Reid: No one knows how to respond to crisis

[babylonsister]

Reid: No one knows how to respond to crisis
By Manu Raju
Posted: 09/17/08 01:11 PM


Senate Majority Leader Harry Reid said Wednesday "no one knows" how to respond to the turmoil on Wall Street, noting that the unfolding federal response has put Congress temporarily on the sidelines.

Speaking to reporters at the Capitol, Reid (D-Nev.) left open the possibility of moving a major overhaul next year of rules governing financial institutions. But he said that cannot be done this year since lawmakers and Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson have yet to figure out the appropriate remedy.

"No one knows what to do," Reid said. "This is a different game. We are not playing soccer, basketball or football. This is new game, and we're going to have to figure out how to it."

He added: "You could ask Bernanke, you could ask Paulson — they don't know what to do. But they are trying to come up with ideas."

Reid said he plans to keep the Senate in a series of pro-forma sessions — where no legislative business occurs but the Senate is technically in session — after the lawmakers leave town at month's end, in order to allow the Senate to respond should the financial crisis take a new turn.

more...

http://thehill.com/leading-the-news/reid-no-one-knows-how-to-respond-to-crisis-2008-09-17.html

[ProudToBeBlueInRhody]

1. Great answer, Harry

Not how I would have worded it.

[babylonsister]

5. He doesn't inspire confidence, does he. nt

[ProudToBeBlueInRhody]

7. As much shit as Pelosi gets......

....and I'm no fan of her conciliatory nature, he is the same way in the Senate.

[Solly Mack]

2. 'K

[Virginia Dare]

3. The problem is now too big to solve, that's what I'm hearing..

the Dems are probably satisfied to let everything implode now rather than putting it off another couple of months, as the repubs would prefer.

[Winterblues]

4. I sure would like to see Hillary or Kerry get this guys position

I have been disappointed in Reid

[SoCalDem]

6. Then get the hell out of the way, so we can hire someone who DOES..n/t

[Tansy_Gold]

12. My sentiments exactly

Why CAN'T we let the investors lose money? It was their CHOICE to gamble, wasn't it?

So split AIG's insurance arm off its investment arm and let the investment arm wither and die. Stop "insuring" investors' bizarre financial models and if they don't work, well, let them fucking die. If they were worth saving, they wouldn't have failed in the first place!

Or am I just nuts?

[Hugabear]

8. Isn't Congress still on vacation?

We can't expect Congress to be bothered with the biggest financial meltdown in US history when they're on vacation and campaigning, can we?

[bdamomma]

9. no one knows what to do??

what kind of answer is that? this filthy administration is dragging all of us in the mud, is it pitchforks and torches time yet?

[phantom power]

10. No shit, Harry?

There is nothing to "figure out." They allowed the entire financial system to build itself up out of worthless paper. They deliberately looked the other way while the industry deregulated itself.

Now it's all going to unwind. End of story. And they're all running around trying to look busy, as if this "crisis" just appeared out of nowhere, and gosh they're doing their very best.

Fatuous fucks.

[MadHound]

11. The question is whether there is anything that can be done

Lower interest rates, raise inflation. Bail out the banks, add to our debt and weaken the dollar. There are really no good short term ways to fix this mess. At this point, it might be best to let it all blow and then pick up the pieces. One thing that we need to do is to start working towards long term economic security, return the manufacturing sector to the US, get off of oil and onto green, renewable alternatives, reinstate regulations on the financial sector, raise the taxes on the wealthy and corporations.

But for the short term, we're screwed.

[TornadoTN]

17. That's pretty much the only option we have left, sad to say

We're reaching a level now that the more we do to "fix" it, the more unstable the whole thing is becoming. Throwing more money at these giants and basically financing them on the backs of the taxpayers is a short-term solution that is going to blow up in our faces once it becomes known that their entire infrastructure was virtually non-existent and their assets are as fake as Sarah Palin's experience.

The GOP is totally dead set against socialist market policies (and social policy) but they are biggest cheerleaders for the government to do something when their little grand market experiment went awry - which anyone with half of a brain saw coming.

[City Lights]

13. McCain's got an idea for you, Harry! A commission!

Come January, Harry's got to go. We've had enough of your (mis)leadership, Harry!

[TornadoTN]

18. I thought McCain was going to "stand up to the bullys"?!?

I'm sure his commission will consist of several heads of these same organizations. They want to make sure they look like they are above this entire mess so they can do it again.

[SammyWinstonJack]

14. And didn't know how to head it off either, I am guessing.

:shrug: To many vacations for those congresscritters. Cushy job with great benefits.

[adigal]

15. It seems like Fate is taking over

having this all happen now, before the election.

[SoCalDem]

16. oooh oooh oooh

[grasswire]

19. damn, Harry! Suck it up.

Use the opportunity to say the MESSAGE.

"The American people are watching today the effects of eight years of Republican policies that favor the rich and harm the middle class. Unfortunately, when these policies fail, they don't just hurt the ones in charge -- they will hurt every man, woman, and child.

Remember, it was only a couple of decades ago that deregulation under Republicans caused the S&L failures that required massive bailouts by taxpayers, and massive misery for American families.

The fix then was a regulatory agency. Today Democratic Congressman Frank has called for a similar regulatory agency to address immediately the financial mess that Republicans have got us in now.

Yada yada"