Democrats are going to fight!

It looks like we might not just bend over today.  Nancy is saying no!


Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers' interests. The Administration's $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.

"We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.

Who is taking the lead on this?  One Barack Obama, that's who!  While McCain spent the day - ummm, anyone know what he did today? - Obama was on a conference call with Democratic leaders to organize the response.  That 7 point plan in Obama's speech today wasn't just for show.  

"Spokesperson Linda Douglass says that the conversations were about devising a "quick, bipartisan solution" to the economic crisis and they touched on the principles that Obama laid out in a speech in Charlotte, N.C., today."

Obama is leading on this issue and helping to solve the crisis without giving away the store.  It almost looks... what's that word again...  presidential!  

Tags: 700 billion dollars, credit crunch, obama, Pelosi (all tags)

Comments

10 Comments

Hillary forced Nancy's hand

Good for her.  

Clinton's strong, detailed response to the flaws in Bush's proposal set the tone and made it much more difficult for Pelosi and Reid to engage in their typical hand-wringing capitulation.

Take the lead Obama and lets make sure we show American voters how Dems can come up with quality policy that protects voters and our future instead of ripping us off.

by Betsy McCall 2008-09-21 04:35PM | 0 recs
Re: Hillary forced Nancy's hand

What on earth are you talking about?  Senator Clinton put out a statement, as did Reid and Pelosi.  Do you have even the smallest scrap of evidence that Reid's and Pelosi's actions were affected by what Clinton did?

by username 2008-09-21 06:45PM | 0 recs
Read their statements

Hillary's was very detailed, comprehensive.

IIRC, Reid said something like "I'm not sure what we're going to do" (he reminds me more of Homer Simpson every day)

Pelosi said something like - we'll help Bush get it done as quickly as possible.

Clinton's detailed statement made Pelosi backtrack and start doing her job.

They're useless, greedy fools more worried about raising money for their next election cycle than about doing their jobs.

by Betsy McCall 2008-09-21 07:15PM | 0 recs
Ugh.

If you want to support a true progressive while ignoring institutional power, support Barney Frank.  The guy is awesome, and I wish he had more influence than he does.

If you want to support people with actual leadership roles, things are more complicated, and it's frustrating to no end when you bash Dean/Pelosi/Reid/Beelzebub/whomever over the issue du jour.  Politics is, after all, the art of the possible.

by username 2008-09-21 08:59PM | 0 recs
Its a tired old excuse

Pelosi & Reid have much more power to influence this issue.  Its not a matter of what's possible, its a matter of lobbyists and campaign cash.

by Betsy McCall 2008-09-22 04:31AM | 0 recs
Re: Its a tired old excuse

Can you give me any links here, any evidence, or even an argument?  I agree that, on average, politicians are corrupt and dishonest, but as leaders of an ideologically diverse political party, Pelosi and Reid operate under serious constraints.

by username 2008-09-22 05:38AM | 0 recs
Re: Read their statements

This is a statement from Reid's office:

"It is now self-evident that the Bush Administration's extreme hands-off policies have been disastrous," Reid said in a statement released by his office. "The middle class is suffering from rising prices and declining incomes, and now the world financial system is on the brink. The American people have every right to be outraged that we are at this point."

Reid added: "At the same time, we cannot allow ourselves to be in denial about the threat now facing the world economy. From all indications, that threat is real, and the consequences of inaction could be catastrophic.

Every single American has a stake in preventing a global financial meltdown. Our first priority must be to prevent that from happening. While the Bush proposal raises some serious issues, we need to resolve them quickly. I am confident that, working together, we will. Meanwhile, I call on the President to better explain to the public the severity of the threat all Americans face, and why he believes his approach is needed.

I also call on him and Congressional Republicans to work with us to address the crisis facing the middle class. Democrats believe we must provide real relief to working families before we adjourn.

The statement you are referring to was from last Wednesday.

Nancy Pelosi, from this weekend:

Speaker Nancy Pelosi (D-Calif.) today said that Democrats would "not simply hand over a $700 billion blank check to Wall Street" and called for "independent oversight, protections for homeowners and constraints on excessive executive compensation" to accompany any Treasury Department bailout.

Her full statement:

"Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers' interests. The Administration's $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.

"We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.

"As we proceed to deal with this crisis, this is clear recognition that the party is over for the Bush Administration's anything goes, failed economic policies that have damaged our economy, undermined the middle class and further pointed out the need for a New Direction."

I'd like to give credit where it's due, but there is no indication that Clinton was involved in the leadership meetings this weekend.

by skohayes 2008-09-22 06:01AM | 0 recs
Here's hoping.

This would certainly be good news.

by Travis Stark 2008-09-21 04:51PM | 0 recs
Re: Democrats are going to fight!
Obama is leading on this?
Good. Would you please inform all the Blog Birchers, here, at DKos and at DU, among other places throughout Litle Old Lefty in tennis shoes-land?
They've already thrown in the twoel.
by spirowasright 2008-09-21 07:01PM | 0 recs
Re: Democrats are going to fight!

Of course, even if the Democrats do fight, nobody here in Socialist Freeper-ville will appreciate it.

by spirowasright 2008-09-21 07:03PM | 0 recs

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