Wall Street rescue plan rejected by the House.
Majority Leader Harry Reid and GOP Leader Mitch McConnell say, however, that they’re going to add a tax cut package already rejected by the House on Monday.
The bipartisan move caps a day of behind-the-scenes maneuvering on Capitol Hill over what sweeteners to add to the bill to attract votes from House Republicans.
Reid and McConnell’s move may prove popular with Republicans, but it risks a showdown with House leaders insisting that a popular measure extending certain business tax breaks be financed by tax increases elsewhere in the code.
The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000.
“Sweeteners?”
WASHINGTON (AP) – In a surprise move to resurrect President Bush’s $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday – but added a tax cut plan already rejected by the House. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday.
The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.
The move to add a tax legislation – including a set of popular business tax breaks – risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.
But by also adding legislation to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, the step could build momentum for the Wall Street bailout from House Republicans. The presidential candidates Sens. John McCain, R-Ariz., and Barack Obama, D-Ill., intend to fly to Washington for the votes, as does Sen. Joe Biden of Delaware, the Democratic vice presidential candidate.
can read the rest here..
http://apnews.myway.com/article/20081001/D93HD3M80.html
Richard , last night Newt Gingrich said that there is kind of a conflict of interest in the Fed Chairman being a former CEO of Goldman’s and bailing out AIG for 85 billion. He said New York Times did a piece on it.
Tonight they reported on Fox that a CEO, Alan Fishman, of Washington Mutual, sent out a letter a week before it went under saying it was doing great so people would buy lots of stock. I guess O’Reilly said he turned the letter over to the FBI. After working 17 days as CEO, he earned 20 million ..
No wonder people are so mad and sick of all these people.
Katablog , it don’t surprise me.. I remember when he worked for Clinton..
Emanuel, who served as a board member for Freddie Mac, one of the agencies that precipitated the economic crisis the nation now finds itself in, had no misgivings about taking a leadership role in tanking the bill. “He was cheerleading us along, mothering the votes,” says the aide. “We wanted enough to put the pressure on the Republicans and Congressman Emanuel was charged with making it close enough. He did a great job.”
…Further, according to House Oversight Committee staff, Emanuel has received assurances from Pelosi that she will not allow what he termed a “witch hunt” to take place during the next Congressional session over the role Fannie Mae and Freddie Mac played in the economic crisis.
“There seems to be proof now that the Democrats purposefully allowed the bailout (they can call it anything they want but we all know what it really is) to fail.”
First when you say “they” you mean John McCain –
he’s is the one that wants to call it a “rescue”.
“The first thing I’d do is say,’Let’s not call it a bailout let’s call it a rescue.’” John McCain 9/30
37% (65 out of 199) was all the Republicans delivered. Sorry to burst your partisan bubble.
So let’s get this straight: the Republicans control all three branches of government for the better part of two terms and during this time we have 9/11 despite many intelligence warnings, New Orleans under water due to terrible leadership, a war launched under false pretenses (lies), the biggest deficit in the history of the country, record borrowing from foreign markets, a very weak U.S. dollar, and now a complete disintegration of the financial markets and guess what? It’s NOT THEIR FAULT.
No, of course not, nothing is ever the Republicans fault.
You play…
You pay!
.
And by the way, Mr. Holloway…
You got the answer right
the only true King…
IS Jesus Christ.
.
And the world will know.
that I, am Jehovah!
.
We are taught to pray for his kingdom…
to come.
and His will…
to be done.
On Earth…
as it is in Heaven.
.
And I do.
.
But that dragon in Indonesia…
was merely a toad.
And the Great Dragon…
He LIVES!
.
Besides,
Babylon, The Great…
will fall First…
And, She will.
.
And just like Beth…
Jehovah will cry,
“Get OUT of Her”
My People!
.
Maggie:
Have you heard anything more about that
HUGE ship that was docked in Venezuela?
.
That’s Scary!
.
They’re probably doing some off-shore drilling…
FUN!
.
I agree with Yo-Yo…
These leveraged, uninsured mortgages have been written during the Republican years, they’re tax shelters, therefore they are illegal.
It’s BUSH’s ADMINISTRATION that knew about it…
Everyone had meetings about it…
And did nothing!
CROOKS!
.
And, now, because O’bama, being new to the
political realm is friends with this guy
from Fannie Mac, they want to act like
they’re attached at the hip.
But, I can tell you from my heart,
Obama had nothing to do with it.
.
WELCOME to HOLLYWOOD!
