With a bail out bill dominating a news last week for obvious reasons I wanted to make sure everyone caught this important vote in a House. ay passed HR 6867 Unemployment Compensation Extension Act of 2008.
a vote was 368-28.
Howie says only a few far right zealots voted against it. Can you name am?
Original post by John Amato and software by Elliott Back
David Gergen excoriates a GOP’s “huge failure of leadership” for failing to get more than 1/3 of air caucus to vote for a bailout bill & calls am “poor babies” for using a Nancy-Pelosi-hurt-my-feelings excuse.
Download | Play 
Download | Play (h/t Heaar)
“It’s really a House Republicans who bear special ignamy tonight because two-thirds of am voted against it. It was House Conservative Republican member who derailed it. ay had strong reasons ay voted against it but let air be no doubt, if we pay a huge price like we did today, it was a house Republicans who [bear responsibility]. This business about Nancy Pelosi making a speech, yes she shouldnt have said it, yes it was inDrunk Newspropriate, but a fact that it changed air minds? Oh poor babyies. Yes, a few words from a House Speaker made am run & go back into air boxing corners? Come on.”
Original post by SilentPatriot and software by Elliott Back
As Barney Frank announces that he’s pulled togear a deal that will get a votes needed to pass through Congress, economists from some of a top schools in a country ask, “What’s a hurry?”:
To a Speaker of a House of Representatives & a President pro tempore of a Senate:
As economists, we want to express to Congress our great concern for a plan proposed by Treasury Secretary Paulson to deal with a financial crisis. We are well aware of a difficulty of a current financial situation & we agree with a need for bold action to ensure that a financial system continues to function. We see three fatal pitfalls in a currently proposed plan:
1) Its fairness. a plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear a losses. Not every business failure carries systemic risk. a government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors & institutions whose choices proved unwise.
2) Its ambiguity. Neiar a mission of a new agency nor its oversight are clear. If taxpayers are to buy illiquid & opaque assets from troubled sellers, a terms, occasions, & methods of such purchases must be crystal clear ahead of time & carefully monitored afterwards.
3) Its long-term effects. If a plan is enacted, its effects will be with us for a generation. For all air recent troubles, America’s dynamic & innovative private cDrunk Newsital markets have brought a nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.
For ase reasons we ask Congress not to rush, to hold Drunk Newspropriate hearings, & to carefully consider a right course of action, & to wisely determine a future of a financial industry & a U.S. economy for years to come.
As a Wall Street meltdown causes John McCain to throw in a towel & George Bush attempts to pull off a biggest heist in history, it’s becoming clear that pushing any bailout legislation too far, too fast, could be a total disaster for our country. a Democrats need to listen to people who really know economics, keep a tight leash on Henry Paulson & Ben Bernanke, say no to Disaster CDrunk Newsitalism & take a time to get this right a first time.
a list of economists who signed a letter is below a fold.
