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Stephanopoulos: Pelosi Offers to Postpone Congress' Adjournment to Address Economic Crisis

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September 18, 2008 6:28 PM

ABC News' George Stephanopoulos reports: In a letter to President Bush, House Speaker Nancy Pelosi offered this afternoon to postpone Congress' planned adjournment next Friday, Sept. 26, to address the ongoing financial crisis.

In the letter, Pelosi says she wants to ensure a consistent approach to the "ongoing market turmoil" by developing a bipartisan recovery effort. 

The speaker's letter signals that Democrats are prepared to accept the president's plan for Wall Street, but also demands a second stimulus package targeted at Main Street. 

Pelosi says such a package must include five components: "Investment in infrastructure for economic growth and job creation here at home, home heating assistance at a time of record energy costs, extended Unemployment Insurance for the growing number of Americans looking for work, Food Stamps that will help ensure we feed hungry families in a time of crisis, and assistance to maintain critical health care coverage jeopardized by state budget cuts."

Pelosi says she wants to "balance accountability to the U.S. taxpayer with protecting American families from the crisis's fallout."

Below is the full text of the letter:

September 18, 2008

Dear Mr. President:

The worsening crisis in our financial markets demands strong solutions and decisive leadership. 

Already, House and Senate committees are investigating both the regulatory lapses and market oversight failures that resulted in this crisis, as well as possible solutions.  This work will continue.

Accordingly, we stand ready beyond the targeted adjournment date of September 26, to permit Congress to consider legislative proposals and conduct necessary investigations.

Going forward, we need to understand how government failed to prevent this financial crisis, and how we can avoid future mismanagement and denial.

Thus far, we have seen a reactive, case-by-case approach to a severe crisis -– a crisis attributable, in part, to a history of indifference to responsible regulation of the financial markets.  We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil -- one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street’s crisis.

The worsening economy demands another bipartisan economic recovery effort.  This effort must address:

Investment in infrastructure for economic growth and job creation here at home;
home heating assistance at a time of record energy costs;
extended Unemployment Insurance for the growing number of Americans looking for work;
Food Stamps that will help ensure we feed hungry families in a time of crisis; and
assistance to maintain critical health care coverage jeopardized by state budget cuts.

We stand ready to work with you and your administration to consider constructive solutions that stabilize our financial markets and balance accountability to the U.S. taxpayer with protecting American families from the crisis’s fallout.

Thank you for your willingness to work with us to address these issues, which affect every American family.

Sincerely,

Nancy Pelosi

Speaker of the House

September 18, 2008 | Permalink | User Comments (150)

User Comments


So now, Pelosi wants investigations. It's the job of the congress to have oversight over the administrative branch of the government. Where in the hell have they been? The certainly weren't busy - this is one of the grandest do-nothing congresses of all times!


Posted by: dl | Sep 18, 2008 6:43:32 PM

I listened and watch Hillary Clinton today why doesn't anybody take this woman serious she knows what she is talking about for God sake, now she is in a position to do some good and the democrats are getting the blame for the whole nine yards. Her speech today in the senate hit on everything. Mr bird brain Bush should be impeached he has lied so much he wouldn't know the truth if it bit him in the ass.

Posted by: Rose Szymanski | Sep 18, 2008 6:46:16 PM

Rose Szymanski

Just like the shallow one, you spew assertions and avoid facts.


Posted by: dl | Sep 18, 2008 6:48:54 PM

So we can either have an inept congress that favors the President in public and in private. Or an inept congress that claims to stand up to the President but refuses to execute it's oversight in any matter whatsoever. Anybody feel like voting out the incumbents or voting for any other option locally and nationally? Nah, you wanna vote for the "winner" better re-elect these turkeys again. (Those who voted for Bush, what DID you win?) "Change" is always more risky that the current crop of ineptitude that carries a D or an R next to his/her name. And THEN you'll complain as things get even worse. What's the definition of doing the same thing over and over while expecting a different result, oh right INSANITY!!! The only thing more incompetent than our reps. in congress is the people that vote for them. But then again, the reps. know that already. Please WAKE UP!

Posted by: hmn | Sep 18, 2008 6:54:28 PM

dl is Funny!

Have you ever heard of the EXECUTIVE branch of the Federal Government? Yea, it is the one run by the President of the United States.

