I’m Tellin’ Ya – Stepping Up to the Plate Isn’t IT!

And the Senate passed it – 74-25.

Finance Bill Passes in the Senate

The Senate approved the bill on the federal intervention in the financial markets by a vote of 74-25. Sen. McCain (R-AZ), Sen. Obama (D-IL), and Sen. Biden (D-DE) voted for the bill.

Whoa – just alerted to this by some fellow Agonistas.

“Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can’t be sold to the Treasury.

Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen.”

Video from CNBC….  it’s about foreign investors.  It’s not about us at all.   (More information from an Agonista talking about it all here.)

Barack Obama has this SO wrong; they all do.

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Step Up to the Plate?

The TV is on in the living room and Obama is in Lacrosse, WI stumping an ‘economic message.’   I’m in ‘the office’ in the back but it’s up loud enough for me to hear.

I heard Obama say that Democrats in Congress need to step up to the plate and vote for this economic package being presented today.  Not this one, Barack.

Dennis Kucinich was on Rachel Maddow’s show last night;  Raw Story has the video. He explained his reasoning in voting against the bill and how he thought it could be ‘fixed.’  Kucinich has more on his website as well.

Are The Markets Pouting?

Not long ago – a few months – I read portions of Kevin Phillips latest book, ‘Bad Money: Reckless Finance ….. and the Global Crisis of Capitalism.’   The book salon at firedoglake had a session with Phillips, and I’ve seen him both on C-SPAN and Bill Moyers show just a week or so ago.

Over the weekend I watched a lot of C-SPAN online and in our living room while keeping an eye on the ‘economic crisis’ confronting the country.  I also read quite a bit.  One of two places I have considerable trust in their economic/finance explanations are with Ian Welsh who now writes at firedoglake, although I know him from The Agonist (a long-time haunt of mine), and Stirling Newberry, who is also writing at The Agonist.  I trust them because I understand what they write…….

We all know that in finance there are two emotions that rule the markets. Fear. And Greed. Greed. And Fear. To work in the financial industry, you must dedicate yourself to these principles. The Fear Theory of the crisis says that banks are terrified of being caught lending to a bank that may go under. Continue reading