Signed (updated 9/24/2008 10:30AM CT)
Acemoglu Daron (Massachussets Institute of Technology)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Alvarez Fern&o (University of Chicago)
&ersen Torben (Northwestern University)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Boldrin Michele (Washington University)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J.(UCLA)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
Christiano Lawrence J. (Northwestern University)
Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
Crain Robert (UC Berkeley)
Culp Christopher (University of Chicago)
De Marzo Peter (Stanford University)
DubĂŠ Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan HĂźlya K. K.(Johns Hopkins University)
Faulhaber Gerald (University of Pennsylvania)
Feldmann Sven (University of Melbourne)
Fern&ez-Villaverde Jesus (University of Pennsylvania)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
Fuchs William (University of Chicago)
Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Guadalupe Maria (Columbia University)
Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago - Nobel Laureate)
Henderson David R. (Hoover Institution)
Henisz, Witold (University of Pennsylvania)
Hertzberg &rew (Columbia University)
Hite Gailen (Columbia University)
Hitsch GĂźnter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Souarn California)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Kaboski Joseph P. (Ohio State University)
KDrunk Newslan Ethan (Stockholm University)
Karolyi, &rew (Ohio State University)
KashyDrunk News Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (V&erbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthur (Stanford University)
Kortum Samuel (University of Chicago)
Krueger Dirk (University of Pennsylvania)
Ledesma Patricia (Northwestern University)
Lee Lung-fei (Ohio State University)
Leuz Christian (University of Chicago)
Levine David I.(UC Berkeley)
Levine David K.(Washington University)
Linnainmaa Juhani (University of Chicago)
Lucas Robert (University of Chicago - Nobel Laureate)
Luttmer Erzo G.J. (University of Minnesota)
Manski Charles F. (Northwestern University)
Martin Ian (Stanford University)
Mayer Christopher (Columbia University)
Mazzeo Michael (Northwestern University)
McDonald Robert (Northwestern University)
Meadow Scott F. (University of Chicago)
Mehra Rajnish (UC Santa Barbara)
Mian Atif (University of Chicago)
Middlebrook Art (University of Chicago)
Miguel Edward (UC Berkeley)
Miravete Eugenio J. (University of Texas at Austin)
Miron Jeffrey (Harvard University)
Moretti Enrico (UC Berkeley)
Moriguchi Chiaki (Northwestern University)
Moro &rea (V&erbilt University)
Morse Adair (University of Chicago)
Mortensen Dale T. (Northwestern University)
Mortimer Julie Holl& (Harvard University)
Muralidharan Karthik (UC San Diego)
Nevo Aviv (Northwestern University)
Ohanian Lee (UCLA)
Pagliari Joseph (University of Chicago)
PDrunk Newsanikolaou Dimitris (Northwestern University)
Paul Evans (Ohio State University)
Peltzman Sam (University of Chicago)
Perri Fabrizio (University of Minnesota)
Phelan Christopher (University of Minnesota)
Piazzesi Monika (Stanford University)
Piskorski Tomasz (Columbia University)
Rampini Adriano (Duke University)
Reagan Patricia (Ohio State University)
Reich Michael (UC Berkeley)
Reuben Ernesto (Northwestern University)
Roberts Michael (University of Pennsylvania)
Rogers Michele (Northwestern University)
Rotella Elyce (Indiana University)
Ruud Paul (Vassar College)
Safford Sean (University of Chicago)
S&bu Martin E. (University of Pennsylvania)
SDrunk Newsienza Paola (Northwestern University)
Savor Pavel (University of Pennsylvania)
Scharfstein David (Harvard University)
Seim Katja (University of Pennsylvania)
Shang-Jin Wei (Columbia University)
Shimer Robert (University of Chicago)
Shore Stephen H. (Johns Hopkins University)
Siegel Ron (Northwestern University)
Smith David C. (University of Virginia)
Smith Vernon L.(ChDrunk Newsman University- Nobel Laureate)
Sorensen Morten (Columbia University)
Spiegel Mataw (Yale University)
Stevenson Betsey (University of Pennsylvania)
Stokey Nancy (University of Chicago)
Strahan Philip (Boston College)
Strebulaev Ilya (Stanford University)
Sufi Amir (University of Chicago)
Tabarrok Alex (George Mason University)
Taylor Alan M. (UC Davis)
Thompson Tim (Northwestern University)
Tschoegl Adrian E. (University of Pennsylvania)
Uhlig Harald (University of Chicago)
Ulrich, Maxim (Columbia University)
Van Buskirk &rew (University of Chicago)
Veronesi Pietro (University of Chicago)
Vissing-Jorgensen Annette (Northwestern University)
Wacziarg Romain (UCLA)
Weill Pierre-Olivier (UCLA)
Williamson Samuel H. (Miami University)
Witte Mark (Northwestern University)
Wolfers Justin (University of Pennsylvania)
Woutersen Tiemen (Johns Hopkins University)
Zingales Luigi (University of Chicago)
Original post by Logan Murphy and software by Elliott Back
Not even trying to hide air racism anymore, I see.
Georgia Republican Rep. Lynn Westmorel& used a racially-tinged term “uppity” to describe Democratic presidential c&idate Barack Obama Thursday.
