Vote count:
Democrats: 141 Yea, 94 Nay
Republican: 66 Yea, 132 Nay
The Times - Analysis: bailout vote calls Hank Paulson’s bluff
Negotiators had worked all weekend to accommodate some of the doubts of conservative Republicans who objected to such a massive outlay of taxpayer funds on the financial sector. But in the end the largely superficial changes made to the original plan were not enough and more than three-quarters of Republicans voted against. Worse, perhaps, more than a third of Democrats also opposed the measure, which they saw as a handout to rich bankers on Wall Street.
Now, in effect, the politicians have called the bluff of Hank Paulson, the US Treasury Secretary. Since he first proposed the plan ten days ago he has repeatedly warned that its passage was absolutely essential to avoid a complete freezing-up of the US financial system.
Continue reading ‘TARP watch: bailout FAILOUT’
It only gets more surreal.
You can read about the latest at Crooks & Liars and Firedoglake.
None of this is about the economy. It’s about rescuing McCain’s campaign, not Wall Street. But reportedly McCain’s “help” comes down to supporting a proposal by House Republican Leader John Boehner:
That proposal reportedly includes even more deregulation and further tax breaks to the financial sector, plus a prayer that Wall Street can rescue itself if the restraints are removed.
The $700 billion bail out is wildly unpopular in the States, to put it mildly. But not because the American people are taking a stand against regulation.
Update: Hilzoy at Obsidian Wings on how the deal was scuttled. McCain’s lying about his part in it, as is now routine.
Although aspects of his critique are tentatively sketched by his own admission, Jay Rosen has hit more nails than he’s missed with his analysis of the significance of the Sarah Palin veep selection by the McCain campaign. Rosen’s article is rightly getting a lot of attention. It’s “personalities, not issues” as McCain’s campaign manager Rick Davis said, and the dark divisive arts of Karl Rove are being revived for the umpteenth time, and to date, are apparently working. Though in an somewhat problematic article in Salon, problematic because of the gender stereotypes it re-enacts while purportedly criticising them, Gary Kamiya provides some hope for thinking the Democrats might turn things around. But the controversy over Palin’s claims to have opposed the infamous “bridge to nowhere” illustrates the double bind the GOP have the Democrats in.
At least the turf this issue - the purported opposition to earmarks and pork that Palin is supposed to share with McCain - is being fought over is a public policy issue rather than all the personalised stuff which just puts the Democrats and the media where the GOP want them. But Obama’s reluctance to use the words “lies” and “liars” shows he knows the score. He’s being criticised for that by liberal bloggers, who are cheering on the media “fact checking” exercise.
But all this truthiness is also at great risk of playing into the GOP’s hands - because it reinforces the equation of the media and blogosphere with the Democrats Rosen identified as the tactical positioning the Republicans want - and which George W. Bush reinforced with his claims about “the angry left” in his RNC video link. The culture wars schtick works - because the America of Wal-Marts and small town “values” has more electoral power in the swing states that count than the wonky redoubts of the blue staters. And a lot of those voters - who don’t source their news from the internet but from cable tv - and get their analysis from others of like mind in their own circles rather than bloggers, commentators and wonks - are seeing what McCain wants them to see - a feisty outsider being beaten up by the Beltway elite. Hence McCain’s polling gains, among other demographics, with white women.
Continue reading ‘McCain: Gaming the media and the blogosphere’
It sounds like some dumb reality tv show, doesn’t it? But we all know who didn’t get voted out of the house.
As almost everyone in the world knows, it’s election year in America.
Fannie Mae and Freddie Mac (don’t ask, you already know the answer!) might be in trouble. Iraq might be - kinda, sorta - an election issue. But if - like me - you’re following the American Election via either the blogosphere or (oh noes!) the MSM, you’d notice a huge disconnect between how big an issue climate change is here, and how totally miniscule it is in the U S of A.
I hope Al Gore might have something to say at the Democratic Convention.
But that might not occur. And even if it does, and that and all the Arnie stuff aside, it’s going to be pretty much a side issue. Lord only knows what we can do, but those of us who, like me, are Democrats Overseas, might consider a bit of lobbying. But we might think as well about remembering that climate change is a global issue, and trying to get the Australian government to use whatever leverage it has to get it treated as such. Continue reading ‘The World’s Top Emitter’
Cross-posted at Terry Flew’s blog.
Most attention in the U.S. Presidential elections has been given to the Democratic Party, and the wide schism revealed in its support base between supporters of Hillary Clinton (majority of women, Latinos, older voters, lower income, lower average levels of education) and Barack Obama (majority of African-Americans, younger voters, higher income, tertiary educated). It has been cast as “a standoff between the Dukes of Hazzard and the Huxtables”, but its fault lines are pretty clear. This cannot be said for the Republican Party going into the 2008 elections.
John McCain does not bring a strong hand to the election, although the ongoing saga of the Democrat nominee has helped somewhat. There is usually a change in the governing party after eight years of one President holding office. While this was not true in 1988, George Bush gained the presidency with Ronald Reagan having a personal approval rating of about 60%. George W. Bush has a personal approval rating below 30%, and sinking. Even if his approval figures were better, this would be no guarantee against change. Bill Clinton left office with personal approval ratings over 60%, but his Vice-President Al Gore could not defeat the Republicans in 2000.
The position of the Republicans as a party is far worse than that of John McCain as its presumptive Presidential nominee. Continue reading ‘John McCain and the future of the Republicans’
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