Deal or No Deal? Boehner Says ‘No Deal’
House Minority Leader Rep. John Boehner, R-Ohio, just issued a statement on the legislation being hammered out by House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., and Senate Banking Committee Chairman Chris Dodd, D-Conn.
“As I told our conference this morning, there is no bipartisan deal at this time," Boehner said. "There may be a deal among some Democrats, but House Republicans are not a part of it.”
Frank and Dodd are in a room on the first floor of the Capitol Building along with the ranking Republican on the House Financial Services Committee, Rep. Spencer Bachus, R-Ala.; the No. 2 Republican on the Senate Banking Committee, Sen. Bob Bennett, R-Utah; Senate Budget Committee Chairman Kent Conrad, D-N.D., and ranking Republican member Sen. Judd Gregg, R-N.H.
Also present are Senate Banking Committee members Sen. Chuck Schumer, D-N.Y., Sen. Jack Reed, D-R.I., and Sen. Bob Corker, R-Tenn.
Sen. Richard Shelby, R-Ala. — the ranking Republican on the Senate Banking Committee who is expected to ultimately oppose the bailout — is not there.
– Jake Tapper and Z. Byron Wolf
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Smells like us taxpayers don’t get a piece of the action.
Posted by: Leonard Peltier | September 25, 2008, 11:16 am 11:16 am
The Republicans are opposing the Democratic bill because it will contain punative measures against the CEOs who got us into this mess.
What needs to happen is that these wealthy crooks need to have their homes, their pensions and their assets stripped from them, up to the point of what the average American would be able to retain in a bankruptcy.
They need to feel what real Americans feel.
Then, their assets need to be sold and used to finance the bailout.
Posted by: Carlton Donaghe | September 25, 2008, 11:30 am 11:30 am
As an American, I can now understand why Capitolism has caused this counrty, to fall flat on its face. Greed. The Black Gold Tycoons, still want the stall tactic, that will continue to drive the ‘Value’ of American lives. The take your money from the ‘pump’, as well as the Energy companies, and Morgage groups owned by them. Why has this country tanked, in front of the World? O’Reilly has said it best, ‘I’m Greedy. Capitolism is good’.
Well, Middle America prefers Democracy, instead. Even after Rick Davis, who continued, well into August of this year, has collected Millions of dollars from Fannie Mae, for the McCain campaign. How has McCain been able to tell the Senate that fannie was in trouble, while still recieving its funds? He may never answer Middle Americas top question. But, I would bet he calls it guilt by association.
Posted by: historyforgotten | September 25, 2008, 11:33 am 11:33 am
It looks like the repubs are dragging their feet to find a way for Mccain to skip the debate. A huge dose of politics as usual, while the country goes to hell. They talk about putting country before partisan politics but then they do the opposite. Kick them out for good! ENOUGH!!!!!
Posted by: Ed | September 25, 2008, 11:33 am 11:33 am
Quick, send in Sen. McCain to save the day. He boned up on the economy since making his repeated statements that he doesn’t know much about it and his grandstanding can only help.
And no his actions are not erratic or desperate.
Posted by: McCain08junkie | September 25, 2008, 11:41 am 11:41 am
If only the John McCain campaign would come back to Washington and save us all! I know they can fix everything, anything and other things. They’re gonna shake it up and mavericize it.
On second thought, he’s probably busy with childish theatrics.
Posted by: Chris | September 25, 2008, 11:42 am 11:42 am
All the greed wasn’t on Wall Street – it started on Main Street with people who took out loans they couldn’t afford or thought they’d make a killing in the soaring real estate market. I don’t feel sorry for any of them. They’re dragging the responsible consumers down with them. And what’s with the Dems wanting to add credit card debt to the bailout? Wow; that sure sends a message of personal responsibility. Oh I forgot, those are dirty words to the Dems.
Take a look at the list of who benefitted most from Fannie/Freddie and Lehman Brothers. Obama is #2 on both lists – and has only been in the Senate for 3 years. No wonder he wants to stay out this!
Posted by: marylou | September 25, 2008, 11:43 am 11:43 am
Looks like the Republicans are playing politics with this BIG TIME. They are trying to give McCain grounds to duck the debates and give force to his story that he has put politics aside. I really hope they don’t think we are ALL dumb enough to fall for it (though doubtless their base will swallow it).
Posted by: Dee Dee Lynn | September 25, 2008, 11:45 am 11:45 am
Dee Dee Lynn, the Dems didn’t try to add CC debt. Its was part of the original bill. The debt that the Gov’t will be mandated to buy are CDOs (collateralized Debt Obligations) which have all kinds of crap thrown in them from subprime mtgs, to car loans, to construction loans, etc. The subprime issue was TOTALLY manageable until Wall Street through the deregulation of the Gramm Leach act enabled them to create dirivative products from the subprime (CDOs) which increased their toxicity 100X.