Do you know what the DUTIES of the EXECUTIVE branch are? To *execute* the laws and regulations of the United States.

Now the Congress is responsible for writing the laws (even though this president seems to believe that HE is the decider and gets to change them with "signing statements") it is true. But virtually every law instructs the government -- the agencies of the executive branch -- to carry out broadly defined duties.

FOR EXAMPLE TO REGULATE THE FINANCIAL MARKETS!

That is why the RULES and REGULATIONS that the financial markets operate under are determined by the REPUBLICAN administration.

The fact is that we are living with the look-the-other-way Republican policies of the Republican administration.

You should be pleased! Here we have Republicans implementing the asinine Republican policies of UNSUPERVISED MARKETS.

Do you like the results? Then vote for John McCain.

Posted by: John | Sep 18, 2008 6:59:59 PM

Hold on, just a few weeks ago Poloser adjourned the congress and took a 5 week vacation to go on a book tour, now she wants to stay in session to provide more handouts.

Lets see when they went on vaction gas near my home was almost $4 a gallon, while they were on vacation it went back down to 3.50 and now they are back and today it is $4 again.

Poloser please don't do us any favors it is way to painful.

Posted by: Bob | Sep 18, 2008 7:04:21 PM

John

So, you've never taken a civics class. Maybe you're an expert on something and it just isn't showing. Or then, lying might be all you're capable of doing!


Posted by: dl | Sep 18, 2008 7:08:14 PM

Doesn't matter Bush is not interested in working with anyone, but Republicans anyway. If they happen to get some legislation passed Bush would just veto it.

Posted by: Josh Howard | Sep 18, 2008 7:11:00 PM

I have a novel idea for queen nancy & her minions: instead of "offering to postpone" the adjournment, why don't they just do it??? Isn't that what WE, as taxpayers, pay them to do? When I read her letter, I almost died laughing. Instead of worrying about a break, they need to be worrying about fixing the financial mess that they all helped create.

Posted by: Niko_in_Oakland | Sep 18, 2008 7:16:11 PM

dl,
I demonstrated actual knowledge. But if ignorance is virtue, you have me beat!

PS. Did you catch McCain Lying about his Lies on “The View”. Americans are a fair minded people and smart enough to know the difference between teaching sex to kindergartners (a falsehood) and teaching them with “age appropriate” information (actual words from the bill) to protect themselves from predators!

Posted by: John | Sep 18, 2008 7:18:43 PM

In that picture Pelosi looks like she's loooong overdue for a good exorcism...

...well, then again.... she always looks like that.... even when she's shmoozing with her terrorist friends in Syria...

Posted by: theregoesthecountry | Sep 18, 2008 7:21:12 PM

And how do you expect us to pay for this Miss Pelosi?

Posted by: jol | Sep 18, 2008 7:21:53 PM

I made a mistake. I forgot about our vast reserves of golden unicorns.

Posted by: jol | Sep 18, 2008 7:22:42 PM

Nancy Pee-Lousi is a self serving, ignorant wench. She only cares about herself and image. She is the scariest of all politicains, ugly biatch

Posted by: Patricio | Sep 18, 2008 7:24:44 PM

This country is sooooo screwed.... but the Demoncrats are the fast-track to obscurity... and domination

Posted by: Homonauseoushumanfetus | Sep 18, 2008 7:25:11 PM

I'm w/ Niko - what a joke. Where was Barney Fife, er Frank, who is in charge of Congressional oversight over Fannie/Freddie? And dems don't want more oil at cheaper prices, so why should we pay so the northeast gets cheaper heating oil? The liberals they vote for put us into this mess. An inept Congress and the majority party created this situation, now they try to toss the blame everywhere else. Look in the mirror, Nancy, you're the problem.

Posted by: explore | Sep 18, 2008 7:25:19 PM

ABC news needs to change the text underneath the headline. It should read "Speaker offers TO POSTPONE adjournment." This is a typo!!

Posted by: Brian | Sep 18, 2008 7:26:01 PM

Nancy Pelosi has had seven to nine abortions depending on who's information you believe. She is a true hypocrite. And an ugly ugly woman

Posted by: Patricio | Sep 18, 2008 7:26:18 PM

See what a GOP government will do?

