“It turns out that there’s a lot of interlinks throughout the financial system”

Trick or Treat from the bailout pretenders

I found the perfect article for McCain. On Monday our hero SuperMcBailout couldn’t be bothered to read a three page summary of the Bush/Paulson bailout plan. This little primer, not a plan is only one page long – The Dummy’s Guide to the US Banking Crisis. Snark aside a good quick reference. While not the last word on the subject it lays out the basics. The very last entry describes Paulson as acting decisively. If yelling fire after watching half the house burn down is the new decisive.

Just a quick McCain to the rescue time line update. McCain called Letterman to cancel on Wednesday and according to Letterman, McCain sounded as though it was urgent and he had to leave immediately. Letterman gets a live feed of Johnny getting make-up for an interview with Katie Couric. Did SuperMcBailout leave for Washington after the Couric interview on Wednesday. No, he didn’t leave for Washington until Thursday morning. As Letterman said “Somebody’s putting something in his Metamucil”. McCain hasn’t placed a vote in the Senate since April. Democrats, Republicans and the White house had been working for a week on some kind of solution. If McCain had decided to return Wednesday or Thursday and made an announcement to that affect no big deal. Why all the cheesy theatrics and saying one thing while doing another. Four years of a McCain-Palin presidency would no doubt be entertaining for those that have the stomach for four more years of Kabuki theater. McCain has suspended his campaign for the benefit of all Americans or maybe he’s just a media hog, McCain to do round of network interviews tonight

A must read. McCain keeps saying he wants to get to the bottom of the Wall Street fiasco. He might want to start with questioning, in a public hearing, everyone on the Straighttalk Express, It’s Judgment Day for McCain

Maybe the McCain Commission on Deregulation can kick off with a statement from the candidate himself. It will be helpful for the public, if painful for the senator himself, to hear about Mr. McCain’s own close brush with one of the towering figures of financial deregulation, Charles Keating, the master of Lincoln Savings and Loan. Keating had a special, urgent interest in getting Big Brother off our backs: in 1986 some meddlesome agency suspected him of massive violations of S&L regulations. Keating fought back by recruiting a handful of legislators, including Mr. McCain, to pressure S&L regulators to leave his S&L alone. A few years later, Lincoln became one of the largest financial failures in U.S. history.

After that, Mr. McCain can get on to witness No. 1: Phil Gramm, a former adviser to the candidate on economic issues and for many years the heavyweight champion of financial deregulation. It was this very fellow who, as a senator, co-authored the Financial Services Modernization Act, largely trashing the old financial regulatory structure and allowed banks, insurance companies and investment houses to merge into what Mr. Gramm called “a supermarket for financial services” — supermarkets whose lousy decisions are now the wonder of the world and whose losses we will be underwriting for years to come.

America reacts to Mccain’s silliness

McCain is now claiming that he reached out to Obama to find a bipartisan solution – its even an official McCain talking point. The reverse is true, Obama was the one that called McCain

“At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal,” said Obama spokesperson Bill Burton. “At 2:30 this afternoon, Senator McCain returned Senator Obama’s call and agreed to join him in issuing such a statement.

Some Republicans are signing on for the no bailout of any kind position. Letting some Wall Street fat cats sink into the abyss is one thing, but working class homeowners do need some help. Skip to the bottom if you’re in a hurry, House Republicans Obstruct Bailout Plan

Cons still don’t get irony, Gateway Pundit: Missouri Sheriffs & Top Prosecutors Form Obama “Truth Squads” & Threaten Libel Charges Against Obama Critics. Libel, as stated in that thing called the U.S. Constitution has never been covered by free speech. Yes, how dare someone take away the Right’s incessant libeling of anyone to the left of Herman Goering. Without all the smears they wouldn’t have much to say to America, they’d be stuck having to act like adults and honestly discuss issues.

And so I decided to act and act boldly. It turns out that there’s a lot of interlinks throughout the financial system.  – George W. Bush, September 21, 2008