Nancy Pelosi Doesn't Need a Timeout to Fix the Economy

House Speaker Nancy Pelosi's appearance on a special Meet the Bloggers yesterday proved two things: not only can politicians work together to fix one of the worst economic crises in our nation's history, but they can do this while continuing to speak to the American people, keeping us informed about what's happening in the halls of Congress. 

Unlike Senator John McCain, who suspended his campaign and public appearances yesterday because he claimed Washington couldn't fix this financial crisis without his "economic expertise," Speaker Pelosi spoke candidly with show host Cenk Uygur about whether the Bush-Paulson bailout plan would work. Though Speaker Pelosi stressed the need for a bipartisan solution to solve the current crisis, she said the "party is over" for Republicans like McCain who have pushed for the deregulation that led to this mess in the first place.  Speaker Pelosi called the expansive power for Treasury Secretary Paulson laid out by the bailout plan "almost laughable"; she questioned the price tag and time frame of the bailout; and she claimed President Bush ought to have given the American people an apology for his bankrupt economic policies during his nationally televised speech last night.   

McCain, meanwhile, was busy incurring the mocking wrath of David Letterman for canceling his appearance on The Late Show yesterday, only to appear in an interview with CBS's Katie Couric instead.  (Perhaps McCain could have continued conducting interviews from Washington via the Internet like Pelosi, if only he knew how to use it!)  McCain's "suspension" of his campaign was a cheap political ploy, clearly aimed at preventing him from slipping further in the polls because of a crisis he and his aides like Rick Davis and Phil Gramm helped create.  Why else would he suddenly be so inclined to show up in Congress when he has been the most absent member of the Senate?

When our confidence in our financial institutions and elected leaders has been completely shattered, it's crucial for politicians to maintain good communication in order to allay our growing fears and concerns. That's why it was so important to have Speaker Pelosi on the show, and why this episode couldn't wait until its usual Friday time slot. 

Already Pelosi has made a difference in negotiating the terms of this bailout. She led Democrats in getting President Bush to agree to limit pay for executives of bailed out financial institutions and give taxpayers an equity stake in those companies. And she did it all while managing to speak directly with the public (imagine that!), whereas McCain's stunt yesterday became an intrusion on and a distraction from the tense bailout negotiations.  

Catch the full episode with Speaker Pelosi at meetthebloggers.org, where you can also see bloggers Roberto Lovato (Of America) and Matthew Yglesias (Think Progress) tear apart the Bush-Paulson bailout plan. An encore episode will air this Friday at 1pm ET/10am PT, with a live blog discussion so we can continue the conversation.

Comments

[Belisarius]

"Nancy Pelosi Doesn't Need a Timeout to Fix the Economy" ?

Fix the economy? How about - Nancy Pelosi doesn't need a time out to hand $700B of our money to new york banks?

[gypsy508]

Congress does need a timeout on this - time to allow a public debate on the matter before making a decision.

[dayala]

if Pelosi had added impeachment proceedings for Bush/Cheney the bill would have passed 100% votes in both chambers of Congress and full support from the American taxpayers.

[jhNY]

Nancy Pelosi will save her class via this stinking bail-out and preach about her love for the downtrodden while chewing gum and keeping impeachment off the table-- all at the same time. Now that's multi-tasking!

[tel8034]

Give McCain a break ..........­..........­.... If we force him to do more than one thing at a time, he'll forget which house he has to return to on his campaign suspension weekends.

[CompetenceMatters]

One of the concerns in a situation like this is precisely the fear created by lack of communication. I respect Nancy Pelosi for recognizing that it is important to keep the people up to speed on what is going on. It has been a bit unnerving to hear this crisis described in all sorts of superlatives and not hear from our (for better or for worse) President until yesterday.

I was comforted early on when I read Obama's thoughts regarding a plan. I must say I have had no comfort from McCain so far.

Thank you to all those in Congress who are participating i solving this crisis.