Posted by: shalom | Sep 18, 2008 7:26:52 PM

don't blame us, we don't know what to do! quote of the day, thanks in part of mrs.pelosi and mr.reid. worst legislative congress in our history! what else do you expect from stupid monron's! keep on putting blame on bush and the conservatives, but your democratic leader's said it as best they could, if you get my point!

Posted by: timmaaa7 | Sep 18, 2008 7:27:26 PM

Nancy Pelosi dated Che Guevarra when she was in college. She also has phone sex with Hugo Chavez. Cheers

Posted by: Patricio | Sep 18, 2008 7:27:54 PM

Here in Seattle... the Democrats Hard at work in their Machinists Union strike....30,000 employess on strike want to make 77,000 instead of the the 65,000 a year...Brilliant democrats will shut down Boeing and move the 30,000 jobs overseas... thank you democrats!! In a message to Boeing employees posted on the company Web site Saturday, lead negotiator Doug Kight said the employees' decision on the contract — as they study the impact on their families — would come down to "kitchen-table economics."Under the current contract, Machinists earn an average base pay of $54,000 a year, or $65,000 with overtime.The company offer would, by the end of the three-year contract, increase average base pay to $65,000, or $77,000 with overtime.The company sees a hefty compensation increase. Union leaders see less than they wanted in the wage and pension increases and some raised medical costs. All I can do is laugh when all the beer belly, smoking picketers are at the unemployment line crying about there loss of a job…….instead of standing on the sidewalk in front of there company with there signs screaming-look what Bush did to us. LOL aka Hypocrites

Posted by: SeanBean | Sep 18, 2008 7:28:22 PM

It is both presumptuous and arrogant for Pelosi to try to tell the President what he must do. Remember, the Congress, lead by Democrats in both houses, have the lowest approval rating, NOT President Bush. It is unfortunate that the Democrats as a whole sort of ignore the progress in Iraq, but seize on the financial crisis and the high price of fuel and food, to which THEY contributed. They did so by categorically refusing to let oil companies drill where we know of substantial billions of barrels of oil and plenty of natural gas, and then, are stupid enough to refuse to let states have royalties and incentives to drill offshore. What many voters do not understand, is that the Democrats are holding back Congressional action in the House and Senate. They only prosper during chaos, racial, economic, gender and other types of strife among voters. How pathetic of the American Socialist Party. Yes, we DO need change, and McCain/Palin are far more likely to bring it about in reality, not just in rehetoric, from the least prepared candidate for President in my lifetime.

Posted by: curtis41 | Sep 18, 2008 7:29:46 PM

I have heard that Nancy Pelosi and Barbara Boxer are involved in a lesbian affair. They plan to divorce their current spouses and remnarry at SF City hall. Gavin Grusome will preside over the ceremony, they will honeymoon on Alcatraz island getting locked up in cells and practicing S&M

Posted by: Patricio | Sep 18, 2008 7:30:38 PM

theregoesthecountry While I probably don't care for Ms Pelosi as much as you do, I think we'd do better to present facts like the fact that she flew off in her taxpayer paid jet for recess to promote her book (how many hundreds has it sold?) instead of working to get a drilling bill onto the floor. But since she doesn't drive she had no idea last summer what the cost of gas was ($2.67?).

Posted by: deanbob | Sep 18, 2008 7:30:52 PM

patricio - that's not her real face, that's plastic, which looks like a melt-down is accuring right before her own eyes, and who's to blame for that! tell's ya alot about decision making!
McCain/Palin 2008

Posted by: timmaaa7 | Sep 18, 2008 7:32:30 PM


Pelosi - plastic surgery's greatest failure!


Posted by: dl | Sep 18, 2008 7:33:27 PM

Niko_in_Oakland I disagree. I think we need to put them in front of the House(on trial) to find out their complicity in Freddy and Fannie.

Posted by: deanbob | Sep 18, 2008 7:35:34 PM

wow, its almost as if people don't see that this is a real opportunity. Bipartisan opportunity. All you haters of pelosi and bush should just stick it and hope that working together can acatually do something productive. I mean democrats and republicans alike, just be happy that this problem is BIGGER!!!!!! than the parties, and it is time people acted like it (in this blogosphere too).

