Wall Street: We Can Work It Out

Maybe the Beatles are on to something here. After reading the top three headlines in the Washington Post, I have an idea ...

Dow Gains 485 Points as Stock Markets Rebound
With renewed confidence that a Wall St. rescue plan will eventually pass, investors unleash bargain hunters a day after historic sell-off.

Senate to Vote on Revised Deal
Live Updates Senate leaders plan to seek a vote on a revised rescue package Wednesday night.

New SEC Rule May Help Markets
Regulators loosen "mark-to-market" accounting rule that some say exaggerated banks' losses.

Congress should continue to debate and vote down any proposed "bailout" until Wall Street corrects itself!

The market saw a correction today on just the idea there might be a bailout. If the SEC continues to adjust regulations, maybe in the end there won't be a need for a taxpayer bailout!

Hey, a gurrl can have hope can't she?

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As Congress Bails OUT, Who Looked Presidential

"The fundamentals of our economy are strong" and "I'm suspending my campaign" to work on the economic crisis is how John McCain responded.

For his part, Barack Obama worked quietly behind the scenes on a solution, and tried to keep the public calm.

So who looked more presidential?

The New York Times reports:

It was classic John McCain and classic Barack Obama who grappled with the $700 billion bailout plan over the last week: Mr. McCain was by turns action-oriented and impulsive as he dive-bombed targets, while Mr. Obama was measured and cerebral and inclined to work the phones behind the scenes. [...]

For Republicans, Mr. McCain’s performance proved mixed, however. His quick call to fire the chairman of the Securities and Exchange Commission, then his decision to suspend his campaign and return to Washington even though he lacked an alternative to the bailout, risked making him look impetuous in a moment of crisis. He comes out of this without an easily definable role or set of obvious results, though his top advisers said he had bought time for House Republicans to raise their own concerns.

“Obama’s approach to this has been very Obama — measured, cool and thoughtful, which I hope is what the country wants more than theatrical anger,” said Gov. Edward G. Rendell of Pennsylvania, a Democrat who had supported Senator Hillary Rodham Clinton’s presidential candidacy.

So who looked more presidential?

The Washington Post reports on Obama and McCain:

Sen. Barack Obama said that "it's important for the American public and the markets to stay calm" in the wake of a failed vote on a financial sector bailout bill this afternoon and strongly advocated for its approval, adding, "One of the messages I have to Congress is, get this done, Democrats. Republicans, step up to the plate."

And this:

After bragging today about his role in shaping the economic bailout package, Sen. John McCain made no statement to the press after the defeat of the bill, in part at the hands of House Republicans.

Instead, McCain boarded his Straight Talk Air charter plane, where he sat in front, separated from reporters by a brown curtain, without making a comment on the bill's defeat.

So once again ... who looked more presidential?

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This Just In: Bailout, Bailout ... read all about it!

[DISCUSSION DRAFT]

SEPTEMBER 28, 2008

110TH CONGRESS
2D SESSION H. R. __________

To provide authority for the Federal Government to purchase certain types
of troubled assets for the purposes of providing stability to and preventing
disruption in the economy and financial system and protecting
taxpayers, and for other purposes.

(full draft)
The link above is courtesy of The Washington Post, which also provided this tid bit of information:

Treasury Confirms Paulson Woozy Spell

At the final, critical meeting in negotiations on the $700 billion Wall Street bailout -- the last round of talks began at 10:40 p.m. Saturday and ended around 12:25 a.m. this morning - Treasury Secretary Hank Paulson was so short of breath that lawmakers called the Capitol physician because they were so concerned.

Paulson, 62, a former Dartmouth offensive tackle, told lawmakers he was fine and waved off the doctor, despite working around the clock for several days.

But as Paulson and Sen. Chuck Schumer (D-N.Y.) later walked to the microphones to address the media, they were locked arm in arm. Treasury confirmed moments ago that Schumer was steadying Paulson, helping him walk.

The question is, was Paulson drunk with power ... or does it take every bit of energy he has to screw the American public?

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Sunday Funnies

In Memoriam - Paul Newman

Most of us know Paul Newman as an actor, but he was also a devoted husband, humanitarian, race car owner and entrepreneur. The NY Times has all the details of his life, but I'd rather take a moment to tell a more personal story.

You see, my favorite Paul Newman moment was the time I saw him at the Indy 500 race track. I was walking around Gasoline Alley, and Newman was inside one of the garages. Of course a crowd gathered as soon as word got out that he was there. We all waited patiently, and it wasn't long before he walked out. He was so handsome. He paused, removed his sunglasses and looked up at the sky. He gave us all ample time to take photos, and then he went back inside the garage. That was more than 30 years ago, and I can still remember those beautiful blue eyes.