[IhaveaDREAMwhitegirl]

repubican4life= paid troll IGNORE!

a few words for words for mccain, Bwaaak-bal­k-balk-Bwa­aak ...

[Michale32086]

Oh now THAT is real mature.. :^/

So, that's the Democrat's idea of Country before Party?? :^/

Michale.....

[Pdubya]

What in the hell does Nancy Pelosi know about economics? She gets her cut, thats all that matters. None of the options on the table, har har, do anything to protect our dollar. a. nothing or b. this

this just makes it worse!

here is ron paul's reply to the president. you can get the rest at www.dailypaul.com

The financial meltdown the economists of the Austrian School predicted has arrived.

We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By doing more of the same, we will only continue and intensify the distortions in our economy - all the capital misallocation, all the malinvestment - and prevent the market's attempt to re-establish rational pricing of houses and other assets.

Last night the president addressed the nation about the financial crisis. There is no point in going through his remarks line by line, since I'd only be repeating what I've been saying over and over - not just for the past several days, but for years and even decades.

Still, at least a few observations are necessary.

[jacqmac]

YOUR Dollar is now failing MISERABLY due to the INACTION of the Bush Administration. YOUR dollar is soon to become WORTH LESS! And the 'real plan' currently being espoused by HOUSE REPUBLICANS? "DEREGULATION AND CUTTING THE CAPITAL GAINS TAX EVEN MORE" THIS IS MCCAIN/BUSH AND COMPANY AT ITS WORST!

GET US A BETTER DEAL, SENATE, PLEASE!!

[Michale32086]

Actually, according to Bill Clinton, all this is the fault of the Democrats...

Michale.....

[Republicans4Life]

Blah, blah, blah. You talk about how McCain stopped the campaigning to do a very important thing for the US people. It was wonderful how Barack stated why cant he multi-task. Well I shoot that right back at Barack. Why cant he go to Washington and help. He only can stay in Fla and prepare for the debate. He cant help out. It takes the President to get all the lazy Dems there.

And lets see......Oh yea it was one of those lazy Dems that asked for McCain to come to Washington and help out on the crisis. But as typical Dems said he is grand standing.

Dems never can eat off the same side of the table. It is always twisting and turning to best fit their desires. The BS of this party has made me a Republican. I also have a grouup of 150+ growing with all the BS and lies that are coming out of Baracks camp.

Please keep it up, I want more Dems to see the truth about their Party.

I have the signs ready to go - - - Democrats for John McCain!!!!­!!!!!!!!!!

Go John Go

[blood1]

You probably never look at MSNBS, but did you see the instant polling numbers about the Debate yesterday, if you want to have a lookey see, it is still there today...but most Americans that voted within the first 4 hours...all believed it was just more BS from McCain. So all the talking heads can say all they want, I doubt anyone will believe it...we have seen this stunt more than once from the GOP...Dems are pretty quick studies...even I knew that the only reform that McCain wanted was for the 2005 Housing reform...

See, now McCain agrees that the debate "could go forward", like it was his authority, opps! You missed the point that I was hoping that he wouldn't show up, as it would be a great 1.5 hr for Obama to get his message out. I think the 100million on TV out-trump your 150 GOP who you say were DEMS...as it has been pointed out about yet another of the dirty tricks that McCain has resorted to in order to get a vote. Proof is in the pudding my boy!

[milo h minderbinder]

Obama COULD go to washington and help. But at the point where McCain went all drama queen, the deal was almost done. Obama didn't go because they were doing just fine without him, and he didn't want the process to get turned into a campaign stunt. McCain wanted the stunt, and now he's even taking credit for something that was done before his plane even landed.

[Michale32086]

Nancy Pelosi isn't campaigning for President of the United States..

Having said that, it's apparent that Pelosi could not work the economic crisis AND maintain the ban against offshore drilling....

So...... there you have it..

Michale.....