Posted by: Montus | September 25, 2008, 11:51 am 11:51 am
I hope this example of political pandering by McCain gets the scorn it deserves. What kind of arrogant fool thinks he and only he can save America? I believe his great “patriotism” is more motivated by falling poll numbers than any REAL concern he has for the economy. This is political grandstanding, plain and simple
Posted by: JR | September 25, 2008, 11:53 am 11:53 am
I think the first thing that needs to be addressed in this $700B “corporate welfare plan” is to specify that if a company is to bailed out, the CEO and the entire top management is to be immediately fired (with NO golden parachute)and their bank accounts and assets seized by the Government. After all, these top level managers are ultimately responsible for the operation of their company. Running their company into the ground should not be rewarded. Using these seized assets will take a very large bite out of the cost the taxpayers are being asked to suck up. Limiting their compesation to $400,000 and allowing them to remain should not even be an option!
Posted by: JJ | September 25, 2008, 11:56 am 11:56 am
Why is the Press Secretary, saying McCain called the President, after talking to Obama, yet McCain said he talked to Obama, just before making his, ‘Stall the Debate Speech’? Who is lying now? McCain or the Press Secretary? Is this turning into a Republican Circus? Is Bush hoping McBush will wear his pants?
America needs to go through both videos again.
Press Secretary Speech 11:39 am Today.
McCains ‘Stall’ speech yesterday.
I still want to know if McCain will do as Bush asks, and help Middle America? Or will he give in, to the Republicans, and continue to tank, Middle America? Either way, he becomes a ‘Mission Accomplished’ Bush. Or a Capitolist Bleeder. Either way McCain did say, As of this morning,I will not be campaigning…’, during his campaign speech. McMulti-Face, once again, confusses America with Double Talk speech. Is he now taking on Obamas Platform, of helping Middle America? Or will he continue to help only 5% of Capitolists? Will Black Gold continue lining his pockets? Will Rick Davis watch the Debate from prison? McCains ‘Hail Mary Pass’ was intercepted by Obama. Question now is, can Obama score a touchdown, or will McFumble make a tackle?
Come on Bush, Make McCain help Middle America. I want to hear ‘Mission Accomplished, this week.
Still vote ‘No’, to McWhere is Palin?
Posted by: historyforgotten | September 25, 2008, 11:58 am 11:58 am
Thank McCain for this failure. Now the house republicans are working to cover his behind.
Posted by: Tungsten | September 25, 2008, 11:59 am 11:59 am
Suck on this you Obama Nuts.
McCain’s statement from the Congressional Record.
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
I’d say this pretty clearly refutes Barack Obama’s silly claims that John McCain is not a reformer and does not know anything about economics. One candidate is the real reformer, and it ain’t Barack Obama. By the way, the Democrats blocked the legislation McCain proposed, and it was never passed. So if you want to know why Fannie Mae and Freddie Mac failed, leaving the taxpayers with billions of dollars in losses, blame the Congressional Democrats.
Try and Spin this Please!!
Posted by: Kim | September 25, 2008, 12:03 pm 12:03 pm
There you go the Republicans have just politicized this issue.
McCain suspends the Campaign and flies into save the day and straighten out the mess caused by the Republicans and Bush calls in Obama to be there too.
MY, MY, MY, Country first and all that.
This whole Bail out thing is one big joke.
Posted by: Thinking | September 25, 2008, 12:03 pm 12:03 pm
This is exactly what McCain told the press yesterday, that it was his understanding a consensus had not been reached.
That is also why Harry Reid originally wanted McCain back there, to help bring the Republicans into the fold, or else to work on a compromise, THEN, when he realized what McCain was going to do, and how it might affect Obama, all of a sudden Reid decided McCain was not needed.
McCain is doing what he believes is the right thing to do, and he will either live by the sword or die by the sword.
But at least he is doing what he believes is right, and that is none of OUR decision to make for him.
Posted by: SandyB | September 25, 2008, 12:04 pm 12:04 pm
Careful marylou, I believe it is coming out that McCain’s campaign manager, Davis, is not as hands off with the lobbying company hired by Freddie as the campaign is saying. It is coming out he is still listed as treasurer and corporate director at the lobbying firm. According to Newsweek, Davis has been getting $15,000 per month since 2006 and continued until last month. That would be just under a half a million Davis had received to lobby for Freddie. That is much lower than the $123,000 Obama recieved, much of it being individual contributions that are rolled up under the total for the company.
Posted by: Mack | September 25, 2008, 12:08 pm 12:08 pm
Boehner the Boner as if this comes as any surprise, just as in August during the yearly vacation time he was playing politics along with his stupid Republicans holding meetings in the shut down house all for show. This non Vet blow hard coward needs a lesson in Duty Honor Country, first last and always before personal or party needs.
