"I bet there were a lot of Democrats who woke up yesterday morning kinda looking forward to the debate and thinking that they were going to watch our candidate get steamrolled by their guy," he said. "I bet a lot of them woke up this morning a little bit scared because they realize they got a fight on their hands." [emphasis added]
Scared? I wouldn't characterize my feelings as "scared," Governor. In fact, I haven't talked to one Democrat who is "scared" after seeing Sarah Palin's performance Thursday night.
However, I was scared when I heard her comments last week.
It's difficult to really do a write-up of this ever-evolving race. We will continue to have relevant coverage of the Presidential race as it involves Texas, and will probably not be able to help ourselves chime in from time to time on national politics.
For the best in the latest national politics stories, I'd recommend these blogs:
As we create more resources for the Presidential race -- including a guide to the best electoral college websites -- we'll add content to this page. Primarily, though, be sure to follow our state politics guide.
Today the Paulson/Bush bailout bill failed by 13 votes. The final vote was 228 to 205 against. About 60% of Democrats and about 33% of Republicans voted for the measure.
It has been a surprising day in Washington and Wall Street.
Republican Congressman Ron Paul isn't endorsing Republican John McCain or Democrat Barack Obama. He's not even endorsing Libertarian Bob Barr or Green Ralph Nader.
According to the Constitution Party, Ron Paul is endorsing their guy, Chuck Baldwin.
Former GOP presidential candidate, Texas Congressman Ron Paul announced today he is endorsing Constitution Party presidential candidate Chuck Baldwin.
In a letter to supporters, Paul wrote, "I'm supporting Chuck Baldwin, the Constitution Party candidate."
Paul went on to say, "There is no real choice between the two major parties and their nominees, only the rhetoric varies. The amazingly long campaign is designed to make sure the real issues are ignored."
Baldwin, a conservative commentator, columnist and pastor of a church in Pensacola, FL, campaigned for Ron Paul during the congressman's run for president. After receiving Paul's endorsement, Baldwin said, "I am humbled and deeply grateful to Dr. Paul for his support. There could not be higher praise. I am committed to carrying on the Ron Paul Revolution for a return to constitutionally limited government.
I am glad the Constitution Party gave some background on Baldwin since he isn't even on the Texas ballot. Don't worry Ron Paul supporters, you will be able to vote for Baldwin though, he is a write in candidate.
Public Mark Up has the first two pieces of actual legislation floating around to fix our economic plight.
The Treasury Department (read Paulson) proposal is here. Senator Chris Dodd, Chairman of the Senate Banking, Housing, and Urban Affairs Committee has his proposal here.
Public Mark Up is taking comments, thoughts, and notes on each section of each proposal. Take a look, and please post first, second, third, and fourth thoughts here (and there).
File this under, news that's not a surprise. After losing his first challenge, the Texas Supreme Court rejected Libertarian Bob Barr's challenge to remove both Sen. Barack Obama and John McCain from the November 4 ballot.
Barr said they had missed the deadline to be on the Texas ballot, and the 9 Republicans on the Texas Supreme Court said, it doesn't matter.
The TDP immediately released this statement:
"Today's ruling by the Texas Supreme Court is a win for Democrats, Republicans, Independents and every Texan who wishes to exercise their right to cast a ballot for the candidate of their choice this November. The Texas Democratic Party remains committed to protecting that right and is proud to have Senator Barack Obama and Senator Joe Biden as the Democratic nominees for president and vice president. Now that there is no question as to who will be on the ballot, the TDP looks forward to promoting all our Democratic candidates and returning responsible government to Texas families."
Obviously, I'm disappointed for a couple of reasons. I think it's clear that the Secretary of State broke the law by certifying the late nominations of both parties, so I'm disappointed that the petition was denied. I'm also disappointed that the Supreme Court declined to hear oral arguments or even issue an opinion explaining their ruling, so now we'll never know what convoluted reasoning they used to deny the petition. To paraphrase Ben Bradlee, we may have lost, but that doesn't mean we were wrong.
The Republican Party simply said, "Of course we aren't surprised. We told the 9 Republican's on the bench we really needed those 34 electoral votes this cycle."
