GOP Rep: Republicans Are "Babies Sucking Their Thumbs"

Roll Call reports (subscription req'd)

Rep. Michele Bachmann (R-Minn.) threw cold water on a key rationale House Republican leaders have been employing this afternoon to explain why they couldn't deliver more GOP votes for the Wall Street bailout package.

At a Monday afternoon press conference, GOP leaders argued that Speaker Nancy Pelosi (D-Calif.) cost the measure a dozen Republican votes by delivering an overly partisan floor speech in support of it.

But Bachmann, speaking at a Republican Study Committee press conference, told reporters, "I want to assure you that was not the case. We are not babies who suck our thumbs. We have very principled reasons for voting no."

Bachmann was responding to comments Democratic leaders made dismissing the GOP leaders' claims. But she apparently confused the Democratic response with the initial charge by Republicans, and her comments mirrored those of the Democratic leaders.

The GOP Rep. John Shadegg on Tuesday's Morning Joe:

Joe Scarborough: Let's bring in Republican Arizona Representative John Shaddegg. Did you vote against this bill because your feelings were hurt by Barney Frank or Nancy Pelosi?

John Shadegg: No, I didn't. It was a stupid speech by her. They didn't move any votes.

Joe Scarborough: Was Boehner wrong?

John Shadegg: Yes. It was embarrassing for leadership on both parties to lose the bill so they made a stupid claim.

McCain might suspend his campaign again

David Kurtz at TPM writes, "John McCain made the morning show rounds today. On Fox they were virtually begging him to 'suspend' his campaign again in the wake of the bailout failure yesterday on the Hill. You know, since it worked out so well the first time. McCain's answer: He just might suspend again."

McCain's comments follow a blog post by William Kristol yesterday arguing, "if this is really 'a national economic crisis,' and others have failed to lead, then McCain should lead--by re-suspending his campaign (fine, let observers mock him when he announces this), and leading his party and the Congress towards a solution. They won't mock if he can pull this off."

I bet part of it will be that he needs Palin to cancel the debate so he go fix the bailout after Obama messed it up. I wonder how they are going to sell that. Oh yea, they don't try to sell anything anymore, most of it is too unrealistic to sell. They just tell us what they are doing and refuse to answer questions.

The Daily What's Wrong with McCain

His political grandstanding over leading congress to a vote failed, so now it is the blame game. He blames Obama and Pelosi for bringing partisan politaics into the bailout for its failure. He forgets his suspending his campaign so he didn't have to go to debate.

The Bailout

In the aftermath of the worst day ever for my 401(k), I have decided to start talking about the economy. I can only put it off for so long. 

 There are so many ways to tackle this problem that we can't just put all our eggs in one basket. This bailout would do just that. It would eliminate the possibility that we could have another better thought out stimulus bill because this one is so big. The next administration would have their hands tied behind their back because of Bush's Bailout. 

 We need to take a good long look and actually listen to the elitist economy professors that congress has been ignoring in favor of listen to Bush (because he is such a trustworthy guy). There much better ways to spend $700 Billion, here is a multifaceted approach.

 

• We can still buy back $200 Billion in toxic securities from "US banks only". 
• We then need to spend $100 Billion on public works projects like rebuild our crumbling infrastructure. 
• Take 300 billion and use it to make cheap cash available to the banks in return for equity in them. 
• The last $100 billion is very important, use to invest in getting us off our addiction to oil. Invest in renewable fuels and new technology.

 Then Congress needs to do some things that will not require and cash at all to be spent.

• Then require all distressed mortgages go into a foreclosure court that will renegotiate the terms of the mortgage to a low 30 yr. fixed APR at 85% of the current value of the house.
• Overhaul bankruptcy laws. First repeal all the changes from a few years ago. Add in protection for families first homes from bankruptcies. Eliminate protections for student loans.
• Overhaul the regulatory systems that oversee the market. Strict oversight over risky investments. More transparency for government oversight. If a company is deemed to large to fail then it should have to fallow even stricter control by the government. Create federal anti-usury laws; this is predatory lending at its worst, good-bye paycheck advance.

This is a good start on repairing 8 years of damage to our economy. There are still some huge issues that need to get handled, like stop funding the reconstruction of Iraq with they are running a surplus and making sure every legal American has health insurance to avoid most bankruptcies.

First Post

Welcome to the first post on Honest to Fault. I hope there are many more to fallow before I get bored or distracted.