Reid Says Congress Won't Act Because 'No One Knows What to Do'

[seafan]

Source: Yahoo News

Sept. 17 (Bloomberg) -- Congress is unlikely to pass new legislation to overhaul financial regulations this year ``because no one knows what to do,'' Senate Majority Leader Harry Reid told reporters today.
``We are in new territory, this is a different game,'' Reid said at a briefing in Washington. Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.

Illinois Senator Dick Durbin said in a speech on the Senate floor that President George W. Bush isn't in a position to propose regulatory overhaul legislation because he is close to leaving office ``and the Congress is not in a position to pass it.''

Durbin said that Bernanke told lawmakers last night that an overhaul of government regulations was needed to solve the current financial crisis. Bernanke made the comments when he and Paulson told lawmakers of the Fed's plans to take over American International Group Inc.

.....

Reid and Durbin's comments come as White House spokeswoman Dana Perino said the administration is willing to consider proposals being suggested in Congress to have the U.S. buy distressed mortgages, akin to the role the Resolution Trust Corp. played in disposing of bad debts of from savings and loan associations in the late 1980s and early 1990s, she said.

Read more: http://news.yahoo.com/s/bloomberg/20080917/pl_bloomberg/adxsrzc6vwyw_1

[villager]

1. Time to start nationalizing?

n/t

[Demeter]

24. When All Else Fails--IMPEACH, DAMMIT!

[roguevalley]

59. yes. and go back to the FDR playbook. he had the dust bowl and

a depression and saved us. he saved us. I love FDR

[Tandalayo_Scheisskopf]

2. Dear Harry:

I suggest this:

Do something that is completely fucking different from what has been done up to this point.

You can expect an invoice for my consultant fees within a week.

-T.

[Robbien]

3. When their only advisers are lobbyists and think tanks funded by lobbyists

of course any solution those guys would suggest wouldn't help the situation. Congress and their advisers are the problem, not the solution.

[Democrats_win]

4. Here's what we should do today: 1. Invade Wall Street with regulators. 2...

2. Tell Helicopter Ben Bernanke no more bailouts. Let the elite fail.
3. Eliminate tax cuts for offshoring.
4. End the money pit wars.
5. Give tax breaks to companies that create jobs in America.
6. Raise taxes on oil companies.

Just a start.

[WriteDown]

8. breakdown....

1. Not bad.
2. Ridiculous. Not everyone on Wall Street is even close to an "elite" and you would be talking about catastrophic job losses in a blue state.
3. Not bad.
4. ???
5. Good idea.
6. Ridiculous. Gas prices would shoot up especially after the wake of Ike. If that is hanging over our head on election day, we are sure to lose.

[lapfog_1]

5. Lame answer... it's mid September

and they are saying they can't even look at it until late January?

Start by rescinding the deregulation laws passed in the last 30 years.

Make some of the banks choose what industry they want to be in.

Pass a comprehensive bailout for all banks, mortgage, investment, etc institution. But couple it with a mortgage rate reduction for home owners (taxpayers). Give people up to 4 months grace period on their mortgage.

And create government low interest loans (0%) for people who want to install renewable energy solutions.

End the war and reduce Pentagon spending by 20%.

Pass the Obama tax plan.

and hope it all works.

[Pale Blue Dot]

6. Translation: The right things to do will all hasten the crash. nt

[seafan]

7. 1. Remove Bush and Cheney from the White House, stopping their incursions into Pakistan/Iran/Russia

Stop the ongoing damage THEY WILL INFLICT BEFORE JANUARY!!!!!

[postman07]

9. We have one part of socialism

Why not nationalize some industries and start putting money into rebuilding america. Our backbone is in construction. So instead of we the tax payer bailing out companies that wouldn't let us through the front door, if we had a complaint to file, why not take that money and put it into building projects. We do have two states that are in desperate need of reconstruction. Instead of just having private companies reconstructing and screwing it up and bailing again, why not have a national rebuild program.

[bemildred]

10. IOW: "We aren't going to do a f**king thing until after the election. nt

[FVZA_Colonel]

11. This won't come back to hurt us.

No it won't...

[blueclown]

12. you can start with impeachment.

it's never to late to start the proceedings.

[SoonerPride]

13. Write a stern letter, Harry.

Or is that his name "write a stern letter harry"

[kestrel91316]

14. Harry, that sounds perilously close to what Hoover said about the

Great Depression.......