LAND OF A THOUSAND SCHEMES…
McCain is a Schmutz…
But, he can sure make
some FANCY Commercials.
.
MIA
.
Come drink your kool-aid…
McCain…
The first one to jump on the back of the working class…
And drive them into the ground!
Some General…
I mean, pressdent…?
.
Hugs to Nemo…
.
Richard:
McCain put out an ad blaming O’bama for the bail-out, and it hadn’t even passed yet. He sat there and said, ‘it’s not time to play the blame game’… but when no one’s looking, he makes an ad, scheduled to be released the day after the vote, thinking the bill would pass, blaming O’bama for the bail out. Wall Street made a come-back today, which is good news; but I think this is going to backfire in McCain’s face. So watch out! All he knows how to do is fight, make stink and run… and the American people are tired of it!
.
I hope the bill fails,
the market adjusts and
they arrest some people
before we pay out a dime.
.
Meanwhile, Obama is campaigning, suggesting that they raise the FDIC insurance on deposits up to $250,000 which is a great idea… and McCain, acting snub, jumped on the ban wagon.
.
I’m going to the bank, first thing in the morning.
Thanks for the heads up!
.
Goodnight…
# Richard on September 30th, 2008 7:41 pm,
My bank IS Rabobank! And the article is right… They are pretty solid! (And in the NL’s savings are garanteed till € 20,000! And the next € 20,000 are garanteed for 90% so I’m not afraid for my savings.)
But if nothing is being done in the US Congress or Senate, I think my bank will feel it as well!
Obama has claimed to be the candidate of change who steers clear of lobbyists. Once again Obama is LYING. One lobbyists Obama has ties to is Joe Biden’s son, Hunter Biden. Obama playing dirty politics.
John McCain was co-sponsor on Federal Housing Enterprise Regulatory Reform Act on 2005. We would not be having this current crisis if John McCain had his way in 2005. Unfortunately, this measure was blocked. It is disgusting that Obama is only interested in smearing anyone in his way….
Obama the SOCIOPATH…it’s pretty obvious by now..manipulative and conning..never recognize the rights of others and see their self-serving behaviors as permissible…covertly hostile and domineering, seeing their victim as merely an instrument to be used..they may dominate and humiliate their victims…and obviously the supporters of this piece of trash..!!!! Liar, cheater and stealer..!!!
Lisa in Florida (#9) … You say that you opened mail and greeted visitors.
That explains why you were deemed essential: unlike the average legislator, you accomplished something.
EURobert (#33) … Glad that your money is in as safe a place as can be found. I was surprised that not one Japanese bank was on that list.
Foxy Lady – yo you does not know what in the hell he is talking about!
Read the facts: these mortgages were NOT the fault of the Republicans, it was under Bill Clinton. And if you really want to get into it, all of this started in 2006 when the DEMOCRATS took control of Congress and were able to push these issues to the forefront.
You lose all credibility when you start talking about “knowing from your heart” b.s. Seriously? From your heart you know?
You better read up on ACORN and Obama’s VITAL role in that group and what they put out to accomplish. Thug style pressure to banks to sell these mortgages to people that couldn’t really afford them. Seriously, go read about ACORN and you might learn something about Obama the thug and the crook.
Obama ranked #2 in contributions from Fannie Mae and Freddie Mac. I believe it was Raines that had to step down from his position at one of these firms because they found out he got one of these illegal mortages through Countrywide, but the LIBERAL press does not report that, now do they?
yoyo- you continue to show your daily ignorance…
Question for you: Who is the majority in the House? Before John McCain went back to DC the first time, 4, count em, 4 Republicans were going to vote for the bill. When he left, he got 61 of them to vote for it. That’s a pretty nice percentage jump that McCain is responsible for.
How come not one of you liberal nut-jobs can’t admit that 95 DEMOCRATS some of them on Barney Frank’s committee voted NO on the bill as well?!? Answer the darn question?
95 DEMOCRATS voted NO! If the Democrats really cared about the American people and they are the majority, then what is the problem with getting this bill passed? The Democrats are the ones who failed to pass this bill. They have the majority, but Nancy Pelosi (worst congressional approval ratings in HISTORY) is playing political games! Answer the question!?!
Get your facts STRAIGHT before making an a$$ out of yourself EVERYTIME you post your drivel!
Make sure you finish all your posts with “Obama is the Anti-Christ” Scott.
It makes whatever you say so much more credible.
hahaha
This is the same govt body that caused the problem with the Community Reinvestment Act. What makes you think that they will be in a hurry to fix it.