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Reid and Dodd Blame McCain; Schumer Tells McCain to "Get Out of Town;" McCain Leaves for Debate
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Scroll down for updates…11:33am Eastern McCain resumes campaign activities, the debate is on…:

Puke.

Unscrupulous borrower Chris Dodd and Dingy Harry Reid are holding a blame-McCain press conference. After stomping his feet up and down and baiting McCain to take a position on the bailout, Reid is now lambasting McCain for going to Washington and getting involved. “We don’t need presidential politics in this,” he whines. Then why did he publicly demand McCain go on record for or against the bailout?!

(Bill Sammon on FNC on Reid’s laughable claim that a “deal” was on the table and ready to go before McCain arrived and messed it up: “Patently false.”)

Thank God for the House Republicans.

Call yours up and thank them today and urge them to keep looking out for us.

Phone: 202-224-3121.

***

More: Chuck Schumer tells McCain to “Get out of town.” A friend on the Hill sends the transcript of Schumer’s remarks (see end of the transcript) and asks: “But what about the Congressmen that created this mess? Shouldn’t they leave town too?”

Exactly.

{09:38:26 NSP} (THE PRESIDING OFFICER) { NOT AN OFFICIAL TRANSCRIPT }

THE PRESIDING OFFICER: THE SENIOR SENATOR FROM NEW YORK IS RECOGNIZED.

[ram]{09:38:32 NSP} (MR. SCHUMER) { NOT AN OFFICIAL TRANSCRIPT }

MR. SCHUMER: THANK YOU, MR. PRESIDENT. AND, OF COURSE, WE LIVE IN VERY PERILOUS TIMES, OUR ECONOMY, PARTICULARLY OUR DEBT MARKETS AND OUR CREDIT MARKETS ARE IN VERY SERIOUS SHAPE. TO PARAPHRASE CHAIRMAN BERNANKE, THE ARTERIES OF THE PATIENT, OUR FINANCIAL SYSTEM, IS CLOGGED AND THE PATIENT WILL GET A HEART ATTACK. WE DON’T KNOW IF IT WILL BE TOMORROW OR SIX MONTH FROM NOW OR A YEAR FROM NOW. BUT, UNFORTUNATELY, IF WE DON’T UNCLOG THE ARTERIES, A HEART ATTACK WILL OCCUR. SO WE MUST ACT. I KNOW THERE ARE SOME, PARTICULARLY SOME VERY IDEOLOGICAL PEOPLE ON THE HARD RIGHT WHO SAY DO NOTHING AND LET EVERYONE LEARN THEIR LESSON. WELL, THERE ARE A LOT OF PEOPLE, PARTICULARLY AT THE HIGH END OF THE SPECTRUM WHO SHOULD LEARN THEIR LESSON. BUT THERE ARE MILLIONS OF INNOCENT PEOPLE WHO WILL BE HURT IF WE DO NOTHING. THE AUTOWORKER WHO WILL BE LAID OFF BECAUSE WE SELL FEWER CARS. THE SMALL BUSINESSWOMAN WHO HAS STRUGGLED TO BUILD UP HER BUSINESS FOR 15, 20 YEARS AND GET — ANT CAN’T GET A LOAN. A WAITRESS AT A RESTAURANT THAT HAS — OF A RESTAURANT THAT HAS TO SHUT DOWN AND CAN’T GET WORK. THAT IS THE DIFFICULTY OF OUR WORLD. IT IS NOT FAIR. IT IS NOT RIGHT. BUT IT IS HOW IT IS. SO WE MUST COME TOGETHER AND WORK IN A BIPARTISAN WAY TO UNCLOG THOSE ARTERIES. AND WE MUST DO IT SOON. WE SHOULD NOT LEAVE HERE, MR. PRESIDENT, UNTIL WE HAVE A PLAN. WHETHER IT TAKES A DAY, SEVERAL DAYS, OR A WEEK OR EVEN MORE. WE CANNOT ABANDON OUR RESPONSIBILITIES AND WE SHOULD WORK AND I BELIEVE WE WILL STAY HERE AND WORK UNTIL A PLAN IS AGREED UPON AND WE SEE SOME LIGHT AT THE END OF THIS RAPIDLY DARKENING TUNNEL. THAT IS THE FIRST POINT I WISH TO MAKE. SECOND, WE NEED TO PASS A GOOD PLAN. THE PRESIDENT’S INITIAL OFFERING WAS RECEIVED WITH, LET’S SAY, LACK OF POPULARITY TO PUT IT KINDLY BY BOTH DEMOCRATS AND REPUBLICANS HERE IN THIS CHAMBER AND PEOPLE OUT IN AMERICA. IT’S BECAUSE IT WAS A A $700 BILLION BLANK CHECK. THERE WAS NO HELP FOR TAXPAYERS’ PROTECTION, SO THEY GOT PAID BACK FIRST. THERE WAS NO HELP FOR HOMEOWNERS.

