While Rome Burned….Bailout Negotiations in Disarray
By Steve Diamond on September 26, 2008 at 12:35 PM in Economy
I am a lawyer, political scientist and law professor. I teach courses and conduct research on the global capital markets, business law, international human rights and labor law. My post here yesterday, and at my blog, Global Labor and Politics, was “Why the Left Should Back Paulson….”
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The same free market de-regulation ideology that got us into this financial crisis is now blocking the road to a solution. As the Wall Street Journal explains House Republicans appeared to be those most responsible for the debacle that unfolded at the White House today.
These Republicans naively think the Paulson plan is a “bail out” of Wall Street with government money. This is wrong. The Paulson plan is a revolving line of credit extended to the Department of Treasury by the American taxpayer allowing the Treasury to enter the financial markets to buy assets like mortgage backed securities or MBS’s.
What Paulson is attempting to do is “make a market” for these securities, much like the service provided by the New York Stock Exchange or the Nasdaq. Since these securities usually trade in the off exchange environment, what some call dark matter, they are not easily priced even in ordinary times. But in an environment of great uncertainty only an institution with very substantial resources like the federal government can make a market for such complex instruments.
These MBS’s are now priced well below their long-term value because of fear and uncertainty in the markets. Thus there is room for Treasury to purchase billions in those assets at above current prices yet below their fair value and over time to resell those assets at a profit for the taxpayers.
We did the very same thing in the 1930s when the Reconstruction Finance Corporation entered into the market for mortgages and restarted the frozen market for those bonds. And we did not take preferred share positions in the companies that sold us those bonds, as some mistakenly argue. Soon other players followed and prices started to rise off the bottom.
The aversion to federal action by the Republicans is certainly repugnant, but it did not help matters today to see Maxine Waters more worried about cutting in women and minority owned businesses on the action in the Treasury plan than actually making sure that the federal government is first allowed to stop the financial bleeding.
The disadvantages of our atomized political culture are coming into full view as the far right and left attempt to weigh down a triage operation proposed by Bernanke and Paulson with all sorts of politically opportunistic amendments. One particularly disappointing turn of events: left wing economists like Michael Reich and Jamie Galbraith joining with right wing anti-union and anti-regulatory ideologues from the University of Chicago to oppose the plan.
Take one concern: CEO pay. Most of the CEOs who got us into this mess are already out of a job. Those who are left will be earning far less than they did before given the very different economic and regulatory landscape they will be operating in.
And what prevents us from re-visiting this and a host of other issues once the illiquidity issue is addressed?
It is unfortunate that the broader public does not understand how deep the problems we now face really are.
Perhaps the collapse today of WaMu, the largest bank failure in US history, will wake people up.
But here is one helpful anecdote from the unfolding crisis:
Goodyear Tire & Rubber was forced today to draw down an expensive $600 million reserve line of credit because it was not allowed to withdraw money from its money market mutual fund. That mutual fund is supposed to be composed of what accountants call “cash equivalents” because they are invested in “commercial paper,” the most secure financial instruments we have next to actual dollars.
But the commercial paper market is now itself being deeply impacted by the unfolding crisis. Industrial grade companies like Goodyear depend on commercial paper - loans for 30 or 45 days - to finance their working capital. But of late the interest rate on CP is skyrocketing. IBM is now facing triple its ordinary interest rate on CP in order to finance its operations. IBM thus applied for, and received, protection against short sales.
In other words, the real economy - Main Street in today’s phony parlance - is being directly impacted by the unfolding crisis.
The right solution is to let Paulson do his job.
Bailout Negotiations in Disarray - WSJ.com
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SusanUnPC’s note: We all know Steve Diamond for his investigative work on Obama’s ties to Bill Ayers. Steve is a lawyer, political scientist and law professor. His blog is Global Labor and Politics.
For those interested, the dow just went green.
and the market always knows more than we do
“The same free market de-regulation ideology that got us into this financial crisis is now blocking the road to a solution.”
Eh? What free-market ideology incentivizes making bad loans? No sale there. The risks were taken because Fannie and Freddie were there to backstop bad decisions. That’s not free-market, that’s welfare market.
EXACTLY! Had the “free market” been allowed to function free of social tinkering, many of these crap loans would have never been made in the first place. Likewise, if there had been some kind of tracking mechanism in place for individual home loans … much like the CUSIP numbers used for individual stock and bond certificates … then it would have been possibile for holders of those loan packages to know how those loans were performing and price the risk accordingly.