Jon Stewart on The Bush/Wall Street Meltdown

Lol-bun off

Lol-bun:

vs. lol-bun:

I don't know why you think that's funny. That's not funny. That bunneh is dumb.

McCain: "I'll think about the bailout tomorrow..."

McCain Abandons Drama, Will Debate

It was just announced that McCain will take part in tonight's debate. Clearly, McCain was useless in yesterday's bailout talks, so he might as well resume his campaign. The New York Times reports:

Senator John McCain had intended to ride back into Washington on Thursday as a leader who had put aside presidential politics to help broker a solution to the financial crisis. Instead he found himself in the midst of a remarkable partisan showdown, lacking a clear public message for how to bring it to an end.

At the bipartisan White House meeting that Mr. McCain had called for a day earlier, he sat silently for more than 40 minutes, more observer than leader, and then offered only a vague sense of where he stood, said people in the meeting.

Now what is that old saying??? Lead, follow, or get the hell out of the way!

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Sarah Palin: The Russia Question & The Bailout

Letterman Mocks McCain Cancellation

Sen. John McCain was scheduled to appear on Latenight with David Letterman tonight ... but it seems the Senator won't be there.

David Letterman tells audience that McCain called him today to tell him he had to rush back to DC to deal with the economy.

Then in the middle of the taping Dave got word that McCain was, in fact just down the street being interviewed by Katie Couric. Dave even cut over to the live video of the interview, and said, "Hey Senator, can I give you a ride home?"

Earlier in the show, Dave kept saying, "You don't suspend your campaign. This doesn't smell right. This isn't the way a tested hero behaves." And he joked: "I think someone's putting something in his metamucil."

"He can't run the campaign because the economy is cratering? Fine, put in your second string quarterback, Sara Palin. Where is she?"

"What are you going to do if you're elected and things get tough? Suspend being president? We've got a guy like that now!"

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McCain: You Can Run, But You Cannot Hide

Sen. John McCain just announced he is suspending his campaign to return to Washington to address the financial crisis. He would also like to delay the scheduled debate on Friday, claiming his attention needs to be on country first, and not on partisan politics.

Nice try Senator, but this voter isn't buying it.

First, you are tanking in the polls -- mostly because you have fumbled your way through the initial reporting of this crisis, claiming the economy was "fundamentally strong."

You followed that blunder by changing positions -- and talking points -- so frequently the whip lash from your flip-flopping risked setting off another hurricane!

And now, when it's most critical for Americans to know precisely where each candidate stands on solving this crisis you want to duck and run.

Well Sen. McCain ... you can RUN for president, but you cannot HIDE from the American people.

I go bald!

Yesterday on my way to State College, I saw this along Rt 220:

Click all pics for eagle-iciously large

So of course I yanked the car over to the shoulder and started snapping!

I hoped I could get him taking flight, but he just perched there, looking majestic.

These are my first-ever photographs of a bald eagle. I've only seen one in the wild a few times, usually way too far away to get a photo. I'm getting all tingly just thinking about it.

McCain Meltdown and a Conservative Response

Demand Congress Put the Brake on $700 Billion Bailout

The Associated Press reports:

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress on Tuesday to quickly pass a $700 billion financial bailout, warning that letting problems persist would have dire consequences for the national economy.

The nation's top two economic leaders made the assertions in prepared remarks to be given later Tuesday to the Senate Banking Committee. Their latest take on the financial crisis came as the Bush administration and lawmakers scramble to forge an agreement on a plan that could be the biggest such bailout in U.S. history.

I don't know about you, but I'm mad as hell and I'm not going to take it any longer!

If you haven't done so already, pick up the phone and call your Representative and your two Senators and let them know exactly how you feel.

In speaking with a staffer at Sen. Mikluski's office I learned that one of my two Senators had already voiced my concerns on the floor of the Senate.

Senator Barbara A. Mikulski (D-Md.) took to the Senate floor today to urge Congress to take prompt but deliberate action to help resolve the financial crisis. The Senator voiced her strong opposition to allowing the Bush Administration to stampede a proposal through without careful vetting and consideration to ensure that middle class America is not punished for Wall Street’s errors.

“We must act with resolve, but we cannot be a rubber stamp for the Administration’s proposal. This gives sweeping authority to those who were asleep at the switch in the first place,” said Senator Mikulski. “This is a three-page bill that gives the Secretary of the Treasury unlimited power to intervene in our financial markets, without any review by Congress, agencies or courts. This makes Secretary Paulson a financial czar – it says, give us a blank check with no balances. Well, I say, no checks without balances.” [...]

“Americans are mad as hell and they want to know, what about them? They’ve watched Wall Street executives pay themselves lavish salaries. They’ve watched them do irresponsible lending practices. They’ve watched them do casino economics, gambling on risky investment mechanisms and now those very same Americans who’ve worked hard and played by the rules and were prudent investors, prudent savers, prudent citizens are asked to pay the bill for those who didn’t. [...]