CHAIRMAN BERNANKE TELLS US THAT HOUSE SOMETHING THE ROOT CAUSE OF THE PROBLEM. AND IF WE DON’T FIND A FLOOR TO THE HOUSING MARKETS, WE MAY NEED BAILOUT AFTER BAILOUT, UNFORTUNATELY. AND THIS BILL HAD NO PROTECTION FOR HOMEOWNERS. I KNOW SECRETARY PAULSON SAID THAT THE GOVERNMENT OWNS A LARGE SHARE OF THE BONDS, THAT THEY WILL HAVE MORE ABILITY TO RENEGOTIATE MORTGAGES AND AVOID FORECLOSURES. BUT, FRANKLY, IS THAT HOPE OVER REALITY. BECAUSE THE BONDS ARE NOW BROKEN UP IN 40TRAUNCHES AND IF THE GOVERNMENT TENS, 15, 25, OR EVEN 30, IF ONE TRAUNCH HOLDER OBJECTS TO REFINANCING, IT WON’T HAPPEN. WE NEED HELP FOR HOMEOWNERS BEYOND WHAT IS IN THE LEGISLATION. AND

WE NEED TOUGH OVERSIGHT. THIS IS A TOUGH DEMOCRACY. WE ARE KNOWN FOR OUR CHECKS AND BALANCESES. IT HAS SERVED AMERICA WELL FOR OVER 200 YEARS. AND IN AN UNPRECEDENTED TAKING OF POWER TO GIVE SO MUCH POWER TO THE TREASURY SECRETARY WITH NO ONE LOOKING OVER HIS SHOULDER WOULD BE, FRANKLY, NOT THE AMERICAN WAY. AND SO WE NEED TOUGH AND STRONG OVERSIGHT. NOW, THE THIRD POINT I WISH TO — SO POINT ONE, WE WILL WORK UNTIL WE GET THIS DONE. EVEN IF IT MEANS STAYING PAST RECESS.

…AND SO WE NEED THE PRESIDENT TO GET THE REPUBLICAN HOUSE IN ORDER. EVEN IF WE WERE TO WANT TO PASS A BILL WITH JUST DEMOCRATIC VOTES, WE COULD NOT. IT’S OBVIOUS. LOOK AT THE MATH. AND SO WE NEED TO HAVE THIS BIPARTISAN SUPPORT. WE BEGAN IT YESTERDAY UNDER CHAIRMAN DODD AND CHAIRMAN FRANKS’ LEADERSHIP WHEN WE MET IN THIS CHAMBER — IN THIS BUILDING, AND REALLY CRAFTED OUT A REALLY GOOD COMPROMISE THAT WAS A BASIS TO TAKE TO SECRETARY PAULSON. IT DID FAR MORE FOR TAXPAYERS, FOR HOMEOWNERS, FOR OVERSIGHT THAN THE EXISTING BILL. UNFORTUNATELY, HOWEVER, WE NEEDED A FOUR-LEGGED STOOL AND ONE LEG JUST VANISHED, THE HOUSE REPUBLICANS, IN A WAY THAT NONE OF US STILL UNDERSTAND. IN ADDITION SENATOR McCAIN’S DESIRE, EVEN THOUGH HE HADN’T BEEN INVOLVED IN THIS LEGISLATION AT ALL, TO FLY IN, PUT ANOTHER FLY IN THE OINTMENT AN CREATED MORE TROUBLE. SENATOR — AND CREATED MORE TROUBLE. SENATOR McCAIN, I HAVEN’T HEARD HIM OFFER ONE CONSTRUCTIVE REMARK. WE DON’T KNOW WHAT HE SUPPORTS. DOES HE SUPPORT THE HOW’S PLAN?