Correct. The “free market” did not lead to this problem. Regulation and incentives by democrat Barney Frank and his cohorts forced lending institutions (Fannie and Freddie especially) to lend to unqualified buyers in their high-minded ideals of “equality.” Well, in a free market these unqualified buyers would not have had the chance to purchase properties they could not afford, therefore the mortgage crisis would never have happened. Look to the dem for culpability in this.
Look this guy is a lawyer, he wants to impress you right off with how smart he is. I am a lawyer too. What he is telling me lawyer to lawyer is that he is an advocate for one side in an adversarial position that puts an offer on the table, obfuscate the messy little details hoping you don’t see how you are getting screwed and then says this is the best you are going to get take it or leave it.
What he is saying, George is that there is a serious lack of ethics involved in letting the guy who ran the ship aground now try to steer it into deep water.
This has nothing to do with your hypothetical crock of shit “lawyer to lawyer” crap. This isn’t you standing before a judge arguing that you’re smarter than the other guy, it is about truth.
Truth, you know, the thing that all the suckers have to swear to tell the whole part of.
This is not a contest between two attorneys, it is about saving the country. We couldn’t care less about your smart boy ego and how you could argue this better.
Right off the bat, Steve Diamond tried to shift blame from the Democrats and say deregulation and blind faith in the free market got us into this mess. He said the Paulson plan was good for the tax payer, even though it would be your $2800 backing a loan that never should have been made, buying up these rotten securities that nobody else would touch with a 10 ft pole, after the good stuff has been picked over by the Wall St. tycoons who survived this disaster. How is that a “good plan?” All George Mathers said was bear in mind, this guy Steve Diamond is a lawyer and speaking like one, and he is pushing a deal, not just telling a story.
This whole thing is about paper that doesn’t have any value unless someone else (e.g. you and I) is holding it. Then it is magically valuable! What a bunch of hogwash!! This whole buy-out is a game of chicken from these air-hole “investors” to move their crap off of their balance sheets. Somehow, I am expected to believe that this paper will suddenly have value, but only if I am the one to hold it. That sounds like every scam that I have ever heard in my 55+ years. “You must act today” is what they tell you at the used car lot, or during the late night info-mercials.
I am also supposed to believe that this paper is not actually worthless, and if I buy it I won’t lose money if only I hold it long enough. This is so wrong, firstly on the level that if it does not lose value by holding it long enough, why do I have to be the one to hold it? Why can’t these financial wizards hold it to maturity? Secondly, if it is going to eventually regain its mature value, then when has trading the promise of higher value ever stopped these geniuses from flogging paper at each other? Isn’t that fundamentally what the “futures” market is?
As pointed out by others above, this buy-out doesn’t solve anything. If it goes through, you can bet that it will come around again in another 10-15 years, and will probably carry a $1.4-trillion price tag then. As is also pointed out above, the DOW went green today. Warren Buffet dumped $5-billion in Lehman, and it was up the same day; Morgan Stanley is sniffing around WaMu and and that stock jumped. There are opportunities here that do not required a couple thousand dollars per head of my money.
Sorry, it’s not Morgan Stanley, but Morgan Chase who is sniffing around WaMu.
The market is its own science. What we try to do is understand it (and the people running it). It doesn’t ‘know’ anything. But I get your point. Perhaps I’d say ‘the market doesn’t agree’.
What does that mean to “go green”
It means the value is higher than when trading opened this a.m.
If it dips below today’s open again, it will go red.
How can this be????
I thought McCain saved the day?
I thought he brought everyone together and got things done!
hahaha.
http://www.realclearpolitics.com/epolls/2008/president/us/general_election_mccain_vs_obama-225.html
If McCain was wrong to go to DC, why did Obama follow? Is he taking his orders from Bush now? The market is green, a deal is near, and McCain will be shown to have helped make it happen.
McCain wasn’t wrong to go to DC - he was wrong to claim he was suspending his campaign when he was not, and to attempt to score political points over what should have been a non-political decision.
You should look up the meaning of the word suspend.