You better figure out what to do.That's what we're paying you people for.

[Odin2005]

15. Take FDR's advice: "Just try something..."

"...and if that doesn't work admit it and try something else."

FDR's great virtue was that he was a supreme pragmatist who could care less what economic orthodoxy said.

[Hugin]

26. But, he did fund many studies to determine the true situation and verify the results of the effort.

So, he built a new empirically proven orthodoxy as he went along.

[KansDem]

16. Then why the hell are you all drawing paychecks? (nt)

[Javaman]

17. 'No One Knows What to Do', that one statement kind of explains everything. nt

[bdamomma]

55. meaning to say to all of us

you are on your own.

[Hugin]

18. It's actually quite easy Sen. Reid...

It'll take awhile. (In the same manner it took the Republicans to tear it down.)

1. Bring back the value of Labor, Education and Experience.

2. Protect the Middle-class Consumers. They are the core of the Markets.

3. Encourage Management to return to serving Investors rather than Speculators.

4. Ayn Rand is a science-fiction writer. Treat her books that way.

If you have any questions on #1. Ask anyone who's ever held a minimum wage job for a long period of time.
Any questions on #2. or #3. have a word with Warren Buffet. #4. Well, that's common sense.

[Hugin]

20. Somehow, I almost forgot the Golden Rule.

*Corporations are NOT People and People are NOT a commodity.*


Should you have any more questions... Please see Sen. Obama's speech on the Economy from
yesterday. It's very through. It's posted everywhere.

[newscott]

64. Number 4 is a good one!!!!!!!!!!!!!

[Jacobin]

19. Waiting to see who's gonna fill yer campaign coffers, you schlub?

Forking moronic asshats.

I've had it with them all.

If you don't know what to do, go to college and take some basic history courses about 20th century america, FDR, the Great Depression.

Ya might even want to read up on what CONGRESS and the PRESIDENT did in the 1930's to put a leash on the asshats running brokerage houses and investment banks.

It was called the Glass Steagall act which you fuckers UNRAVELED in 1998 that caused this you irresponsible excuse for a congresscritter, you!

Jeezus I don't know whether to laugh or cry or move out of this crazed country

[cornermouse]

21. Harry Reid BS Story Hour

[SteveM]

22. Democrats in Congress: an enormous popcorn fart (nt)

[Thothmes]

67. Just think, most of them will still be there next year.

[Waiting For Everyman]

23. That was a backwards thing to say, but standard for Reid.

I have no doubt that some of those who have been holding hearings all year have some ideas... because I've heard them say so. Thank God for C-SPAN.

[jmowreader]

25. I know exactly what to do.

First, declare a four-day bank holiday from Friday to Monday. Announce it a week before, so everyone knows to get out some money for the weekend, but forbid people from closing bank accounts or withdrawing more than half their account balance until a week after the holiday. Do it a week after the first, so everyone who rents will be able to pay that.

Second, return the nation's financial laws to what they were when Nixon was in office.

Third, require a three-day cooling-off period between application for and receipt of a credit card.

And fourth, beat Arthur Laffer's ass on national television.

[Doctor_J]

27. Thanks for the campaign slogan, Harry

Can we PLEASE try to get a decent Majority Leader next year???

[PittPoliSci]

28. unacceptable.

doesn't anyone study history?

what did kennedy do?

what did roosevelt do?

this is an entirely unacceptable development.

[DeSwiss]

29. Well Harry "I DON'T KNOW WHAT TO DO" Reid....

....might I suggest that you get your guys to pass a bill that requires TRANSPARENCY in all Wall Street transactions?

Or maybe you could just OUTLAW the credit swaps provisions that Phil "STOP YOUR DAMNED WHINING" Gramm snuck into a legislative spending bill while the Repukes controlled the Senate and which started this stampede over the cliff?

How about legislation that requires that NO INVESTMENT INSTRUMENT be sold on Wall Street unless people know what's in them???? You know, like those damned CDO's that were full of subprime loans???

- I dunno, since this is what got us here, it seems like a good place to start.....

K&R!!!

[amandabeech]

32. Valuing exotic instruments on the basis of mathematical models not markets would be a start.

Reintroduce Glass Steagal.

Regulate hedge funds and "Masters of the Universe."