ORDER IT NOW

DOES HE SUPPORT THE PRESIDENT’S PLAN. BY ALL REPORTS HE HARDLY SPOKE AT THE MEETING, WHICH WAS HIS OPPORTUNITY TO TRY TO DO SOMETHING. HE SPOKE AT THE END AND DIDN’T SAY WHAT HIS VIEWS WHEREAS TO WHETHER HE SUPPORTED EACH PLAN. AND SO WE REALLY NEED TWO

MR. PRESIDENT, ON THE REPUBLICAN SIDE. AND WE NEED PRESIDENT BUSH TO TAKE LEADERSHIP. WE NEED PRESIDENT BUSH, FIRST AND FOREMOST, TO GET THE REPUBLICAN HOUSE MEMBERS TO SUPPORT HIS PLAN OR MODIFY IT IN SOME WAY TO BRING THEM ON BOARD, YET KEEP THE DEMOCRATIC HOUSE MEMBERS, THE REPUBLICAN MEMBERS OF THE SENATE AND THE DEMOCRATIC MEMBERS OF THE SENATE ON BOARD. AND,

[ram]{09:45:31} (MR. SCHUMER) { NOT AN OFFICIAL TRANSCRIPT }

SECOND, WE NEED THE PRESIDENT TO RESPECTFULLY TELL SENATOR McCAIN TO GET OUT OF TOWN. HE’S NOT HELPING. HE IS HARMING. WHEN YOU INJECT PRESIDENTIAL POLITICS INTO SOME OF THE MOST DIFFICULT NEGOTIATIONS UNDER NORMAL CIRCUMSTANCES, IT IS FRAUGHT WITH DIFFICULTY. BEFORE McCAIN MADE HIS ANNOUNCEMENT, WE WERE MAKING GREAT PROGRESS. NOW AFTER HIS ANNOUNCEMENT, WE ARE BEHIND THE 8 BALL. WE HAVE TO PUT THINGS BACK TOGETHER AGAIN. SO THIS IS A PLEA TO PRESIDENT BUSH, FOR THE SAKE OF AMERICA, PLEASE GET YOUR PARTY IN LINE. GET THE HOUSE REPUBLICANS TO BE MORE CONSTRUCTIVE, GET SENATOR McCAIN TO LEAVE TOWN AND NOT THROW FIRE ON THESE FLAMES. AND MAYBE WE CAN GET SOMETHING DONE. IN FACT, NOT MAYBE. WE HAVE NO CHOICE BUT TO GET SOMETHING DONE. SO, AGAIN, TO REITERATE MY THREE POINTS:

ONE, FIRST, WE WILL WORK UNTIL WE HAVE A PRODUCT. THE PERILOUS STATE OF OUR FINANCIAL MARKETS AND OUR NATIONAL ECONOMY, THE DANGER TO AVERAGE AMERICANS NOW UNFORESEEN BUT REAL AND LURKING BEHIND THE SHADOWS SAYS WE CAN DO NOTHING ELSE. TWO, WE WILL CONTINUE TO WORK FOR A BETTER PLAN THAN THE ONE THE PRESIDENT PROPOSED, WITH PROTECTION FOR TAXPAYERS, HOMEOWNERS, AND REAL OVERSIGHT. AND, THREE, THE PRESIDENT MUST GET HIS REPUBLICAN HOUSE IN ORDER BY GETTING THE HOUSE REPUBLICANS IN LINE AND ASKING SENATOR McCAIN RESPECTFULLY TO LEAVE TOWN, BECAUSE WITHOUT REPUBLICAN COOPERATION WE CANNOT PASS THIS BILL. I YIELD THE FLOOR.

***

Update 11:33am Eastern: McCain resumes campaign activities, will attend debate tonight in Oxford, Miss.

(Republished from MichelleMalkin.com by permission of author or representative)
 
• Category: Ideology • Tags: Subprime crisis