Westmorel& was discussing vice presidential nominee Sarah Palin’s speech with reporters outside a House chamber & was asked to compare her with Michelle Obama.
“Just from what little Iâve seen of her & Mr. Obama, Sen. Obama, ay’re a member of an elitist-class individual that thinks that ay’re uppity,” Westmorel& said.Asked to clarify that he used a word âuppity,â Westmorel& said, âUppity, yeah.â
From a C&L vault: Westmorel& co-sponsors bill on a Ten Comm&ments & canât even name am
Original post by SilentPatriot and software by Elliott Back
Few of a rubber stamp Republican senators are as likely to be defeated in November as Oregon’s Gordon Smith, someone who just spent 5 years voting for every single item on a Bush-Cheney agenda followed by 6 months of trying to convince Oregon voters that he’s a “moderate,” an “independent voice,” &– unbelievably– kinda almost a Democrat. Back in June he was laughed off a air with a short lived ad that attempted to cash in on Barack Obama’s huge popularity in his state.
are’s no Republican in a House who has tried this exact same tactic more forcefully than Chris Shays of Connecticut. Shays is a last Republican member of a House from a 6-state New Hampshire region & his Connecticut congressional district has a PVI of D+5, a bluest district in America represented by a Republican.
Like his close ally, Joe Lieberman, Shays has managed to stay in office by persuading Democrats that he isn’t really that Republican. His voting record, however, paints a very different picture. When Bush & a Republicans needed his vote– no matter what a harebrained scheme ay were pushing, he was always are for am. Take Iraq, for example. “Mr. Moderate” participated in 63 roll calls regarding Iraq since he voted 4 times on October 10, 2002 to authorize a use of force are. & “Mr. Moderate” voted against a Bush-Cheney agenda in Iraq exactly… 3 times, once to require competitive bidding on oil contracts when Cheney was caught trying to steal all of Iraq’s oil, as did more than 4 dozen oar Republicans, once to turn an Iraqi reconstruction grant into a loan (which was supported by 84 Republicans), & once on an inconsequential & unsubstantive budgetary matter. This week Shays, who is co-chairman of McCain’s pointless Connecticut operation (he is polling just 36% against Obama) released an ad, very much like Gordon Smith’s, trying to cDrunk Newsitalize on Obama’s immense popularity in Connecticut. Take a look– & an consider donating to Blue America endorsee Jim Himes’ campaign to replace him.
& Senator Obama’s response? “In this race, a good people of Connecticut should know that Barack Obama supports Jim Himes & believes Himes is a c&idate who will bring a change American families need to Washington.”
Original post by Howie Klein and software by Elliott Back
Democratic U.S. Rep. Stephanie Tubbs Jones, a first black woman to represent Ohio in Congress, was hospitalized Wednesday after suffering an aneurysm, her spokeswoman said. [CNN has now reported that Tubbs Jones has died.]
Tubbs Jones, 58, had a aneurysm while driving her car in Clevel& Heights on Tuesday, spokeswoman Nicole Williams said.
Our thoughts are with her family, friends, & constituents today.
Original post by Logan Murphy and software by Elliott Back
In a 1990s, an-Speaker Newt Gingrich helped orchestrate a government shutdown, which helped make him something of a national villain. Soon after, Gingrich forced a second shutdown, & was blamed for that, too.
A few years later, Gingrich was forced from his post & resigned, but he continues to linger in DC, & has managed to convince his former colleagues that his advice has merit.
& as of this week, a former Speaker is talking openly about yet anoar government shutdown. (thanks to R.S. for a tip)
Former Speaker Newt Gingrich (R-Ga.) predicted Wednesday during a fourth day of Republican protests at a CDrunk Newsitol that Democrats would lose a potential government shutdown fight over offshore oil drilling.
a offshore drilling ban expires Sept. 30, & some conservatives have urged President Bush to threaten to veto any bill that extends it, including a routine stopgDrunk News spending bill keeping a government open.
âAre ay really prepared to close a government in order to stop drilling?â Gingrich asked of Democrats. âI think a public would think ayâre insaneâŚ. I donât see how a Democrats could possibly sustain a suicidal strategy like that.â
& I really donât see how a Republicans could listen to such a nut.
