It's George Bush's fault! It's the Democrats fault! The Conservative Republicans!
You know what . . . who cares?
We're stressing here in Chicago - and it has nothing to do with our Cubs or White Sox. The $700 Billion bailout failed - even with the modifications requested by both political parties, and agreed upon by the President.
To be sure, many of us in the Real Estate Industry, including myself and those in our Team, didn't like the smell of the plan at all. But reality did dictate, unfortunately, that something had to be done.
A prime-time admonition from President Bush - with his low approval rating and little options left - was not heeded. A summit meeting involving Republican Presidential Candidate McCain, and Democratic Candidate Obama did no good. Arm twisting by U.S. House and Senate Leaders was ineffective.
The spinning was almost immediate! Many Republicans contended Democratic House Speaker Nancy Pelosi and her scathing speech against the Bush Administration was to blame, although few Republican House Members voted for the Bailout Bill anyway. The McCain Camp started jumping on the anti-Pelosi bandwagon.
Dems again beating the drum against the President Bush and his Administration for letting this all get too far out of hand. Everyone blaming the Wall Street Big Boys, and what many consider the money-grubbing lending executives, for becoming hogs, waiting to be slaughtered.
Now what?
Another round in Congress, later this week, is likely. Perhaps a more watered down bailout package is forthcoming, even though the original and modified plan didn't win very many friends. "Plausible Denial" by fearful legislators, who, a couple of years from now, want it on the record that they didn't vote for the bailout originally - only later, when things started looking even grimmer.
Where I come from, Tuesday is an important holiday. It's the New Year! It is time marked by prayer for forgiveness for your previous-year sins, and hope for absolution in the coming year.
Very fitting now!
Folks, I'm very proud to be an American! Always have been, and always will be.
But, now, I'm sitting here, feeling more than a little embarrassed!
And, when I think of "What's Next?", I have trouble finding an answer.
You too?
DEAN & DEAN'S TEAM CHICAGO
Fingerpointing never accomplished much.
Dean, your so right. We need leadership and not the finger pointing especially using the middle finger. We need to help ourselves and all they can do is argue. Go CUBS!
Happy New Year to you and your family... Hopefully after much praying tomorrow.... things will get better towards the end of the week!
Gang -
The timing of this turmoil happening in an election year, so close to the election itself, has a silver lining. It will force the candidates to effectively confront this issue in order to have a chance for victory.
If this ugly stuff came to a head next spring, for instance, it might tend to get buried a bit.
Focus, now, will help us solve this incredible problem, hopefully forestall others like it, and really expose who the best leader will likely be.
There always seems to be some good in every bucket of "bad!"
DEAN & DEAN'S TEAM CHICAGO
Happy New Year to your family... I'm not very proud of America today....haven't been for some time, but I think we have sunk to a new low in partisan bickering.
That's for sure; good post today, thanks.
Dean- Happy Rosh Hashana to you and your family.I wish you a very high holy holiday.
The bail out deal, no matter how much it may be needed to loosen credit, it certainly can not be passed with all the pork barrel spending thrown into and the adding of union bosses and the money made to be earmarked to special interests.
The people spoke is what happened and right now I am very proud of Americans for taking a stand. The reason this bill did not pass in its' form is because the people did not want it. And there were finally some Senators and Congressmen that listened.
I am very proud of the 94 Democrats who voted against the bill along with the republicans. If all the dems would have voted for the bill, it would have passed but those 94 dems listened to the thousands of calls coming in from all around the U.S. Katerina
Hi Dean,
I think Yogi Berra said "This feels like deja vu all over again." It's too bad we can't throw the whole lot of them out!
Dean: What I find almost comical is that by blocking this so called "bailout bill" that was supposed to cost $700 billion dollars... the failure to do so caused the stock market to lose, by some experts estimates... one trillion dollars in one day by dropping 777 points. So... if the point of blocking the bill was to save the taxpayers the 700 billion dollars... the stock market plunge just cost the stock market investors that same 700 billion... plus 300 billion more.
Great job... conservative Republicans ! With friends like you in the Congress... your fellow moderate Republicans don't even need the Democrats to contend with.
This is indeed a very frustrating time, my friend. It is very difficult to figure out what to do. Part of me even toys with moving back to Cleveland, moving in with my sister, and getting a "fun job" doing cosmetic makeovers at the Clinique counter at the mall. Hmmm.
Well... a Happy New Year to you and your family. May this new beginning somehow hold the promise of good things to come. Take care.
AZloha Dean,
I just hope we can get this bill passed. A trillion dollar loss in one day is BAD!!!
AZloha Dean,
I just hope we can get this bill passed. A trillion dollar loss in one day is BAD!!!
Fingerpointing is not good but we have to find out the cause of the problem. Without a fully understanding, at least some understanding, a solution might even lead to another problem.
Nice analysis! I saw it like you did, nearly verbatim. The Republican press conference blaming Pelosi was hilarious! I wonder if Eric Canter will ever fully recover his ....well, his... um.. just not a nice way to say what I am thinking! Can you imagine them saying the same things when Tip ONeill was the Speaker of the House? Whaaaaa, Tip wasn't very nice!!! That would be priceless. Blaming Pelosi is 10x worse! Oh well, it was a reason on a split second, thinking she would be a good one to blame...not fully thought out, clearly.
It will be interesting to see how this plays out this week. The rebound of the market in a sense today, is an illusion, though, because what is really happening can't be seen with the naked eye. If a person asks your mortgage person, or escrow people "How it's going?" you will get some real answers that something either be done to help or stand the hell outta the way. But this "MIGHT DO SOMETHING" is like having a condom in your pocket while making out! Are you gonna use it or just NOT, but let the rest of us know so we can MOVE ON!!!
That's just my take......big hug!!!