Posted by: Gradwrkout | Sep 18, 2008 7:37:12 PM

Nancy Pelosi
Being a Democrat I thought you may do some justice...I really had good feelings about you..BUT now that has all changed..you are a shame to the Democrat Party
You need to get your act together, and not worry about others..
Bottom line, shape up Pelosi

Posted by: Wally J | Sep 18, 2008 7:38:15 PM

Congress helped get us here, what good are they going to do???

Posted by: Krn | Sep 18, 2008 7:38:16 PM

curtis41 - i could not have said it better myself, right on bro!

Posted by: timmaaa7 | Sep 18, 2008 7:39:28 PM

Earlier Nancy had just blamed Bush. This latest Nancy "speak" means "were all guilty as hell" and of course wish to cover their rears.

Posted by: david | Sep 18, 2008 7:41:53 PM

Remember a few months back when Russia tested a financial cyber-attack against one of their former states?

...you gotta wonder...

Posted by: theregoesthecountry | Sep 18, 2008 7:43:06 PM

dl - still trying to blame the Democratic Congress that's been sitting for less than two years for the previous 12 years of Republican deregulation and mismanagement? Get a new script - nobody is buying that crap anymore and if you bring that up in front of sensible people we will slap the stupid out of you. Time for you partisan Republicans to man up and take some responsibility for your failure.

Posted by: American Gun Rights | Sep 18, 2008 7:43:17 PM

Just kidding - I'm not a Democrat and I never was. Hail Bush! Hail Rove! Hail FOX!

Posted by: Wally J | Sep 18, 2008 7:44:28 PM

Heros of the days:
Henry Paulson, Ben Bernanke
Goats of the day:
WallStreet Banks CEO
Clowns of the day: Bush , Pelosi , Reed and the rest of the Congress.

Posted by: malesiansmoker | Sep 18, 2008 7:44:32 PM

If Pro and Con are opposites... then what's the opposite of Progress?

Posted by: theregoesthecountry | Sep 18, 2008 7:45:19 PM

OH AN BY THE WAY DEAR NANCY THANKS JUST FOUND OUT I MAY LOSE MY JOB TODAY AND I DON'T BLAME BUSH OR THE REPUBLICANS I BLAME YOU, THE DEMOCRATS AND THE AMERICANS WHO PURCHASED HOMES THEY COULD NOT AFFORD! GUESS WHAT ANOTHER VOTE JUST WENT TO MCCAIN!!!!!!!!!

Posted by: GM | Sep 18, 2008 7:45:30 PM

gradwrkout - pelosi? please! she's the worst when it come's to coming to the middle and working with republicans, let alone bush, please! have you seen any, i mean aaannnyyyy liberal's come to the middle to fix the problem? i'd say nnnoooooo!!!

Posted by: timmaaa7 | Sep 18, 2008 7:45:58 PM

Republicans are responsible for this mess and they're STILL trying to blame the Dems? What a joke. Hey dumbf-cks - give it up already. Nobody is buying your BS anymore!

Posted by: nicos | Sep 18, 2008 7:46:11 PM

Didn't these lazy bastards just come back from a 5 week vacation? WTF?!?! RIP USA...I knew you well once :-(

Posted by: NubTail | Sep 18, 2008 7:47:16 PM

American Gun Rights Do you believe in : American Gun Rights?

Posted by: deanbob | Sep 18, 2008 7:47:27 PM


American Gun Rights

Another history-challenged fruitcake!


Posted by: dl | Sep 18, 2008 7:48:08 PM

Speaker Pelosi's initiative to extend the Congressional session is, as a minimum, the right kind of leadership. To leave it to the President to handle the problem is a mistake because his administration policies have created the environment in which business does business today. The President seems to act only after there is a problem, as was the case in the Enron debacle, the New Orleans catastrophe, and others. He simply cannot lead.

As a suggestion, those involved in helping solve the problem might consider the role of Corporate America, especially the arena of Private Equity which is hugely responsible for buying public companies since Sarbanes Oxley came into being. The entire aim of such acquisition and merger mania has been to take those companies out of regulatory control. No transparency involved there. You can't regulate things you cannot see. And therein lies much of the root of what is going on today.

I would simply ask those in Congress and the President to step back and see what's going on. These problems were caused by a system gone awry in compliance with ethical standards.

The problem is that

Posted by: Anthony U | Sep 18, 2008 7:49:30 PM

John McCain is right about one thing: The current financial crisis is "difficult to understand." Judging by the opening paragraphs of the speech he delivered in Cedar Rapids, Iowa, today, on financial reform, we can include his speechwriters in the category of "those who fail to comprehend it."