Posted by: Ernest T Bass | September 25, 2008, 12:08 pm 12:08 pm
I say let them fall.
We will pick ourselves up again and move on.
Talk to you in the soup lines.
Oh and for those who do not want their lives being ran by your government… I hope I do not see you the government ran food lines. Fend for yourself.
Posted by: beck | September 25, 2008, 12:09 pm 12:09 pm
Mr. trouble never hangs around,
when he hears this Mighty sound,
Here I come to save the day!
That means that Mighty Mouse is on the way!
Yes sir, when there is a wrong to right,
Mighty Mouse will join the fight!
On the sea or on the land,
He’s got the situation well in hand!
You’re my hero!
Posted by: S. Pailin | September 25, 2008, 12:11 pm 12:11 pm
I sure would like to have the news media, with cameras in hand during this meeting with Bush, McCain and Obama. I was to see who actually comes up with the Grand Idea on how to save our sorry a**.
Posted by: beck | September 25, 2008, 12:13 pm 12:13 pm
I agree – let then fail – no one was around 8 years ago when my business failed – screw the little business owner, his failing won’t damage the broken system, but a big company that the executives would be in the unemployment line like me? Fagetaboutit
Posted by: Miller | September 25, 2008, 12:15 pm 12:15 pm
These companies have trillions in assests. Tell them to sell them off first. AIG has assets over a trillion but needed 85 million from tax payers, garbage. Sell your assets.
Posted by: s.b. | September 25, 2008, 12:22 pm 12:22 pm
Just to be prepared Vegetable Soup -
Ingredients
1 bunch of chopped celery
2 dry onion soup mix packages (1 ounce each)
1 chopped zucchini
6 chopped onions
1 large chopped green bell pepper
8 chopped tomatoes
1 medium head of chopped cabbage
8 whole peppercorns
2 minced garlic cloves
1 bay leaf
Directions
First, mix all your chopped vegetables: cabbage, onions, bell pepper, celery, zucchini and tomatoes, into a large pot. Then, pour in water to cover all the vegetables by one inch. Now, stir the onion soup mix, peppercorns, garlic and bay leaf. Finally, bring to a boil, then reduce heat and simmer for approximately 90 mins to 2 hrs, until the vegetables are tender.
Get used to it, this might be the staple for a long time
Posted by: Mike | September 25, 2008, 12:23 pm 12:23 pm
Well said Phillip.
Posted by: Barney Phiffe | September 25, 2008, 12:41 pm 12:41 pm
This bailout is a ripoff that will only make the economy worse. They are stealing our money and our assets and literally giving them away to the private sector. This is scary…
Posted by: McHooverville | September 25, 2008, 12:50 pm 12:50 pm
It’s the same old “Bush’s way is the only way” approach to everything Boehner has always adopted. Even President Bush himself conceded last night in his speech that the Democrat’s proposals on this are correct.
They’ve really made themselves a sweet deal here, haven’t they? Either the Democrats: 1) Stay and fuss and bicker with them endlessly, and risk their congressional seats by not leaving to run for re-election; 2) Give them exactly what they want, the keys to what’s left of any future national treasure to pillage; or 3) Make no deal at all, which gives the Republicans the chance to say Democrats caused a depression, which will probably happen either way. Same old Rove-style political box.
I’ll say this for Obama, when McCain tried to put him in that box yesterday by “suspending” his campaign and trying to cancel the debate, Obama had the guts and the savvy to punch right out of that box and expose McCain for using yet another gimmick to distract from any real issues.. Good for him!
Posted by: Teri B. | September 25, 2008, 12:57 pm 12:57 pm
“AIG has assets over a trillion but needed 85 million from tax payers, garbage. Sell your assets.”
s.b. – the point was AIG would not have gotten market value for its assets without getting a loan from somewhere. The markers were being called in now, and everyone knew AIG would be desperate to sell assets to come up with the liquidity. They needed time to get market value for their assets, which this loann provides. Now they will be selling their assets, and ultimately paying a whole lot more than 85 billion because of the 11% interest. I’m against the bailout proposal, and the government seizing 80% of AIG, by the way, just thought I’d try and clear up why AIG needed a loan.
Posted by: P | September 25, 2008, 1:04 pm 1:04 pm
All the shallow intellects that say, “let them fail,” know nothing about economics. The problem has nothing to do with one company doing under. These companies are sooooo big and interconnected, if one fails they bring down the others like dominos. The result with be the failure of major industries, the banking system and no revolving credit for anyone. Are you really willing to see major industries collapse, millions of jobs lost, banks fail, pensions worth zero, personal wealth evaporate and no liquidity for any assests. This economic meltdown is just that, a meltdown that is going to cost us bigtime, but there is no alternative. This country is going to be paying for a long time. The lesson is breaking up the big giants, returning to regulations and oversight. This mess stated began with Reagan and was fast tracked with Bush.
