The right is once again on Lindsey’s case. This time for something he said on ABC Sunday morning about the nationalization of banking. UNFORTUNATELY – everyone is using one cut, and not the full transcript.
I trust Lindsey. I trust him more than I do anyone in Washington. I don’t think anyone is paying attention to what he actually said. If he is correct, we are in very, very bad trouble, enough to take us out as a nation. It is terrifying and absolutely chilling. If major banks are ready to crash, we do not have enough FDIC money to handle it. Only so much is in the FDIC, but conservatives would rather hang Lindsey than realize something very bad is going on. And – that the Democrats have done it.
The moment Lindsey mentioned the nationalization of banking, he was basically shut up to the point where he could say no more – thereby giving ABC a sound bit to crucify him.
They are ignoring something he said near the end of the program:
“…GRAHAM: That’s why you needed the full Isakson amendment to get excess inventory. You’ve got a huge inventory problem. You’ve got foreclosures that have to be dealt with. And that goes back to banks.
I think we’ve done too little, too late. I think the TARP opportunity was a missed opportunity. We’ve soured the public on bailouts. This bill makes it harder for all of us to come together and get another $500 billion.
So the country needs to understand this puzzle: banking, housing, and general economy. The general economy will never prove — improve until you do something about credit and banking and housing. And we’ve just scratched the surface to the major problem this country faces. So taking an idea off the table…”
The conservative – non GOP – group of conservatives who basically hate Lindsey because he is reasonable, decent, and honorable, are going to go after him with guns loaded. They aren’t going to look at what he actually said. What he did say was chilling. If he is correct, we are seriously screwed, and the Democrats did it.
“…U.S. Sen. Lindsey Graham said Sunday that banking and housing are the root causes of the economic crisis and that nationalizing banks is an option that can’t be ignored.
“I think if you put most of our major banks under a stress test, they’re going to fail,” Graham said on ABC’s “This Week With George Stephanopoulos.”…”
Evidently something very bad is brewing. Lindsey also said:
“… “If this is going to be bipartisanship, the country’s screwed. … I know bipartisanship when I see it. … There’s nothing about this process that’s been bipartisan. This is not change we can believe in.”
“You rammed it through the House,” Graham told the Democrats on the panel. “The markup, Chuck, in the Senate took an hour and forty minutes.”
“We had every Republican vote for a $440 billion stimulus package,” Graham continued, “that cut taxes, had infrastructure spending, and helped people who were out of work
Graham was apparently referring to Sen. John Thune’s proposal, which was voted down 37-60. That proposal would have cut tax rates in a way that gave the most relief to affluent Americans and none to the working poor, made unemployment benefits tax-free, used tax credits to encourage renewed home-buying, and forbidden future tax increases to pay for current deficit spending. It would also have included a mere $65 billion in state grants to build and repair bridges and roads.
“We blew it when it came to coming together here,” Graham concluded. “Let’s don’t blow it on housing.”…”
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