Or at least that is what I thought I heard them say some where.
I felt it was high time for me to pay a call to our esteemed U.S. Senators to inquire about the recent financial melt down on Wall St. Since as a taxpayer I will be expected to step up and bail out a bunch of corrupted greed mongers I believe I deserve an explanation from those who got us into this unbelievable mess in the first place.
Dear Senator,
In the past two weeks I feel as if I have been hit by two devastating hurricanes. Many residents in the Houston and Galveston areas are still without power and most continue to struggle with Ike's aftermath. The nation's fourth largest city and its surrounding areas have taken a tremendous beating.
Just when we were beginning to think we could see the light at the end of Ike's tunnel we now find ourselves suddenly blindsided by another hurricane. This one did not sweep in from the Gulf. This unexpected monster came hurdling down from Wall St. and its aftermath could prove far more cataclysmic than Ike.
What is this business about a financial bailout using the taxpayer's money? It seems to me that a group of greedy and corrupted fat cats on Wall St., with the blessings of their supporters and cheerleaders in Congress, raped and pillaged the United States and now taxpayers are being asked to pay for the carnage. And we're supposed to turn over nearly $1 trillion and say "we trust you to clean up after yourselves."
Please.
See what Naomi Klein, author of The Shock Doctrine has to say about the Wall Street debacle.
The Democratic Party has a clear, concise video on what Obama has actually said about economic issues.
Very smart of the DNC and Obama campaign to release a video like this. Time and time again, McCain has told half truths and flat out lies about what Democrats and Obama stand for in this historic election. This "straight from the horses mouth" leaves any doubt on what Obama has proposed.
First, there must be no blank check when American taxpayers are on the hook for this much money.
Second, taxpayers shouldn't be spending a dime to reward CEOs on Wall Street.
Third, taxpayers should be protected and should be able to recoup this investment.
Fourth, this plan has to help homeowners stay in their homes.
Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.
Sixth, we need to start putting in place the rules of the road I've been calling for for years to prevent this from ever happening again.
And finally, this plan can't just be a plan for Wall Street, it has to be a plan for Main Street. We have to come together, as Democrats and Republicans, to pass a stimulus plan that will put money in the pockets of working families, save jobs, and prevent painful budget cuts and tax hikes in our states.
Some have called this a "line in the sand", I'm not sure about that yet. What is clear is Paulson's proposal doesn't address the root problems of our economy and Democrats are trying to negotiate something that helps average, hard working Americans.
The New York Times released the text of the proposed $700 billion bailout plan. It's already easy to see why wall street responded favorably and why main street needs to be concerned.
The first point of concern is two parts. One, the reason we are in this mess and why we can't trust anything John McCain says now.
That is why Mother Jones has aptly called the mastermind of the McCain economic policy, Foreclosure Phil. (If you are concerened about the market or want to know how we got here, this is a must read.)
Who's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been mentioned as a possible Treasury secretary should McCain win. That's right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure.
The money is Paulson's to use for buying commercial and residential mortgages and mortgaged backed securities as he chooses. No one has any oversight over him, and he can pay any price he wants to, including face amount of the debt.
Courts cannot review his decisions, not can any regulators. He has to report to Congress once every six months.
He gets 700 Billion dollars to use as he sees fit, looking after the taxpayer is a "consideration" not a requirement.
Bet on that 700 Billion dollars being gone before January 20, 2009. Bet on Treasury asking for more.
That is $2,324 dollars per man, woman and child in America
There is no bailout for mortgage holders. Banks get bailed out, but not ordinary people.
Banks and brokerages made record profits these last eight years. Ordinary Americans barely broke even.
In 2007 Wall Street paid itself bonuses equal to the raises of 80 million Americans.
Banks bailed out by this plan need make no changes in how they do business.
Banks bailed out need not replace the management which drove them into insolvency.
Shareholders and bondholders of such banks do not lose a cent.
The securities which caused this crisis are still allowed.
U.S. Treasury Secretary Henry Paulson said on Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.
"Yes, and they should. Because ... if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution," Paulson said on ABC television's "This Week with George Stephanopolous."