Here are a few”
# freeze: stop a process or a habit by imposing a freeze on it; “Suspend the aid to the war-torn country”
# make inoperative or stop; “suspend payments on the loan”
# render temporarily ineffective; “the prison sentence was suspended”
It means to STOP. To SUSPEND a campaign means to STOP the campaign. That would mean to surrogates attacking your opponent, no ads running, to making speeches. McCain announced hew as suspending his campaign to go to Washington, then made 3 campaign stops, arriving in Washington a full 24 hours later.
That’s not suspending your campaign. It was a good idea for him to go to DC to help on the details, as Obama did. But like Obama said, Presidents have to multitask. He didn’t have to suspend his campaign to be able to work on the bailout. And he certainly shouldn’t have said he was suspending if he had no intention of doing so.
Multi task……How many NATO meetings did he hold while running for president?
Bush was multitasking when he did a fly over at Katrina. He was also multitasking while watching kids read as the towers burned. McCain has shown us all he is no Bush. Obama on the other hand, if elected will out “Bush” Bush.
hell, barko doesn’t even know that russia is a u.n. voting member!
You must have gone to private schools like BOBO. That might explain why your aren’t familiar with the term 3 day suspension. Your exmaples imply permenance yet suspension is limited. If it weren’t we would simple use the word terminate.
Huh? What does length have to do with it.
3 day suspension means that you stop ALL ACTIVITIES for three days.
Terminate would mean ending permanently.
Suspend means to terminate, temporarily.
Just because the length of time is shorter doesn’t mean the basic tenants are not the same.
If you are suspended from school for three days, you are effectively expelled from school for those three days. It doesn’t mean you can go to some classes, but not others.
McCain didn’t suspend his campaign - he took a break from campaigning, personally, to go to Washington. That’s a noble thing to do - but it’s a lie to say he suspended his campaign activities when everyone connected to his campaign was still campaigning.
Why is it so hard for you to admit that, Bot?
in taking s break from campaigning McCian stopped campiagning. Otherwise he wouldn’t be taking a break from campaigning if he was still campaigning. The break itself means that the length of time was measured. John was perfectly within the bounds of the English language to claim a suspension of his campaign.
i didn’t see you making this argument with Michelle obama was campaigning on 9/11 after they were supposed to have suspended there campaign on 9/11. mcCain was not actively campaigning. Michelle Obama was. Please explain to me how one is justified and the other is not.
Such a one-sided view by the troll and laughable on its face. Opampers has not been playing his own politics with this? LMAO.
Of course Obama was playing politics as well. And they were both wrong to interject politics in such a serious situation.
I’m no O-Bot. I’ll admit that Obama tried to use McCain’s blatantly political decision to score political points for himself.
Will you admit that McCain’s overexagerated announcement of campaign suspension, cancellation of Letterman, etc. was a blatantly political move?
Who’s the Bot Now?
John McCain has a life-long track record of doing things not for personal political gain (and often in opposition to it) but for the nation. Obama has no such record. Everything McCain has done has beeen for country first. he does not need to score cheap political points on something like this, he is going to win this election easily.
What does that have to do with this discussion?
Just admit that he made a mistake, one that he is paying for in the polls.
What’s so hard about that?
You people are so brainwashed it’s disturbing.
We believe in doing the job you’re paid to do. The extra curricular stuff can wait.
Exactly. We pay John McCain and Barack Obama to show up in the Senate and do their jobs before running for President or anything else. The debate can wait, if the economic future of this country hangs in the balance. We don’t care what the media says; it’s a matter of knowing what is right and what is wrong. McCain saved us from a disastrous bailout plan where American taxpayers would be on the hook for $140 billion to ACORN / La Raza.
You are allowing the “I am not a bot” direct the discussion which is becoming a boring argument of no merit. Kindly ignore the “I was a Hillary supporter too, now don’t you see how I empathize with all of you NoQuarter folks?”
Please ignore him and get on with talking amongst your own.
I do not believe he made a mistake. I could care less about the debates. I want a responsible solution to be put into place to rescue our economy. McCain showed “Country First”. He did suspend his campain. I believe there were some bleed over of ads that could not be pulled late in the hour….
Yes and Obama went after ad space that McCain was able to vacate.
Then do us all a favor and go away. Leave us to our “Delusions” and when Barrack loses in a landslide, you come on back and we’ll give you a koolaid antidote.