“Now, George Bush said he was the first M.B.A. President. Well, hello? I don’t have confidence in this administration. Remember? This was the same crowd that brought us Katrina, FEMA and hey ‘you are doing a great job Brownie.’ Is this what we’re now supposed to say to those managing our finances? I don’t think so. We also have to prudently ask ourselves, ‘Are there better options?’

Sen. Mikluski is one voice among 100. You simply MUST call your Senators and demand that they join her in calling for accountability from this administration -- and to put the brakes on giving it a blank check. You can't afford NOT TO.

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Around the town, Part 1

Here are some photos from my little walk around downtown Bellefonte on Saturday:

Looking down Allegheny Street from the Brockerhoff House:

The Bellefonte Courthouse (Bellefonte is the county seat):

A really cool architectural feature at the corner of High St and Spring:

The corner of Allegheny and High Street, with another cool little spire thingy:
I'm doubtful that this stone was laid in 1710, but who knows?

It was laid into a stone staircase for this building:

And here's the info on the building; how (or more importantly, WHY) did a women's temperance organization erect a building?
Looking back at the corner of Allegheny and High:

I went into a neat old antique mall that is housed in a former theatre called The Plaza. There were movie posters everywhere--for Doctor Zhivago, Hello Dolly, West Side Story, and Butch Cassidy and the Sundance Kid. You've all seen those things, so I focused my camera on some other highlights:
The animal kingdom was well represented...

I love that cow

a must-have

Niblet's biography?

...as were the seedier members of our society:

Good lord.

I'm sure Creepy "Uncle" Arthur tells lots of stories to the kiddies while they sit on his lap.

This woman is snorting the aroma right. out. of. the. cup.

There were even some gifts for a certain blogger who's always wanted one of these:


A history book that McFossil is probably in, as he invented the Blackberry and all:


And a photo of a guy who's just had it:


Here's where I'll be on Friday night:

Sadly, this moron will not be there:

I wanted to pull a Matty and spit on the car, but I refrained. (And yes, that's Dr. Matty McMatterson, recent PhD in Social Psych, who spits on cars with offensive bumper stickers on them. What can I tell you? We don't call him the Gay Tasmanian Devil for nothing.)

Corporate Welfare

The current financial meltdown just makes me crazy. Shortsighted corporate executives, only interested in making a fast buck, created a house of cards that is now crumbling ... and who will get stuck paying for it all? The American taxpayer.

Let a single mother request assistance with daycare so she can get an education, or keep her minimum wage job, and she is labeled a lazy welfare queen. God forbid an uninsured person get sick and fall on hard times ... their critics will ask why they failed to plan for disaster.

Well why didn't these greedy Executive's plan for disaster?

They stand with their hands out ... expecting taxpayers to tighten our belts once again ... when they are not willing to sacrifice.

I think the CEO of any corporation bailed out by the government should not only forfeit their current salary and benefits, but be forced to pay the government a percentage of their earnings over the past decade. When are these people every going to be held accountable?

I was a business owner for seven years, and during that time there were good and bad years. I made a few mistakes, but when I did I paid for them. No one bailed me out. My biggest mistake, going into partnership with an unscrupulous person, cost me more than $30,000 one year. I tightened my own belt and paid off the debt. It wasn't the fault of my vendors that I chose to go into business with a bum.

The CEO's of these corporations must be held accountable. There should be no golden parachute for any of them. This must be nonnegotiable.

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The first day of fall

Today is the first day of my favorite season, autumn. Leaves are not yet turning, but they will be soon. I hope to get some good pics around the house, as we're lousy with maples and other great trees.

I looked in my photos folders for an old picture of autumn leaves, but I couldn't find any. Have I never taken photos of the red and gold leaves?

I walked around my new little town on Saturday and took some photos, but I forgot to bring my camera cord. Tomorrow, I'll have pics of "Victorian Bellefonte" for you.

Sunday Funnies

Naomi Klein's Shock Doctrine Coming True

George W. Bush came into office with a surplus, and will leave this country in the greatest debt in our nations history when he leaves office next January.

The Washington Post reports:

The Bush administration today sent lawmakers a historic $700 billion emergency rescue plan that allows the Treasury to buy the troubled mortgage securities that have been toppling major financial firms and are at the heart of Wall Street's turmoil.

The package, the most sweeping government intervention in the markets since the Great Depression, was $200 billion higher than lawmakers had been told yesterday to expect. It also does not include the $200 billion that officials said earlier this month the government will spend on the rescue of Fannie Mae and Freddie Mac.