While Wall Street gets bailed out in this massive increase of federal bureaucracy, what do average American's get to help them in these troubled times? You guessed it, nothing.
USA Today is reporting that Paulsen, a former CEO of Goldman Sachs, has proclaimed "Don't add household to financial bailout".
He expressed little interest in efforts by Democrats to include further relief for homeowners facing mortgage foreclosures, a $50 billion stimulus effort and a cap on compensation of executives at the troubled firms that will be bailed out.
Such efforts, he said, would simply slow down attempts to get a rescue package in place soon.
"The biggest help we can give the American people is to stabilize our financial system right now and prevent the system from clogging up," Paulson said.
The size of this bailout is unprecedented. In one day we will spend almost as much money on bailing out irresponsible corporate giants as we did during the entire Iraq war. Estimates range from $700 billion to $1.3 trillion for the entire program. While we are spending this money, it will not ask for more oversight on what these companies are doing, it won't re-instituting any of the regulations that were in place after the Great Depression, it will not eliminate the golden parachute we had out to failed CEO's like John McCain economic advisory Carly Fiorina, and it refuses to help average people who are seeing their homes foreclosed.
This proposed bailout is bad. Bad. Bad. Bad. The only people this is good for, are the same people that were helped out by Phil Gramm's deregulation of the banking system. If you can honestly say you are doing better now than you were in 2000, then you should support this bailout. If not, you should ensure that there are at least some protections for average American's in this huge taxpayer funded corporate welfare package.
Many of the same economists and opinion-makers who'd provided a bipartisan sheen of consensus to Treasury Secretary Henry Paulson's previous moves have quickly begun casting doubts on the wisdom of a policy that would allow Treasury to purchase without oversight hundreds of billions of dollars of difficult-to-price assets from financial institutions.
Under the proposal, Paulson would not have to report to Congress until December, and the only safeguard for taxpayers was a provision that the "Secretary shall take into consideration means for - (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer."
On Wednesday, David wrote about Bob Barr's claim that Barack Obama and John McCain should be removed from the Texas ballot.
What went unreported on BOR (but not at the Statesman) was Barr's legal challenge to stop all of the mail ballots from being sent out.
n Austin on Thursday, Barr accompanied his attorney to request an emergency order from the Texas Supreme Court to stop the state from mailing absentee and military ballots, which is expected to start Saturday. (Barr's attorney, Drew Shirley, is also the Libertarian nominee for a Texas Supreme Court seat.) The court denied that request by the end of the day.
Texas Democratic Party Chairman Boyd Richie had this to say:
"Immediately following the nomination of Sen. Barack Obama and Sen. Joe Biden, the Texas Democratic Party took all steps required by law to ensure Senators Obama and Biden would appear on the ballot in Texas. After communicating with attorneys for the SOS office, our counsel was assured that all paperwork had been filed in a timely manner. Additionally, in a letter sent just yesterday to the Supreme Court of Texas, the Office of the Attorney General of Texas voiced its support for both major party presidential nominees to be on the ballot because their certifications were properly filed and accepted.
Quite frankly, I find it very ironic that those in the Libertarian Party, who have in the past been champions of ballot access, are now making attempts to limit that access here in Texas. It is clear this is a politically motivated stunt by Bob Barr and his party, and a desperate attempt by a candidate to obtain media coverage. In fact, Mr. Barr's stunt is not a laughing matter, because if he actually succeeded, all but a handful of Texans would be denied the right to cast a vote for the candidate of their choice.
The Texas Democratic Party remains committed to making certain that all voters will have their say this November and will do everything possible to ensure that our nominee is on the ballot this November. The TDP has and will continue to stand up for all Texas voters - Democrats, Republicans Independents, Libertarians and others - at the courthouse and anywhere else to defend their right to participate in free and fair elections that are the cornerstone of our democracy."
While former Georgia Republican Congressman Barr may have lost his first challenge he still actively pushing the courts to remove Democratic nominee Barack Obama and Republican John McCain. He has claimed that neither Obama or McCain meet the 70 day requirement. It is highly unlikely that either major party candidate will be removed, but this continues to be fun to watch.
