**This post will be updated throughout the show**
Cadbury says Chinese-made chocolate have melamine
Young voters, homeless targeted in Ohio’s election
Heritage Foundation: The Bailout Package: Vital and Acceptable
The House defeats the bailout bill, with an almost evenly split vote. The DOW responds by dropping 600 points.
US circles hijacked ship with Sudan-bound weapons
On KABC Radio Tonight with Johnny Phillips at 7pm PT
Tammy | October 6, 2011 
Sneak Peak Public Podcast: The Daily TAM Briefing
Tammy | September 9, 2011 
Tammy Radio Presents: MST3K-Style Coverage of Obama’s “No Jobs” Speech
Tammy | September 8, 2011 
Public Podcast: Today’s Tammy Radio Show 9-7-11
Tammy | September 7, 2011 You must be logged in to post a comment.
Can anyone help me understand this? I thought a major reason for the credit crisis is that no one really knows their full exposure to bad collateral. The subprime mortgages were chopped up and folded into packages with other collateral and spread around. It’s the inability to properly evaluate assets that freezes the credit market. So how does the government buy up the “least valuable mortgages and complex financial instruments backed by those mortgages”? Is the bad debt identifiable or not? If it’s identifiable we shouldn’t have to guess how much we need for a bailout. What’s going on?
Sold to US taxpayers for $700B: banks’ bad assets
ya’ got me on that one, Pat. It’s acase of going from one mobster to another mobster.
Whewther it’s Dodd, Frank, Paulsen, Graham or Baraq gummig away on the financial thing, I worry about whose cash it will be. The paper and credit are here; but whose cash is it?
Though, emotionally, I’m devastated by the betrayel of Cadbury’s deal with China. I rely on their – well, used to – Royal Dark. I dreamt better.
FAILED! We should all celebrate not only that a step towards socialism was stopped, but that the Congressional Republicans have apparently injected themselves with adult stem cells and grown a spine.
But if the markets were already down like 250 points this morning BEFORE the vote and now they’re down like 600, does that mean that it was wrong NOT to vote for it?
I am so confused and so frickin’ worried and sick to my stomach.
What’s going to happen if NO bill passes. Should we do nothing, or is there something else we can?
Some Congresswoman from Minnesota is talking about changes in accounting that are supposed to help?
I don’t mind hearing different ideas, but how do we know which one will work the best (I know no idea will ever be perfect) for the American people and the global economy?
Is this the end?
Why did the Republicans have to come out with the stupid charge that it was Pelosi’s partisan speech that killed it? This was a victory for them in my opinion and now they look petty. They’ve left themselves wide open to charges of putting politics above country.
“Why did the Republicans have to come out with the stupid charge that it was Pelosi’s partisan speech that killed it? “
Because she ran her mouth blaming Bush and Republicans when this was known about much longer than Bush was in office. Bush tried early in his first term to correct it but was voted down. I watched Pelosi’s speech, it was disgusting trying to blend bipartisanship and Bush hate in the same sentence.
Don’t forget, almost 100 Dems voted against it as well.
I can’t believe the gaul of Pelosi! She just spoke on TV saying the Dems approached this vote in a “bipartisan way”……1 hour ago she spoke on the House floor, giving the most PARTISAN speech ever about this vote….in fact, I feel that speech ticked off the Republicans and caused many of the “no” votes, thus the bill failed. Good job, Repubs!! Hang in there and keep fighting for all rational American taxpayers who do want this “sack of crap” dumped on their doorstep!
Final vote results for the bailout roll call can be found here. But let not your heart be troubled. The Democrats are already planning to vote on it again!
Woops … screwed up that link to the voting results. Try this one!
For the record, here’s the McCain/Palin response to the bail out roll call failure.
Here’s something to keep you busy so you’re not tempted to check on the net value of your stock portfolio or 401k. Take the CBS poll and let them know if you think the “Nays” have it right on the bailout.
And yes, I know that the poll is a CNBC poll, NOT CBS! If any of the TammyBlog gods would like to correct that for me and delete this message, that would be fine.