I know that the events unfolding can be difficult to understand for many Americans. The dominoes that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.

Wrong.

Ever since the government seizure of Fannie and Freddie, it has been a tenet of right-wing talking points to assert that that "the home loan agencies" are the root of the subprime mortgage crisis. Since Republicans have long wanted to privatize Fannie and Freddie, they are now eager to claim that by obstructing that privatization, the Democrats are the party responsible for the current crisis.

Except: Fannie and Freddie did not cause the subprime mortgage crisis. The private sector, acting on its own initiative, serenely confident in its own financial manipulations, spawned the greatest Wall Street conniption since the Great Depression. Fannie and Freddie got into the game late, after watching in dismay as their market share in the lucrative business of originating and selling off pools of mortgage-backed securities began to shrink.

There are many bit players in this drama who bear blame, from home-buyers to government regulators, but the two biggest culprits live on Wall Street.

First: The innovative financial products that allowed bankers to pool together risky loans into packages that could earn high enough credit ratings so as to be sold to investors who would normally deem risky loans made to people with bad credit, well, risky.

Second: The proliferation of credit derivatives that allowed financial players, banks, hedge funds, insurance companies, mortgage lenders, etc., to buy protection against the risk that those pools of mortgage-backed securities (and any other kind of bond) would default.

These two innovations dovetailed nicely, allowing Wall Street to gorge itself on risky bets, while comforting itself that all bases were covered.

There were people, like the former investment banker Frank Partnoy, who saw this as it was happening and warned of potential disaster. From my review of his 2003 book, "Infectious Greed":

What does it all add up to? In a worst-case scenario: quite a bit of trouble. In the long run, "risk" is being sold off by people who know best how to evaluate it to people who don't know what they're in for. As government for the most part looks the other way, the stability of the financial markets is increasingly an illusion. In the last decade alone, the markets have come closer than most people realize to collapsing. Unless serious steps are taken to change the status quo, disaster could be imminent. We haven't seen the last of the bubbles, by any stretch of the imagination. We seem, in fact, to be addicted to them.

Wall Street's best, brightest and filthy richest scoffed at the critics. We were shouted down by those who told us that we just didn't understand how modern finance worked -- how these new products really made the whole global financial system safer, how risk was more widely distributed than ever before, making the chances of any one disastrous economic event bringing down the system, less than ever before.

And for awhile, I will concede, it did look like Wall Street had a pretty good case. Titans like Enron and Worldcom collapsed, and the world kept on chugging along. Sept. 11 shocked the markets, but did not appear to do serious damage. Derivatives markets flourished, and a lot of people made a lot of money.

But now we know that the critics were right, that instead of distributing risk more widely, we achieved the opposite. We have indisputable evidence that the edifice constructed out of state-of-the-art financial innovation was actually weaker and more prone to collapse than we ever imagined. Sure, it's a complicated story to explain -- but it is most definitely not a case of "corruption" or "abuses" at government-sponsored enterprises such as Fannie Mae and Freddie Mac. What we have witnessed over the last 18 months is a self-inflicted wound delivered by the private sector unto itself, by people who were adamant that government should stay out of their business, because the private sector simply knew better.

Government regulators agreed. And I think we're going to wait a long time before we get a complete explanation from John McCain on how this all happened, because it would have to include the role played by his friend and economic mentor (not to mention fellow deregulator!) Phil Gramm, who did so much to make sure that the credit derivative market remained unregulated.

If you are looking for an abuse of power, that's where to start.

