Sherman (D-Calif.): It's a Permanent Bailout Bill

Over the weekend I wrote that Obama is lying about the permanent bailouts in the Dodd financial reform bill. He and the Democrats have been hammering the message that they oppose bailouts and would never, never put them in the financial reform package. This was a case of "Who you gonna believe, me or your lying eyes?", but Democrats kept at it all weekend and this morning.

Brad Sherman, a California Democrat whose district includes much of L.A. County, apparently didn't get the memo:

We can say, “No taxpayer money to Wall Street firms, their creditors and the counterparts.” Then we go to the voters and tell them there’s no money for Wall Street, but regulation instead. If you can’t run on that slogan, you’ve got a problem.

But there are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for. The bill contains permanent, unlimited bailout authority.

The classic Washington blunder: he messed up by telling the truth.

Posted by: Gabriel Malor at 06:55 PM


1 Goldman Sachs bought themselves one hell of a cheap government.

Should be a mighty fine return on their investment.

Posted by: someguy at April 19, 2010 06:58 PM (VRJIW)

2 first?

Posted by: redc1c4 at April 19, 2010 06:58 PM (d1FhN)

3 The truth shall set you free get your ass in trouble with the establishment.

Posted by: conscious, but incoherent at April 19, 2010 06:59 PM (YVZlY)

4 I love the smell of whoops in the morning.

Posted by: Editor at April 19, 2010 07:00 PM (pUfK9)

5 Corporatism, Thy Name is Obama

Posted by: Marvel Comics Melodrama Guy at April 19, 2010 07:00 PM (3h3kv)

6 I just keep getting fatter and fatter.

Posted by: Obama's Martinique Bank Account at April 19, 2010 07:02 PM (pUfK9)

7 "Nah, our better beat us to it."

but he doesn't really count, and my post had more content, so i deem myself to have been first. call it "punching up".... %-)

Posted by: redc1c4 at April 19, 2010 07:03 PM (d1FhN)

But the evil BOOOOSH was a corporate puppet, you see.

as a matter of fact i would like another beerz plz barkeep

Posted by: Dang Straights at April 19, 2010 07:04 PM (WIWkv)

9 i live in the other fing dumbocrat's district here in the Valley, which is *not* grounds for rejoicing.... stupid is stupid, no matter what label you put on the bag of shit.

Posted by: redc1c4 at April 19, 2010 07:05 PM (d1FhN)

10 New bailout rule:
1) The company being bailed out is sliced into a minimum of five chunks based on existing departmental lines.
2) The entire "upper tier" of executives is simply canned. All "payout" aspects of their contracts are rendered moot, while all possible duties and liabilities are left intact. Golden parachutes - cut by government fiat. (If they can wipe out the bond creditors, they can certainly wipe out the specific freaking execs that led to the fiasco.)

The key aspect is setting up the entire gameboard so the executives know they'll get completely reamed if they venture into "bailout" territory.

The government then doesn't need to set up entire regulatory bodies - they have the executives steering a lot farther away from dangerous territory entirely on their own.

Posted by: Al at April 19, 2010 07:07 PM (p/4OB)

11 First they will be govt backed.
Then they will have govt share of ownership.
Then they will have a govt rep on the board of directors.
Then there will be but one Bank of America, and guess who will run it.

Posted by: MikeTheMoose at April 19, 2010 07:08 PM (0q2P7)

If they can wipe out the bond creditors, they can certainly wipe out the
specific freaking execs that led to the fiasco.

I don't think it has registered with most people that the whole concept of Contract Law was obviated by the takeover of the car industry.

Posted by: Dang Straights at April 19, 2010 07:09 PM (WIWkv)

13 Congressman Sherman spoke stupidly.

And I blame Rahm

Posted by: Barry Obama at April 19, 2010 07:09 PM (oSrBX)

14 You'll barely regret this!

Posted by: Fry at April 19, 2010 07:13 PM (3h3kv)

15 Socialism for the wealthy.

Posted by: ronsfi at April 19, 2010 07:14 PM (h6sl7)

16 Well, it's been nice knowing y'all.

Posted by: Rep. Sherman at April 19, 2010 07:19 PM (EW49d)

Wall Street Ca$hes Out on Investment In Chris Dodd.