We should be happy it failed. But, we should also
know the Democrats will only put more left wing junk into it, to appease their flock that voted
no (to get more junk into it).
I appreciate the GOP finding their spine. Too bad they didn’t use it when they had the majority….
Like when tax cuts could have been made permanent,
capital gains should have been killed, & Fannie/Freddie reform should have been done – by the GOP majority. At least fought for. Instead,
they went on endless Democratic Party inspired
investigations of Bush and Cheney.
Uh, where is Dick Cheney? In the bunker I guess.
Along with Sarah Palin’s real personality, not the
packaged one we’re getting today. I fear the
debate. Sorry, she lost me w/that Couric (yes,
slanted) interview. Sarah Palin, Governor of a
State, VP candidate, has to answer simple questions a hell of a lot better than that.
But, something has to be passed on this. It’s not just us, it’s world markets. It’s our retirement,
savings, bank accounts, home values. If even
Newt and Kudlow would begrudgingly support the
bill that was defeated today, I get why it’s needed. SAdly, I get it, and I’m mad about it.
I hate to say it, but I think the election was
won today by Barack Obama.
The Dems played politics with our money and our
future, and it may have worked, with their pals
in the media backing them up.
OK, Bill, Hillary, remember you hate Obama. We
could use your help about now. Not overtly you
know. But, that typical Clinton ‘get back at you’
style……..you do and say to Obama, what McCain
seems afraid to.
As for Bush, fact is he tried
many times to reform FAnnie/Freddie. Failed. I do not share Tammy’s utter disdain for the man. I admire his position on the war, terrorism fight, pro-life, pro-tax cut, Alito & Scalia (that alone makes up for a lot), and being a decent man. He failed on
many levels, yes. He is the
butt of many unprecedented assaults from the media,
the Ollie Stone drug induced
W movie being the latest oddity. But, Bush is not the
cause of the Wall Street mess,
he is the man responsible for
trying to fix it, any way he
can.
From Yahoo news: More than two-thirds of Republicans and 40 percent of Democrats opposed the bill. In all, 65 Republicans joined 140 Democrats in voting “yes,” while 133 Republicans and 65 Democrats voted “no.”
Ummm…that SHOULD be 95 Democrats voted NO. Check for yourself. And the numbers don’t match either. With these totals, the bill would have passed.
I wonder if this was intentional? I’m looking for more news outlets that mirror this.
I don’t know if I agree, Pat. The House GOP was on the side of America with this and they look great (except that now the media is blaming them for the stock market crash. Funny how they all acted like the bailout was horrible until it failed.). Pelosi looks like the incompetent boob she is. The Dems have had to talk out of both sides of their mouths on this: blaming the President for the crisis while begging everyone to get behind him and pass the bill.
The only thing that can wipe the smile off of my face is this: McCain is the big loser here for not having the principles to oppose this bill. Palin, who I have no doubt would have opposed it if she weren’t on the ticket, is being tarnished by having to be Juan’s surrogate–the perils we feared from having a true conservative at the bottom of a liberal ticket.
“I am so confused and so frickin’ worried and sick to my stomach.”
“What’s going to happen if NO bill passes. Should we do nothing, or is there something else we can?”
Nothing to worry about as long as the Bailout fails.
Driving past my local Starbucks, you’d hardly know there was any “crisis”. Yuppies are still splurging on all their “necessities”.
The American Dream should not be home ownership. The American Dream should be living debt-free. And, that goes for the Government, too.
Credit is not essential, and it’s about time the Goverment reduced its reliance on credit.
Stealing money from the tax-payers to reward Wall St. for greed and mismanagement is goes way beyond robbery and extortion.
Live with the fruits of your actions, and simply let the Dow hit bottom, wherever that is. Pump up the FDIC….but for God’s sake …give nothing to Wall St., Business, or Brokerages !
Again, I don’t see a Depression. I do see a lot of electronic gadgets, designer caffeine, and slap-happy who don’t look like they’ve ever rationed, or cut-back in their lives !
