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DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE

 
PACNWguy
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DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
Democratic Congress May Adjourn, Leave Crisis to Fed, Treasury

By Kristin Jensen

Sept. 18 (Bloomberg) -- The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.

Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.

One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment.

``When you rush to judgment, you usually make mistakes,'' said Sherwood Boehlert, a former Republican congressman from New York. ``This is something you can't go on forever without addressing, but Congress in a short span of time is best served by going home.''

In 2002, after accounting scandals forced Enron Corp. and WorldCom Inc. into bankruptcy, Congress passed the Sarbanes-Oxley law, setting new corporate-governance rules. While the measure passed unanimously in the Senate and overwhelmingly in the House, it has since become a target of criticism from some Republicans, including presidential candidate John McCain, and from many in the business and financial worlds.

``There's a huge danger that needs to be guarded against -- that we'll have a tremendous overreaction in regulations,'' former Treasury Secretary John Snow said in an interview.

Reid's `Despair'

Still, the Democrats opened themselves up for attack with Reid's comments. The Republican National Committee pounced on the Nevada lawmaker for his ``despair,'' and Senator Mel Martinez, a Florida Republican, said his remarks are ``not a way to inspire confidence or begin to turn the tide.''

And there were some calls for at least a bipartisan show of leadership during the crisis, which has resulted in the collapse of mortgage giants Fannie Mae and Freddie Mac, investment banks Lehman Brothers Holdings Inc. and Bear Stearns Cos., and insurer American International Group Inc., among other companies.

Unless party leaders on both sides of the aisle join with President George W. Bush to endorse a solution, there's little Congress and the president can do in the near term to restore market confidence, said Chuck Gabriel, managing director of Capital Alpha Partners LLC, which advises investors on politics and Washington.

White House Lawn

Wall Street would respond positively ``if the president and Treasury Secretary Paulson and a couple of Cabinet members and the Republican and Democratic leadership all went on the White House lawn and said that we are resolved to taking additional measures in the coming weeks despite the elections to ensure that confidence is restored,'' Gabriel said.

``But the odds of that seem very, very low.''

Some committee chairmen have scheduled hearings and promised better oversight.

Representative Henry Waxman, chairman of the House Oversight and Government Reform Committee, will hold two days of hearings on Oct. 6 and 7 ``to examine what went wrong and who should be held to account'' at AIG and Lehman Brothers, which filed for bankruptcy on Sept. 15.

Waxman's committee summoned Lehman Chief Executive Officer Richard Fuld, AIG CEO Robert Willumstad and former AIG chiefs Maurice ``Hank'' Greenberg and Martin Sullivan to speak.

`Work Will Continue'

House Speaker Nancy Pelosi defended the decision of Congress to adjourn. Lawmakers can always be recalled to Washington ``if there is a need to do so,'' she told reporters yesterday. In the meantime, House and Senate committees will hold hearings and the financial crisis will be studied by Congress, she said. ``Our work will continue even if we are not still on the floor,'' she said.

House Financial Services Committee Chairman Barney Frank said Congress could give the Federal Reserve authority to pay interest on bank reserves sooner than originally scheduled.

``They already have the authority; it's just a question of moving it up a couple of years,'' Frank, of Massachusetts, told reporters yesterday. ``We're trying to work that out.''

Senate Banking Committee Chairman Christopher Dodd said the Fed also has the power to buy and dispose of bad debt stemming from the subprime-mortgage crisis.

``The Fed has the authority to move in this area,'' Dodd told reporters in Washington.

No `Quick Fixes'

Creating a separate agency to take on bad debt, akin to the Resolution Trust Corp. set up in 1989 to absorb losses from savings-and-loan associations, would take about a year, he said. Instead, the Fed should use its own authority to act.

Senator Johnny Isakson, a Georgia Republican active on housing issues, scoffed at suggestions that lawmakers postpone adjournment to rewrite laws governing the financial markets.

``The last thing you need,'' he said, ``are 535 people, not many of whom are that well-versed in financial markets, trying to do quick fixes to a market correction that's one of the more significant that we've ever seen.''
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

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Anonymous Coward
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09/18/2008 12:06 PM
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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
Well, seeing the Republicans allowed this to happen over eight years of THEIR administration, I'd say THEY should be the ones to fix it.
Anonymous Coward
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09/18/2008 12:07 PM
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Anonymous Coward
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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
They should give themselves another raise while they are at it.
Anonymous Coward
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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
Hmmm....I'm pretty sure that there are Republicans in Congress too. I could be wrong.

Either way, remember this when election time comes.
Anonymous Coward
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cant have it both ways....no impeachment either...wtf
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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
On Monday, McCain issued a tough-talk statement that he was "glad" that the feds "have said no to using taxpayer money to bail out Lehman Brothers, a position I have spoken about throughout this campaign." On Tuesday, the government did the daddy of all bailouts.
Sara-Ka-El

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Well we are approaching the hollerday season...
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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
same man that helped create this mess is one of mccains
people....repukes pushed through all kinds of crap to
loosen the rules on borrowing, on mergers and the general
screwing of the american people and now they want to
blame the democraps....I dont care for either party but
lets stop the crap of blaming the dems.
Anonymous Coward
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09/18/2008 12:11 PM
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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
Well, seeing the Republicans allowed this to happen over eight years of THEIR administration, I'd say THEY should be the ones to fix it.
 Quoting: Anonymous Coward 487016


Thats wrong, it happend in 1933 and it was democrats..

don't get me wrong though, both are traitors.
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Cassie :-)

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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
So what! The republicans can go with them. just as much would get done.

