Senate To Vote On New Wall Street Bailout Bill, Link To Text In This Post. We Need To Stop This Thing!

First of all, let’s get something straight. This is a bailout of Wall Street to be paid for by Main Street. Barack Obama has already gone on record with his ridiculous remark that tax cuts are the reason for this whole mess. Tax cuts had nothing to do with this. This whole thing was the creation of some liberal Democrats who forced banks and lenders into making high risk loans and now those risks are threatening the liquidity of the banks.

Read this excerpt from Michael Flynn over at Reason:

Let’s be clear: This is a Wall Street crisis, not a national economic crisis. The overall economy, while a bit weak, is still growing. Some politicians are comparing the current environment to the Great Depression. But in 1932, when the federal government last moved to bail out the banking sector, economic output had fallen 45 percent and unemployment was a staggering 24 percent. Today, economic output is actually up and unemployment is a historically modest 6.1 percent. The overall economy doesn’t even face a liquidity crisis in the current turmoil. Consumer, commercial/industrial, and real estate loans are all up over last year. Main Street is doing fine. The liquidity crisis is confined to Wall Street, between and among investment banks, insurance and securities firms, and hedge funds. There is the possibility that the contagion could spread, but in a global capital market, this is hardly certain. It is the intersection of several underlying trends that have brought us to this point, not a breakdown in any specific part of the financial sector. The fundamental flaw with the bailout approach is that it ignores these trends and simply seeks to shore up the finances of certain Wall Street institutions.

The Roots Of The Crisis
Michael Flynn
Reason.com
October 1, 2008

And yet, Barack Obama, the man is is supposedly so intelligent about things, blames it all on tax cuts.

Let’s look at what is being proposed as a solution to this Wall Street problem. The Senate Conservative Fund website has posted the current bill that the Senate will be voting on this evening for all to see. It went from 3 pages to 451 pages, just like that!

Ed Morrisey over at Hot Air gives us a small look at some of the earmarks he found in this legislation:

New earmarks in Bailout bill - Film and Television Productions (Sec. 502) - Wooden Arrows designed for use by children (Sec. 503) - 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504) “Extenders” in the bailout bill. - Virgin Island and Puerto Rican Rum (Section 308) - American Samoa (Sec. 309) - Mine Rescue Teams (Sec. 310) - Mine Safety Equipment (Sec. 311) - Domestic Production Activities in Puerto Rico (Sec. 312) - Indian Tribes (Sec. 314, 315) - Railroads (Sec. 316) - Auto Racing Tracks (317) - District of Columbia (Sec. 322) - Wool Research (Sec. 325)

Let’s see, Main Street is going to bail out Wall Street for some Puerto Rican Rum and maybe some NASCAR tracks? How about that “Wool Research?” God knows we can never have too much of that now, can we? And what about those “Wooden Arrows designed for use by children?” Maybe we can line the Wall Street CEOs up against the wall and shoot them with the arrows!

I don’t care what crap they added to this bill. It could be 3000 pages or its original 3 pages, it doesn’t matter. It is a socialist bailout of banks and institutions that should be allowed to go under so that new, more principled business interests can step up and take over.

We need to stop this thing again, just like we did last Monday, especially the current version going before the Senate.

Contact your Senators at the following link:

Congressional Email Directory
WebSlingerz.com

In the left-hand column, find your State and click on it. It will take you to a page with links to the home pages of your entire Congressional Delegation including your Senators. Call them. Send them emails. Tell them to vote “No” on this taxpayer money squandering bailout.

You can access the Hot Air posting on-line here:

Senate Bailout Bill Hits The Internet
Ed Morrisey
Hot Air
October 1, 2008

Vice Presidential Debate Moderator Is In The Tank For Barack Obama: Gwen Ifill

Gwen Ifill is clearly in the tank for Obama and has somehow managed to land the moderator slot for the Palin-Biden Debate.

This should be a wake-up call for America. When our journalists lie to us by claiming objectivity where no objectivity exists, we should call them on it and bring it out into the open. That is why the New Media and the blogosphere has been such a good thing for us.

Ifill has a book coming out soon. It is entitled: The Breakthrough: Politics and Race in the Age of Obama. How anyone can pen a book like that and claim to be impartial is beyond the realm of rationally thinking people.

Michelle Malkin over at TownHall has more on this:

In an imaginary world where liberal journalists are held to the same standards as everyone else, Ifill would be required to make a full disclosure at the start of the debate. She would be required to turn to the cameras and tell the national audience that she has a book coming out on Jan. 20, 2009 — a date that just happens to coincide with the inauguration of the next president of the United States. … Ifill and her publisher are banking on an Obama/Biden win to buoy her book sales. The moderator expected to treat both sides fairly has grandiosely declared this the “Age of Obama.” Can you imagine a right-leaning journalist writing a book about the “stunning” McCain campaign and its “bold” path to reform timed for release on Inauguration Day — and then expecting a slot as a moderator for the nation’s sole vice presidential debate?

Ifill should do the disclosure thing and tell the entire nation right before the debate that she is an Obama supporter and that she has a vested interest in an Obama/Biden win. If not, Governor Palin should do it for her frequently throughout the debate.

Will Ifill be fair? Let’s look at that record so far:

Ifill has appeared on numerous radio and TV talk shows over the past several months to cash in on her access to the Obama campaign. She recently penned a fawning cover story on the Obamas for Essence magazine that earned much buzz. … During the Democratic National Convention, Ifill offered her neutral analysis on NBC News before Michelle Obama’s speech: “A lot of people have never seen anything that looks like a Michelle Obama before. She’s educated, she’s beautiful, she’s tall, she tells you what she thinks and they hope that she can tell a story about Barack Obama and about herself.” During the Republican National Convention, the PBS ombudsman fielded numerous complaints about Ifill’s coverage of Sarah Palin’s speech. Wrote Brian Meyers of Granby, Ct.: “I was appalled by Gwen Ifill’s commentary directly following Gov. Sarah Palin’s speech. Her attitude was dismissive and the look on her face was one of disgust. Clearly, she was agitated by what most critics view as a well-delivered speech. It is quite obvious that Ms. Ifill supports Obama as she struggled to say anything redemptive about Gov. Palin’s performance. I am disappointed in Ms. Ifill’s complete disregard for journalistic objectivity.” Like Obama, Ifill, who is black, is quick to play the race card at the first sign of criticism. In an interview with the Washington Post a few weeks ago, she carped: “[N]o one’s ever assumed a white reporter can’t cover a white candidate.”

You knew the race card was coming, right? Seems that we can’t get away from that particualr tactic, even when race isn’t in question.

Ifill should recuse herself from this debate, or at the very least, give a full disclosure of her interests at the very beginning.

And if she doesn’t give full disclosure, Governor Palin should do it for her.

You can access the complete column on-line here:

A Debate “Moderator” In The Tank For Obama
Michelle Malkin
TownHall.com
October 1, 2008