Ash–
McCain and the House leaders wanted to pass this bill. Boehner and Cantor voted for the bailout. The bill was defeated because of the bill itself but how could Boehner say that when he voted for it and the party’s nominee was in favor of it? So instead he blamed Nancy Pelosi’s speech. That protects him but makes fools of the Republicans who did the right thing and voted against it. Making matters worse, McCain backs up Boehner’s accusation and said now is not the time to fix the blame, leaving the impression Pelosi’s words were credible but too harsh and her timing was inappropriate.
The representatives who voted down this bill are true American heroes. They stared down the Wall St. moguls who make white-knuckle deals everyday and the D.C. crisis hysterics. They let the bailout bullies know they won’t be cowered by fear mongering. But what does the House leadership do seconded by John McCain? They trivialized this victory by casting it as a fit of pique over harsh words from Nancy Pelosi. There were serious philosophical and substantive objections to the bill. That’s why it went down, not for hurt feelings.
The proponents of this bailout package wanted us to believe it was a one-shot, do-or-die deal. Well the bluff was called and now they’ll all go back to work and come up with something that will unavoidably still be big and awful. The enhanced stature the House Republicans deserved for the next round of negotiations is now diminished, undercut by their leadership and the party’s nominee who had to protect themselves from embarrassment.
Now the rumor is that Pelosi and her gang just might put ACORN and their ilk back in the next bill. They have nothing to lose doing that. Republicans may feel the heat to pass a bill worse than the one today and if they don’t, they get blamed again. I wouldn’t put this one past the Pelosi Punks.
Expect the full venom of Pelosi, Frank, Reid and Baraq. But, let’s remember that in this “bi-partisan” effort 95 Democrats voted to kill this bill.
Maybe we should reflect back on the recent immigration issue. Does anyone hear the weak strains of public voices coming through?
The fear factor failed. I have heard dozens of ‘ experts ‘ opinions of what will happen next and they were all different. I just looked out my window and the world is still here. I tend to agree with Donald Trump on this one when he says ” Maybe things go to hell anyway. No one really knows what’s going to happen ”
“Posted by: ladykrystyna at September 29, 2008 11:57 AM
Why did the Republicans have to come out with the stupid charge that it was Pelosi’s partisan speech that killed it? This was a victory for them in my opinion and now they look petty. They’ve left themselves wide open to charges of putting politics above country.”
Of course the hubris of the Dems and Pelosi in particular can’t be overshadowed by the incompetence of the Repubs…….I think you are exactly right.
There were many valid reasons to oppose the bill .
Get ready for Obama Nation since the Republicans can’t chew gum and walk at the same time.
Congrats MSM……for now.
I’m hoping I’m wrong , but to quote Tammy…..I’m just sayin’.
“Nothing to worry about as long as the Bailout fails.”
If unemployment doubles (or more) and there are empty shelves in supermarkets in a year, will you admit you’re wrong? Because that is NOT an unrealistic outcome. If businesses can’t get short-term loans, they will be unable to make payroll. Deliveries contracts for basic goods will get canceled. The public perception of this is still a populist caricature of “bailing out fat cats on Wall Street.” But this is so much bigger than that: it is a liquidity crisis that is already going global, and will impact Main Street very soon.
“empty shelves in Supermarkets”
You mean starvation and famine? Nobody goes hungry in the USA, no matter how many times Mrs. Obama talks about how American children are all malnourished and deprived…….with their baby cell phones in hand.
Dried beans and rice can keep for months, and they cost mere pennies. The Farmers will deliver their goods to store shelves, themselves, if it comes to that. With all the Farm Bill aid, and perks they get, it’s the least they can do.
In any case, many people don’t wait for a “Depression” to begin rationing. Believe it or not, saving for a rainy day is a normal mode of living for many, and not just when the latest “crisis” occurs.
Businesses that are qualified are getting loans. It’s the bad loans that aren’t making it. And, apparently there were a lot of bad loans made on nothing more than a handshake and a wink, and it’s time for a little financial accountability and personal responsibility to kick in…..NOT MORE HANDOUTS !!!
Time to rethink the American Dream of home ownership for all. Instead of home ownership, how about just living debt-free. Freedom—free of debt….the real American Dream !!!!
“Businesses that are qualified are getting loans.”