To accommodate the spending, the package also would also raise the federal debt limit to $11.3 trillion from the current $10.6 trillion. The debt now stands at $9.6 trillion.

Let's put this into perspective. It took the United States 200 years to become a trillion dollars in debt. The first administration to dramatically increase the debt was the Reagan administration, who left the country nearly $3 trillion dollars in debt.

I didn't think it possible for anyone to be worse than Ronald Reagan, but George W. Bush has proven me wrong. When Bush leaves office the national debt will be close to $11 trillion dollars.

Our biggest worry isn't about a terrorist attack, our biggest worry is that one of the nations lending us money will call in the loan.

There is still time to impeach the whole lot of them -- and it can't happen a minute too soon.

Gender Equality

Blocking Care for Women

By Hillary Rodham Clinton, Democratic senator from New York, and Cecile Richards, president of Planned Parenthood Federation of America

LAST month, the Bush administration launched the latest salvo in its eight-year campaign to undermine women's rights and women's health by placing ideology ahead of science: a proposed rule from the Department of Health and Human Services that would govern family planning. It would require that any health care entity that receives federal financing — whether it's a physician in private practice, a hospital or a state government — certify in writing that none of its employees are required to assist in any way with medical services they find objectionable.

Laws that have been on the books for some 30 years already allow doctors to refuse to perform abortions. The new rule would go further, ensuring that all employees and volunteers for health care entities can refuse to aid in providing any treatment they object to, which could include not only abortion and sterilization but also contraception.

Health and Human Services estimates that the rule, which would affect nearly 600,000 hospitals, clinics and other health care providers, would cost $44.5 million a year to administer. Astonishingly, the department does not even address the real cost to patients who might be refused access to these critical services. Women patients, who look to their health care providers as an unbiased source of medical information, might not even know they were being deprived of advice about their options or denied access to care.

The definition of abortion in the proposed rule is left open to interpretation. An earlier draft included a medically inaccurate definition that included commonly prescribed forms of contraception like birth control pills, IUD's and emergency contraception. That language has been removed, but because the current version includes no definition at all, individual health care providers could decide on their own that birth control is the same as abortion.

The rule would also allow providers to refuse to participate in unspecified "other medical procedures" that contradict their religious beliefs or moral convictions. This, too, could be interpreted as a free pass to deny access to contraception.

Many circumstances unrelated to reproductive health could also fall under the umbrella of "other medical procedures." Could physicians object to helping patients whose sexual orientation they find objectionable? Could a receptionist refuse to book an appointment for an H.I.V. test? What about an emergency room doctor who wishes to deny emergency contraception to a rape victim? Or a pharmacist who prefers not to refill a birth control prescription?

The Bush administration argues that the rule is designed to protect a provider's conscience. But where are the protections for patients?

The 30-day comment period on the proposed rule runs until Sept. 25. Everyone who believes that women should have full access to medical care should make their voices heard. Basic, quality care for millions of women is at stake.

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TAKE ACTION

Those who are anti-choice, anti-family planning see the period of transition between administrations as a window of opportunity. In its final months, they're pressing the Bush administration to do one ridiculous thing after another. We need Planned Parenthood to make sure that common sense wins out over ideology. And Planned Parenthood needs your help, right now. Act now, and share this message with others.

It's the Economy, Stupid

Senators Sheldon Whitehouse, Claire McCaskill and Hillary Clinton discuss the woes of Bush-McCain economic policies.

Clinton: What we have seen over the course of the last eight years is an administration that refused to recognize the threats lurking in our economy. No matter what lurked just beneath the surface or what problems were facing middle-class families. Now, we know that many C.E.O.’s are paying lower tax rates than their receptionists. We know that President Bush and those who carry his mantle seek to lower those taxes even further. Middle-class families have seen their wages decline even as the cost of living has skyrocketed. This administration has the worst job creation record in 70 years.

Millions of families were locked into ballooning and unaffordable adjustable-rate loads as this administration stood by denying there was a crisis. Regulators and regulations designed to keep pace with the markets have been steadily chipped away by Washington Republicans even as companies experimented to the tune of hundreds of billions of dollars in ever more complex and risky financial instruments.

The question every voter must answer before casting their ballot is: "Are you better off today than you were eight years ago?"

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The Source of Uncle Sam's Deficit

Dr. Bruce Prescott, at Mainstream Baptist, has a great post illustrating the current deficit problem. He writes:

The Center on Budget and Policy Priorities has published a report about "How Projected Surpluses Became Deficits." The chart above puts the information in a nutshell.

I really didn't get much from the Bush tax cuts. I think it was something like $60 a year. I'd gladly give it back with interest if it would help stabilize the economy of our country.

I wonder how many people in the upper income percentiles would do the same?

Excellent question. Any guess as to the answer?

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