Quote of the Day, Clueless edition

"I have quite a few people who are giving us information about the record of Obama and Biden, and at the end of the day, though, it is -- it's so clear, again, what those choices are. Either new ideas, new energy and reform of Washington, DC, or more of the same."

--Gov.Sarah Palin, responding to Katie Couric's question of "who are your debate coaches?" in an interview clip aired this morning on The Early Show

More of the same? I am thoroughly convinced Palin just hears sound bytes on TV, thinks they sound good, and decides to use them during interviews and speeches no matter how absurd/untrue they really are.

IN-09: DCCC Aires New Ad

The DCCC has released a series of district specific ads for key congressional races across the country. And yep you guessed it the IN-09 made their list. The latest entitled "U.S. economy fundamentally is in good shape":

IN-09: Hill and Sodrel (and Schansberg) Set to Debate

After much posturing, it looks as if Indiana's ninth congressional district will finally get the debate voters have been longing for. The details:

The candidates for Indiana’s 9th Congressional District seat will debate October 21st in Jasper.

This is the only planned debate between Democratic Representative Baron Hill, Republican Mike Sodrel and Libertarian Eric Schansberg before Election Day.

Considering Hill and Sodrel's familiarity with each other's candidacy expect the debate to focus on the economy and hopefully by this time the legislation that has been passed by Congress concerning the bailout. While both candidates opposed yesterday's bailout bill, nonsensical reactions from Sodrel should provide plenty of ammunition for Hill to bury his opponent. Take for example this absurdity:

“Government acquisition of private enterprises when it occurs by ballot is called socialism. ... When it occurs by bullets (it) is called communism. There is little difference in the end result. The former is just less violent than the latter.”

Latest SUSA Polling: Daniels +16, Obama -3

The latest SurvayUSA poll brings with it mixed emotions as Long Thompson's campaign appears to be stuck in the mud while Obama's continues to trend upward. The results:

SurveyUSA

687 likely voters, MoE +/-3.8

9/28-29 (8/16-18)

IN-Gov
Daniels-R: 53 (52)

Long Thompson-D: 37 (38)

Horning-L: 6 (3)

IN-Pres

McCain: 48 (50)

Obama: 45 (44)

While the news for Long Thompson was expected and the news for Obama we have been hinting at for some time now, one portion of the cross-tabs has me a little worried. If Obama were to stand a fighting chance at taking Indiana in November, it would mean his support in northern Indiana and likewise the central Indiana greater Indianapolis area would have to be substantial. But as the polling points out:

In Northern Indiana, where voters see Chicago television from Obama's home state of Illinois, Obama led by 17 points fourteen weeks ago and by 5 points six weeks ago; today, Obama leads there by 1.

Indiana Dems Explain Bailout Vote, Souder Cuts and Runs

From today's IndyStar:

Voting Nay

Pete Visclosky IN-01:

"When many Bethlehem Steel retirees had their pensions cut, did President Bush provide a helping hand? All I know is that when Stan O'Neal retired from Merrill Lynch, his compensation package was worth $161.5 million."

Andre Carson IN-07:

"The economic malpractice of the Bush administration is why our financial markets are in turmoil. This administration's fiscal negligence is why Wall Street was rewarded for doing things wrong while Main Street was punished for doing things right. And now this same inept administration is asking the American public to trust them."

Baron Hill IN-09:

"I have been rushed to judgment by the Bush administration before. There hasn't been enough time to evaluate the impacts this legislation would have if enacted or to consider alternatives. Congress deserves time to weigh the benefits and the potential pitfalls of borrowing this money."

Voting Aye

Joe Donnelly IN-02:

"When there are serious people discussing the possibility of another economic depression, it is time to act. The rescue plan was not perfect, but it was necessary. And while no one took any pleasure in voting for it, the alternative -- doing nothing -- is potentially disastrous and therefore unacceptable."

Brad Ellsworth IN-08: see quote of the day post below

And worth pointing out amidst all this bailout hoopla, is Rep. Mark Souder's (R IN-03) aye vote. Not only is he fighting a congressional race right now against a very good candidate in Mike Montagano, but add his approval for the bailout to the mix and his shaky republican support will surely take an unwanted hit. Not surprisingly, Souder was the only representative of the Indiana delegation that did not respond to a request for comment by the IndyStar. Gee, I wonder why?

IN-06: Welsh and Pence Share Opposition, but For Very Different Reasons

I have by no means tried to hide my support for bailout legislation, as was made clear by my chastisement of Rep. Mike Pence earlier today. While I regret the situation we are currently in and place much of the blame at the feet of republicans, I supported today's bill because I felt and still feel that inaction comes at too high a price. This bill was far from perfect-- that I think we can all agree on. But had it been adopted, I feel confident in saying that Wall Street would have avoided such a colossal plunge today, and ultimately would have been spared another week of fiscal collapse. And for me that would have been worth it.

