Monday, September 29, 2008

 

The $700 Billion Pelosi Speech

Here is the "partisan" speech that allegedly so angered the Republicans that they decided to vote against the Paulson bailout after all. I can't decide which side is less ridiculous on this one. On the one hand, Barney Frank had a good comeback, when he said of the defecting Republicans something like, "So their feelings got hurt, and they took it out on the country?"

On the other hand, I can understand that if you had only very reluctantly signed on to this thing, and your constituents were contacting you against it 20-to-1 (latest numbers I've seen), that this speech by Pelosi would push you over the edge. Yes, it's true that the Republicans should have either voted for or against it based on whether they thought it would help or hurt the country. But if you push that logic all the way, it means Congressional debate doesn't really matter. I.e. there's really no sense in discussing whether Pelosi or anyone else is a good leader, if this speech doesn't prove that Pelosi is a bad leader.

P.S. Pelosi obviously doesn't know what a free market is, though she can't be blamed too much since Bush et al. claim they are big proponents of it.

P.P.S. Also note the when she is introduced, Pelosi is granted one minute. It looks like there is inflation on time as well, because she goes way way over.




Comments:
"But if you push that logic all the way, it means Congressional debate doesn't really matter."

If you push that logic all the way then debate would be a matter of what is RIGHT, not who gets stroked, or gets their bread buttered. However, that is so far from reality we don't really need to worry about it.

I'm sticking with this meaning the Republicans are thin-skinned AND unprincipled. With a 20 to 1 against voter outcry this should have been a very lopsided vote.
 
I don't listen, but my father said that an interviewee on Bortz is saying that all of this panic in housing is false, due to an accounting rule which requires banks to mark to market instantly when heirs sell their parents' house to get quick cash, thereby devaluing all of the mortgages in the neighborhood. This is supposedly backed up with "only 5% of the loans are in foreclosure so the other loans shouldn't be marked down."

This seems completely nuts -- houses around here sit for MONTHS unsold because the owners refuse to look at what the real market prices are for their houses and think that what they owe or paid for them is relevant.


Jim O'Connor
 
Hey Jim,

I intend to deal with the "mark to market" stuff soon, but I'm swamped with "real work" for the next few days...
 
Drats. And I thought if I had YOUR job I'd get to do this (my favorite hobby -- Austrian economics and applications thereof) full time. There goes that fantasy.

Jim O'Connor
 
Bob, I thought Glenn Greenwald - who is also cheering the failure of the legislation - had an interesting take on Pelosi's speech:

"Strictly on the level of "Democratic v. Republican" political strategizing, Nancy Pelosi did exactly the right thing yesterday -- she provided just enough Democratic votes in favor of the bailout so that it could pass only if there was substantial GOP support (thus preventing Republicans from cynically blaming the bailout on Democrats), while simultaneously ensuring that Republicans (and McCain) would be blamed if it failed. Strictly on a strategic level, it was -- for the reason Matt Yglesias describes -- all very well-played by the House Democratic leadership."
 
TT,

I don't know what to think at this point. Obviously Pelosi is better at winning elections than I am. She seemed incompetent to me, but then again I do not represent the electorate. Glenn might be right.
 
At the 1:40 mark, Pelosi said, "They [the Bush administration] claim to be free market advocates ..."

Here I'm thinking, wow, she is going to call them on their complete and utter hypocrisy! But remember, it's Pelosi:

"... and it's really an anything-goes mentality. No regulation, no supervision, no discipline."

So, in order to be free market advocates, they need to favor regulation?

Perhaps "free market" is being corrupted just like the term "liberal" was corrupted some time ago.
 
Larry,

Yeah, I noticed that too. You can't even argue with these people because they don't sit still with a consistent position.
 
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