Posted by: st. james infirmary | Sep 18, 2008 7:49:43 PM

OBITUARY OF THE LATE MR. COMMON SENSE


Today we mourn the passing of a beloved old friend, Common Sense, who has been with us for many years. No one knows for sure how old he was, since his birth records were long ago lost in bureaucratic red tape.
He will be remembered as having cultivated such valuable lessons as:
Knowing when to come in out of the rain;
Why the early bird gets the worm;
Life isn't always fair;
Maybe it was my fault.
Common Sense lived by simple sound financial policies:
Don't spend more than you can earn.
And reliable strategies:
Adults, not children, are in charge.
His health began to deteriorate when parents attacked teachers for doing the job that they themselves had failed to do in disciplining their unruly children. It declined even further when schools were required to get parental consent to administer Tylenol, sun lotion or a band-aid to a student but could not inform parents when a student became pregnant and wanted to have an abortion.
Common Sense lost the will to live as the Ten Commandments became contraband, churches became businesses and criminals received better treatment than their victims.
Common Sense took a beating when it became punishable for you to defend yourself from a burglar in your own home but the burglar could sue you for assault. He began to lose ground rapidly when well-intentioned but overbearing regulations were set in place. Reports of a 6-year-old boy charged with sexual harassment for kissing a classmate; teens suspended from school for using mouthwash after lunch; and a teacher fired for reprimanding an unruly student, only worsened his condition.
Common Sense finally gave up the will to live after a woman failed to realize that a steaming cup of coffee was hot. She spilled a little in her lap and was promptly awarded a huge settlement.
Common Sense was preceded in death by his parents, Truth and Trust; his wife, Discretion; his Daughter, Responsibility; and his son, Reason.
He is survived by his 3 stepbrothers; I Know My Rights, Someone Else Is To blame, and I'm A Victim.
Not many attended his funeral because so few realized he was gone. If you still remember him, pass this on. If not, join the majority and do nothing.

Posted by: Capitalism | Sep 18, 2008 7:50:09 PM

dl - please enlighten me as to where I got my history wrong, you loudmouth. Am I wrong that the GOP has been the party whose ideology relentlessly pushed deregulation of capital markets? Am I wrong that the GOP controlled Congress for 12 years previous to the Democrats' winning it back in 2006? Am I wrong that the Dems have controlled Congress for less than two years? You wingnuts are entitled to your own opinions, but facts are non-negotiable. You dumbf-ck. LOL

Posted by: American Gun Rights | Sep 18, 2008 7:52:56 PM

Biden said the rich (what ever that nebulous liberal term is) should be more patriotic and pay more taxes. What word would he use addressing the 50% who essential pay NO Tax? The true patriots are the great men and women of the Armed forces, fire and police departments (sorry if I omitted anyone). Thank you all for what you do and have done.

Posted by: deanbob | Sep 18, 2008 7:54:23 PM

Capitalism - common sense died when dumb Republicans started believing that the free market could magically regulate itself. The invisible hand of the free market is giving the GOP the finger right now. LOL

Posted by: kimbers | Sep 18, 2008 7:54:50 PM

George, it's time for botox! We know you're worthless as a leader and politician, so you could, at least, look good! After all, it was your charm that got you elected, certainly not your qualifications.

Posted by: For Real | Sep 18, 2008 7:56:28 PM

deanbob - You sound like another math-challenged Republican ideologue. You can't try and tax those who are too poor to currently pay taxes, but the problem is that THEY DON'T HAVE ANY MONEY. The rich, on the other hand, have been living high on the hog thanks to GOP tax breaks and it's time they paid the piper and stopped forcing the middle class to bear the brunt of the tax burden. Biden is right - these people have a patriotic duty to pay their taxes back to the system that helped make them rich in the first place.

Posted by: leo fuld | Sep 18, 2008 7:57:55 PM

dl - hey big mouth - I'm still waiting for you to refute my facts, you dumbf-ck Republican clown! You stupid clowns need to take some responsibility for the failure of your radical free market ideology. And if you don't know what I'm talking about, then you're too dumb to be voting anyway!

Posted by: American Gun Rights | Sep 18, 2008 7:59:48 PM

Just go home Pelosi... u lead the house that does nothing. So why stay there and make it worse. I dont want you or anyone taking any credit since you dont want to take any of the blame. So get the heck out of town. PLEASE... if I lived in your district in CA, I'd be out campaigning for anyone going up against you!

Posted by: Jeff | Sep 18, 2008 8:00:54 PM

Pelosi is a good legislator who knows how to get things done - no matter what kind of lies Republicans tell themselves about her.