Posted by: xargaw | September 25, 2008, 1:58 pm 1:58 pm
Well Mr. McCain not only invented the Blackberry, he just saved America on the way to his office.
My hero.
Posted by: Leonard Peltier | September 25, 2008, 1:59 pm 1:59 pm
xargaw,
I don’t know about the other shallow intellectuals, but I say oxcarts on the interstate is a good way to restart civilization.
Posted by: Leonard Peltier | September 25, 2008, 2:00 pm 2:00 pm
“Mortgage backed securities” and “credit default swaps” are not the same thing as mortgages. They are fancy pieces of paper made to look real so they can be sold to suckers. If Congress thinks these things are good investments, they should use their own money to buy them, and not involve us beleaguered taxpayers. the republicans in the Senate have a net worth of over a billion dollar between them, that sounds like a good place to start to me.
Posted by: Rusty Austin | September 25, 2008, 2:08 pm 2:08 pm
Obama had the guts and the savvy to punch right out of that box and expose McCain for using yet another gimmick to distract from any real issues..
Posted by: Teri B. | Sep 25, 2008 12:57:39 PM
————-
How did you come up with THAT?
I thought Obama came across as as a dedicated pro-ME, forget about the country kind of a fellow.
And , for the moment, he still IS a senator, isn’t he?
And our country IS in crisis, isn’t it?
Nonetheless, for Obama, it was:
CAMPAIGN FOR OBAMA FIRST,
COUNTRY LAST!
Posted by: OPEN YOUR EYES | September 25, 2008, 2:27 pm 2:27 pm
It is a reckless behavior that we are seeing from Representative Boehner et al. If what the president said last night is true, Republicans have no right to gamble with the future of this country. I guess the slogan “Country First” is just that- a slogan. This is definitely not the time for political posturing. People really need to call and write to Congress and let them know that their actions will be remembered.
Posted by: Dave | September 25, 2008, 8:36 pm 8:36 pm
I appreciate the vegetable soup recipe; however, if the right continues down this slippery slope, the majority of Americans will need a recipe for stone soup instead.
Posted by: Dave | September 25, 2008, 8:40 pm 8:40 pm
How much Bank scandel actually follows McCain? Well, He was investigated and largely exonerated in a political influence scandal of the 1980s as a member of the ‘Keating Five’. His connection to Rick Davis, who imbezzeled money from Fannie Mae, as early as last Month. And one of McCains sons, who was a bank auditor, mysteriously left his job , two months before the bank went bankrupt. Even another Senator from an earlier speech, connected McCain to the scandel in the 1980′s. The ‘Keats five’. McCain has told us, he has been in contact with the Senate, but even the Senators said, they had not spoken to him. He just heard of the plan two days ago. McCain has lost Touch. Being touched by CORUPTION, must make him feel a little numb. If he can still feel at all.
I have a question, about any other organizations, he may be a part of.
Americans may be curious to know which one. I suggest transparency be implemented. At least that is McCains platform. It still is, Right?
And guess what, about Todd Palin?
:)
Of course, Sarah could not join. But she could speak at a group meeting. She’s a Female. Only Men join this group. Women join the OTHER ONE.
Who is Senator Richard Shelby…
Who wants the answers?
So McCain sides with FOREIGN CAPITOLIST NAZIS. The Far Right Republicans have voiced their opinions, about America. They ‘Do’ want it to fall. And they said IRAN was bad. CAPITOL TERRORISTS ARE ALREADY IN AMERICA. They are just waiting for Middle America, to kill eachother, trying to get to them. How much ‘Chemicals’ are YOU going to dump on us?
A ‘CHEMICAL WEDDING’, is the story of Far Far Right Republicans. The NAZIS. Do you want more? Palin was right when she said she gets to deal with Russia. Now Richard Shelby, are you sure you are ready for more news about YOUR History. Or McCains? Or shall we reveal more about Palin? We will NOT let you commit Genocide on AMERICANS. NO MIDDLE EASERN CAPITOLIST WILL GET A GOLDEN PARACHUTE. No Believer in God would stand for your Genocide.
Do people really want to know of your Chinese Genicide Plans? Is there an ‘Ear at the Door’? Have you had your ‘FLU’ shot yet? You are not a Republican. You are a Far Out of Touch Nazi.
‘A Chemical Wedding’= Rise of the NAZIS.
Every Free America should read this.
Posted by: historyforgotten | September 25, 2008, 9:52 pm 9:52 pm