This is Dodd's final FU to tax payers.

Posted by: Lemon Kitten at April 19, 2010 07:23 PM (0fzsA)

18 That's true. Sherman may have a craving to spend more time with his wife and kids in the next few inutes or so.

Posted by: Fry at April 19, 2010 07:23 PM (3h3kv)

19 OK you morons. I have read Sherman's comment several times and don't see it. One of you jerks give me some knowledge.

Posted by: TimothyJ at April 19, 2010 07:24 PM (IKKIf)

20 I sense Mr.Sherman as a victim of LA Road Rage in the not-too-distant future.

Posted by: bergerbilder at April 19, 2010 07:25 PM (S1Ttj)

21 Sherman may have a craving to spend more time with his wife and kids in
the next few inutes or so.

Oh, please, please, please! He's my rep and has been forever. I voted for the Indian (east not feather) the last time Sherman was up for re-election. But God forbid the CA GOP support one of their own freaking candidates.

Posted by: wherestherum at April 19, 2010 07:27 PM (gofDd)

If any Republican votes for this tax payer funded cronie fraud - they they will have hell to pay.

Posted by: Lemon Kitten at April 19, 2010 07:27 PM (0fzsA)

23 It was Paulson that picked and shorted the CDO's . GS picked the suckas .

Posted by: Bill D. Cat at April 19, 2010 07:31 PM (a9UO0)

24 Best news of the day!

Posted by: Dan at April 19, 2010 07:33 PM (9L1z6)


Posted by: Lemon Kitten at April 19, 2010 07:35 PM (0fzsA)

26 8
2 Exactly how did he do that from the Banned Kingdom?

Posted by: Miss'80sBaby at April 19, 2010 07:47 PM (Yq+qN)

27 Sorry, shouldn't have said that.

Posted by: Miss'80sBaby at April 19, 2010 08:05 PM (Yq+qN)

Will Obama return $994,975 in Goldman Sachs campaign contributions?

Posted by: Lemon Kitten at April 19, 2010 08:18 PM (0fzsA)

29 @28: "28 If any Republican votes for this tax payer funded cronie fraud - they they will have hell to pay.Heh. Wish I could believe that."
You can believe that. Republicans do get voted out for fucking up. Only Democrats get the golden pass.

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32 Wow. This thread died pretty fast.

Posted by: Tattoo De Plane at April 20, 2010 10:07 AM (mHQ7T)

33 Bail-outs are the death of America. Damn GWB for pushing it all after 9/11.

Posted by: maverick muse at April 20, 2010 05:20 PM (H+LJc)

34 btw, Gabe seems to be hiding from the horrible truth regarding illegal alien CRIMINALS overwhelming AZ just because Arpaio isn't the lead sheriff in the news. It would be affordable to imprison the return illegal criminal aliens given work camps featuring Arpaio's tent villas. I hope that Noble wins the open Congressional seat rather than the neocon young Quayle.

Pinal County Sheriff Paul Babeu says violence in Arizona by criminal illegal aliens has reached "epidemic proportions." “If you come into America and you’re here illegally, guess what? There is no catch and release. You should be detained for 14 to 21 days and then formally deported,” Babeu said of Operation Streamline. “You come back, guess what? You’re going to prison. That’s what we’ve got to do,” Babeu said.

McCain [who has" seen the light" with his "new" in time for re-election immigration policy to enforce the law and close the border PRIOR to passing comprehensive reform] and others at the press conference said that more than half of the 1 million illegal aliens apprehended in the U.S. last year were arrested in Arizona and that 17 percent of those are known to have criminal records in the United States.

“Folks, your cops, your sheriffs cannot do this alone,” Babeu said. “We’re doing our best and we’re overwhelmed. We’re stressed and things are out of control. We need the help of troops that are deployed along the border, additional resources for our border patrol and a zero tolerance policy.”

Cochise County Sheriff Larry Dever said he believes the porous southern border is not only dangerous to Arizona but to the entire nation, since terrorists could slip through just as easily as drug dealers. “To me, therein lies the real threat to our homeland security,” Dever said.

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