Bailout Nightmare Boosts Democrats – Puts Obama Out Front

The economic crisis is helping Democrats across the country. The public is demanding change and leadership, and Obama and the democrats are who they are looking towards in the market meltdown. We are seeing Virginia go blue and also a definite shift in North Carolina. Even in the NC Senate race Hagan is trouncing Dole in the polls.

This is an optimistic sign for Sen. Obama to show what a truly great President he can become. If he listens to all the evidence that points to the fact this bailout had provisions that none of us could accept.

What attracted far less notice in the bill was a set of provisions that would have given Treasury Secretary Henry Paulson virtually unfettered authority to set up and run the new organization designed to stabilize the financial system — bypassing federal acquisition rules and competitive hiring procedures in the process.

The 2008 Emergency Economic Stabilization Act would have allowed Paulson and his eventual successor to waive provisions of the Federal Acquisition Regulation “upon a determination that urgent and compelling circumstances make compliance with such provisions contrary to the public interest.”

“It’s unprecedented in American history and American government,” said Donald F. Kettl, a political analyst and professor at the University of Pennsylvania. “The blank check is blanker still given that we don’t know who will be signing dollar bills on Jan. 21.”

While few other details emerged about the contracting provision, it appears the language would have given Treasury the ability to award contracts of nearly any value without any competition. The prospect of a government agency with unlimited and unregulated purchasing power concerned some government observers.

What this would have allowed is for Paulson to “award contracts of nearly any value without any competition” and sidestep minority hiring procedures. These are issues most of us are not willing to concede.

Plus, when you add this from Bloomberg by Tom Randall and Jamie McGee; it shows Paulson as less believable.

Wall Street firms have shared profits liberally with employees. The five biggest — Goldman, Morgan Stanley, Merrill, Lehman Brothers Holding Inc. and Bear Stearns — paid their 185,687 employees $66 billion in 2007, as problems with subprime mortgages mounted, including about $39 billion in bonuses. That amounts to average pay of $353,089 per employee, including an average bonus of $211,849. The five firms had combined net income of $93 billion during the five years through 2007.

The U.S. Treasury Secretary Henry Paulson, who was formerly a Goldman Sachs Group Inc. CEO, received about $111 million between 2003 and 2006.

If nothing else is shows a clear conflict of interest and no support for what is in the greater good of the country and us the taxpayers that are going to be footing the bill. This is just one more in a list of positives for the Democratic party, to start getting back on the right track, of putting forth regulation that is so desperately needed in the financial sector.

The latest Democracy Corps survey of the competitive battleground House districts “reveals an intensely angry electorate, even more sour on Republicans who have not distanced themselves enough from Bush and are now at risk even at the edge of the current map of competitive congressional seats.” The survey was conducted September 18-23rd.

“Democratic candidates are now ahead by 4 points in the 40 most vulnerable Republican seats, even in the bottom tier. A near majority of 48% in these Republican seats say they ‘can’t vote to re-elect’ their Republican incumbent, while Democrats are ahead in the open seats.”

Those new polls prove that many Americans are sick and tired of the McCain lies and de-regulation. They don’t want more of the same this election year. Voters are not going to take the risk of having a Republican re-elected back in office-that is not looking out for them-but instead looking to line their pockets with as much money as they can swindle or money launder is some cases. McCain can’t even garner respect from his own party…and he is certainly not interested in anything you and I have to say..

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s