In the mean time, do me a favor and:
GFY
that’s the difference, Obots and Nobama define mistakes by not scoring political points. McCain did what he felt needed to be done. When Reid says “no one knows what to do” and says they will recess without a resolution and then says we need the Republican nominee to let us know what he thinks so the other repubs can have political cover and Sec. Paulson says he needs McCain help to get the Repubs. to get in line he did what he had to do and showed up, damn the polls. Unfortunately the Dems are so politically motivated they wont do what they think is right without political cover.
Your just a Dem water carrier and don’t really care about the truth.
You seem dumbfounded that a sitting US Senator would consider and then decide on returning to Washington to address the business of a nation in economic crisis.
My God WildChild, CAN YOU READ?
Quoted directly from the comment you responded to:
“McCain wasn’t wrong to go to DC - he was wrong to claim he was suspending his campaign when he was not”
You seem incapable of understanding that your Hero John McCain can make a mistake.
I didn’t realize how much Kool-Aid had been consumed here in the past few months.
You people are worse than the DailyKooks.
presidential campaigning is a time consuming business. It;s more than full time. For McCain to effectively deal with the issues of a nation in economic crisis as a sitting US senator, he would really have no choice but to suspend his presidential campaign and turn his focus to the crisis. I’m not exactly sure how you fathom that McCain made a mistake. Any competent leader or manager would do the same thing.
Ya, what the heck is the matter with McCain! How dare he go to Washington and do senatorial duties, who does he think he is! A senator?~?
uh ya.
he did suspend his campaign, no campaign stops, no campaign speeches, no campaign ads, no campaign interviews and I defy to you find one quote over the last 3 days where McCain has criticized Obama. I would define that as suspending your campaign, you can define it however your precious Obot heart chooses.
It’s worth noting that Obama has not made a single decision. he didn’t decide to go to DC, he followed like a lost puppy. He didn’t decide to take any position on any of the issues. All he has done is callously keep his campaign running and looking for political advantage at every opportunity. Listen and all he has to say is - trust me, I used to be a community organizer.
barko got ‘CALLED’, hence ‘PWNED’, in the process…
I’m sorry but you’re just irretrievably stupid. Thank goodness people like McCain are in DC rather than you. You probably can’t even manage a tool shed.
McCain never ‘claimed’ anything. He was called; he was asked to come to DC. For pretty obvious reasons.
At the time he had no idea how long this would take. Seriously.
What are you supposed to do when you call in sick for work? If you have the flu but you’re back in a day then you showed bad judgement?
Go troll somewhere else, insect.
what is the matter? got out-flanked again by an old guy? ha ha ha
The President asked him to go. It’s not a matter of taking orders. He is still the President whether we (and by we I mean dems not repubs like you) like it or not.
Ha! What a joke. Obama would like nothing better than to stiff Bush. He went only because he was wrong to have initially refused and was doing damage control.
He not only refused - he put his foot in his mouth again by exposing his extraordinary arrogance.
Harry Reid said McCain was NEEDED in Washington to persuade Repubs to accept the plan.
In the meantime, Dems inserted earmarks into the bill and before McCain arrived in Washington, Reid said McCain wasn’t needed.
The media wants Obama to win - therefore the narrative is McCain killed a plan that had been resolved. BUT - there was NO PLAN!
Democrats LIED!
EXACTLY.
Harry Reid said McCain was NEEDED in Washington to persuade Repubs to accept the plan.
In the meantime, Dems inserted earmarks into the bill and before McCain arrived in Washington, Reid said McCain wasn’t needed.
The media wants Obama to win - therefore the narrative is McCain killed a plan that had been resolved. BUT - Dems LIED - there was no consensus!
During the meeting, Pelosi and Reid deferred to Obama who promptly began pointing fingers and blaming Repubs.
There is no resolution yet - although Obama had control of the meeting.
I had heard that when 0bama took charge the meeting blew up all over the place.
Such skill, such executive ability from the Illinois Fraud. Maybe Pelosi and Reid should have deferred to 0’s teleprompter instead.
I was listening to talking heads that McCain passed a chance to speak, Obama took his chance to speak and gave one of his lame platitudes about working together blah blah, urgent blah blah… and the Repubs talked about their position (they have held all along) and wanted their positions reflected in the legislation. How dare they not roll over for the Dems and the Pres.
