Bob Casey: Thickwit?
I was on the phone for a long time yesterday with Senator Casey’s office: The occasion was Henry Paulson’s remarkable statement that his bailout plan hadn’t worked, which of course I have been saying since day one. Here’s the relevant language, again:
The Treasury Department on Wednesday officially abandoned the original strategy behind its $700 billion effort to rescue the financial system, as administration officials acknowledged that banks and financial institutions were as unwilling as ever to lend to consumers…
Despite the mind-boggling amount of money that Congress has authorized the Treasury to spend — $350 billion immediately, and another $350 billion that Congress would approve under a fast-track procedure — Mr. Paulson is running short of money and time…
Mr. Paulson conceded that he had scrapped the plan he originally sold to Congress in September, which was to have the Treasury Department buy hundreds of billions of dollars worth of illiquid mortgage-backed securities in order to free up banks to resume normal lending….
As recently as a few days ago, Treasury officials insisted that they still intended to buy up the troubled assets. But by late October, it had become clear that Plan A had become little more than a sideshow.
“Illiquid assets looked like the way to go,” Mr. Paulson told reporters at a news conference on Wednesday. But as economic and financial conditions declined so rapidly, he said, that he had to change gears. “I will never apologize for changing the approach and the strategy when the facts change,” he said.
I asked how Casey, the former treasurer and auditor general of PA could have gotten it wrong, when a dope like me with a public school education and a degree from UMass (aka “Stoned University”) could have gotten it right.
She told me that I had to remember that this bill was supported overwhelmingly by the Senate and Congress. “I know,” I said, “That’s what’s so disappointing: how could the entire congress have been so stupid? They voted overwhelmingly for the Iraq war too, how’s that turned out?”
I then described my current plight with the loan for the furnace (more on that later today), pointing out that I have jumped through more hurdles than i imagined existed and more are being thrown in my path as we speak. Yet AIG stands to get more money from the government, and we’ve spent $350 billion in taxpayers funds to no effect.
She conceded that AIG had not spent the money well. “Why would they?” I asked. “It was given to them with no strings attached. This is another ‘Who could have predicted’ moment: who could have predicted that giving money to a corporation without dictates about how it was to be used could lead to abuses?” She tried to say that some people think the plan hasn’t had time to work, but I stopped her by saying “Paulson is the bailout engineer, and he’s quoted in the Times saying it didn’t work, so they’re changing focus. So I think that question is settled.”
Then I spoke to the crisis in Philadelphia. “Have you been here?”
“Oh yes, many times,” she answered.
“Then you know how hot it is in summer. and you know how our crime rate is. You know that our children are armed and that when it’s hot tempers and violence flare. We’ve had to close 63 of 72 pools, and 11 libraries. When does Philly get bailed out? We need a billion dollars over 5 years.”
I reminded her that on at least three occasions I have been proved right and Senator Casey proved wrong: for example, the revelations that the NSA was listening into people’s private, non-terrorist conversations had been embarrassing to the Senator, who supported the 2008 FISA Amendment Act. The vote to condemn MoveOn was another. And now the bailout, or should I call it the epic failout?
“It’s just so disappointing to me,” I said. “I am tired of being right all the time. how is it that the best and the brightest get it wrong so many times on so many basic issues. How does the former auditor general and treasurer of the state of PA manage to get suckered by a plan like this?”
“Well, you have to remember that everyone at the time felt something needed to be done.”
“yes,” I sighed, “but the senate is supposed to be a DELIBERATIVE body, and you all acted in haste.”
I finally had to go but asked her to pass my messages along to the senator. Casey owes us an explanation. I like the guy, I think his heart is in the right place, but he screwed up on this one, big time.
And after all of this, I open my blogs this morning, and what do I read? Casey may support Lieberman:
Democratic Sen. Bob Casey Jr. of Pennsylvania was still frustrated with Lieberman, but said Thursday that he wasn’t sure whether to retaliate against the senator. Democrats are also mulling taking away his seniority on other committees and a subcommittee he chairs on the Armed Services Committee, while allowing him to stay as chairman of the Homeland Security Committee.
“I was frustrated when I listened to him to undermine Barack Obama, but we’re going to have to think carefully on how that frustration plays out in the interests of getting things done,” Casey said.
I am beginning to think the junior Senator from Pennsylvania got where he is today through his personal wealth and family connections. In short, I am beginning to wonder of the mild-mannered Senator is actually a thickwit, a bit slow, or maybe even borderline retarded.
I’m really upset about this shit. If I wasn’t a porn-consuming pothead with a child out of wedlock and an angry and sometimes embarrassing blog, I’d run for senate myself. I could do a better job than these schmucks.
November 14th, 2008 at 9:32 am
[...] The Treasury Department on Wednesday officially abandoned the original strategy behind its $700 billion effort to rescue the financial system, as administration officials acknowledged that banks and financial institutions were as … Original post [...]
November 14th, 2008 at 9:37 am
[...] See more here: Bob Casey: Thickwit? [...]
November 14th, 2008 at 10:44 am
[...] Read the rest of this great post here [...]
November 14th, 2008 at 5:00 pm
[...] makes a phone call. [...]
November 21st, 2008 at 9:15 am
I’d campaign for you….