Tax the shit out of the folks who have so much money that they can slosh it around the world in the most ridiculous attempts to find a decent investment. Use it to fund health care and pay off the national debt.

Force writers of loans to retain sufficient risk in default that it focuses the writers' minds on whether or not the applicant can actually pay the loan back.

[KakistocracyHater]

30. popular but too stupid to lead

that's what voting turns out to do, put in people who win popularity contests but who don't do shocking, unexpected things, they stick with the herd. Leaders do what followers can't even conceive or anticipate. Again, all politicians should submit to a psychological profile so people know if the pol is just another follower.

[KayLaw]

31. I think he's just being honest.

The advisors are not able to advise and George Bush is still in charge. I'd rather hear the truth than the "Fundamentally sound, don't panic, we've bottomed out" lies. It helps us to make plans accordingly, IMO.

[and-justice-for-all]

33. Barack has the plan...nt

[marshall]

34. I guess he doesn't care about the election

What a horrible answer. Even when you don't know what to do you act like you do know what you are doing, just to keep morale up. I learned that the first day in the classroom as a student teacher.

[Triana]

35. How about asking Barack Obama? n/t

[Liberalynn]

36. Basically Its Up to the Amercian People Now

The "People" are the only ones who can fix it. Every single American with at least an ounce of a brain and at least an ounce of sanity needs to vote overwhelmingly Democrat in November or nothing will change. If not times will just keep getting steadily worse. That's not scare tactics. Its a fair conclusion based on overwhelming supporting evidence.

That message needs to be hammered home every single day to every one you know. America needs a constant reminder of who was at the switch during every major crisis of this decade so far.

The only thing I fault Harry for is not saying it this way: "the Democrats could try to pass something but our opponents will just run interference for their Wall Street buddies." That wouldn't be a lie, it would be the truth.

[fasttense]

37. This is NOT new territory. The last Republicon Great Depression was very similar.

What did we do then? What did FDR so? This is not new.

The Republicons have put this country in this position before.

Republicons hate a fair and stable economies. They destroyed the American economy before, the Democrats have repaired the economy before. Learn from history.

[dgibby]

38. Memo to Harry Reid

First, get your head out of your ass. Second, pick up a copy of THE GREAT DEPRESSION FOR DUMMIES. Third, get off your aformentioned ass and push Obama's economic platform. :mad: :wtf: :argh:

[Hawkowl]

39. Resign

How about resigning you useless piece of shit Harry Reid. Weak, wussified Bush appeaser.

[glitch]

40. Senator Reid: here's a clue

http://www.alternet.org/workplace/99241/only_a_roosevelt-scale_counterrevolution_can_prevent_great_depression_ii?page=entire

I think I'll fax this article to his offices:

Reno
Bruce R. Thompson
Courthouse & Federal Bldg
400 S. Virginia St, Suite 902
Reno, NV 89501
Phone: [phone]
Fax: [phone]


Washington DC
528 Hart Senate Office Bldg
Washington, DC 20510
Phone: [phone]
Fax: [phone]
Toll Free for Nevadans:
1-866-SEN-REID (736-7343)


Carson City
600 East William St, #302
Carson City, NV 89701
Phone: 775-882-REID (7343)
Fax: [phone]


Las Vegas
Lloyd D. George Building
333 Las Vegas Boulevard
South, Suite 8016
Las Vegas, NV 89101
Phone: [phone]
Fax: [phone]

[llmart]

41. Maybe those congresscritters.....

should take some time every day to read the Stock Market Watch thread here on DU. There are people on that thread everyday who know more about economics and money than these asshats in Congress.

Oh, and a little common sense never hurt.

[DeepModem Mom]

42. Democratic Congress May Adjourn, Leave Crisis to Fed, Treasury; Reid: "No one knows what to do."

Source: Bloomberg News

Sept. 18 (Bloomberg) -- The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.

Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.

One reason, Senate Majority Leader Harry Reid said yesterday, is that "no one knows what to do'' at the moment.

"When you rush to judgment, you usually make mistakes,'' said Sherwood Boehlert, a former Republican congressman from New York. "This is something you can't go on forever without addressing, but Congress in a short span of time is best served by going home.''...

Still, the Democrats opened themselves up for attack with Reid's comments. The Republican National Committee pounced on the Nevada lawmaker for his "despair,'' and Senator Mel Martinez, a Florida Republican, said his remarks are "not a way to inspire confidence or begin to turn the tide.''...