Posted by: Taylor Made | Sep 18, 2008 8:01:04 PM

american gun rights - do you forget that the first two year's of clinton he did'nt work with the republican's! he spent that time working with hillary on her failed health plan which was a waste of time! then he finally woke-up and worked with the republican's on a budget that pissed the democrats off, by which they had no plan, imagine that! that also gave us a surplus towards the end of his term, and the democrats now say they and clinton created the surplus, what hypocrites!!! my point is, you can get things done by coming to the middle and working together, but only if you have the sides in power coming to together to get things done! that's the problem with this congress, they don't know what to do and they are trying to put the blame on the right just to win the election, they are not coming to the middle to fix the problem's, what hypocrites! so if you bring your ignorance around people, we'll just walk away, because slapping you will do nothing but get that stupid all over us, which is hard to get out as you just proved once again! Mccain/Palin 2008

Posted by: timmaaa7 | Sep 18, 2008 8:02:05 PM

Capitalism, this was great.

Posted by: William | Sep 18, 2008 8:02:16 PM

Jeff - why do you claim that Pelosi's house does nothing? They have passed lots of legislation since she took office. You really aren't very informed.

Posted by: Taylor Made | Sep 18, 2008 8:02:16 PM

Capitalism, this was great.

Posted by: William | Sep 18, 2008 8:02:41 PM

Taylor Made --- lmao... that is why she has a approval rating in the low teens!!! we all know that she is only there for herself!

Posted by: Jeff | Sep 18, 2008 8:02:48 PM

Jeff - just because Republicans claim that Pelosi's Congress is a "do nothing Congress" doesn't make it true. This is just another easily debunked lie that Republicans take for Gospel truth. You're wrong, but I don't know how to convince partisan Republicans like you of the truth. It really scares me how you people let your ignorance rule your emotions. I pray to God that you grow up before your ignorance drags the rest of us down with you.

Posted by: angela maldonado | Sep 18, 2008 8:04:31 PM

Oh wait and her "Annointed" one in Obama... there was no way that she wanted the only real democratic candidate since she would no longer be the most powerful woman around!

Posted by: Jeff | Sep 18, 2008 8:04:38 PM

Capitalism Well written. What action(s) do you suggest to resusitate COMMON SENSE?

Posted by: deanbob | Sep 18, 2008 8:04:51 PM

deanbob - right on my patriotic bro!!

Posted by: timmaaa7 | Sep 18, 2008 8:06:34 PM

Jeff - she doesn't have an approval number in the low teens. According to Real Clear Politics aggregate poll, Congress' current approval rating is 20.7. Also, that is the rating for the entire Congress - including Republicans. Nice try. Get your facts straight next time.

Posted by: Taylor Made | Sep 18, 2008 8:06:50 PM

Wrong nice try... Ex democrat sick and tired of the far left liberal's telling me as a middle of the road person what I need. Sorry that I dont believe a single word coming out of Obama's mouth... If I want to buy a used car, I'd go talk to him... but I want someone to run a country! Sorry he aint it!

Posted by: Jeff | Sep 18, 2008 8:06:50 PM

Its interesting that people are so riled up about Pelosi and the Dems. What happened in the financial markets is a direct result of greedy mortgage brokers and lenders going after the fast buck and weak/intimidated regulatory agencies and risk piece ("B") buyers in the real-estate-mortgage-loan-backed securities (bond) market not doing their job. Lenders underwrote residential loans to persons who simply could not afford the home they were buying, and sold the loans on the secondary market with impunity. The regulatory agencies tasked with overseeing the bond sales and opining on risk were too afraid they would barred from doing business with these aggressive banks if they gave the bonds a high risk rating. The housing bubble had to burst, it was inevitable, and with a the sole home loan repayment source being sale of the home asset, the market crash was only a matter of time. If Congress chooses to bail out those who caused the problem, I suppose there is nothing we ordinary citizens can do; oh wait, yes there is. We can vote for Obama and get the old guard out once and for all.

Posted by: RohnertPark1 | Sep 18, 2008 8:07:09 PM

angela maldonado Can you share with us some of the (real) positive things Ms Pelosi has done since becoming speaker?

Posted by: deanbob | Sep 18, 2008 8:07:40 PM

It's a shame that all some of you have to offer are mindless insults.

Posted by: juju | Sep 18, 2008 8:07:48 PM

timmaa7 - um, that's because there was a Democratic Congress for the first two years of Clinton's Presidency. The GOP didn't win control of Congress till 1996. It's hard to take you Republicans very seriously when you can't even get your basic facts right anymore.