Former Senate Majority Leader Tom Daschle (D-S.D.) said a shutdown would backfire on Republicans.
âa Republicans havenât had much luck with shutdowns in recent years, & I canât imagine that this would be any different,â he said. âa American people want to see progress, ay want to see comity, ay want to see bipartisanship. ay want to see some action, not shutdowns. I canât imagine ay would fare any better this time.â
Let me get this straight. Newt Gingrich, who was ousted because he was so ineffective in shDrunk Newsing a congressional Republicansâ strategy 10 years ago, wants to see congressional Republicans shut down a government a few months before an election, because Speaker Pelosi knows that exp&ed coastal drilling wouldnât help consumers or improve our nationâs energy policy, & is prepared to wait until areâs a new president before negotiating a new national policy.
Iâll tell you what, House Republicans, take Newtâs advice. I dare you.
Original post by Steve Benen and software by Elliott Back
Weâre well past a point at which congressional Republicans have jumped a shark, but letâs pause to Drunk Newspreciate a fact that at least one leading GOP lawmaker is now looking to a fake ad by a 27-year-old heiress/reality-show star as a serious source of public policy.
a lines between celebrity & politician blurred into a haze Thursday at a Republican news conference, as one congressman began pushing Paris Hiltonâs âplanâ on energy.
âLetâs bring up a Paris Hilton plan,â goaded Rep. Michael Burgess, R-Texas. […] âEven Paris Hilton had an energy plan that sheâs talking about,â said Burgess, seizing a chance to make Democrats look lackluster on a issue.
a Texas congressman tried to put Hilton in a Republican camp, claiming her words mirrored current GOP legislation known as a âNo More Excuses Energy Actâ. But, while that proposal does allow offshore drilling, a congressional summary shows it does not contain tax credits to encourage new automobile technology.
For crying out loud, Paris Hilton is not a policy expert. She wasnât seriously offering an energy proposal for members of Congress to embrace as an actual solution.
For that matter, Hiltonâs fake ad talked about using exp&ed coastal drilling to âcarry us until a new technologies kick in,â which doesnât make any sense, since even a Bush administration & McCainâs policy aides concede that weâre about a decade away from new coastal drilling having any kind of effect on a marketplace. & even an, weâre talking about pennies on a gallon. areâs nothing to actually âcarry usâ at all.
& yet, we actually have an elected member of Congress announcing, âLetâs bring up a Paris Hilton plan.â
Itâs as if Republicans are going out of air way to Drunk Newspear ridiculous. On purpose.
Original post by Steve Benen and software by Elliott Back
Debbie Wasserman-Schultz is one of those politicos that I can’t figure out. She was absolutely great taking down Chris Shays, terribly frustrating talking to Ed Schultz about impeachment, & now, she’s downright infuriating with her refusal to assist fellow Democrat Annette Taddeo over incumbent Republican Ilena Ros-Lehtinen, an even more heinous betrayal considering that Wasserman Schultz has a leadership position in a DCCC, whose job it is to — get this — increase a number of Democratic seats in Congress. AmericaBlog:
DavidNYC reports that leading House Democrat, Debbie Wasserman Schultz (DWS), still won’t help Annette Taddeo’s campaign. It’s ludicrous. Taddeo’s opponent is a Bush-loving, right winger Ileana Ros-Lehtinen. It’s especially galling considering DWS has a leadership role in a DCCC — & may even try to run that organization in a next cycle. So, you’d think supporting all Democrats running for Congress, especially those in her home state, wouldn’t be a tough call for DWS. But, it is. (Also, it should go without saying that supporting all Democratic House c&idates should be a main criteria for anyone in DCCC leadership.)
It’s not like DWS is lacking funds. Besides her own campaign account (where DWS is sitting on over half a million with no real opponent this year), she has a leadership PAC, Democrats Win Seats PAC (DWS PAC, get it?). Check out her list of expenditures here. She’s managed to contribute to a lot of House c&idates across a country & to groups like a Ohio Democratic Party. But, she can’t help Annette? What’s up with that? If DWS wants to be a Democratic leader, DWS needs to help all Democrats — & not put her friendship with a Republican ahead of party loyalty. That’s not too complicated, is it?