Read more: http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aVPBaUbYV_qQ

[mth44sc]

43. Harry

Shut up - just shut up

[sasha031]

46. I can't stand Reid

one of the worse Dem's I've ever seen!

[Zynx]

44. I am strongly opposed to the idea Congress should adjourn right now.

It's a terrible idea politically. At least appear to be doing something.

[Thothmes]

68. Reelection trumps

the business of the country.

[LaurenG]

45. no one knows what to do!?

that's frightening as hell.

[TwilightGardener]

47. Well, it's true--they've tried the stimulus checks, they've supported

the Fannie/Freddie bail-out, they've approved measures to help people in foreclosure. There's little else the Senate can do at this point. This is not a quick legislative fix type of thing, it's the President's problem.

[keithjx]

48. I have much respect for Harry Reid

thought I don't always agree with him, but that's the dumbest f-ing comment I've heard in a long time. For being a veteran in the game of politics, he sure let a stupid comment slip. This kind of "leadership" has to be replaced during the Obama presidency. Harry was fine as a minority leader, but being majority leader is a different deal.
KJ

[fed_up_mother]

49. BAD, BAD IDEA = Just think of the political ads.

Tell me this isn't true!

These congress critters need to be telling us that they are working hard to figure out this crisis, but that we are in such deep shit, it's going to take a lot of work.

Which is true.

[Ganja Ninja]

50. They probably have to allow time for the various committees to

make recommendations. But Harry for christ sakes don't just shrug your shoulders and say we don't know what to do. Tell people you're working on the problem and trying to determine a course of action. Jeez I hope him and Pelosi are replaced in the next congress.

[sandnsea]

51. Oh, a Republican Congresssman wants to go home

While the next paragraph has the Republicans jumping on Reid for telling the truth about how bad this is.

Nancy Pelosi said that hearings would continue, even if they adjourned. So they aren't planning on just dumping this and leaving town.

[phantom power]

52. Great idea, Harry. Run away and hand it all over to the *private* Fed.

The geniuses who allowed this to happen in the first place.

:eyes:

[libnnc]

53. Um, no Harry. You may not be excused.

GET BACK TO FUCKING WORK.

[VP505]

54. Sure Harry just go home

and give the Reptilians an opening to blame YOU and the Dem's for this mess and cutting and running from it. Try staying in secession and doing some investigation, holding those responsible accountable for the mess is a good start to fixing it.

[Cessna Invesco Palin]

56. Well, at least he's honest. n/t

[The Stranger]

57. The Dick Durbin ran outside on to the Capitol steps to beg the GOP's forgiveness for calling the

concentration camp at Guantanamo Bay a concentration camp.

[fascisthunter]

58. I Know What to DO... give you the friggin boot

[depakid]

60. Apparently other Senators know what to do

Regulate responsibly and set up an RTC like agency.

Who knows, the federal government might actually make some money from some of this.

[Liberalynn]

61. So how much damage do you think Reid's comment has done?

Can the other Senators and House members cover his gaff by staying and talking up regulation?

Will this hurt Obama's bounce? He can say well with all due respect to Harry I have plenty of ideas right?

I have just started to calm down and feel confident again after all the blunders by the other side, I don't want to loose the smile I just started to regain.

When I posted earlier I wasn't even thinking about how the other side would use it, guess I was asleep.

[ShortnFiery]

62. IMO the Power Elite of BOTH Parties do NOT want "change."

Both Reid and Pelosi must be replaced in order to see any true REFORM.

[Liberalynn]

63. I haven't been a fan of Pelosi since she took impeachment

off the table. I realize the House didn't have the votes but it has always been about the principle of the thing. I just hope Reid's comment gets over shadowed quickly by some more Grampy McSame gaffes.

[OneBlueSky]

65. could it be that no one in Congress has the financial and economic expertise . . .

to tackle these issues? . . . after all, for the past several decades they've pretty much ceded ALL economic and fiscal policy-making to Wall Street and the multinational corporations . . . maybe there just aren't any capabilities left in Congress in these areas . . .

[Joe Steel]

66. Of course no one has the expertise.

Most now in Congress got there by buying into the deregulation myth, at least in part. Regulation and significant involvement of government in the economy is the only way to ensure stability. Until Congressional membership reflects that reality, our economy will be a house of cards.