Archive for September 2008

Citigroup buys out Wachovia.

September 29, 2008
Wachovia was bought on monday.

Wachovia was bought on monday.

Just when you thought the worst was over, it gets worse.

The FDIC strikes again in overseeing the sale of Wachovia to Citigroup which will take in $42 in losses. The FDIC will cover any other costs, if any, which will go beyond that. Citigroup did get $400 billion in deposits and the FDIC did receive $12 billion in stock and warrants for their assistance so it’s not all bad news.

In doing this the FDIC prevented Wachovia from failure, and yet another shock to the market and our limping economy. (more…)

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McCain “Gets ‘er Done”

September 28, 2008

A fellow Democrat remarked today that ” In choosing not to be political, John McCain is being political.”  He was referring of course, to his (or should I say his advisor’s) decision to suspend his campaign, and postpone his appearance at the Presidential Debate slated for this Friday night in Mississippi so as  to appear presidential and decisive in a time of economic crisis.  And that colleague was right, this piece of  grand melodrama was all about polishing the tarnished Republican image from a party of  amoral opportunists  whose cronyism and incompetence brought us the infamous Michael Brown of FEMA, to one of brave leaders with the wisdom to know when to stay above the fray. The irony is, that by capitalizing on the bi-partisan meeting between Obama, McCain, and Bush II with exaggerated cancelations of attack ads, the Republican Hero Machine is sounding a loud opportunistic toot.  But unfortunately these are the kind of antics that people prone to Republicanitis devour with relish.  McCain is seen by those with this unfortunately common disease to be a “no-nosense guy who rolls up his sleeves and gets to work unlike those those hoighty-toighty Liberals who want to talk about everything, with logic.”  So, while we Democrats make light of stunts pulled by the opposition, we fail to see the evil brilliance of the Republican strategy; appeal to blue-collar “get ‘er done” values while  lining their pockets with campaign contributions from people who  have made life for the meat-and-potatoes American as difficult as it is today. And, as an added benefit, John McCain can avoid having his ass handed to him by a guy who used to edit the Harvard Review–a guy who probably knows a thing or two about winning a debate based on logic. I’m looking forward to the counterpunch from the good guys, here we go.

DO NOT WEAR OBAMA GEAR TO POLLS NOVEMBER 4th!!!!

September 28, 2008

IMPORTANT MESSAGE!

Do NOT under any circumstances wear any OBAMA gear on November 4th. It is a federal law that no campaigning shall be allowed within 100 feet of any polling location. If you walk into the polls with an Obama shirt on, you can bet yourself that they will disqualify your ability to vote. Republicans will be excited by our excitment, and count on us to show up with Obama gear to disqualify our vote. We CANNOT let this happen!!!

Tell your friends! Tell your neighbors! Hang up signs! Make sure we get the word out Dems…we CANT let them steal ANOTHER election!!!

SHENANIGANS

September 28, 2008

It’s that time once again. I smell something bad, and it’s not Sarah Palin’s mooseburgers.

I call shenanigans!

This time I’m calling shenanigans on Kevin, Jay, and Derek. Who are these three? Well they are some ill informed, and sometimes outright absurd St. John’s students who seem to want to destroy Senator Obama’s image.

St. John’s University conducted a poll of students about the recent Presidential Debates. Stunningly a majority took Obama’s side in regards to who won.

Read what they wrote after the jump. (more…)

Another one bites the dust: WaMu fails!

September 26, 2008
Washington Mutual fails.

Washington Mutual fails.

Yes, on top of all the talks of economic crisis and a $700 Billion dollar tax payer funded bailout (Don’t call it a rescue plan, it’s a bailout) Washington Mututal has failed.

The Federal Deposit Insurance Corporation or FDIC seized WaMu today and then immediately sold off it’s assets to J.P. Morgan & Chase.

This is the largest bank failure in America’s history. When IndyMac collapsed in July everyone seemed to have thought the world was on the brink of economic Armageddon. Mind you IndyMac has about $32 billion in assets.

Washington Mutual had over $300 Billion in assets. That goes to paint a picture of how big of a collapse this actually is. (more…)

Campaign Bombshell: McCain suspends campaign, wants debate on hold

September 24, 2008

Republican Nominee John McCain said he has suspended his campaign in order to face this “historic” crisis facing our economy.

Senator Barack Obama came on CNN live from Clearwater, Florida at 4:40 and announced that he called Senator John McCain this morning to talk about the crisis and about the possibilities of issuing a joint statement.

Senator Obama speaking to members of the press

Senator Obama speaking to members of the press

John McCain called back at 2:30 pm and agreed that this was a critical time for everyone. John McCain agreed to the suggestion and asked that they meet with the President and members of Congress. Senator Obama however

Senator Obama said he has spoken to secretary Paulson almost everyday about this crisis.

Senator Obama addressed the crisis:

“There are times for politics, and there are times when we have to rise above politics and do what is right for this country. And this is one of those times.”

“No matter how it begun, this is not a democratic problem or a republican problem it is an American problem and it deserves an American solution.”

During the phone call Senator McCain said they should suspend the debates. Senator Obama thought it was something he was just “mulling over” however Senator McCain seemed to have thought differently when he announced he would seek to suspend his campaign. (more…)

Democratic NYS Senate coming soon to a district near you!

September 24, 2008

The most recent Siena Research Institute Poll was released today regarding the top five most contested races thus far for the NYS Senate. Below is a chart breaking down the percentages of each candidate.

The Republicans are currently enjoying a 30-31 majority in the NYS Senate (more…)