"CON" is the opposite of "PRO", what is the opposite of PROGRESS?
That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved.

"...the blood of Jesus Christ his Son cleanseth us from all sin." I John 1:7

"For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord." Romans 6:23

And this is the record, that God hath given
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a vote for Obama is a vote for Pelosi/Reid
:6473madburger:

"The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries." - Winston Churchill
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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
And what is the entire REPUBLICAN half of Congress doing?

The same thing?

The EXACT SAME THING?

Nothing different?

THIS MEANS A THIRD PARTY WOULD BE BETTER THEN EITHER THE REPUBLICANS OR DEMOCRATS AT THIS TIME.
Reece2076

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Re: DO NOTHING DEM CONGRESS SAYS "FUCK IT"...WE ARE GOING ON VACATION, YOU DEAL WITH THE CRISIS. SEE YA AFTER ELECTIONS. WE'RE OUTTA HERE
House Speaker Nancy Pelosi defended the decision of Congress to adjourn. Lawmakers can always be recalled to Washington ``if there is a need to do so,'' she told reporters yesterday. In the meantime, House and Senate committees will hold hearings and the financial crisis will be studied by Congress, she said. ``Our work will continue even if we are not still on the floor,'' she said.

:mcecon:
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jarha

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"The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way."

YES, WE KNOW.

BY YOUR DO NOTHING, YOU WERE DELIBERATELY

DESTROYING COUNTRY. IT IS TREASON.



TREASON:
1. Violation of allegiance toward one's country or sovereign, especially the betrayal of one's country by waging war against it or by consciously and purposely acting to aid its enemies.
2. A betrayal of trust or confidence.
Anonymous Coward
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a vote for Obama is a vote for Pelosi/Reid
 Quoting: Mr. Predictor


a vote for mccain is a vote for bush/cheney
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This is a runaway train.
It doesn't matter anymore.
I hope the Eagles have answers
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Bill Clinton's policies regarding subprime mortgages and pushing loans to low-income minorities helped a great deal in creating this national financial disaster. This is a bi-partisan financial clusterfuck.
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OP and his fucking ridiculous nature aside, they are BOTH OWNED...

Are those congress people with the little "R" next to their name leaving too?

Have they stood up and said - "Hey let's not go on vacation."

Yeah.

Didn't think so.

Wake up stupid, they are all puppets, only idiots don't get that yet.
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110th congress has 202 republicans and 233 democrats in the House of Representatives.
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Well, seeing the Republicans allowed this to happen over eight years of THEIR administration, I'd say THEY should be the ones to fix it.


Thats wrong, it happend in 1933 and it was democrats..

don't get me wrong though, both are traitors.
 Quoting: Anonymous Coward 376019

actually the pukes relaxed all regs to borrowing credentials, banks made tons of money..now they are
bailing these people out...yea same people that lied
and made the money on your backs are making it on the
way back down....repukes are pieces of garbage
Anonymous Coward
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And what is the entire REPUBLICAN half of Congress doing?

The same thing?

The EXACT SAME THING?

Nothing different?

THIS MEANS A THIRD PARTY WOULD BE BETTER THEN EITHER THE REPUBLICANS OR DEMOCRATS AT THIS TIME.
 Quoting: Anonymous Coward 483402



I agree. Cut both sides loose and let's start all over again with new parties.
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:taxpayerdo:
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Maybe they're heading for their underground bunkers
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And baby bush comes on tv and says we're doing all we can to stop the collapse of the United States of America.

1rof1

Like that instilled any confidence.

Better off if they ALL go on vacation.
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``When you rush to judgment, you usually make mistakes,'' said Sherwood Boehlert, a former Republican congressman from New York. ``This is something you can't go on forever without addressing, but Congress in a short span of time is best served by going home.''
 Quoting: PACNWguy

This is a BIG deal. The country is in financial meltdown. Instead of actually working, what they're paid to do, they would rather go home. You don't know what to do. Got it. Start figuring out what you need to do.

Unfortunately, Pacnwguy wasted the entire point and the post by making it partisan.
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And just what are these congress critters going to do, pray tell? Kind of like declaring war and spying on citizens. Maybe they are, gasp, going to actually talk to their constituents...real people.

Besides, all their hands are in the kitty ... Rep and Dem.

We are already in a dictatorship and neither a Rep or a Dem congress can do much of anything.

And it's not even Bush...it's them that holds the purse strings.
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a vote for Obama is a vote for Pelosi/Reid


a vote for mccain is a vote for bush/cheney
 Quoting: Anonymous Coward 476073


ok ... great choice eh ???
:6473madburger:

"The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries." - Winston Churchill

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