Posted by: American Gun Rights | Sep 18, 2008 8:09:11 PM

talormade - legislation? please do explain, i'm listening! the legislation passed did'nt do crap if you have not noticed! if you want to blame republican's, tell your liberal controlled congress to get their head's out of pocket and get some real crap done! you can blame the republicans all you want, but the still have not done sh**!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Posted by: timmaaa7 | Sep 18, 2008 8:13:59 PM

leo fuld So. What is rich??? And you missed the point. Was Biden, indirectly, saying those who pay no taxes must be unpatriotic? Biden doesn't get who the real patriots are (NOT THE TAXPAERS)!

Posted by: deanbob | Sep 18, 2008 8:14:28 PM

President Bush has already been working on the problems at hand, Nancy Pelosi.

Feel free to go on vacation. Again.

Posted by: One_American | Sep 18, 2008 8:14:59 PM

I am generally disgusted by both parties. Neither the executive or legislative branches seem to understand their incumbent responsibilities under the constitution. The Bush administration has recklessly sought to expand executive power – their actions resulting in a number of foreign and domestic crises that we as taxpayers now will be forced to cover. Meanwhile, the “Do-Nothing” Congress has done little to limit this power grab but yet now claims to be the protector of the American family. My family is tired of the propaganda on both sides – we want responsible lawmaking by representatives who hold themselves accountable for their actions. This is how Washington can protect my family, our economy, and the spirit of the American republic system of government that has served us so well over more than two centuries.

Posted by: Fox&Hedgehog | Sep 18, 2008 8:17:14 PM

jeff - your new name is commonsense jeff!

Posted by: timmaaa7 | Sep 18, 2008 8:17:56 PM

The only one who ran for president who saw it coming and knows what he's talking about...
"Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market," Paul predicted. "This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.

"Despite the long-term damage to the economy inflicted by the government's interference in the housing market, the government's policy of diverting capital to other uses creates a short-term boom in housing," Paul went on. "Like all artificially created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.

"I hope today's hearing sheds light on how special privileges granted to GSEs (government sponsored enterprises ) distort the housing market and endanger American taxpayers," Paul concluded. "Congress should act to remove taxpayer support from the housing GSEs before the bubble bursts and taxpayers are once again forced to bail out investors who were misled by foolish government interference in the market."

On the same day, Paul introduced the "Free Housing Market Enhancement Act." The legislation would have removed government subsidies from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the National Home Loan Bank Board. The bill had no cosponsors; it stalled in the committee process.

Sept. 10, 2003, U.S. Rep. Ron Paul, R-Texas, testified before House Financial Services Committee

Posted by: jason | Sep 18, 2008 8:23:04 PM

This offer by the Speaker of the House is a step in the right direction. What this financial crisis does not need is political bickering and finger pointing to obfuscate the problems at hand.

What is called for is calm, unemotional and analytical minds working to weed out the problems with minimal interruption to the markets (Hank Paulson is the best man for the job).

Simply, we must hang out the dirty laundry and fix the weak links in our financial system, with a close loop system of audits and balances.

There are two things I think that need to be addressed right away as part of the first phase of reform, eliminate short selling and after hour trading altogether, markets are not dependent on these vehicles that create problems or destructive capital as means to produce wealth at the expense of the many. Our financial markets are strong and resilent, the pillar of democracy.

Posted by: threeriverscrossing | Sep 18, 2008 8:24:05 PM

Biden said the rich (what ever that nebulous liberal term is) should be more patriotic and pay more taxes. What word would he use addressing the 50% who essential pay NO Tax?
---------------------------
Rich Republican oil barrons and defense contractors!

The ones who get tax breaks across the board because their tight with the "in crowd" of the GOP elite.

Thanks for asking!

Posted by: Truth Hurts the GOP | Sep 18, 2008 8:24:40 PM

american gun rights - it's really hard to take a moron seriously! did i ever say a republican controlled congress you moron! the majority of democrats were against clinton's proposed plan because it did'nt fit their liberal agenda and they did'nt want to work with the republicans! that's the difference between the liberal's and President Clinton, he new how to come to the middle and work with the other side you freakin idiot! it's no wonder your party is in shambles, your judgemental idiot's only concerned about yourselves and not the American people!

Posted by: timmaaa7 | Sep 18, 2008 8:24:54 PM

GOP,

Good Point! Though 50% is high, it's more like the top 5% who don't pay a freakin dime!