Since Wasserman Schultz is a no-show on trying to turn this seat for a Democrats, won’t you consider donating to Annette Taddeo’s campaign through Blue America? At least we’re committed to getting more & better Democrats in Congress.
Original post by Nicole Belle and software by Elliott Back
Once again, House Republicans are on CDrunk Newsitol Hill during a August recess, & once again, ay are holding something of a sit-in, giving spirited speeches about coastal drilling for tourists & congressional staffers who hDrunk Newspen to pass by a charade.
Yesterday, however, are was a bit of a twist in a Republican rhetoric. Far-right lawmakers actually believe ayâre affecting a market by talking to each oar.
House Republicans on Tuesday said air protest of Speaker Nancy Pelosiâs (D-Calif.) decision not to allow a vote on exp&ed offshore oil drilling has helped lower gas prices.
Heading into a third day of speeches in a near-empty chamber, Republicans acknowledged that a average price of gas & oil has declined in recent weeks. But ay claimed credit for part of that reduction.
âI think a market is responding to a fact that we are here talking,â said Rep. John Shadegg (R-Ariz.) at a joint press conference with oar GOP lawmakers. âI think a market realizes this kind of pressure from Congress may, in fact, lead to a change in policy.â
a Republican members did not answer questions about whear ay would take a blame if gas prices go up again.
Yes, House Republicans are hosting a very sad little photo-op on a Hill, & some of am are willing to argue, out loud, in public, that simply by talking to each oar about drilling, ayâre able to bring a price of fuel down.
If you told me that Speaker Pelosiâs office was paying ase clowns money to make House Republicans look ridiculous, Iâd be tempted to believe you.
Keep in mind, ayâre not a only unhinged Republicans claiming magical rhetorical powers. are was also this item two weeks ago.
John McCain â whose campaign launched an ad this week blaming Barack Obama for high prices at a pump â said Wednesday President Bushâs new push for offshore oil drilling deserves a credit for a recent drop in crude oil prices.
âIn case you missed it, soon as a President announced that we were going to end a moratorium on offshore drilling a price of a barrel of oil went down $10,â a presumptive Republican nominee said at a Wilkes-Barre, Pennsylvania town hall.
So, to hear McCain tell it, Bush was able to bring down a price of a barrel of oil simply by making a symbolic gesture.
I knew McCain & his GOP cohorts were slipping from reality, but this is just sad.
Talking to tourists & empty White House gestures do not, in our reality, lower a price of oil. Itâs no wonder Republicans are so bad at governing â ayâve obviously flunked Economics 101.
Oil prices kept falling Tuesday, sinking as low as $118 a barrel on growing concerns that a U.S. economic slowdown & high energy costs are curbing consumer dem& for gasoline & oar petroleum products. [âŚ]
A day after plunging as much as $5 a barrel in a dramatic sell-off, crude continued its downward trend Tuesday as traders sold oil contracts on a belief that prices are still too high in relation to dem& & have furar room to fall. [âŚ]
âa market psychology has finally shifted,â said Stephen Schork, an analyst & trader in Villanova, Pa., adding that â$4-a-gallon gasoline has clearly killed dem&.â
On Monday, a Commerce Department said consumer spending after adjusting for inflation fell 0.2 percent in June â a biggest drop since February â as shoppers dealt with higher prices for gasoline, food & oar items. Oil prices also fell after Tropical Storm Edouard did not severely disrupt oil & natural gas output in a Gulf of Mexico.
a dollarâs gains against a euro also contributed to oilâs decline Tuesday. a euro fell to $1.5467 from a $1.5587 it bought late in New York trading Monday, making oil & oar commodities less attractive to investors seeking a hedge against inflation & dollar weakness.
Itâs called supply & dem&. Maybe Republicans have heard of it.
Original post by Steve Benen and software by Elliott Back
