Wednesday, September 24, 2008


So now Bush is front and center in pushing his bailout of the Wall Street firms and banks. And, according to Barney Frank, a deal looks promising that includes caps on executive compensation for those firms that take advantage and sell their toxic debt to the government, protection for homeowners in bankruptcy proceedings in being forgiven the amount their mortgage loan exceeds their equity, and Congressional supervision. So much for Bush and Paulson arguments that caps on executive salary would force some banks to refuse to "participate." Oh yeah, right! The government stands ready to buy their toxic worthless debt at 100% of face value when it is worth zero on their companies' books. Yet Bush and Paulson led us to believe that then the executives would "refuse to participate." Not in your wildest dreams!

And how about that John McCain. What a statesman. He is foregoing campaigning to return to Washington where he will single-handedly solve this whole mess. What a patriot? As Barney Frank said, however, he hopes McCain does not gum up the agreement that has nearly been finalized between Democrats and Republicans.

And maybe, John McCain can avoid that foreign policy debate with Barack Obama on Friday night in Mississippi. This way, on his strongest suit, where McCain can describe how he was a patriotic prisoner of war in VietNam and ask Obama what he ever did, perhaps McCain can delay the debate to more closer to the election on November 4th.

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