For the moment, now. If large banks fail–as plenty already have–those that remain will tighten their lending requirements. They lend to each other and to smaller banks in order to maintain sufficient deposit reserves to cover their outstanding liabilities. If smaller banks themselves don’t have access to as much liquidity, they too will tighten in turn, and those are the banks that provide the short-term revolving credit on which lots of small businesses operate. Those businesses are the engine of the US economy: if they can’t make their payroll, they will lay people off. And what you get is a vicious downward spiral.
“…apparently there were a lot of bad loans made on nothing more than a handshake and a wink, and it’s time for a little financial accountability and personal responsibility”
How do you guarantee that when a huge cause of the crisis is that THE GOOD LOANS ARE BUNDLED TOGETHER WITH THE BAD ONES? The market can’t price mortgage-backed securities and their derivatives now so the mark-to-market accounting rule (adopted in overreaction to Enron) forces them to write their value down to zero, despite the houses ultimately securing them not being worthless even if their value has dropped.
“Time to rethink the American Dream of home ownership for all.”
Yes and no. There’s no reason not to ASPIRE to own a home if that’s what someone wants to do, and then they work to be in the position to legitimately get there, i.e., with the old pre-CRA expectations of 15-20% down on a fixed-rate 30-year mortgage with monthly payments of no more than 28% of income. It’s not the idea that home ownership is good that got us here: it’s the idea home ownership, and credit, is some kind of civil right that government should guarantee to people who can’t possibly afford it.
“Instead of home ownership, how about just living debt-free. “
As a personal goal, that might also be a great idea, but as a business plan it’s impossible. Businesses need debt because they need cash flow: the economy is far too huge and complex to operate without it. If there was no demand to borrow money, banks would not exist. Interest rates, for example, are a price for a demanded good just like any other: they just happen to be the price of money. The idea that ALL debt is a bad thing would effectively bring the economy to a halt.
Pat, forgive me, I didn’t realize Cantor voted for the bill. I saw Adam Putnam with a smile on his face and thought that they were happy to see it defeated. Instead I’m learning that the backbencher conservatives defeated it. Even Romney was for this sewage, which is very disappointing.
The people won today. I’m just afraid McCain might not.
Maxine Weiss for Congress!
Not worried about the economy.
BUT- Mars makes M&M’s and Snickers in CHINA?? Now that is a horrendous blow. Kraft Oreo’s too.
I guess I have to make my own candy now.
I think that in theory, the bill is probably not total tripe… that said, it needs a WHOLE lot more transparency. I also don’t believe that the entire economy will “dissolve” overnight. I think panicking is an over-reaction. I think we need to come up with a fix, but a well conceived fix. They can take another week or two and meet with a host of visionary economists to help hash out a plan.
How about a plan that awards every American (only those who actually paid at least $1 of taxes last year) not only with a tax break when it all shakes out in a couple of years and the Treasury starts making the promised profit for us, but also awards us shares/stocks in the companies who benefit from the impending fire sale… I’m just sayin’.
Here’s a link to Kudlow’s explanation of the bill… it helps break it down to a little understandable language. But I still don’t trust that it had the necessary transparancy, so I am still more happy than not that they will look at it longer and harder.
http://article.nationalreview.com/?q=YWE3ZTg5MDZjOTI2MDA4MjYxMGQ3ZDg1YzI5MTBmOWE=
And does anybody really still buy anything consumable from China anymore? I got in the habit years ago of reading where my food comes from… I make a point of being a REALLY well informed shopper. Separate from food and consumables, it’s painful to try and shop exclusively “not made in China”, but I have done it and am on a mission to become even more disciplined in that quest.
Re China: After the lead paint scares on toys, I started looking at everything I buy. It is amazing how much stuff is made in China. We have Christmas decorations that came with warning to wash your hands after use. It must have been lead. That was the final straw. Electronics are almost impossible, though.
What are the odds that Pelosi and Barney Buns Frank allowed the Democrats to defect on the vote only to dramatize the Republican factor. Hell, that 95 Democrats voted against it isn’t mentioned in the third sentence of any report. ‘Americana’ doesn’t read that far.