This is so fucking laughable. If Obama was still back in the Senate no one would give him the time of day. He’s just furniture - he’s irrelevant. He has no chops, no experience, and no one’s respect.
Now suddenly they’re going to look to this neophyte, this clown, for leadership?
Understand why the Dems already lose elections? They’re idiots!
In one day? What complex negotiations have you ever been in that are solved in one day? At least he is willing to try, unlike “Where’s my spotlight?” Obama who just wants to call everything in. Talk is cheap. Look at their records. Who has a history of proven bipartisan accomplishment? Hint: his initials are not BO. All talk, no action. I’ll take the war hero, thank you very much.
This can however be offset by the fact this is something a lot concerned people have thought about for a long time. What really takes time is making the ACORN/Obama Dems realise they have no chance, they can’t play the community organizer game any longer.
Harry Reid announced there was an agreement because he didn’t want John McCain to get any credit for helping. Your attitude is exactly what is wrong with politics in this country. I thought Obama was the Messiah and could fix everything with words. See, anyone can take potshots at politicians and look stupid.
We are facing a potential disaster for average Americans. It’s not the situation to politicize and there’s no doubt that’s what Obama and his people are doing.
Nancy Pelosi overheard in the corridors yesterday with Obama.
NP: We’ll hack out this deal, you go write a speech.
BO: How much time do I have?
NP: Do you mean will David [Axelrod] have time to polish it up? Yes he will. Stop shaking - it’s all right!
BO: What am I supposed to speak about?
NP: Oh anything you like, Barry. You know how much we enjoy your speeches.
Mark of Z,
I loved it! “Oh anything you like, Barry. You know how much we enjoy your speeches.”
So true!
So basically you’re gloating over the fact your fellow Dem blowhard fucktards have despite all pleas turned the whole thing into a political issue, refuse to work across party lines, refuse to pull in their support for ACORN and the NBC - the same people who caused this mess in the first place.
Basically what you’re saying is you’re proud your party royally fucked up not only the US but the entire world - and you’re really proud they’re stymieing all attempts to save the day.
Basically what you’re saying is you like seeing the entire world go down the tubes and you are more than ready to take credit for it.
And in that case no one here will disagree with you. You certainly are damaged.
Lower the capital gains to 10% and watch the money pour in.
I agree, take that 10% for a short ride, see what it can do before we spend billions. We may still have to spend some but not as much.
I’m ready to “Make a Killing in the Foreclosure Market” myself. This, to put a silver lining on this dark assed cloud, is going to make smart, alert people a shitload of money.
Slap down a 10% cap gain tax on top of that and the housing market may sag but, as a small-time landlord buddy of mine says, “People gotta live someplace…” For every house foreclosed, there is a new buyer and probably a new, fair rent paying tenant.
I am not sympathetic to people who sign a contract without seeing what it really means.
I don’t understand why this is not an option.
Why was Obama at the DC gym at 8:30am today instead of focusing on the economic crisis?
We know what his priorities are!
I hope this is snark.
He’s just like “W.” He wants to exercise, and be important, but is not really interested in actually working.
Oh that’s exactly it. The worry is voters have grown accustomed to this. They expect their president to be an idiot. It’s the New Millennium.
He was probably looking for his next Larry S.
I agree. The name “Wall Street Bailout” is toxic. “Mortgage Security Repurchase” would be more appropriate. It’s pretty clear that one or two institutions are going to fail every day until this crisis is resolved.
If we had real leaders in this country, those people would be on tv and everywhere explaining to people that this is not just a rescue for Wall Street and Banks, but for them as well. If you don’t take action, everyone in this country will lose everything. So far, Hillary is the only politician who has laid out the situation with a solution. I’ve heard some good discussions on radio, but not in the MSM media or from the administration.
Bush is doing his usual thing: allow a disaster to befall the American people, then proclaim a crisis (which really does exist) and then demand extraordinary power and huge sums of money IMMEDIATELY (no time to think, read, or debate–Patriot Act) and just do it or else. He really should be impeached now, if for nothing else than principle.
I am fine w the bill as long as there is NO PORK IN IT WHATSOEVER. And no compensation to any of the corrupt CEO’s who did all of this-not a nickel. They should all be in jail.
You mean like a 56 billion economic stimulus package. The Dems are not going to let this go through without it. Whatever + 56 billion. Candy for the masses.
