There Are No Conservatives in Financial Fox Holes

Its been said that humans are unique among the animals for their ability to learn from experience. Year after year for eight years everything Bush-Cheney have touched has ranged from bad to truly disastrous. Its been a golden era for those with a penchant for dark humor or tragedy. Though not in the eyes of the actual perpetrators. Much like their praise for former FEMA director Michael Brown, Bush and Cheney think they’re doing a heck of a job. Just trust them to manage this one last disaster on their watch, Bush Officials Urge Swift Action on Rescue Powers

WASHINGTON — The Bush administration, moving to prevent an economic cataclysm, urged Congress on Friday to grant it far-reaching emergency powers to buy hundreds of billions of dollars in distressed mortgages despite many unknowns about how the plan would work.

Balkinization’s concern is that Congress will act without actually reading the legislation. Caving once again to Bush and the public perception that they might not be acting as quickly as they should. Didn’t we go down that road before with the AUMF (Authority to use Military Force) and Iraq. Then again with radical changes to FISA in which the other overight was that which Bush felt like giving the courts. Democrats did immediately rise the addition of deeply indebted homeowners in any financial relif package.

“Given the precarious state of today’s financial markets — and their vital importance to the daily lives of the American people — government intervention is not only warranted, it is essential,”

Who is this block quote from? Franklin D. Roosevelt, President Clinton or maybe  Senator Barack Obama? Nope, from George W. Bush. There are no Republicans in financial fox holes.

Neocon delusions

Mr. McHonorCode is still at it, McCain attacks on Obama for purported ties to Freddie and Fannie, but not McCain aides’ lobbying on their behalf

In articles about the presidential candidates’ responses to the economic crisis, the Associated Press, the Milwaukee Journal Sentinel, the San Francisco Chronicle, and The Washington Post reported that the McCain campaign criticized Sen. Barack Obama for, in the words of McCain spokesman Tucker Bounds, “his ties to spiraling lenders like Fannie Mae, Freddie Mac and their jet-set CEOs.” But those articles did not note that several senior McCain campaign aides have served as lobbyists for Fannie Mae, Freddie Mac, or both.

The AP would be one of the press organization that the Righties single out as being too librul.

The McCain campaign cited a July Washington Post profile of Raines as the source for his connection to Obama. In that profile, it was reported that he had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.” In a statement issued by the Obama campaign late Thursday, Raines strongly denied having provided counsel to Obama, saying: “I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters.”

Sans any compelling evidence, McCain and his supporters repeating the lie about about Raines over and over again doesn’t magically make it true. Even if the Obama camp did call the guy a few times to get his thoughts on the subject that is pretty thin even for guilt by association. Loan takeovers sound okay now, thanks

McCain embraces a financial fix that he was less sure about in the 1980s

In Iowa today, John McCain proposed a new government agency called the Mortgage and Financial Institutions Trust to help manage the assets of banks and funds hit hard by the subprime crisis.

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