This being said, I think its important to point out the very real differences in today's nay votes, especially along party lines. I called out Mike Pence because his rationale for voting against the bill was absurd-- amounting to yet more tax breaks for big business all in the name of free-market economics. His hollow position was  a familiar one today, and as a result a majority of republicans voted against the bailout. This defense doesn't ring true for democrats though. While I may have supported the bill today, I understand completely why many democrats did not. In a soon to be released op-ed piece, IN-06 district challenger Barry Welsh explains the dichotomy of nay votes perfectly:

This bailout as proposed is the equivalent of taking out a new credit card and filling it with the debt of old credit cards. That doesn't work for people and it doesn't work for governments. I would have voted against the bill as it stood but for different reasons than those of my opponent. Congressman Mike Pence, under his words "limited government", opposes more regulations on Wall Street and wants more tax breaks for the wealthy, and that is why he voted no. I believe we need stricter regulations and a tax break for the 95% of us who are not wealthy, and that is why I would have voted no. There were few explanations as to where the original money went, and where the proposed 700 billion dollars in replacement funds would be directed. All expenditures would be at the Treasury Secretary's discretion, and that is not a good enough explanation of who will benefit for me, or the American people.

To read the op-ed in its entirety check out Welsh's post over at Blue Indiana.

Quote of the Day, IN-08 edition

“Ultimately this is about that worker in Vincennes who is wondering if his pension will be there in the future, the single mother in Greencastle who dreams of sending her children to college, or the small business owner in Boonville who is trying to meet payroll. These are the Americans that have everything to lose if Congress fails to act."

--Rep. Brad Ellsworth D (IN-08), explaining his support for the bailout bill

Bailout Fails: Indiana Delegation Split On Vote

Well it looks as if Pelosi got played by House republicans today, as the final vote on H.R. 3997 comes in at 205 ayes and 228 nayes. This effectively throws everyone back to the drawing board, and marks a stunning defeat for the Bush administration and congressional leadership.

How did our own representatives vote?

Ayes

Donnelly (d) IN-02

Souder (r) IN-03

Ellsworth (d) IN-08

Nays

Visclosky (d) IN-01

Buyer (r) IN-04

Burton (r) IN-05

Pence (r) IN -06

Carson (d) IN-07

Hill (d) IN-09

My feelings on the bill fall somewhere along the lines of "necessary but unfortunate." Its true the bailout is not ideal, but with both sides playing politics and posturing for position I don't think a perfect bill will ever arrise. Moreover, if you look at the toll inaction is having on Wall Street, its clear something needs to be done-- and fast. In wake of the vote the Dow has taken its largest single day fall ever, plummeting 778 points. 

Tina Fey/Sarah Palin's Katie Couric Interview

This absolutely speaks for itself:

IN-06: Pence Opposes Bailout Legislation

Another vote, another reminder just how out of touch Rep. Mike Pence is with voters in his district. A vocal opponent of any form of governmental bailout, Pence says he is set to vote against the proposed legislation on the grounds it goes against the ideas of a free-market economy.

Does Pence not know such a vote could be economically fatal for many hard working hoosiers across the state? Or does he just not care? Because as Senator Richard Lugar, who says he will support the bill, points out:

"I will continue supporting efforts to pass legislation to restore credit flow to homeowners, businesses, farmers and all the people who, by the very nature of their businesses, need to borrow money to maintain their activity and keep employees," Lugar said Friday. "Failure to pass such legislation would lead to massive unemployment and failure of small business and farming operations in Indiana. That is unacceptable."

And just in case anyone needed further proof of the shear absurdity of Pence's position, consider his defense:

"If you came here because you believe in limited government and the freedom of the American marketplace, vote in accordance with those convictions," Pence wrote.

He had argued that the plan should include tax cuts for capital gains and for corporations that bring home overseas profits. Pence said that would free "trapped capital" to deal with the liquidity crisis.

Nevermind such a position amounts to yet more tax breaks for big business with no mention of average taxpaying hoosiers. How the rest of the Indiana congressional delegation will vote is still up in the air, but rest assured answers will be forthcoming as congress is set to vote on the bill sometime today.

The Bailout Bill: Yay or Nay?

Here's the proposed bill in it entirety. I haven't finished reading the whole thing yet but my initial reaction is that its still a far stretch from what much of the public would like to see. While its better than the initial Paulson proposal of last week, it still has too many safeguards for those who effed up in the first place and not nearly enough reform in areas of bankrupty and financial industry regulation.

What's your take?

Quote of the Week

"I don't think we're going to lose money, myself. We may, it's possible, but I doubt it in the long run."

-- Sen. Judd Gregg R-NH, responding cluelessly to questions concerning the economy and the bailout proposal