You have to have that package or something similar for homeowners. It’s not candy. Otherwise, if forclosures aren’t frozen and rate hikes frozen, there will be thousands more defaults. The government can take these houses of course, but what will we do with thousands of empty houses? The market will be so flooded with inventory nothing will have any value (not even houses that aren’t foreclosures) and the housing market will be dead for years. The taxpayers will not get money back into the federal treasury because the government will be holding a bunch of valueless houses. They could sell them for practically nothing to speculators, but that’s not the same as saving these mortgages to begin with which will save the economy.
Yes tek.
Lets give every household 500 dollars to spend.
Lets pay mortgage companies a good hefty fee for rewriting new contracts.
Lets give those who do not pay their mortgage a free year in their homes without paying any mortgage payments plus if after that they still can’t pay lets give them the house for free.
Good idea.
For the auto makers in key states Ohio and Mi.
You would agree to a package that includes ACORN wodiej?
The Senate Republicans didn’t like that 20% of the bailout money, instead of going to retire the debt, was going to fraud organizations such as ACORN.
That’s why Dodd was blowing smoke out his butt when he announced a “deal” yesterday. The SENATE Republicans weren’t even on board, forget about the House Reps.
What about the $140,000,000 that is being earmarked for the corrupt voter and housing fraud organization, ACORN, that is one of Obama’s pet projects? I agree with that part of your post, this solution should focus exclusively in increasing liquidity in the market right now. This is not yet another opportunity for political profiteering.
I don’t want one PENNY to go to ACORN or LA RAZA. Or any other “RADICAL” group. If they can’t finance themselves Bye-Bye.
There are plenty of groups, small businesses that do work for all Americans that money could go to better use for. I do not want these companies bailed out and yet taking that money to hold onto millions upon millions for their own salaries. That money could go to better use like providing it to Doctors and Hospitals for giving medical care to the poor. Feeding the homeless. Research for cures. Alternative energy sources.
I don’t want to hear we might make money off the deal. We’ve already heard the coulda, shoulda, woulda’s. I want every American knowing exactly, including salaries where that money is going. How it is “exactly” that it will benefit us. A complete breakdown. It’s not “their” money.
I’m not buying into some pyramid scheme where the guys at the top “our government” is supposed to make money off the deal. Show us how that is? Prove to us how this is going to turn around the crisis for the people. Don’t bring us back here 20 years from now saying oops that didn’t work.
I want the people responsible for altering those numbers, these CEO’s investigated and prosecuted. I want those in the government that covered up for this investigated. I’m tired of us being the patsy’s for these people. It is “WE THE PEOPLE” not “WE THE GOVERNMENT” If it shuts down our government SO BE IT. They’ve done a fantastic job so far for “US”. Pfft! Our elementary school children could be doing a better job then these children posing as adults!
Are they talking about giving money to La Raza? What a crock! Where did you get this info? I want to know exactly what is going on.
http://tinyurl.com/49ev78
Go to this thread here on NQ. Larry has the whole bailout pdf posted. With highlights to the plan like the one below.
http://tinyurl.com/49ev78
Go to this thread here on NQ. Larry has the whole bailout pdf posted. With highlights to the plan like the one below. 100 Million dollars of the money!
I’m very sorry for the double post the page stuck and I had to refresh. I even checked to see if the first post posted. It wasn’t there when I posted the second one, till it posted then they both showed.
Oh and let me ADD. I don’t want to see this flippin’ 56 billion dollar stimulus package when they’re already asking for 700 billion dollars to bailout these companies. Let’s just keep adding more and more debt~! I wish my checkbook worked like these people’s. I’d be sitting on a goldmine. Oh, it’s OK if I write this check. I must have money! I have a check! No need to balance my checkbook! Make any cuts in my spending! Woohoo! woohoo…
Yes but there is pork. One hundred forty billion porks. To go to Obama’s buddies in ACORN. That part is just so wrong it’s not funny. To make graft at this time of crisis is tantamount to treason.
Larry may still be in Deutchland. I wonder if he can smell the marshmallows toasting in Rome?
s
He’s in Deutschland?
We can now see why this bill was a bad plan. ACORN
Thank you McCain for putting country first.
http://bobmccarty.com/2008/09/26/twenty-percent-of-700b-bailout-to-go-to-acorn/
These idiotic politicians. the D