Polinaut: September 26, 2008 Archive

Column of the Day

Posted at 8:21 AM on September 26, 2008 by Tom Scheck (2 Comments)

If there's one column that you should read today, it's this one.

Basically, Americans have a choice regarding the financial mess. They can choose to teach Wall St. a lesson or fix the financial mess. They can't do both.

Consider such options as you talk to/listen to/read the candidate's positions on this over the next few days. What's the option if they oppose the bailout (and don't settle for the "We can't give Wall St. a blank check" line. This is too big for the standard talking points)? If they oppose the bailout, are they prepared for an economy that could be in a rough spot for years?

If they support the bailout, what steps are they taking to make sure this doesn't happen again? What will they do to reduce the mountains of debt that will come along with the bailout?

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The Daily Digest: 9-26-08

Posted at 8:58 AM on September 26, 2008 by Molly Bloom (1 Comments)
Filed under: Daily Digest

Sens. Barack Obama, John McCain meet with President Bush and congressional leaders at the White House. No deal on the bailout is made.

After late-night talks, House Republicans are still holding out. Still no deal.

House Republicans release their alternative plan.

Meanwhile, JP Morgan buys Washington Mutual.

The first presidential debate is supposed to take place in Mississippi tonight. Moderator Jim Lehrer and Obama will be there. Will McCain? Maybe.

If they debate, you can use Twitter's new election page to see what people are saying.

Gov. Sarah Palin talks foreign policy with Katie Couric.

Charlie Gibson talks to Sen. McCain about the bailout.

Newsweek reports that John McCain's campaign manager is still treasurer and a corporate director of his lobbying firm.

33 conservative Christian ministers will endorse candidates from the pulpit this Sunday, in defiance of the I.R.S.

The L.A. Times looks at the candidates' foreign policy.

The Times of London asks, "Are you sure you guys still want this job?"

2008 Race for U.S. Senate

Al Franken talks to local music and art publication, Rift Magazine, and reveals he's a Deadhead.

And Sen. Norm Coleman talks with the Duluth Budgeteer about serving Minnesota.

The Wall Street Journal says the bailout is tough for GOP incumbents like Coleman.

2008 Race for U.S. House

The race in the third district between Republican Erik Paulsen, Democrat Ashwin Madia and IP candidate David Dillon makes the Washington Post's list of top 25 house races.

An Indian newspaper writes about Madia's candidacy.

Rep. Michele Bachmann confirms sixth district debate appearance with DFL challenger Elwyn Tinklenberg and IP candidate Bob Anderson.

Congress

Constituents are making their displeasure about the bailout known to MN lawmakers.

Rep. Michele Bachmann writes an editorial about her opposition to the bailout.

Sen. Amy Klobuchar announces a $2 million federal grant for a new mass transit facility in Rochester.

State Government

Gov. Tm Pawlenty will travel to Europe next week to promote trade and economic cooperation.

The Minnesota Farm Bureau opposes the constitutional amendment that would dedicate funds to the arts and outdoors.

Minnesota gets another two-week extension to negotiate a Medicaid waiver that would save coverage for 18,000 Minnesotans.

Minnesota joins four other midwest states to form a wind energy alliance.

A state worker is suspected of embezzling $1 million from the state's Medical Assistance fund.

2008 RNC

RNC protester files the first law suit against St. Paul.

And in other news...

The Minnesota Twins sweep the Chicago White Sox to take first place in their division.

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The debate is on

Posted at 10:38 AM on September 26, 2008 by Molly Bloom
Filed under: Campaign 2008, President

In spite of a vow to skip the debate until a Wall Street bailout deal was reached, U.S. Sen. John McCain will be heading to Mississippi for the first presidential debate tonight.

McCain originally had said he suspend his campaign until "the crisis has been resolved."

An aide to McCain later told Reuters that, "If the package is reached and the country is saved, there will be a debate."

McCain is debating tonight -- so, is the country saved? Here is the campaign's statement (emphasis added):

John McCain's decision to suspend his campaign was made in the hopes that politics could be set aside to address our economic crisis.

In response, Americans saw a familiar spectacle in Washington. At a moment of crisis that threatened the economic security of American families, Washington played the blame game rather than work together to find a solution that would avert a collapse of financial markets without squandering hundreds of billions of taxpayers' money to bailout bankers and brokers who bet their fortunes on unsafe lending practices.

Both parties in both houses of Congress and the administration needed to come together to find a solution that would deserve the trust of the American people. And while there were attempts to do that, much of yesterday was spent fighting over who would get the credit for a deal and who would get the blame for failure. There was no deal or offer yesterday that had a majority of support in Congress. There was no deal yesterday that included adequate protections for the taxpayers. It is not enough to cut deals behind closed doors and then try to force it on the rest of Congress -- especially when it amounts to thousands of dollars for every American family.

The difference between Barack Obama and John McCain was apparent during the White House meeting yesterday where Barack Obama's priority was political posturing in his opening monologue defending the package as it stands. John McCain listened to all sides so he could help focus the debate on finding a bipartisan resolution that is in the interest of taxpayers and homeowners. The Democratic interests stood together in opposition to an agreement that would accommodate additional taxpayer protections.

Senator McCain has spent the morning talking to members of the Administration, members of the Senate, and members of the House. He is optimistic that there has been significant progress toward a bipartisan agreement now that there is a framework for all parties to be represented in negotiations, including Representative Blunt as a designated negotiator for House Republicans. The McCain campaign is resuming all activities and the Senator will travel to the debate this afternoon. Following the debate, he will return to Washington to ensure that all voices and interests are represented in the final agreement, especially those of taxpayers and homeowners.

Ellison rips Bachmann for her comments on race

Posted at 9:24 PM on September 26, 2008 by Tom Scheck (4 Comments)

DFL Rep. Keith Ellison and the Congressional Black Caucus have sent a letter to GOP House Minority Leader John Boehner asking him if the entire Republican caucus agrees with GOP Rep. Michele Bachmann's recent statements on the financial crisis and race. Bachmann basically blamed the recent financial crisis on loans "being made on the basis of race, and little else." Roll Call (subscription required) says she made the comments during hearing held by the House Financial Services Committee:

Republicans, specifically Bachmann, focused on Clinton's administration and its push to provide loans to low-income minorities as a key reason for the downfall of the housing market.

The Clinton administration turned Freddie and Fannie into a "semi-nationalized monopoly," Bachmann argued. Specifically, that administration decided to make loans through the Community Reinvestment Act "on the basis of race and often on little else." Backpedaling on the controversial comments, Bachmann later added that the law was "well-intentioned" because ensuring that minorities have access to housing is important.

Bachmann told the St. Cloud Times that it was an "unfair characterization" of her remarks. The folks at Dump Bachmann (who obviously don't support Michele Bachmann) uploaded video so you can watch what she says for yourself here.

Bachmann may have to explain her comments tomorrow morning. She's scheduled to appear on MSNBC's Morning Joe at 7:30 Central. She is also scheduled to attend a debate with DFLer Elwyn Tinklenberg on Monday night.

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Debate is over...

Posted at 10:11 PM on September 26, 2008 by Tom Scheck

The first presidential debate is now over which leads me to...

Question of the Day: What did you think?

Update: Factcheck.org fact checks the debate.